# EDGAR Filing Document

**Accession Number:** 0001667919
**File Stem:** 0000940400-26-002348
**Filing Date:** 2026-1
**Character Count:** 324989
**Document Hash:** fe14c5a19593d842921b65add3c66f2c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-002348.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0000940400-26-002348

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**PERIOD START**: 20260831

**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:** 26559568

**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**

**November 30, 2025 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES — 38.9%** | **CORPORATE BONDS AND NOTES — 38.9%** | **CORPORATE BONDS AND NOTES — 38.9%** | **CORPORATE BONDS AND NOTES — 38.9%** | **CORPORATE BONDS AND NOTES — 38.9%** |
|  | **Aerospace/Defense — 5.5%** | **Aerospace/Defense — 5.5%** | **Aerospace/Defense — 5.5%** |  |
| $3208000 | BAE Systems Holdings, Inc. (a) | 3.85% | 12/15/25 | $3207386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9170000 | Boeing (The) Co. | 2.20% | 02/04/26 | 9133374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15935000 | Boeing (The) Co. | 6.53% | 05/01/34 | 17727210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2030000 | Boeing (The) Co. | 5.81% | 05/01/50 | 2023466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23523000 | Boeing (The) Co. | 7.01% | 05/01/64 | 26966009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9115000 | General Dynamics Corp. | 4.95% | 08/15/35 | 9369694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8518000 | General Electric Co. | 4.90% | 01/29/36 | 8743803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25125000 | L3Harris Technologies, Inc. | 5.35% | 06/01/34 | 26164881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17995000 | Lockheed Martin Corp. | 5.00% | 08/15/35 | 18489922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | Northrop Grumman Corp. | 5.25% | 07/15/35 | 26129961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30420000 | RTX Corp. | 6.10% | 03/15/34 | 33579475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | TransDigm, Inc. (a) | 6.75% | 08/15/28 | 5108475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1934000 | TransDigm, Inc. (a) | 6.00% | 01/15/33 | 1979138 |
|  |  |  |  | 188622794 |
|  | **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11466000 | Southwest Airlines Co. | 5.25% | 11/15/35 | 11235733 |
|  | **Apparel — 0.5%** | **Apparel — 0.5%** | **Apparel — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 20534000 | VF Corp. | 2.95% | 04/23/30 | 18453442 |
|  | **Auto Manufacturers — 2.1%** | **Auto Manufacturers — 2.1%** | **Auto Manufacturers — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1778000 | Allison Transmission, Inc. (a) | 5.88% | 12/01/33 | 1795317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | Ford Motor Credit Co. LLC | 4.39% | 01/08/26 | 4999203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | Ford Motor Credit Co. LLC | 6.80% | 05/12/28 | 10417364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28021000 | Ford Motor Credit Co. LLC | 6.50% | 02/07/35 | 29173995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6650000 | General Motors Co. | 5.63% | 04/15/30 | 6945666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15955000 | General Motors Co. | 6.25% | 04/15/35 | 17099229 |
|  |  |  |  | 70430774 |
|  | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4358000 | Goodyear Tire & Rubber (The) Co. | 6.63% | 07/15/30 | 4432238 |
|  | **Banks — 6.1%** | **Banks — 6.1%** | **Banks — 6.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | Bank of America Corp. (b) | 2.59% | 04/29/31 | 1870547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5265000 | Bank of America Corp. (b) | 1.92% | 10/24/31 | 4723527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | Bank of America Corp. (b) | 5.29% | 04/25/34 | 1876063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720000 | Bank of America Corp. (b) | 5.47% | 01/23/35 | 757503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 920000 | Bank of America Corp. (b) | 5.51% | 01/24/36 | 971346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5490000 | First Citizens BancShares, Inc. (b) | 5.23% | 03/12/31 | 5577946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20590000 | First Citizens BancShares, Inc. (b) | 6.25% | 03/12/40 | 21072630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1790000 | Goldman Sachs Bank USA (b) | 5.28% | 03/18/27 | 1795781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 860000 | Goldman Sachs Group (The), Inc. (b) | 1.43% | 03/09/27 | 853527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18965000 | Goldman Sachs Group (The), Inc. (b) | 1.54% | 09/10/27 | 18587989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1785000 | Goldman Sachs Group (The), Inc. (b) | 5.22% | 04/23/31 | 1849806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1760000 | Goldman Sachs Group (The), Inc. (b) | 5.85% | 04/25/35 | 1890759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8020000 | Goldman Sachs Group (The), Inc. (b) | 5.02% | 10/23/35 | 8147644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775000 | Goldman Sachs Group (The), Inc. (b) | 5.54% | 01/28/36 | 812401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1895000 | JPMorgan Chase & Co. (b) | 1.04% | 02/04/27 | 1885113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1765000 | JPMorgan Chase & Co. (b) | 5.57% | 04/22/28 | 1800532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2625000 | JPMorgan Chase & Co. (b) | 4.01% | 04/23/29 | 2622954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1445000 | JPMorgan Chase & Co. (b) | 2.07% | 06/01/29 | 1379060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1855000 | JPMorgan Chase & Co. (b) | 1.95% | 02/04/32 | 1653758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2260000 | JPMorgan Chase & Co. (b) | 2.55% | 11/08/32 | 2046603 |

---

------

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

**Portfolio of Investments (Continued)**

**November 30, 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)** |  |
| $1800000 | JPMorgan Chase & Co. (b) | 5.34% | 01/23/35 | $1883663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2045000 | JPMorgan Chase & Co. (b) | 4.95% | 10/22/35 | 2084269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | JPMorgan Chase & Co. (b) | 5.50% | 01/24/36 | 1373822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4011000 | JPMorgan Chase & Co. (b) | 5.58% | 07/23/36 | 4198546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5776000 | JPMorgan Chase & Co. (b) | 4.81% | 10/22/36 | 5810294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495000 | Morgan Stanley (b) | 0.99% | 12/10/26 | 494576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610000 | Morgan Stanley (b) | 1.51% | 07/20/27 | 599916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | Morgan Stanley (b) | 1.93% | 04/28/32 | 5727868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3340000 | Morgan Stanley (b) | 6.63% | 11/01/34 | 3769132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1255000 | Morgan Stanley (b) | 5.83% | 04/19/35 | 1346542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5010000 | Morgan Stanley (b) | 5.59% | 01/18/36 | 5290320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11555000 | Morgan Stanley (b) | 5.66% | 04/17/36 | 12271119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8415000 | Morgan Stanley, Series I (b) | 4.89% | 10/22/36 | 8445550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8430000 | Morgan Stanley Private Bank N.A. (b) | 4.47% | 11/19/31 | 8477978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2365000 | PNC Financial Services Group (The), Inc. (b) | 6.88% | 10/20/34 | 2689967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8525000 | Regions Financial Corp. (b) | 5.50% | 09/06/35 | 8816163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14866000 | Synovus Financial Corp. (b) | 6.17% | 11/01/30 | 15433911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2925000 | US Bancorp (b) | 4.84% | 02/01/34 | 2963840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6415000 | Wells Fargo & Co. (b) | 5.24% | 01/24/31 | 6667880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8165000 | Wells Fargo & Co. (b) | 5.39% | 04/24/34 | 8562045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14461000 | Wells Fargo & Co. (b) | 5.61% | 04/23/36 | 15343053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3895000 | Wells Fargo & Co. (b) | 4.89% | 09/15/36 | 3929986 |
|  |  |  |  | 208355929 |
|  | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14345000 | Amgen, Inc. | 5.25% | 03/02/33 | 14955537 |
|  | **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3918000 | Ecolab, Inc. | 5.00% | 09/01/35 | 4025046 |
|  | **Commercial Services — 0.6%** | **Commercial Services — 0.6%** | **Commercial Services — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7045000 | Boost Newco Borrower LLC (a) | 7.50% | 01/15/31 | 7486898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5671000 | Global Payments, Inc. | 4.88% | 11/15/30 | 5687251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7630000 | Global Payments, Inc. | 5.55% | 11/15/35 | 7627874 |
|  |  |  |  | 20802023 |
|  | **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10765000 | Leidos, Inc. | 5.40% | 03/15/32 | 11248004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3645000 | Leidos, Inc. | 5.50% | 03/15/35 | 3813920 |
|  |  |  |  | 15061924 |
|  | **Diversified Financial Services — 2.1%** | **Diversified Financial Services — 2.1%** | **Diversified Financial Services — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3685000 | American Express Co. (b) | 5.67% | 04/25/36 | 3913634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9935000 | American Express Co. (b) | 4.80% | 10/24/36 | 9889050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5360000 | &nbsp;&nbsp;&nbsp; Charles Schwab (The) Corp., SOFR Compounded Index + <br> 1.05% (c) | 5.24% | 03/03/27 | 5407045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8350000 | Citadel Securities Global Holdings LLC (a) | 5.50% | 06/18/30 | 8581323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8300000 | Citadel Securities Global Holdings LLC (a) | 6.20% | 06/18/35 | 8757946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20810000 | Jane Street Group / JSG Finance, Inc. (a) | 7.13% | 04/30/31 | 21938589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2709000 | Jane Street Group / JSG Finance, Inc. (a) | 6.13% | 11/01/32 | 2758157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8875000 | Jane Street Group / JSG Finance, Inc. (a) | 6.75% | 05/01/33 | 9289498 |
|  |  |  |  | 70535242 |

---

------

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

**Portfolio of Investments (Continued)**

**November 30, 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)** |
|  | **Electric — 0.3%** | **Electric — 0.3%** | **Electric — 0.3%** |  |
| $9155000 | Calpine Corp. (a) | 4.50% | 02/15/28 | $9142282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2185000 | Oncor Electric Delivery Co. LLC (a) | 5.35% | 04/01/35 | 2275781 |
|  |  |  |  | 11418063 |
|  | **Entertainment — 0.9%** | **Entertainment — 0.9%** | **Entertainment — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3606000 | Caesars Entertainment, Inc. (a) | 4.63% | 10/15/29 | 3415240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8310000 | Vail Resorts, Inc. (a) | 5.63% | 07/15/30 | 8437143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5092000 | Warnermedia Holdings, Inc. | 4.05% | 03/15/29 | 4943454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6239000 | Warnermedia Holdings, Inc. | 4.28% | 03/15/32 | 5708685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10239000 | Warnermedia Holdings, Inc. | 5.14% | 03/15/52 | 7684369 |
|  |  |  |  | 30188891 |
|  | **Food — 2.5%** | **Food — 2.5%** | **Food — 2.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 19350000 | &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, L.P. / <br> Albertsons LLC (a) | 6.50% | 02/15/28 | 19719585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33350000 | Kroger (The) Co. | 5.00% | 09/15/34 | 33896902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5370000 | Mars, Inc. (a) | 4.80% | 03/01/30 | 5503013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3620000 | Mars, Inc. (a) | 5.20% | 03/01/35 | 3746657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8670000 | Pilgrim's Pride Corp. | 6.25% | 07/01/33 | 9308077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12975000 | Pilgrim's Pride Corp. | 6.88% | 05/15/34 | 14415523 |
|  |  |  |  | 86589757 |
|  | **Healthcare-Products — 1.6%** | **Healthcare-Products — 1.6%** | **Healthcare-Products — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11500000 | Alcon Finance Corp. (a) | 5.38% | 12/06/32 | 12124995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11375000 | GE HealthCare Technologies, Inc. | 5.50% | 06/15/35 | 11884820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7085000 | Solventum Corp. | 5.45% | 03/13/31 | 7400087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14380000 | Solventum Corp. | 5.60% | 03/23/34 | 15033217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8435000 | VSP Optical Group, Inc. (a) | 5.45% | 12/01/35 | 8568254 |
|  |  |  |  | 55011373 |
|  | **Healthcare-Services — 0.9%** | **Healthcare-Services — 0.9%** | **Healthcare-Services — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2943000 | HCA, Inc. | 2.38% | 07/15/31 | 2641479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7285000 | HCA, Inc. | 5.45% | 09/15/34 | 7564413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18160000 | HCA, Inc. | 5.75% | 03/01/35 | 19182891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1911000 | HCA, Inc. | 5.70% | 11/15/55 | 1866414 |
|  |  |  |  | 31255197 |
|  | **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. (a) | 3.88% | 03/15/31 | 522332 |
|  | **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8365000 | Brown & Brown, Inc. | 5.55% | 06/23/35 | 8603727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8313000 | Brown & Brown, Inc. | 6.25% | 06/23/55 | 8719950 |
|  |  |  |  | 17323677 |
|  | **Internet — 1.2%** | **Internet — 1.2%** | **Internet — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8389000 | Alphabet, Inc. | 4.70% | 11/15/35 | 8527716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1965000 | Alphabet, Inc. | 5.35% | 11/15/45 | 2010477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2807000 | Alphabet, Inc. | 5.45% | 11/15/55 | 2855563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4211000 | Alphabet, Inc. | 5.70% | 11/15/75 | 4334579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8445000 | Amazon.com, Inc. | 4.65% | 11/20/35 | 8523662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4210000 | Meta Platforms, Inc. | 4.88% | 11/15/35 | 4257263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7016000 | Meta Platforms, Inc. | 5.50% | 11/15/45 | 7022452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3769000 | Meta Platforms, Inc. | 5.63% | 11/15/55 | 3762158 |
|  |  |  |  | 41293870 |

---

------

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

**Portfolio of Investments (Continued)**

**November 30, 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)** |
|  | **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |  |
| $956000 | Station Casinos LLC (a) | 4.50% | 02/15/28 | $946730 |
|  | **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5155000 | Chart Industries, Inc. (a) | 7.50% | 01/01/30 | 5377639 |
|  | **Media — 2.2%** | **Media — 2.2%** | **Media — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8049000 | CCO Holdings LLC / CCO Holdings Capital Corp. (a) | 5.00% | 02/01/28 | 7987821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2670000 | Cox Enterprises, Inc. (a) | 7.38% | 07/15/27 | 2780226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4139000 | Discovery Communications LLC | 4.13% | 05/15/29 | 4029192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5425000 | Nexstar Media, Inc. (a) | 5.63% | 07/15/27 | 5433349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9440000 | Nexstar Media, Inc. (a) | 4.75% | 11/01/28 | 9368854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18580000 | Paramount Global | 4.20% | 05/19/32 | 17310978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4543000 | Paramount Global | 4.38% | 03/15/43 | 3421399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16696000 | Paramount Global | 4.95% | 05/19/50 | 13010667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7260000 | Sirius XM Radio LLC (a) | 5.00% | 08/01/27 | 7267217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3192000 | Versant Media Group, Inc. (a) | 7.25% | 01/30/31 | 3281667 |
|  |  |  |  | 73891370 |
|  | **Oil & Gas — 2.6%** | **Oil & Gas — 2.6%** | **Oil & Gas — 2.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8592000 | Ascent Resources Utica Holdings LLC / ARU Finance Corp. (a) | 6.63% | 07/15/33 | 8763406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2903000 | HF Sinclair Corp. | 5.00% | 02/01/28 | 2905858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4135000 | Hilcorp Energy I, L.P. / Hilcorp Finance Co. (a) | 6.25% | 11/01/28 | 4169093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10687000 | Hilcorp Energy I, L.P. / Hilcorp Finance Co. (a) | 7.25% | 02/15/35 | 10174641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4942000 | Occidental Petroleum Corp. | 7.88% | 09/15/31 | 5676674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8600000 | Occidental Petroleum Corp. | 6.05% | 10/01/54 | 8369320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8140000 | Ovintiv, Inc. | 6.50% | 08/15/34 | 8752550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3894000 | Permian Resources Operating LLC (a) | 5.88% | 07/01/29 | 3909506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4960000 | Permian Resources Operating LLC (a) | 9.88% | 07/15/31 | 5352515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9456000 | Permian Resources Operating LLC (a) | 7.00% | 01/15/32 | 9854343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | Permian Resources Operating LLC (a) | 6.25% | 02/01/33 | 6153828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2302000 | Sunoco, L.P. (a) | 5.63% | 03/15/31 | 2316535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2302000 | Sunoco, L.P. (a) | 5.88% | 03/15/34 | 2318395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8281000 | Viper Energy Partners LLC | 5.70% | 08/01/35 | 8492041 |
|  |  |  |  | 87208705 |
|  | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3184000 | Amneal Pharmaceuticals LLC (a) | 6.88% | 08/01/32 | 3367166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5888000 | CVS Health Corp. | 6.20% | 09/15/55 | 6105572 |
|  |  |  |  | 9472738 |
|  | **Pipelines — 1.8%** | **Pipelines — 1.8%** | **Pipelines — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Buckeye Partners, L.P. (a) | 4.50% | 03/01/28 | 398151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9521000 | Buckeye Partners, L.P. (a) | 6.88% | 07/01/29 | 9924195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7385000 | Energy Transfer, L.P. | 6.20% | 04/01/55 | 7378214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3156000 | Flex Intermediate Holdco LLC (a) | 3.36% | 06/30/31 | 2928804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8273000 | Kinetik Holdings, L.P. (a) | 6.63% | 12/15/28 | 8516301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10600000 | MPLX, L.P. | 6.20% | 09/15/55 | 10729098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7046000 | NuStar Logistics, L.P. | 6.38% | 10/01/30 | 7386681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1889000 | Targa Resources Corp. | 4.35% | 01/15/29 | 1895665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11943000 | &nbsp;&nbsp;&nbsp; Targa Resources Partners, L.P. / Targa Resources Partners Finance <br> Corp. | 6.88% | 01/15/29 | 12114152 |
|  |  |  |  | 61271261 |

---

------

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

**Portfolio of Investments (Continued)**

**November 30, 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 — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** |  |
| $6783000 | CoStar Group, Inc. (a) | 2.80% | 07/15/30 | $6249824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8945000 | Cushman & Wakefield U.S. Borrower LLC (a) | 6.75% | 05/15/28 | 9050381 |
|  |  |  |  | 15300205 |
|  | **Real Estate Investment Trusts — 0.4%** | **Real Estate Investment Trusts — 0.4%** | **Real Estate Investment Trusts — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3630000 | Iron Mountain, Inc. (a) | 5.25% | 03/15/28 | 3626363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8445000 | VICI Properties, L.P. | 5.13% | 05/15/32 | 8520805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | VICI Properties, L.P. / VICI Note Co., Inc. (a) | 3.88% | 02/15/29 | 981180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1570000 | VICI Properties, L.P. / VICI Note Co., Inc. (a) | 4.13% | 08/15/30 | 1524468 |
|  |  |  |  | 14652816 |
|  | **Retail — 0.4%** | **Retail — 0.4%** | **Retail — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9010000 | Starbucks Corp. | 5.40% | 05/15/35 | 9427132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4875000 | Starbucks Corp. | 3.35% | 03/12/50 | 3413628 |
|  |  |  |  | 12840760 |
|  | **Semiconductors — 1.6%** | **Semiconductors — 1.6%** | **Semiconductors — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6033000 | Broadcom, Inc. | 5.20% | 07/15/35 | 6284690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2710000 | Broadcom, Inc. | 4.80% | 02/15/36 | 2717437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 865000 | Foundry JV Holdco LLC (a) | 5.50% | 01/25/31 | 900122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10900000 | Foundry JV Holdco LLC (a) | 6.25% | 01/25/35 | 11682821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12440000 | Foundry JV Holdco LLC (a) | 6.10% | 01/25/36 | 13229607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12305000 | Foundry JV Holdco LLC (a) | 6.30% | 01/25/39 | 13230446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7950000 | Intel Corp. | 3.25% | 11/15/49 | 5237234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2165000 | Intel Corp. | 5.60% | 02/21/54 | 2065759 |
|  |  |  |  | 55348116 |
|  | **Software — 1.8%** | **Software — 1.8%** | **Software — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8935000 | Fair Isaac Corp. (a) | 6.00% | 05/15/33 | 9206177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2932000 | Fidelity National Information Services, Inc. | 3.10% | 03/01/41 | 2206142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8425000 | Fiserv, Inc. | 5.25% | 08/11/35 | 8456169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2850000 | Oracle Corp. | 3.60% | 04/01/50 | 1887134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7164000 | Oracle Corp. | 5.95% | 09/26/55 | 6718324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8960000 | Synopsys, Inc. | 4.85% | 04/01/30 | 9155852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12101000 | Synopsys, Inc. | 5.15% | 04/01/35 | 12375433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5465000 | VMware LLC | 4.70% | 05/15/30 | 5561321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6400000 | VMware LLC | 2.20% | 08/15/31 | 5702153 |
|  |  |  |  | 61268705 |
|  | **Telecommunications — 0.7%** | **Telecommunications — 0.7%** | **Telecommunications — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 915000 | T-Mobile USA, Inc. | 3.75% | 04/15/27 | 910991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5905000 | T-Mobile USA, Inc. | 5.13% | 05/15/32 | 6114733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1315000 | T-Mobile USA, Inc. | 5.05% | 07/15/33 | 1350538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3625000 | T-Mobile USA, Inc. | 4.70% | 01/15/35 | 3597489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5416000 | T-Mobile USA, Inc. | 4.95% | 11/15/35 | 5447116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3799000 | Verizon Communications, Inc. | 5.00% | 01/15/36 | 3805615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1906000 | Verizon Communications, Inc. | 5.88% | 11/30/55 | 1925204 |
|  |  |  |  | 23151686 |
|  | **Water — 0.3%** | **Water — 0.3%** | **Water — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10820000 | American Water Capital Corp. | 5.25% | 03/01/35 | 11216027 |
|  | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | 1332460600 |
|  | (Cost $1,292,899,498) | (Cost $1,292,899,498) | (Cost $1,292,899,498) |  |

---

------

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

**Portfolio of Investments (Continued)**

**November 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **U.S. GOVERNMENT BONDS AND NOTES — 30.1%** | **U.S. GOVERNMENT BONDS AND NOTES — 30.1%** | **U.S. GOVERNMENT BONDS AND NOTES — 30.1%** | **U.S. GOVERNMENT BONDS AND NOTES — 30.1%** | **U.S. GOVERNMENT BONDS AND NOTES — 30.1%** |
| $156694000 | U.S. Treasury Bond  | 4.75% | 02/15/45 | $159209674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24979000 | U.S. Treasury Bond  | 4.88% | 08/15/45 | 25767400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 49722000 | U.S. Treasury Bond  | 4.75% | 08/15/55 | 50359063 |
| &nbsp;&nbsp; 103733000 | U.S. Treasury Bond  | 4.63% | 11/15/55 | 103003627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 36806469 | U.S. Treasury Inflation Indexed Bond (d) | 1.63% | 10/15/29 | 37389309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17059433 | U.S. Treasury Inflation Indexed Bond (d) | 1.63% | 04/15/30 | 17269910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 77661000 | U.S. Treasury Note  | 4.63% | 02/28/26 | 77797907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50907000 | U.S. Treasury Note  | 3.50% | 10/31/27 | 50897057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9298000 | U.S. Treasury Note  | 4.13% | 10/31/29 | 9491042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 79350000 | U.S. Treasury Note  | 4.13% | 11/30/29 | 81019140 |
| &nbsp;&nbsp; 114984000 | U.S. Treasury Note  | 4.00% | 05/31/30 | 116984991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27653000 | U.S. Treasury Note  | 3.63% | 10/31/30 | 27681085 |
| &nbsp;&nbsp; 163083000 | U.S. Treasury Note  | 3.75% | 10/31/32 | 162726256 |
| &nbsp;&nbsp; 112354000 | U.S. Treasury Note  | 4.00% | 11/15/35 | 112187224 |
|  | **Total U.S. Government Bonds and Notes** | **Total U.S. Government Bonds and Notes** | **Total U.S. Government Bonds and Notes** | 1031783685 |
|  | (Cost $1,021,763,503) | (Cost $1,021,763,503) | (Cost $1,021,763,503) |  |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 20.8%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 20.8%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 20.8%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 20.8%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 20.8%** |
|  | **Collateralized Mortgage Obligations — 1.2%** | **Collateralized Mortgage Obligations — 1.2%** | **Collateralized Mortgage Obligations — 1.2%** |  |
|  | Federal Home Loan Mortgage Corporation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292671 | &nbsp;&nbsp;&nbsp; Series 2017-4656, Class EZ | 4.00% | 02/15/47 | 283266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5345837 | &nbsp;&nbsp;&nbsp; Series 2023-5354, Class AB | 6.00% | 05/25/49 | 5473405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12894827 | &nbsp;&nbsp;&nbsp; Series 2024-5473, Class BF, 30 Day Average SOFR + 1.30% (c) | 5.37% | 11/25/54 | 12918687 |
|  | Federal National Mortgage Association |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1220862 | &nbsp;&nbsp;&nbsp; Series 2012-20, Class ZT | 3.50% | 03/25/42 | 1174408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1375720 | &nbsp;&nbsp;&nbsp; Series 2012-84, Class VZ | 3.50% | 08/25/42 | 1331563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133545 | &nbsp;&nbsp;&nbsp; Series 2018-38, Class PA | 3.50% | 06/25/47 | 131850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488466 | &nbsp;&nbsp;&nbsp; Series 2018-43, Class CT | 3.00% | 06/25/48 | 445422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1439647 | &nbsp;&nbsp;&nbsp; Series 2023-64, Class HA | 5.50% | 09/25/50 | 1463224 |
|  | Government National Mortgage Association |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12847622 | &nbsp;&nbsp;&nbsp; Series 2018-78, Class NZ | 3.50% | 06/20/48 | 12033358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125909 | &nbsp;&nbsp;&nbsp; Series 2018-115, Class DE | 3.50% | 08/20/48 | 118118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144822 | &nbsp;&nbsp;&nbsp; Series 2018-124, Class NW | 3.50% | 09/20/48 | 136962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3042000 | &nbsp;&nbsp;&nbsp; Series 2019-1, Class KD | 3.50% | 01/20/49 | 2798347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253919 | &nbsp;&nbsp;&nbsp; Series 2019-12, Class QA | 3.50% | 09/20/48 | 249845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247654 | &nbsp;&nbsp;&nbsp; Series 2019-119, Class JE | 3.00% | 09/20/49 | 224634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1175499 | &nbsp;&nbsp;&nbsp; Series 2023-131, Class P | 5.50% | 06/20/48 | 1183422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 779923 | &nbsp;&nbsp;&nbsp; Series 2024-30, Class CF, 30 Day Average SOFR + 1.25% (c) | 5.35% | 02/20/54 | 784517 |
|  |  |  |  | 40751028 |
|  | **Pass-Through Securities — 19.6%** | **Pass-Through Securities — 19.6%** | **Pass-Through Securities — 19.6%** |  |
|  | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation |
| &nbsp;&nbsp;&nbsp;&nbsp; 1134435 | &nbsp;&nbsp;&nbsp; Pool G08715  | 3.00% | 08/01/46 | 1038445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259019 | &nbsp;&nbsp;&nbsp; Pool G08726  | 3.00% | 10/01/46 | 237048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 623227 | &nbsp;&nbsp;&nbsp; Pool G08732  | 3.00% | 11/01/46 | 570363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375714 | &nbsp;&nbsp;&nbsp; Pool G08750  | 3.00% | 03/01/47 | 343842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227371 | &nbsp;&nbsp;&nbsp; Pool G08788  | 3.50% | 11/01/47 | 214019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750197 | &nbsp;&nbsp;&nbsp; Pool G08792  | 3.50% | 12/01/47 | 707980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 971797 | &nbsp;&nbsp;&nbsp; Pool G60038  | 3.50% | 01/01/44 | 929584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256593 | &nbsp;&nbsp;&nbsp; Pool G60080  | 3.50% | 06/01/45 | 244488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517249 | &nbsp;&nbsp;&nbsp; Pool G60344  | 4.00% | 12/01/45 | 506496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515483 | &nbsp;&nbsp;&nbsp; Pool G60582  | 3.50% | 05/01/46 | 489834 |

---

------

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

**Portfolio of Investments (Continued)**

**November 30, 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) |
| $484548 | &nbsp;&nbsp;&nbsp; Pool G60658  | 3.50% | 07/01/46 | $461958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208964 | &nbsp;&nbsp;&nbsp; Pool G61556  | 3.50% | 08/01/48 | 197755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1502568 | &nbsp;&nbsp;&nbsp; Pool G61748  | 3.50% | 11/01/48 | 1421768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 506802 | &nbsp;&nbsp;&nbsp; Pool G67700  | 3.50% | 08/01/46 | 481054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4198813 | &nbsp;&nbsp;&nbsp; Pool G67706  | 3.50% | 12/01/47 | 3985966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1022700 | &nbsp;&nbsp;&nbsp; Pool G67707  | 3.50% | 01/01/48 | 968999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1180024 | &nbsp;&nbsp;&nbsp; Pool G67714  | 4.00% | 07/01/48 | 1147521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1612095 | &nbsp;&nbsp;&nbsp; Pool G67717  | 4.00% | 11/01/48 | 1570082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2489258 | &nbsp;&nbsp;&nbsp; Pool G67718  | 4.00% | 01/01/49 | 2420691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6640885 | &nbsp;&nbsp;&nbsp; Pool QA7837  | 3.50% | 03/01/50 | 6267717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17923150 | &nbsp;&nbsp;&nbsp; Pool QE0521  | 2.50% | 04/01/52 | 15291705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8146777 | &nbsp;&nbsp;&nbsp; Pool QF0490  | 5.50% | 09/01/52 | 8300760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637193 | &nbsp;&nbsp;&nbsp; Pool QK1634  | 6.50% | 05/01/43 | 661448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11145280 | &nbsp;&nbsp;&nbsp; Pool RA3078  | 3.00% | 07/01/50 | 10086241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7982311 | &nbsp;&nbsp;&nbsp; Pool RB5345  | 6.00% | 05/01/45 | 8201718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314373 | &nbsp;&nbsp;&nbsp; Pool RE6029  | 3.00% | 02/01/50 | 275688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10275893 | &nbsp;&nbsp;&nbsp; Pool SD0231  | 3.00% | 01/01/50 | 9349035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14983575 | &nbsp;&nbsp;&nbsp; Pool SD2206  | 5.50% | 02/01/53 | 15245257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24133922 | &nbsp;&nbsp;&nbsp; Pool SD3246  | 4.00% | 08/01/52 | 23143176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43702065 | &nbsp;&nbsp;&nbsp; Pool SD5323  | 4.00% | 01/01/54 | 41851297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2753743 | &nbsp;&nbsp;&nbsp; Pool SD7511  | 3.50% | 01/01/50 | 2593358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8519265 | &nbsp;&nbsp;&nbsp; Pool SD7513  | 3.50% | 04/01/50 | 7990454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5134353 | &nbsp;&nbsp;&nbsp; Pool SD7518  | 3.00% | 06/01/50 | 4643434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1752643 | &nbsp;&nbsp;&nbsp; Pool SD8107  | 2.50% | 11/01/50 | 1503852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19485432 | &nbsp;&nbsp;&nbsp; Pool SD8245  | 4.50% | 09/01/52 | 19186818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12255518 | &nbsp;&nbsp;&nbsp; Pool SD8257  | 4.50% | 10/01/52 | 12058845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12450392 | &nbsp;&nbsp;&nbsp; Pool SD8266  | 4.50% | 11/01/52 | 12249311 |
| &nbsp;&nbsp; 124342132 | &nbsp;&nbsp;&nbsp; Pool SD8491  | 5.00% | 12/01/54 | 124256519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9156535 | &nbsp;&nbsp;&nbsp; Pool SL2146  | 5.50% | 08/01/55 | 9387077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181413 | &nbsp;&nbsp;&nbsp; Pool U90772  | 3.50% | 01/01/43 | 173700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229140 | &nbsp;&nbsp;&nbsp; Pool U99114  | 3.50% | 02/01/44 | 219394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468263 | &nbsp;&nbsp;&nbsp; Pool ZA4692  | 3.50% | 06/01/46 | 444448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223704 | &nbsp;&nbsp;&nbsp; Pool ZM0063  | 4.00% | 08/01/45 | 217856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11261888 | &nbsp;&nbsp;&nbsp; Pool ZM1779  | 3.00% | 09/01/46 | 10294635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2412941 | &nbsp;&nbsp;&nbsp; Pool ZS4667  | 3.00% | 06/01/46 | 2207201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4005026 | &nbsp;&nbsp;&nbsp; Pool ZS4688  | 3.00% | 11/01/46 | 3661034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6344231 | &nbsp;&nbsp;&nbsp; Pool ZS4735  | 3.50% | 09/01/47 | 5966884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461828 | &nbsp;&nbsp;&nbsp; Pool ZS9844  | 3.50% | 07/01/46 | 437623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1198728 | &nbsp;&nbsp;&nbsp; Pool ZT0277  | 3.50% | 10/01/46 | 1137388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560126 | &nbsp;&nbsp;&nbsp; Pool ZT0531  | 3.50% | 04/01/47 | 530761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549930 | &nbsp;&nbsp;&nbsp; Pool ZT0536  | 3.50% | 03/01/48 | 519404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1706457 | &nbsp;&nbsp;&nbsp; Pool ZT0537  | 3.50% | 03/01/48 | 1614073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292239 | &nbsp;&nbsp;&nbsp; Pool ZT0542  | 4.00% | 07/01/48 | 283859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 822663 | &nbsp;&nbsp;&nbsp; Pool ZT1703  | 4.00% | 01/01/49 | 799074 |
|  | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp;&nbsp;&nbsp; 1900831 | &nbsp;&nbsp;&nbsp; Pool AL8825  | 3.50% | 06/01/46 | 1804159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 818260 | &nbsp;&nbsp;&nbsp; Pool AS0225  | 4.00% | 08/01/43 | 803532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 961665 | &nbsp;&nbsp;&nbsp; Pool AS3134  | 3.50% | 08/01/44 | 916036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218418 | &nbsp;&nbsp;&nbsp; Pool AS6620  | 3.50% | 02/01/46 | 207377 |

---

------

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

**Portfolio of Investments (Continued)**

**November 30, 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) |
| $4360335 | &nbsp;&nbsp;&nbsp; Pool BE3774  | 4.00% | 07/01/47 | $4227654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594359 | &nbsp;&nbsp;&nbsp; Pool BJ2692  | 3.50% | 04/01/48 | 558786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 714716 | &nbsp;&nbsp;&nbsp; Pool BM1903  | 3.50% | 08/01/47 | 677806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197000 | &nbsp;&nbsp;&nbsp; Pool BM2000  | 3.50% | 05/01/47 | 186339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495856 | &nbsp;&nbsp;&nbsp; Pool BM3260  | 3.50% | 01/01/48 | 467712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584816 | &nbsp;&nbsp;&nbsp; Pool BM4472  | 3.50% | 07/01/48 | 553824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1353675 | &nbsp;&nbsp;&nbsp; Pool BM5585  | 3.00% | 11/01/48 | 1237450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9822610 | &nbsp;&nbsp;&nbsp; Pool BN7755  | 3.00% | 09/01/49 | 8933102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7757829 | &nbsp;&nbsp;&nbsp; Pool BV8515  | 3.00% | 05/01/52 | 6911822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700035 | &nbsp;&nbsp;&nbsp; Pool BW4936  | 6.50% | 05/01/43 | 726680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19254537 | &nbsp;&nbsp;&nbsp; Pool BW8980  | 4.00% | 10/01/52 | 18454096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17687638 | &nbsp;&nbsp;&nbsp; Pool BW9886  | 4.50% | 10/01/52 | 17386130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 753103 | &nbsp;&nbsp;&nbsp; Pool CA0854  | 3.50% | 12/01/47 | 710267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351977 | &nbsp;&nbsp;&nbsp; Pool CA0907  | 3.50% | 12/01/47 | 332219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291093 | &nbsp;&nbsp;&nbsp; Pool CA0996  | 3.50% | 01/01/48 | 274536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2098824 | &nbsp;&nbsp;&nbsp; Pool CA1182  | 3.50% | 02/01/48 | 1981002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355609 | &nbsp;&nbsp;&nbsp; Pool CA1187  | 3.50% | 02/01/48 | 335601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236649 | &nbsp;&nbsp;&nbsp; Pool CA1710  | 4.50% | 05/01/48 | 235439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360324 | &nbsp;&nbsp;&nbsp; Pool CA2327  | 4.00% | 09/01/48 | 351930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2200088 | &nbsp;&nbsp;&nbsp; Pool CA3633  | 3.50% | 06/01/49 | 2082537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9691146 | &nbsp;&nbsp;&nbsp; Pool CA4534  | 3.00% | 11/01/49 | 8821229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25651649 | &nbsp;&nbsp;&nbsp; Pool CB0290  | 2.00% | 04/01/51 | 21043163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12589553 | &nbsp;&nbsp;&nbsp; Pool CB6854  | 4.50% | 08/01/53 | 12408789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7126007 | &nbsp;&nbsp;&nbsp; Pool DE3460  | 5.50% | 07/01/55 | 7171726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2316932 | &nbsp;&nbsp;&nbsp; Pool DE7041  | 6.50% | 08/01/55 | 2417160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3171699 | &nbsp;&nbsp;&nbsp; Pool FM2870  | 3.00% | 03/01/50 | 2882552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5506706 | &nbsp;&nbsp;&nbsp; Pool FM5397  | 3.00% | 12/01/50 | 4990048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7709558 | &nbsp;&nbsp;&nbsp; Pool FS3876  | 6.00% | 02/01/53 | 7923788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5533895 | &nbsp;&nbsp;&nbsp; Pool FS6296  | 6.00% | 08/01/53 | 5686575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159565 | &nbsp;&nbsp;&nbsp; Pool MA1146  | 4.00% | 08/01/42 | 156676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308157 | &nbsp;&nbsp;&nbsp; Pool MA1373  | 3.50% | 03/01/43 | 294714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270726 | &nbsp;&nbsp;&nbsp; Pool MA2077  | 3.50% | 11/01/34 | 265268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358663 | &nbsp;&nbsp;&nbsp; Pool MA2670  | 3.00% | 07/01/46 | 326874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350554 | &nbsp;&nbsp;&nbsp; Pool MA2806  | 3.00% | 11/01/46 | 320447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309380 | &nbsp;&nbsp;&nbsp; Pool MA3057  | 3.50% | 07/01/47 | 292492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328087 | &nbsp;&nbsp;&nbsp; Pool MA3210  | 3.50% | 12/01/47 | 308158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3726499 | &nbsp;&nbsp;&nbsp; Pool MA3238  | 3.50% | 01/01/48 | 3510381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308383 | &nbsp;&nbsp;&nbsp; Pool MA3239  | 4.00% | 01/01/48 | 299601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448099 | &nbsp;&nbsp;&nbsp; Pool MA3332  | 3.50% | 04/01/48 | 421279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475350 | &nbsp;&nbsp;&nbsp; Pool MA3846  | 3.00% | 11/01/49 | 420690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 409952 | &nbsp;&nbsp;&nbsp; Pool MA4078  | 2.50% | 07/01/50 | 352630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 669654 | &nbsp;&nbsp;&nbsp; Pool MA4093  | 2.00% | 08/01/40 | 598876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4997602 | &nbsp;&nbsp;&nbsp; Pool MA4128  | 2.00% | 09/01/40 | 4464117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4374780 | &nbsp;&nbsp;&nbsp; Pool MA4158  | 2.00% | 10/01/50 | 3590426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10850432 | &nbsp;&nbsp;&nbsp; Pool MA4364  | 2.00% | 06/01/41 | 9573472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1075244 | &nbsp;&nbsp;&nbsp; Pool MA4379  | 2.50% | 07/01/51 | 922094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6876710 | &nbsp;&nbsp;&nbsp; Pool MA4656  | 4.50% | 07/01/52 | 6737249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11201295 | &nbsp;&nbsp;&nbsp; Pool MA4902  | 3.50% | 01/01/53 | 10381719 |

---

------

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

**Portfolio of Investments (Continued)**

**November 30, 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) |
| $30133125 | &nbsp;&nbsp;&nbsp; Pool MA4978  | 5.00% | 04/01/53 | $30226054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8639254 | &nbsp;&nbsp;&nbsp; Pool MA5242  | 6.50% | 11/01/53 | 8874986 |
|  | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| &nbsp;&nbsp;&nbsp;&nbsp; 2972908 | &nbsp;&nbsp;&nbsp; Pool 787961  | 7.00% | 12/20/54 | 3029134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396977 | &nbsp;&nbsp;&nbsp; Pool MA2825  | 3.00% | 05/20/45 | 364571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5721874 | &nbsp;&nbsp;&nbsp; Pool MA3662  | 3.00% | 05/20/46 | 5244058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514061 | &nbsp;&nbsp;&nbsp; Pool MA3663  | 3.50% | 05/20/46 | 481965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348529 | &nbsp;&nbsp;&nbsp; Pool MA3735  | 3.00% | 06/20/46 | 319732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7090401 | &nbsp;&nbsp;&nbsp; Pool MA3937  | 3.50% | 09/20/46 | 6646569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345759 | &nbsp;&nbsp;&nbsp; Pool MA4261  | 3.00% | 02/20/47 | 316588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2184744 | &nbsp;&nbsp;&nbsp; Pool MA4322  | 4.00% | 03/20/47 | 2114710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2327862 | &nbsp;&nbsp;&nbsp; Pool MA4382  | 3.50% | 04/20/47 | 2181262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186366 | &nbsp;&nbsp;&nbsp; Pool MA4588  | 4.50% | 07/20/47 | 186585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511723 | &nbsp;&nbsp;&nbsp; Pool MA4651  | 3.00% | 08/20/47 | 467247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 744105 | &nbsp;&nbsp;&nbsp; Pool MA4652  | 3.50% | 08/20/47 | 699156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256051 | &nbsp;&nbsp;&nbsp; Pool MA4719  | 3.50% | 09/20/47 | 238724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637609 | &nbsp;&nbsp;&nbsp; Pool MA4778  | 3.50% | 10/20/47 | 596399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 613871 | &nbsp;&nbsp;&nbsp; Pool MA4836  | 3.00% | 11/20/47 | 560324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 632863 | &nbsp;&nbsp;&nbsp; Pool MA4837  | 3.50% | 11/20/47 | 593762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207776 | &nbsp;&nbsp;&nbsp; Pool MA4838  | 4.00% | 11/20/47 | 200794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219767 | &nbsp;&nbsp;&nbsp; Pool MA4962  | 3.50% | 01/20/48 | 205394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315343 | &nbsp;&nbsp;&nbsp; Pool MA4963  | 4.00% | 01/20/48 | 304114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440390 | &nbsp;&nbsp;&nbsp; Pool MA5136  | 3.50% | 04/20/48 | 411588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326694 | &nbsp;&nbsp;&nbsp; Pool MA5399  | 4.50% | 08/20/48 | 326070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22935830 | &nbsp;&nbsp;&nbsp; Pool MA8347  | 4.50% | 10/20/52 | 22608369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17602099 | &nbsp;&nbsp;&nbsp; Pool MA9963  | 4.50% | 10/20/54 | 17236334 |
|  |  |  |  | 670361655 |
|  | **Total U.S. Government Agency Mortgage-Backed Securities** | **Total U.S. Government Agency Mortgage-Backed Securities** | **Total U.S. Government Agency Mortgage-Backed Securities** | 711112683 |
|  | (Cost $724,227,171) | (Cost $724,227,171) | (Cost $724,227,171) |  |

---

&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 — 1.6%**  | **Banks — 1.6%**  | **Banks — 1.6%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7265000 | Bank of America Corp. (b) | 6.63% | (e) | 7541862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14006000 | Citigroup, Inc., Series X (b) | 3.88% | (e) | 13961461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2478000 | CoBank ACB, Series M (b) | 7.13% | (e) | 2578545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2089000 | Farm Credit Bank of Texas, Series 6 (b) | 7.00% | (e) | 2161102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5153000 | First Citizens BancShares, Inc., Series D (b) | 7.00% | (e) | 5222622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4289000 | Royal Bank of Canada (b) | 6.50% | 11/24/85 | 4274976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6184000 | Truist Financial Corp., Series N (b) | 6.67% | (e) | 6199788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8172000 | US Bancorp (b) | 3.70% | (e) | 7940723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5397000 | Wells Fargo & Co., Series BB (b) | 3.90% | (e) | 5376142 |
|  |  |  |  | 55257221 |
|  | **Capital Markets — 1.1%**  | **Capital Markets — 1.1%**  | **Capital Markets — 1.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14296000 | Charles Schwab (The) Corp., Series I (b) | 4.00% | (e) | 14199260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6915000 | Goldman Sachs Group (The), Inc., Series X (b) | 7.50% | (e) | 7306002 |

---

------

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

**Portfolio of Investments (Continued)**

**November 30, 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)**  |  |
| $5560000 | UBS Group AG (a) (b) (f) | 7.13% | (e) | $5703548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11719000 | UBS Group AG (a) (b) (f) | 6.60% | (e) | 11846245 |
|  |  |  |  | 39055055 |
|  | **Consumer Finance — 0.3%**  | **Consumer Finance — 0.3%**  | **Consumer Finance — 0.3%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4145000 | Ally Financial, Inc., Series C (b) | 4.70% | (e) | 3828590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7465000 | American Express Co. (b) | 3.55% | (e) | 7338937 |
|  |  |  |  | 11167527 |
|  | **Electric Utilities — 0.3%**  | **Electric Utilities — 0.3%**  | **Electric Utilities — 0.3%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10480000 | American Electric Power Co., Inc. (b) | 3.88% | 02/15/62 | 10235243 |
|  | **Financial Services — 0.1%**  | **Financial Services — 0.1%**  | **Financial Services — 0.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3554000 | National Rural Utilities Cooperative Finance Corp. (b) | 5.25% | 04/20/46 | 3561013 |
|  | **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. (b) | 7.00% | 03/10/55 | 13029455 |
|  | **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 (a) (b) | 8.88% | (e) | 1038403 |
|  | **Multi-Utilities — 0.2%**  | **Multi-Utilities — 0.2%**  | **Multi-Utilities — 0.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2603000 | Dominion Energy, Inc. (b) | 6.20% | 02/15/56 | 2630882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2892000 | Dominion Energy, Inc. (b) | 6.00% | 02/15/56 | 2927404 |
|  |  |  |  | 5558286 |
|  | **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 (b) | 7.13% | (e) | 5597583 |
|  | **Total Capital Preferred Securities** | **Total Capital Preferred Securities** | **Total Capital Preferred Securities** | 144499786 |
|  | (Cost $142,374,451) | (Cost $142,374,451) | (Cost $142,374,451) |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **FOREIGN CORPORATE BONDS AND NOTES — 3.3%** | **FOREIGN CORPORATE BONDS AND NOTES — 3.3%** | **FOREIGN CORPORATE BONDS AND NOTES — 3.3%** | **FOREIGN CORPORATE BONDS AND NOTES — 3.3%** | **FOREIGN CORPORATE BONDS AND NOTES — 3.3%** |
|  | **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3847000 | AS Mileage Plan IP Ltd. (a) | 5.02% | 10/20/29 | 3861044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2568000 | AS Mileage Plan IP Ltd. (a) | 5.31% | 10/20/31 | 2576921 |
|  |  |  |  | 6437965 |
|  | **Apparel — 0.5%** | **Apparel — 0.5%** | **Apparel — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 16858000 | Gildan Activewear, Inc. (a) | 5.40% | 10/07/35 | 16859641 |
|  | **Banks — 0.8%** | **Banks — 0.8%** | **Banks — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3635000 | Cooperatieve Rabobank UA | 3.75% | 07/21/26 | 3622259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3550000 | Danske Bank A/S (a) (b) | 5.43% | 03/01/28 | 3607959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8349000 | Danske Bank A/S (a) (b) | 5.71% | 03/01/30 | 8708954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1215000 | HSBC Holdings PLC (b) | 4.76% | 06/09/28 | 1225924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1110000 | HSBC Holdings PLC (b) | 2.01% | 09/22/28 | 1069083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1440000 | Santander UK Group Holdings PLC (b) | 1.67% | 06/14/27 | 1419868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995000 | Santander UK Group Holdings PLC (b) | 2.47% | 01/11/28 | 975530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8500000 | UBS Group AG (a) (b) | 5.01% | 03/23/37 | 8504873 |
|  |  |  |  | 29134450 |
|  | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5675000 | GENMAB A/S / GENMAB FINANCE LLC (a) (g) | 6.25% | 12/15/32 | 5839042 |
|  | **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9000000 | L'Oreal S.A. (a) | 5.00% | 05/20/35 | 9284227 |

---

------

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

**Portfolio of Investments (Continued)**

**November 30, 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)** |
|  | **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |  |
| $5000000 | Flutter Treasury DAC (a) | 5.88% | 06/04/31 | $5053175 |
|  | **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |  |
| &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 | 7396096 |
|  | **Leisure Time — 0.7%** | **Leisure Time — 0.7%** | **Leisure Time — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5645000 | Carnival Corp. (a) | 4.00% | 08/01/28 | 5551269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16585000 | Carnival Corp. (a) | 5.75% | 08/01/32 | 17022231 |
|  |  |  |  | 22573500 |
|  | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | Nationwide Building Society (a) (b) | 2.97% | 02/16/28 | 1528209 |
|  | **Telecommunications — 0.3%** | **Telecommunications — 0.3%** | **Telecommunications — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10473000 | SoftBank Corp. (a) | 5.33% | 07/09/35 | 10581040 |
|  | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | 114687345 |
|  | (Cost $112,770,467) | (Cost $112,770,467) | (Cost $112,770,467) |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Rate (h)** | **Stated** <br>**Maturity (i)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS — 0.9%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 0.9%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 0.9%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 0.9%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 0.9%** |
|  | **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 16615869 | &nbsp;&nbsp;&nbsp; TransDigm, Inc., Term Loan, 3 Mo. CME Term SOFR + 2.50%, <br> 0.00% Floor  | 6.50% | 02/28/31 | 16661313 |
|  | **Gaming — 0.3%** | **Gaming — 0.3%** | **Gaming — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8478481 | &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc., Term Loan B1, 1 Mo. CME Term <br> SOFR + 2.25%, 0.50% Floor  | 6.20% | 02/06/31 | 8406075 |
|  | **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 (j) | 6.56% | 05/06/27 | 416622 |
|  | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4702900 | &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, Term Loan, 1 Mo. CME Term <br> SOFR + 3.50%, 0.50% Floor  | 7.46% | 08/02/32 | 4753856 |
|  | **Total Senior Floating-Rate Loan Interests** | **Total Senior Floating-Rate Loan Interests** | **Total Senior Floating-Rate Loan Interests** | 30237866 |
|  | (Cost $30,240,252) | (Cost $30,240,252) | (Cost $30,240,252) |  |

---

&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 (a) | (k) | 09/10/29 | 5719867 |
|  | 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 (a) | (k) | 12/15/33 | 612151 |
|  | Skyline Aircraft Finance LLC | Skyline Aircraft Finance LLC | Skyline Aircraft Finance LLC | Skyline Aircraft Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 10112620 | &nbsp;&nbsp;&nbsp; Series 2020-1, Class A (j) (l) (m) | 3.23% | 05/10/38 | 9531145 |
|  | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | 15863163 |
|  | (Cost $11,989,964) | (Cost $11,989,964) | (Cost $11,989,964) |  |

---

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

------

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

**Portfolio of Investments (Continued)**

**November 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated** <br>**Rate**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **$25 PAR PREFERRED SECURITIES — 0.3%** | **$25 PAR PREFERRED SECURITIES — 0.3%** | **$25 PAR PREFERRED SECURITIES — 0.3%** | **$25 PAR PREFERRED SECURITIES — 0.3%** | **$25 PAR PREFERRED SECURITIES — 0.3%** |
|  | **Banks — 0.1%**  | **Banks — 0.1%**  | **Banks — 0.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80882 | Bank of Hawaii Corp. | 8.00% | (e) | $2149035 |
|  | **Electric Utilities — 0.2%**  | **Electric Utilities — 0.2%**  | **Electric Utilities — 0.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267000 | Xcel Energy, Inc. | 6.25% | 10/15/85 | 6666990 |
|  | **Financial Services — 0.0%**  | **Financial Services — 0.0%**  | **Financial Services — 0.0%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68100 | Jackson Financial, Inc. (b) | 8.00% | (e) | 1782858 |
|  | **Total $25 Par Preferred Securities** | **Total $25 Par Preferred Securities** | **Total $25 Par Preferred Securities** | 10598883 |
|  | (Cost $10,529,594) | (Cost $10,529,594) | (Cost $10,529,594) |  |

---

&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 |
| $511629 | Series 2021-RP11, Class CERT (a) | 3.78% | 10/27/61 | 439116 |
|  |  |  |  | 439116 |
|  | **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% (a) (c) | 6.07% | 08/15/36 | 4645413 |
|  |  |  |  | 4645413 |
|  | **Total Mortgage-Backed Securities** | **Total Mortgage-Backed Securities** | **Total Mortgage-Backed Securities** | 5084529 |
|  | (Cost $5,060,162) | (Cost $5,060,162) | (Cost $5,060,162) |  |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** | **MONEY MARKET FUNDS — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5882957 | Dreyfus Government Cash Management Fund, Institutional Shares - 3.86% (n) | 5882957 |
|  | (Cost $5,882,957) |  |
|  | **Total Investments — 99.3%** | 3402211497 |
|  | (Cost $3,357,738,019) |  |
|  | **Net Other Assets and Liabilities — 0.7%** | 24417487 |
|  | **Net Assets — 100.0%** | $3426628984 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) This security, sold within the terms of a private placement memorandum, is exempt
 from registration upon resale under Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions
 exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P. (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 November 30, 2025, securities noted as such amounted to $463,613,108
 or 13.5% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects
 the fixed rate in effect at November 30, 2025. At a predetermined date, the fixed rate will change to a floating rate or a variable
 rate.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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;(e) Perpetual maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(f) This security is a contingent convertible capital security which may be subject to
 conversion into common stock of the issuer under certain circumstances. At November 30, 2025, securities noted as such amounted
 to $17,549,793 or 0.5% of net assets. Of these securities, 0.0% originated in emerging markets, and 100.0% originated in foreign
 markets.

------

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

**Portfolio of Investments (Continued)**

**November 30, 2025 (Unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) When-issued security. The interest rate shown reflects the rate in effect at November
 30, 2025. Interest will begin accruing on the security's first settlement date.

&nbsp;&nbsp;&nbsp;&nbsp;(h) 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;(i) 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;(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 November 30, 2025, securities noted as such are valued at $9,947,767 or 0.3% of net
 assets.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield as of November 30, 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 |
| SOFR | – Secured Overnight Financing Rate |

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of November 30, 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>**11/30/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1** <br>**Quoted** <br>**Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Corporate Bonds and Notes\* | &nbsp;&nbsp; $1332460600 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1332460600 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| U.S. Government Bonds and Notes | &nbsp;&nbsp; 1031783685 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1031783685 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; U.S. Government Agency Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; 711112683 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 711112683 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Capital Preferred Securities\* | &nbsp;&nbsp; 144499786 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 144499786 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Foreign Corporate Bonds and Notes\* | &nbsp;&nbsp; 114687345 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 114687345 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Senior Floating-Rate Loan Interests\* | &nbsp;&nbsp; 30237866 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30237866 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Asset-Backed Securities | &nbsp;&nbsp; 15863163 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6332018 | &nbsp;&nbsp;&nbsp;&nbsp; 9531145 |
| $25 Par Preferred Securities\* | &nbsp;&nbsp; 10598883 | &nbsp;&nbsp;&nbsp;&nbsp; 10598883 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Mortgage-Backed Securities | &nbsp;&nbsp; 5084529 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5084529 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 5882957 | &nbsp;&nbsp;&nbsp;&nbsp; 5882957 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp; $3402211497 | &nbsp;&nbsp;&nbsp;&nbsp; $16481840 | &nbsp;&nbsp;&nbsp;&nbsp; $3376198512 | &nbsp;&nbsp;&nbsp;&nbsp; $9531145 |

---

&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.

------

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

**Portfolio of Investments**

**November 30, 2025 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES — 43.8%** | **CORPORATE BONDS AND NOTES — 43.8%** | **CORPORATE BONDS AND NOTES — 43.8%** | **CORPORATE BONDS AND NOTES — 43.8%** | **CORPORATE BONDS AND NOTES — 43.8%** |
|  | **Advertising — 0.4%** | **Advertising — 0.4%** | **Advertising — 0.4%** |  |
| $8000000 | Neptune Bidco US, Inc. (a) | 9.29% | 04/15/29 | $7970023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2811000 | Outfront Media Capital LLC / Outfront Media Capital Corp. (a) | 7.38% | 02/15/31 | 2981293 |
|  |  |  |  | 10951316 |
|  | **Aerospace/Defense — 3.6%** | **Aerospace/Defense — 3.6%** | **Aerospace/Defense — 3.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8015000 | Boeing (The) Co. | 2.20% | 02/04/26 | 7982987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14375000 | Boeing (The) Co. | 6.53% | 05/01/34 | 15991757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1620000 | Boeing (The) Co. | 5.81% | 05/01/50 | 1614785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16321000 | Boeing (The) Co. | 7.01% | 05/01/64 | 18709869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4780000 | General Dynamics Corp. | 4.95% | 08/15/35 | 4913564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6595000 | General Electric Co. | 4.30% | 07/29/30 | 6671383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | Lockheed Martin Corp. | 4.40% | 08/15/30 | 15212861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15200000 | Northrop Grumman Corp. | 4.65% | 07/15/30 | 15518458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7400000 | RTX Corp. | 6.10% | 03/15/34 | 8168577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7100000 | Spirit AeroSystems, Inc. (a) | 9.75% | 11/15/30 | 7787719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8080000 | TransDigm, Inc. (a) | 6.75% | 08/15/28 | 8255296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 642000 | TransDigm, Inc. (a) | 6.00% | 01/15/33 | 656984 |
|  |  |  |  | 111484240 |
|  | **Apparel — 1.0%** | **Apparel — 1.0%** | **Apparel — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6745000 | Under Armour, Inc. (a) | 7.25% | 07/15/30 | 6733694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17777000 | VF Corp. | 2.95% | 04/23/30 | 15975788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7714000 | William Carter (The) Co. (a) | 7.38% | 02/15/31 | 7877562 |
|  |  |  |  | 30587044 |
|  | **Auto Manufacturers — 2.8%** | **Auto Manufacturers — 2.8%** | **Auto Manufacturers — 2.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3222000 | Allison Transmission, Inc. (a) | 5.88% | 12/01/33 | 3253381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | Ford Motor Credit Co. LLC | 4.39% | 01/08/26 | 4999203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | Ford Motor Credit Co. LLC | 6.80% | 05/12/28 | 10417364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8248000 | Ford Motor Credit Co. LLC | 5.73% | 09/05/30 | 8397104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20281000 | Ford Motor Credit Co. LLC | 6.50% | 02/07/35 | 21115513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7250000 | General Motors Co. | 5.63% | 04/15/30 | 7572342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13895000 | General Motors Co. | 6.25% | 04/15/35 | 14891494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8286000 | General Motors Financial Co., Inc. | 4.20% | 10/27/28 | 8292110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9630000 | Nissan Motor Acceptance Co. LLC (a) | 6.13% | 09/30/30 | 9551484 |
|  |  |  |  | 88489995 |
|  | **Auto Parts & Equipment — 0.8%** | **Auto Parts & Equipment — 0.8%** | **Auto Parts & Equipment — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12934000 | Goodyear Tire & Rubber (The) Co. | 6.63% | 07/15/30 | 13154328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | Qnity Electronics, Inc. (a) | 5.75% | 08/15/32 | 6165426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | Qnity Electronics, Inc. (a) | 6.25% | 08/15/33 | 6225492 |
|  |  |  |  | 25545246 |
|  | **Banks — 5.5%** | **Banks — 5.5%** | **Banks — 5.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2870000 | Associated Banc-Corp. (b) | 6.46% | 08/29/30 | 2988582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815000 | Bank of America Corp. (b) | 1.73% | 07/22/27 | 802379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3490000 | Bank of America Corp. (b) | 2.55% | 02/04/28 | 3428541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10215000 | Bank of America Corp. (b) | 2.09% | 06/14/29 | 9741838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5123000 | Bank of America Corp. (b) | 1.92% | 10/24/31 | 4596131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3820000 | Bank of America Corp. (b) | 2.69% | 04/22/32 | 3517790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | Bank of America Corp. (b) | 5.47% | 01/23/35 | 1230943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3215000 | Bank of America Corp., Series N (b) | 2.65% | 03/11/32 | 2964133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3200000 | First Citizens BancShares, Inc. (b) | 5.23% | 03/12/31 | 3251262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14485000 | First Citizens BancShares, Inc. (b) | 6.25% | 03/12/40 | 14824528 |

---

------

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

**Portfolio of Investments (Continued)**

**November 30, 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)** |  |
| $18970000 | Goldman Sachs Group (The), Inc. (b) | 1.09% | 12/09/26 | $18955789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5240000 | Goldman Sachs Group (The), Inc. (b) | 5.02% | 10/23/35 | 5323398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675000 | Goldman Sachs Group (The), Inc. (b) | 5.54% | 01/28/36 | 707575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | JPMorgan Chase & Co. (b) | 1.04% | 02/04/27 | 746087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2660000 | JPMorgan Chase & Co. (b) | 1.58% | 04/22/27 | 2633329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2780000 | JPMorgan Chase & Co. (b) | 1.47% | 09/22/27 | 2722266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2533000 | JPMorgan Chase & Co. (b) | 4.32% | 04/26/28 | 2543391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | JPMorgan Chase & Co. (b) | 4.01% | 04/23/29 | 159875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | JPMorgan Chase & Co. (b) | 2.07% | 06/01/29 | 4771834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1790000 | JPMorgan Chase & Co. (b) | 4.20% | 07/23/29 | 1795964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3155000 | JPMorgan Chase & Co. (b) | 5.77% | 04/22/35 | 3397740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3080000 | JPMorgan Chase & Co. (b) | 4.95% | 10/22/35 | 3139143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1415000 | Morgan Stanley (b) | 3.77% | 01/24/29 | 1405860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5220000 | Morgan Stanley (b) | 5.16% | 04/20/29 | 5345154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1635000 | Morgan Stanley (b) | 5.45% | 07/20/29 | 1690069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 920000 | Morgan Stanley (b) | 1.79% | 02/13/32 | 811037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4375000 | Morgan Stanley (b) | 6.63% | 11/01/34 | 4937111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | Morgan Stanley (b) | 5.83% | 04/19/35 | 85835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4050000 | Morgan Stanley (b) | 5.59% | 01/18/36 | 4276606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | Morgan Stanley (b) | 5.66% | 04/17/36 | 4778887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7670000 | Morgan Stanley Private Bank N.A. (b) | 4.20% | 11/17/28 | 7684756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1915000 | PNC Financial Services Group (The), Inc. (b) | 6.88% | 10/20/34 | 2178134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4870000 | Regions Financial Corp. (b) | 5.50% | 09/06/35 | 5036330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10242000 | Synovus Financial Corp. (b) | 6.17% | 11/01/30 | 10633265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | US Bancorp (b) | 4.65% | 02/01/29 | 1012595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320000 | US Bancorp (b) | 5.85% | 10/21/33 | 343910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1220000 | US Bancorp (b) | 4.84% | 02/01/34 | 1236200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440000 | US Bancorp (b) | 5.84% | 06/12/34 | 472354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | US Bancorp (b) | 5.68% | 01/23/35 | 186114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8890000 | Wells Fargo & Co. (b) | 5.57% | 07/25/29 | 9215656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | Wells Fargo & Co. (b) | 5.39% | 04/24/34 | 5243138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4390000 | Wells Fargo & Co. (b) | 5.50% | 01/23/35 | 4617704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6250000 | Wells Fargo & Co. (b) | 5.61% | 04/23/36 | 6631221 |
|  |  |  |  | 172064454 |
|  | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10950000 | Amgen, Inc. | 5.25% | 03/02/33 | 11416042 |
|  | **Building Materials — 0.3%** | **Building Materials — 0.3%** | **Building Materials — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6380000 | Masterbrand, Inc. (a) | 7.00% | 07/15/32 | 6589870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | Quikrete Holdings, Inc. (a) | 6.38% | 03/01/32 | 1101573 |
|  |  |  |  | 7691443 |
|  | **Commercial Services — 1.5%** | **Commercial Services — 1.5%** | **Commercial Services — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12430000 | Boost Newco Borrower LLC (a) | 7.50% | 01/15/31 | 13209672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8350000 | Global Payments, Inc. | 4.50% | 11/15/28 | 8379865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5139000 | Global Payments, Inc. | 4.88% | 11/15/30 | 5153727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | Herc Holdings, Inc. (a) | 7.00% | 06/15/30 | 6303192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1475000 | Prime Security Services Borrower LLC / Prime Finance, Inc. (a) | 3.38% | 08/31/27 | 1441698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5330000 | Rollins, Inc. | 5.25% | 02/24/35 | 5467104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7750000 | Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. (a) | 6.75% | 08/15/32 | 8067649 |
|  |  |  |  | 48022907 |

---

------

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

**Portfolio of Investments (Continued)**

**November 30, 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)** |
|  | **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** |  |
| $3945000 | Dell International LLC / EMC Corp. | 4.75% | 04/01/28 | $3999456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6275000 | Leidos, Inc. | 5.40% | 03/15/32 | 6556547 |
|  |  |  |  | 10556003 |
|  | **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7721000 | &nbsp;&nbsp;&nbsp; Coty, Inc./HFC Prestige Products, Inc. / HFC Prestige International <br> U.S., LLC (a) | 5.60% | 01/15/31 | 7778120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | Prestige Brands, Inc. (a) | 5.13% | 01/15/28 | 551535 |
|  |  |  |  | 8329655 |
|  | **Diversified Financial Services — 2.6%** | **Diversified Financial Services — 2.6%** | **Diversified Financial Services — 2.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2300000 | Air Lease Corp. | 2.88% | 01/15/26 | 2295716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7937000 | Ally Financial, Inc., Series B (b) | 4.70% | (c) | 7779951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1505000 | Capital One Financial Corp. (b) | 1.88% | 11/02/27 | 1472902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14900000 | Citadel Securities Global Holdings LLC (a) | 5.50% | 06/18/30 | 15312780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | Jane Street Group / JSG Finance, Inc. (a) | 4.50% | 11/15/29 | 6895736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21225000 | Jane Street Group / JSG Finance, Inc. (a) | 7.13% | 04/30/31 | 22376095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1871000 | Jane Street Group / JSG Finance, Inc. (a) | 6.13% | 11/01/32 | 1904951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7710000 | Jane Street Group / JSG Finance, Inc. (a) | 6.75% | 05/01/33 | 8070088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14750000 | Stellantis Financial Services US Corp. (a) | 4.95% | 09/15/28 | 14871810 |
|  |  |  |  | 80980029 |
|  | **Electric — 0.8%** | **Electric — 0.8%** | **Electric — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8005000 | Calpine Corp. (a) | 4.50% | 02/15/28 | 7993880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4375000 | Duke Energy Progress LLC | 5.05% | 03/15/35 | 4485167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3840000 | Florida Power & Light Co. | 5.30% | 06/15/34 | 4041499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7350000 | Talen Energy Supply LLC (a) | 8.63% | 06/01/30 | 7796615 |
|  |  |  |  | 24317161 |
|  | **Entertainment — 1.3%** | **Entertainment — 1.3%** | **Entertainment — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 16307000 | Caesars Entertainment, Inc. (a) | 4.63% | 10/15/29 | 15444347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7400000 | Churchill Downs, Inc. (a) | 5.50% | 04/01/27 | 7418226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590000 | Live Nation Entertainment, Inc. (a) | 4.75% | 10/15/27 | 589483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1580000 | Penn Entertainment, Inc. (a) | 4.13% | 07/01/29 | 1462429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7190000 | Vail Resorts, Inc. (a) | 5.63% | 07/15/30 | 7300007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316000 | Warnermedia Holdings, Inc. | 3.76% | 03/15/27 | 312900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4420000 | Warnermedia Holdings, Inc. | 4.05% | 03/15/29 | 4291058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5941000 | Warnermedia Holdings, Inc. | 5.14% | 03/15/52 | 4458721 |
|  |  |  |  | 41277171 |
|  | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2850000 | Waste Pro USA, Inc. (a) | 7.00% | 02/01/33 | 2971424 |
|  | **Food — 2.2%** | **Food — 2.2%** | **Food — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 23020000 | &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, L.P. / <br> Albertsons LLC (a) | 6.50% | 02/15/28 | 23459682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, L.P. / <br> Albertsons LLC (a) | 5.50% | 03/31/31 | 1014916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4540912 | Chobani Holdco II LLC, (8.75% cash, 9.50% PIK) (a) (d) | 8.75% | 10/01/29 | 4836176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11340000 | Kroger (The) Co. | 5.00% | 09/15/34 | 11525963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8250000 | Mars, Inc. (a) | 4.80% | 03/01/30 | 8454350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286000 | Pilgrim's Pride Corp. | 4.25% | 04/15/31 | 279234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1395000 | Pilgrim's Pride Corp. | 3.50% | 03/01/32 | 1291624 |

---

------

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

**Portfolio of Investments (Continued)**

**November 30, 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 (Continued)** | **Food (Continued)** | **Food (Continued)** |  |
| $15150000 | Pilgrim's Pride Corp. | 6.25% | 07/01/33 | $16264979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387000 | Smithfield Foods, Inc. (a) | 5.20% | 04/01/29 | 392647 |
|  |  |  |  | 67519571 |
|  | **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | AmeriGas Partners, L.P. / AmeriGas Finance Corp. (a) | 9.38% | 06/01/28 | 7271614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2805000 | Brooklyn Union Gas (The) Co. (a) | 3.41% | 03/10/26 | 2798367 |
|  |  |  |  | 10069981 |
|  | **Healthcare-Products — 1.0%** | **Healthcare-Products — 1.0%** | **Healthcare-Products — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | Alcon Finance Corp. (a) | 3.00% | 09/23/29 | 1532718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7740000 | Solventum Corp. | 5.45% | 03/13/31 | 8084216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7855000 | Solventum Corp. | 5.60% | 03/23/34 | 8211817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6750000 | Stryker Corp. | 4.70% | 02/10/28 | 6858522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7655000 | VSP Optical Group, Inc. (a) | 5.45% | 12/01/35 | 7775931 |
|  |  |  |  | 32463204 |
|  | **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330000 | Cigna Group (The) | 4.38% | 10/15/28 | 333340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360000 | HCA, Inc. | 7.05% | 12/01/27 | 379477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2870000 | HCA, Inc. | 3.50% | 09/01/30 | 2763385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2057000 | HCA, Inc. | 2.38% | 07/15/31 | 1846253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7380000 | HCA, Inc. | 5.75% | 03/01/35 | 7795690 |
|  |  |  |  | 13118145 |
|  | **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. (a) | 3.88% | 03/15/31 | 298476 |
|  | **Housewares — 0.3%** | **Housewares — 0.3%** | **Housewares — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | Newell Brands, Inc. (a) | 8.50% | 06/01/28 | 5217380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | Newell Brands, Inc. | 6.63% | 09/15/29 | 4930247 |
|  |  |  |  | 10147627 |
|  | **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14750000 | Brown & Brown, Inc. | 4.90% | 06/23/30 | 14955357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | MassMutual Global Funding II (a) | 3.40% | 03/08/26 | 748572 |
|  |  |  |  | 15703929 |
|  | **Internet — 1.6%** | **Internet — 1.6%** | **Internet — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7620000 | Alphabet, Inc. | 4.70% | 11/15/35 | 7746001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1786000 | Alphabet, Inc. | 5.35% | 11/15/45 | 1827334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2552000 | Alphabet, Inc. | 5.45% | 11/15/55 | 2596151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3828000 | Alphabet, Inc. | 5.70% | 11/15/75 | 3940339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5835000 | Amazon.com, Inc. | 3.90% | 11/20/28 | 5858956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7400000 | Match Group Holdings II LLC (a) | 5.00% | 12/15/27 | 7394632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7430000 | Match Group Holdings II LLC (a) | 6.13% | 09/15/33 | 7540640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7183000 | Meta Platforms, Inc. | 4.20% | 11/15/30 | 7234513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3825000 | Meta Platforms, Inc. | 4.88% | 11/15/35 | 3867941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3176000 | Meta Platforms, Inc. | 5.50% | 11/15/45 | 3178921 |
|  |  |  |  | 51185428 |
|  | **Iron/Steel — 0.4%** | **Iron/Steel — 0.4%** | **Iron/Steel — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2895000 | Carpenter Technology Corp. (a) | 5.63% | 03/01/34 | 2945958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10590000 | Cleveland-Cliffs, Inc. (a) | 7.63% | 01/15/34 | 10997662 |
|  |  |  |  | 13943620 |

---

------

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

**Portfolio of Investments (Continued)**

**November 30, 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)** |
|  | **Leisure Time — 0.4%** | **Leisure Time — 0.4%** | **Leisure Time — 0.4%** |  |
| $7600000 | Acushnet Co. (a) | 5.63% | 12/01/33 | $7678049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4824000 | Polaris, Inc. | 5.60% | 03/01/31 | 4887836 |
|  |  |  |  | 12565885 |
|  | **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4475000 | Hyatt Hotels Corp. | 5.05% | 03/30/28 | 4556419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1044000 | Station Casinos LLC (a) | 4.50% | 02/15/28 | 1033876 |
|  |  |  |  | 5590295 |
|  | **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7510000 | Chart Industries, Inc. (a) | 7.50% | 01/01/30 | 7834349 |
|  | **Media — 3.1%** | **Media — 3.1%** | **Media — 3.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | CCO Holdings LLC / CCO Holdings Capital Corp. (a) | 5.50% | 05/01/26 | 5001450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | CCO Holdings LLC / CCO Holdings Capital Corp. (a) | 5.00% | 02/01/28 | 4465797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | Cox Enterprises, Inc. (a) | 7.38% | 07/15/27 | 937155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8300000 | Directv Financing LLC / Directv Financing Co-Obligor, Inc. (a) | 10.00% | 02/15/31 | 8251477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11471000 | Discovery Communications LLC | 4.13% | 05/15/29 | 11166674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9700000 | Discovery Communications LLC | 6.35% | 06/01/40 | 8793535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7900000 | Nexstar Media, Inc. (a) | 5.63% | 07/15/27 | 7912158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8235000 | Nexstar Media, Inc. (a) | 4.75% | 11/01/28 | 8172935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11340000 | Paramount Global | 4.20% | 05/19/32 | 10565473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4046000 | Paramount Global | 4.38% | 03/15/43 | 3047101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19284000 | Paramount Global | 4.95% | 05/19/50 | 15027414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7935000 | Sirius XM Radio LLC (a) | 5.00% | 08/01/27 | 7942887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5533000 | Versant Media Group, Inc. (a) | 7.25% | 01/30/31 | 5688428 |
|  |  |  |  | 96972484 |
|  | **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2165000 | Century Aluminum Co. (a) | 6.88% | 08/01/32 | 2202643 |
|  | **Oil & Gas — 2.9%** | **Oil & Gas — 2.9%** | **Oil & Gas — 2.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7930000 | Ascent Resources Utica Holdings LLC / ARU Finance Corp. (a) | 6.63% | 10/15/32 | 8117537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 958000 | Ascent Resources Utica Holdings LLC / ARU Finance Corp. (a) | 6.63% | 07/15/33 | 977112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1692000 | HF Sinclair Corp. | 5.00% | 02/01/28 | 1693666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3625000 | Hilcorp Energy I, L.P. / Hilcorp Finance Co. (a) | 6.25% | 11/01/28 | 3654888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15313000 | Hilcorp Energy I, L.P. / Hilcorp Finance Co. (a) | 7.25% | 02/15/35 | 14578860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | Matador Resources Co. (a) | 6.88% | 04/15/28 | 3075054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | Occidental Petroleum Corp. | 7.88% | 09/15/31 | 1263525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7400000 | Occidental Petroleum Corp. | 6.05% | 10/01/54 | 7201508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7060000 | Ovintiv, Inc. | 6.50% | 08/15/34 | 7591278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7230000 | Permian Resources Operating LLC (a) | 9.88% | 07/15/31 | 7802153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17797000 | Permian Resources Operating LLC (a) | 7.00% | 01/15/32 | 18546716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5250000 | Permian Resources Operating LLC (a) | 6.25% | 02/01/33 | 5384600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2004000 | Sunoco, L.P. (a) | 5.63% | 03/15/31 | 2016653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2004000 | Sunoco, L.P. (a) | 5.88% | 03/15/34 | 2018272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | Sunoco, L.P. / Sunoco Finance Corp. | 4.50% | 05/15/29 | 784703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7300000 | Viper Energy Partners LLC | 4.90% | 08/01/30 | 7396469 |
|  |  |  |  | 92102994 |
|  | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14550000 | Amneal Pharmaceuticals LLC (a) | 6.88% | 08/01/32 | 15387018 |
|  | **Pipelines — 2.2%** | **Pipelines — 2.2%** | **Pipelines — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7665000 | Blue Racer Midstream LLC / Blue Racer Finance Corp. (a) | 7.00% | 07/15/29 | 7999953 |

---

------

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

**Portfolio of Investments (Continued)**

**November 30, 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)** |
|  | **Pipelines (Continued)** | **Pipelines (Continued)** | **Pipelines (Continued)** |  |
| $436000 | Buckeye Partners, L.P. (a) | 4.50% | 03/01/28 | $433985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9460000 | Buckeye Partners, L.P. (a) | 6.88% | 07/01/29 | 9860612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1144000 | Energy Transfer, L.P. | 5.00% | 05/15/50 | 973733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2183000 | Flex Intermediate Holdco LLC (a) | 3.36% | 06/30/31 | 2025849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2965000 | Genesis Energy, L.P. / Genesis Energy Finance Corp. | 8.25% | 01/15/29 | 3099068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7156000 | Kinetik Holdings, L.P. (a) | 6.63% | 12/15/28 | 7366451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | MPLX, L.P. | 4.80% | 02/15/31 | 8104162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12314000 | NuStar Logistics, L.P. | 6.38% | 10/01/30 | 12909394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1712000 | Targa Resources Corp. | 4.35% | 01/15/29 | 1718041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14960000 | &nbsp;&nbsp;&nbsp; Targa Resources Partners, L.P. / Targa Resources Partners Finance <br> Corp. | 6.88% | 01/15/29 | 15174387 |
|  |  |  |  | 69665635 |
|  | **Real Estate — 0.9%** | **Real Estate — 0.9%** | **Real Estate — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7072000 | CoStar Group, Inc. (a) | 2.80% | 07/15/30 | 6516107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10820000 | Cushman & Wakefield U.S. Borrower LLC (a) | 6.75% | 05/15/28 | 10947470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4635000 | Kennedy-Wilson, Inc. | 4.75% | 02/01/30 | 4440794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | Kennedy-Wilson, Inc. | 5.00% | 03/01/31 | 7682400 |
|  |  |  |  | 29586771 |
|  | **Real Estate Investment Trusts — 0.3%** | **Real Estate Investment Trusts — 0.3%** | **Real Estate Investment Trusts — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675000 | GLP Capital, L.P. / GLP Financing II, Inc. | 5.75% | 06/01/28 | 694810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3170000 | Iron Mountain, Inc. (a) | 5.25% | 03/15/28 | 3166824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4400000 | VICI Properties, L.P. | 5.13% | 05/15/32 | 4439496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268000 | VICI Properties, L.P. | 5.63% | 05/15/52 | 252333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2026000 | VICI Properties, L.P. / VICI Note Co., Inc. (a) | 4.13% | 08/15/30 | 1967243 |
|  |  |  |  | 10520706 |
|  | **Retail — 1.5%** | **Retail — 1.5%** | **Retail — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7364000 | Advance Auto Parts, Inc. (a) | 7.00% | 08/01/30 | 7521889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7420000 | Brinker International, Inc. (a) | 8.25% | 07/15/30 | 7877109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | Kohl's Corp. (a) | 10.00% | 06/01/30 | 8218327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8650000 | Macy's Retail Holdings LLC (a) | 6.13% | 03/15/32 | 8700767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | Macy's Retail Holdings LLC (a) | 7.38% | 08/01/33 | 7900703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6300000 | Starbucks Corp. | 5.40% | 05/15/35 | 6591668 |
|  |  |  |  | 46810463 |
|  | **Semiconductors — 1.2%** | **Semiconductors — 1.2%** | **Semiconductors — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1835000 | Foundry JV Holdco LLC (a) | 5.50% | 01/25/31 | 1909506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9500000 | Foundry JV Holdco LLC (a) | 6.25% | 01/25/35 | 10182276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7775000 | Foundry JV Holdco LLC (a) | 6.10% | 01/25/36 | 8268504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12295000 | Foundry JV Holdco LLC (a) | 6.30% | 01/25/39 | 13219694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6950000 | Intel Corp. | 3.25% | 11/15/49 | 4578463 |
|  |  |  |  | 38158443 |
|  | **Software — 1.3%** | **Software — 1.3%** | **Software — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7810000 | Fair Isaac Corp. (a) | 6.00% | 05/15/33 | 8047034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1538000 | Fidelity National Information Services, Inc. | 3.10% | 03/01/41 | 1157246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7300000 | Fiserv, Inc. | 5.25% | 08/11/35 | 7327007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | Oracle Corp. | 3.60% | 04/01/50 | 1655381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6234000 | Oracle Corp. | 5.95% | 09/26/55 | 5846179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12330000 | Synopsys, Inc. | 4.85% | 04/01/30 | 12599516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4349000 | Synopsys, Inc. | 5.15% | 04/01/35 | 4447629 |
|  |  |  |  | 41079992 |

---

------

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

**Portfolio of Investments (Continued)**

**November 30, 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)** |
|  | **Telecommunications — 0.5%** | **Telecommunications — 0.5%** | **Telecommunications — 0.5%** |  |
| $7720000 | APLD ComputeCo. LLC (a) | 9.25% | 12/15/30 | $7459447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 965000 | Cipher Compute LLC (a) | 7.13% | 11/15/30 | 981588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74000 | T-Mobile USA, Inc. | 4.75% | 02/01/28 | 74053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | T-Mobile USA, Inc. | 2.63% | 02/15/29 | 954231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | T-Mobile USA, Inc. | 2.55% | 02/15/31 | 4581941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2765000 | T-Mobile USA, Inc. | 4.70% | 01/15/35 | 2744015 |
|  |  |  |  | 16795275 |
|  | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | 1374407064 |
|  | (Cost $1,342,228,733) | (Cost $1,342,228,733) | (Cost $1,342,228,733) |  |
| **U.S. GOVERNMENT BONDS AND NOTES — 27.3%** | **U.S. GOVERNMENT BONDS AND NOTES — 27.3%** | **U.S. GOVERNMENT BONDS AND NOTES — 27.3%** | **U.S. GOVERNMENT BONDS AND NOTES — 27.3%** | **U.S. GOVERNMENT BONDS AND NOTES — 27.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 54976000 | U.S. Treasury Bond  | 4.75% | 02/15/45 | 55858623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11624000 | U.S. Treasury Bond  | 4.88% | 08/15/45 | 11990882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55313000 | U.S. Treasury Bond  | 4.63% | 11/15/55 | 54924080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 64354553 | U.S. Treasury Inflation Indexed Bond (e) | 1.63% | 10/15/29 | 65373623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 70633000 | U.S. Treasury Note  | 3.75% | 06/30/27 | 70856487 |
| &nbsp;&nbsp; 163589000 | U.S. Treasury Note  | 3.63% | 08/31/27 | 163863779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 52243000 | U.S. Treasury Note  | 3.50% | 10/31/27 | 52232796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60812000 | U.S. Treasury Note  | 3.50% | 09/30/29 | 60711042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 87732000 | U.S. Treasury Note  | 4.25% | 01/31/30 | 90040105 |
| &nbsp;&nbsp; 112944000 | U.S. Treasury Note  | 4.00% | 05/31/30 | 114909490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30894000 | U.S. Treasury Note  | 3.63% | 10/31/30 | 30925377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29602000 | U.S. Treasury Note  | 3.75% | 10/31/32 | 29537246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 57051000 | U.S. Treasury Note  | 4.00% | 11/15/35 | 56966315 |
|  | **Total U.S. Government Bonds and Notes** | **Total U.S. Government Bonds and Notes** | **Total U.S. Government Bonds and Notes** | 858189845 |
|  | (Cost $850,497,790) | (Cost $850,497,790) | (Cost $850,497,790) |  |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 11.4%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 11.4%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 11.4%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 11.4%** | **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 11.4%** |
|  | **Collateralized Mortgage Obligations — 1.5%** | **Collateralized Mortgage Obligations — 1.5%** | **Collateralized Mortgage Obligations — 1.5%** |  |
|  | Federal Home Loan Mortgage Corporation |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 31616282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5468, Class SE, IO, (30 Day Average SOFR) ×-1+ <br> 5.35% (f) | 1.28% | 10/25/54 | 2502173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8297633 | &nbsp;&nbsp;&nbsp; Series 2024-5472, Class FE, 30 Day Average SOFR + 1.35% (g) | 5.42% | 11/25/54 | 8351689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 36652118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5496, Class S, IO, (30 Day Average SOFR) ×-1+ <br> 5.90% (f) | 1.83% | 01/25/55 | 2534805 |
|  | Federal National Mortgage Association |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-116, Class SA, IO, (30 Day Average SOFR + CSA) <br> ×-1+ 6.00% (f) | 1.81% | 11/25/41 | 52396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106085 | &nbsp;&nbsp;&nbsp; Series 2012-128, Class UA | 2.50% | 06/25/42 | 96916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286550 | &nbsp;&nbsp;&nbsp; Series 2013-18, Class MI, IO | 3.00% | 02/25/33 | 10034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30096554 | &nbsp;&nbsp;&nbsp; Series 2024-82, Class CF, 30 Day Average SOFR + 1.35% (g) | 5.42% | 11/25/54 | 30258603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4140192 | &nbsp;&nbsp;&nbsp; Series 2024-96, Class FD, 30 Day Average SOFR + 1.45% (g) | 5.52% | 12/25/54 | 4167914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279923 | &nbsp;&nbsp;&nbsp; Series 2025-4, Class BA | 5.50% | 08/25/51 | 283493 |
|  |  |  |  | 48258023 |
|  | **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; 9229933 | &nbsp;&nbsp;&nbsp; Series 2021-P009, Class X, IO (h) | 1.40% | 01/25/31 | 244779 |
|  | &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 (i) | 1.14% | 07/25/33 | 248232 |

---

------

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

**Portfolio of Investments (Continued)**

**November 30, 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 |  |  |  |
| $46915000 | &nbsp;&nbsp;&nbsp; Series 2016-K053, Class X3, IO (h) | 1.75% | 03/25/44 | $53488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6897149 | &nbsp;&nbsp;&nbsp; Series 2016-K056, Class X3, IO (h) | 2.19% | 06/25/44 | 73576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38206238 | &nbsp;&nbsp;&nbsp; Series 2016-K059, Class X3, IO (h) | 1.97% | 11/25/44 | 584861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1899979 | &nbsp;&nbsp;&nbsp; Series 2016-K060, Class X3, IO (h) | 1.96% | 12/25/44 | 31952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703401 | &nbsp;&nbsp;&nbsp; Series 2016-KS06, Class X, IO (h) | 1.09% | 08/25/26 | 2441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820952 | &nbsp;&nbsp;&nbsp; Series 2019-KC04, Class X1, IO (h) | 1.43% | 12/25/26 | 7773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6090361 | &nbsp;&nbsp;&nbsp; Series 2019-KC05, Class X1, IO (h) | 1.34% | 06/25/27 | 59706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2584707 | &nbsp;&nbsp;&nbsp; Series 2019-KLU1, Class X3, IO (h) | 4.17% | 01/25/31 | 218871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6788562 | &nbsp;&nbsp;&nbsp; Series 2021-KLU3, Class X1, IO (h) | 2.07% | 01/25/31 | 465080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 47426601 | &nbsp;&nbsp;&nbsp; Series 2022-Q017, Class X, IO (i) | 1.18% | 04/25/30 | 484090 |
|  | Federal National Mortgage Association |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19187 | &nbsp;&nbsp;&nbsp; Series 2016-M2, Class X3, IO (h) (j) | 2.04% | 04/25/36 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 898069 | &nbsp;&nbsp;&nbsp; Series 2016-M4, Class X2, IO (h) | 2.71% | 01/25/39 | 31858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70893 | &nbsp;&nbsp;&nbsp; Series 2016-M11, Class X2, IO (h) (j) | 3.04% | 07/25/39 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; 44714997 | &nbsp;&nbsp;&nbsp; Series 2019-M17, Class X, IO (h) | 0.42% | 08/25/34 | 473738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6100000 | &nbsp;&nbsp;&nbsp; Series 2019-M29, Class X4, IO | 0.70% | 03/25/29 | 109219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 47959076 | &nbsp;&nbsp;&nbsp; Series 2020-M17, Class X1, IO (i) | 1.48% | 01/25/28 | 830819 |
|  |  |  |  | 3920510 |
|  | **Pass-Through Securities — 9.8%** | **Pass-Through Securities — 9.8%** | **Pass-Through Securities — 9.8%** |  |
|  | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation |
| &nbsp;&nbsp;&nbsp;&nbsp; 4280149 | &nbsp;&nbsp;&nbsp; Pool RA6427  | 3.00% | 12/01/51 | 3809775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6918107 | &nbsp;&nbsp;&nbsp; Pool RB5345  | 6.00% | 05/01/45 | 7108263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12077319 | &nbsp;&nbsp;&nbsp; Pool SD3246  | 4.00% | 08/01/52 | 11581521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269808 | &nbsp;&nbsp;&nbsp; Pool SD3511  | 6.00% | 08/01/53 | 277064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8135489 | &nbsp;&nbsp;&nbsp; Pool SD8213  | 3.00% | 05/01/52 | 7259153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15076308 | &nbsp;&nbsp;&nbsp; Pool SD8244  | 4.00% | 09/01/52 | 14430136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7564322 | &nbsp;&nbsp;&nbsp; Pool SD8245  | 4.50% | 09/01/52 | 7448399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11944957 | &nbsp;&nbsp;&nbsp; Pool SD8256  | 4.00% | 10/01/52 | 11440267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6967378 | &nbsp;&nbsp;&nbsp; Pool SD8257  | 4.50% | 10/01/52 | 6855568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12084439 | &nbsp;&nbsp;&nbsp; Pool SD8265  | 4.00% | 11/01/52 | 11584588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5559850 | &nbsp;&nbsp;&nbsp; Pool SD8266  | 4.50% | 11/01/52 | 5470055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5350045 | &nbsp;&nbsp;&nbsp; Pool SD8272  | 3.00% | 12/01/52 | 4761711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3782389 | &nbsp;&nbsp;&nbsp; Pool SD8275  | 4.50% | 12/01/52 | 3721301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 95907558 | &nbsp;&nbsp;&nbsp; Pool SD8491  | 5.00% | 12/01/54 | 95841524 |
|  | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419967 | &nbsp;&nbsp;&nbsp; Pool AM2974  | 4.10% | 04/01/43 | 402090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13242013 | &nbsp;&nbsp;&nbsp; Pool BV3023  | 2.00% | 02/01/52 | 10841934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13652346 | &nbsp;&nbsp;&nbsp; Pool CB4808  | 4.00% | 10/01/52 | 13090458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6162460 | &nbsp;&nbsp;&nbsp; Pool DE3460  | 5.50% | 07/01/55 | 6201996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9316847 | &nbsp;&nbsp;&nbsp; Pool FS1598  | 2.00% | 04/01/52 | 7628170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4261427 | &nbsp;&nbsp;&nbsp; Pool FS6925  | 2.50% | 12/01/51 | 3634671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332871 | &nbsp;&nbsp;&nbsp; Pool FS6980  | 6.00% | 01/01/44 | 344355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10832246 | &nbsp;&nbsp;&nbsp; Pool FS7252  | 5.00% | 11/01/53 | 10860073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2636899 | &nbsp;&nbsp;&nbsp; Pool MA4599  | 3.00% | 05/01/52 | 2349331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3633832 | &nbsp;&nbsp;&nbsp; Pool MA4626  | 4.00% | 06/01/52 | 3484656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4384804 | &nbsp;&nbsp;&nbsp; Pool MA4732  | 4.00% | 09/01/52 | 4204339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6395762 | &nbsp;&nbsp;&nbsp; Pool MA4783  | 4.00% | 10/01/52 | 6134420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2707796 | &nbsp;&nbsp;&nbsp; Pool MA4784  | 4.50% | 10/01/52 | 2666299 |

---

------

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

**Portfolio of Investments (Continued)**

**November 30, 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) |
| $16700967 | &nbsp;&nbsp;&nbsp; Pool MA4840  | 4.50% | 12/01/52 | $16429522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16188693 | &nbsp;&nbsp;&nbsp; Pool MA4958  | 4.50% | 03/01/53 | 15922207 |
|  | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| &nbsp;&nbsp;&nbsp;&nbsp; 1079938 | &nbsp;&nbsp;&nbsp; Pool 786951  | 6.00% | 09/20/38 | 1109846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1345812 | &nbsp;&nbsp;&nbsp; Pool 786973  | 6.00% | 09/20/53 | 1388442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2619244 | &nbsp;&nbsp;&nbsp; Pool 787961  | 7.00% | 12/20/54 | 2668781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5558447 | &nbsp;&nbsp;&nbsp; Pool MA8427  | 4.50% | 11/20/52 | 5479089 |
|  |  |  |  | 306430004 |
|  | **Total U.S. Government Agency Mortgage-Backed Securities** | **Total U.S. Government Agency Mortgage-Backed Securities** | **Total U.S. Government Agency Mortgage-Backed Securities** | 358608537 |
|  | (Cost $352,229,668) | (Cost $352,229,668) | (Cost $352,229,668) |  |

---

&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 — 5.5%** | **CAPITAL PREFERRED SECURITIES — 5.5%** | **CAPITAL PREFERRED SECURITIES — 5.5%** | **CAPITAL PREFERRED SECURITIES — 5.5%** | **CAPITAL PREFERRED SECURITIES — 5.5%** |
|  | **Banks — 2.1%**  | **Banks — 2.1%**  | **Banks — 2.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6350000 | Bank of America Corp. (b) | 6.63% | (c) | 6591992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4790000 | Citigroup, Inc., Series W (b) | 4.00% | (c) | 4804514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12167000 | Citigroup, Inc., Series X (b) | 3.88% | (c) | 12128309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2191000 | CoBank ACB, Series M (b) | 7.13% | (c) | 2279900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1805000 | Farm Credit Bank of Texas, Series 6 (b) | 7.00% | (c) | 1867299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4677000 | First Citizens BancShares, Inc., Series D (b) | 7.00% | (c) | 4740191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3143000 | JPMorgan Chase & Co., Series KK (b) | 3.65% | (c) | 3116442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4965000 | PNC Financial Services Group (The), Inc., Series T (b) | 3.40% | (c) | 4829707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3711000 | Royal Bank of Canada (b) | 6.50% | 11/24/85 | 3698866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5399000 | Truist Financial Corp., Series N (b) | 6.67% | (c) | 5412784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11997000 | US Bancorp (b) | 3.70% | (c) | 11657472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4699000 | Wells Fargo & Co., Series BB (b) | 3.90% | (c) | 4680840 |
|  |  |  |  | 65808316 |
|  | **Capital Markets — 1.6%**  | **Capital Markets — 1.6%**  | **Capital Markets — 1.6%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11914000 | Charles Schwab (The) Corp., Series I (b) | 4.00% | (c) | 11833379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9085000 | Goldman Sachs Group (The), Inc., Series X (b) | 7.50% | (c) | 9598702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16170000 | UBS Group AG (a) (b) (k) | 7.13% | (c) | 16587477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10290000 | UBS Group AG (a) (b) (k) | 6.60% | (c) | 10401729 |
|  |  |  |  | 48421287 |
|  | **Consumer Finance — 0.4%**  | **Consumer Finance — 0.4%**  | **Consumer Finance — 0.4%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3625000 | Ally Financial, Inc., Series C (b) | 4.70% | (c) | 3348284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8155000 | American Express Co. (b) | 3.55% | (c) | 8017285 |
|  |  |  |  | 11365569 |
|  | **Electric Utilities — 0.3%**  | **Electric Utilities — 0.3%**  | **Electric Utilities — 0.3%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10621000 | American Electric Power Co., Inc. (b) | 3.88% | 02/15/62 | 10372950 |
|  | **Financial Services — 0.1%**  | **Financial Services — 0.1%**  | **Financial Services — 0.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3134000 | National Rural Utilities Cooperative Finance Corp. (b) | 5.25% | 04/20/46 | 3140185 |
|  | **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. (b) | 7.00% | 03/10/55 | 16271032 |
|  | **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 (a) (b) | 8.88% | (c) | 1038403 |

---

------

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

**Portfolio of Investments (Continued)**

**November 30, 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)** |
|  | **Multi-Utilities — 0.2%**  | **Multi-Utilities — 0.2%**  | **Multi-Utilities — 0.2%**  |  |
| $4268000 | Dominion Energy, Inc. (b) | 6.20% | 02/15/56 | $4313716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2519000 | Dominion Energy, Inc. (b) | 6.00% | 02/15/56 | 2549838 |
|  |  |  |  | 6863554 |
|  | **Oil, Gas & Consumable Fuels — 0.3%**  | **Oil, Gas & Consumable Fuels — 0.3%**  | **Oil, Gas & Consumable Fuels — 0.3%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2281000 | Energy Transfer, L.P., Series B (b) | 6.63% | (c) | 2287708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7920000 | Energy Transfer, L.P., Series G (b) | 7.13% | (c) | 8156919 |
|  |  |  |  | 10444627 |
|  | **Total Capital Preferred Securities** | **Total Capital Preferred Securities** | **Total Capital Preferred Securities** | 173725923 |
|  | (Cost $170,798,745) | (Cost $170,798,745) | (Cost $170,798,745) |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **FOREIGN CORPORATE BONDS AND NOTES — 5.2%** | **FOREIGN CORPORATE BONDS AND NOTES — 5.2%** | **FOREIGN CORPORATE BONDS AND NOTES — 5.2%** | **FOREIGN CORPORATE BONDS AND NOTES — 5.2%** | **FOREIGN CORPORATE BONDS AND NOTES — 5.2%** |
|  | **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3333000 | AS Mileage Plan IP Ltd. (a) | 5.02% | 10/20/29 | 3345168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5411000 | AS Mileage Plan IP Ltd. (a) | 5.31% | 10/20/31 | 5429797 |
|  |  |  |  | 8774965 |
|  | **Apparel — 0.7%** | **Apparel — 0.7%** | **Apparel — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 14750000 | Gildan Activewear, Inc. (a) | 4.70% | 10/07/30 | 14717489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7700000 | Gildan Activewear, Inc. (a) | 5.40% | 10/07/35 | 7700749 |
|  |  |  |  | 22418238 |
|  | **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7168000 | Nissan Motor Co. Ltd. (a) | 8.13% | 07/17/35 | 7581156 |
|  | **Banks — 0.4%** | **Banks — 0.4%** | **Banks — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7298000 | Danske Bank A/S (a) (b) | 5.71% | 03/01/30 | 7612642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1481000 | HSBC Holdings PLC (b) | 4.76% | 06/09/28 | 1494315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1585000 | Santander UK Group Holdings PLC (b) | 1.67% | 06/14/27 | 1562841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430000 | Santander UK Group Holdings PLC (b) | 2.47% | 01/11/28 | 421586 |
|  |  |  |  | 11091384 |
|  | **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3170000 | Bacardi Ltd. (a) | 4.70% | 05/15/28 | 3197654 |
|  | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | GENMAB A/S / GENMAB FINANCE, LLC (a) (l) | 7.25% | 12/15/33 | 8383616 |
|  | **Commercial Services — 0.4%** | **Commercial Services — 0.4%** | **Commercial Services — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12500000 | Element Fleet Management Corp. (a) | 4.64% | 11/24/30 | 12568252 |
|  | **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 | 1970140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.88% | 01/23/28 | 114463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 5.75% | 06/06/28 | 326762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1650000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 3.00% | 10/29/28 | 1597757 |
|  |  |  |  | 4009122 |
|  | **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7500000 | Flutter Treasury DAC (a) | 5.88% | 06/04/31 | 7579763 |
|  | **Environmental Control — 0.4%** | **Environmental Control — 0.4%** | **Environmental Control — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11400000 | GFL Environmental, Inc. (a) | 4.00% | 08/01/28 | 11186221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | GFL Environmental, Inc. (a) | 3.50% | 09/01/28 | 736481 |
|  |  |  |  | 11922702 |

---

------

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

**Portfolio of Investments (Continued)**

**November 30, 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)** |
|  | **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |  |
| $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 | $1618794 |
| &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 | 4028984 |
|  |  |  |  | 5647778 |
|  | **Leisure Time — 1.5%** | **Leisure Time — 1.5%** | **Leisure Time — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11515000 | Carnival Corp. (a) | 4.00% | 08/01/28 | 11323803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14435000 | Carnival Corp. (a) | 5.75% | 08/01/32 | 14815550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1255000 | NCL Corp. Ltd. (a) | 5.88% | 02/15/27 | 1259969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7300000 | NCL Corp. Ltd. (a) | 6.25% | 09/15/33 | 7218368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7330000 | Viking Cruises Ltd. (a) | 9.13% | 07/15/31 | 7867883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4810000 | Viking Cruises Ltd. (a) | 5.88% | 10/15/33 | 4890986 |
|  |  |  |  | 47376559 |
|  | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1392300 | Oregon Tool Lux, L.P. (a) | 7.88% | 10/15/29 | 723996 |
|  | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 482000 | Transocean International Ltd. (a) | 7.88% | 10/15/32 | 502774 |
|  | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 885000 | Nationwide Building Society (a) (b) | 2.97% | 02/16/28 | 872558 |
|  | **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6731000 | Open Text Corp. (a) | 6.90% | 12/01/27 | 6988770 |
|  | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4140000 | SoftBank Corp. (a) | 4.70% | 07/09/30 | 4167670 |
|  | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | 163806957 |
|  | (Cost $161,116,586) | (Cost $161,116,586) | (Cost $161,116,586) |  |
| **MORTGAGE-BACKED SECURITIES — 3.5%** | **MORTGAGE-BACKED SECURITIES — 3.5%** | **MORTGAGE-BACKED SECURITIES — 3.5%** | **MORTGAGE-BACKED SECURITIES — 3.5%** | **MORTGAGE-BACKED SECURITIES — 3.5%** |
|  | **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; 5773364 | &nbsp;&nbsp;&nbsp; Series 2020-R6, Class A1 (a) | 2.25% | 12/25/60 | 5253171 |
|  | Credit Suisse Mortgage Trust | Credit Suisse Mortgage Trust | Credit Suisse Mortgage Trust | Credit Suisse Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103437 | &nbsp;&nbsp;&nbsp; Series 2022-RPL1, Class CERT (a) | 4.23% | 04/25/61 | 96372 |
|  | 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% (a) (g) | 5.52% | 10/25/44 | 5333543 |
|  |  |  |  | 10683086 |
|  | **Commercial Mortgage-Backed Securities — 3.1%** | **Commercial Mortgage-Backed Securities — 3.1%** | **Commercial Mortgage-Backed Securities — 3.1%** |  |
|  | 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 (a) | 3.51% | 06/05/37 | 4363921 |
|  | 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% (a) (g) | 5.85% | 07/15/41 | 3808438 |
|  | 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 (a) (h) | 3.66% | 03/09/44 | 3241731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4050000 | &nbsp;&nbsp;&nbsp; Series 2020-VIV4, Class A (a) | 2.84% | 03/09/44 | 3772907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2730567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ACNT, Class C, 1 Mo. CME Term SOFR + CSA + <br> 1.50% (a) (g) | 5.57% | 11/15/38 | 2730297 |

---

------

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

**Portfolio of Investments (Continued)**

**November 30, 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)** |  |
|  | BX Commercial Mortgage Trust (Continued) | BX Commercial Mortgage Trust (Continued) | BX Commercial Mortgage Trust (Continued) | BX Commercial Mortgage Trust (Continued) |
| $2385255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class E, 1 Mo. CME Term SOFR + CSA + <br> 2.00% (a) (g) | 6.07% | 09/15/36 | $2384777 |
| &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% (a) (g) | 5.45% | 01/17/39 | 2841845 |
|  | BX Trust | BX Trust | BX Trust | BX Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp; Series 2019-OC11, Class A (a) | 3.20% | 12/09/41 | 2666168 |
| &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% (a) (g) | 5.42% | 02/15/36 | 2259736 |
| &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% (a) (g) | 5.67% | 02/15/36 | 4140561 |
| &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% (a) (g) | 5.82% | 11/15/36 | 1868067 |
| &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% (a) (g) | 5.35% | 06/15/36 | 2247673 |
| &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% (a) (g) | 5.90% | 02/15/41 | 2182785 |
| &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% (a) (g) | 6.05% | 03/15/41 | 4270650 |
|  | BXHPP Trust | BXHPP Trust | BXHPP Trust | BXHPP Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 6225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FILM, Class A, 1 Mo. CME Term SOFR + CSA + <br> 0.65% (a) (g) | 4.72% | 08/15/36 | 5999352 |
|  | BXP Trust | BXP Trust | BXP Trust | BXP Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 3200000 | &nbsp;&nbsp;&nbsp; Series 2017-GM, Class C (a) (h) | 3.54% | 06/13/39 | 3108195 |
|  | 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 (a) | 3.55% | 02/10/36 | 2812764 |
|  | DOLP Trust | DOLP Trust | DOLP Trust | DOLP Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; Series 2021-NYC, Class A (a) | 2.96% | 05/10/41 | 5410247 |
|  | 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% (a) (g) | 6.75% | 03/15/28 | 4251470 |
|  | 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% (a) (g) | 5.90% | 05/15/37 | 2715959 |
|  | 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% (a) (g) | 5.17% | 04/15/38 | 4392434 |
|  | 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 (a) | 2.69% | 02/12/40 | 4097119 |
|  | 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 (a) | 2.52% | 09/15/54 | 2602202 |
|  | 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% (a) (g) | 5.70% | 05/15/39 | 3710965 |
|  | 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% (a) (g) | 5.22% | 05/15/38 | 3511782 |
|  | 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 (a) | 2.85% | 07/15/41 | 2633214 |

---

------

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

**Portfolio of Investments (Continued)**

**November 30, 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)** |  |
|  | SREIT Trust | SREIT Trust | SREIT Trust | SREIT Trust |
| $1423000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFP2, Class C, 1 Mo. CME Term SOFR + CSA + <br> 1.37% (a) (g) | 5.44% | 11/15/36 | $1422201 |
| &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% (a) (g) | 5.64% | 11/15/36 | 6333730 |
|  | 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% (a) (g) | 5.33% | 11/15/36 | 1546774 |
|  |  |  |  | 97327964 |
|  | **Total Mortgage-Backed Securities** | **Total Mortgage-Backed Securities** | **Total Mortgage-Backed Securities** | 108011050 |
|  | (Cost $106,256,194) | (Cost $106,256,194) | (Cost $106,256,194) |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Rate (m)** | **Stated** <br>**Maturity (n)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS — 1.9%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 1.9%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 1.9%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 1.9%** | **SENIOR FLOATING-RATE LOAN INTERESTS — 1.9%** |
|  | **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 15526448 | &nbsp;&nbsp;&nbsp; TransDigm, Inc., Term Loan, 3 Mo. CME Term SOFR + 2.50%, <br> 0.00% Floor  | 6.50% | 02/28/31 | 15568913 |
|  | **Food and Beverage — 0.2%** | **Food and Beverage — 0.2%** | **Food and Beverage — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7335805 | &nbsp;&nbsp;&nbsp; Chobani LLC, Term Loan B, 1 Mo. CME Term SOFR + 2.25%, <br> 0.00% Floor  | 6.17% | 10/28/32 | 7387413 |
|  | **Gaming — 0.2%** | **Gaming — 0.2%** | **Gaming — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7281519 | &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc., Term Loan B1, 1 Mo. CME Term <br> SOFR + 2.25%, 0.50% Floor  | 6.20% | 02/06/31 | 7219335 |
|  | **Healthcare — 0.3%** | **Healthcare — 0.3%** | **Healthcare — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp; Medline Borrower, L.P., Term Loan B, 1 Mo. CME Term SOFR + <br> 2.50%, 0.50% Floor  | 5.92% | 10/23/28 | 8019360 |
|  | **Other Industrial — 0.1%** | **Other Industrial — 0.1%** | **Other Industrial — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1989839 | &nbsp;&nbsp;&nbsp; Asp Dream Acquisition Co., Term Loan B, 1 Mo. CME Term <br> SOFR + CSA + 4.25%, 0.75% Floor  | 8.31% | 12/15/28 | 1900296 |
|  | **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 (o) | 6.56% | 05/06/27 | 26425 |
|  | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6059800 | &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, Term Loan, 1 Mo. CME Term <br> SOFR + 3.50%, 0.50% Floor  | 7.46% | 08/02/32 | 6125458 |
|  | **Restaurants — 0.2%** | **Restaurants — 0.2%** | **Restaurants — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6744000 | &nbsp;&nbsp;&nbsp; Raising Cane's Restaurants LLC, Term Loan B, 1 Mo. CME Term <br> SOFR + 2.00%, 0.00% Floor  | 5.98% | 10/24/32 | 6753846 |
|  | **Retailers — 0.2%** | **Retailers — 0.2%** | **Retailers — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7462312 | &nbsp;&nbsp;&nbsp; ABG Intermediate Holdings 2 LLC, Term Loan B1, 1 Mo. CME <br> Term SOFR + 2.25%, 0.00% Floor  | 6.20% | 12/21/28 | 7486079 |
|  | **Total Senior Floating-Rate Loan Interests** | **Total Senior Floating-Rate Loan Interests** | **Total Senior Floating-Rate Loan Interests** | 60487125 |
|  | (Cost $60,433,071) | (Cost $60,433,071) | (Cost $60,433,071) |  |

---

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

------

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

**Portfolio of Investments (Continued)**

**November 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br>**Value**<br>| **Description** | **Stated** <br>**Coupon**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **ASSET-BACKED SECURITIES — 0.8%** | **ASSET-BACKED SECURITIES — 0.8%** | **ASSET-BACKED SECURITIES — 0.8%** | **ASSET-BACKED SECURITIES — 0.8%** | **ASSET-BACKED SECURITIES — 0.8%** |
|  | Bayview Opportunity Master Fund VII | Bayview Opportunity Master Fund VII | Bayview Opportunity Master Fund VII | Bayview Opportunity Master Fund VII |
| $6949446 | &nbsp;&nbsp;&nbsp; Series 2024-EDU1, Class E (j) | 0.18% | 06/25/47 | $7052273 |
|  | 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;&nbsp; 5450 | &nbsp;&nbsp;&nbsp; Series 2020-P1, Class R (a) | (p) | 09/08/27 | 412195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp; Series 2021-P4, Class R (a) | (p) | 09/11/28 | 336964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19300 | &nbsp;&nbsp;&nbsp; Series 2022-N1, Class R (a) | (p) | 12/11/28 | 825392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17100 | &nbsp;&nbsp;&nbsp; Series 2022-P2, Class R (a) | (p) | 05/10/29 | 2022063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9800 | &nbsp;&nbsp;&nbsp; Series 2023-N3, Class R (a) | (p) | 09/10/30 | 1850486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp; Series 2023-P3, Class R (a) | (p) | 08/12/30 | 924229 |
|  | 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 (a) | (p) | 06/25/30 | 639848 |
|  | 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 (a) | 7.30% | 06/17/30 | 5024016 |
|  | Skyline Aircraft Finance LLC | Skyline Aircraft Finance LLC | Skyline Aircraft Finance LLC | Skyline Aircraft Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505631 | &nbsp;&nbsp;&nbsp; Series 2020-1, Class A (j) (o) (q) | 3.23% | 05/10/38 | 476557 |
|  | 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 (a) | (p) | 10/28/29 | 183967 |
|  | 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 | (p) | 01/25/41 | 284845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1375 | &nbsp;&nbsp;&nbsp; Series 2007-4, Class R | (p) | 01/25/42 | 155480 |
|  | 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 (a) | 6.79% | 11/15/28 | 5412479 |
|  | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | 25600794 |
|  | (Cost $29,420,319) | (Cost $29,420,319) | (Cost $29,420,319) |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated** <br>**Rate**<br>| **Stated** <br>**Maturity**<br>| **Value** |
| **$25 PAR PREFERRED SECURITIES — 0.4%** | **$25 PAR PREFERRED SECURITIES — 0.4%** | **$25 PAR PREFERRED SECURITIES — 0.4%** | **$25 PAR PREFERRED SECURITIES — 0.4%** | **$25 PAR PREFERRED SECURITIES — 0.4%** |
|  | **Banks — 0.1%**  | **Banks — 0.1%**  | **Banks — 0.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74024 | Bank of Hawaii Corp. | 8.00% | (c) | 1966818 |
|  | **Electric Utilities — 0.2%**  | **Electric Utilities — 0.2%**  | **Electric Utilities — 0.2%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233000 | Xcel Energy, Inc. | 6.25% | 10/15/85 | 5818010 |
|  | **Financial Services — 0.1%**  | **Financial Services — 0.1%**  | **Financial Services — 0.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121300 | Jackson Financial, Inc. (b) | 8.00% | (c) | 3175634 |
|  | **Total $25 Par Preferred Securities** | **Total $25 Par Preferred Securities** | **Total $25 Par Preferred Securities** | 10960462 |
|  | (Cost $10,900,885) | (Cost $10,900,885) | (Cost $10,900,885) |  |
|  | **Total Investments — 99.8%** | **Total Investments — 99.8%** | **Total Investments — 99.8%** | 3133797757 |
|  | (Cost $3,083,881,991) | (Cost $3,083,881,991) | (Cost $3,083,881,991) |  |
|  | **Net Other Assets and Liabilities — 0.2%** | **Net Other Assets and Liabilities — 0.2%** | **Net Other Assets and Liabilities — 0.2%** | 5697389 |
|  | **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3139495146 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) This security, sold within the terms of a private placement memorandum, is exempt
 from registration upon resale under Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions
 exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P. (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 November 30, 2025, securities noted as such amounted to $919,182,273
 or 29.3% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects
 the fixed rate in effect at November 30, 2025. At a predetermined date, the fixed rate will change to a floating rate or a variable
 rate.

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

------

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

**Portfolio of Investments (Continued)**

**November 30, 2025 (Unaudited)**

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

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

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

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

&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) This security is a contingent convertible capital security which may be subject to
 conversion into common stock of the issuer under certain circumstances. At November 30, 2025, securities noted as such amounted
 to $26,989,206 or 0.9% of net assets. Of these securities, 0.0% originated in emerging markets, and 100.0% originated in foreign
 markets.

&nbsp;&nbsp;&nbsp;&nbsp;(l) When-issued security. The interest rate shown reflects the rate in effect at November
 30, 2025. Interest will begin accruing on the security's first settlement date.

&nbsp;&nbsp;&nbsp;&nbsp;(m) 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;(n) 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;(o) 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 November 30, 2025, securities noted as such are valued at $502,982 or 0.0% of net
 assets.

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

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

&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 |
| 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)**

**November 30, 2025 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of November 30, 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>**11/30/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1** <br>**Quoted** <br>**Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>**Significant** <br>**Observable** <br>**Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>|
| Corporate Bonds and Notes\* | &nbsp;&nbsp; $1374407064 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1374407064 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| U.S. Government Bonds and Notes | &nbsp;&nbsp; 858189845 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 858189845 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; U.S. Government Agency Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; 358608537 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 358608537 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Capital Preferred Securities\* | &nbsp;&nbsp; 173725923 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 173725923 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Foreign Corporate Bonds and Notes\* | &nbsp;&nbsp; 163806957 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 163806957 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Mortgage-Backed Securities | &nbsp;&nbsp; 108011050 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 108011050 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Senior Floating-Rate Loan Interests\* | &nbsp;&nbsp; 60487125 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60487125 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Asset-Backed Securities | &nbsp;&nbsp; 25600794 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25124237 | &nbsp;&nbsp;&nbsp;&nbsp; 476557 |
| $25 Par Preferred Securities\* | &nbsp;&nbsp; 10960462 | &nbsp;&nbsp;&nbsp;&nbsp; 10960462 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp; $3133797757 | &nbsp;&nbsp;&nbsp;&nbsp; $10960462 | &nbsp;&nbsp;&nbsp;&nbsp; $3122360738 | &nbsp;&nbsp;&nbsp;&nbsp; $476557 |

---

&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.

------

**First Trust Exchange-Traded Fund VIII**

**Additional Information**

**November 30, 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:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**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:** $3167198434.51

**Total Liabilities:** $27703288.73

**Net Assets:** $3139495145.78

**Delayed Delivery Securities:** $8135000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2841.39828000 | **1-Year:** 80034.55229000 | **5-Year:** 443044.51633000 | **10-Year:** 223358.61881000 | **30-Year:** 17454.87126000

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

- **3-Month:** 3867.17725000 | **1-Year:** 64004.87583000 | **5-Year:** 110055.25728000 | **10-Year:** 15575.72920000 | **30-Year:** 624.50981000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000200735 | 0.78%                | 0.48%                | 0.68%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6422478.53              | $7565396.59                                |
| Month 2  | $-964439.32              | $3461581.05                                |
| Month 3  | $2222334.96              | $7376147.65                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Fannie Mae                                 | Fannie Mae Pool                                                       | CUSIP: 3140MGLD1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  13242013 | PA      | $10841933.47  | 0.35%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                   | Ford Motor Credit Co LLC                                              | CUSIP: 345397C92<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10417364.20  | 0.33%             | 2028-05-12      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                       | Lockheed Martin Corp                                                  | CUSIP: 539830CL1<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15212860.95  | 0.48%             | 2030-08-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                 | US Bancorp                                                            | CUSIP: 91159HJL5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   1220000 | PA      | $1236199.78   | 0.04%             | 2034-02-01      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                              | TransDigm Inc                                                         | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   8080000 | PA      | $8255295.60   | 0.26%             | 2028-08-15      | Fixed         | 6.75%                 | 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      | $3710964.77   | 0.12%             | 2039-05-15      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                             | Morgan Stanley                                                        | CUSIP: 61747YFD2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   5220000 | PA      | $5345154.09   | 0.17%             | 2029-04-20      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| KROGER CO                                  | Kroger Co/The                                                         | CUSIP: 501044DV0<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |  11340000 | PA      | $11525962.96  | 0.37%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                        | Station Casinos LLC                                                   | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |   1044000 | PA      | $1033876.44   | 0.03%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Starwood Commercial Mortgage T             | STWD 2021-LIH Mortgage Trust                                          | CUSIP: 78486EAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   1550000 | PA      | $1546773.99   | 0.05%             | 2036-11-15      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                   | Live Nation Entertainment Inc                                         | CUSIP: 538034AR0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |    590000 | PA      | $589483.34    | 0.02%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                        | NCL Corp Ltd                                                          | CUSIP: 62886HBZ3<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |   7300000 | PA      | $7218368.48   | 0.23%             | 2033-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                        | JPMorgan Chase & Co                                                   | CUSIP: 46647PAR7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    160000 | PA      | $159875.27    | 0.01%             | 2029-04-23      | Fixed         | 4.00%                 | 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      | $924229.18    | 0.03%             | 2030-08-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                  | Boeing Co/The                                                         | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   8015000 | PA      | $7982987.21   | 0.25%             | 2026-02-04      | Fixed         | 2.20%                 | 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      | $421585.65    | 0.01%             | 2028-01-11      | Fixed         | 2.47%                 | 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      | $4251469.79   | 0.14%             | 2028-03-15      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                            | United States Treasury Note/Bond                                      | CUSIP: 912810UN6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11624000 | PA      | $11990882.50  | 0.38%             | 2045-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                               | Synopsys Inc                                                          | CUSIP: 871607AE7<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |   4349000 | PA      | $4447629.01   | 0.14%             | 2035-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Raising Cane's Restaurants LLC             | RAISING CANE'S 10/24/32                                               | CUSIP: 75101XAQ0<br>LEI: 254900V6ADXFWHYOED66 | Long             | LON              | CORP              | US        |   6744000 | PA      | $6753846.24   | 0.22%             | 2032-11-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                             | Open Text Corp                                                        | CUSIP: 683715AF3<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |   6731000 | PA      | $6988770.38   | 0.22%             | 2027-12-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                        | JPMorgan Chase & Co                                                   | CUSIP: 46647PER3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3080000 | PA      | $3139143.21   | 0.10%             | 2035-10-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                | Oracle Corp                                                           | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   6234000 | PA      | $5846179.49   | 0.19%             | 2055-09-26      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                             | Fannie Mae-Aces                                                       | CUSIP: 3136AQ5K2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     19187 | PA      | $3.16         | 0.00%             | 2036-04-25      | Variable      | 2.04%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                      | Truist Financial Corp                                                 | CUSIP: 89832QAD1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |   5399000 | PA      | $5412783.65   | 0.17%             | N/A             | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                            | United States Treasury Note/Bond                                      | CUSIP: 91282CNL1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  70633000 | PA      | $70856487.05  | 2.26%             | 2027-06-30      | Fixed         | 3.75%                 | 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      | $18955789.38  | 0.60%             | 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        |   2385255 | PA      | $2384777.31   | 0.08%             | 2036-09-15      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                   | Permian Resources Operating LLC                                       | CUSIP: 27034RAC7<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |   7230000 | PA      | $7802153.28   | 0.25%             | 2031-07-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| BX Trust                                   | BX Trust 2024-BIO                                                     | CUSIP: 05612AAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2185000 | PA      | $2182784.63   | 0.07%             | 2041-02-15      | Floating      | 5.90%                 | 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      | $73576.03     | 0.00%             | 2044-06-25      | Variable      | 2.19%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                           | T-Mobile USA Inc                                                      | CUSIP: 87264AAV7<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     74000 | PA      | $74052.49     | 0.00%             | 2028-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                             | Fannie Mae-Aces                                                       | CUSIP: 3136ARP44<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    898069 | PA      | $31858.36     | 0.00%             | 2039-01-25      | Variable      | 2.71%                 | 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      | $784703.04    | 0.02%             | 2029-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                       | CUSIP: 3140BFZ24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6162460 | PA      | $6201996.38   | 0.20%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MARS INC                                   | Mars Inc                                                              | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   8250000 | PA      | $8454349.78   | 0.27%             | 2030-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FINANCIAL SER                   | Stellantis Financial Services US Corp                                 | CUSIP: 85855FAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  14750000 | PA      | $14871810.22  | 0.47%             | 2028-09-15      | Fixed         | 4.95%                 | 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      | $1850486.18   | 0.06%             | 2030-09-10      | None          | 0.00%                 | 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      | $2981293.19   | 0.09%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                     | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC | CUSIP: 01309QAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1014916.00   | 0.03%             | 2031-03-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                               | Synopsys Inc                                                          | CUSIP: 871607AC1<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |  12330000 | PA      | $12599515.55  | 0.40%             | 2030-04-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                     | CCO Holdings LLC / CCO Holdings Capital Corp                          | CUSIP: 1248EPBR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5001449.50   | 0.16%             | 2026-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae REMICS                                                     | CUSIP: 3136BTFB4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  30096554 | PA      | $30258602.92  | 0.96%             | 2054-11-25      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                        | Freddie Mac STACR REMIC Trust 2024-DNA3                               | CUSIP: 35564NFA6<br>LEI: 529900P3PHNE8PW64Z68 | Long             | ABS-MBS          | CORP              | US        |   5325000 | PA      | $5333542.90   | 0.17%             | 2044-10-25      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC                      | Qnity Electronics Inc                                                 | CUSIP: 74743LAA8<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6165426.00   | 0.20%             | 2032-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                        | Charles Schwab Corp/The                                               | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |  11914000 | PA      | $11833379.15  | 0.38%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A             | Ginnie Mae II Pool                                                    | CUSIP: 3622ADWW4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2619244 | PA      | $2668781.44   | 0.09%             | 2054-12-20      | Fixed         | 7.00%                 | 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        |    820952 | PA      | $7772.93      | 0.00%             | 2026-12-25      | Variable      | 1.43%                 | No            |                  2 | On Loan: No      |
| SREIT Trust                                | SREIT Trust 2021-MFP2                                                 | CUSIP: 85236WCJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1423000 | PA      | $1422200.56   | 0.05%             | 2036-11-15      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                        | Churchill Downs Inc                                                   | CUSIP: 171484AG3<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |   7400000 | PA      | $7418226.20   | 0.24%             | 2027-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                       | Pilgrim's Pride Corp                                                  | CUSIP: 72147KAH1<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |   1395000 | PA      | $1291623.80   | 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      | $379477.09    | 0.01%             | 2027-12-01      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                | Vistra Corp                                                           | CUSIP: 92840MAD4<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    929000 | PA      | $1038402.76   | 0.03%             | N/A             | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                             | Morgan Stanley                                                        | CUSIP: 61748UAF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   4050000 | PA      | $4276605.88   | 0.14%             | 2036-01-18      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                    | American Electric Power Co Inc                                        | CUSIP: 025537AU5<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |  10621000 | PA      | $10372949.73  | 0.33%             | 2062-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac Pool                                                      | CUSIP: 3132DWFM0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5350045 | PA      | $4761711.19   | 0.15%             | 2052-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KENNEDY-WILSON INC                         | Kennedy-Wilson Inc                                                    | CUSIP: 489399AN5<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |   4635000 | PA      | $4440793.50   | 0.14%             | 2030-02-01      | Fixed         | 4.75%                 | 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        |  15313000 | PA      | $14578859.71  | 0.46%             | 2035-02-15      | Fixed         | 7.25%                 | 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      | $825391.66    | 0.03%             | 2028-12-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                             | Morgan Stanley                                                        | CUSIP: 61747YGA7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4778886.78   | 0.15%             | 2036-04-17      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| SPECTRUM BRANDS INC                        | Spectrum Brands Inc                                                   | CUSIP: 84762LAX3<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |    364000 | PA      | $298475.60    | 0.01%             | 2031-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                   | Ascent Resources Utica Holdings LLC / ARU Finance Corp                | CUSIP: 04364VBA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    958000 | PA      | $977111.67    | 0.03%             | 2033-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ASSOC BANC-CORP                            | Associated Banc-Corp                                                  | CUSIP: 045487AD7<br>LEI: 549300N3CIN473IW5094 | Long             | DBT              | CORP              | US        |   2870000 | PA      | $2988582.09   | 0.10%             | 2030-08-29      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC                      | Qnity Electronics Inc                                                 | CUSIP: 74743LAB6<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6225492.00   | 0.20%             | 2033-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VF CORP                                    | VF Corp                                                               | CUSIP: 918204BC1<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |  17777000 | PA      | $15975788.14  | 0.51%             | 2030-04-23      | Fixed         | 2.95%                 | 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        |  23020000 | PA      | $23459682.00  | 0.75%             | 2028-02-15      | Fixed         | 6.50%                 | 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      | $5024016.36   | 0.16%             | 2030-06-17      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| CSMCM Trust Certificates                   | CSMCM 2022-RPL1 Trust                                                 | CUSIP: 12662JAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    103437 | PA      | $96371.70     | 0.00%             | 2061-04-25      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                            | United States Treasury Note/Bond                                      | CUSIP: 912810UP1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  55313000 | PA      | $54924080.47  | 1.75%             | 2055-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                      | Foundry JV Holdco LLC                                                 | CUSIP: 350930AD5<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |   9500000 | PA      | $10182275.37  | 0.32%             | 2035-01-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                       | Cleveland-Cliffs Inc                                                  | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |  10590000 | PA      | $10997662.05  | 0.35%             | 2034-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                            | United States Treasury Note/Bond                                      | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  54976000 | PA      | $55858622.64  | 1.78%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                       | Bank of America Corp                                                  | CUSIP: 06051GJZ3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  10215000 | PA      | $9741838.44   | 0.31%             | 2029-06-14      | Fixed         | 2.09%                 | 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      | $2812763.99   | 0.09%             | 2036-02-10      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                             | Air Lease Corp                                                        | CUSIP: 00914AAJ1<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2295715.97   | 0.07%             | 2026-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                         | Meta Platforms Inc                                                    | CUSIP: 30303M8X3<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |   3176000 | PA      | $3178920.65   | 0.10%             | 2045-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                        | JPMorgan Chase & Co                                                   | CUSIP: 46647PCJ3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4771833.70   | 0.15%             | 2029-06-01      | Fixed         | 2.07%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                    | Macy's Retail Holdings LLC                                            | CUSIP: 55617LAS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7900702.50   | 0.25%             | 2033-08-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac Pool                                                      | CUSIP: 3132DWFE8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  12084439 | PA      | $11584587.66  | 0.37%             | 2052-11-01      | Fixed         | 4.00%                 | 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      | $2178133.66   | 0.07%             | 2034-10-20      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                          | Iron Mountain Inc                                                     | CUSIP: 46284VAE1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   3170000 | PA      | $3166824.29   | 0.10%             | 2028-03-15      | Fixed         | 5.25%                 | 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      | $694809.90    | 0.02%             | 2028-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                   | Permian Resources Operating LLC                                       | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |   5250000 | PA      | $5384599.50   | 0.17%             | 2033-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                     | CCO Holdings LLC / CCO Holdings Capital Corp                          | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4465796.40   | 0.14%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                         | Viking Cruises Ltd                                                    | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |   7330000 | PA      | $7867882.73   | 0.25%             | 2031-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| COBANK ACB                                 | CoBank ACB                                                            | CUSIP: 19075QAG7<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | USGSE             | US        |   2191000 | PA      | $2279899.83   | 0.07%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                              | Citigroup Inc                                                         | CUSIP: 172967MU2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   4790000 | PA      | $4804513.70   | 0.15%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                      | Wells Fargo & Co                                                      | CUSIP: 95000U3V3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   6250000 | PA      | $6631220.75   | 0.21%             | 2036-04-23      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                             | Fannie Mae-Aces                                                       | CUSIP: 3136B9NC7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  47959076 | PA      | $830819.05    | 0.03%             | 2028-01-25      | Variable      | 1.48%                 | No            |                  2 | On Loan: No      |
| BRINKER INTERNATIONAL IN                   | Brinker International Inc                                             | CUSIP: 109641AK6<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |   7420000 | PA      | $7877109.10   | 0.25%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ROLLINS INC                                | Rollins Inc                                                           | CUSIP: 775711AC8<br>LEI: 549300F2A0BXT4SGWD84 | Long             | DBT              | CORP              | US        |   5330000 | PA      | $5467104.60   | 0.17%             | 2035-02-24      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                       | CUSIP: 31418EHJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4384804 | PA      | $4204339.26   | 0.13%             | 2052-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS                   | Discovery Communications LLC                                          | CUSIP: 25470DBZ1<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |   9700000 | PA      | $8793535.00   | 0.28%             | 2040-06-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                             | Solventum Corp                                                        | CUSIP: 83444MAQ4<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |   7740000 | PA      | $8084216.38   | 0.26%             | 2031-03-13      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                         | Viking Cruises Ltd                                                    | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |   4810000 | PA      | $4890986.21   | 0.16%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| COSTAR GROUP INC                           | CoStar Group Inc                                                      | CUSIP: 22160NAA7<br>LEI: 984500Q1D53D08E2E698 | Long             | DBT              | CORP              | US        |   7072000 | PA      | $6516107.35   | 0.21%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A             | Ginnie Mae II Pool                                                    | CUSIP: 3622ACT67<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1345812 | PA      | $1388442.14   | 0.04%             | 2053-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                              | Citigroup Inc                                                         | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  12167000 | PA      | $12128308.94  | 0.39%             | N/A             | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                            | CVS Health Corp                                                       | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |  15460000 | PA      | $16271031.60  | 0.52%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                          | Nexstar Media Inc                                                     | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |   7900000 | PA      | $7912158.10   | 0.25%             | 2027-07-15      | Fixed         | 5.62%                 | 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      | $9598702.24   | 0.31%             | N/A             | Fixed         | 7.50%                 | 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      | $8700766.85   | 0.28%             | 2032-03-15      | Fixed         | 6.12%                 | 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        |   6090361 | PA      | $59706.24     | 0.00%             | 2027-06-25      | Variable      | 1.34%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                   | Permian Resources Operating LLC                                       | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |  17797000 | PA      | $18546716.42  | 0.59%             | 2032-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                            | United States Treasury Note/Bond                                      | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 112944000 | PA      | $114909489.89 | 3.66%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALCON FINANCE CORP                         | Alcon Finance Corp                                                    | CUSIP: 01400EAB9<br>LEI: 549300CUZUI9VU7XNK42 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1532718.37   | 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      | $155479.76    | 0.00%             | 2042-01-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                       | Bank of America Corp                                                  | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1230942.53   | 0.04%             | 2035-01-23      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                            | Nissan Motor Co Ltd                                                   | CUSIP: 654922AD5<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |   7168000 | PA      | $7581156.35   | 0.24%             | 2035-07-17      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| LEIDOS INC                                 | Leidos Inc                                                            | CUSIP: 52532XAK1<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |   6275000 | PA      | $6556546.83   | 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      | $1157246.25   | 0.04%             | 2041-03-01      | Fixed         | 3.10%                 | 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      | $4363921.56   | 0.14%             | 2037-06-05      | Fixed         | 3.51%                 | 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      | $31952.14     | 0.00%             | 2044-12-25      | Variable      | 1.96%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                       | Chart Industries Inc                                                  | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |   7510000 | PA      | $7834349.39   | 0.25%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae REMICS                                                     | CUSIP: 3136A9VM7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    106085 | PA      | $96915.86     | 0.00%             | 2042-06-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SOFTBANK CORP                              | SoftBank Corp                                                         | CUSIP: 83405KAA0<br>LEI: 353800M1YCTS9JRBJ535 | Long             | DBT              | CORP              | JP        |   4140000 | PA      | $4167669.65   | 0.13%             | 2030-07-09      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                              | Carnival Corp                                                         | CUSIP: 143658CA8<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |  14435000 | PA      | $14815549.91  | 0.47%             | 2032-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                   | Capital One Financial Corp                                            | CUSIP: 14040HCH6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1505000 | PA      | $1472901.63   | 0.05%             | 2027-11-02      | Fixed         | 1.88%                 | 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      | $1970140.00   | 0.06%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae REMICS                                                     | CUSIP: 3136BUT75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    279923 | PA      | $283493.43    | 0.01%             | 2051-08-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                     | General Motors Financial Co Inc                                       | CUSIP: 37045XFL5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   8286000 | PA      | $8292109.52   | 0.26%             | 2028-10-27      | Fixed         | 4.20%                 | 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        |   2703401 | PA      | $2441.44      | 0.00%             | 2026-08-25      | Variable      | 1.09%                 | No            |                  2 | On Loan: No      |
| KINETIK HOLDINGS LP                        | Kinetik Holdings LP                                                   | CUSIP: 49461MAB6<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |   7156000 | PA      | $7366451.16   | 0.23%             | 2028-12-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| STARBUCKS CORP                             | Starbucks Corp                                                        | CUSIP: 855244BM0<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |   6300000 | PA      | $6591668.01   | 0.21%             | 2035-05-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                          | Herc Holdings Inc                                                     | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6303192.00   | 0.20%             | 2030-06-15      | Fixed         | 7.00%                 | 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      | $1562841.13   | 0.05%             | 2027-06-14      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac Pool                                                      | CUSIP: 3132DQ3U8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    269808 | PA      | $277063.74    | 0.01%             | 2053-08-01      | Fixed         | 6.00%                 | 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      | $3241730.79   | 0.10%             | 2044-03-09      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                   | Occidental Petroleum Corp                                             | CUSIP: 674599EM3<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   7400000 | PA      | $7201507.58   | 0.23%             | 2054-10-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                   | Warnermedia Holdings Inc                                              | CUSIP: 55903VBY8<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   4420000 | PA      | $4291057.55   | 0.14%             | 2029-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                            | Danske Bank A/S                                                       | CUSIP: 23636ABH3<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   7298000 | PA      | $7612642.10   | 0.24%             | 2030-03-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                       | Royal Bank of Canada                                                  | CUSIP: 780082AY9<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   3711000 | PA      | $3698865.77   | 0.12%             | 2085-11-24      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                          | Nexstar Media Inc                                                     | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |   8235000 | PA      | $8172935.28   | 0.26%             | 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      | $584861.09    | 0.02%             | 2044-11-25      | Variable      | 1.97%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP                   | National Rural Utilities Cooperative Finance Corp                     | CUSIP: 637432NK7<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |   3134000 | PA      | $3140184.64   | 0.10%             | 2046-04-20      | Fixed         | 5.25%                 | 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      | $1967242.82   | 0.06%             | 2030-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                            | United States Treasury Note/Bond                                      | CUSIP: 91282CMG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  87732000 | PA      | $90040105.22  | 2.87%             | 2030-01-31      | Fixed         | 4.25%                 | 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      | $1597756.64   | 0.05%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                   | Transocean International Ltd                                          | CUSIP: 893814AA1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |    482000 | PA      | $502774.26    | 0.02%             | 2032-10-15      | Fixed         | 7.88%                 | 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      | $8067649.25   | 0.26%             | 2032-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                           | Paramount Global                                                      | CUSIP: 92556HAC1<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |  19284000 | PA      | $15027414.14  | 0.48%             | 2050-05-19      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                       | Neptune Bidco US Inc                                                  | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7970023.20   | 0.25%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| BX Trust                                   | BX Commercial Mortgage Trust 2021-ACNT                                | CUSIP: 05609QAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2730567 | PA      | $2730297.35   | 0.09%             | 2038-11-15      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                              | Boeing Co/The                                                         | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |  14375000 | PA      | $15991756.97  | 0.51%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                       | CUSIP: 3140XPBW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  10832246 | PA      | $10860072.87  | 0.35%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BXP Trust                                  | BXP Trust 2017-GM                                                     | CUSIP: 056083AJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3200000 | PA      | $3108195.20   | 0.10%             | 2039-06-13      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                        | JPMorgan Chase & Co                                                   | CUSIP: 48128BAN1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3143000 | PA      | $3116442.59   | 0.10%             | N/A             | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| FARM CREDIT BK OF TEXAS                    | Farm Credit Bank of Texas                                             | CUSIP: 30767EAF6<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGSE             | US        |   1805000 | PA      | $1867299.58   | 0.06%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                           | T-Mobile USA Inc                                                      | CUSIP: 87264ACB9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4581940.70   | 0.15%             | 2031-02-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                     | Match Group Holdings II LLC                                           | CUSIP: 57665RAG1<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |   7400000 | PA      | $7394632.04   | 0.24%             | 2027-12-15      | Fixed         | 5.00%                 | 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        |   1989839 | PA      | $1900295.87   | 0.06%             | 2028-12-15      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| MASTERBRAND INC                            | Masterbrand Inc                                                       | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |   6380000 | PA      | $6589870.10   | 0.21%             | 2032-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac Pool                                                      | CUSIP: 3132DWDS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   8135489 | PA      | $7259153.44   | 0.23%             | 2052-05-01      | Fixed         | 3.00%                 | 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      | $1441697.60   | 0.05%             | 2027-08-31      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| COTY/HFC PRESTIGE/INT US                   | Coty Inc/HFC Prestige Products Inc/HFC Prestige International US LLC  | CUSIP: 22207AAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7721000 | PA      | $7778119.96   | 0.25%             | 2031-01-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS                         | Advance Auto Parts Inc                                                | CUSIP: 00751YAK2<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |   7364000 | PA      | $7521888.87   | 0.24%             | 2030-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WILLIAM CARTER                             | William Carter Co/The                                                 | CUSIP: 96926JAG2<br>LEI: TGI2A0HXEYNQPU7TYV27 | Long             | DBT              | CORP              | US        |   7714000 | PA      | $7877561.95   | 0.25%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DOLP Trust                                 | DOLP Trust 2021-NYC                                                   | CUSIP: 23345LAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $5410246.80   | 0.17%             | 2041-05-10      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                             | Fannie Mae-Aces                                                       | CUSIP: 3136B7HP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6100000 | PA      | $109218.67    | 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        |  15076308 | PA      | $14430135.48  | 0.46%             | 2052-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                 | Fiserv Inc                                                            | CUSIP: 337738BQ0<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |   7300000 | PA      | $7327007.37   | 0.23%             | 2035-08-11      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHOBANI HOLDCO II LLC                      | Chobani Holdco II LLC                                                 | CUSIP: 169918AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4540912 | PA      | $4836175.72   | 0.15%             | 2029-10-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                        | JPMorgan Chase & Co                                                   | CUSIP: 46647PEH5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3155000 | PA      | $3397740.02   | 0.11%             | 2035-04-22      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANCSHARE                   | First Citizens BancShares Inc/NC                                      | CUSIP: 31959XAC7<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |   3200000 | PA      | $3251261.57   | 0.10%             | 2031-03-12      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| UNDER ARMOUR INC                           | Under Armour Inc                                                      | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |   6745000 | PA      | $6733694.03   | 0.21%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                            | Fair Isaac Corp                                                       | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |   7810000 | PA      | $8047033.50   | 0.26%             | 2033-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                   | RTX Corp                                                              | CUSIP: 75513ECW9<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |   7400000 | PA      | $8168577.02   | 0.26%             | 2034-03-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac Pool                                                      | CUSIP: 3133KY5E5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6918107 | PA      | $7108263.09   | 0.23%             | 2045-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                      | Foundry JV Holdco LLC                                                 | CUSIP: 350930AK9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |  12295000 | PA      | $13219694.29  | 0.42%             | 2039-01-25      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                            | United States Treasury Note/Bond                                      | CUSIP: 91282CNV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 163589000 | PA      | $163863778.81 | 5.22%             | 2027-08-31      | Fixed         | 3.62%                 | 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      | $1618793.72   | 0.05%             | 2031-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                               | Alphabet Inc                                                          | CUSIP: 02079KBA4<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |   2552000 | PA      | $2596151.21   | 0.08%             | 2055-11-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                   | Warnermedia Holdings Inc                                              | CUSIP: 55903VBU6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   5941000 | PA      | $4458720.50   | 0.14%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac Pool                                                      | CUSIP: 3132DWES8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7564322 | PA      | $7448399.04   | 0.24%             | 2052-09-01      | Fixed         | 4.50%                 | 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        |   7000000 | PA      | $7271614.00   | 0.23%             | 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        |  12077319 | PA      | $11581520.87  | 0.37%             | 2052-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                     | Goodyear Tire & Rubber Co/The                                         | CUSIP: 382550BS9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |  12934000 | PA      | $13154327.84  | 0.42%             | 2030-07-15      | Fixed         | 6.62%                 | 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      | $8117536.57   | 0.26%             | 2032-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                           | Paramount Global                                                      | CUSIP: 92553PAP7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |   4046000 | PA      | $3047101.27   | 0.10%             | 2043-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| JACKSON FINANCIAL INC                      | Jackson Financial Inc                                                 | CUSIP: 46817M206<br>LEI: 213800WXW2KG1N4CO374 | Long             | EP               | CORP              | US        |    121300 | NS      | $3175634.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTURY ALUMINUM COMPANY                   | Century Aluminum Co                                                   | CUSIP: 156431AS7<br>LEI: 549300U5ODNGEYWKSW73 | Long             | DBT              | CORP              | US        |   2165000 | PA      | $2202642.86   | 0.07%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| REGIONS FINANCIAL CORP                     | Regions Financial Corp                                                | CUSIP: 7591EPAV2<br>LEI: CW05CS5KW59QTC0DG824 | Long             | DBT              | CORP              | US        |   4870000 | PA      | $5036330.13   | 0.16%             | 2035-09-06      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY PVT BANK                    | Morgan Stanley Private Bank NA                                        | CUSIP: 61776NZU0<br>LEI: 549300GS0W0TEUQS8571 | Long             | DBT              | CORP              | US        |   7670000 | PA      | $7684755.85   | 0.24%             | 2028-11-17      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                          | Brown & Brown Inc                                                     | CUSIP: 115236AK7<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |  14750000 | PA      | $14955357.02  | 0.48%             | 2030-06-23      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                      | GFL Environmental Inc                                                 | CUSIP: 36168QAL8<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |  11400000 | PA      | $11186221.50  | 0.36%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                           | HF Sinclair Corp                                                      | CUSIP: 403949AQ3<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |   1692000 | PA      | $1693665.62   | 0.05%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                        | JPMorgan Chase & Co                                                   | CUSIP: 46647PCB0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2660000 | PA      | $2633329.35   | 0.08%             | 2027-04-22      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                        | Dominion Energy Inc                                                   | CUSIP: 25746UDZ9<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   2519000 | PA      | $2549838.08   | 0.08%             | 2056-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                               | Alphabet Inc                                                          | CUSIP: 02079KBB2<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |   3828000 | PA      | $3940338.98   | 0.13%             | 2075-11-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                             | Morgan Stanley                                                        | CUSIP: 61747YFJ9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   4375000 | PA      | $4937110.94   | 0.16%             | 2034-11-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae REMICS                                                     | CUSIP: 3136ACXN6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    286550 | PA      | $10034.15     | 0.00%             | 2033-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                          | Hyatt Hotels Corp                                                     | CUSIP: 448579AU6<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |   4475000 | PA      | $4556418.91   | 0.15%             | 2028-03-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| GENMAB A/S/GENMAB FIN                      | GENMAB A/S/GENMAB FINANCE LLC                                         | CUSIP: 37230JAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | DK        |   8000000 | PA      | $8383616.00   | 0.27%             | 2033-12-15      | Fixed         | 7.25%                 | 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      | $4028984.70   | 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      | $3099067.57   | 0.10%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                       | Targa Resources Corp                                                  | CUSIP: 87612GAR2<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |   1712000 | PA      | $1718040.66   | 0.05%             | 2029-01-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                       | Pilgrim's Pride Corp                                                  | CUSIP: 72147KAJ7<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |    286000 | PA      | $279234.24    | 0.01%             | 2031-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                      | Caesars Entertainment Inc                                             | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |  16307000 | PA      | $15444346.65  | 0.49%             | 2029-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CIPHER COMPUTE LLC                         | Cipher Compute LLC                                                    | CUSIP: 17253NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    965000 | PA      | $981588.17    | 0.03%             | 2030-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                   | Ford Motor Credit Co LLC                                              | CUSIP: 345397G56<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |  20281000 | PA      | $21115512.85  | 0.67%             | 2035-02-07      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                       | CUSIP: 31418ELW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  16700967 | PA      | $16429522.22  | 0.52%             | 2052-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                              | Boeing Co/The                                                         | CUSIP: 097023DU6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |  16321000 | PA      | $18709868.54  | 0.60%             | 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      | $811037.45    | 0.03%             | 2032-02-13      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| ABG Intermediate Holdings 2 LLC            | ABG Intermediat 12/21/28                                              | CUSIP: 00076VBL3<br>LEI: 54930020NXD0RJB64985 | Long             | LON              | CORP              | US        |   7462312 | PA      | $7486079.02   | 0.24%             | 2028-12-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                      | Foundry JV Holdco LLC                                                 | CUSIP: 350930AF0<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |   1835000 | PA      | $1909506.21   | 0.06%             | 2031-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                   | Duke Energy Progress LLC                                              | CUSIP: 26442UAU8<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |   4375000 | PA      | $4485167.31   | 0.14%             | 2035-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                   | Ford Motor Credit Co LLC                                              | CUSIP: 345397H48<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   8248000 | PA      | $8397104.37   | 0.27%             | 2030-09-05      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| SKYAF 2020-1 A                             | SKYAF 2020-1 A                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    505631 | PA      | $476557.26    | 0.02%             | 2038-05-10      | Floating      | 3.23%                 | No            |                  3 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                   | Boost Newco Borrower LLC                                              | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |  12430000 | PA      | $13209671.75  | 0.42%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VAIL RESORTS INC                           | Vail Resorts Inc                                                      | CUSIP: 91879QAQ2<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |   7190000 | PA      | $7300007.00   | 0.23%             | 2030-07-15      | Fixed         | 5.62%                 | 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      | $3511782.02   | 0.11%             | 2038-05-15      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L                   | Amneal Pharmaceuticals LLC                                            | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |  14550000 | PA      | $15387017.85  | 0.49%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                       | CUSIP: 31418ED80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3633832 | PA      | $3484656.21   | 0.11%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                          | General Motors Co                                                     | CUSIP: 37045VBB5<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |  13895000 | PA      | $14891494.24  | 0.47%             | 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        |  31616282 | PA      | $2502172.62   | 0.08%             | 2054-10-25      | Floating      | 1.28%                 | 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      | $3808437.84   | 0.12%             | 2041-07-15      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                       | CUSIP: 3140XNXJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    332871 | PA      | $344355.04    | 0.01%             | 2044-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                  | Boeing Co/The                                                         | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1620000 | PA      | $1614785.46   | 0.05%             | 2050-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                            | United States Treasury Note/Bond                                      | CUSIP: 91282CLN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  60812000 | PA      | $60711042.35  | 1.93%             | 2029-09-30      | Fixed         | 3.50%                 | 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      | $4999203.05   | 0.16%             | 2026-01-08      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                  | Amgen Inc                                                             | CUSIP: 031162DR8<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |  10950000 | PA      | $11416042.40  | 0.36%             | 2033-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                | Oracle Corp                                                           | CUSIP: 68389XBX2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $1655380.83   | 0.05%             | 2050-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| ACUSHNET CO                                | Acushnet Co                                                           | CUSIP: 005095AB0<br>LEI: 549300H805O14KEFES79 | Long             | DBT              | CORP              | US        |   7600000 | PA      | $7678048.88   | 0.24%             | 2033-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac Pool                                                      | CUSIP: 3132DWFF5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5559850 | PA      | $5470054.98   | 0.17%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                        | Medline Borrowe 10/23/28                                              | CUSIP: 58503UAF0<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |   8000000 | PA      | $8019360.00   | 0.26%             | 2028-10-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS                   | Discovery Communications LLC                                          | CUSIP: 25470DCA5<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |  11471000 | PA      | $11166674.37  | 0.36%             | 2029-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac Pool                                                      | CUSIP: 3132DWFQ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3782389 | PA      | $3721301.15   | 0.12%             | 2052-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                           | Paramount Global                                                      | CUSIP: 92556HAD9<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |  11340000 | PA      | $10565473.35  | 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      | $3999455.91   | 0.13%             | 2028-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MASSMUTUAL GLOBAL FUNDIN                   | MassMutual Global Funding II                                          | CUSIP: 57629WCH1<br>LEI: 549300K1IE3K7YU6VG29 | Long             | DBT              | CORP              | US        |    750000 | PA      | $748571.66    | 0.02%             | 2026-03-08      | Fixed         | 3.40%                 | 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      | $639847.66    | 0.02%             | 2030-06-25      | None          | 0.00%                 | 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        |  47426601 | PA      | $484089.96    | 0.02%             | 2030-04-25      | Variable      | 1.18%                 | 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      | $336963.49    | 0.01%             | 2028-09-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                      | Foundry JV Holdco LLC                                                 | CUSIP: 350930AH6<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |   7775000 | PA      | $8268504.05   | 0.26%             | 2036-01-25      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae REMICS                                                     | CUSIP: 3136BTN90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4140192 | PA      | $4167914.54   | 0.13%             | 2054-12-25      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                          | General Motors Co                                                     | CUSIP: 37045VBA7<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |   7250000 | PA      | $7572342.18   | 0.24%             | 2030-04-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                       | Pilgrim's Pride Corp                                                  | CUSIP: 72147KAK4<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |  15150000 | PA      | $16264979.40  | 0.52%             | 2033-07-01      | Fixed         | 6.25%                 | 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      | $412195.05    | 0.01%             | 2027-09-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE BLDG SOCIETY                    | Nationwide Building Society                                           | CUSIP: 63861VAF4<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    885000 | PA      | $872558.16    | 0.03%             | 2028-02-16      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                           | T-Mobile USA Inc                                                      | CUSIP: 87264ADM4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   2765000 | PA      | $2744015.45   | 0.09%             | 2035-01-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BXHPP Trust                                | BXHPP Trust 2021-FILM                                                 | CUSIP: 05609JAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6225000 | PA      | $5999351.84   | 0.19%             | 2036-08-15      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                       | CUSIP: 3140XGX46<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9316847 | PA      | $7628169.64   | 0.24%             | 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: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6949446 | PA      | $7052272.76   | 0.22%             | 2047-06-25      | Floating      | 7.85%                 | No            |                  2 | On Loan: No      |
| HCA INC                                    | HCA Inc                                                               | CUSIP: 404119CC1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   2057000 | PA      | $1846253.01   | 0.06%             | 2031-07-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                         | Ally Financial Inc                                                    | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   3625000 | PA      | $3348284.54   | 0.11%             | N/A             | Fixed         | 4.70%                 | 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        |  14960000 | PA      | $15174387.42  | 0.48%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC                            | Xcel Energy Inc                                                       | CUSIP: 98389B878<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EP               | CORP              | US        |    233000 | NS      | $5818010.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWELL BRANDS INC                          | Newell Brands Inc                                                     | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4930247.50   | 0.16%             | 2029-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                        | JPMorgan Chase & Co                                                   | CUSIP: 46647PDA1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   2533000 | PA      | $2543390.75   | 0.08%             | 2028-04-26      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                      | Wells Fargo & Co                                                      | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   4699000 | PA      | $4680839.77   | 0.15%             | N/A             | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                             | Morgan Stanley                                                        | CUSIP: 61747YFR1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     80000 | PA      | $85835.34     | 0.00%             | 2035-04-19      | Fixed         | 5.83%                 | 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      | $2666168.40   | 0.08%             | 2041-12-09      | Fixed         | 3.20%                 | 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      | $114463.35    | 0.00%             | 2028-01-23      | 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      | $53487.79     | 0.00%             | 2044-03-25      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                            | Cigna Group/The                                                       | CUSIP: 125523AH3<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    330000 | PA      | $333340.36    | 0.01%             | 2028-10-15      | Fixed         | 4.38%                 | 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      | $2715958.69   | 0.09%             | 2037-05-15      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| KENNEDY-WILSON INC                         | Kennedy-Wilson Inc                                                    | CUSIP: 489399AM7<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7682400.00   | 0.24%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                        | Dominion Energy Inc                                                   | CUSIP: 25746UEA3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   4268000 | PA      | $4313715.87   | 0.14%             | 2056-02-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| GILDAN ACTIVEWEAR INC                      | Gildan Activewear Inc                                                 | CUSIP: 375916AG8<br>LEI: 549300SB3IBI34M00Z45 | Long             | DBT              | CORP              | CA        |   7700000 | PA      | $7700749.36   | 0.25%             | 2035-10-07      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                  | Sunoco LP                                                             | CUSIP: 86765KAG4<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   2004000 | PA      | $2018272.49   | 0.06%             | 2034-03-15      | Fixed         | 5.88%                 | 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      | $2022063.00   | 0.06%             | 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      | $472353.90    | 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      | $707575.16    | 0.02%             | 2036-01-28      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| AS MILEAGE PLAN IP LTD                     | AS Mileage Plan IP Ltd                                                | CUSIP: 00218QAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   5411000 | PA      | $5429797.49   | 0.17%             | 2031-10-20      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| SMITHFIELD FOODS INC                       | Smithfield Foods Inc                                                  | CUSIP: 832248BB3<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | DBT              | CORP              | US        |    387000 | PA      | $392647.07    | 0.01%             | 2029-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| OREGON TOOL LUX LP                         | Oregon Tool Lux LP                                                    | CUSIP: 68610BAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1392300 | PA      | $723996.00    | 0.02%             | 2029-10-15      | Fixed         | 7.88%                 | 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        |   9229933 | PA      | $244778.75    | 0.01%             | 2031-01-25      | Variable      | 1.40%                 | No            |                  2 | On Loan: No      |
| BX Trust                                   | BX Trust 2024-PAT                                                     | CUSIP: 05612FAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4264000 | PA      | $4270650.13   | 0.14%             | 2041-03-15      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                       | Bank of America Corp                                                  | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   6350000 | PA      | $6591992.15   | 0.21%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                       | Bank of America Corp                                                  | CUSIP: 06051GJL4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   5123000 | PA      | $4596130.80   | 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        |     70893 | PA      | $23.84        | 0.00%             | 2039-07-25      | Variable      | 3.04%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                         | Ally Financial Inc                                                    | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   7937000 | PA      | $7779950.58   | 0.25%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Caesars Entert 02/06/31                    | Caesars Entert 02/06/31                                               | CUSIP: 12768EAH9<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |   7281519 | PA      | $7219334.82   | 0.23%             | 2031-02-06      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| HCA INC                                    | HCA Inc                                                               | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   2870000 | PA      | $2763384.44   | 0.09%             | 2030-09-01      | Fixed         | 3.50%                 | 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      | $4392433.93   | 0.14%             | 2038-04-15      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| AS MILEAGE PLAN IP LTD                     | AS Mileage Plan IP Ltd                                                | CUSIP: 00218QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   3333000 | PA      | $3345167.52   | 0.11%             | 2029-10-20      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                          | HSBC Holdings PLC                                                     | CUSIP: 404280DF3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1481000 | PA      | $1494315.58   | 0.05%             | 2028-06-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                               | Calpine Corp                                                          | CUSIP: 131347CM6<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |   8005000 | PA      | $7993879.45   | 0.25%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae REMICS                                                     | CUSIP: 3136A1L60<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    548431 | PA      | $52395.74     | 0.00%             | 2041-11-25      | Floating      | 1.81%                 | No            |                  2 | On Loan: No      |
| OVINTIV INC                                | Ovintiv Inc                                                           | CUSIP: 292505AD6<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |   7060000 | PA      | $7591278.20   | 0.24%             | 2034-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                      | Wells Fargo & Co                                                      | CUSIP: 95000U3K7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   4390000 | PA      | $4617704.08   | 0.15%             | 2035-01-23      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                       | CUSIP: 3138L3JU0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    419967 | PA      | $402090.12    | 0.01%             | 2043-04-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                     | Spirit AeroSystems Inc                                                | CUSIP: 85205TAR1<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |   7100000 | PA      | $7787719.21   | 0.25%             | 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      | $656983.64    | 0.02%             | 2033-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                             | Amazon.com Inc                                                        | CUSIP: 023135CS3<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |   5835000 | PA      | $5858956.47   | 0.19%             | 2028-11-20      | Fixed         | 3.90%                 | 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        |   7710000 | PA      | $8070087.84   | 0.26%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PRESTIGE BRANDS INC                        | Prestige Brands Inc                                                   | CUSIP: 74112BAL9<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |    550000 | PA      | $551535.05    | 0.02%             | 2028-01-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| KOHL'S CORPORATION                         | Kohl's Corp                                                           | CUSIP: 500255AY0<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $8218327.50   | 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        |   9460000 | PA      | $9860612.08   | 0.31%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FLEX INTERMEDIATE HOLDCO                   | Flex Intermediate Holdco LLC                                          | CUSIP: 33939HAA7<br>LEI: 549300290TQIGM30A243 | Long             | DBT              | CORP              | US        |   2183000 | PA      | $2025848.45   | 0.06%             | 2031-06-30      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                 | US Bancorp                                                            | CUSIP: 91159HJR2<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    175000 | PA      | $186114.49    | 0.01%             | 2035-01-23      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                       | CUSIP: 31418EQL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  16188693 | PA      | $15922206.76  | 0.51%             | 2053-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Amneal Pharmaceuticals LLC                 | AMNPHA TL B 1L 07/26/32                                               | CUSIP: 03167DAR5<br>LEI: 54930037VIXE7LRZ1M66 | Long             | LON              | CORP              | US        |   6059800 | PA      | $6125457.93   | 0.20%             | 2032-08-02      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                          | Newell Brands Inc                                                     | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5217380.00   | 0.17%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                 | Intel Corp                                                            | CUSIP: 458140BJ8<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |   6950000 | PA      | $4578462.69   | 0.15%             | 2049-11-15      | Fixed         | 3.25%                 | 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      | $284845.24    | 0.01%             | 2041-01-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                        | NCL Corp Ltd                                                          | CUSIP: 62886HBE0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | US        |   1255000 | PA      | $1259968.51   | 0.04%             | 2027-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BX Trust                                   | BX Trust 2021-VIEW                                                    | CUSIP: 05606GAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2250000 | PA      | $2247672.60   | 0.07%             | 2036-06-15      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                        | JPMorgan Chase & Co                                                   | CUSIP: 46647PAV8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1790000 | PA      | $1795963.96   | 0.06%             | 2029-07-23      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                        | Global Payments Inc                                                   | CUSIP: 37940XAV4<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |   8350000 | PA      | $8379864.61   | 0.27%             | 2028-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                       | CUSIP: 31418EDD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2636899 | PA      | $2349330.99   | 0.07%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac Pool                                                      | CUSIP: 3133KND83<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4280149 | PA      | $3809774.62   | 0.12%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                   | Warnermedia Holdings Inc                                              | CUSIP: 55903VBL6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    316000 | PA      | $312900.04    | 0.01%             | 2027-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                      | GFL Environmental Inc                                                 | CUSIP: 36168QAM6<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |    750000 | PA      | $736480.50    | 0.02%             | 2028-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC                    | Talen Energy Supply LLC                                               | CUSIP: 87422VAK4<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |   7350000 | PA      | $7796615.40   | 0.25%             | 2030-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A             | Ginnie Mae II Pool                                                    | CUSIP: 3622ACTG5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1079938 | PA      | $1109846.07   | 0.04%             | 2038-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                      | Wells Fargo & Co                                                      | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   8890000 | PA      | $9215655.99   | 0.29%             | 2029-07-25      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP                        | NuStar Logistics LP                                                   | CUSIP: 67059TAH8<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |  12314000 | PA      | $12909394.21  | 0.41%             | 2030-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                               | Alphabet Inc                                                          | CUSIP: 02079KAZ0<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |   1786000 | PA      | $1827334.52   | 0.06%             | 2045-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                   | Florida Power & Light Co                                              | CUSIP: 341081GU5<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |   3840000 | PA      | $4041499.05   | 0.13%             | 2034-06-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN CORP                      | Northrop Grumman Corp                                                 | CUSIP: 666807CN0<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |  15200000 | PA      | $15518457.48  | 0.49%             | 2030-07-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac REMICS                                                    | CUSIP: 3137HHZY0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  36652118 | PA      | $2534805.54   | 0.08%             | 2055-01-25      | Floating      | 1.83%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                     | Match Group Holdings II LLC                                           | CUSIP: 57667JAC6<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |   7430000 | PA      | $7540640.13   | 0.24%             | 2033-09-15      | 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      | $16587477.06  | 0.53%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                  | CIM Trust 2020-R6                                                     | CUSIP: 12560YAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5773364 | PA      | $5253171.08   | 0.17%             | 2060-12-25      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                       | Matador Resources Co                                                  | CUSIP: 576485AF3<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3075054.00   | 0.10%             | 2028-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                        | Global Payments Inc                                                   | CUSIP: 37940XAW2<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |   5139000 | PA      | $5153726.73   | 0.16%             | 2030-11-15      | Fixed         | 4.88%                 | 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      | $2841844.90   | 0.09%             | 2039-01-17      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                      | Wells Fargo & Co                                                      | CUSIP: 95000U3D3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5243138.15   | 0.17%             | 2034-04-24      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                               | Alphabet Inc                                                          | CUSIP: 02079KAY3<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |   7620000 | PA      | $7746000.81   | 0.25%             | 2035-11-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANCSHARE                   | First Citizens BancShares Inc/NC                                      | CUSIP: 31959XAG8<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |   4677000 | PA      | $4740190.95   | 0.15%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| APLD COMPUTECO LLC                         | APLD ComputeCo LLC                                                    | CUSIP: 00202DAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7720000 | PA      | $7459446.68   | 0.24%             | 2030-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                       | Bank of America Corp                                                  | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3820000 | PA      | $3517790.10   | 0.11%             | 2032-04-22      | Fixed         | 2.69%                 | 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      | $8251477.37   | 0.26%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac Pool                                                      | CUSIP: 3132DWE58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  11944957 | PA      | $11440266.78  | 0.36%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                        | Sirius XM Radio LLC                                                   | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   7935000 | PA      | $7942887.39   | 0.25%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                       | Bank of America Corp                                                  | CUSIP: 06051GKJ7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3490000 | PA      | $3428540.72   | 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      | $3197653.78   | 0.10%             | 2028-05-15      | Fixed         | 4.70%                 | 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      | $4829707.23   | 0.15%             | N/A             | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| GENERAL DYNAMICS CORP                      | General Dynamics Corp                                                 | CUSIP: 369550BR8<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |   4780000 | PA      | $4913564.29   | 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        |  95907558 | PA      | $95841523.74  | 3.05%             | 2054-12-01      | Fixed         | 5.00%                 | 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        |   3625000 | PA      | $3654888.13   | 0.12%             | 2028-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COX ENTERPRISES INC                        | Cox Enterprises Inc                                                   | CUSIP: 224050AE4<br>LEI: TVRMNZKRGA8LPW6XPG60 | Long             | DBT              | CORP              | US        |    900000 | PA      | $937154.80    | 0.03%             | 2027-07-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PENN ENTERTAINMENT INC                     | Penn Entertainment Inc                                                | CUSIP: 707569AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1580000 | PA      | $1462429.36   | 0.05%             | 2029-07-01      | Fixed         | 4.12%                 | 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        |   2584707 | PA      | $218871.20    | 0.01%             | 2031-01-25      | Variable      | 4.17%                 | 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      | $7999952.84   | 0.25%             | 2029-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                              | TransDigm 2/2 2/28/31                                                 | CUSIP: 89364MCA0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |  15526448 | PA      | $15568913.20  | 0.50%             | 2031-02-28      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                   | BX Trust 2021-RISE                                                    | CUSIP: 12434EAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1869868 | PA      | $1868067.47   | 0.06%             | 2036-11-15      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| GILDAN ACTIVEWEAR INC                      | Gildan Activewear Inc                                                 | CUSIP: 375916AF0<br>LEI: 549300SB3IBI34M00Z45 | Long             | DBT              | CORP              | CA        |  14750000 | PA      | $14717488.49  | 0.47%             | 2030-10-07      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                              | Carnival Corp                                                         | CUSIP: 143658BQ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |  11515000 | PA      | $11323802.64  | 0.36%             | 2028-08-01      | Fixed         | 4.00%                 | 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        |  62350000 | PA      | $65373622.91  | 2.08%             | 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        |   6967378 | PA      | $6855567.57   | 0.22%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANCSHARE                   | First Citizens BancShares Inc/NC                                      | CUSIP: 31959XAF0<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |  14485000 | PA      | $14824528.40  | 0.47%             | 2040-03-12      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                        | Buckeye Partners LP                                                   | CUSIP: 118230AU5<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    436000 | PA      | $433984.94    | 0.01%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                        | American Express Co                                                   | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   8155000 | PA      | $8017284.88   | 0.26%             | N/A             | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                   | Element Fleet Management Corp                                         | CUSIP: 286181AR3<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |  12500000 | PA      | $12568251.63  | 0.40%             | 2030-11-24      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY PARTNERS LL                   | Viper Energy Partners LLC                                             | CUSIP: 92764MAA2<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |   7300000 | PA      | $7396469.50   | 0.24%             | 2030-08-01      | Fixed         | 4.90%                 | 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      | $183967.29    | 0.01%             | 2029-10-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                        | JPMorgan Chase & Co                                                   | CUSIP: 46647PBW5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    750000 | PA      | $746086.99    | 0.02%             | 2027-02-04      | Fixed         | 1.04%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                     | Cushman & Wakefield US Borrower LLC                                   | CUSIP: 23166MAA1<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |  10820000 | PA      | $10947470.42  | 0.35%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                    | Nissan Motor Acceptance Co LLC                                        | CUSIP: 65480CAL9<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |   9630000 | PA      | $9551483.72   | 0.30%             | 2030-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                      | Quikrete Holdings Inc                                                 | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   1060000 | PA      | $1101573.20   | 0.04%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CARPENTER TECHNOLOGY                       | Carpenter Technology Corp                                             | CUSIP: 144285AN3<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |   2895000 | PA      | $2945957.79   | 0.09%             | 2034-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WASTE PRO USA INC                          | Waste Pro USA Inc                                                     | CUSIP: 94107JAC7<br>LEI: 549300BY1QXU5BI3UF28 | Long             | DBT              | CORP              | US        |   2850000 | PA      | $2971424.25   | 0.09%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                            | United States Treasury Note/Bond                                      | CUSIP: 91282CPJ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  57051000 | PA      | $56966314.64  | 1.81%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                             | Solventum Corp                                                        | CUSIP: 83444MAR2<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |   7855000 | PA      | $8211816.52   | 0.26%             | 2034-03-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CHOBANI LLC                                | CHOBANI LLC                                                           | CUSIP: 17026YAL3<br>LEI: 549300ISVDMZ91KNTR38 | Long             | LON              | CORP              | US        |   7335805 | PA      | $7387412.39   | 0.24%             | 2032-10-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                   | BX Trust 2021-LBA                                                     | CUSIP: 05609BBD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2261716 | PA      | $2259736.49   | 0.07%             | 2036-02-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                | Freddie Mac REMICS                                                    | CUSIP: 3137HHEP2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   8297633 | PA      | $8351688.81   | 0.27%             | 2054-11-25      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                    | MPLX LP                                                               | CUSIP: 55336VCA6<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $8104162.40   | 0.26%             | 2031-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Mativ Holdings Inc                         | MATIV HOLDINGS 05/06/27                                               | CUSIP: 80854EAJ7<br>LEI: 549300Z1FU4IDULG1R21 | Long             | LON              | CORP              | US        |     26558 | PA      | $26425.35     | 0.00%             | 2027-05-06      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| CITADEL SECURITIES GLOBA                   | Citadel Securities Global Holdings LLC                                | CUSIP: 17289RAA4<br>LEI: 549300NV5RXBUS3X7L47 | Long             | DBT              | CORP              | US        |  14900000 | PA      | $15312780.06  | 0.49%             | 2030-06-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SREIT Trust                                | SREIT Trust 2021-MFP2                                                 | CUSIP: 85236WCL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6337000 | PA      | $6333730.11   | 0.20%             | 2036-11-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                             | Morgan Stanley                                                        | CUSIP: 61744YAP3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1415000 | PA      | $1405859.60   | 0.04%             | 2029-01-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| POLARIS INC                                | Polaris Inc                                                           | CUSIP: 731068AB8<br>LEI: 549300QJSN8UVWN1EI78 | Long             | DBT              | CORP              | US        |   4824000 | PA      | $4887835.90   | 0.16%             | 2031-03-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                            | United States Treasury Note/Bond                                      | CUSIP: 91282CPD7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30894000 | PA      | $30925376.56  | 0.99%             | 2030-10-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                         | Energy Transfer LP                                                    | CUSIP: 29278NAR4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1144000 | PA      | $973732.89    | 0.03%             | 2050-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VSP OPTICAL GROUP INC                      | VSP Optical Group Inc                                                 | CUSIP: 91836LAA0<br>LEI: 549300PHX8USLM2BT742 | Long             | DBT              | CORP              | US        |   7655000 | PA      | $7775931.39   | 0.25%             | 2035-12-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                               | UBS Group AG                                                          | CUSIP: 902613BR8<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |  10290000 | PA      | $10401728.82  | 0.33%             | N/A             | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                       | Flutter Treasury DAC                                                  | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |   7500000 | PA      | $7579762.50   | 0.24%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                         | Energy Transfer LP                                                    | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   7920000 | PA      | $8156918.88   | 0.26%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                       | CUSIP: 3140QQKW4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  13652346 | PA      | $13090458.46  | 0.42%             | 2052-10-01      | Fixed         | 4.00%                 | 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      | $1904951.17   | 0.06%             | 2032-11-01      | Fixed         | 6.12%                 | 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      | $326762.28    | 0.01%             | 2028-06-06      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BX Trust                                   | BX Trust 2021-LBA                                                     | CUSIP: 05609BBF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4146216 | PA      | $4140560.60   | 0.13%             | 2036-02-15      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                       | Bank of America Corp                                                  | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    815000 | PA      | $802379.26    | 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      | $1263525.24   | 0.04%             | 2031-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                             | Morgan Stanley                                                        | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1635000 | PA      | $1690068.68   | 0.05%             | 2029-07-20      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                         | VICI Properties LP                                                    | CUSIP: 925650AD5<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |   4400000 | PA      | $4439495.68   | 0.14%             | 2032-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                       | CUSIP: 31418EJ68<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2707796 | PA      | $2666299.41   | 0.08%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                 | US Bancorp                                                            | CUSIP: 91159HJJ0<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    320000 | PA      | $343909.94    | 0.01%             | 2033-10-21      | Fixed         | 5.85%                 | 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      | $22376095.43  | 0.71%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                 | US Bancorp                                                            | CUSIP: 902973BC9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |  11997000 | PA      | $11657471.70  | 0.37%             | N/A             | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P             | Freddie Mac Multifamily Structured Pass Through Certificates          | CUSIP: 3137H0H76<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6788562 | PA      | $465079.60    | 0.01%             | 2031-01-25      | Variable      | 2.07%                 | No            |                  2 | On Loan: No      |
| HCA INC                                    | HCA Inc                                                               | CUSIP: 404119DB2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   7380000 | PA      | $7795690.23   | 0.25%             | 2035-03-01      | Fixed         | 5.75%                 | 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      | $248232.27    | 0.01%             | 2033-07-25      | Variable      | 1.14%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                           | T-Mobile USA Inc                                                      | CUSIP: 87264ABS3<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $954231.43    | 0.03%             | 2029-02-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                         | Energy Transfer LP                                                    | CUSIP: 29273VAJ9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   2281000 | PA      | $2287708.42   | 0.07%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                             | Fannie Mae-Aces                                                       | CUSIP: 3136B56F7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  44714997 | PA      | $473737.51    | 0.02%             | 2034-08-25      | Variable      | 0.42%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                       | Bank of America Corp                                                  | CUSIP: 06051GJP5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   3215000 | PA      | $2964132.78   | 0.09%             | 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      | $2722266.07   | 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      | $2633213.66   | 0.08%             | 2041-07-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                            | United States Treasury Note/Bond                                      | CUSIP: 91282CPF2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  29602000 | PA      | $29537245.63  | 0.94%             | 2032-10-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A             | Ginnie Mae II Pool                                                    | CUSIP: 36179XLG9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5558447 | PA      | $5479088.56   | 0.17%             | 2052-11-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                         | Meta Platforms Inc                                                    | CUSIP: 30303MAB8<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |   7183000 | PA      | $7234512.88   | 0.23%             | 2030-11-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                         | VICI Properties LP                                                    | CUSIP: 925650AE3<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    268000 | PA      | $252333.56    | 0.01%             | 2052-05-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ALLISON TRANSMISSION INC                   | Allison Transmission Inc                                              | CUSIP: 019736AH0<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |   3222000 | PA      | $3253380.70   | 0.10%             | 2033-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                 | US Bancorp                                                            | CUSIP: 91159HJK7<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1012594.70   | 0.03%             | 2029-02-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                  | Sunoco LP                                                             | CUSIP: 86765KAF6<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   2004000 | PA      | $2016653.26   | 0.06%             | 2031-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GENERAL ELECTRIC CO                        | General Electric Co                                                   | CUSIP: 369604BZ5<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |   6595000 | PA      | $6671383.29   | 0.21%             | 2030-07-29      | Fixed         | 4.30%                 | 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      | $4097119.54   | 0.13%             | 2040-02-12      | Fixed         | 2.69%                 | 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      | $5323398.37   | 0.17%             | 2035-10-23      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| VERSANT MEDIA GROUP INC                    | Versant Media Group Inc                                               | CUSIP: 925283AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5533000 | PA      | $5688427.50   | 0.18%             | 2031-01-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| STRYKER CORP                               | Stryker Corp                                                          | CUSIP: 863667BK6<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |   6750000 | PA      | $6858521.78   | 0.22%             | 2028-02-10      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                       | CUSIP: 3140XNVT8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4261427 | PA      | $3634671.10   | 0.12%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BANK OF HAWAII CORP                        | Bank of Hawaii Corp                                                   | CUSIP: 062540307<br>LEI: 5493006Q8BQ8AD8M2U33 | Long             | EP               | CORP              | US        |     74024 | NS      | $1966817.68   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BX Trust                                   | BX Commercial Mortgage Trust 2020-VIV4                                | CUSIP: 05608MAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4050000 | PA      | $3772907.10   | 0.12%             | 2044-03-09      | Fixed         | 2.84%                 | 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      | $2602202.12   | 0.08%             | 2054-09-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| SYNOVUS FINANCIAL CORP                     | Synovus Financial Corp                                                | CUSIP: 87161CAP0<br>LEI: 549300EIUS8UN5JTLE54 | Long             | DBT              | CORP              | US        |  10242000 | PA      | $10633264.78  | 0.34%             | 2030-11-01      | Fixed         | 6.17%                 | 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      | $2798366.60   | 0.09%             | 2026-03-10      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                            | United States Treasury Note/Bond                                      | CUSIP: 91282CPE5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  52243000 | PA      | $52232796.42  | 1.66%             | 2027-10-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                         | Meta Platforms Inc                                                    | CUSIP: 30303MAD4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |   3825000 | PA      | $3867940.56   | 0.12%             | 2035-11-15      | Fixed         | 4.88%                 | 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      | $5412479.37   | 0.17%             | 2028-11-15      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                 | Fannie Mae Pool                                                       | CUSIP: 31418EJ50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6395762 | PA      | $6134420.38   | 0.20%             | 2052-10-01      | Fixed         | 4.00%                 | 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      | $6895735.70   | 0.22%             | 2029-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-23

**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