# EDGAR Filing Document

**Accession Number:** 0001497778
**File Stem:** 0001752724-23-073735
**Filing Date:** 2023-3
**Character Count:** 127671
**Document Hash:** b0272c000ce7dcdd923494dd01ff2fd9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-073735.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001752724-23-073735

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST TRUST SERIES FUND
- **CENTRAL INDEX KEY:** 0001497778
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22452
- **FILM NUMBER:** 23778343

**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 Short Duration High Income Fund (Series ID: S000038285)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000118178 | Class A      | FDHAX           |
| C000121471 | Class C      | FDHCX           |
| C000121472 | Class I      | FDHIX           |

## Nport-Ex

#### First Trust Short Duration High Income Fund<br>

#### Portfolio of Investments

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Rate (a)** | **Stated<br> Maturity (b)** | **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS – 60.5%** | **SENIOR FLOATING-RATE LOAN INTERESTS – 60.5%** | **SENIOR FLOATING-RATE LOAN INTERESTS – 60.5%** | **SENIOR FLOATING-RATE LOAN INTERESTS – 60.5%** | **SENIOR FLOATING-RATE LOAN INTERESTS – 60.5%** |
|  | **Application Software – 11.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$152859 | ConnectWise, LLC, Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor<br>| &nbsp;&nbsp;&nbsp;8.07% | 09/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$147700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845776 | Epicor Software Corp., First Lien Term Loan C, 1 Mo. LIBOR + 3.25%, 0.75% Floor<br>| &nbsp;&nbsp;&nbsp;7.82% | 07/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832154 |
| &nbsp;&nbsp;&nbsp;&nbsp;1628135 | Gainwell Acquisition Corp. (fka Milano), Term Loan B, 3 Mo. LIBOR + 4.00%, 0.75% Floor<br>| &nbsp;&nbsp;&nbsp;8.73% | 10/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946428 | Greeneden U.S. Holdings II, LLC (Genesys Telecommunications Laboratories, Inc.), Initial Dollar Term Loan, 1 Mo. LIBOR + 4.00%, 0.75% Floor <br>| &nbsp;&nbsp;&nbsp;8.57% | 12/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424380 | Hyland Software, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%, 0.75% Floor<br>| &nbsp;&nbsp;&nbsp;8.07% | 07/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119553 | Informatica Corporation, Term Loan B, 1 Mo. LIBOR + 2.75%, 0.00% Floor<br>| &nbsp;&nbsp;&nbsp;7.38% | 10/29/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119515 |
| &nbsp;&nbsp;&nbsp;&nbsp;1232770 | Internet Brands, Inc. (Web MD/MH Sub I, LLC), 2020 June New Term Loan, 1 Mo. LIBOR + 3.75%, 1.00% Floor <br>| &nbsp;&nbsp;&nbsp;8.32% | 09/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221983 |
| &nbsp;&nbsp;&nbsp;&nbsp;1102775 | Internet Brands, Inc. (Web MD/MH Sub I, LLC), 2nd Lien Term Loan, 3 Mo. SOFR + 6.25%, 0.00% Floor<br>| 10.65% | 02/23/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998012 |
| &nbsp;&nbsp;&nbsp;&nbsp;1446269 | Internet Brands, Inc. (Web MD/MH Sub I, LLC), Initial Term Loan, 1 Mo. LIBOR + 3.75%, 0.00% Floor<br>| &nbsp;&nbsp;&nbsp;8.32% | 09/13/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94314 | ION Trading Technologies Limited, Term Loan B, 3 Mo. LIBOR + 4.75%, 0.00% Floor<br>| &nbsp;&nbsp;&nbsp;9.48% | 04/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91590 |
| &nbsp;&nbsp;&nbsp;&nbsp;1409667 | LogMeIn, Inc. (GoTo Group, Inc.), Term Loan B, 1 Mo. LIBOR + 4.75%, 0.00% Floor<br>| &nbsp;&nbsp;&nbsp;9.30% | 08/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828363 | McAfee Corp. (Condor Merger Sub, Inc.), Tranche B-1 Term Loan, 1 Mo. SOFR + 3.75%, 0.50% Floor<br>| &nbsp;&nbsp;&nbsp;8.18% | 02/28/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133457 | N-Able, Inc., Term Loan B, 3 Mo. LIBOR + 3.00%, 0.50% Floor<br>| &nbsp;&nbsp;&nbsp;7.73% | 07/19/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803432 | Open Text Corporation (GXS), New Term Loan B, 1 Mo. SOFR + 3.50%, 0.50% Floor<br>| &nbsp;&nbsp;&nbsp;8.16% | 12/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433401 | Open Text Corporation (GXS), Term Loan B, 1 Mo. LIBOR + 1.75%, 0.00% Floor<br>| &nbsp;&nbsp;&nbsp;6.32% | 05/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353983 | RealPage, Inc., Second Lien Term Loan, 1 Mo. LIBOR + 6.50%, 0.75% Floor<br>| 11.07% | 04/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703675 | RealPage, Inc., Term Loan B, 1 Mo. LIBOR + 3.00%, 0.50% Floor<br>| &nbsp;&nbsp;&nbsp;7.57% | 04/24/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687712 |
| &nbsp;&nbsp;&nbsp;&nbsp;1174621 | SolarWinds Holdings, Inc., Extended Term Loan B, 1 Mo. SOFR + 4.00%, 0.00% Floor<br>| &nbsp;&nbsp;&nbsp;8.56% | 02/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68140 | Ultimate Kronos Group (UKG, Inc.), 2021 Term Loan, 3 Mo. LIBOR + 3.25%, 0.50% Floor<br>| &nbsp;&nbsp;&nbsp;8.03% | 05/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67144 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13010962 |
|  | **Asset Management & Custody Banks – 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775015 | Edelman Financial Engines Center, LLC, Term Loan B, 1 Mo. LIBOR + 3.50%, 0.75% Floor<br>| &nbsp;&nbsp;&nbsp;8.07% | 04/07/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494486 | Edelman Financial Engines Center, LLC, Term Loan Second Lien, 1 Mo. LIBOR + 6.75%, 0.00% Floor<br>| 11.32% | 07/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466775 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227600 |
|  | **Auto Parts & Equipment – 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204701 | Clarios Global L.P. (Power Solutions), Term Loan B, 1 Mo. LIBOR + 3.25%, 0.00% Floor<br>| &nbsp;&nbsp;&nbsp;7.82% | 04/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204464 |
|  | **Broadcasting – 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104812 | E.W. Scripps Company, Tranche B-3 Term Loan, 1 Mo. LIBOR + 2.75%, 0.75% Floor<br>| &nbsp;&nbsp;&nbsp;7.32% | 01/07/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911103 | Gray Television, Inc., Term C Loan, 1 Mo. LIBOR + 2.50%, 0.00% Floor<br>| 6.87%-6.88% | 01/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908826 |

---

------

#### First Trust Short Duration High Income Fund<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Rate (a)** | **Stated<br> Maturity (b)** | **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** |
|  | **Broadcasting (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$406621 | Nexstar Broadcasting, Inc., Incremental Term Loan B-4, 1 Mo. LIBOR + 2.50%, 0.00% Floor<br>| 7.07% | 09/19/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$407298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48481 | Univision Communications, Inc., 2017 Replacement Repriced First Lien Term Loan C-5, 1 Mo. LIBOR + 2.75%, 1.00% Floor <br>| 7.32% | 03/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48524 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469206 |
|  | **Building Products – 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101236 | Hunter Douglas, Inc. (Solis), Term Loan B, 3 Mo. SOFR + 3.50%, 0.50% Floor<br>| 7.86% | 02/28/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93359 |
|  | **Cable & Satellite – 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839225 | Cablevision (aka CSC Holdings, LLC), March 2017 Term Loan B-1, 1 Mo. LIBOR + 2.25%, 0.00% Floor<br>| 6.71% | 07/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605440 | Charter Communications Operating, LLC, Term Loan B1, 1 Mo. LIBOR + 1.75%, 0.00% Floor<br>| 6.32% | 04/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605216 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417166 |
|  | **Casinos & Gaming – 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471331 | Golden Nugget, Inc. (Fertitta Entertainment, LLC), Initial Term Loan B, 1 Mo. SOFR + 4.00%, 0.50% Floor <br>| 8.56% | 01/27/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82704 | Scientific Games Holdings L.P. (Scientific Games Lottery), Initial Dollar Term Loan, 3 Mo. SOFR + 3.50%, 0.50% Floor <br>| 8.10% | 04/04/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81487 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548138 |
|  | **Education Services – 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64194 | Ascensus Holdings, Inc. (Mercury), First Lien Term Loan, 3 Mo. LIBOR + 3.50%, 0.50% Floor<br>| 8.25% | 08/02/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62349 |
|  | **Electric Utilities – 2.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3129249 | PG&E Corp., Term Loan B, 1 Mo. LIBOR + 3.00%, 0.50% Floor<br>| 7.63% | 06/23/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3130423 |
|  | **Electronic Equipment & Instruments – 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277171 | Chamberlain Group, Inc. (Chariot), Term Loan B, 1 Mo. LIBOR + 3.25%, 0.50% Floor<br>| 7.82% | 11/03/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535924 | Verifone Systems, Inc., Term Loan B, 3 Mo. LIBOR + 4.00%, 0.00% Floor<br>| 8.36% | 08/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505491 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773578 |
|  | **Environmental & Facilities Services – 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676481 | GFL Environmental, Inc., Extended Term Loan B, 1 Mo. SOFR + 3.00%, 0.50% Floor<br>| 7.66% | 05/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187589 | Packers Holdings, LLC (PSSI), Term Loan B, 1 Mo. LIBOR + 3.25%, 0.75% Floor<br>| 7.71% | 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174301 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853319 |
|  | **Food Distributors – 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286676 | US Foods, Inc., Incremental B-2019 Term Loan, 1 Mo. LIBOR + 2.00%, 0.00% Floor<br>| 6.57% | 08/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286578 |
|  | **Health Care Equipment – 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33022 | Embecta Corp., Initial Term Loan, 6 Mo. SOFR + 3.00%, 0.50% Floor<br>| 7.79% | 03/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32499 |
|  | **Health Care Facilities – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188849 | Ardent Health Services, Inc. (AHP Health Partners, Inc.), Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor <br>| 8.07% | 08/24/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187550 |

---

------

#### First Trust Short Duration High Income Fund<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Rate (a)** | **Stated<br> Maturity (b)** | **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** |
|  | **Health Care Facilities (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$235258 | Select Medical Corporation, Term Loan B, 1 Mo. LIBOR + 2.50%, 0.00% Floor<br>| 7.07% | 03/06/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$234523 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422073 |
|  | **Health Care Services – 2.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936786 | ADMI Corp. (Aspen Dental), 2020 Incremental Term Loan B2, 1 Mo. LIBOR + 3.38%, 0.50% Floor<br>| 7.94% | 12/23/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267600 | ADMI Corp. (Aspen Dental), 2021 Incremental Term Loan B3, 1 Mo. LIBOR + 3.75%, 0.50% Floor<br>| 8.32% | 12/23/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317880 | Aveanna Healthcare, LLC, 2021 Term Loan B, 1 Mo. LIBOR + 3.75%, 0.50% Floor<br>| 8.30% | 07/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22459 | Aveanna Healthcare, LLC, Delayed Draw Term Loan, 1 Mo. LIBOR + 3.75%, 0.50% Floor<br>| 8.30% | 07/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776918 | CHG Healthcare Services, Inc., Term Loan B, 1 Mo. LIBOR + 3.25%, 0.50% Floor<br>| 7.82% | 09/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201284 | DaVita, Inc., Term Loan B, 1 Mo. LIBOR + 1.75%, 0.00% Floor<br>| 6.32% | 08/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469356 | ExamWorks Group, Inc. (Electron Bidco), Term Loan B, 1 Mo. LIBOR + 3.00%, 0.50% Floor<br>| 7.57% | 10/29/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467342 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2833367 |
|  | **Health Care Supplies – 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992500 | Medline Borrower, L.P. (Mozart), Initial Dollar Term Loan, 1 Mo. LIBOR + 3.25%, 0.50% Floor<br>| 7.82% | 10/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965549 |
|  | **Health Care Technology – 9.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1748752 | athenahealth, Inc. (Minerva Merger Sub, Inc.), Term Loan B, 1 Mo. SOFR + 3.50%, 0.50% Floor<br>| 8.01% | 02/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754967 | Ciox Health (Healthport/CT Technologies Intermediate Holdings, Inc.), New Term Loan B, 1 Mo. LIBOR + 4.25%, 0.75% Floor <br>| 8.82% | 12/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327598 | Ensemble RCM, LLC (Ensemble Health), Term Loan B, 3 Mo. SOFR + 3.75%, 0.00% Floor<br>| 8.53% | 08/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848435 | Mediware (Wellsky/Project Ruby Ultimate Parent Corp.), Term Loan B, 1 Mo. LIBOR + 3.25%, 0.75% Floor<br>| 7.82% | 03/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460791 | Navicure, Inc. (Waystar Technologies, Inc.), Term Loan B, 1 Mo. LIBOR + 4.00%, 0.00% Floor<br>| 8.57% | 10/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458777 |
| &nbsp;&nbsp;&nbsp;&nbsp;3397326 | Verscend Technologies, Inc. (Cotiviti), New Term Loan B-1, 1 Mo. LIBOR + 4.00%, 0.00% Floor<br>| 8.57% | 08/27/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3398226 |
| &nbsp;&nbsp;&nbsp;&nbsp;2622554 | Zelis Payments Buyer, Inc., New Term Loan B-1, 1 Mo. LIBOR + 3.50%, 0.00% Floor<br>| 8.07% | 09/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620798 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10014935 |
|  | **Hotels, Resorts & Cruise Lines – 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266316 | Four Seasons Holdings, Inc., New Term Loan B, 1 Mo. SOFR + 3.25%, 0.50% Floor<br>| 7.91% | 11/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267865 |
|  | **Industrial Machinery – 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98612 | Filtration Group Corporation, 2021 Incremental Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor<br>| 8.07% | 10/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436991 | TK Elevator Newco GMBH (Vertical U.S. Newco, Inc.), New Term Loan B1 (USD), 6 Mo. LIBOR + 3.50%, 0.50% Floor <br>| 8.60% | 07/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429951 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528235 |
|  | **Insurance Brokers – 8.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3058279 | Alliant Holdings I, LLC, Initial Term Loan, 1 Mo. LIBOR + 3.25%, 0.00% Floor<br>| 7.82% | 05/09/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3059548 |

---

------

#### First Trust Short Duration High Income Fund<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Rate (a)** | **Stated<br> Maturity (b)** | **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** |
|  | **Insurance Brokers (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$332394 | AssuredPartners, Inc., 2021 Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor<br>| 8.07% | 02/13/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$329153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347334 | AssuredPartners, Inc., Incremental Term Loan 2022, 1 Mo. SOFR + 3.50%, 0.50% Floor<br>| 8.06% | 02/13/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494898 | AssuredPartners, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%, 0.00% Floor<br>| 8.07% | 02/12/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856876 | BroadStreet Partners, Inc., Term Loan B, 1 Mo. LIBOR + 3.00%, 0.00% Floor<br>| 7.57% | 01/27/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3294 | HUB International Limited, Initial Term Loan B, 2 Mo. LIBOR + 3.00%, 0.00% Floor<br>| 7.68% | 04/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3295 |
| &nbsp;&nbsp;&nbsp;&nbsp;1253838 | HUB International Limited, Initial Term Loan B, 3 Mo. LIBOR + 3.00%, 0.00% Floor<br>| 7.82% | 04/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3686 | HUB International Limited, New Term Loan B-3, 2 Mo. LIBOR + 3.25%, 0.75% Floor<br>| 7.95% | 04/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3687 |
| &nbsp;&nbsp;&nbsp;&nbsp;1441640 | HUB International Limited, New Term Loan B-3, 3 Mo. LIBOR + 3.25%, 0.75% Floor<br>| 8.06% | 04/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207692 | HUB International Limited, Term Loan B4, 3 Mo. SOFR + 4.00%, 0.75% Floor<br>| 8.22% | 11/10/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130826 | Ryan Specialty Group, LLC, Term Loan B, 1 Mo. SOFR + 3.00%, 0.75% Floor<br>| 7.66% | 09/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662350 | USI, Inc. (fka Compass Investors, Inc.), 2022 New Term Loan, 3 Mo. SOFR + 3.75%, 0.50% Floor<br>| 8.33% | 11/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663261 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8775382 |
|  | **Integrated Telecommunication Services – 1.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1090501 | Numericable (Altice France S.A. or SFR), Term Loan B-12, 3 Mo. LIBOR + 3.69%, 0.00% Floor<br>| 8.52% | 01/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263561 | Numericable (Altice France S.A. or SFR), Term Loan B-13, 3 Mo. LIBOR + 4.00%, 0.00% Floor<br>| 8.65% | 08/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281050 | Zayo Group Holdings, Inc., Incremental Term Loan B-2, 1 Mo. SOFR + 4.25%, 0.50% Floor<br>| 8.81% | 03/09/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531240 | Zayo Group Holdings, Inc., Initial Dollar Term Loan, 1 Mo. LIBOR + 3.00%, 0.00% Floor<br>| 7.57% | 03/09/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447676 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1996928 |
|  | **Managed Health Care – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462633 | Multiplan, Inc. (MPH), Term Loan B, 3 Mo. LIBOR + 4.25%, 0.50% Floor<br>| 8.98% | 08/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417381 |
|  | **Metal & Glass Containers – 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510491 | Berry Global, Inc., Term Loan Z, 1 Mo. LIBOR + 1.75%, 0.00% Floor<br>| 6.15% | 07/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510144 |
|  | **Office Services & Supplies – 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78103 | Dun & Bradstreet Corp., Refinancing Term Loan, 1 Mo. LIBOR + 3.25%, 0.00% Floor<br>| 7.77% | 02/08/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78069 |
|  | **Paper Packaging – 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72648 | Graham Packaging Company, L.P., Term Loan B, 1 Mo. LIBOR + 3.00%, 0.75% Floor<br>| 7.57% | 08/04/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471803 | Pactiv LLC/Evergreen Packaging, LLC (fka Reynolds Group Holdings), Term Loan B-2, 1 Mo. LIBOR + 3.25%, 0.00% Floor <br>| 7.82% | 02/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316735 | Pactiv LLC/Evergreen Packaging, LLC (fka Reynolds Group Holdings), Tranche B-3 U.S. Term Loan, 1 Mo. LIBOR + 3.25%, 0.50% Floor <br>| 7.82% | 09/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315903 |

---

------

#### First Trust Short Duration High Income Fund<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Rate (a)** | **Stated<br> Maturity (b)** | **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** |
|  | **Paper Packaging (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$130789 | Reynolds Consumer Products, LLC, Initial Term Loan, 1 Mo. LIBOR + 1.75%, 0.00% Floor<br>| 6.32% | 02/04/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$130732 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990821 |
|  | **Pharmaceuticals – 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87449 | IQVIA, Inc. (Quintiles), Term Loan B3, 3 Mo. LIBOR + 1.75%, 0.00% Floor<br>| 6.48% | 06/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2641 | Mallinckrodt International Finance S.A., 2017 Replacement Term Loan, 3 Mo. LIBOR + 5.25%, 0.75% Floor <br>| 9.99% | 09/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977756 | Parexel International Corp. (Phoenix Newco), First Lien Term Loan, 1 Mo. LIBOR + 3.25%, 0.50% Floor<br>| 7.82% | 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971200 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060751 |
|  | **Research & Consulting Services – 1.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1650751 | Clarivate Analytics PLC (Camelot), Amendment No. 2 Incremental Term Loan, 1 Mo. LIBOR + 3.00%, 1.00% Floor <br>| 7.52% | 10/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361269 | Corelogic, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor<br>| 8.13% | 06/02/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145629 | J.D. Power (Project Boost Purchaser, LLC), 2021 Incremental Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor <br>| 8.07% | 05/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143444 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2102803 |
|  | **Restaurants – 3.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624228 | 1011778 B.C. Unlimited Liability Company (Restaurant Brands) (aka Burger King/Tim Horton's), Term Loan B-4, 1 Mo. LIBOR + 1.75%, 0.00% Floor <br>| 6.32% | 11/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147375 | IRB Holding Corp. (Arby's/Inspire Brands), New Term Loan B 2022, 3 Mo. SOFR + 3.00%, 0.75% Floor <br>| 7.69% | 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146164 |
| &nbsp;&nbsp;&nbsp;&nbsp;2673834 | IRB Holding Corp. (Arby's/Inspire Brands), Term Loan B, 1 Mo. LIBOR + 2.75%, 1.00% Floor<br>| 7.32% | 02/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2673419 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3438184 |
|  | **Soft Drinks – 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487649 | Tropicana (Naked Juice LLC/Bengal Debt Merger Sub, LLC), 1st Lien Term Loan, 3 Mo. SOFR + 3.25%, 0.50% Floor <br>| 7.93% | 01/24/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450683 |
|  | **Specialized Consumer Services – 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159911 | Aramark Services, Inc., Term Loan B-3, 1 Mo. LIBOR + 1.75%, 0.00% Floor<br>| 6.32% | 03/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159561 |
| &nbsp;&nbsp;&nbsp;&nbsp;1262057 | Asurion, LLC, Second Lien Term Loan B-3, 1 Mo. LIBOR + 5.25%, 0.00% Floor<br>| 9.82% | 01/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059181 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218742 |
|  | **Specialized Finance – 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263307 | Radiate Holdco, LLC (Astound), Amendment No. 6 Term Loan, 1 Mo. LIBOR + 3.25%, 0.75% Floor<br>| 7.82% | 09/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685302 | WCG Purchaser Corp. (WIRB-Copernicus Group), Term Loan B, 1 Mo. LIBOR + 4.00%, 1.00% Floor<br>| 8.57% | 01/08/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662176 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882845 |
|  | **Specialty Stores – 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876094 | Petco Health and Wellness Company, Inc., Initial Term Loan B, 3 Mo. SOFR + 3.25%, 0.75% Floor<br>| 8.09% | 03/03/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868476 |

---

------

#### First Trust Short Duration High Income Fund<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Rate (a)** | **Stated<br> Maturity (b)** | **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** |
|  | **Specialty Stores (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$376516 | Petsmart, Inc., Initial Term Loan B, 1 Mo. SOFR + 3.75%, 0.75% Floor<br>| 8.41% | 02/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$374477 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242953 |
|  | **Systems Software – 2.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849378 | BMC Software Finance, Inc. (Boxer Parent), 2021 Replacement Dollar Term Loan, 1 Mo. LIBOR + 3.75%, 0.00% Floor <br>| 8.32% | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668371 | Misys Financial Software Ltd. (Almonde, Inc.) (Finastra), Term Loan B, 3 Mo. LIBOR + 3.50%, 1.00% Floor <br>| 8.33% | 06/13/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26699 | SS&C Technologies Holdings, Inc., Term Loan B-3, 1 Mo. LIBOR + 1.75%, 0.00% Floor<br>| 6.32% | 04/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23427 | SS&C Technologies Holdings, Inc., Term Loan B-4, 1 Mo. LIBOR + 1.75%, 0.00% Floor<br>| 6.32% | 04/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838709 | SS&C Technologies Holdings, Inc., Term Loan B-5, 1 Mo. LIBOR + 1.75%, 0.00% Floor<br>| 6.32% | 04/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838080 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2353646 |
|  | **Trading Companies & Distributors – 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720761 | SRS Distribution, Inc., 2021 Refinancing Term Loan, 1 Mo. LIBOR + 3.50%, 0.50% Floor<br>| 8.07% | 06/04/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42952 | SRS Distribution, Inc., 2022 Refinancing Term Loan, 1 Mo. SOFR + 3.50%, 0.50% Floor<br>| 8.16% | 06/04/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41498 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738193 |
|  | **Wireless Telecommunication Services – 2.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2255956 | SBA Senior Finance II, LLC, Term Loan B, 1 Mo. LIBOR + 1.75%, 0.00% Floor<br>| 6.32% | 04/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255313 |
|  | **Total Senior Floating-Rate Loan Interests<br>** | **Total Senior Floating-Rate Loan Interests<br>** | **Total Senior Floating-Rate Loan Interests<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66654503 |
|  | (Cost $68,151,185) |  |  |  |
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **CORPORATE BONDS AND NOTES – 25.3%** | **CORPORATE BONDS AND NOTES – 25.3%** | **CORPORATE BONDS AND NOTES – 25.3%** | **CORPORATE BONDS AND NOTES – 25.3%** | **CORPORATE BONDS AND NOTES – 25.3%** |
|  | **Application Software – 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456000 | GoTo Group, Inc. (c)<br>| 5.50% | 09/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230225 |
|  | **Broadcasting – 3.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1097000 | Diamond Sports Group, LLC/Diamond Sports Finance Co. (c)<br>| 6.63% | 08/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533000 | Gray Television, Inc. (c)<br>| 7.00% | 05/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785000 | iHeartCommunications, Inc.<br>| 8.38% | 05/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | iHeartCommunications, Inc. (c)<br>| 4.75% | 01/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758000 | Nexstar Media, Inc. (c)<br>| 5.63% | 07/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63000 | Sinclair Television Group, Inc. (c)<br>| 5.13% | 02/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657000 | Sirius XM Radio, Inc. (c)<br>| 3.13% | 09/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272000 | Univision Communications, Inc. (c)<br>| 6.63% | 06/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266904 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3386956 |
|  | **Cable & Satellite – 4.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2712000 | CCO Holdings, LLC/CCO Holdings Capital Corp. (c)<br>| 5.13% | 05/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2587818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433000 | CCO Holdings, LLC/CCO Holdings Capital Corp. (c)<br>| 6.38% | 09/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418341 |
| &nbsp;&nbsp;&nbsp;&nbsp;3001000 | CSC Holdings, LLC (c)<br>| 5.75% | 01/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1894456 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900615 |

---

------

#### First Trust Short Duration High Income Fund<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **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)** |
|  | **Casinos & Gaming – 2.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$50000 | Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc. (c)<br>| 4.63% | 01/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860000 | Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc. (c)<br>| 6.75% | 01/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714849 |
| &nbsp;&nbsp;&nbsp;&nbsp;1953000 | VICI Properties L.P./VICI Note Co., Inc. (c)<br>| 4.25% | 12/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845665 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604708 |
|  | **Communications Equipment – 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | CommScope Technologies, LLC (c)<br>| 6.00% | 06/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189634 |
|  | **Health Care Facilities – 3.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342000 | HCA, Inc.<br>| 5.88% | 02/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107000 | HCA, Inc.<br>| 5.38% | 09/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676000 | Select Medical Corp. (c)<br>| 6.25% | 08/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | Tenet Healthcare Corp.<br>| 4.88% | 01/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82886 |
| &nbsp;&nbsp;&nbsp;&nbsp;1085000 | Tenet Healthcare Corp. (c)<br>| 6.25% | 02/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358000 | Tenet Healthcare Corp.<br>| 5.13% | 11/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429000 | Tenet Healthcare Corp.<br>| 4.63% | 06/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547000 | Tenet Healthcare Corp.<br>| 6.13% | 10/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512102 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3520144 |
|  | **Health Care Services – 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | DaVita, Inc. (c)<br>| 4.63% | 06/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42178 |
| &nbsp;&nbsp;&nbsp;&nbsp;1816000 | Global Medical Response, Inc. (c)<br>| 6.50% | 10/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279799 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321977 |
|  | **Health Care Technology – 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692000 | Verscend Escrow Corp. (c)<br>| 9.75% | 08/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695244 |
|  | **Insurance Brokers – 4.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1109000 | Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer (c)<br>| 6.75% | 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223000 | AmWINS Group, Inc. (c)<br>| 4.88% | 06/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195928 |
| &nbsp;&nbsp;&nbsp;&nbsp;2419000 | AssuredPartners, Inc. (c)<br>| 7.00% | 08/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381965 |
| &nbsp;&nbsp;&nbsp;&nbsp;1348000 | HUB International Ltd. (c)<br>| 7.00% | 05/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336306 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4953199 |
|  | **Integrated Telecommunication Services – 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | Zayo Group Holdings, Inc. (c)<br>| 4.00% | 03/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748000 | Zayo Group Holdings, Inc. (c)<br>| 6.13% | 03/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515436 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523401 |
|  | **Managed Health Care – 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | MPH Acquisition Holdings, LLC (c)<br>| 5.75% | 11/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189205 |
|  | **Movies & Entertainment – 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43000 | Live Nation Entertainment, Inc. (c)<br>| 6.50% | 05/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43295 |
|  | **Paper Packaging – 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586000 | Graham Packaging Co., Inc. (c)<br>| 7.13% | 08/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282000 | Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer, LLC (c)<br>| 4.00% | 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253490 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766673 |
|  | **Restaurants – 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977000 | IRB Holding Corp. (c)<br>| 7.00% | 06/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981631 |

---

------

#### First Trust Short Duration High Income Fund<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **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)** |
|  | **Specialized Finance – 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$118000 | Radiate HoldCo, LLC/Radiate Finance, Inc. (c)<br>| 4.50% | 09/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$90565 |
|  | **Systems Software – 3.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258000 | Boxer Parent Co., Inc. (c)<br>| 9.13% | 03/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Oracle Corp.<br>| 6.15% | 11/09/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267345 |
| &nbsp;&nbsp;&nbsp;&nbsp;3036000 | SS&C Technologies, Inc. (c)<br>| 5.50% | 09/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923453 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3436442 |
|  | **Total Corporate Bonds and Notes<br>** | **Total Corporate Bonds and Notes<br>** | **Total Corporate Bonds and Notes<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27833914 |
|  | (Cost $31,442,466) |  |  |  |
| **FOREIGN CORPORATE BONDS AND NOTES – 2.7%** | **FOREIGN CORPORATE BONDS AND NOTES – 2.7%** | **FOREIGN CORPORATE BONDS AND NOTES – 2.7%** | **FOREIGN CORPORATE BONDS AND NOTES – 2.7%** | **FOREIGN CORPORATE BONDS AND NOTES – 2.7%** |
|  | **Application Software – 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1019000 | Open Text Corp. (c)<br>| 3.88% | 02/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886800 |
|  | **Auto Parts & Equipment – 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | Clarios Global L.P./Clarios US Finance Co. (c)<br>| 8.50% | 05/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109715 |
|  | **Building Products – 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1398000 | Cemex S.A.B. de C.V. (c)<br>| 7.38% | 06/05/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000 | Cemex S.A.B. de C.V. (c)<br>| 5.45% | 11/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27068 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465945 |
|  | **Data Processing & Outsourced Services – 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485000 | Paysafe Finance PLC/Paysafe Holdings US Corp. (c)<br>| 4.00% | 06/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386239 |
|  | **Environmental & Facilities Services – 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72000 | GFL Environmental, Inc. (c)<br>| 3.75% | 08/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114000 | GFL Environmental, Inc. (c)<br>| 4.00% | 08/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101349 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169859 |
|  | **Total Foreign Corporate Bonds and Notes<br>** | **Total Foreign Corporate Bonds and Notes<br>** | **Total Foreign Corporate Bonds and Notes<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3018558 |
|  | (Cost $3,097,861) |  |  |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS – 0.2%** | **COMMON STOCKS – 0.2%** | **COMMON STOCKS – 0.2%** |
|  | **Pharmaceuticals – 0.2%** |  |
| 26696 | Akorn, Inc. (d) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180198 |
|  | (Cost $306,038) |  |
| **RIGHTS – 0.0%** | **RIGHTS – 0.0%** | **RIGHTS – 0.0%** |
|  | **Electric Utilities – 0.0%** |  |
| 14134 | Vistra Energy Corp., no expiration date (e) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17548 |
|  | **Life Sciences Tools & Services – 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | New Millennium Holdco, Inc., Corporate Claim Trust, no expiration date (e) (f) (g) (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | New Millennium Holdco, Inc., Lender Claim Trust, no expiration date (e) (f) (g) (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  | **Total Rights<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17548 |
|  | (Cost $23,096) |  |
| **WARRANTS – 0.0%** | **WARRANTS – 0.0%** | **WARRANTS – 0.0%** |
|  | **Movies & Entertainment – 0.0%** |  |
| 97523 | Cineworld Group PLC, expiring 11/23/25 (e) (f) (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3306 |
|  | (Cost $0) |  |

---

------

#### First Trust Short Duration High Income Fund<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **MONEY MARKET FUNDS – 6.6%** | **MONEY MARKET FUNDS – 6.6%** | **MONEY MARKET FUNDS – 6.6%** |
| 7297904 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 4.12% (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$7297904 |
|  | (Cost $7,297,904) |  |
|  | **Total Investments – 95.3%<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;105005931 |
|  | (Cost $110,318,550) |  |
|  | **Net Other Assets and Liabilities – 4.7%<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5136030 |
|  | **Net Assets – 100.0%<br>**  | &nbsp;&nbsp;$110141961 |

---

(a) 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 lending rate offered by one or more major European banks, such as the LIBOR, (ii) the SOFR obtained from the U.S. Department of the Treasury's
Office of Financial Research, (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 LIBOR or SOFR floor that establishes a
minimum LIBOR or SOFR rate. When a range of rates is disclosed, the Fund holds more than one contract within the same tranche with identical LIBOR or SOFR period, spread and floor, but different LIBOR or SOFR reset
dates.

(b) 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.

(c) This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the
"1933 Act"), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has
been determined to be liquid by First Trust Advisors L.P. (the "Advisor"). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is
determined based on security specific factors and assumptions, which require subjective judgment. At January 31, 2023, securities noted as such amounted to $28,086,070 or 25.5% of net assets.

(d) Security received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to
qualified institutional buyers (see Restricted Securities table).

(e) Non-income producing security.

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

(g) 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 the
provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At January 31, 2023, securities noted as such are valued at $0 or 0.0% of net assets.

(h) This security's value was determined using significant unobservable inputs.

(i) This issuer has filed for protection in bankruptcy court.

(j) Rate shown reflects yield as of January 31, 2023.

LIBOR London Interbank Offered Rate <br> SOFR Secured Overnight Financing Rate

------

#### Valuation Inputs
The Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

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

• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly. (Quoted prices for similar investments, valuations based on interest rates and yield curves, or valuations derived
from observable market data.)

• Level 3 – Level 3 inputs are unobservable inputs that may reflect the reporting entity's own assumptions about the assumptions that market participants would use in
pricing the investment.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

------

#### First Trust Short Duration High Income Fund<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)
A summary of the inputs used to value the Fund's investments as of January 31, 2023 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total<br> Value at<br> 1/31/2023** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Senior Floating-Rate Loan Interests\*<br>| &nbsp;&nbsp;$66654503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $66654503 | $— |
| Corporate Bonds and Notes\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27833914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27833914 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Foreign Corporate Bonds and Notes\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3018558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3018558 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Common Stocks\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180198 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Rights: |  |  |  |  |
| &nbsp;&nbsp;Electric Utilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17548 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;Life Sciences Tools & Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —\*\* |
| Warrants\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3306 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Money Market Funds<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7297904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7297904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments<br>| $105005931 | &nbsp;&nbsp;$7297904 | $97708027 | $—\*\* |

---

\* See Portfolio of Investments for industry breakout.

\*\* Investment is valued at $0.

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

------

#### Unfunded Loan Commitments
As of January 31, 2023, the Fund had the following unfunded loan commitment:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | &nbsp;&nbsp;**Principal<br> Value** | &nbsp;&nbsp;**Commitment<br> Amount** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** |
| athenahealth, Inc. (Minerva Merger Sub, Inc.), Term Loan | &nbsp;&nbsp;$214290 | &nbsp;&nbsp;$213712 | &nbsp;&nbsp;$203665 | &nbsp;&nbsp;$(10047) |

---

------

#### Restricted Securities
As of January 31, 2023, the Fund held a restricted security as shown in the following table that the Advisor has deemed illiquid.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security** | &nbsp;&nbsp;**Acquisition<br> Date** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Current Price** | &nbsp;&nbsp;**Carrying<br> Cost** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of<br> Net<br> Assets** |
| Akorn, Inc. | &nbsp;&nbsp;10/15/20 | &nbsp;&nbsp;26696 | &nbsp;&nbsp;$6.75 | &nbsp;&nbsp;$306038 | &nbsp;&nbsp;$180198 | &nbsp;&nbsp;0.16% |

---

## 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 Series Fund

- **b. Investment Company Act file number:** 811-22452

- **c. CIK number of Registrant:** 0001497778

- **d. LEI of Registrant:** 549300RL1B5O4HI4N885

- **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 Short Duration High Income Fund

- **b. EDGAR series identifier (if any):** S000038285

- **c. LEI of Series:** 549300V5FLWG03SEZ819

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $112850056.88

**Total Liabilities:** $3038383.60

**Net Assets:** $109811673.28

**Cash Not Reported:** $206566.70

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.68107000 | **1-Year:** 971.61216000 | **5-Year:** 595.69553000 | **10-Year:** 15.80092000 | **30-Year:** 0.00000000

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

- **3-Month:** 89.46338000 | **1-Year:** 10397.19997000 | **5-Year:** 10107.81576000 | **10-Year:** 151.93333000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000118178 | 1.05%                | -0.23%               | 2.67%                |
| Class ID C000121472 | 1.05%                | -0.16%               | 2.69%                |
| Class ID C000121471 | 0.99%                | -0.29%               | 2.60%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-60258.57               | $964344.83                                 |
| Month 2  | $-62364.20               | $-818535.20                                |
| Month 3  | $-634566.71              | $3084059.06                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOXER PARENT CO INC                                               | Boxer Parent Co Inc                                                 | CUSIP: 103186AC6<br>LEI: 5493006T045HLTF7YX04 | Long             | DBT              | CORP              | US        |    258000 | PA      | $245644.26    | 0.22%             | 2026-03-01      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE TECH LLC                                                | CommScope Technologies LLC                                          | CUSIP: 20337YAA5<br>LEI: M4TWC4QDOKW45N7T6Y12 | Long             | DBT              | CORP              | US        |    200000 | PA      | $189634.00    | 0.17%             | 2025-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MH Sub I, LLC                                                     | MH SUB I LLC VARIABLE RATE DUE 02/12/2029                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1102775 | PA      | $998011.53    | 0.91%             | 2029-02-23      | Floating      | 10.65%                | No            |                  2 | On Loan: No      |
| IRB Holding Corp                                                  | IRB HOLDING CORP ARGIHC TL B 1L USD                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2673834 | PA      | $2673419.26   | 2.43%             | 2025-02-05      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Pactiv Evergreen Group Holdings Inc.                              | PACTIV EVERGREEN GROUP REYNOL TL B 1L USD                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    316735 | PA      | $315903.21    | 0.29%             | 2028-09-25      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| SolarWinds Holdings Inc                                           | SOLARWINDS HOLDINGS INC SWI TL B 1L USD                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1174621 | PA      | $1177469.48   | 1.07%             | 2027-02-05      | Floating      | 8.56%                 | No            |                  2 | On Loan: No      |
| Filtration Group Corporation                                      | FILTRATION GROUP CORP FILGRO TL B 1L USD                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     98613 | PA      | $98284.31     | 0.09%             | 2028-10-21      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| CHG Healthcare Services Inc                                       | CHG HEALTHCARE SERVICES INC COMHEA TL 1L USD                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    776918 | PA      | $772986.93    | 0.70%             | 2028-09-29      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| ADMI Corp                                                         | ADMI CORP ASPDEN TL B 1L USD                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    267600 | PA      | $247975.45    | 0.23%             | 2027-12-23      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| Mallinckrodt International Finance S.A.                           | MALLINCKRODT INTERNATIONAL MNK TL B 1L USD                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      2641 | PA      | $2033.68      | 0.00%             | 2027-09-30      | Floating      | 9.99%                 | No            |                  2 | On Loan: No      |
| Hunter Douglas Holding BV                                         | HUNTER DOUGLAS INC HDCINC TL B 1L USD                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    101236 | PA      | $93359.23     | 0.09%             | 2029-02-26      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| Connectwise, LLC                                                  | CONNECTWISE LLC CONNEC TL B 1L USD                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    152859 | PA      | $147699.72    | 0.13%             | 2028-09-29      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                           | HCA Inc                                                             | CUSIP: 404119BS7<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    342000 | PA      | $348256.21    | 0.32%             | 2026-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| WCG Purchaser Corp.                                               | WCG PURCHASER CORP WESINS TL B 1L USD                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    685302 | PA      | $662176.55    | 0.60%             | 2027-01-08      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies Holdings, Inc.                                  | SS&C TECHNOLOGIES INC SSNC TL B4 1L USD                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     23427 | PA      | $23413.42     | 0.02%             | 2025-04-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| E.W. Scripps Company, The                                         | EW SCRIPPS CO SSP TL B 1L USD                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    104812 | PA      | $104558.33    | 0.10%             | 2028-01-07      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| AssuredPartners Inc.                                              | ASSUREDPARTNERS INC ASSPAR TL 1L USD                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    347334 | PA      | $344024.04    | 0.31%             | 2027-02-12      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                              | CHARTER COMMUNICATIONS OPER CHTR TL B1 1L USD                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    605440 | PA      | $605215.80    | 0.55%             | 2025-04-30      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| AthenaHealth Group Inc                                            | ATHENAHEALTH INC ATHENA TL 1L USD                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1748752 | PA      | $1662040.09   | 1.51%             | 2029-02-15      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| Numericable U.S. LLC                                              | Altice France SA/France                                             | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | US        |   1090501 | PA      | $1052333.53   | 0.96%             | 2026-01-31      | Floating      | 8.52%                 | No            |                  2 | On Loan: No      |
| SBA Senior Finance II LLC                                         | SBA SENIOR FINANCE II LLC SBAC TL B 1L USD                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2255956 | PA      | $2255313.27   | 2.05%             | 2025-04-11      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Edelman Financial Engines Center LLC (The)                        | EDELMAN FINANCIAL CENTER EDEFIN TL B 1L USD                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    775015 | PA      | $760824.77    | 0.69%             | 2028-04-07      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| MH Sub I, LLC                                                     | MH SUB I LLC INET TL 1L USD                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1232769 | PA      | $1221982.75   | 1.11%             | 2024-09-13      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| 1011778 BC Unlimited Liability Company                            | 1011778 BC ULC                                                      | CUSIP: 000000000<br>LEI: 549300RHSHNRWI5LLA86 | Long             | LON              | CORP              | CA        |    624228 | PA      | $618600.48    | 0.56%             | 2026-11-19      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Finastra USA Inc                                                  | Finastra USA Inc                                                    | CUSIP: 000000000<br>LEI: 549300ZB2RO6QC7YTK71 | Long             | LON              | CORP              | US        |    668371 | PA      | $629732.55    | 0.57%             | 2024-06-13      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| Waystar Technologies Inc                                          | NAVICURE INC NAVCUR TL B 1L USD                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    460791 | PA      | $458777.29    | 0.42%             | 2026-10-22      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd                                             | HUB INTERNATIONAL LTD HBGCN TL B 1L USD                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1445325 | PA      | $1446098.59   | 1.32%             | 2025-04-25      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| Berry Global Inc                                                  | BERRY GLOBAL IN 07/01/26                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    510491 | PA      | $510143.66    | 0.46%             | 2026-07-01      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV                                                   | Cemex SAB de CV                                                     | CUSIP: 151290BW2<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |   1398000 | PA      | $1438877.52   | 1.31%             | 2027-06-05      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BMC Software (Boxer/ Bladelogic)                                  | BOXER PARENT CO INC BMC TL B 1L USD                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    849378 | PA      | $835736.55    | 0.76%             | 2025-10-02      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                                 | CLARIOS GLOBAL LP POWSOL TL B 1L USD                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    204701 | PA      | $204463.76    | 0.19%             | 2026-04-30      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Naked Juice LLC                                                   | BENGAL DEBT MERGER SUB L PEP TL 1L USD                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    487650 | PA      | $450683.23    | 0.41%             | 2029-01-24      | Floating      | 7.93%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd                                             | HUB INTERNATIONAL LTD HBGCN TL B 1L USD                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    207692 | PA      | $207854.31    | 0.19%             | 2029-11-10      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| Open Text Corporation                                             | OPEN TEXT CORP OTEXCN TL B 1L USD                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    433401 | PA      | $432317.97    | 0.39%             | 2025-05-30      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Hyland Software Inc                                               | Hyland Software Inc                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    424380 | PA      | $423970.61    | 0.39%             | 2024-07-01      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| Radiate Holdco LLC                                                | RADIATE HOLDCO LLC RADIAT TL B 1L USD                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    263307 | PA      | $220668.55    | 0.20%             | 2026-09-25      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                             | TENET HEALTHCARE CORP SR SEC GLBL NT27                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1085000 | PA      | $1064748.48   | 0.97%             | 2027-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AHP Health Partners Inc                                           | AHP HEALTH PARTNERS ARDT TL B 1L USD                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    188849 | PA      | $187550.30    | 0.17%             | 2028-08-24      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| Nexstar Media Inc                                                 | Nexstar Media Inc                                                   | CUSIP: 000000000<br>LEI: 5493006PK6I4I2OOT688 | Long             | LON              | CORP              | US        |    406621 | PA      | $407297.64    | 0.37%             | 2026-09-18      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                             | Tenet Healthcare Corp                                               | CUSIP: 88033GDB3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    358000 | PA      | $344972.38    | 0.31%             | 2027-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Alliant Holdings Intermediate LLC                                 | Alliant Holdings Intermediate LLC                                   | CUSIP: 000000000<br>LEI: 5493006Q26653NF8SI73 | Long             | LON              | CORP              | US        |   3058279 | PA      | $3059548.17   | 2.79%             | 2025-05-09      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                                          | Sinclair Television Group Inc                                       | CUSIP: 829259AW0<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |     63000 | PA      | $55765.58     | 0.05%             | 2027-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| GRAY TELEVISION INC                                               | Gray Television Inc                                                 | CUSIP: 389284AA8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    533000 | PA      | $485624.30    | 0.44%             | 2027-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ADMI Corp                                                         | ADMI CORP ASPDE 12/23/27                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    936786 | PA      | $865824.87    | 0.79%             | 2027-12-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VeriFone Systems Inc                                              | VERIFONE SYSTEMS INC PAY TL 1L USD                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    535718 | PA      | $505297.59    | 0.46%             | 2025-08-20      | Floating      | 8.36%                 | No            |                  2 | On Loan: No      |
| Phoenix Newco Inc                                                 | PHOENIX NEWCO INC PRXL TL 1L USD                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    977756 | PA      | $971200.24    | 0.88%             | 2028-11-15      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| Zayo Group Holdings Inc                                           | FRONT RANGE BIDCO INC ZAYO TL 1L USD                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    531240 | PA      | $447675.80    | 0.41%             | 2027-03-09      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                               | MOZART BORROWER LP MEDIND TL B 1L USD                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    992500 | PA      | $965548.66    | 0.88%             | 2028-10-23      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                                          | iHeartCommunications Inc                                            | CUSIP: 45174HBD8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    785000 | PA      | $704745.53    | 0.64%             | 2027-05-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Verscend Holding Corp                                             | VERSCEND HOLDING CORP VCVHHO TL B 1L USD                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3397326 | PA      | $3398226.16   | 3.09%             | 2025-08-27      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                          | Clarios Global LP / Clarios US Finance Co                           | CUSIP: 69867DAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    110000 | PA      | $109714.76    | 0.10%             | 2027-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Edelman Financial Engines Center LLC (The)                        | EDELMAN FINANCIAL CENTER Variable rate, due 07/20/2026              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    494486 | PA      | $466774.83    | 0.43%             | 2026-07-20      | Floating      | 11.32%                | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                            | VICI Properties LP / VICI Note Co Inc                               | CUSIP: 92564RAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1953000 | PA      | $1845665.19   | 1.68%             | 2026-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CoreLogic Inc                                                     | CORELOGIC INC C 04/14/28                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    361269 | PA      | $307832.26    | 0.28%             | 2028-06-02      | Floating      | 8.12%                 | No            |                  2 | On Loan: No      |
| Aveanna Healthcare LLC                                            | AVEANNA HEALTHCARE LLC EPIHEA TL B 1L USD                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    317880 | PA      | $261456.18    | 0.24%             | 2028-07-17      | Floating      | 8.14%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                                       | ASURION LLC TL 01/29/28                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1262056 | PA      | $1059180.88   | 0.96%             | 2028-01-31      | Floating      | 9.82%                 | No            |                  2 | On Loan: No      |
| RADIATE HOLDCO / FINANCE                                          | Radiate Holdco LLC / Radiate Finance Inc                            | CUSIP: 75026JAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    118000 | PA      | $90565.00     | 0.08%             | 2026-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Project Ruby Ultimate Parent Corp                                 | PROJECT RUBY ULTIMATE PARE MEDW TL B 1L USD                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    848435 | PA      | $821921.75    | 0.75%             | 2028-03-10      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| LogMein Inc                                                       | LOGMEIN INC LOGM TL B 1L USD                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1409667 | PA      | $791175.52    | 0.72%             | 2027-08-31      | Floating      | 9.30%                 | No            |                  2 | On Loan: No      |
| UKG Inc                                                           | UKG INC ULTI TL 1L USD                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     68140 | PA      | $67144.26     | 0.06%             | 2026-05-04      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| IRB Holding Corp                                                  | IRB HOLDING CORP ARGIHC TL B 1L USD                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    147375 | PA      | $146164.31    | 0.13%             | 2027-12-15      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                                          | iHeartCommunications Inc                                            | CUSIP: 45174HBG1<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    625000 | PA      | $535173.44    | 0.49%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                          | Univision Communications Inc                                        | CUSIP: 914906AU6<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    272000 | PA      | $266904.08    | 0.24%             | 2027-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GFL Environmental Inc                                             | GFL ENVIRONMENTAL INC GFLCN TL B 1L USD                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    676481 | PA      | $679018.07    | 0.62%             | 2027-05-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Reynolds Group Holdings Inc.                                      | PACTIV EVERGREE 02/05/26                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    472188 | PA      | $472114.96    | 0.43%             | 2026-02-05      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| PAYSAFE FIN PLC/PAYSAFE                                           | Paysafe Finance PLC / Paysafe Holdings US Corp                      | CUSIP: 70452AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    485000 | PA      | $386239.45    | 0.35%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PACTIV EVERGREEN GROUP                                            | Pactiv Evergreen Group Issuer Inc/Pactiv Evergreen Group Issuer LLC | CUSIP: 76174LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    282000 | PA      | $253489.80    | 0.23%             | 2027-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Graham Packaging Company Inc                                      | GRAHAM PACKAGING/GPC CAP GRMPAC TL 1L USD                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     72648 | PA      | $72456.44     | 0.07%             | 2027-08-04      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Reynolds Consumer Products LLC                                    | REYNOLDS CONSUM 01/31/27                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    130789 | PA      | $130732.20    | 0.12%             | 2027-02-04      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV                                                   | Cemex SAB de CV                                                     | CUSIP: 151290BV4<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |     28000 | PA      | $27067.60     | 0.02%             | 2029-11-19      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| New Millennium Lender Claim                                       | New Millennium Lender Claim                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $0.01         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Broadstreet Partners Inc                                          | BROADSTREET PARTNERS INC BROPAR TL B 1L USD                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    856876 | PA      | $846640.60    | 0.77%             | 2027-01-27      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| ZAYO GROUP HOLDINGS INC                                           | Zayo Group Holdings Inc                                             | CUSIP: 98919VAA3<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | DBT              | CORP              | US        |     10000 | PA      | $7965.40      | 0.01%             | 2027-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N-Able International Holdings II LLC                              | N-ABLE LLC NABINC TL B 1L USD                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    133457 | PA      | $132789.72    | 0.12%             | 2028-07-19      | Floating      | 7.73%                 | No            |                  2 | On Loan: No      |
| TK Elevator Midco Gmbh                                            | TK ELEVATOR MIDCO GMBH THYELE TL B 1L USD                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    436991 | PA      | $429950.78    | 0.39%             | 2027-07-30      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| Petco Health and Wellness Company Inc                             | PETCO HEALTH & WELLNESS WOOF TL B 1L USD                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    876093 | PA      | $868475.85    | 0.79%             | 2028-03-03      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Ion Trading Finance Limited                                       | ION TRADING FINANCE LTD IONTRA TL B 1L USD                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     94314 | PA      | $91590.43     | 0.08%             | 2028-04-01      | Floating      | 9.48%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd                                             | HUB International Ltd                                               | CUSIP: 000000000<br>LEI: 549300JQT6ATTUNS5E06 | Long             | LON              | CORP              | US        |   1257132 | PA      | $1257471.33   | 1.15%             | 2025-04-25      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC                                                  | AmWINS Group Inc                                                    | CUSIP: 031921AB5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |    223000 | PA      | $195927.60    | 0.18%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Electron Bidco Inc.                                               | ELECTRON BIDCO INC EXAM TL 1L USD                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    469356 | PA      | $467342.10    | 0.43%             | 2028-11-01      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                                       | Oracle Corp                                                         | CUSIP: 68389XCH6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    250000 | PA      | $267344.97    | 0.24%             | 2029-11-09      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| CINEWORLD WARRANT                                                 | CINEWORLD WARRANT                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     97523 | NS      | $3306.36      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MPH Acquisition Holdings LLC                                      | MPH ACQUISITION HOLDINGS MLTPLN TL B 1L USD                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    462633 | PA      | $417380.73    | 0.38%             | 2028-09-01      | Floating      | 8.98%                 | No            |                  2 | On Loan: No      |
| SRS Distribution Inc                                              | SRS DISTRIBUTION INC SRSDIS TL B 1L USD                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     42951 | PA      | $41497.48     | 0.04%             | 2028-06-02      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| Gainwell Acquisition Corp                                         | MILANO ACQUISITION CORP MILACQ TL 1L USD                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1628135 | PA      | $1593129.97   | 1.45%             | 2027-10-01      | Floating      | 8.73%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT                                            | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc  | CUSIP: 31556TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $44193.75     | 0.04%             | 2029-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PG&E Corporation                                                  | PG&E CORP PCG T 06/23/25                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3129250 | PA      | $3130422.97   | 2.85%             | 2025-06-23      | Floating      | 7.62%                 | No            |                  2 | On Loan: No      |
| Scientific Games Holdings LP                                      | SCIENTIFIC GAMES HOLDIN SCGALO TL B 1L USD                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     82704 | PA      | $81487.46     | 0.07%             | 2029-04-04      | Floating      | 8.10%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                             | Tenet Healthcare Corp                                               | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    547000 | PA      | $512101.40    | 0.47%             | 2028-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| AthenaHealth Group Inc                                            | ATHENAHEALTH INC ATHENA TL DD 1L USD                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    214290 | PA      | $203664.74    | 0.19%             | 2029-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MH Sub I, LLC                                                     | MH SUB I LLC INET TL 1L USD                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1446269 | PA      | $1432825.67   | 1.30%             | 2024-09-13      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| GRAHAM PACKAGING/GPC CAP                                          | Graham Packaging Co Inc                                             | CUSIP: 384701AA6<br>LEI: 549300YS0ZFT826HIK72 | Long             | DBT              | CORP              | US        |    586000 | PA      | $513183.46    | 0.47%             | 2028-08-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies Holdings, Inc.                                  | SS&C TECHNOLOGIES INC SSNC TL B3 1L USD                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     26699 | PA      | $26683.42     | 0.02%             | 2025-04-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                            | CCO Holdings LLC / CCO Holdings Capital Corp                        | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2712000 | PA      | $2587817.52   | 2.36%             | 2027-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Open Text Corporation                                             | OPEN TEXT CORP OTEXCN TL B 1L USD                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    803432 | PA      | $803431.95    | 0.73%             | 2029-11-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                                          | Live Nation Entertainment Inc                                       | CUSIP: 538034AV1<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |     43000 | PA      | $43295.54     | 0.04%             | 2027-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Numericable U.S. LLC                                              | ALTICE FRANCE SA SFRFP TL B13 1L USD                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    263561 | PA      | $254995.02    | 0.23%             | 2026-08-14      | Floating      | 8.65%                 | No            |                  2 | On Loan: No      |
| Fertitta Entertainment LLC                                        | FERTITTA ENTERTAINMENT L NUGGET TL B 1L USD                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    471331 | PA      | $466650.57    | 0.42%             | 2029-01-26      | Floating      | 8.56%                 | No            |                  2 | On Loan: No      |
| Select Medical Corp                                               | Select Medical Corp                                                 | CUSIP: 000000000<br>LEI: 549300X05KS0JKR8CB50 | Long             | LON              | CORP              | US        |    235258 | PA      | $234522.79    | 0.21%             | 2025-03-06      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| IQVIA Inc                                                         | IQVIA Inc                                                           | CUSIP: 000000000<br>LEI: 549300PLWY28YB00C717 | Long             | LON              | CORP              | US        |     87449 | PA      | $87517.43     | 0.08%             | 2025-06-11      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| USI Inc                                                           | USI INC/NY COMINV TL 1L USD                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    662350 | PA      | $663261.18    | 0.60%             | 2029-11-22      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| PetsMart LLC                                                      | PETSMART INC PE 01/29/28                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    376516 | PA      | $374477.60    | 0.34%             | 2028-02-11      | Floating      | 8.41%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                                  | CSC Holdings LLC                                                    | CUSIP: 126307BA4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   3001000 | PA      | $1894456.28   | 1.73%             | 2030-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Mcafee Corp                                                       | CONDOR MERGER SUB INC MCFE TL B 1L USD                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    828363 | PA      | $783971.45    | 0.71%             | 2029-03-01      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies Holdings, Inc.                                  | SS&C TECHNOLOGIES INC SSNC TL B5 1L USD                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    838709 | PA      | $838079.79    | 0.76%             | 2025-04-16      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Mercury Borrower Inc                                              | ASCENSUS HOLDINGS INC ASCENS TL B 1L USD                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     64194 | PA      | $62348.56     | 0.06%             | 2028-08-02      | Floating      | 8.25%                 | No            |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES INC                                             | SS&C Technologies Inc                                               | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |   3036000 | PA      | $2923453.05   | 2.66%             | 2027-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ZAYO GROUP HOLDINGS INC                                           | Zayo Group Holdings Inc                                             | CUSIP: 98919VAB1<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | DBT              | CORP              | US        |    748000 | PA      | $515435.58    | 0.47%             | 2028-03-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                                    | Open Text Corp                                                      | CUSIP: 683715AC0<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |   1019000 | PA      | $886800.04    | 0.81%             | 2028-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Zayo Group Holdings Inc                                           | ZAYO GROUP HOLD 03/09/27                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    281050 | PA      | $241923.95    | 0.22%             | 2027-03-09      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| RealPage Inc                                                      | REALPAGE INC RP TL B 1L USD                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    703675 | PA      | $687712.30    | 0.63%             | 2028-04-24      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Aramark Services Inc                                              | Aramark Services Inc                                                | CUSIP: 000000000<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | LON              | CORP              | US        |    159911 | PA      | $159560.89    | 0.15%             | 2025-03-11      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Akorn Operating Company LLC                                       | Akorn Operating Company LLC                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26696 | NS      | $180198.00    | 0.16%             |  |  |  | Yes           |                  2 | On Loan: No      |
| DIAMOND SPORTS GR/DIAMON                                          | Diamond Sports Group LLC / Diamond Sports Finance Co                | CUSIP: 25277LAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1097000 | PA      | $23311.25     | 0.02%             | 2027-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Dun & Bradstreet Corporation (The)                                | DUN & BRADSTREET CORP DNB TL B 1L USD                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     78103 | PA      | $78068.49     | 0.07%             | 2026-02-06      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                             | Tenet Healthcare Corp                                               | CUSIP: 88033GDH0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    429000 | PA      | $398412.30    | 0.36%             | 2028-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AssuredPartners Inc.                                              | ASSUREDPARTNERS INC ASSPAR TL B 1L USD                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    332394 | PA      | $329153.14    | 0.30%             | 2027-02-12      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| Epicor Software Corporation                                       | EPICOR SOFTWARE CORP EGLPT TL B 1L USD                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    845776 | PA      | $832154.43    | 0.76%             | 2027-07-30      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| ASSUREDPARTNERS INC                                               | AssuredPartners Inc                                                 | CUSIP: 04624VAA7<br>LEI: 549300HNDSDQWQ3L2P80 | Long             | DBT              | CORP              | US        |   2419000 | PA      | $2381965.11   | 2.17%             | 2025-08-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Informatica LLC                                                   | INFORMATICA LLC INFA TL B 1L USD                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    119552 | PA      | $119514.84    | 0.11%             | 2028-10-27      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                                             | HUB International Ltd                                               | CUSIP: 44332PAD3<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |   1348000 | PA      | $1336306.10   | 1.22%             | 2026-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Aveanna Healthcare LLC                                            | AVEANNA HEALTHCARE LLC EPIHEA TL B-DD 1L USD                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     22459 | PA      | $18472.13     | 0.02%             | 2028-07-17      | Floating      | 8.14%                 | No            |                  2 | On Loan: No      |
| Four Seasons Hotels Limited                                       | FOUR SEASONS HOTELS LTD FSHCN TL 1L USD                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    266316 | PA      | $267864.59    | 0.24%             | 2029-11-30      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| Chariot Buyer LLC                                                 | CHARIOT BUYER LLC CHAGRO TL B 1L USD                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    277171 | PA      | $268086.78    | 0.24%             | 2028-11-03      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc                                      | Univision Communications Inc                                        | CUSIP: 000000000<br>LEI: 549300YQDE2JSGTL8V47 | Long             | LON              | CORP              | US        |     48481 | PA      | $48524.10     | 0.04%             | 2024-03-15      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| RealPage Inc                                                      | REALPAGE INC Variable rate                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    353983 | PA      | $342921.41    | 0.31%             | 2029-04-23      | Floating      | 11.07%                | No            |                  2 | On Loan: No      |
| SELECT MEDICAL CORP                                               | Select Medical Corp                                                 | CUSIP: 816196AT6<br>LEI: 549300X05KS0JKR8CB50 | Long             | DBT              | CORP              | US        |    676000 | PA      | $661084.06    | 0.60%             | 2026-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                          | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer      | CUSIP: 01883LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1109000 | PA      | $1038999.92   | 0.95%             | 2027-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT                                            | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc  | CUSIP: 31556TAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    860000 | PA      | $714849.20    | 0.65%             | 2030-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Greeneden US Holdings II LLC                                      | GREENEDEN US HOLDINGS II GCTI TL B 1L USD                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    948843 | PA      | $933523.53    | 0.85%             | 2027-12-01      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| US Foods Inc                                                      | US Foods Inc                                                        | CUSIP: 000000000<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | LON              | CORP              | US        |    286676 | PA      | $286578.18    | 0.26%             | 2026-09-14      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                                  | CSC Holdings LLC                                                    | CUSIP: 000000000<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |    839225 | PA      | $811950.35    | 0.74%             | 2025-07-17      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| Project Boost Purchaser LLC                                       | PROJECT BOOST PURCHASER AUTDAT TL B 1L USD                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    145629 | PA      | $143444.17    | 0.13%             | 2026-06-01      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| AssuredPartners Inc.                                              | ASSUREDPARTNERS INC ASSPAR TL B 1L USD                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    494898 | PA      | $490463.71    | 0.45%             | 2027-02-12      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                                                 | Nexstar Media Inc                                                   | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    758000 | PA      | $723116.84    | 0.66%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Ensemble RCM LLC                                                  | Ensemble RCM LLC                                                    | CUSIP: 000000000<br>LEI: 254900PDXJVVI20WAQ37 | Long             | LON              | CORP              | US        |    327598 | PA      | $328026.94    | 0.30%             | 2026-08-03      | Floating      | 8.43%                 | No            |                  2 | On Loan: No      |
| Ryan Specialty Group LLC                                          | RYAN SPECIALTY GROUP RYASPE TL B 1L USD                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    130826 | PA      | $130867.29    | 0.12%             | 2027-09-01      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| Vistra Energy Corp                                                | Vistra Energy Corp                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14134 | NS      | $17547.36     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| DAVITA INC                                                        | DaVita Inc                                                          | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42178.50     | 0.04%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Embecta Corp                                                      | EMBECTA CORP EMBCTA TL B 1L USD                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     33022 | PA      | $32499.46     | 0.03%             | 2029-03-30      | Floating      | 7.79%                 | No            |                  2 | On Loan: No      |
| MPH ACQUISITION HOLDINGS                                          | MPH Acquisition Holdings LLC                                        | CUSIP: 553283AC6<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |    260000 | PA      | $189204.60    | 0.17%             | 2028-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SRS Distribution Inc                                              | SRS DISTRIBUTION INC SRSDIS TL B 1L USD                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    720761 | PA      | $696695.09    | 0.63%             | 2028-06-02      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| Zelis Cost Management Buyer Inc                                   | ZELIS PAYMENTS BUYER INC STRATO TL B 1L USD                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2622554 | PA      | $2620797.33   | 2.39%             | 2026-09-30      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| GLOBAL MEDICAL RESPONSE                                           | Global Medical Response Inc                                         | CUSIP: 37960BAA3<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |   1816000 | PA      | $1279798.76   | 1.17%             | 2025-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio   | CUSIP: 61747C582<br>LEI: 549300D1XR6GP7EZ0T47 | Long             | STIV             | RF                | US        |   6810738 | NS      | $6810738.27   | 6.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Gray Television Inc                                               | Gray Television Inc                                                 | CUSIP: 000000000<br>LEI: 529900TM5726KDN7UU35 | Long             | LON              | CORP              | US        |    911103 | PA      | $908825.48    | 0.83%             | 2026-01-02      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                            | CCO Holdings LLC / CCO Holdings Capital Corp                        | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    433000 | PA      | $418340.79    | 0.38%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VERSCEND ESCROW CORP                                              | Verscend Escrow Corp                                                | CUSIP: 92535WAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    692000 | PA      | $695243.75    | 0.63%             | 2026-08-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| New Millennium Corp Claim                                         | New Millennium Corp Claim                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $0.01         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| TENET HEALTHCARE CORP                                             | Tenet Healthcare Corp                                               | CUSIP: 88033GCZ1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     85000 | PA      | $82885.63     | 0.08%             | 2026-01-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CT Technologies Intermediate Holdings Inc                         | CT TECHNOLOGIES CTTECH TL 1L USD                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    754966 | PA      | $725145.30    | 0.66%             | 2025-12-16      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                             | GFL Environmental Inc                                               | CUSIP: 36168QAK0<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     72000 | PA      | $68509.80     | 0.06%             | 2025-08-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GOTO GROUP INC                                                    | GoTo Group Inc                                                      | CUSIP: 541056AA5<br>LEI: 549300D12V5KRBV00592 | Long             | DBT              | CORP              | US        |    456000 | PA      | $230225.28    | 0.21%             | 2027-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DaVita Inc.                                                       | DAVITA INC DVA 08/12/26                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    201284 | PA      | $199309.46    | 0.18%             | 2026-08-12      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                           | HCA Inc                                                             | CUSIP: 404121AH8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    107000 | PA      | $107683.16    | 0.10%             | 2026-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| IRB HOLDING CORP                                                  | IRB Holding Corp                                                    | CUSIP: 44988MAC9<br>LEI: 549300HVW4WNWYBXN830 | Long             | DBT              | CORP              | US        |    977000 | PA      | $981630.98    | 0.89%             | 2025-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                             | GFL Environmental Inc                                               | CUSIP: 36168QAL8<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    114000 | PA      | $101348.85    | 0.09%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Camelot US Acquisition I Co                                       | CAMELOT FINANCE SA CCC TL B 1L USD                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1650751 | PA      | $1651526.57   | 1.50%             | 2026-10-30      | Floating      | 7.52%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO INC                                               | Sirius XM Radio Inc                                                 | CUSIP: 82967NBL1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    657000 | PA      | $592315.30    | 0.54%             | 2026-09-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Packers Holding LLC                                               | PACKERS HOLDINGS LLC PCKHLD TL 1L USD                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    187588 | PA      | $174301.41    | 0.16%             | 2028-03-09      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-22

**Name of Applicant:** First Trust Series Fund

**Signature:** Donald P. Swade

**Name of Signer:** Donald P. Swade

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