# EDGAR Filing Document

**Accession Number:** 0001497778
**File Stem:** 0001445546-26-000210
**Filing Date:** 2026-1
**Character Count:** 554276
**Document Hash:** 7790d240814c7a4a2f18e7d35753e0b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001445546-26-000210.hdr.sgml**: 20260109

**ACCESSION NUMBER**: 0001445546-26-000210

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260109

**DATE AS OF CHANGE**: 20260109

**EFFECTIVENESS DATE**: 20260109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST TRUST SERIES FUND
- **CENTRAL INDEX KEY:** 0001497778

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22452
- **FILM NUMBER:** 26522747

**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 Preferred Securities and Income Fund (Series ID: S000030198)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000092932 | Class A      | FPEAX           |
| C000092933 | Class C      | FPECX           |
| C000092934 | Class F      | FPEFX           |
| C000092935 | Class I      | FPEIX           |
| C000092936 | Class R3     | FPERX           |

### First Trust/Confluence Small Cap Value Fund (Series ID: S000030199)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000092938 | Class A      | FOVAX           |
| C000092939 | Class C      | FOVCX           |
| C000092941 | Class I      | FOVIX           |

### 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           |

### First Trust Managed Municipal Fund (Series ID: S000074778)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000232961 | Class I      | CWAIX           |
| C000232962 | Class A      | CWAAX           |

?xml version='1.0' encoding='ASCII'? ff74e70c-7c77-410a-a6bd-ec60fe8a3818

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number

811-22452

First Trust Series Fund

(Exact name of registrant as specified in charter)

------

120 East Liberty Drive, Suite 400

Wheaton, IL 60187

(Address of principal executive offices) (Zip code)

W. Scott Jardine, Esq.

First Trust Portfolios L.P.

120 East Liberty Drive, Suite 400

Wheaton, IL 60187

(Name and address of agent for service)

Registrant's telephone number, including area code:

(630)-765-8000

Date of fiscal year end:

October 31

Date of reporting period:

October 31, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

The information presented in this Form N-CSR relates solely to the fund(s) for which a report is included in Item 1 below, each a series of the Registrant.

### First Trust/Confluence Small Cap Value Fund

#### FOVAX \| Class A

#### ANNUAL SHAREHOLDER REPORT \| OCTOBER 31, 2025
![TSR Fund Logo](images_1995.jpg)

This annual shareholder report contains important information about the First Trust/Confluence Small Cap Value Fund (the "Fund") for the year of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/MF/FOVAX. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

 **This report describes changes to the Fund that occurred during or after the reporting period.**

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust/Confluence Small Cap Value Fund - Class A | $1521.61%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.60%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund's Class A returned -11.39% (without sales charge) for the 12 months ended October 31, 2025. The Fund's Class A underperformed its benchmark, the Russell 2000<sup>®</sup> Index, which returned 14.41% for the same Period.

This underperformance was driven partly by stock selection, but also more importantly by a market environment that strongly favored speculative, lower-quality stocks.

Our investment philosophy is to own high-quality businesses at discounted valuations. We define risk as the probability of a permanent loss of capital. This discipline has historically produced a portfolio with lower beta and typically lower volatility, helping us hold up better in down markets but often causing us to lag when speculative behavior dominates.

The Period followed that pattern.

* First Quarter and Second Quarter: Small caps faced sharp volatility, first from economic and political uncertainty and an artificial intelligence ("AI")-related sell-off in the first quarter, and then from a sudden tariff shock in the early part of the second quarter that pushed the benchmark into bear-market territory. The Fund held up relatively well during the downturn. 

* Second Quarter (post-April 2025 lows) through the Third Quarter: After bottoming in April 2025, small caps rocketed higher, led by high-beta, unprofitable companies (many with little or no revenues) as well as speculative pockets such as junior miners and AI-adjacent businesses tied to power, grid, and infrastructure demand. This momentum-driven rebound extended through the third quarter and favored segments of the market that our quality-focused investment strategy intentionally avoids. 

From a stock selection standpoint, our overweight positions in the Consumer Staples and Health Care sectors were the biggest detractors. Consumer holdings, including J&J Snack Foods Corp. and John B. Sanfilippo & Son, Inc. were affected by the tariff environment and saw their top-line growth slow as consumers pulled back on discretionary spending. Health Care holdings, Enovis Corp. and CONMED Corp., experienced some softness as well, compounded by a broader rotation in which investors shunned profitable companies in favor of riskier biotechnology names. On the positive side, RBC Bearings, Inc. continued to deliver strong results and The AZEK Co., Inc. performed well after being acquired by James Hardie. While we cannot predict how long the speculative tone will last, history shows that markets driven by exuberance can reverse quickly. Our focus remains on protecting capital and staying true to our investment approach.

#### FUND PERFORMANCE (October 31, 2015 to October 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

 **INVESTMENT PERFORMANCE OF $10,000**

![Fund Performance - Growth of 10K](chartimages_666382.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of October 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust/Confluence Small Cap Value Fund - Class A (w/max 5.50% sales charge) | -16.25% | 1.52% | 3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust/Confluence Small Cap Value Fund - Class A (without sales charge) | -11.39% | 2.68% | 3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Value Index | 9.87% | 13.85% | 8.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Index | 14.41% | 11.50% | 9.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |

---

 **Visit www.ftportfolios.com/MF/FOVAX for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.

KEY FUND STATISTICS (As of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$13365462 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

#### WHAT DID THE FUND INVEST IN? (As of October 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Knowles Corp. | 4.9% |
| Altus Group Ltd. | 4.3% |
| Cavco Industries, Inc. | 4.1% |
| TripAdvisor, Inc. | 4.1% |
| JBT Marel Corp. | 4.0% |
| Stewart Information Services Corp. | 3.9% |
| RBC Bearings, Inc. | 3.8% |
| Hayward Holdings, Inc. | 3.8% |
| Valvoline, Inc. | 3.8% |
| Vontier Corp. | 3.8% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_666523.jpg)

#### HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund's prospectus, and any applicable supplements at www.ftportfolios.com/fund-documents/MF/FOVAX or upon request at 1-800-621-1675 or info@ftportfolios.com.

On December 8, 2025, the Board of Trustees approved the liquidation of First Trust/Confluence Small Cap Value Fund on or around February 20, 2026 (the "Liquidation Date"). Effective as of market close on February 13, 2026, the Fund will cease accepting purchase orders from new or existing investors. Shareholders may redeem or exchange their shares at any time prior to the Liquidation Date.

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/MF/FOVAX to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

First Trust/Confluence Small Cap Value Fund (FOVAX)

### First Trust/Confluence Small Cap Value Fund

#### FOVCX \| Class C

#### ANNUAL SHAREHOLDER REPORT \| OCTOBER 31, 2025
![TSR Fund Logo](images_1995.jpg)

This annual shareholder report contains important information about the First Trust/Confluence Small Cap Value Fund (the "Fund") for the year of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/MF/FOVCX. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

 **This report describes changes to the Fund that occurred during or after the reporting period.**

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust/Confluence Small Cap Value Fund - Class C | $2222.36%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 2.35%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund's Class C returned -12.02% (without sales charge) for the 12 months ended October 31, 2025. The Fund's Class C underperformed its benchmark, the Russell 2000<sup>®</sup> Index, which returned 14.41% for the same Period.

This underperformance was driven partly by stock selection, but also more importantly by a market environment that strongly favored speculative, lower-quality stocks.

Our investment philosophy is to own high-quality businesses at discounted valuations. We define risk as the probability of a permanent loss of capital. This discipline has historically produced a portfolio with lower beta and typically lower volatility, helping us hold up better in down markets but often causing us to lag when speculative behavior dominates.

The Period followed that pattern.

* First Quarter and Second Quarter: Small caps faced sharp volatility, first from economic and political uncertainty and an artificial intelligence ("AI")-related sell-off in the first quarter, and then from a sudden tariff shock in the early part of the second quarter that pushed the benchmark into bear-market territory. The Fund held up relatively well during the downturn. 

* Second Quarter (post-April 2025 lows) through the Third Quarter: After bottoming in April 2025, small caps rocketed higher, led by high-beta, unprofitable companies (many with little or no revenues) as well as speculative pockets such as junior miners and AI-adjacent businesses tied to power, grid, and infrastructure demand. This momentum-driven rebound extended through the third quarter and favored segments of the market that our quality-focused investment strategy intentionally avoids. 

From a stock selection standpoint, our overweight positions in the Consumer Staples and Health Care sectors were the biggest detractors. Consumer holdings, including J&J Snack Foods Corp. and John B. Sanfilippo & Son, Inc. were affected by the tariff environment and saw their top-line growth slow as consumers pulled back on discretionary spending. Health Care holdings, Enovis Corp. and CONMED Corp., experienced some softness as well, compounded by a broader rotation in which investors shunned profitable companies in favor of riskier biotechnology names. On the positive side, RBC Bearings, Inc. continued to deliver strong results and The AZEK Co., Inc. performed well after being acquired by James Hardie. While we cannot predict how long the speculative tone will last, history shows that markets driven by exuberance can reverse quickly. Our focus remains on protecting capital and staying true to our investment approach.

#### FUND PERFORMANCE (October 31, 2015 to October 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

 **INVESTMENT PERFORMANCE OF $10,000**

![Fund Performance - Growth of 10K](chartimages_666394.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of October 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust/Confluence Small Cap Value Fund - Class C (w/max 1.00% contingent deferred sales charge) | -12.86% | 1.99% | 3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust/Confluence Small Cap Value Fund - Class C (without sales charge) | -12.02% | 1.99% | 3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Value Index | 9.87% | 13.85% | 8.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Index | 14.41% | 11.50% | 9.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |

---

 **Visit www.ftportfolios.com/MF/FOVCX for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.

KEY FUND STATISTICS (As of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$13365462 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

#### WHAT DID THE FUND INVEST IN? (As of October 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Knowles Corp. | 4.9% |
| Altus Group Ltd. | 4.3% |
| Cavco Industries, Inc. | 4.1% |
| TripAdvisor, Inc. | 4.1% |
| JBT Marel Corp. | 4.0% |
| Stewart Information Services Corp. | 3.9% |
| RBC Bearings, Inc. | 3.8% |
| Hayward Holdings, Inc. | 3.8% |
| Valvoline, Inc. | 3.8% |
| Vontier Corp. | 3.8% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_666534.jpg)

#### HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund's prospectus, and any applicable supplements at www.ftportfolios.com/fund-documents/MF/FOVCX or upon request at 1-800-621-1675 or info@ftportfolios.com.

On December 8, 2025, the Board of Trustees approved the liquidation of First Trust/Confluence Small Cap Value Fund on or around February 20, 2026 (the "Liquidation Date"). Effective as of market close on February 13, 2026, the Fund will cease accepting purchase orders from new or existing investors. Shareholders may redeem or exchange their shares at any time prior to the Liquidation Date.

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/MF/FOVCX to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

First Trust/Confluence Small Cap Value Fund (FOVCX)

### First Trust/Confluence Small Cap Value Fund

#### FOVIX \| Class I

#### ANNUAL SHAREHOLDER REPORT \| OCTOBER 31, 2025
![TSR Fund Logo](images_1995.jpg)

This annual shareholder report contains important information about the First Trust/Confluence Small Cap Value Fund (the "Fund") for the year of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/MF/FOVIX. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

 **This report describes changes to the Fund that occurred during or after the reporting period.**

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust/Confluence Small Cap Value Fund - Class I | $1281.36%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.35%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund's Class I returned -11.18% for the 12 months ended October 31, 2025. The Fund's Class I underperformed its benchmark, the Russell 2000<sup>®</sup> Index, which returned 14.41% for the same Period.

This underperformance was driven partly by stock selection, but also more importantly by a market environment that strongly favored speculative, lower-quality stocks.

Our investment philosophy is to own high-quality businesses at discounted valuations. We define risk as the probability of a permanent loss of capital. This discipline has historically produced a portfolio with lower beta and typically lower volatility, helping us hold up better in down markets but often causing us to lag when speculative behavior dominates.

The Period followed that pattern.

* First Quarter and Second Quarter: Small caps faced sharp volatility, first from economic and political uncertainty and an artificial intelligence ("AI")-related sell-off in the first quarter, and then from a sudden tariff shock in the early part of the second quarter that pushed the benchmark into bear-market territory. The Fund held up relatively well during the downturn. 

* Second Quarter (post-April 2025 lows) through the Third Quarter: After bottoming in April 2025, small caps rocketed higher, led by high-beta, unprofitable companies (many with little or no revenues) as well as speculative pockets such as junior miners and AI-adjacent businesses tied to power, grid, and infrastructure demand. This momentum-driven rebound extended through the third quarter and favored segments of the market that our quality-focused investment strategy intentionally avoids. 

From a stock selection standpoint, our overweight positions in the Consumer Staples and Health Care sectors were the biggest detractors. Consumer holdings, including J&J Snack Foods Corp. and John B. Sanfilippo & Son, Inc. were affected by the tariff environment and saw their top-line growth slow as consumers pulled back on discretionary spending. Health Care holdings, Enovis Corp. and CONMED Corp., experienced some softness as well, compounded by a broader rotation in which investors shunned profitable companies in favor of riskier biotechnology names. On the positive side, RBC Bearings, Inc. continued to deliver strong results and The AZEK Co., Inc. performed well after being acquired by James Hardie. While we cannot predict how long the speculative tone will last, history shows that markets driven by exuberance can reverse quickly. Our focus remains on protecting capital and staying true to our investment approach.

#### FUND PERFORMANCE (October 31, 2015 to October 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

 **INVESTMENT PERFORMANCE OF $10,000**

![Fund Performance - Growth of 10K](chartimages_666430.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of October 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust/Confluence Small Cap Value Fund - Class I | -11.18% | 2.96% | 4.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Value Index | 9.87% | 13.85% | 8.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Index | 14.41% | 11.50% | 9.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |

---

 **Visit www.ftportfolios.com/MF/FOVIX for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.

KEY FUND STATISTICS (As of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$13365462 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

#### WHAT DID THE FUND INVEST IN? (As of October 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| Knowles Corp. | 4.9% |
| Altus Group Ltd. | 4.3% |
| Cavco Industries, Inc. | 4.1% |
| TripAdvisor, Inc. | 4.1% |
| JBT Marel Corp. | 4.0% |
| Stewart Information Services Corp. | 3.9% |
| RBC Bearings, Inc. | 3.8% |
| Hayward Holdings, Inc. | 3.8% |
| Valvoline, Inc. | 3.8% |
| Vontier Corp. | 3.8% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_666542.jpg)

#### HOW HAS THE FUND MATERIALLY CHANGED?
This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund's prospectus, and any applicable supplements at www.ftportfolios.com/fund-documents/MF/FOVIX or upon request at 1-800-621-1675 or info@ftportfolios.com.

On December 8, 2025, the Board of Trustees approved the liquidation of First Trust/Confluence Small Cap Value Fund on or around February 20, 2026 (the "Liquidation Date"). Effective as of market close on February 13, 2026, the Fund will cease accepting purchase orders from new or existing investors. Shareholders may redeem or exchange their shares at any time prior to the Liquidation Date.

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/MF/FOVIX to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

First Trust/Confluence Small Cap Value Fund (FOVIX)

### First Trust Short Duration High Income Fund

#### FDHAX \| Class A

#### ANNUAL SHAREHOLDER REPORT \| OCTOBER 31, 2025
![TSR Fund Logo](images_1995.jpg)

This annual shareholder report contains important information about the First Trust Short Duration High Income Fund (the "Fund") for the year of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/MF/FDHAX. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Short Duration High Income Fund - Class A | $1301.26%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.25%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund's Class A shares returned 6.97% (without sales charge) for the 12 months ended October 31, 2025. The Fund's Class A shares underperformed its benchmark, the Blended Index, which consists of the following two indexes: 50% of the Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index and 50% of the ICE BofA US High Yield Constrained Index. The Blended Index returned 7.18% for the same Period (6.32% for the Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index and 8.03% for the ICE BofA US High Yield Constrained Index).

The following key factors impacted Fund performance relative to the Blended Index during the Period:

* **Credit Quality:** Performance across the credit quality spectrum was positive during the Period but assets rated BB and B generally outperformed assets rated CCC and below. The Fund benefited from selection to assets rated BB and CCC and below. Conversely, the Fund's allocation to assets rated BBB was a detractor to Fund performance.

* **Asset Type:** The Fund's selection in senior loans and bonds contributed to performance relative to the Blended Index. The Fund began the Period with a 32.92% allocation to loans and ended the Period with a 39.38% allocation to loans. The Fund began the Period with a 67.08% allocation to bonds and ended the period with a 60.62% allocation to bonds. Additionally, the Fund's net cash position was a headwind to performance.

* **Sector/Industry:** Relative to the Blended Index, the primary contributors to the Fund's performance were its selection within the Software & Services, Materials, and Media & Entertainment sectors. Conversely, the Fund's selection within commercial & professional services, underweight allocation to telecommunication services, and its selection within technology hardware & equipment were the primary detractors to Fund performance.

* **U.S. Treasury Rates:** 10-Year U.S. Treasury yields declined by 20 basis points ("bps") to 4.08% after entering the Period at 4.28%. Falling Treasury rates are generally a tailwind to fixed income assets.

* **Spreads, Yields and Prices:** Loan spreads over the Secured Overnight Financing Rate ("SOFR" or "base rate") compressed by 15 bps to S+429 bps. While loan spreads ended the Period below the long-term average of S+505 bps (January 1997 – October 2025), yields of 8.10% remain well above the long-term average of 7.13% (January 1997 – October 2025) driven by elevated base rates. Loan prices decreased by $0.23 to $96.67 and remain at a discount to par ($100). High-yield bond spreads over treasuries widened by 6 bps to T+294 bps. While high-yield bond spreads ended the Period below the long-term average of T+522 bps (December 1996 – October 2025), a yield-to-worst of 6.82% remains compelling, in our opinion. High-yield bond prices increased by $1.99 to $97.71 and remain at a discount to par ($100).

* **Defaults:** The Fund experienced zero defaults during the Period, compared to 15 defaults in the Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index and 12 defaults in the JP Morgan High-Yield Bond Universe. Since inception, the Fund experienced 12 defaults, compared to 511 combined in both indexes over the same timeframe. The loan market default rate increased from 0.73% at the beginning of the Period to 1.46% at the end of the Period, remaining below the long-term average of 2.56% (October 1998 – October 2025). The high-yield bond market default rate rose from 0.55% at the beginning of the Period to 0.64% at the end of the Period, remaining below the long-term average of 2.83% (December 1998 – October 2025). The avoidance of defaults generally benefits performance.

#### FUND PERFORMANCE (October 31, 2015 to October 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

**INVESTMENT PERFORMANCE OF $10,000**

![Fund Performance - Growth of 10K](chartimages_666445.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of October 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Short Duration High Income Fund - Class A (w/max 3.50% sales charge) | 3.24% | 4.18% | 3.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Short Duration High Income Fund - Class A (without sales charge) | 6.97% | 4.93% | 4.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Blended Index<sup>(1)</sup> | 7.18% | 6.26% | 5.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICE BofA US High Yield Constrained Index | 8.03% | 5.48% | 5.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index | 6.32% | 6.97% | 5.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Blended Index return is a 50/50 split between the ICE BofA US High Yield Constrained Index and the Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index returns.

**Visit www.ftportfolios.com/MF/FDHAX for more recent performance information.**

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$71971449 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;275 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$301950 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;84% |

---

#### WHAT DID THE FUND INVEST IN? (As of October 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of net assets and total investments, respectively, of the Fund.

**Fund Allocation**

---

| | |
|:---|:---|
| Corporate Bonds and Notes | 52.2% |
| Senior Floating-Rate Loan Interests | 37.4% |
| Foreign Corporate Bonds and Notes | 5.3% |
| Money Market Funds | 4.9% |
| Common Stocks | 0.0% |
| Rights | 0.0% |
| Net Other Assets and Liabilities | 0.2% |

---

Credit Quality<sup>(2)</sup>

![Graphical Representation - Allocation 2 Chart](chartimages_666338.jpg)

Any amount shown as 0.0% represents less than 0.1%.

(2) The ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher. "NR" indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/MF/FDHAX to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

First Trust Short Duration High Income Fund (FDHAX)

### First Trust Short Duration High Income Fund

#### FDHCX \| Class C

#### ANNUAL SHAREHOLDER REPORT \| OCTOBER 31, 2025
![TSR Fund Logo](images_1995.jpg)

This annual shareholder report contains important information about the First Trust Short Duration High Income Fund (the "Fund") for the year of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/MF/FDHCX. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Short Duration High Income Fund - Class C | $2072.01%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 2.00%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund's Class C shares returned 6.18% (without sales charge) for the 12 months ended October 31, 2025. The Fund's Class C shares underperformed its benchmark, the Blended Index, which consists of the following two indexes: 50% of the Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index and 50% of the ICE BofA US High Yield Constrained Index. The Blended Index returned 7.18% for the same Period (6.32% for the Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index and 8.03% for the ICE BofA US High Yield Constrained Index).

The following key factors impacted Fund performance relative to the Blended Index during the Period:

* **Credit Quality:** Performance across the credit quality spectrum was positive during the Period but assets rated BB and B generally outperformed assets rated CCC and below. The Fund benefited from selection to assets rated BB and CCC and below. Conversely, the Fund's allocation to assets rated BBB was a detractor to Fund performance.

* **Asset Type:** The Fund's selection in senior loans and bonds contributed to performance relative to the Blended Index. The Fund began the Period with a 32.92% allocation to loans and ended the Period with a 39.38% allocation to loans. The Fund began the Period with a 67.08% allocation to bonds and ended the period with a 60.62% allocation to bonds. Additionally, the Fund's net cash position was a headwind to performance.

* **Sector/Industry:** Relative to the Blended Index, the primary contributors to the Fund's performance were its selection within the Software & Services, Materials, and Media & Entertainment sectors. Conversely, the Fund's selection within commercial & professional services, underweight allocation to telecommunication services, and its selection within technology hardware & equipment were the primary detractors to Fund performance.

* **U.S. Treasury Rates:** 10-Year U.S. Treasury yields declined by 20 basis points ("bps") to 4.08% after entering the Period at 4.28%. Falling Treasury rates are generally a tailwind to fixed income assets.

* **Spreads, Yields and Prices:** Loan spreads over the Secured Overnight Financing Rate ("SOFR" or "base rate") compressed by 15 bps to S+429 bps. While loan spreads ended the Period below the long-term average of S+505 bps (January 1997 – October 2025), yields of 8.10% remain well above the long-term average of 7.13% (January 1997 – October 2025) driven by elevated base rates. Loan prices decreased by $0.23 to $96.67 and remain at a discount to par ($100). High-yield bond spreads over treasuries widened by 6 bps to T+294 bps. While high-yield bond spreads ended the Period below the long-term average of T+522 bps (December 1996 – October 2025), a yield-to-worst of 6.82% remains compelling, in our opinion. High-yield bond prices increased by $1.99 to $97.71 and remain at a discount to par ($100).

* **Defaults:** The Fund experienced zero defaults during the Period, compared to 15 defaults in the Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index and 12 defaults in the JP Morgan High-Yield Bond Universe. Since inception, the Fund experienced 12 defaults, compared to 511 combined in both indexes over the same timeframe. The loan market default rate increased from 0.73% at the beginning of the Period to 1.46% at the end of the Period, remaining below the long-term average of 2.56% (October 1998 – October 2025). The high-yield bond market default rate rose from 0.55% at the beginning of the Period to 0.64% at the end of the Period, remaining below the long-term average of 2.83% (December 1998 – October 2025). The avoidance of defaults generally benefits performance.

#### FUND PERFORMANCE (October 31, 2015 to October 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

**INVESTMENT PERFORMANCE OF $10,000**

![Fund Performance - Growth of 10K](chartimages_666413.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of October 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Short Duration High Income Fund - Class C (w/max 1.00% contingent deferred sales charge) | 5.18% | 4.14% | 3.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Short Duration High Income Fund - Class C (without sales charge) | 6.18% | 4.14% | 3.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Blended Index<sup>(1)</sup> | 7.18% | 6.26% | 5.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICE BofA US High Yield Constrained Index | 8.03% | 5.48% | 5.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index | 6.32% | 6.97% | 5.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Blended Index return is a 50/50 split between the ICE BofA US High Yield Constrained Index and the Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index returns.

**Visit www.ftportfolios.com/MF/FDHCX for more recent performance information.**

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$71971449 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;275 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$301950 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;84% |

---

#### WHAT DID THE FUND INVEST IN? (As of October 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of net assets and total investments, respectively, of the Fund.

**Fund Allocation**

---

| | |
|:---|:---|
| Corporate Bonds and Notes | 52.2% |
| Senior Floating-Rate Loan Interests | 37.4% |
| Foreign Corporate Bonds and Notes | 5.3% |
| Money Market Funds | 4.9% |
| Common Stocks | 0.0% |
| Rights | 0.0% |
| Net Other Assets and Liabilities | 0.2% |

---

Credit Quality<sup>(2)</sup>

![Graphical Representation - Allocation 2 Chart](chartimages_666346.jpg)

Any amount shown as 0.0% represents less than 0.1%.

(2) The ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher. "NR" indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/MF/FDHCX to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

First Trust Short Duration High Income Fund (FDHCX)

### First Trust Short Duration High Income Fund

#### FDHIX \| Class I

#### ANNUAL SHAREHOLDER REPORT \| OCTOBER 31, 2025
![TSR Fund Logo](images_1995.jpg)

This annual shareholder report contains important information about the First Trust Short Duration High Income Fund (the "Fund") for the year of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/MF/FDHIX. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Short Duration High Income Fund - Class I | $1051.01%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 1.00%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund's Class I shares returned 7.24% for the 12 months ended October 31, 2025. The Fund's Class I shares outperformed its benchmark, the Blended Index, which consists of the following two indexes: 50% of the Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index and 50% of the ICE BofA US High Yield Constrained Index. The Blended Index returned 7.18% for the same Period (6.32% for the Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index and 8.03% for the ICE BofA US High Yield Constrained Index).

The following key factors impacted Fund performance relative to the Blended Index during the Period:

* **Credit Quality:** Performance across the credit quality spectrum was positive during the Period but assets rated BB and B generally outperformed assets rated CCC and below. The Fund benefited from selection to assets rated BB and CCC and below. Conversely, the Fund's allocation to assets rated BBB was a detractor to Fund performance.

* **Asset Type:** The Fund's selection in senior loans and bonds contributed to performance relative to the Blended Index. The Fund began the Period with a 32.92% allocation to loans and ended the Period with a 39.38% allocation to loans. The Fund began the Period with a 67.08% allocation to bonds and ended the period with a 60.62% allocation to bonds. Additionally, the Fund's net cash position was a headwind to performance.

* **Sector/Industry:** Relative to the Blended Index, the primary contributors to the Fund's performance were its selection within the Software & Services, Materials, and Media & Entertainment sectors. Conversely, the Fund's selection within commercial & professional services, underweight allocation to telecommunication services, and its selection within technology hardware & equipment were the primary detractors to Fund performance.

* **U.S. Treasury Rates:** 10-Year U.S. Treasury yields declined by 20 basis points ("bps") to 4.08% after entering the Period at 4.28%. Falling Treasury rates are generally a tailwind to fixed income assets.

* **Spreads, Yields and Prices:** Loan spreads over the Secured Overnight Financing Rate ("SOFR" or "base rate") compressed by 15 bps to S+429 bps. While loan spreads ended the Period below the long-term average of S+505 bps (January 1997 – October 2025), yields of 8.10% remain well above the long-term average of 7.13% (January 1997 – October 2025) driven by elevated base rates. Loan prices decreased by $0.23 to $96.67 and remain at a discount to par ($100). High-yield bond spreads over treasuries widened by 6 bps to T+294 bps. While high-yield bond spreads ended the Period below the long-term average of T+522 bps (December 1996 – October 2025), a yield-to-worst of 6.82% remains compelling, in our opinion. High-yield bond prices increased by $1.99 to $97.71 and remain at a discount to par ($100).

* **Defaults:** The Fund experienced zero defaults during the Period, compared to 15 defaults in the Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index and 12 defaults in the JP Morgan High-Yield Bond Universe. Since inception, the Fund experienced 12 defaults, compared to 511 combined in both indexes over the same timeframe. The loan market default rate increased from 0.73% at the beginning of the Period to 1.46% at the end of the Period, remaining below the long-term average of 2.56% (October 1998 – October 2025). The high-yield bond market default rate rose from 0.55% at the beginning of the Period to 0.64% at the end of the Period, remaining below the long-term average of 2.83% (December 1998 – October 2025). The avoidance of defaults generally benefits performance.

#### FUND PERFORMANCE (October 31, 2015 to October 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

**INVESTMENT PERFORMANCE OF $10,000**

![Fund Performance - Growth of 10K](chartimages_666459.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of October 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Short Duration High Income Fund - Class I | 7.24% | 5.17% | 4.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Blended Index<sup>(1)</sup> | 7.18% | 6.26% | 5.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICE BofA US High Yield Constrained Index | 8.03% | 5.48% | 5.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index | 6.32% | 6.97% | 5.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Blended Index return is a 50/50 split between the ICE BofA US High Yield Constrained Index and the Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index returns.

**Visit www.ftportfolios.com/MF/FDHIX for more recent performance information.**

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$71971449 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;275 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$301950 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;84% |

---

#### WHAT DID THE FUND INVEST IN? (As of October 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of net assets and total investments, respectively, of the Fund.

**Fund Allocation**

---

| | |
|:---|:---|
| Corporate Bonds and Notes | 52.2% |
| Senior Floating-Rate Loan Interests | 37.4% |
| Foreign Corporate Bonds and Notes | 5.3% |
| Money Market Funds | 4.9% |
| Common Stocks | 0.0% |
| Rights | 0.0% |
| Net Other Assets and Liabilities | 0.2% |

---

Credit Quality<sup>(2)</sup>

![Graphical Representation - Allocation 2 Chart](chartimages_666358.jpg)

Any amount shown as 0.0% represents less than 0.1%.

(2) The ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher. "NR" indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/MF/FDHIX to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

First Trust Short Duration High Income Fund (FDHIX)

### First Trust Managed Municipal Fund

#### CWAAX \| Class A

#### ANNUAL SHAREHOLDER REPORT \| OCTOBER 31, 2025
![TSR Fund Logo](images_1995.jpg)

This annual shareholder report contains important information about the First Trust Managed Municipal Fund (the "Fund") for the period of March 4, 2025 (commencement of investment operations) to October 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/MF/CWAAX. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)

---

| |
|:---|
| **Fund** |
| First Trust Managed Municipal Fund - Class A$61<sup>(1)</sup>0.91%<sup>(2) (3)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Class A Shares commenced investment operations on March 4, 2025. Had the class been in operation for a complete fiscal year, the cost of a $10,000 investment would have been higher.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.90%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund's Class A returned 1.64% (without sales charge) from the class' inception on March 4, 2025 through October 31, 2025. The Fund's Class A underperformed its benchmark, the Bloomberg Municipal Bond 5-15 Year Index, which returned 3.17% for the same Period.

The following key factors impacted the Fund's performance relative to the benchmark during the Period:

* **Credit Rating**:The Fund's underweight selection of AA rated bonds, and the overweight selection of A rated bonds were the primary negative contributors to Fund underperformance relative to the benchmark. The Fund's overweight selection of BBB rated bonds, an overweight selection to NR rated bonds, and the Cash position were secondary detractors to Fund performance relative to the benchmark. 

* **Yield Curve Positioning/Duration**: Relative to the benchmark, the overweight allocation to bonds with a stated maturity of 18+ years was the primary factor contributing to the Fund's underperformance. The overweight selection of bonds in the 14-16 years maturity, and the overweight allocation to bonds in the 16-18 years maturity were the secondary detractors to the Fund's performance. Examining effective durations, the Fund's selection of bonds with durations of 7-10 years was the primary contributor to the Fund's underperformance. The allocation and selection of bonds with durations of 5-7 years, the selection of bonds with durations of 10+ years, and the allocation and selection of bonds with 0-1 years duration were secondary sources of underperformance relative to the benchmark. 

* **Interest Rate Hedge**: The use of Treasury futures to hedge interest rate risk had relatively no impact on the Fund's performance during the Period. 

* **Sector/Industry**: During the Period, the selection in Health Care and Industrial Development bonds were the primary sources of the Fund's underperformance. The selection in Education, Local General Obligation, Special Tax, and Utility bonds were the secondary detractors to the Fund's performance. 

* **U.S. Treasury Rate Trends**: During the Period, 10-year U.S. Treasury yields increased by approximately 29 basis points ("bps") while 30-year yields increased by 57 bps, respectively, to 4.08% and 4.65%, respectively. 

* **New Issue Supply**: During the Period, primary market supply increased approximately 6.7% to $414.4 billion compared with $388.4 billion compared to the same period in 2024 (SIFMA, Bloomberg, Barclays Research). 

* **Municipal Credit Yields**: During the Period, according to Managed Municipal Date, AAA yield curve data, 10-year municipal yields decreased 14 bps while 30-year yields increased by 18 bps, respectively, to 2.73% and 4.15%, respectively. 

* **Municipal Credit Spreads**: During the Period, credits spreads tightened for A by 1 bp, while BBB, and high yield municipals widened by approximately 16 bps, and 18 bps, respectively. 

* **Industry Fund Flows**: During the Period, according to data collected by LSEG Global Fund Flows, fund flows totaled approximately $15.9 billion. 

#### FUND PERFORMANCE (March 04, 2025 to October 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

 **INVESTMENT PERFORMANCE OF $10,000**

![Fund Performance - Growth of 10K](chartimages_666624.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns (as of October 31, 2025)** | **Since<br> Inception<br> (3/4/25)** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Managed Municipal Fund - Class A (w/max 3.50% sales charge) | -2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Managed Municipal Fund - Class A (without sales charge) | 1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomberg Municipal Bond 5-15 Year Index | 3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomberg Municipal Bond Index | 2.35% |

---

 **Visit www.ftportfolios.com/MF/CWAAX for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.

Performance in municipal bond investment strategies can be impacted from the benefits of purchasing odd lot positions. The impact of these investments can be particularly meaningful when funds have limited assets under management and may not be a sustainable source of performance as a fund grows in size.

KEY FUND STATISTICS (As of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$61904354 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;119 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$157035 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

#### WHAT DID THE FUND INVEST IN? (As of October 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

Credit Quality<sup>(1)</sup>

---

| | |
|:---|:---|
| AAA | 3.9% |
| AA | 30.6% |
| A | 32.9% |
| BBB | 14.7% |
| BB | 3.0% |
| B | 1.7% |
| Not Rated | 13.2% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_666619.jpg)

(1) The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody's Investors Service, Inc., Fitch Ratings or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/MF/CWAAX to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

First Trust Managed Municipal Fund (CWAAX)

### First Trust Managed Municipal Fund

#### CWAIX \| Class I

#### ANNUAL SHAREHOLDER REPORT \| OCTOBER 31, 2025
![TSR Fund Logo](images_1995.jpg)

This annual shareholder report contains important information about the First Trust Managed Municipal Fund (the "Fund") for the year of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/MF/CWAIX. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Managed Municipal Fund - Class I | $670.66%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes extraordinary expenses. If these extraordinary expenses were not included, the expense ratio would have been 0.65%.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund's Class I returned 3.50% for the 12 months ended October 31, 2025. The Fund's Class I underperformed its benchmark, the Bloomberg Municipal Bond 5-15 Year Index, which returned 5.41% for the same Period.

The following key factors impacted the Fund's performance relative to the benchmark during the Period:

* **Credit Rating**: The Fund's underweight selection of AA rated bonds, and the overweight selection of A rated bonds were the primary negative contributors to the Fund's performance relative to the benchmark. The Fund's overweight selection of BBB rated bonds, and the Cash position were secondary detractors to the Fund's performance relative to the benchmark. 

* **Yield Curve Positioning/Duration**: Relative to the benchmark, the overweight allocation to bonds with a stated maturity of 18+ years was the primary factor contributing to the Fund's performance. The overweight selection of bonds with maturities of 14-16 years, and the overweight allocation to bonds with maturities of 16-18 years were the secondary detractors to the Fund's performance. Examining effective durations, the Fund's selection of bonds with durations of 7-10 years was the primary contributor to the Fund's underperformance. The allocation and selection of bonds with durations of 5-7 years, the selection of bonds with durations of 10+ years, and the allocation and selection of bonds with 0-1 years duration were secondary sources of underperformance relative to the benchmark. 

* **Interest Rate Hedge**: The use of Treasury futures to hedge interest rate risk had relatively no impact on the Fund's performance during the Period. 

* **Sector/Industry**: During the Period, the selection in Health Care and Industrial Development bonds were the primary sources of the Fund's underperformance. The selection in Education, Transportation and Utility bonds were the secondary detractors to the Fund's performance. 

* **U.S. Treasury Rate Trends**: During the Period, 10-year U.S. Treasury yields decreased by approximately 20 basis points ("bps") while 30-year yields increased by 17 bps, respectively, to 4.08% and 4.65%, respectively. 

* **New Issue Supply**: During the Period, primary market supply increased approximately 7.3% to $551.6 billion compared with $514.3 billion a year ago (SIFMA, Bloomberg, Barclays Research). 

* **Municipal Credit Yields**: For the Period, according to Municipal Market Data, AAA yield curve data, 10-year municipal yields decreased 28 bps while 30-year yields increased by 28 bps, respectively, to 2.73% and 4.15%, respectively. 

* **Municipal Credit Spreads**: During the Period, credits spreads widened for A, BBB, and high yield municipals by approximately 1 bp, 21 bps, and 29 bps, respectively. 

* **Industry Fund Flows**: During the Period, according to data collected by LSEG Global Fund Flows, fund flows totaled approximately $24.2 billion. 

#### FUND PERFORMANCE (June 15, 2022 to October 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

 **INVESTMENT PERFORMANCE OF $10,000**

![Fund Performance - Growth of 10K](chartimages_666471.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns (as of October 31, 2025)** | **1 Year** | **Since<br> Inception<br> (6/15/22)** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Managed Municipal Fund - Class I | 3.50% | 3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomberg Municipal Bond 5-15 Year Index | 5.41% | 4.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomberg Municipal Bond Index | 4.17% | 3.86% |

---

 **Visit www.ftportfolios.com/MF/CWAIX for more recent performance information.**

 **The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.

Performance in municipal bond investment strategies can be impacted from the benefits of purchasing odd lot positions. The impact of these investments can be particularly meaningful when funds have limited assets under management and may not be a sustainable source of performance as a fund grows in size.

KEY FUND STATISTICS (As of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$61904354 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;119 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$157035 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

#### WHAT DID THE FUND INVEST IN? (As of October 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| AAA | 3.9% |
| AA | 30.6% |
| A | 32.9% |
| BBB | 14.7% |
| BB | 3.0% |
| B | 1.7% |
| Not Rated | 13.2% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_666369.jpg)

(1) The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody's Investors Service, Inc., Fitch Ratings or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/MF/CWAIX to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

First Trust Managed Municipal Fund (CWAIX)

### First Trust Preferred Securities and Income Fund

#### FPEAX \| Class A

#### ANNUAL SHAREHOLDER REPORT \| OCTOBER 31, 2025
![TSR Fund Logo](images_1995.jpg)

This annual shareholder report contains important information about the First Trust Preferred Securities and Income Fund (the "Fund") for the year of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/MF/FPEAX. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Preferred Securities and Income Fund - Class A | $1471.41%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratio reflects extraordinary expenses of 0.01%, which are not included in the expense cap.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund's Class A returned 8.54% (without sales charge) for the 12 months ended October 31, 2025. The Fund's Class A outperformed its benchmark, a blended benchmark consisting of a 30/30/30/10 blend of the ICE BofA Core Plus Fixed Rate Preferred Securities Index, the ICE BofA US Investment Grade Institutional Capital Securities Index, the ICE USD Contingent Capital Index and the ICE BofA US High Yield Institutional Capital Securities Index, which returned 6.67% for the same Period.

This outperformance was primarily driven by security selection within $25 par fixed rate securities and Swiss banks. Long duration (10+ years) $25 pars underperformed significantly during the Period. The Fund benefited from better security selection and an underweight allocation to these securities. The Fund's holdings in the Credit Suisse Group AG legal claims were the main catalyst for its outperformance within Swiss banks, as the claims repriced higher following a positive development in the Swiss court. Other factors that contributed to the Fund's outperformance were as follows:

* Overweight allocation to Canadian banks and agriculture

* Security selection within global banks including U.S. Global Systematically Important Banks, European banks, and high-quality Emerging Market banks

* Security selection in insurance, utilities, and real estate investment trusts

The Fund also had a few factors that modestly detracted from relative performance compared to the benchmark, including the following:

* Underweight allocation to Emerging Market banks and energy

* Security selection within consumer finance

* Overweight allocation to investment companies

#### FUND PERFORMANCE (October 31, 2015 to October 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

**INVESTMENT PERFORMANCE OF $10,000**

![Fund Performance - Growth of 10K](chartimages_666425.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of October 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Preferred Securities and Income Fund - Class A (w/max 4.50% sales charge) | 3.67% | 3.38% | 4.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Preferred Securities and Income Fund - Class A (without sales charge) | 8.54% | 4.33% | 4.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICE BofA US Investment Grade Institutional Capital Securities Index | 8.28% | 4.45% | 5.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Blended Index<sup>(1)</sup> | 6.67% | 3.25% | 4.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Blended Index consists of a 30/30/30/10 blend of the ICE BofA Core Plus Fixed Rate Preferred Securities Index, the ICE BofA US Investment Grade Institutional Capital Securities Index, the ICE USD Contingent Capital Index and the ICE BofA US HighYield Institutional Capital Securities Index.

**Visit www.ftportfolios.com/MF/FPEAX for more recent performance information.**

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.

KEY FUND STATISTICS (As of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$215885466 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;217 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1671151 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

#### WHAT DID THE FUND INVEST IN? (As of October 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| Bank of America Corp., 6.63% | 2.7% |
| Wells Fargo & Co., Series L, 7.50% | 2.3% |
| Barclays PLC, 8.00% | 2.0% |
| JPMorgan Chase & Co., Series NN, 6.88% | 1.7% |
| Credit Agricole S.A., 7.13% | 1.5% |
| Land O'Lakes, Inc., 8.00% | 1.4% |
| NextEra Energy Capital Holdings, Inc., Series U, 6.50%, 06/01/85 | 1.4% |
| BNP Paribas S.A., 8.50% | 1.3% |
| Goldman Sachs Group (The), Inc., Series X, 7.50% | 1.3% |
| Hartford Insurance Group (The), Inc., 6.60%, 02/12/47 | 1.3% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_666553.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/MF/FPEAX to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

First Trust Preferred Securities and Income Fund (FPEAX)

### First Trust Preferred Securities and Income Fund

#### FPECX \| Class C

#### ANNUAL SHAREHOLDER REPORT \| OCTOBER 31, 2025
![TSR Fund Logo](images_1995.jpg)

This annual shareholder report contains important information about the First Trust Preferred Securities and Income Fund (the "Fund") for the year of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/MF/FPECX. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Preferred Securities and Income Fund - Class C | $2242.16%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratio reflects extraordinary expenses of 0.01%, which are not included in the expense cap.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund's Class C returned 7.66% (without sales charge) for the 12 months ended October 31, 2025. The Fund's Class C outperformed its benchmark, a blended benchmark consisting of a 30/30/30/10 blend of the ICE BofA Core Plus Fixed Rate Preferred Securities Index, the ICE BofA US Investment Grade Institutional Capital Securities Index, the ICE USD Contingent Capital Index and the ICE BofA US High Yield Institutional Capital Securities Index, which returned 6.67% for the same Period.

This outperformance was primarily driven by security selection within $25 par fixed rate securities and Swiss banks. Long duration (10+ years) $25 pars underperformed significantly during the Period. The Fund benefited from better security selection and an underweight allocation to these securities. The Fund's holdings in the Credit Suisse Group AG legal claims were the main catalyst for its outperformance within Swiss banks, as the claims repriced higher following a positive development in the Swiss court. Other factors that contributed to the Fund's outperformance were as follows:

* Overweight allocation to Canadian banks and agriculture

* Security selection within global banks including U.S. Global Systematically Important Banks, European banks, and high-quality Emerging Market banks

* Security selection in insurance, utilities, and real estate investment trusts

The Fund also had a few factors that modestly detracted from relative performance compared to the benchmark, including the following:

* Underweight allocation to Emerging Market banks and energy

* Security selection within consumer finance

* Overweight allocation to investment companies

#### FUND PERFORMANCE (October 31, 2015 to October 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

**INVESTMENT PERFORMANCE OF $10,000**

![Fund Performance - Growth of 10K](chartimages_666476.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of October 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Preferred Securities and Income Fund - Class C (w/max 1.00% contingent deferred sales charge) | 6.66% | 3.56% | 4.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Preferred Securities and Income Fund - Class C (without sales charge) | 7.66% | 3.56% | 4.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICE BofA US Investment Grade Institutional Capital Securities Index | 8.28% | 4.45% | 5.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Blended Index<sup>(1)</sup> | 6.67% | 3.25% | 4.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Blended Index consists of a 30/30/30/10 blend of the ICE BofA Core Plus Fixed Rate Preferred Securities Index, the ICE BofA US Investment Grade Institutional Capital Securities Index, the ICE USD Contingent Capital Index and the ICE BofA US HighYield Institutional Capital Securities Index.

**Visit www.ftportfolios.com/MF/FPECX for more recent performance information.**

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.

KEY FUND STATISTICS (As of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$215885466 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;217 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1671151 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

#### WHAT DID THE FUND INVEST IN? (As of October 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| Bank of America Corp., 6.63% | 2.7% |
| Wells Fargo & Co., Series L, 7.50% | 2.3% |
| Barclays PLC, 8.00% | 2.0% |
| JPMorgan Chase & Co., Series NN, 6.88% | 1.7% |
| Credit Agricole S.A., 7.13% | 1.5% |
| Land O'Lakes, Inc., 8.00% | 1.4% |
| NextEra Energy Capital Holdings, Inc., Series U, 6.50%, 06/01/85 | 1.4% |
| BNP Paribas S.A., 8.50% | 1.3% |
| Goldman Sachs Group (The), Inc., Series X, 7.50% | 1.3% |
| Hartford Insurance Group (The), Inc., 6.60%, 02/12/47 | 1.3% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_666568.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/MF/FPECX to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

First Trust Preferred Securities and Income Fund (FPECX)

### First Trust Preferred Securities and Income Fund

#### FPEFX \| Class F

#### ANNUAL SHAREHOLDER REPORT \| OCTOBER 31, 2025
![TSR Fund Logo](images_1995.jpg)

This annual shareholder report contains important information about the First Trust Preferred Securities and Income Fund (the "Fund") for the year of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/MF/FPEFX. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Preferred Securities and Income Fund - Class F | $1371.31%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratio reflects extraordinary expenses of 0.01%, which are not included in the expense cap.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund's Class F returned 8.57% for the 12 months ended October 31, 2025. The Fund's Class F outperformed its benchmark, a blended benchmark consisting of a 30/30/30/10 blend of the ICE BofA Core Plus Fixed Rate Preferred Securities Index, the ICE BofA US Investment Grade Institutional Capital Securities Index, the ICE USD Contingent Capital Index and the ICE BofA US High Yield Institutional Capital Securities Index, which returned 6.67% for the same Period.

This outperformance was primarily driven by security selection within $25 par fixed rate securities and Swiss banks. Long duration (10+ years) $25 pars underperformed significantly during the Period. The Fund benefited from better security selection and an underweight allocation to these securities. The Fund's holdings in the Credit Suisse Group AG legal claims were the main catalyst for its outperformance within Swiss banks, as the claims repriced higher following a positive development in the Swiss court. Other factors that contributed to the Fund's outperformance were as follows:

* Overweight allocation to Canadian banks and agriculture

* Security selection within global banks including U.S. Global Systematically Important Banks, European banks, and high-quality Emerging Market banks

* Security selection in insurance, utilities, and real estate investment trusts

The Fund also had a few factors that modestly detracted from relative performance compared to the benchmark, including the following:

* Underweight allocation to Emerging Market banks and energy

* Security selection within consumer finance

* Overweight allocation to investment companies

#### FUND PERFORMANCE (October 31, 2015 to October 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

**INVESTMENT PERFORMANCE OF $10,000**

![Fund Performance - Growth of 10K](chartimages_666488.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of October 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Preferred Securities and Income Fund - Class F | 8.57% | 4.38% | 5.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICE BofA US Investment Grade Institutional Capital Securities Index | 8.28% | 4.45% | 5.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Blended Index<sup>(1)</sup> | 6.67% | 3.25% | 4.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Blended Index consists of a 30/30/30/10 blend of the ICE BofA Core Plus Fixed Rate Preferred Securities Index, the ICE BofA US Investment Grade Institutional Capital Securities Index, the ICE USD Contingent Capital Index and the ICE BofA US HighYield Institutional Capital Securities Index.

**Visit www.ftportfolios.com/MF/FPEFX for more recent performance information.**

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.

KEY FUND STATISTICS (As of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$215885466 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;217 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1671151 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

#### WHAT DID THE FUND INVEST IN? (As of October 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| Bank of America Corp., 6.63% | 2.7% |
| Wells Fargo & Co., Series L, 7.50% | 2.3% |
| Barclays PLC, 8.00% | 2.0% |
| JPMorgan Chase & Co., Series NN, 6.88% | 1.7% |
| Credit Agricole S.A., 7.13% | 1.5% |
| Land O'Lakes, Inc., 8.00% | 1.4% |
| NextEra Energy Capital Holdings, Inc., Series U, 6.50%, 06/01/85 | 1.4% |
| BNP Paribas S.A., 8.50% | 1.3% |
| Goldman Sachs Group (The), Inc., Series X, 7.50% | 1.3% |
| Hartford Insurance Group (The), Inc., 6.60%, 02/12/47 | 1.3% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_666577.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/MF/FPEFX to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

First Trust Preferred Securities and Income Fund (FPEFX)

### First Trust Preferred Securities and Income Fund

#### FPEIX \| Class I

#### ANNUAL SHAREHOLDER REPORT \| OCTOBER 31, 2025
![TSR Fund Logo](images_1995.jpg)

This annual shareholder report contains important information about the First Trust Preferred Securities and Income Fund (the "Fund") for the year of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/MF/FPEIX. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Preferred Securities and Income Fund - Class I | $1121.07%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratio reflects extraordinary expenses of 0.01%, which are not included in the expense cap.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund's Class I returned 8.82% for the 12 months ended October 31, 2025. The Fund's Class I outperformed its benchmark, a blended benchmark consisting of a 30/30/30/10 blend of the ICE BofA Core Plus Fixed Rate Preferred Securities Index, the ICE BofA US Investment Grade Institutional Capital Securities Index, the ICE USD Contingent Capital Index and the ICE BofA US High Yield Institutional Capital Securities Index, which returned 6.67% for the same Period.

This outperformance was primarily driven by security selection within $25 par fixed rate securities and Swiss banks. Long duration (10+ years) $25 pars underperformed significantly during the Period. The Fund benefited from better security selection and an underweight allocation to these securities. The Fund's holdings in the Credit Suisse Group AG legal claims were the main catalyst for its outperformance within Swiss banks, as the claims repriced higher following a positive development in the Swiss court. Other factors that contributed to the Fund's outperformance were as follows:

* Overweight allocation to Canadian banks and agriculture

* Security selection within global banks including U.S. Global Systematically Important Banks, European banks, and high-quality Emerging Market banks

* Security selection in insurance, utilities, and real estate investment trusts

The Fund also had a few factors that modestly detracted from relative performance compared to the benchmark, including the following:

* Underweight allocation to Emerging Market banks and energy

* Security selection within consumer finance

* Overweight allocation to investment companies

#### FUND PERFORMANCE (October 31, 2015 to October 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

**INVESTMENT PERFORMANCE OF $10,000**

![Fund Performance - Growth of 10K](chartimages_666507.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of October 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Preferred Securities and Income Fund - Class I | 8.82% | 4.64% | 5.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICE BofA US Investment Grade Institutional Capital Securities Index | 8.28% | 4.45% | 5.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Blended Index<sup>(1)</sup> | 6.67% | 3.25% | 4.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Blended Index consists of a 30/30/30/10 blend of the ICE BofA Core Plus Fixed Rate Preferred Securities Index, the ICE BofA US Investment Grade Institutional Capital Securities Index, the ICE USD Contingent Capital Index and the ICE BofA US HighYield Institutional Capital Securities Index.

**Visit www.ftportfolios.com/MF/FPEIX for more recent performance information.**

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (As of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$215885466 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;217 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1671151 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

#### WHAT DID THE FUND INVEST IN? (As of October 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| Bank of America Corp., 6.63% | 2.7% |
| Wells Fargo & Co., Series L, 7.50% | 2.3% |
| Barclays PLC, 8.00% | 2.0% |
| JPMorgan Chase & Co., Series NN, 6.88% | 1.7% |
| Credit Agricole S.A., 7.13% | 1.5% |
| Land O'Lakes, Inc., 8.00% | 1.4% |
| NextEra Energy Capital Holdings, Inc., Series U, 6.50%, 06/01/85 | 1.4% |
| BNP Paribas S.A., 8.50% | 1.3% |
| Goldman Sachs Group (The), Inc., Series X, 7.50% | 1.3% |
| Hartford Insurance Group (The), Inc., 6.60%, 02/12/47 | 1.3% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_666592.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/MF/FPEIX to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

First Trust Preferred Securities and Income Fund (FPEIX)

### First Trust Preferred Securities and Income Fund

#### FPERX \| Class R3

#### ANNUAL SHAREHOLDER REPORT \| OCTOBER 31, 2025
![TSR Fund Logo](images_1995.jpg)

This annual shareholder report contains important information about the First Trust Preferred Securities and Income Fund (the "Fund") for the year of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at www.ftportfolios.com/fund-documents/MF/FPERX. You can also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

#### WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Preferred Securities and Income Fund - Class R3 | $1731.66%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratio reflects extraordinary expenses of 0.01%, which are not included in the expense cap.

#### HOW DID THE FUND PERFORM LAST YEAR? WHAT AFFECTED THE FUND'S PERFORMANCE?
The Fund's Class R3 returned 8.20% for the 12 months ended October 31, 2025. The Fund's Class R3 outperformed its benchmark, a blended benchmark consisting of a 30/30/30/10 blend of the ICE BofA Core Plus Fixed Rate Preferred Securities Index, the ICE BofA US Investment Grade Institutional Capital Securities Index, the ICE USD Contingent Capital Index and the ICE BofA US High Yield Institutional Capital Securities Index, which returned 6.67% for the same Period.

This outperformance was primarily driven by security selection within $25 par fixed rate securities and Swiss banks. Long duration (10+ years) $25 pars underperformed significantly during the Period. The Fund benefited from better security selection and an underweight allocation to these securities. The Fund's holdings in the Credit Suisse Group AG legal claims were the main catalyst for its outperformance within Swiss banks, as the claims repriced higher following a positive development in the Swiss court. Other factors that contributed to the Fund's outperformance were as follows:

* Overweight allocation to Canadian banks and agriculture

* Security selection within global banks including U.S. Global Systematically Important Banks, European banks, and high-quality Emerging Market banks

* Security selection in insurance, utilities, and real estate investment trusts

The Fund also had a few factors that modestly detracted from relative performance compared to the benchmark, including the following:

* Underweight allocation to Emerging Market banks and energy

* Security selection within consumer finance

* Overweight allocation to investment companies

#### FUND PERFORMANCE (October 31, 2015 to October 31, 2025)
The performance line graph below shows the performance of a hypothetical $10,000 initial investment in the Fund over a ten-year period (or for the life of the Fund, if shorter). The subsequent account value as of the end of the Period is listed next to the name of the Fund or index, as applicable. The performance table below shows the average annual total returns of the Fund for the past one-, five-, and ten-year periods, as applicable (or for the life of the Fund, if shorter), as of the end of the Period. Both the line graph and performance table compare the Fund's performance to an appropriate broad-based index and may compare to additional indices reflecting the market segment(s) in which the Fund invests over the same periods.

**INVESTMENT PERFORMANCE OF $10,000**

![Fund Performance - Growth of 10K](chartimages_666518.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns (as of October 31, 2025)** | **1 Year** | **5 Year** | **10 Year** |
| &nbsp;&nbsp;&nbsp;&nbsp;First Trust Preferred Securities and Income Fund - Class R3 | 8.20% | 4.02% | 4.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICE BofA US Investment Grade Institutional Capital Securities Index | 8.28% | 4.45% | 5.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Blended Index<sup>(1)</sup> | 6.67% | 3.25% | 4.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Blended Index consists of a 30/30/30/10 blend of the ICE BofA Core Plus Fixed Rate Preferred Securities Index, the ICE BofA US Investment Grade Institutional Capital Securities Index, the ICE USD Contingent Capital Index and the ICE BofA US HighYield Institutional Capital Securities Index.

**Visit www.ftportfolios.com/MF/FPERX for more recent performance information.**

**The Fund's past performance is not a good predictor of the Fund's future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund's total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.

KEY FUND STATISTICS (As of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$215885466 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;217 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1671151 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

#### WHAT DID THE FUND INVEST IN? (As of October 31, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| Bank of America Corp., 6.63% | 2.7% |
| Wells Fargo & Co., Series L, 7.50% | 2.3% |
| Barclays PLC, 8.00% | 2.0% |
| JPMorgan Chase & Co., Series NN, 6.88% | 1.7% |
| Credit Agricole S.A., 7.13% | 1.5% |
| Land O'Lakes, Inc., 8.00% | 1.4% |
| NextEra Energy Capital Holdings, Inc., Series U, 6.50%, 06/01/85 | 1.4% |
| BNP Paribas S.A., 8.50% | 1.3% |
| Goldman Sachs Group (The), Inc., Series X, 7.50% | 1.3% |
| Hartford Insurance Group (The), Inc., 6.60%, 02/12/47 | 1.3% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_666601.jpg)

#### WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Visit www.ftportfolios.com/fund-documents/MF/FPERX to view additional information about the Fund such as the prospectus, financial information, Fund holdings and proxy voting information. You may also request this information by contacting us at 1-800-621-1675 or info@ftportfolios.com.

First Trust Preferred Securities and Income Fund (FPERX)

------

(b) Not applicable to the Registrant.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The First Trust Series Fund ("Registrant"), as of the end of the period covered by this
report, has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed
by the Registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments, during the period covered by this report, to a provision of the code
of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller,
or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, and
that relates to any element of the code of ethics description.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Registrant, during the period covered by this report, has not granted any waivers, including an
implicit waiver, from a provision of the code of ethics that applies to the Registrant's principal executive officer, principal
financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals
are employed by the Registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's
instructions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the code of ethics that applies to the Registrant's principal executive officer, principal
financial officer, principal accounting officer or controller is filed as an exhibit pursuant to Item 13(a)(1).

**Item 3. Audit Committee Financial Expert.**

The Registrant's Board of Trustees has determined that Thomas J. Driscoll, Thomas R. Kadlec and Robert F. Keith are qualified to serve as audit committee financial experts serving on its audit committee and that each of them is "independent," as defined by Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit Fees (Registrant) -- The aggregate fees billed for professional services rendered by the principal
accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant
in connection with statutory and regulatory filings or engagements were $156,000 for the fiscal year ended 2024 and $153,000 for the fiscal
year ended 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related Fees (Registrant) -- The aggregate fees billed for assurance and related services by
the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and
are not reported under paragraph (a) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

Audit-Related Fees (Investment Advisor) -- The aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

Audit-Related Fees (Distributor) -- The aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Tax Fees (Registrant) -- The aggregate fees billed for professional services rendered by the principal
accountant for tax return review and debt instrument tax analysis and reporting were $56,000 for the fiscal year ended 2024 and $56,000
for the fiscal year ended 2025.

Tax Fees (Investment Advisor) -- The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning to the Registrant's advisor were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

Tax Fees (Distributor) -- The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning to the Registrant's distributor were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

These fees were for tax consultation and/or tax return preparation.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All Other Fees (Registrant) -- The aggregate fees billed for products and services provided by the
principal accountant to the Registrant, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal
year ended 2024 and $0 for the fiscal year ended 2025.

All Other Fees (Investment Advisor) -- The aggregate fees billed for products and services provided by the principal accountant to the Registrant's investment advisor, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

All Other Fees (Distributor) -- The aggregate fees billed for products and services provided by the principal accountant to the Registrant's distributor, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal year ended 2024 and $0 for the fiscal year ended 2025.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

Pursuant to its charter and its Audit and Non-Audit Services Pre-Approval Policy, the Audit Committee (the "Committee") is responsible for the pre-approval of all audit services and permitted non-audit services (including the fees and terms thereof) to be performed for the Registrant by its independent auditors. The Chairman of the Committee is authorized to give such pre-approvals on behalf of the Committee up to $25,000 and report any such pre-approval to the full Committee.

The Committee is also responsible for the pre-approval of the independent auditor's engagements for non-audit services with the Registrant's advisor (not including a sub-advisor whose role is primarily portfolio management and is sub-contracted or overseen by another investment advisor) and any entity controlling, controlled by or under common control with the investment advisor that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant, subject to the de minimis exceptions for non-audit services described in Rule 2-01 of Regulation S-X. If the independent auditor has provided non-audit services to the Registrant's advisor (other than any sub-advisor whose role is primarily portfolio management and is sub-contracted with or overseen by another investment advisor) and any entity controlling, controlled by or under common control with the investment advisor that provides ongoing services to the Registrant that were not pre-approved pursuant to its policies, the Committee will consider whether the provision of such non-audit services is compatible with the auditor's independence.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) for the Registrant and the Registrant's investment advisor and distributor of this Item that were approved by the audit committee pursuant to the pre-approval exceptions included in paragraph (c)(7)(i)(C) or paragraph(C)(7)(ii) of Rule 2-01 of Regulation S-X are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Registrant: | &nbsp;&nbsp;Advisor and Distributor: |
| &nbsp;&nbsp;(b) 0% | &nbsp;&nbsp; (b) 0% |
| &nbsp;&nbsp;(c) 0% | &nbsp;&nbsp; (c) 0% |
| &nbsp;&nbsp;(d) 0% | &nbsp;&nbsp; (d) 0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) The percentage of hours expended on the principal accountant's engagement to audit the Registrant's
financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's
full-time, permanent employees was less than fifty percent.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the Registrant's accountant for services rendered to
the Registrant, and rendered to the Registrant's investment advisor (not including any sub-advisor whose role is primarily portfolio
management and is subcontracted with or overseen by another investment advisor), and any entity controlling, controlled by, or under common
control with the advisor that provides ongoing services to the Registrant for the fiscal year ended 2024 were $56,000 for the Registrant,
$28,080 for the Registrant's investment advisor, $32,400 for the Registrant's distributor and $8,640 for Stonebridge Advisors
LLC, which is under common control with the registrant's investment advisor and serves as the registrant's sub-advisor for
the First Trust Preferred Securities and Income Fund ("Stonebridge"); and for the fiscal year ended 2025 were $56,000 for
the Registrant, $28,620 for the Registrant's investment advisor, $32,940 for the Registrant's distributor and $9,180 for Stonebridge.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The Registrant's audit committee of its Board of Trustees has determined that the provision
of non-audit services that were rendered to the Registrant's investment advisor (not including any sub-advisor whose role is primarily
portfolio management and is subcontracted with or overseen by another investment advisor), and any entity controlling, controlled by,
or under common control with the investment advisor that provides ongoing services to the Registrant that were not pre-approved pursuant
to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable to the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable to the Registrant.

**Item 5. Audit Committee of Listed Registrants.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has a separately designated standing audit committee established in accordance with
Section 3(a)(58)(A) of the Securities Exchange Act of 1934 consisting of all the independent directors of the Registrant. The audit
committee of the Registrant is comprised of: Thomas J. Driscoll, Richard E. Erickson, Thomas R. Kadlec, Denise M. Keefe, Robert F. Keith,
Niel B. Nielson and Bronwyn Wright.

(b) Not applicable to the Registrant.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting
period is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) Following is a copy of the annual financial statement(s) required, and for the periods specified,
by Regulation S-X.

![](img2f7a26351.jpg)

![](img518b67ea2.jpg)

First Trust/Confluence

Small Cap Value Fund

------

Annual Financial Statements and Other Information

For the Year Ended

October 31, 2025

![](img86759cb83.jpg)

------

**Table of Contents**

**First Trust/Confluence Small Cap Value Fund** 

**Annual Financial Statements and Other Information**

**October 31, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_4bb01615-d9d5-4dec-a1fb-32e61da06efa_SOI-SOIfooter-21_1) | &nbsp;&nbsp; 1 |
| [Statement of Assets and Liabilities](#xx_4bb01615-d9d5-4dec-a1fb-32e61da06efa_SAL-SALfooter-21_1) | &nbsp;&nbsp; 3 |
| [Statement of Operations](#xx_4bb01615-d9d5-4dec-a1fb-32e61da06efa_SOP-SOPfootnote-21_1) | &nbsp;&nbsp; 4 |
| [Statements of Changes in Net Assets](#xx_4bb01615-d9d5-4dec-a1fb-32e61da06efa_SOC-SOCfooter-21_1) | &nbsp;&nbsp; 5 |
| [Financial Highlights](#xx_4bb01615-d9d5-4dec-a1fb-32e61da06efa_FiHi-FiHifooter-21_1) | &nbsp;&nbsp; 6 |
| [Notes to Financial Statements](#xx_4bb01615-d9d5-4dec-a1fb-32e61da06efa_NTF-TOCnotes-21_1) | &nbsp;&nbsp; 9 |
| [Report of Independent Registered Public Accounting Firm](#xx_4bb01615-d9d5-4dec-a1fb-32e61da06efa_Audit-TOCauditletter-21_1) | &nbsp;&nbsp; 15 |
| [Other Information](#xx_4bb01615-d9d5-4dec-a1fb-32e61da06efa_AI-TOCadditionalinfo-21_1) | &nbsp;&nbsp; 16 |

---

**Performance and Risk Disclosure**

There is no assurance that First Trust/Confluence Small Cap Value Fund (the "Fund") will achieve its investment objective. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns and net asset value will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.

First Trust Advisors L.P., the Fund's advisor, may also periodically provide additional information on Fund performance on the Fund's web page at www.ftportfolios.com.

**How to Read This Report**

This report contains information that may help you evaluate your investment in the Fund. It includes details about the Fund and presents data that provides insight into the Fund's performance and investment approach.

The material risks of investing in the Fund are spelled out in the prospectus, the statement of additional information, and other Fund regulatory filings.

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**First Trust/Confluence Small Cap Value Fund** 

**Portfolio of Investments** 

**October 31, 2025**

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

---

| | | |
|:---|:---|:---|
| <br> **Shares**<br>| **Description** | **Value** |
| **COMMON STOCKS – 94.6%**  | **COMMON STOCKS – 94.6%**  | **COMMON STOCKS – 94.6%**  |
|  | **Automobiles – 1.9%** |  |
| 6813 | Winnebago Industries, Inc.  | $256918 |
|  | **Building Products – 6.7%** |  |
| 28591 | Hayward Holdings, Inc. (a) | 485189 |
| 4502 | UFP Industries, Inc.  | 414769 |
|  |  | 899958 |
|  | **Capital Markets – 2.6%** |  |
| 1646 | Morningstar, Inc.  | 349446 |
|  | **Commercial Services &** <br> **Supplies – 2.9%**<br>|  |
| 2516 | UniFirst Corp.  | 388345 |
|  | **Electronic Equipment,** <br> **Instruments & Components –** <br> **11.1%**<br>|  |
| 26194 | Knowles Corp. (a) | 618440 |
| 1566 | Littelfuse, Inc.  | 381024 |
| 12450 | Vontier Corp.  | 479325 |
|  |  | 1478789 |
|  | **Financial Services – 1.9%** |  |
| 14114 | Cannae Holdings, Inc.  | 252358 |
|  | **Food Products – 2.8%** |  |
| 3009 | J&J Snack Foods Corp.  | 254712 |
| 1985 | John B. Sanfilippo & Son, Inc.  | 124618 |
|  |  | 379330 |
|  | **Ground Transportation – 1.8%** |  |
| 24100 | Marten Transport Ltd.  | 247025 |
|  | **Health Care Equipment &** <br> **Supplies – 10.7%**<br>|  |
| 8411 | CONMED Corp.  | 370084 |
| 9514 | Enovis Corp. (a) | 297217 |
| 7356 | Haemonetics Corp. (a) | 367874 |
| 2047 | UFP Technologies, Inc. (a) | 394334 |
|  |  | 1429509 |
|  | **Hotels, Restaurants &** <br> **Leisure – 3.2%**<br>|  |
| 2903 | Vail Resorts, Inc.  | 430602 |
|  | **Household Durables – 3.9%** |  |
| 986 | Cavco Industries, Inc. (a) | 522383 |
|  | **Household Products – 3.0%** |  |
| 7340 | Spectrum Brands Holdings, Inc.  | 395479 |
|  | **Insurance – 11.9%** |  |
| 11386 | Baldwin Insurance (The) Group, <br> Inc. (a)<br>| 251631 |
| 42472 | Hagerty, Inc., Class A (a) | 476536 |
| 6212 | RLI Corp.  | 366259 |

---

---

| | | |
|:---|:---|:---|
| <br> **Shares**<br>| **Description** | **Value** |
|  | **Insurance (Continued)** |  |
| 7238 | Stewart Information Services <br> Corp. <br>| $494138 |
|  |  | 1588564 |
|  | **Interactive Media & Services –** <br> **3.9%**<br>|  |
| 32277 | TripAdvisor, Inc. (a) | 518369 |
|  | **Machinery – 10.1%** |  |
| 15881 | Gates Industrial Corp. PLC (a) | 350652 |
| 4025 | JBT Marel Corp.  | 507553 |
| 1134 | RBC Bearings, Inc. (a) | 485953 |
|  |  | 1344158 |
|  | **Personal Care Products – 2.2%** |  |
| 15071 | Edgewell Personal Care Co.  | 292227 |
|  | **Real Estate Management &** <br> **Development – 4.0%**<br>|  |
| 13132 | Altus Group Ltd.  | 539068 |
|  | **Software – 2.9%** |  |
| 12500 | I3 Verticals, Inc., Class A (a) | 384375 |
|  | **Specialty Retail – 3.6%** |  |
| 14522 | Valvoline, Inc. (a) | 479371 |
|  | **Textiles, Apparel & Luxury** <br> **Goods – 3.5%**<br>|  |
| 25946 | Movado Group, Inc.  | 472477 |
|  | **Total Common Stocks** | 12648751 |
|  | (Cost $12,178,001) |  |
| **MONEY MARKET FUNDS – 0.1%** | **MONEY MARKET FUNDS – 0.1%** | **MONEY MARKET FUNDS – 0.1%** |
| 8499 | Dreyfus Government Cash <br> Management Fund, Institutional <br> Class - 4.00% (b)<br>| 8499 |
|  | (Cost $8,499) |  |
|  | **Total Investments – 94.7%** | 12657250 |
|  | (Cost $12,186,500)  |  |
|  | **Net Other Assets and** <br> **Liabilities – 5.3%**<br>| 708212 |
|  | **Net Assets – 100.0%** | $13365462 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate
 shown reflects yield as of October 31, 2025.

See Notes to Financial Statements

------

**First Trust/Confluence Small Cap Value Fund** 

**Portfolio of Investments (Continued)**

**October 31, 2025**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of October 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total**<br> **Value at**<br> **10/31/2025**<br>| **Level 1**<br> **Quoted**<br> **Prices**<br>| **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Common Stocks\* | $12648751 | &nbsp;&nbsp; $12648751 | $— | $— |
| Money Market Funds | 8499 | &nbsp;&nbsp; 8499 |  |  |
| Total Investments | $12657250 | &nbsp;&nbsp; $12657250 | $— | $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust/Confluence Small Cap Value Fund** 

**Statement of Assets and Liabilities** 

**October 31, 2025**

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

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value | $12657250 |
| Receivables: |  |
| Investment securities sold | 727426 |
| Fund shares sold | 6166 |
| From investment advisor | 5792 |
| Interest | 103 |
| Prepaid expenses | 36279 |
| Total Assets | 13433016 |
| **LIABILITIES:** |  |
| Payables: |  |
| Audit and tax fees | 37289 |
| Transfer agent fees | 14516 |
| Shareholder reporting fees | 4645 |
| Custodian fees | 4440 |
| Trustees' fees and expenses | 1676 |
| Registration fees | 1300 |
| Commitment and administrative agency fees | 1283 |
| Financial reporting fees | 833 |
| 12b-1 distribution and service fees | 452 |
| Legal fees | 41 |
| Fund shares redeemed | 21 |
| Other liabilities | 1058 |
| Total Liabilities | 67554 |
| **NET ASSETS** | $13365462 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $11184402 |
| Par value | 5087 |
| Accumulated distributable earnings (loss) | 2175973 |
| **NET ASSETS** | $13365462 |
| Investments, at cost | $12186500 |
| **Class A Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $1,302,880 and 51,857 shares of beneficial <br> interest issued and outstanding, unlimited number of shares authorized)<br>| $25.12 |
| Maximum sales charge (5.50% of offering price) | 1.46 |
| Maximum offering price to public | $26.58 |
| **Class C Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $189,864 and 9,308 shares of beneficial <br> interest issued and outstanding, unlimited number of shares authorized)<br>| $20.40 |
| **Class I Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $11,872,718 and 447,507 shares of <br> beneficial interest issued and outstanding, unlimited number of shares authorized)<br>| $26.53 |

---

See Notes to Financial Statements

------

**First Trust/Confluence Small Cap Value Fund** 

**Statement of Operations** 

**For the Year Ended October 31, 2025**

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Dividends | &nbsp;&nbsp; $220428 |
| Interest | &nbsp;&nbsp; 5105 |
| Foreign withholding tax | &nbsp;&nbsp; (4994)<br>|
| Total investment income | &nbsp;&nbsp; 220539 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp; 178527 |
| Transfer agent fees | &nbsp;&nbsp; 87533 |
| Registration fees | &nbsp;&nbsp; 54881 |
| Audit and tax fees | &nbsp;&nbsp; 44485 |
| Shareholder reporting fees | &nbsp;&nbsp; 25116 |
| Commitment and administrative agency fees | &nbsp;&nbsp; 23732 |
| Trustees' fees and expenses | &nbsp;&nbsp; 18502 |
| Financial reporting fees | &nbsp;&nbsp; 9500 |
| 12b-1 distribution and/or service fees: |  |
| Class A | &nbsp;&nbsp; 4166 |
| Class C | &nbsp;&nbsp; 2158 |
| Custodian fees | &nbsp;&nbsp; 4248 |
| Listing expense | &nbsp;&nbsp; 2549 |
| Administrative fees | &nbsp;&nbsp; (1967)<br>|
| Other | &nbsp;&nbsp; 1317 |
| Total expenses | &nbsp;&nbsp; 454747 |
| Fees waived and expenses reimbursed by the investment advisor | &nbsp;&nbsp; (206258)<br>|
| Net expenses | &nbsp;&nbsp; 248489 |
| **NET INVESTMENT INCOME (LOSS)** | &nbsp;&nbsp; (27950)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; 1732392 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (3756004)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | &nbsp;&nbsp; (2023612)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $(2051562)<br>|

---

See Notes to Financial Statements

------

**First Trust/Confluence Small Cap Value Fund** 

**Statements of Changes in Net Assets** 

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

---

| | | |
|:---|:---|:---|
|  | **Year**<br> **Ended**<br> **10/31/2025** <br>| **Year**<br> **Ended**<br> **10/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $(27950)<br>| &nbsp;&nbsp; $(109648)<br>|
| Net realized gain (loss) | 1732392 | &nbsp;&nbsp; 975742 |
| Net change in unrealized appreciation (depreciation) | (3756004)<br>| &nbsp;&nbsp; 3143394 |
| Net increase (decrease) in net assets resulting from operations | (2051562)<br>| &nbsp;&nbsp; 4009488 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM INVESTMENT OPERATIONS:** |  |  |
| Class A Shares | (80793)<br>| &nbsp;&nbsp; (33267)<br>|
| Class C Shares | (11982)<br>| &nbsp;&nbsp; (6665)<br>|
| Class I Shares | (774013)<br>| &nbsp;&nbsp; (285077)<br>|
| Total distributions to shareholders from investment operations | (866788)<br>| &nbsp;&nbsp; (325009)<br>|
| **CAPITAL TRANSACTIONS:** |  |  |
| Proceeds from shares sold | 2377710 | &nbsp;&nbsp; 3424630 |
| Proceeds from shares reinvested | 863773<br>| &nbsp;&nbsp; 324297<br>|
| Cost of shares redeemed  | (8650102) <br>| &nbsp;&nbsp; (6558340) <br>|
| Net increase (decrease) in net assets resulting from capital transactions | (5408619)<br>| &nbsp;&nbsp; (2809413)<br>|
| Total increase (decrease) in net assets | (8326969)<br>| &nbsp;&nbsp; 875066 |
| **NET ASSETS:** |  |  |
| Beginning of period | 21692431 | &nbsp;&nbsp; 20817365 |
| End of period | $13365462 | &nbsp;&nbsp; $21692431 |

---

See Notes to Financial Statements

------

**First Trust/Confluence Small Cap Value Fund** 

**Financial Highlights** 

**For a Share outstanding throughout each period**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class A Shares** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| Net asset value, beginning of period | $29.62 | &nbsp;&nbsp;&nbsp;&nbsp; $25.15 | &nbsp;&nbsp;&nbsp;&nbsp; $30.64 | &nbsp;&nbsp;&nbsp;&nbsp; $37.10 | &nbsp;&nbsp;&nbsp;&nbsp; $26.75 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a) | (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16)<br>|
| Net realized and unrealized gain (loss) | (3.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.09 | &nbsp;&nbsp;&nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.51 |
| Total from investment operations | (3.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp;&nbsp; (1.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.35 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net realized gain | (1.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net asset value, end of period | $25.12 | &nbsp;&nbsp;&nbsp;&nbsp; $29.62 | &nbsp;&nbsp;&nbsp;&nbsp; $25.15 | &nbsp;&nbsp;&nbsp;&nbsp; $30.64 | &nbsp;&nbsp;&nbsp;&nbsp; $37.10 |
| **Total return** (b) | (11.39)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.65)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.69<br> %<br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1303 | &nbsp;&nbsp;&nbsp;&nbsp; $2075 | &nbsp;&nbsp;&nbsp;&nbsp; $2234 | &nbsp;&nbsp;&nbsp;&nbsp; $3164 | &nbsp;&nbsp;&nbsp;&nbsp; $4381 |
| Ratio of total expenses to average net assets | 3.93<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.41<br> %<br>|
| Ratio of net expenses to average net assets | 1.61<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>|
| Ratio of net investment income (loss) to average net assets | (0.38)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.70)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.42)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.45)%<br>|
| Portfolio turnover rate | 30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes
 reinvestment of all distributions for the period and does not include payment of the maximum sales charge of 5.50% or contingent
 deferred sales charge (CDSC). On purchases of $1 million or more, a CDSC of 1% may be imposed on certain redemptions
 made within twelve months of purchase. If the sales charges were included, total returns would be lower. These returns
 include Rule 12b-1 service fees of 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions
 or the redemption of Fund shares. The total returns would have been lower if certain fees had not been waived and expenses
 reimbursed by the investment advisor. Total return is calculated for the time period presented and is not annualized for periods
 of less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the total and net expense ratios would have been
 3.92% and 1.60%, respectively.

See Notes to Financial Statements

------

**First Trust/Confluence Small Cap Value Fund** 

**Financial Highlights (Continued)**

**For a Share outstanding throughout each period**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class C Shares** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| Net asset value, beginning of period | $24.46 | &nbsp;&nbsp;&nbsp;&nbsp; $20.99 | &nbsp;&nbsp;&nbsp;&nbsp; $26.34 | &nbsp;&nbsp;&nbsp;&nbsp; $32.19 | &nbsp;&nbsp;&nbsp;&nbsp; $23.29 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a) | (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.37)<br>|
| Net realized and unrealized gain (loss) | (2.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.27 |
| Total from investment operations | (2.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.89 | &nbsp;&nbsp;&nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.90 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net realized gain | (1.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net asset value, end of period | $20.40 | &nbsp;&nbsp;&nbsp;&nbsp; $24.46 | &nbsp;&nbsp;&nbsp;&nbsp; $20.99 | &nbsp;&nbsp;&nbsp;&nbsp; $26.34 | &nbsp;&nbsp;&nbsp;&nbsp; $32.19 |
| **Total return** (b) | (12.02)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.48)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.27)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.21<br> %<br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $190 | &nbsp;&nbsp;&nbsp;&nbsp; $221 | &nbsp;&nbsp;&nbsp;&nbsp; $379 | &nbsp;&nbsp;&nbsp;&nbsp; $664 | &nbsp;&nbsp;&nbsp;&nbsp; $1488 |
| Ratio of total expenses to average net assets | 14.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.76<br> %<br>|
| Ratio of net expenses to average net assets | 2.36<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>|
| Ratio of net investment income (loss) to average net assets | (1.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.47)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.05)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.18)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.19)%<br>|
| Portfolio turnover rate | 30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes
 reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 1%, charged on certain
 redemptions made within one year of purchase. If the sales charge was included, total returns would be lower. These returns
 include combined Rule 12b-1 distribution and service fees of 1% and do not reflect the deduction of taxes that a shareholder
 would pay on Fund distributions or the redemption of Fund shares. The total returns would have been lower if certain fees
 had not been waived and expenses reimbursed by the investment advisor. Total return is calculated for the time period presented
 and is not annualized for periods of less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the net expense ratio would have been 2.35%.

See Notes to Financial Statements

------

**First Trust/Confluence Small Cap Value Fund** 

**Financial Highlights (Continued)**

**For a Share outstanding throughout each period**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class I Shares** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| Net asset value, beginning of period | $31.14 | &nbsp;&nbsp;&nbsp;&nbsp; $26.35 | &nbsp;&nbsp;&nbsp;&nbsp; $31.85 | &nbsp;&nbsp;&nbsp;&nbsp; $38.47 | &nbsp;&nbsp;&nbsp;&nbsp; $27.63 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a) | (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08)<br>|
| Net realized and unrealized gain (loss) | (3.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp;&nbsp; (1.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.92 |
| Total from investment operations | (3.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.84 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net realized gain | (1.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net asset value, end of period | $26.53 | &nbsp;&nbsp;&nbsp;&nbsp; $31.14 | &nbsp;&nbsp;&nbsp;&nbsp; $26.35 | &nbsp;&nbsp;&nbsp;&nbsp; $31.85 | &nbsp;&nbsp;&nbsp;&nbsp; $38.47 |
| **Total return** (b) | (11.18)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.56)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.45)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39.23<br> %<br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $11873 | &nbsp;&nbsp;&nbsp;&nbsp; $19396 | &nbsp;&nbsp;&nbsp;&nbsp; $18204 | &nbsp;&nbsp;&nbsp;&nbsp; $23838 | &nbsp;&nbsp;&nbsp;&nbsp; $45719 |
| Ratio of total expenses to average net assets | 2.24<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>|
| Ratio of net expenses to average net assets | 1.36<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>|
| Ratio of net investment income (loss) to average net assets | (0.12)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.44)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.21)%<br>|
| Portfolio turnover rate | 30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes
 reinvestment of all distributions for the period. These returns do not reflect the deduction of taxes that a shareholder would
 pay on Fund distributions or the redemption of Fund shares.The total returns would have been lower if certain fees had not been
 waived and expenses reimbursed by the investment advisor. Total return is calculated for the time period presented and is not annualized
 for periods of less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the total and net expense ratios would have been
 2.23% and 1.35%, respectively.

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust/Confluence Small Cap Value Fund** 

**October 31, 2025**

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

**1. Organization**

First Trust/Confluence Small Cap Value Fund (the "Fund") is a series of the First Trust Series Fund (the "Trust"), a Massachusetts business trust organized on July 9, 2010, and is registered as a diversified open-end management investment company with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund offers three classes of shares: Class A, Class C and Class I. Each class represents an interest in the same portfolio of investments but with a different combination of sales charges, distribution and service (12b-1) fees, eligibility requirements and other features.

The Fund's investment objective seeks to provide long-term capital appreciation. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (including investment borrowings) in equity securities of U.S. listed companies with small market capitalizations ("Small-Cap Companies") at the time of investment that Confluence Investment Management LLC ("Confluence" or the "Sub-Advisor") believes have produced solid returns over extended periods of time. There can be no assurance that the Fund will achieve its investment objective. The Fund may not be appropriate for all investors.

**2. Significant Accounting Policies**

The Fund is considered an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**A. Portfolio Valuation**

The net asset value ("NAV") of each class of shares of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. The NAV for each class is calculated by dividing the value of the Fund's total assets attributable to such class (including accrued interest and dividends), less all liabilities attributable to such class (including accrued expenses, dividends declared but unpaid and any borrowings of the Fund), by the total number of shares of the class outstanding. Differences in NAV of each class of the Fund's shares are generally expected to be due to the daily expense accruals of the specified distribution and service (12b-1) fees and transfer agency costs applicable to such class of shares and the resulting differential in the dividends that may be paid on each class of shares.

The Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Fund's investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. The Fund's investments are valued as follows:

Common stocks and other equity securities listed on any national or foreign exchange (excluding Nasdaq, Inc. ("Nasdaq") and the London Stock Exchange Alternative Investment Market ("AIM")) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities exchange representing the primary exchange for such securities.

Equity securities traded in an over-the-counter market are valued at the close price or the last trade price.

Shares of open-end funds are valued based on NAV per share.

Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor's Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of the Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security's fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might

------

**Notes to Financial Statements (Continued)**

**First Trust/Confluence Small Cap Value Fund** 

**October 31, 2025**

reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:

1)

the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price;

2)

the type of security;

3)

the size of the holding;

4)

the initial cost of the security;

5)

transactions in comparable securities;

6)

price quotes from dealers and/or third-party pricing services;

7)

relationships among various securities;

8)

information obtained by contacting the issuer, analysts, or the appropriate stock exchange;

9)

an analysis of the issuer's financial statements;

10)

the existence of merger proposals or tender offers that might affect the value of the security; and

11)

other relevant factors.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

Quoted prices for similar investments in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs 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. A summary of the inputs used to value the Fund's investments as of October 31, 2025, is included with the Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, if any, is recorded daily on the accrual basis, including the amortization of premiums and the accretion of discounts. Income is allocated on a pro rata basis to each class of shares.

The Fund may hold real estate investment trusts ("REITs"). Distributions from such investments may be comprised of return of capital, capital gains and income. The actual character of amounts received during the year is not known until after the REITs' fiscal year end. The Fund records the character of distributions received from REITs during the year based on estimates available. The characterization of distributions received by the Fund may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.

**C. Dividends and Distributions to Shareholders**

The Fund will distribute to holders of its shares semi-annual dividends of all or a portion of its net income. Distributions of any net capital gains earned by the Fund will be distributed at least annually. Distributions will automatically be reinvested into additional

------

**Notes to Financial Statements (Continued)**

**First Trust/Confluence Small Cap Value Fund** 

**October 31, 2025**

Fund shares unless cash distributions are elected by the shareholder. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Fund and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some point in the future. Permanent differences incurred during the fiscal year ended October 31, 2025, resulting in book and tax accounting differences, have been reclassified at year end to reflect an increase in accumulated net investment income (loss) of $4,622, a decrease in accumulated net realized gain (loss) of $18, and a decrease to paid-in capital of $4,604. Accumulated distributable earnings (loss) consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments, and unrealized appreciation (depreciation) on investments. Net assets were not affected by this reclassification.

The tax character of distributions paid by the Fund during the fiscal years ended October 31, 2025 and 2024, was as follows:

---

| | | |
|:---|:---|:---|
| Distributions paid from: | **2025** | **2024** |
| Ordinary income | &nbsp;&nbsp; $133977 | &nbsp;&nbsp;&nbsp; $— |
| Capital gains | &nbsp;&nbsp; 732811 | &nbsp;&nbsp;&nbsp; 325009 |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

As of October 31, 2025, the components of distributable earnings and net assets on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $— |
| Undistributed capital gains | &nbsp;&nbsp; 1728551 |
| Total undistributed earnings | &nbsp;&nbsp; 1728551 |
| Accumulated capital and other losses | &nbsp;&nbsp; — |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 470750 |
| Total accumulated earnings (losses) | &nbsp;&nbsp; 2199301 |
| Other | &nbsp;&nbsp; (23328)<br>|
| Paid-in capital | &nbsp;&nbsp; 11189489 |
| Total net assets | &nbsp;&nbsp; $13365462 |

---

**D. Income Taxes**

The Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, the Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of the Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At October 31, 2025, the Fund had no non-expiring net capital loss carryforwards for federal income tax purposes.

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended October 31, 2025, the Fund incurred and elected to defer net late year ordinary losses in the amount of $23,328.

The Fund is subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2022, 2023, 2024, and 2025 remain open to federal and state audit. As of October 31, 2025, management has evaluated the application of these standards to the Fund and has determined that no provision for income tax is required in the Fund's financial statements for uncertain tax positions.

------

**Notes to Financial Statements (Continued)**

**First Trust/Confluence Small Cap Value Fund** 

**October 31, 2025**

As of October 31, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | Gross<br> Unrealized<br> Appreciation<br>| Gross<br> Unrealized<br> (Depreciation)<br>| Net Unrealized<br> Appreciation<br> (Depreciation)<br>|
| $12186500 | $2018803 | $(1548053) | $470750 |

---

**E. Expenses**

The Fund will pay all expenses directly related to its operations. Expenses of the Fund are allocated on a pro rata basis to each class of shares, except for distribution and service (12b-1) fees and incremental transfer agency costs which are unique to each class of shares.

**F. Segment Reporting**

The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Fund, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the ongoing monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain administrative services necessary for the management of the Fund. For these investment management services, First Trust is entitled to a monthly fee calculated at an annual rate of 1.00% of the Fund's average daily net assets. First Trust also provides fund reporting services to the Fund for a flat annual fee in the amount of $10,000. Prior to July 1, 2025, the financial reporting fee was $9,250.

Confluence serves as the Fund's sub-advisor and manages the Fund's portfolio subject to First Trust's supervision. The Sub-Advisor receives a monthly sub-advisory fee calculated at an annual rate of 0.50% of the Fund's average daily net assets that is paid by First Trust out of its investment advisory fee.

First Trust and Confluence have agreed to waive fees and/or reimburse Fund expenses to the extent necessary to prevent the total annual fund operating expenses (excluding taxes, interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses) from exceeding 1.35% of average daily net assets of any class of shares of the Fund (the "Expense Cap") through February 28, 2027 and then from exceeding 1.70% from March 1, 2027 through February 28, 2036 (the "Expense Cap Termination Date"). Expenses borne and fees waived by First Trust and Confluence are subject to recovery on the Fund's class level, if applicable, by First Trust and Confluence for up to three years from the date the fee was waived or expense was incurred, but no reimbursement payment will be made by the Fund at any time if it would result in the Fund's expenses exceeding (i) the Expense Cap in place for the most recent fiscal year for which such expense limitation was in place; (ii) the Expense Cap in place at the time the fees were waived; or (iii) the current Expense Cap. Expense limitations may be terminated or modified prior to their expiration only with the approval of the Board of Trustees of the Trust. These amounts would be included in "Expenses previously waived or reimbursed" on the Statement of Operations. The advisory fee waiver and expense reimbursement for the fiscal year ended October 31, 2025 and the expenses borne by First Trust and Confluence subject to recovery were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Expenses Subject to Recovery** | **Expenses Subject to Recovery** | **Expenses Subject to Recovery** |  |
| **Advisory Fee**<br> **Waiver**<br>| **Expense**<br> **Reimbursement**<br>| **Year Ended**<br> **October 31, 2023**<br>| **Year Ended**<br> **October 31, 2024**<br>| **Year Ended**<br> **October 31, 2025**<br>| **Total** |
| $178527 | &nbsp;&nbsp;&nbsp; $27731 | &nbsp;&nbsp;&nbsp; $252730 | &nbsp;&nbsp;&nbsp; $223264 | &nbsp;&nbsp;&nbsp; $206258 | &nbsp;&nbsp;&nbsp; $682252 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust/Confluence Small Cap Value Fund** 

**October 31, 2025**

BNY Mellon Investment Servicing (US) Inc. ("BNY IS") serves as the Fund's transfer agent in accordance with certain fee arrangements. As transfer agent, BNY IS is responsible for maintaining shareholder records for the Fund. The Bank of New York Mellon ("BNY") serves as the Fund's administrator, fund accountant, and custodian in accordance with certain fee arrangements. As administrator and fund accountant, BNY is responsible for providing certain administrative and accounting services to the Fund, including maintaining the Fund's books of account, records of the Fund's securities transactions, and certain other books and records. As custodian, BNY is responsible for custody of the Fund's assets. BNY IS and BNY are subsidiaries of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Capital Share Transactions**

Capital transactions were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br> **October 31, 2025** | **Year Ended**<br> **October 31, 2025** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **October 31, 2024** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **October 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| Sales: |  |  |  |  |
| Class A | &nbsp;&nbsp; 4381 | &nbsp;&nbsp;&nbsp;&nbsp; $116618 | &nbsp;&nbsp;&nbsp;&nbsp; 20322 | &nbsp;&nbsp;&nbsp;&nbsp; $590806 |
| Class C | &nbsp;&nbsp; 1046 | &nbsp;&nbsp;&nbsp;&nbsp; 25740 | &nbsp;&nbsp;&nbsp;&nbsp; 342 | &nbsp;&nbsp;&nbsp;&nbsp; 8080 |
| Class I | &nbsp;&nbsp; 75836 | &nbsp;&nbsp;&nbsp;&nbsp; 2235352 | &nbsp;&nbsp;&nbsp;&nbsp; 94291 | &nbsp;&nbsp;&nbsp;&nbsp; 2825744 |
| Total Sales | &nbsp;&nbsp; 81263 | &nbsp;&nbsp;&nbsp;&nbsp; $2377710 | &nbsp;&nbsp;&nbsp;&nbsp; 114955 | &nbsp;&nbsp;&nbsp;&nbsp; $3424630 |
| Dividend Reinvestment: |  |  |  |  |
| Class A | &nbsp;&nbsp; 2818 | &nbsp;&nbsp;&nbsp;&nbsp; $79690 | &nbsp;&nbsp;&nbsp;&nbsp; 1172 | &nbsp;&nbsp;&nbsp;&nbsp; $33129 |
| Class C | &nbsp;&nbsp; 496 | &nbsp;&nbsp;&nbsp;&nbsp; 11465 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp; 6561 |
| Class I | &nbsp;&nbsp; 25927 | &nbsp;&nbsp;&nbsp;&nbsp; 772618 | &nbsp;&nbsp;&nbsp;&nbsp; 9602 | &nbsp;&nbsp;&nbsp;&nbsp; 284607 |
| Total Dividend Reinvestment | &nbsp;&nbsp; 29241 | &nbsp;&nbsp;&nbsp;&nbsp; $863773 | &nbsp;&nbsp;&nbsp;&nbsp; 11054 | &nbsp;&nbsp;&nbsp;&nbsp; $324297 |
| Redemptions: |  |  |  |  |
| Class A | &nbsp;&nbsp; (25406)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(707721)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40253)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1160673)<br>|
| Class C | &nbsp;&nbsp; (1285)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29336)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9650)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (219786)<br>|
| Class I | &nbsp;&nbsp; (277192)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7913045)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (171862)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5177881)<br>|
| Total Redemptions | &nbsp;&nbsp; (303883)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(8650102)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (221765)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(6558340)<br>|

---

**5. Purchases and Sales of Securities**

The cost of purchases and proceeds from sales of securities, excluding short-term investments, for the fiscal year ended October 31, 2025, were $5,342,978 and $11,843,154, respectively.

**6. Distribution and Service Plan**

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the share classes of the Fund are authorized to pay an amount up to 0.25% and 1.00% of their average daily net assets each year for Class A and Class C, respectively, to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Fund, for amounts expended to finance activities primarily intended to result in the sale of Fund shares or the provision of investor services. FTP

------

**Notes to Financial Statements (Continued)**

**First Trust/Confluence Small Cap Value Fund** 

**October 31, 2025**

may also use this amount to compensate securities dealers or other persons for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services. Class I shares have no 12b-1 fees.

**7. Borrowings**

The Trust, on behalf of the Fund, along with First Trust Exchange-Traded Fund III, First Trust Exchange-Traded Fund IV and First Trust Variable Insurance Trust, has a credit agreement with BNY (the "Credit Agreement") as administrative agent for a group of lenders. The borrowing rate is the higher of the federal funds effective rate and the adjusted daily simple SOFR rate plus 1.00%. The commitment amount under the Credit Agreement is $620 million and such commitment amount may be increased up to $700 million with the consent of one or more lenders. For any day on and after February 26, 2025, BNY charges on behalf of the lenders a commitment fee of 0.15% of the daily amount of the excess of the commitment amount over the outstanding principal balance of the loans and an agency fee. For any day before February 26, 2025, BNY charged a commitment fee of 0.20% of the daily amount of the excess of the commitment amount over the outstanding principal balance of the loans and an agency fee. First Trust allocates the commitment fee and agency fee amongst the funds that have access to the credit line. To the extent that the Fund accesses the credit line, there would also be an interest fee charged. The Fund did not draw on the credit line during the fiscal year ended October 31, 2025.

**8. Indemnification**

The Fund has a variety of indemnification obligations under contracts with its service providers. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**9. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there was the following subsequent event:

On December 8, 2025, the Board of Trustees approved the liquidation of First Trust/Confluence Small Cap Value Fund on or around February 20, 2026 (the "Liquidation Date"). Effective as of market close on February 13, 2026, the Fund will cease accepting purchase orders from new or existing investors. Shareholders may redeem or exchange their shares at any time prior to the Liquidation Date.

------

**Report of Independent Registered Public Accounting Firm**

**To the Shareholders and the Board of Trustees of First Trust Series Fund:**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of First Trust/Confluence Small Cap Value Fund (the "Fund"), one of the funds constituting the First Trust Series Fund, as of October 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche, LLP

Chicago, Illinois

December 22, 2025

We have served as the auditor of one or more First Trust investment companies since 2001.

------

**Other Information**

**First Trust/Confluence Small Cap Value Fund** 

**October 31, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Fund's accountants during the fiscal year ended October 31, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

At a special meeting of shareholders of First Trust Series Fund (the "Trust") that was held on August 12, 2025 (the "Special Meeting"), shareholders of record as of June 9, 2025 (the "Record Date") approved a proposal (the "Proposal") to elect or re-elect, as applicable, each of the eight nominees listed below to the Board of Trustees of the Trust (the "Board"). Shareholders of each series of the Trust that had publicly offered shares as of the Record Date (each, a "fund") voted together with shareholders of the other funds on the Proposal, and the results are set forth below. There were no broker non-votes.

---

| | |
|:---|:---|
| &nbsp;&nbsp; James A. Bowen\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30793084<br> 224044<br>|
| &nbsp;&nbsp; Thomas J. Driscoll\*\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30803794<br> 213334<br>|
| &nbsp;&nbsp; Richard E. Erickson\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30646724<br> 370404<br>|
| &nbsp;&nbsp; Thomas R. Kadlec\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30663695<br> 353433<br>|
| &nbsp;&nbsp; Denise M. Keefe\*\*\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30691353<br> 325775<br>|
| &nbsp;&nbsp; Robert F. Keith\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30688459<br> 328669<br>|
| &nbsp;&nbsp; Niel B. Nielson\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30619318<br> 397810<br>|
| &nbsp;&nbsp; Bronwyn Wright\*\*\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 19532390<br> 11484738<br>|

---

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

\* This nominee was re-elected to the Board at the Special Meeting.

\*\* This nominee was elected to the Board as a new Trustee at the Special Meeting.

\*\*\* This nominee was elected to the Board at the Special Meeting and had previously been appointed to the Board.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

The applicable aggregate remuneration paid by the Fund during the period covered by the report is included in the Statement of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

The Board of Trustees of First Trust Series Fund (the "Trust"), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement (the "Advisory Agreement") between the Trust, on behalf of the First Trust/Confluence Small Cap Value Fund (the "Fund"), and First Trust Advisors L.P. (the "Advisor") and the Investment Sub-Advisory Agreement (the "Sub-Advisory Agreement" and together with the Advisory Agreement, the "Agreements") among the Trust, on behalf of the Fund, the Advisor and Confluence Investment Management LLC (the "Sub-Advisor"). The Board approved the continuation of the Agreements for a one-year period ending June 30, 2026 at a meeting held on June 8–9, 2025. The Board determined that the continuation of the Agreements is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

------

**Other Information (Continued)**

**First Trust/Confluence Small Cap Value Fund** 

**October 31, 2025 (Unaudited)**

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 22, 2025 and June 8–9, 2025, the Board, including the Independent Trustees, reviewed materials provided by the Advisor and the Sub-Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor and the Sub-Advisor to the Fund (including the relevant personnel responsible for these services and their experience); the advisory fee rate payable by the Fund and the sub-advisory fee rate as compared to fees charged to a peer group of funds (the "Expense Group") and a broad peer universe of funds (the "Expense Universe"), each assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent source, and as compared to fees charged to other clients of the Advisor and the Sub-Advisor; the expense ratio of the Fund as compared to expense ratios of the funds in the Fund's Expense Group and Expense Universe; performance information for the Fund, including comparisons of the Fund's performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the "Performance Universe"), each assembled by Broadridge; the nature of expenses incurred in providing services to the Fund and the potential for the Advisor and the Sub-Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; financial data for the Sub-Advisor; any indirect benefits to the Advisor and its affiliate, First Trust Portfolios L.P. ("FTP"), and the Sub-Advisor; and information on the Advisor's and the Sub-Advisor's compliance programs. The Board reviewed initial materials with the Advisor at the meeting held on April 22, 2025, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor and the Sub-Advisor. Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 8–9, 2025 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangements between the Trust and the Advisor and among the Trust, the Advisor and the Sub-Advisor continue to be reasonable business arrangements from the Fund's perspective. The Board determined that, given the totality of the information provided with respect to the Agreements, the Board had received sufficient information to renew the Agreements. The Board considered that shareholders chose to invest or remain invested in the Fund knowing that the Advisor and the Sub-Advisor manage the Fund and knowing the Fund's advisory fee.

In reviewing the Agreements, the Board considered the nature, extent and quality of the services provided by the Advisor and the Sub-Advisor under the Agreements. With respect to the Advisory Agreement, the Board considered that the Advisor is responsible for the overall management and administration of the Trust and the Fund and reviewed all of the services provided by the Advisor to the Fund, including the oversight of the Sub-Advisor, as well as the background and experience of the persons responsible for such services. The Board noted that the Advisor oversees the Sub-Advisor's day-to-day management of the Fund's investments, including portfolio risk monitoring and performance review. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor's, the Sub-Advisor's and the Fund's compliance with the 1940 Act, as well as the Fund's compliance with its investment objective, policies and restrictions. The Board also considered a report from the Advisor with respect to its risk management functions related to the operation of the Fund. Finally, as part of the Board's consideration of the Advisor's services, the Advisor, in its written materials and at the April 22, 2025 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Fund and the other funds in the First Trust Fund Complex. With respect to the Sub-Advisory Agreement, the Board reviewed the materials provided by the Sub-Advisor and considered the services that the Sub-Advisor provides to the Fund, including the Sub-Advisor's day-to-day management of the Fund's investments. In considering the Sub-Advisor's management of the Fund, the Board noted the background and experience of the Sub-Advisor's portfolio management team, including the Board's prior meetings with members of the portfolio management team. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust and the Fund by the Advisor and the Sub-Advisor under the Agreements have been and are expected to remain satisfactory and that the Sub-Advisor, under the oversight of the Advisor, has managed the Fund consistent with its investment objective, policies and restrictions.

The Board considered the advisory and sub-advisory fee rates payable under the Agreements for the services provided. The Board noted that the sub-advisory fee is paid by the Advisor from its advisory fee. The Board considered that the Advisor and the Sub-Advisor agreed to extend the current expense caps for each share class through March 1, 2027 and agreed to keep the long-term expense cap in place from March 1, 2027 through February 28, 2036. The Board noted that fees waived or expenses borne by the Advisor and the Sub-Advisor are subject to reimbursement by the Fund for up to three years from the date the fee was waived or expense was incurred, but no reimbursement payment would be made by the Fund at any time if it would result in the Fund's expenses exceeding (i) the applicable expense limitation in place for the most recent fiscal year for which such expense limitation was in place, (ii) the applicable expense limitation in place at the time the fees were waived, or (iii) the current expense limitation. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Group, as well as

------

**Other Information (Continued)**

**First Trust/Confluence Small Cap Value Fund** 

**October 31, 2025 (Unaudited)**

advisory and unitary fee rates charged by the Advisor and the Sub-Advisor to other fund and non-fund clients, as applicable. With respect to the Expense Group, the Board discussed with the Advisor limitations in creating a relevant peer group for the Fund, including that not all peer funds employ an advisor/sub-advisor management structure. The Board took these limitations into account in considering the peer data. Based on the information provided, the Board noted that the contractual advisory fee rate payable by the Fund was above the median contractual advisory fee of the peer funds in the Expense Group. The Board also noted that the Fund's total (net) expense ratio (Class A shares) was above the median total (net) expense ratio of the peer funds in the Expense Group. With respect to fees charged to other clients, the Board considered differences between the Fund and other clients that limited their comparability. In considering the advisory fee rate overall, the Board also considered the Advisor's statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor's demonstrated long-term commitment to the Fund and the other funds in the First Trust Fund Complex.

The Board considered performance information for the Fund. The Board noted the process it has established for monitoring the Fund's performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor and the Sub-Advisor for the Fund. The Board determined that this process continues to be effective for reviewing the Fund's performance. The Board received and reviewed information comparing the Fund's performance for periods ended December 31, 2024 to the performance of the funds in the Performance Universe and to that of a benchmark index. Based on the information provided, the Board noted that the Fund (Class A shares) underperformed the Performance Universe median and the benchmark index for the one-, three-, five- and ten-year periods ended December 31, 2024. The Board noted the Advisor's discussion of the Fund's performance at the April 22, 2025 meeting.

On the basis of all the information provided on the fees, expenses and performance of the Fund and the ongoing oversight by the Board, the Board concluded that the advisory and sub-advisory fees for the Fund continue to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor and the Sub-Advisor to the Fund under the Agreements.

The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Fund at current asset levels and whether the Fund may benefit from any economies of scale. The Board noted the Advisor's statement that it believes that its expenses relating to providing advisory services to the Fund will increase during the next twelve months as the Advisor continues to build infrastructure and add new staff. The Board concluded that the advisory fee rate for the Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to the Fund for the twelve months ended December 31, 2024 and the estimated profitability level for the Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor's profitability level for the Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Fund. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Fund, may have had no dealings with the Advisor or FTP. The Board noted that in addition to the advisory fees paid by the Fund, FTP is compensated for services provided to the Fund through 12b-1 distribution and service fees and that the Advisor receives compensation from the Fund for providing fund reporting services pursuant to a separate Fund Reporting Services Agreement. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.

The Board considered the Sub-Advisor's statement that many of its costs are fixed, allowing for economies of scale. The Board noted that the Advisor pays the Sub-Advisor from its advisory fee and its understanding that the Fund's sub-advisory fee rate was the product of an arm's length negotiation. The Board did not review the profitability of the Sub-Advisor with respect to the Fund. The Board concluded that the profitability analysis for the Advisor was more relevant. The Board considered indirect benefits that may be realized by the Sub-Advisor and one of its affiliates from the Sub-Advisor's relationship with the Fund, including that the Sub-Advisor may enter into soft dollar and commission sharing arrangements, and considered a summary of such arrangements. The Board noted certain additional indirect benefits identified by the Sub-Advisor deriving from the exposure provided by its relationship with the Fund and the Advisor. The Board concluded that the character and amount of potential indirect benefits to the Sub-Advisor were not unreasonable.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreements continue to be fair and reasonable and that the continuation of the Agreements is in the best interests of the Fund. No single factor was determinative in the Board's analysis.

------

**Other Information (Continued)**

**First Trust/Confluence Small Cap Value Fund** 

**October 31, 2025 (Unaudited)**

**Federal Tax Information**

The Fund hereby designates as qualified dividend income 100% of its ordinary income distributions (including short-term capital gains, if applicable) for the year ended October 31, 2025. In addition, 100% of the ordinary income distributions (including short-term capital gain, if applicable) made by the Fund during the fiscal year ended October 31, 2025, qualify for corporate dividends received deduction available to corporate shareholders.

Long-term capital gain distributions designated by the Fund are taxable at the applicable capital gain tax rates for federal income tax purposes. For the fiscal year ended October 31, 2025, the Fund designated $732,811 of long-term capital gain distributions.

------

![](imge7b3ba9d1.jpg)

![](imgc932b31e2.jpg)

First Trust Short Duration High Income Fund

------

Annual Financial Statements and Other Information

For the Year Ended

October 31, 2025

------

**Table of Contents**

**First Trust Short Duration High Income Fund** 

**Annual Financial Statements and Other Information**

**October 31, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_e48b293e-a75c-423b-9ff6-492f7492fe31_SOI-SOIfooter-23_1) | &nbsp;&nbsp; 1 |
| [Statement of Assets and Liabilities](#xx_e48b293e-a75c-423b-9ff6-492f7492fe31_SAL-SALfooter-23_1) | &nbsp;&nbsp; 15 |
| [Statement of Operations](#xx_e48b293e-a75c-423b-9ff6-492f7492fe31_SOP-SOPfootnote-23_1) | &nbsp;&nbsp; 16 |
| [Statements of Changes in Net Assets](#xx_e48b293e-a75c-423b-9ff6-492f7492fe31_SOC-SOCfooter-23_1) | &nbsp;&nbsp; 17 |
| [Financial Highlights](#xx_e48b293e-a75c-423b-9ff6-492f7492fe31_FiHi-FiHifooter-23_1) | &nbsp;&nbsp; 18 |
| [Notes to Financial Statements](#xx_e48b293e-a75c-423b-9ff6-492f7492fe31_NTF-TOCnotes-23_1) | &nbsp;&nbsp; 21 |
| [Report of Independent Registered Public Accounting Firm](#xx_e48b293e-a75c-423b-9ff6-492f7492fe31_Audit-TOCauditletter-23_1) | &nbsp;&nbsp; 29 |
| [Other Information](#xx_e48b293e-a75c-423b-9ff6-492f7492fe31_AI-TOCadditionalinfo-23_1) | &nbsp;&nbsp; 30 |

---

**Performance and Risk Disclosure**

There is no assurance that First Trust Short Duration High Income Fund (the "Fund") will achieve its investment objectives. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns and net asset value will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.

First Trust Advisors L.P., the Fund's advisor, may also periodically provide additional information on Fund performance on the Fund's web page at www.ftportfolios.com.

**How to Read This Report**

This report contains information that may help you evaluate your investment in the Fund. It includes details about the Fund and presents data that provides insight into the Fund's performance and investment approach.

The material risks of investing in the Fund are spelled out in the prospectus, the statement of additional information, and other Fund regulatory filings.

------

**First Trust Short Duration High Income Fund** 

**Portfolio of Investments** 

**October 31, 2025**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES – 52.2%** | **CORPORATE BONDS AND NOTES – 52.2%** | **CORPORATE BONDS AND NOTES – 52.2%** | **CORPORATE BONDS AND NOTES – 52.2%** | **CORPORATE BONDS AND NOTES – 52.2%** |
|  | **Advertising – 0.4%** |  |  |  |
| $113000 | Clear Channel Outdoor Holdings, Inc. (a) | 7.75<br> % <br>| 04/15/28 | $112237 |
| 141000 | Clear Channel Outdoor Holdings, Inc. (a) | 7.88<br> % <br>| 04/01/30 | 147943 |
| 56000 | Clear Channel Outdoor Holdings, Inc. (a) | 7.13<br> % <br>| 02/15/31 | 57803 |
|  |  |  |  | 317983 |
|  | **Aerospace & Defense – 1.5%** |  |  |  |
| 288000 | TransDigm, Inc. (a) | 6.63<br> % <br>| 03/01/32 | 298175 |
| 83000 | TransDigm, Inc. (a) | 6.00<br> % <br>| 01/15/33 | 84403 |
| 683000 | TransDigm, Inc. (a) | 6.38<br> % <br>| 05/31/33 | 697911 |
|  |  |  |  | 1080489 |
|  | **Alternative Carriers – 0.5%** |  |  |  |
| 354000 | Level 3 Financing, Inc. (a) | 7.00<br> % <br>| 03/31/34 | 363986 |
|  | **Apparel, Accessories & Luxury Goods – 0.5%** |  |  |  |
| 289000 | Hanesbrands, Inc. (a) | 9.00<br> % <br>| 02/15/31 | 305085 |
| 55000 | Under Armour, Inc. (a) | 7.25<br> % <br>| 07/15/30 | 54426 |
|  |  |  |  | 359511 |
|  | **Application Software – 3.6%** |  |  |  |
| 188000 | Cloud Software Group, Inc. (a) | 6.50<br> % <br>| 03/31/29 | 189537 |
| 406000 | Cloud Software Group, Inc. (a) | 9.00<br> % <br>| 09/30/29 | 420289 |
| 267000 | Cloud Software Group, Inc. (a) | 8.25<br> % <br>| 06/30/32 | 280826 |
| 49000 | Cloud Software Group, Inc. (a) | 6.63<br> % <br>| 08/15/33 | 49158 |
| 69000 | Ellucian Holdings, Inc. (a) | 6.50<br> % <br>| 12/01/29 | 70005 |
| 193800 | GoTo Group, Inc. (a) | 5.50<br> % <br>| 05/01/28 | 68315 |
| 631000 | RingCentral, Inc. (a) | 8.50<br> % <br>| 08/15/30 | 672689 |
| 815000 | UKG, Inc. (a) | 6.88<br> % <br>| 02/01/31 | 839554 |
|  |  |  |  | 2590373 |
|  | **Asset Management & Custody Banks – 0.3%** |  |  |  |
| 146000 | Osaic Holdings, Inc. (a) | 6.75<br> % <br>| 08/01/32 | 150937 |
| 54000 | Osaic Holdings, Inc. (a) | 8.00<br> % <br>| 08/01/33 | 55457 |
|  |  |  |  | 206394 |
|  | **Automotive Retail – 0.3%** |  |  |  |
| 250000 | Mavis Tire Express Services Topco Corp. (a) | 6.50<br> % <br>| 05/15/29 | 247525 |
|  | **Broadcasting – 0.5%** |  |  |  |
| 285000 | Gray Television, Inc. (a) | 4.75<br> % <br>| 10/15/30 | 203001 |
| 169000 | iHeartCommunications, Inc. (a) | 4.75<br> % <br>| 01/15/28 | 153553 |
|  |  |  |  | 356554 |
|  | **Building Products – 1.6%** |  |  |  |
| 320000 | Builders FirstSource, Inc. (a) | 6.38<br> % <br>| 03/01/34 | 331799 |
| 61000 | Builders FirstSource, Inc. (a) | 6.75<br> % <br>| 05/15/35 | 64123 |
| 178000 | CP Atlas Buyer, Inc. (a) | 9.75<br> % <br>| 07/15/30 | 185843 |
| 80000 | LBM Acquisition LLC (a) | 9.50<br> % <br>| 06/15/31 | 83800 |
| 321000 | Standard Building Solutions, Inc. (a) | 6.50<br> % <br>| 08/15/32 | 330313 |
| 142000 | Standard Building Solutions, Inc. (a) | 6.25<br> % <br>| 08/01/33 | 144931 |
|  |  |  |  | 1140809 |
|  | **Cable & Satellite – 1.5%** |  |  |  |
| 678000 | DISH Network Corp. (a) | 11.75<br> % <br>| 11/15/27 | 714211 |
| 326148 | EchoStar Corp. | 10.75<br> % <br>| 11/30/29 | 359286 |
|  |  |  |  | 1073497 |

---

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Portfolio of Investments (Continued)**

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Casinos & Gaming – 1.0%** |  |  |  |
| $300000 | Caesars Entertainment, Inc. (a) | 6.00<br> % <br>| 10/15/32 | $286452 |
| 50000 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., <br> Inc. (a)<br>| 4.63<br> % <br>| 01/15/29 | 47870 |
| 369000 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., <br> Inc. (a)<br>| 6.75<br> % <br>| 01/15/30 | 342335 |
| 81000 | Scientific Games Holdings, L.P. / Scientific Games US Finance Co., <br> Inc. (a)<br>| 6.63<br> % <br>| 03/01/30 | 74054 |
|  |  |  |  | 750711 |
|  | **Commercial & Residential Mortgage Finance – 1.6%** |  |  |  |
| 59000 | Freedom Mortgage Holdings LLC (a) | 9.25<br> % <br>| 02/01/29 | 61988 |
| 176000 | Freedom Mortgage Holdings LLC (a) | 9.13<br> % <br>| 05/15/31 | 187313 |
| 352000 | PennyMac Financial Services, Inc. (a) | 6.75<br> % <br>| 02/15/34 | 361099 |
| 188000 | Rocket Cos, Inc. (a) | 6.38<br> % <br>| 08/01/33 | 196080 |
| 312000 | UWM Holdings LLC (a) | 6.25<br> % <br>| 03/15/31 | 311634 |
|  |  |  |  | 1118114 |
|  | **Commercial Printing – 0.2%** |  |  |  |
| 243000 | LABL, Inc. (a) | 8.63<br> % <br>| 10/01/31 | 156413 |
|  | **Construction & Engineering – 0.6%** |  |  |  |
| 95000 | AECOM (a) | 6.00<br> % <br>| 08/01/33 | 97566 |
| 292000 | Pike Corp. (a) | 8.63<br> % <br>| 01/31/31 | 311934 |
| 30000 | Williams Scotsman, Inc. (a) | 6.63<br> % <br>| 04/15/30 | 31046 |
|  |  |  |  | 440546 |
|  | **Construction Materials – 1.0%** |  |  |  |
| 129000 | JH North America Holdings, Inc. (a) | 6.13<br> % <br>| 07/31/32 | 132396 |
| 288000 | Quikrete Holdings, Inc. (a) | 6.75<br> % <br>| 03/01/33 | 299937 |
| 251000 | Smyrna Ready Mix Concrete LLC (a) | 8.88<br> % <br>| 11/15/31 | 264500 |
|  |  |  |  | 696833 |
|  | **Consumer Finance – 0.9%** |  |  |  |
| 57000 | Bread Financial Holdings, Inc. (a) | 6.75<br> % <br>| 05/15/31 | 57461 |
| 59000 | EZCORP, Inc. (a) | 7.38<br> % <br>| 04/01/32 | 62466 |
| 499000 | FirstCash, Inc. (a) | 6.88<br> % <br>| 03/01/32 | 518400 |
|  |  |  |  | 638327 |
|  | **Data Processing & Outsourced Services – 0.2%** |  |  |  |
| 80000 | Block, Inc. (a) | 5.63<br> % <br>| 08/15/30 | 81259 |
| 54000 | Block, Inc. (a) | 6.00<br> % <br>| 08/15/33 | 55253 |
|  |  |  |  | 136512 |
|  | **Diversified Metals & Mining – 0.1%** |  |  |  |
| 57000 | SCIH Salt Holdings, Inc. (a) | 4.88<br> % <br>| 05/01/28 | 56414 |
|  | **Electric Utilities – 0.9%** |  |  |  |
| 126000 | Alpha Generation LLC (a) | 6.75<br> % <br>| 10/15/32 | 129594 |
| 391000 | Alpha Generation LLC (a) | 6.25<br> % <br>| 01/15/34 | 395814 |
| 78000 | NRG Energy, Inc. (a) | 5.75<br> % <br>| 01/15/34 | 78601 |
| 78000 | NRG Energy, Inc. (a) | 6.00<br> % <br>| 01/15/36 | 79393 |
|  |  |  |  | 683402 |
|  | **Environmental & Facilities Services – 1.2%** |  |  |  |
| 129000 | Allied Universal Holdco LLC (a) | 7.88<br> % <br>| 02/15/31 | 134450 |
| 188000 | Allied Universal Holdco LLC / Allied Universal Finance Corp. (a) | 6.88<br> % <br>| 06/15/30 | 193034 |

---

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Portfolio of Investments (Continued)**

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Environmental & Facilities Services (Continued)** |  |  |  |
| $56000 | Clean Harbors, Inc. (a) | 5.75<br> % <br>| 10/15/33 | $57274 |
| 461000 | Waste Pro USA, Inc. (a) | 7.00<br> % <br>| 02/01/33 | 480327 |
|  |  |  |  | 865085 |
|  | **Fertilizers & Agricultural Chemicals – 0.2%** |  |  |  |
| 135000 | Scotts Miracle-Gro Co. (The) | 4.38<br> % <br>| 02/01/32 | 125252 |
|  | **Food Distributors – 0.3%** |  |  |  |
| 221000 | US Foods, Inc. (a) | 5.75<br> % <br>| 04/15/33 | 224462 |
|  | **Forest Products – 0.0%** |  |  |  |
| 31000 | Magnera Corp. (a) | 7.25<br> % <br>| 11/15/31 | 26796 |
|  | **Health Care Facilities – 0.9%** |  |  |  |
| 270000 | AHP Health Partners, Inc. (a) | 5.75<br> % <br>| 07/15/29 | 269689 |
| 34000 | Concentra Health Services, Inc. (a) | 6.88<br> % <br>| 07/15/32 | 35506 |
| 356000 | Select Medical Corp. (a) | 6.25<br> % <br>| 12/01/32 | 361491 |
|  |  |  |  | 666686 |
|  | **Health Care Services – 0.8%** |  |  |  |
| 509000 | Raven Acquisition Holdings LLC (a) | 6.88<br> % <br>| 11/15/31 | 521409 |
| 55000 | Surgery Center Holdings, Inc. (a) | 7.25<br> % <br>| 04/15/32 | 56659 |
|  |  |  |  | 578068 |
|  | **Health Care Supplies – 0.3%** |  |  |  |
| 250000 | Medline Borrower, L.P. (a) | 5.25<br> % <br>| 10/01/29 | 249212 |
|  | **Homebuilding – 0.2%** |  |  |  |
| 114000 | Ashton Woods USA LLC / Ashton Woods Finance Co. (a) | 6.88<br> % <br>| 08/01/33 | 114372 |
|  | **Hotels, Resorts & Cruise Lines – 0.2%** |  |  |  |
| 28000 | RHP Hotel Properties L.P. / RHP Finance Corp. (a) | 6.50<br> % <br>| 06/15/33 | 28920 |
| 106000 | Vail Resorts, Inc. (a) | 6.50<br> % <br>| 05/15/32 | 110141 |
|  |  |  |  | 139061 |
|  | **Housewares & Specialties – 0.4%** |  |  |  |
| 43000 | Newell Brands, Inc. (a) | 8.50<br> % <br>| 06/01/28 | 44222 |
| 250000 | Newell Brands, Inc. | 6.63<br> % <br>| 05/15/32 | 235625 |
|  |  |  |  | 279847 |
|  | **Human Resource & Employment Services – 1.0%** |  |  |  |
| 400000 | TriNet Group, Inc. (a) | 7.13<br> % <br>| 08/15/31 | 415355 |
| 410000 | ZipRecruiter, Inc. (a) | 5.00<br> % <br>| 01/15/30 | 321369 |
|  |  |  |  | 736724 |
|  | **Independent Power Producers & Energy Traders – 1.8%** |  |  |  |
| 1042000 | Lightning Power LLC (a) | 7.25<br> % <br>| 08/15/32 | 1106581 |
| 86000 | Talen Energy Supply LLC (a) | 6.25<br> % <br>| 02/01/34 | 88243 |
| 86000 | Talen Energy Supply LLC (a) | 6.50<br> % <br>| 02/01/36 | 89124 |
|  |  |  |  | 1283948 |
|  | **Industrial Machinery & Supplies & Components – 0.7%** |  |  |  |
| 79000 | Gates Corp. (The) (a) | 6.88<br> % <br>| 07/01/29 | 82117 |
| 289000 | Madison IAQ LLC (a) | 5.88<br> % <br>| 06/30/29 | 283444 |
| 125000 | SPX FLOW, Inc. (a) | 8.75<br> % <br>| 04/01/30 | 128331 |
|  |  |  |  | 493892 |

---

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Portfolio of Investments (Continued)**

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Insurance Brokers – 8.3%** |  |  |  |
| $705000 | Acrisure LLC / Acrisure Finance, Inc. (a) | 7.50<br> % <br>| 11/06/30 | $729712 |
| 250000 | Acrisure LLC / Acrisure Finance, Inc. (a) | 6.75<br> % <br>| 07/01/32 | 256557 |
| 856000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (a) | 6.75<br> % <br>| 10/15/27 | 859833 |
| 231000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (a) | 6.50<br> % <br>| 10/01/31 | 237176 |
| 66000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (a) | 7.38<br> % <br>| 10/01/32 | 68181 |
| 755000 | Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group <br> Holdings Finance (a)<br>| 7.13<br> % <br>| 05/15/31 | 775471 |
| 620000 | HUB International Ltd. (a) | 7.25<br> % <br>| 06/15/30 | 647741 |
| 625000 | HUB International Ltd. (a) | 7.38<br> % <br>| 01/31/32 | 648155 |
| 929000 | Panther Escrow Issuer LLC (a) | 7.13<br> % <br>| 06/01/31 | 960867 |
| 752000 | Ryan Specialty LLC (a) | 5.88<br> % <br>| 08/01/32 | 765221 |
|  |  |  |  | 5948914 |
|  | **Integrated Telecommunication Services – 0.1%** |  |  |  |
| 56000 | Windstream Services LLC (a) | 7.50<br> % <br>| 10/15/33 | 55990 |
|  | **Interactive Media & Services – 0.7%** |  |  |  |
| 27000 | Snap, Inc. (a) | 6.88<br> % <br>| 03/01/33 | 27639 |
| 393000 | Snap, Inc. (a) | 6.88<br> % <br>| 03/15/34 | 401016 |
| 60000 | ZoomInfo Technologies LLC / ZoomInfo Finance Corp. (a) | 3.88<br> % <br>| 02/01/29 | 56655 |
|  |  |  |  | 485310 |
|  | **Internet Services & Infrastructure – 0.2%** |  |  |  |
| 174000 | Wulf Compute LLC (a) | 7.75<br> % <br>| 10/15/30 | 180883 |
|  | **Investment Banking & Brokerage – 0.4%** |  |  |  |
| 84000 | Jane Street Group / JSG Finance, Inc. (a) | 6.13<br> % <br>| 11/01/32 | 85549 |
| 210000 | Jane Street Group / JSG Finance, Inc. (a) | 6.75<br> % <br>| 05/01/33 | 219227 |
|  |  |  |  | 304776 |
|  | **IT Consulting & Other Services – 0.4%** |  |  |  |
| 28000 | CACI International, Inc. (a) | 6.38<br> % <br>| 06/15/33 | 29147 |
| 269000 | Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. (a) | 6.75<br> % <br>| 08/15/32 | 278066 |
|  |  |  |  | 307213 |
|  | **Leisure Facilities – 0.4%** |  |  |  |
| 93000 | Life Time, Inc. (a) | 6.00<br> % <br>| 11/15/31 | 94365 |
| 62000 | Six Flags Entertainment Corp. (a) | 7.25<br> % <br>| 05/15/31 | 62205 |
| 136000 | Six Flags Entertainment Corp. / Six Flags Theme Parks, Inc. / <br> Canada's Wonderland Co. (a)<br>| 6.63<br> % <br>| 05/01/32 | 138195 |
|  |  |  |  | 294765 |
|  | **Leisure Products – 0.1%** |  |  |  |
| 90000 | Amer Sports Co. (a) | 6.75<br> % <br>| 02/16/31 | 93816 |
|  | **Life Sciences Tools & Services – 1.2%** |  |  |  |
| 226000 | Charles River Laboratories International, Inc. (a) | 4.00<br> % <br>| 03/15/31 | 213271 |
| 234000 | Fortrea Holdings, Inc. (a) | 7.50<br> % <br>| 07/01/30 | 224942 |
| 394000 | Star Parent, Inc. (a) | 9.00<br> % <br>| 10/01/30 | 421196 |
|  |  |  |  | 859409 |
|  | **Managed Health Care – 1.0%** |  |  |  |
| 710000 | Molina Healthcare, Inc. (a) | 6.25<br> % <br>| 01/15/33 | 715400 |
|  | **Movies & Entertainment – 0.4%** |  |  |  |
| 379000 | Warner Media Holdings, Inc. | 5.14<br> % <br>| 03/15/52 | 288988 |

---

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Portfolio of Investments (Continued)**

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Oil & Gas Refining & Marketing – 2.2%** |  |  |  |
| $209000 | Sunoco L.P. (a) | 5.63<br> % <br>| 03/15/31 | $209266 |
| 501000 | Sunoco L.P. (a) | 5.88<br> % <br>| 03/15/34 | 501241 |
| 355000 | Venture Global LNG, Inc. (a) | 8.38<br> % <br>| 06/01/31 | 364768 |
| 470000 | Venture Global LNG, Inc. (a) | 9.88<br> % <br>| 02/01/32 | 502325 |
|  |  |  |  | 1577600 |
|  | **Oil & Gas Storage & Transportation – 1.0%** |  |  |  |
| 14000 | Venture Global Plaquemines LNG LLC (a) | 7.50<br> % <br>| 05/01/33 | 15406 |
| 61000 | Venture Global Plaquemines LNG LLC (a) | 6.50<br> % <br>| 01/15/34 | 63933 |
| 446000 | Venture Global Plaquemines LNG LLC (a) | 7.75<br> % <br>| 05/01/35 | 503580 |
| 132000 | Venture Global Plaquemines LNG LLC (a) | 6.75<br> % <br>| 01/15/36 | 139886 |
|  |  |  |  | 722805 |
|  | **Other Specialty Retail – 0.2%** |  |  |  |
| 66000 | PetSmart LLC / PetSmart Finance Corp. (a) | 7.50<br> % <br>| 09/15/32 | 65997 |
| 54000 | PetSmart LLC / PetSmart Finance Corp. (a) | 10.00<br> % <br>| 09/15/33 | 54363 |
|  |  |  |  | 120360 |
|  | **Packaged Foods & Meats – 3.0%** |  |  |  |
| 106000 | BellRing Brands, Inc. (a) | 7.00<br> % <br>| 03/15/30 | 109412 |
| 313000 | Fiesta Purchaser, Inc. (a) | 7.88<br> % <br>| 03/01/31 | 331612 |
| 315000 | Fiesta Purchaser, Inc. (a) | 9.63<br> % <br>| 09/15/32 | 339749 |
| 159000 | Lamb Weston Holdings, Inc. (a) | 4.38<br> % <br>| 01/31/32 | 151695 |
| 160000 | Performance Food Group, Inc. (a) | 6.13<br> % <br>| 09/15/32 | 164472 |
| 687000 | Post Holdings, Inc. (a) | 6.25<br> % <br>| 02/15/32 | 707020 |
| 335000 | Post Holdings, Inc. (a) | 6.38<br> % <br>| 03/01/33 | 340123 |
|  |  |  |  | 2144083 |
|  | **Paper & Plastic Packaging Products & Materials – 1.9%** |  |  |  |
| 1153000 | Graham Packaging Co., Inc. (a) | 7.13<br> % <br>| 08/15/28 | 1148516 |
| 109000 | Graphic Packaging International LLC (a) | 6.38<br> % <br>| 07/15/32 | 110567 |
| 87000 | Sealed Air Corp. (a) | 7.25<br> % <br>| 02/15/31 | 91434 |
|  |  |  |  | 1350517 |
|  | **Passenger Ground Transportation – 0.3%** |  |  |  |
| 213000 | Avis Budget Car Rental LLC / Avis Budget Finance, Inc. (a) | 8.25<br> % <br>| 01/15/30 | 217586 |
|  | **Real Estate Operating Companies – 0.5%** |  |  |  |
| 351000 | Service Properties Trust | 8.88<br> % <br>| 06/15/32 | 346766 |
|  | **Real Estate Services – 0.1%** |  |  |  |
| 74000 | Cushman & Wakefield US Borrower LLC (a) | 8.88<br> % <br>| 09/01/31 | 79334 |
|  | **Research & Consulting Services – 0.7%** |  |  |  |
| 500000 | Clarivate Science Holdings Corp. (a) | 4.88<br> % <br>| 07/01/29 | 466875 |
| 28000 | Science Applications International Corp. (a) | 5.88<br> % <br>| 11/01/33 | 27945 |
|  |  |  |  | 494820 |
|  | **Restaurants – 0.1%** |  |  |  |
| 53000 | Brinker International, Inc. (a) | 8.25<br> % <br>| 07/15/30 | 56177 |
| 47000 | Raising Cane's Restaurants LLC (a) | 9.38<br> % <br>| 05/01/29 | 49203 |
|  |  |  |  | 105380 |
|  | **Security & Alarm Services – 0.5%** |  |  |  |
| 318000 | Brink's Co. (The) (a) | 6.75<br> % <br>| 06/15/32 | 330510 |

---

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Portfolio of Investments (Continued)**

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Specialized Consumer Services – 1.1%** |  |  |  |
| $734000 | Wand NewCo 3, Inc. (a) | 7.63<br> % <br>| 01/30/32 | $767855 |
|  | **Systems Software – 0.3%** |  |  |  |
| 212000 | Gen Digital, Inc. (a) | 6.25<br> % <br>| 04/01/33 | 218772 |
|  | **Technology Hardware, Storage & Peripherals – 0.2%** |  |  |  |
| 144000 | Fair Isaac Corp. (a) | 6.00<br> % <br>| 05/15/33 | 146937 |
|  | **Trading Companies & Distributors – 1.7%** |  |  |  |
| 60000 | EquipmentShare.com, Inc. (a) | 9.00<br> % <br>| 05/15/28 | 60527 |
| 147000 | EquipmentShare.com, Inc. (a) | 8.00<br> % <br>| 03/15/33 | 144291 |
| 196000 | Herc Holdings, Inc. (a) | 7.25<br> % <br>| 06/15/33 | 206793 |
| 143351 | PrimeSource Brands (a/k/a Park River Holdings, Inc.) (a) | 8.75<br> % <br>| 12/31/30 | 143309 |
| 56000 | PrimeSource Brands (a/k/a Park River Holdings, Inc.) (a) | 8.00<br> % <br>| 03/15/31 | 57696 |
| 342000 | QXO Building Products, Inc. (a) | 6.75<br> % <br>| 04/30/32 | 354912 |
| 90000 | WESCO Distribution, Inc. (a) | 6.38<br> % <br>| 03/15/33 | 94108 |
| 112000 | White Cap Buyer LLC (a) | 6.88<br> % <br>| 10/15/28 | 112071 |
| 24000 | White Cap Supply Holdings LLC (a) | 7.38<br> % <br>| 11/15/30 | 24293 |
|  |  |  |  | 1198000 |
|  | **Transaction & Payment Processing Services – 0.0%** |  |  |  |
| 15000 | WEX, Inc. (a) | 6.50<br> % <br>| 03/15/33 | 15355 |
|  | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | 37569942 |
|  | (Cost $37,113,501) |  |  |  |
| **Principal**<br> **Value**<br>| **Description** | **Rate (b)** | **Stated**<br> **Maturity (c)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS – 37.4%** | **SENIOR FLOATING-RATE LOAN INTERESTS – 37.4%** | **SENIOR FLOATING-RATE LOAN INTERESTS – 37.4%** | **SENIOR FLOATING-RATE LOAN INTERESTS – 37.4%** | **SENIOR FLOATING-RATE LOAN INTERESTS – 37.4%** |
|  | **Advertising – 0.4%** |  |  |  |
| 87033 | Authentic Brands Group (ABG Intermediate Holdings 2 LLC), Refi <br> Term Loan B, 1 Mo. CME Term SOFR + 2.25%, 0.00% Floor <br>| 6.21<br> % <br>| 12/21/28 | 87095 |
| 173357 | WH Borrower LLC (WHP), Term Loan B, 3 Mo. CME Term SOFR <br> + 4.50%, 0.50% Floor<br>| 8.95<br> % <br>| 02/20/32 | 173791 |
|  |  |  |  | 260886 |
|  | **Aerospace & Defense – 0.7%** |  |  |  |
| 154619 | Spirit AeroSystems, Inc., Term Loan B, 3 Mo. CME Term SOFR + <br> 4.50%, 0.50% Floor<br>| 8.34<br> % <br>| 01/15/27 | 155248 |
| 328471 | Vista Management Holding, Inc., Term Loan B, 3 Mo. CME Term <br> SOFR + 3.75%, 0.00% Floor<br>| 7.74<br> % <br>| 03/31/31 | 331345 |
|  |  |  |  | 486593 |
|  | **Air Freight & Logistics – 0.5%** |  |  |  |
| 362147 | Phoenix Aviation Capital Ltd., Term Loan B, 3 Mo. CME Term <br> SOFR + 3.25%, 0.00% Floor<br>| 7.11<br> % <br>| 10/28/30 | 359318 |
|  | **Application Software – 5.5%** |  |  |  |
| 101156 | Avalara, Inc., Term Loan B, 1 Mo. CME Term SOFR + 2.75%, <br> 0.00% Floor<br>| 6.74<br> % <br>| 03/29/32 | 101485 |
| 107943 | Clearwater Analytics LLC, Term Loan B, 3 Mo. CME Term SOFR <br> + 2.25%, 0.00% Floor<br>| 6.46<br> % <br>| 04/21/32 | 108348 |
| 118776 | ConnectWise LLC, Term Loan B, 3 Mo. CME Term SOFR + CSA <br> + 3.50%, 0.50% Floor<br>| 7.76<br> % <br>| 09/30/28 | 119094 |
| 685411 | Darktrace PLC (Leia Finco US LLC), Second Lien Term Loan, 3 <br> Mo. CME Term SOFR + 5.25%, 0.00% Floor<br>| 9.19<br> % <br>| 10/09/32 | 685839 |

---

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Portfolio of Investments (Continued)**

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (b)** | **Stated**<br> **Maturity (c)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** |
|  | **Application Software (Continued)** |  |  |  |
| $132151 | Genesys Cloud Services Holding II LLC, Term Loan B, 1 Mo. <br> CME Term SOFR + 2.50%, 0.00% Floor<br>| 6.46<br> % <br>| 01/31/32 | $130896 |
| 23628 | Inmar, Inc., Refi Term Loan, 1 Mo. CME Term SOFR + 4.50%, <br> 0.00% Floor<br>| 8.46<br> % <br>| 10/30/31 | 23549 |
| 57345 | Inmar, Inc., Refi Term Loan, 3 Mo. CME Term SOFR + 4.50%, <br> 0.00% Floor<br>| 8.34%-8.50% | 10/30/31 | 57154 |
| 355199 | Internet Brands, Inc. (Web MD / MH Sub I. LLC), 2023 New Term <br> Loan B, 3 Mo. CME Term SOFR + 4.25%, 0.50% Floor <br>| 8.25<br> % <br>| 05/03/28 | 323943 |
| 668670 | LogMeIn, Inc. (GoTo Group, Inc.), First Lien First Out TL, 1 Mo. <br> CME Term SOFR + CSA + 4.75%, 0.00% Floor <br>| 8.79<br> % <br>| 04/30/28 | 584458 |
| 584100 | LogMeIn, Inc. (GoTo Group, Inc.), First Lien Second Out TL, 1 <br> Mo. CME Term SOFR + CSA + 4.75%, 0.00% Floor <br>| 8.79<br> % <br>| 04/30/28 | 225559 |
| 683829 | McAfee Corp. (Condor Merger Sub, Inc.), Term Loan B-1, 1 Mo. <br> CME Term SOFR + 3.00%, 0.50% Floor<br>| 6.96<br> % <br>| 03/01/29 | 651060 |
| 129740 | N-Able, Inc., Term Loan B, 3 Mo. CME Term SOFR + CSA + <br> 2.75%, 0.50% Floor<br>| 7.21<br> % <br>| 07/19/28 | 130227 |
| 124028 | OSTTRA (Orion US Finco, Inc.), 1st Lien Term Loan B, 3 Mo. <br> CME Term SOFR + 3.50%, 0.00% Floor<br>| 7.43<br> % <br>| 10/10/32 | 124774 |
| 149417 | Qlik Technologies (Project Alpha Intermediate Holding, Inc.), <br> Second Lien Term Loan, 3 Mo. CME Term SOFR + 5.00%, <br> 0.50% Floor <br>| 9.00<br> % <br>| 05/08/33 | 145868 |
| 101059 | Qlik Technologies (Project Alpha Intermediate Holding, Inc.), Term <br> Loan B, 3 Mo. CME Term SOFR + 3.25%, 0.50% Floor <br>| 7.25<br> % <br>| 10/28/30 | 101203 |
| 169026 | Starlight Parent LLC, Term Loan B, 3 Mo. CME Term SOFR + <br> 4.00%, 0.00% Floor<br>| 8.03<br> % <br>| 04/16/32 | 168393 |
| 164105 | X.AI LLC, Fixed Rate Term Loan | 12.50<br> % <br>| 06/30/30 | 172002 |
| 104737 | X.AI LLC, Floating Rate Term Loan B, 6 Mo. CME Term SOFR + <br> 7.25%, 0.00% Floor<br>| 11.12<br> % <br>| 06/30/30 | 102259 |
|  |  |  |  | 3956111 |
|  | **Asset Management & Custody Banks – 2.0%** |  |  |  |
| 550631 | Ascensus Holdings, Inc., Term Loan B, 1 Mo. CME Term SOFR + <br> 3.00%, 0.00% Floor<br>| 6.96<br> % <br>| 08/02/28 | 551923 |
| 374684 | Edelman Financial Engines Center LLC, Refi Term Loan B, 1 Mo. <br> CME Term SOFR + 3.00%, 0.00% Floor<br>| 6.96<br> % <br>| 04/07/28 | 376387 |
| 366581 | Edelman Financial Engines Center LLC, Second Lien Term Loan, 1 <br> Mo. CME Term SOFR + 5.25%, 0.00% Floor <br>| 9.21<br> % <br>| 10/06/28 | 367726 |
| 135288 | Jump Financial LLC, Refi Term Loan B, 3 Mo. CME Term SOFR <br> + 3.50%, 0.00% Floor<br>| 7.50<br> % <br>| 02/26/32 | 135879 |
|  |  |  |  | 1431915 |
|  | **Automotive Retail – 0.6%** |  |  |  |
| 459004 | Mavis Tire Express Services Topco Corp., Refi Term Loan B, 3 <br> Mo. CME Term SOFR + 3.00%, 0.75% Floor<br>| 7.20<br> % <br>| 05/04/28 | 460471 |
|  | **Building Products – 0.2%** |  |  |  |
| 69088 | LBM Acquisition LLC, Term Loan B, 1 Mo. CME Term SOFR + <br> 3.75%, 0.75% Floor<br>| 7.88<br> % <br>| 06/06/31 | 66901 |
| 91804 | LBM Acquisition LLC, Term Loan, 1 Mo. CME Term SOFR + <br> 5.00%, 0.75% Floor<br>| 9.03<br> % <br>| 06/06/31 | 91410 |
|  |  |  |  | 158311 |

---

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Portfolio of Investments (Continued)**

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (b)** | **Stated**<br> **Maturity (c)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** |
|  | **Casinos & Gaming – 0.1%** |  |  |  |
| $94117 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., <br> Inc., Refi Term Loan, 1 Mo. CME Term SOFR + 3.25%, 0.50% <br> Floor <br>| 7.21<br> % <br>| 01/29/29 | $94141 |
|  | **Construction & Engineering – 0.4%** |  |  |  |
| 74269 | Centuri Group, Inc., Term Loan B, 1 Mo. CME Term SOFR + <br> 2.25%, 0.00% Floor<br>| 6.23<br> % <br>| 07/09/32 | 74696 |
| 202789 | Green Infrastructure, Term Loan B, 3 Mo. CME Term SOFR + <br> 2.75%, 0.00% Floor<br>| 6.75<br> % <br>| 09/24/32 | 203360 |
|  |  |  |  | 278056 |
|  | **Construction Materials – 0.4%** |  |  |  |
| 298485 | Quikrete Holdings, Inc., Term Loan B2 2029, 1 Mo. CME Term <br> SOFR + 2.25%, 0.00% Floor<br>| 6.21<br> % <br>| 03/18/29 | 299173 |
|  | **Data Processing & Outsourced Services – 0.3%** |  |  |  |
| 72086 | Paysafe Holdings US Corp., Facility B1 Loan, 1 Mo. CME Term <br> SOFR + CSA + 2.75%, 0.50% Floor<br>| 6.83<br> % <br>| 06/28/28 | 72177 |
| 134838 | Skopima Consilio Parent LLC, Refi Term Loan B, 1 Mo. CME <br> Term SOFR + 3.75%, 0.50% Floor<br>| 7.71<br> % <br>| 05/17/28 | 116923 |
|  |  |  |  | 189100 |
|  | **Diversified Support Services – 0.5%** |  |  |  |
| 193659 | Aggreko Holdings, Inc., Extended Term Loan B, 3 Mo. CME Term <br> SOFR + 3.00%, 0.50% Floor<br>| 7.21<br> % <br>| 05/21/31 | 195113 |
| 178771 | Vestis Corp., Term Loan B-1, 3 Mo. CME Term SOFR + 2.25%, <br> 0.00% Floor<br>| 6.45<br> % <br>| 02/22/31 | 170279 |
|  |  |  |  | 365392 |
|  | **Education Services – 0.1%** |  |  |  |
| 98452 | Prometric Holdings, Inc., Term Loan B, 1 Mo. CME Term SOFR + <br> 3.75%, 0.00% Floor<br>| 7.71<br> % <br>| 06/24/32 | 99068 |
|  | **Electronic Equipment & Instruments – 0.4%** |  |  |  |
| 122503 | DG Investment Intermediate Holdings 2, Inc., Second Lien, 1 Mo. <br> CME Term SOFR + 5.50%, 0.00% Floor<br>| 9.46<br> % <br>| 07/31/33 | 122962 |
| 75997 | DG Investment Intermediate Holdings 2, Inc., Term Loan B, 1 Mo. <br> CME Term SOFR + 3.75%, 0.00% Floor<br>| 7.71<br> % <br>| 07/10/32 | 76283 |
| 112173 | VeriFone Systems, Inc., Extended Term Loan, 3 Mo. CME Term <br> SOFR + CSA + 5.25%, 0.00% Floor<br>| 9.35<br> % <br>| 08/21/28 | 107701 |
|  |  |  |  | 306946 |
|  | **Food Distributors – 0.1%** |  |  |  |
| 72611 | C&S Wholesale Grocers, Inc., Term Loan B, 3 Mo. CME Term <br> SOFR + 5.00%, 0.00% Floor<br>| 9.00<br> % <br>| 09/23/30 | 71748 |
|  | **Health Care Facilities – 0.9%** |  |  |  |
| 165209 | Ardent Health Services Inc (AHP Health Partners, Inc.), Extended <br> Term Loan, 1 Mo. CME Term SOFR + 2.25%, 0.50% Floor <br>| 6.21<br> % <br>| 09/18/32 | 166062 |
| 488214 | IVC Evidensia (VetStrategy Canada / IVC Acquisition Midco Ltd.), <br> Term Loan B-12, 3 Mo. CME Term SOFR + 3.75%, 0.50% Floor <br>| 7.75<br> % <br>| 12/06/28 | 490899 |
|  |  |  |  | 656961 |
|  | **Health Care Services – 2.4%** |  |  |  |
| 370044 | Ensemble RCM LLC, 2024 Refi Loan, 3 Mo. CME Term SOFR + <br> 3.00%, 0.00% Floor<br>| 6.84<br> % <br>| 08/01/29 | 371942 |

---

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Portfolio of Investments (Continued)**

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (b)** | **Stated**<br> **Maturity (c)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** |
|  | **Health Care Services (Continued)** |  |  |  |
| $679739 | ExamWorks Group, Inc. (Electron Bidco), Refi Term Loan, 1 Mo. <br> CME Term SOFR + 2.75%, 0.50% Floor<br>| 6.71<br> % <br>| 11/01/28 | $683328 |
| 50405 | Onex TSG Intermediate Corp., Term Loan B, 3 Mo. CME Term <br> SOFR + 3.75%, 0.00% Floor<br>| 7.59<br> % <br>| 08/06/32 | 50707 |
| 617926 | Opal US LLC, Refi Term Loan B4 (USD), 2 Mo. CME Term SOFR <br> + 3.00%, 0.00% Floor<br>| 6.90<br> % <br>| 04/23/32 | 621305 |
|  |  |  |  | 1727282 |
|  | **Health Care Supplies – 0.1%** |  |  |  |
| 63381 | Sharp Services LLC, Term Loan E, 3 Mo. CME Term SOFR + <br> 3.00%, 0.00% Floor<br>| 6.99<br> % <br>| 09/29/32 | 63698 |
|  | **Health Care Technology – 3.8%** |  |  |  |
| 966359 | athenahealth Group, Inc., Refi Term Loan B, 1 Mo. CME Term <br> SOFR + 2.75%, 0.50% Floor<br>| 6.71<br> % <br>| 02/15/29 | 963489 |
| 616222 | Cotiviti, Inc. (Verscend Technologies, Inc.), Fixed Rate Term Loan | 7.63<br> % <br>| 05/01/31 | 607172 |
| 673815 | Project Ruby Ultimate Parent Corp., Refi Term Loan B, 1 Mo. <br> CME Term SOFR + 2.75%, 0.00% Floor<br>| 6.83<br> % <br>| 03/10/28 | 676342 |
| 514460 | Waystar Technologies, Inc., Term Loan B, 1 Mo. CME Term SOFR <br> + 2.00%, 0.00% Floor<br>| 6.00<br> % <br>| 10/22/29 | 515211 |
|  |  |  |  | 2762214 |
|  | **Home Furnishings – 0.1%** |  |  |  |
| 53703 | Restoration Hardware (RH), Term Loan B-2, 1 Mo. CME Term <br> SOFR + CSA + 3.25%, 0.50% Floor<br>| 7.31<br> % <br>| 10/20/28 | 52573 |
|  | **Household Products – 0.1%** |  |  |  |
| 101353 | Essential Home (Lavender Dutch BorrowerCo BV), Term Loan B, 1 <br> Mo. CME Term SOFR + 3.25%, 0.00% Floor<br>| 7.25<br> % <br>| 12/31/32 | 101543 |
|  | **Industrial Machinery & Supplies & Components – 0.6%** |  |  |  |
| 425113 | TK Elevator US Newco, Inc., Term Loan B, 6 Mo. CME Term <br> SOFR + 3.00%, 0.50% Floor<br>| 7.20<br> % <br>| 04/30/30 | 428214 |
|  | **Insurance Brokers – 3.3%** |  |  |  |
| 58214 | Acrisure LLC, Term Loan B-6 2030, 1 Mo. CME Term SOFR + <br> 3.00%, 0.00% Floor<br>| 6.96<br> % <br>| 11/06/30 | 58250 |
| 49838 | CFC USA 2025 LLC, Term Loan B, 3 Mo. CME Term SOFR + <br> 3.75%, 0.00% Floor<br>| 7.74<br> % <br>| 07/01/32 | 48841 |
| 228773 | Goosehead Insurance Holdings LLC, Refi Term Loan B, 1 Mo. <br> CME Term SOFR + 3.00%, 0.00% Floor<br>| 7.05<br> % <br>| 01/08/32 | 229631 |
| 733601 | Howden Group Holdings, Term Loan B, 1 Mo. CME Term SOFR + <br> 3.50%, 0.50% Floor<br>| 7.46<br> % <br>| 04/18/30 | 737768 |
| 131898 | Hyperion Refinance Sarl, 2031 Maturity Refi Loan, 1 Mo. CME <br> Term SOFR + 2.75%, 0.50% Floor<br>| 6.71<br> % <br>| 02/18/31 | 132263 |
| 761702 | OneDigital Borrower LLC, Second Lien Term Loan, 1 Mo. CME <br> Term SOFR + 5.25%, 0.50% Floor<br>| 9.21<br> % <br>| 07/02/32 | 769799 |
| 110003 | Trucordia Insurance Holdings LLC, Term Loan B, 1 Mo. CME <br> Term SOFR + 3.25%, 0.00% Floor<br>| 7.21<br> % <br>| 06/17/32 | 110553 |
| 310902 | Truist Insurance Holdings LLC (McGriff / Panther Escrow), Second <br> Lien Term Loan, 3 Mo. CME Term SOFR + 4.75%, 0.00% Floor <br>| 8.75<br> % <br>| 05/06/32 | 316148 |
|  |  |  |  | 2403253 |
|  | **Interactive Media & Services – 0.9%** |  |  |  |
| 256967 | Twitter, Inc. (X Corp.), Fixed Rate Term Loan B-3 | 9.50<br> % <br>| 10/29/29 | 258091 |

---

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Portfolio of Investments (Continued)**

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (b)** | **Stated**<br> **Maturity (c)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** |
|  | **Interactive Media & Services (Continued)** |  |  |  |
| $361296 | Twitter, Inc. (X Corp.), Term Loan B-1, 6 Mo. CME Term SOFR + <br> CSA + 6.50%, 0.50% Floor<br>| 10.45<br> % <br>| 10/26/29 | $352715 |
|  |  |  |  | 610806 |
|  | **IT Consulting & Other Services – 1.1%** |  |  |  |
| 637665 | Gainwell Acquisition Corp. (f/k/a Milano), Term Loan B, 3 Mo. <br> CME Term SOFR + CSA + 4.00%, 0.75% Floor <br>| 8.10<br> % <br>| 10/01/27 | 632883 |
| 124627 | Shift4 Payments LLC, Term Loan B, 3 Mo. CME Term SOFR + <br> 2.50%, 0.00% Floor<br>| 6.50<br> % <br>| 07/03/32 | 125614 |
|  |  |  |  | 758497 |
|  | **Life Sciences Tools & Services – 0.8%** |  |  |  |
| 445453 | Parexel International Corp. (Phoenix Newco), 2025 Refi Term Loan, <br> 1 Mo. CME Term SOFR + 2.50%, 0.50% Floor <br>| 6.46<br> % <br>| 11/15/28 | 447181 |
| 50704 | Sotera Health Holdings, LLC (Sterigenics), Term Loan B, 3 Mo. <br> CME Term SOFR + 2.50%, 0.00% Floor<br>| 6.34<br> % <br>| 05/30/31 | 50958 |
| 69858 | Syneos Health, Inc. (Star Parent, Inc.), Term Loan B, 3 Mo. CME <br> Term SOFR + 4.00%, 0.00% Floor<br>| 8.00<br> % <br>| 09/30/30 | 70061 |
|  |  |  |  | 568200 |
|  | **Metal, Glass & Plastic Containers – 0.3%** |  |  |  |
| 177290 | ProAmpac PG Borrower LLC, 2024 Refi Term Loan B, 3 Mo. <br> CME Term SOFR + 4.00%, 0.75% Floor<br>| 7.90%-8.19% | 09/15/28 | 177522 |
|  | **Other Diversified Financial Services – 0.0%** |  |  |  |
| 21269 | Pinnacle Buyer LLC, Term Loan B, 3 Mo. CME Term SOFR + <br> 2.50%, 0.00% Floor<br>| 6.49<br> % <br>| 10/01/32 | 21389 |
|  | **Other Specialty Retail – 1.1%** |  |  |  |
| 81367 | Bass Pro Group LLC (Great Outdoors Group LLC), Term Loan <br> B-3, 1 Mo. CME Term SOFR + 3.25%, 0.75% Floor <br>| 7.21<br> % <br>| 01/23/32 | 81469 |
| 491817 | Petco Health and Wellness Company, Inc., Initial Term Loan B, 3 <br> Mo. CME Term SOFR + CSA + 3.25%, 0.75% Floor <br>| 7.51<br> % <br>| 03/04/28 | 485694 |
| 111679 | PetSmart, Inc., Term Loan B, 1 Mo. CME Term SOFR + 4.00%, <br> 0.00% Floor<br>| 8.03<br> % <br>| 08/18/32 | 110284 |
| 88733 | Savers, Inc. (Evergreen AcqCo 1 L.P.), Term Loan B, 3 Mo. CME <br> Term SOFR + 3.00%, 0.00% Floor<br>| 7.03<br> % <br>| 09/15/32 | 88921 |
|  |  |  |  | 766368 |
|  | **Packaged Foods & Meats – 0.2%** |  |  |  |
| 122923 | Savor Acquisition, Inc., Term Loan B, 3 Mo. CME Term SOFR + <br> 3.00%, 0.00% Floor<br>| 6.84<br> % <br>| 02/19/32 | 123589 |
|  | **Passenger Airlines – 0.6%** |  |  |  |
| 74394 | AAdvantage Loyalty IP Ltd., 2032 Term Loan, 3 Mo. CME Term <br> SOFR + 3.25%, 0.00% Floor<br>| 7.13<br> % <br>| 05/31/32 | 74766 |
| 344293 | American Airlines, Inc., Term Loan B 2027, 3 Mo. CME Term <br> SOFR + 1.75%, 0.00% Floor<br>| 5.69<br> % <br>| 01/29/27 | 343971 |
|  |  |  |  | 418737 |
|  | **Research & Consulting Services – 1.4%** |  |  |  |
| 16319 | Amspec Parent LLC, Refi Delayed Draw Term Loan, 3 Mo. CME <br> Term SOFR + 3.50%, 0.00% Floor<br>| 7.40<br> % <br>| 12/22/31 | 16457 |
| 105914 | Amspec Parent LLC, Refi Term Loan B, 3 Mo. CME Term SOFR + <br> 3.50%, 0.00% Floor<br>| 7.50<br> % <br>| 12/22/31 | 106808 |

---

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Portfolio of Investments (Continued)**

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (b)** | **Stated**<br> **Maturity (c)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** |
|  | **Research & Consulting Services (Continued)** |  |  |  |
| $556655 | Camelot US Acquisition LLC, 2025 Incremental Term Loan, 1 Mo. <br> CME Term SOFR + 3.25%, 0.00% Floor<br>| 7.21<br> % <br>| 01/31/31 | $553699 |
| 314492 | Grant Thornton Advisors LLC, Incremental Term Loan, 1 Mo. CME <br> Term SOFR + 3.00%, 0.00% Floor<br>| 6.96<br> % <br>| 05/30/31 | 315756 |
| 27106 | Grant Thornton Advisors LLC, Term Loan B, 1 Mo. CME Term <br> SOFR + 2.50%, 0.00% Floor<br>| 6.46<br> % <br>| 05/30/31 | 27059 |
|  |  |  |  | 1019779 |
|  | **Restaurants – 3.2%** |  |  |  |
| 1664347 | IRB Holding Corp. (Arby's / Inspire Brands), Term Loan B, 1 Mo. <br> CME Term SOFR + 2.50%, 0.75% Floor <br>| 6.46<br> % <br>| 12/15/27 | 1668541 |
| 628277 | Whatabrands LLC, Term Loan B, 1 Mo. CME Term SOFR + <br> 2.50%, 0.50% Floor<br>| 6.46<br> % <br>| 08/03/28 | 630378 |
|  |  |  |  | 2298919 |
|  | **Security & Alarm Services – 1.2%** |  |  |  |
| 790323 | Garda World Security Corp., Refi Term Loan B, 1 Mo. CME Term <br> SOFR + 3.00%, 0.00% Floor<br>| 7.05<br> % <br>| 02/01/29 | 791805 |
| 88571 | Kidde Home Safety, LLC (LSF12 Crown US Commercial Bidco, <br> LLC), Term Loan B, 1 Mo. CME Term SOFR + 3.50%, 0.00% <br> Floor <br>| 7.66<br> % <br>| 12/02/31 | 89207 |
|  |  |  |  | 881012 |
|  | **Semiconductor Materials & Equipment – 0.4%** |  |  |  |
| 295356 | Gryphon Debt Merger Sub, Inc., Term Loan B, 6 Mo. CME Term <br> SOFR + 3.00%, 0.00% Floor<br>| 6.88<br> % <br>| 09/12/32 | 297111 |
|  | **Soft Drinks & Non-alcoholic Beverages – 0.2%** |  |  |  |
| 159444 | Celsius Holdings, Inc., Refi Term Loan B, 3 Mo. CME Term SOFR <br> + 2.50%, 0.00% Floor<br>| 6.48<br> % <br>| 03/31/32 | 160490 |
|  | **Specialty Chemicals – 0.4%** |  |  |  |
| 265939 | Highline Aftermarket Acquisition LLC, Refi Term Loan B, 3 Mo. <br> CME Term SOFR + 3.50%, 0.75% Floor<br>| 7.70<br> % <br>| 02/19/30 | 267104 |
|  | **Systems Software – 1.5%** |  |  |  |
| 75574 | Idera, Inc. (Flash Charm), Second Lien Term Loan, 3 Mo. CME <br> Term SOFR + CSA + 6.75%, 0.75% Floor<br>| 11.20<br> % <br>| 03/02/29 | 61215 |
| 14110 | Kaseya, Inc., Second Lien Term Loan, 1 Mo. CME Term SOFR + <br> 5.00%, 0.00% Floor<br>| 8.96<br> % <br>| 03/20/33 | 13995 |
| 193800 | KnowBe4, Inc., Term Loan B, 3 Mo. CME Term SOFR + 3.75%, <br> 0.00% Floor<br>| 7.59<br> % <br>| 07/26/32 | 193800 |
| 623410 | Proofpoint, Inc., 2024 Refi Term Loan, 1 Mo. CME Term SOFR + <br> 3.00%, 0.50% Floor<br>| 6.96<br> % <br>| 08/31/28 | 627231 |
| 96704 | Proofpoint, Inc., Incr Term Loan, 1 Mo. CME Term SOFR + <br> 3.00%, 0.50% Floor<br>| 7.00<br> % <br>| 08/31/28 | 97297 |
| 101845 | SUSE (Marcel Bidco LLC), Refi Term Loan B9, Daily CME Term <br> SOFR + 3.00%, 0.50% Floor<br>| 7.13%-7.31% | 11/13/30 | 102227 |
|  |  |  |  | 1095765 |
|  | **Trading Companies & Distributors – 0.6%** |  |  |  |
| 37853 | QXO Building Products, Inc., Refi Term Loan B, 1 Mo. CME Term <br> SOFR + 2.00%, 0.00% Floor<br>| 6.00<br> % <br>| 04/30/32 | 37965 |
| 71939 | Veritiv Corp. (Verde Purchaser LLC), Term Loan B, 3 Mo. CME <br> Term SOFR + 4.00%, 0.00% Floor<br>| 8.00<br> % <br>| 11/29/30 | 69280 |

---

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Portfolio of Investments (Continued)**

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (b)** | **Stated**<br> **Maturity (c)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (Continued)** |
|  | **Trading Companies & Distributors (Continued)** |  |  |  |
| $281966 | White Cap Supply Holdings LLC, Term Loan B, 1 Mo. CME Term <br> SOFR + 3.25%, 0.00% Floor<br>| 7.21<br> % <br>| 10/29/29 | $282977 |
|  |  |  |  | 390222 |
|  | **Total Senior Floating-Rate Loan Interests** | **Total Senior Floating-Rate Loan Interests** | **Total Senior Floating-Rate Loan Interests** | 26868477 |
|  | (Cost $27,164,051) |  |  |  |
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **FOREIGN CORPORATE BONDS AND NOTES – 5.3%** | **FOREIGN CORPORATE BONDS AND NOTES – 5.3%** | **FOREIGN CORPORATE BONDS AND NOTES – 5.3%** | **FOREIGN CORPORATE BONDS AND NOTES – 5.3%** | **FOREIGN CORPORATE BONDS AND NOTES – 5.3%** |
|  | **Aerospace & Defense – 0.2%** |  |  |  |
| 168000 | Bombardier, Inc. (a) | 6.75<br> % <br>| 06/15/33 | 176568 |
|  | **Air Freight & Logistics – 0.2%** |  |  |  |
| 138000 | Phoenix Aviation Capital Ltd. (a) | 9.25<br> % <br>| 07/15/30 | 145498 |
|  | **Automotive Parts & Equipment – 0.2%** |  |  |  |
| 175000 | Clarios Global LP / Clarios US Finance Co. (a) | 6.75<br> % <br>| 09/15/32 | 179192 |
|  | **Data Processing & Outsourced Services – 0.3%** |  |  |  |
| 216000 | Paysafe Finance PLC / Paysafe Holdings US Corp. (a) | 4.00<br> % <br>| 06/15/29 | 203432 |
|  | **Diversified Support Services – 0.1%** |  |  |  |
| 86000 | Albion Financing 1 SARL / Aggreko Holdings, Inc. (a) | 7.00<br> % <br>| 05/21/30 | 88974 |
|  | **Health Care Services – 0.2%** |  |  |  |
| 140000 | Opal Bidco SAS (a) | 6.50<br> % <br>| 03/31/32 | 144312 |
|  | **Hotels, Resorts & Cruise Lines – 0.9%** |  |  |  |
| 230000 | Carnival Corp. (a) | 5.88<br> % <br>| 06/15/31 | 237376 |
| 290000 | Carnival Corp. (a) | 5.75<br> % <br>| 08/01/32 | 298275 |
| 56000 | NCL Corp Ltd. (a) | 6.75<br> % <br>| 02/01/32 | 57578 |
| 28000 | Viking Cruises Ltd. (a) | 5.88<br> % <br>| 10/15/33 | 28481 |
|  |  |  |  | 621710 |
|  | **Insurance Brokers – 1.6%** |  |  |  |
| 710000 | Ardonagh Finco Ltd. (a) | 7.75<br> % <br>| 02/15/31 | 743293 |
| 210000 | Ardonagh Group Finance Ltd. (a) | 8.88<br> % <br>| 02/15/32 | 219334 |
| 172000 | Jones Deslauriers Insurance Management, Inc. (a) | 8.50<br> % <br>| 03/15/30 | 180778 |
|  |  |  |  | 1143405 |
|  | **Metal, Glass & Plastic Containers – 0.6%** |  |  |  |
| 292000 | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal <br> Packaging Finance PLC (a)<br>| 6.00<br> % <br>| 06/15/27 | 292937 |
| 44000 | Canpack SA / Canpack US LLC (a) | 3.88<br> % <br>| 11/15/29 | 41829 |
| 87000 | Trivium Packaging Finance B.V. (a) | 8.25<br> % <br>| 07/15/30 | 90212 |
|  |  |  |  | 424978 |
|  | **Packaged Foods & Meats – 0.5%** |  |  |  |
| 356000 | Froneri Lux FinCo SARL (a) | 6.00<br> % <br>| 08/01/32 | 359561 |
|  | **Specialized Consumer Services – 0.5%** |  |  |  |
| 327000 | Belron UK Finance PLC (a) | 5.75<br> % <br>| 10/15/29 | 331540 |
|  | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | 3819170 |
|  | (Cost $3,745,561) |  |  |  |

---

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

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Portfolio of Investments (Continued)**

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS – 0.0%** | **COMMON STOCKS – 0.0%** | **COMMON STOCKS – 0.0%** |
|  | **Pharmaceuticals – 0.0%** |  |
| 26696 | Akorn, Inc. (d) (e) (f) | $1068 |
|  | (Cost $306,038) |  |
| **RIGHTS – 0.0%** | **RIGHTS – 0.0%** | **RIGHTS – 0.0%** |
|  | **Life Sciences Tools & Services – 0.0%** |  |
| 1 | New Millennium Holdco, Inc., Corporate Claim Trust, no expiration date (f) (g) (h) (i) | 0 |
| 1 | New Millennium Holdco, Inc., Lender Claim Trust, no expiration date (f) (g) (h) (i) | 0 |
|  | **Total Rights** | 0 |
|  | (Cost $0) |  |
| **MONEY MARKET FUNDS – 4.9%** | **MONEY MARKET FUNDS – 4.9%** | **MONEY MARKET FUNDS – 4.9%** |
| 3533593 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 3.94% (j) | 3533593 |
|  | (Cost $3,533,593) |  |
|  | **Total Investments – 99.8%** | 71792250 |
|  | (Cost $71,862,744)  |  |
|  | **Net Other Assets and Liabilities – 0.2%** | 179199 |
|  | **Net Assets – 100.0%** | $71971449 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule
 144A of the Securities Act of 1933, as amended (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 October 31, 2025, securities noted as such amounted to $40,033,195 or 55.6%
 of net assets.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 issuer has filed for protection in bankruptcy court.

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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 Note 2D - Restricted Securities in the
 Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(f) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(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 October
 31, 2025, securities noted as such are valued at $0 or 0.0% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) This
 security's value was determined using significant unobservable inputs. (see Note 2A - Portfolio Valuation in the Notes to Financial
 Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(j) Rate
 shown reflects yield as of October 31, 2025.

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

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| CME | – Chicago Mercantile Exchange |
| CSA | – Credit Spread Adjustment |
| SOFR | – Secured Overnight Financing Rate |
| USD | – United States Dollar |

---

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Portfolio of Investments (Continued)**

**October 31, 2025**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of October 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total**<br> **Value at**<br> **10/31/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1**<br> **Quoted**<br> **Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Corporate Bonds and Notes\* | &nbsp;&nbsp; $37569942 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $37569942 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Senior Floating-Rate Loan Interests\* | &nbsp;&nbsp; 26868477 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26868477 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Foreign Corporate Bonds and Notes\* | &nbsp;&nbsp; 3819170 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3819170 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Common Stocks\* | &nbsp;&nbsp; 1068 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1068 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Rights\* | &nbsp;&nbsp; —<br> \*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> \*\*<br>|
| Money Market Funds | &nbsp;&nbsp; 3533593 | &nbsp;&nbsp;&nbsp;&nbsp; 3533593 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp; $71792250 | &nbsp;&nbsp;&nbsp;&nbsp; $3533593 | &nbsp;&nbsp;&nbsp;&nbsp; $68258657 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> \*\*<br>|

---

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

\* See Portfolio of Investments for industry breakout.

\*\* Investments are valued at $0.

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

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Statement of Assets and Liabilities** 

**October 31, 2025**

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

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value | $71792250 |
| Cash | 11607 |
| Receivables: |  |
| Interest | 891732 |
| Investment securities sold | 211028 |
| Fund shares sold | 38849 |
| Prepaid expenses | 32250 |
| Unrealized appreciation on unfunded loan commitments | 47 |
| Total Assets | 72977763 |
| **LIABILITIES:** |  |
| Payables: |  |
| Investment securities purchased | 568559 |
| Fund shares redeemed | 275153 |
| Audit and tax fees | 63289 |
| Investment advisory fees | 25354 |
| Administrative fees | 18092 |
| Transfer agent fees | 17281 |
| 12b-1 distribution and service fees | 10563 |
| Distributions | 10023 |
| Shareholder reporting fees | 6345 |
| Custodian fees | 3762 |
| Commitment fees | 1946 |
| Trustees' fees and expenses | 1680 |
| Registration fees | 1305 |
| Financial reporting fees | 833 |
| Legal fees | 592 |
| Other liabilities | 1537 |
| Total Liabilities | 1006314 |
| **NET ASSETS** | $71971449 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $98325943 |
| Par value | 39754 |
| Accumulated distributable earnings (loss) | (26394248)<br>|
| **NET ASSETS** | $71971449 |
| Investments, at cost | $71862744 |
| **Class A Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $10,435,503 and 576,394 shares of <br> beneficial interest issued and outstanding, unlimited number of shares authorized)<br>| $18.10 |
| Maximum sales charge (3.50% of offering price) | 0.66 |
| Maximum offering price to public | $18.76 |
| **Class C Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $9,639,979 and 532,915 shares of beneficial <br> interest issued and outstanding, unlimited number of shares authorized)<br>| $18.09 |
| **Class I Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $51,895,967 and 2,866,138 shares of <br> beneficial interest issued and outstanding, unlimited number of shares authorized)<br>| $18.11 |

---

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Statement of Operations** 

**For the Year Ended October 31, 2025**

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | &nbsp;&nbsp; $5258039 |
| Dividends | &nbsp;&nbsp; 17 |
| Other | &nbsp;&nbsp; 13579 |
| Total investment income | &nbsp;&nbsp; 5271635 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp; 466169 |
| 12b-1 distribution and/or service fees: |  |
| Class A | &nbsp;&nbsp; 27490 |
| Class C | &nbsp;&nbsp; 99444 |
| Transfer agent fees | &nbsp;&nbsp; 108738 |
| Audit and tax fees | &nbsp;&nbsp; 70485 |
| Administrative fees | &nbsp;&nbsp; 61187 |
| Registration fees | &nbsp;&nbsp; 56829 |
| Shareholder reporting fees | &nbsp;&nbsp; 31464 |
| Commitment Fees | &nbsp;&nbsp; 28609 |
| Trustees' fees and expenses | &nbsp;&nbsp; 18550 |
| Legal fees | &nbsp;&nbsp; 13393 |
| Financial reporting fees | &nbsp;&nbsp; 9500 |
| Custodian fees | &nbsp;&nbsp; 6537 |
| Other | &nbsp;&nbsp; 15119 |
| Total expenses | &nbsp;&nbsp; 1013514 |
| Fees waived by the investment advisor | &nbsp;&nbsp; (164219)<br>|
| Net expenses | &nbsp;&nbsp; 849295 |
| **NET INVESTMENT INCOME (LOSS)** | &nbsp;&nbsp; 4422340 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; (955019)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 1357638 |
| Unfunded loan commitments | &nbsp;&nbsp; 47 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1357685 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | &nbsp;&nbsp; 402666 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $4825006 |

---

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Statements of Changes in Net Assets** 

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

---

| | | |
|:---|:---|:---|
|  | **Year**<br> **Ended**<br> **10/31/2025** <br>| **Year**<br> **Ended**<br> **10/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $4422340 | &nbsp;&nbsp; $5647904 |
| Net realized gain (loss) | (955019)<br>| &nbsp;&nbsp; (1674730)<br>|
| Net change in unrealized appreciation (depreciation) | 1357685 | &nbsp;&nbsp; 4205025 |
| Net increase (decrease) in net assets resulting from operations | 4825006 | &nbsp;&nbsp; 8178199 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM INVESTMENT OPERATIONS:** |  |  |
| Class A Shares | (679357)<br>| &nbsp;&nbsp; (946705)<br>|
| Class C Shares | (542011)<br>| &nbsp;&nbsp; (752212)<br>|
| Class I Shares | (3263678)<br>| &nbsp;&nbsp; (4701627)<br>|
| Total distributions to shareholders from investment operations | (4485046)<br>| &nbsp;&nbsp; (6400544)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS FROM RETURN OF CAPITAL:** |  |  |
| Class A shares | (15931)<br>| &nbsp;&nbsp; (12161)<br>|
| Class C shares | (12710)<br>| &nbsp;&nbsp; (9663)<br>|
| Class I shares | (76533)<br>| &nbsp;&nbsp; (60395)<br>|
| Total distributions to shareholders from return of capital | (105174)<br>| &nbsp;&nbsp; (82219)<br>|
| **CAPITAL TRANSACTIONS:** |  |  |
| Proceeds from shares sold | 19490080 | &nbsp;&nbsp; 9648350 |
| Proceeds from shares reinvested | 4342698<br>| &nbsp;&nbsp; 6147034<br>|
| Cost of shares redeemed  | (25987060) <br>| &nbsp;&nbsp; (33962939) <br>|
| Net increase (decrease) in net assets resulting from capital transactions | (2154282)<br>| &nbsp;&nbsp; (18167555)<br>|
| Total increase (decrease) in net assets | (1919496)<br>| &nbsp;&nbsp; (16472119)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 73890945 | &nbsp;&nbsp; 90363064 |
| End of period | $71971449 | &nbsp;&nbsp; $73890945 |

---

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Financial Highlights** 

**For a Share outstanding throughout each period**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class A Shares** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| Net asset value, beginning of period | $18.03 | &nbsp;&nbsp;&nbsp;&nbsp; $17.69 | &nbsp;&nbsp;&nbsp;&nbsp; $17.70 | &nbsp;&nbsp;&nbsp;&nbsp; $19.57 | &nbsp;&nbsp;&nbsp;&nbsp; $18.91 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a) | 1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Net realized and unrealized gain (loss) | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Total from investment operations | 1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.63)<br>|
| Return of capital | (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | (1.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.63)<br>|
| Net asset value, end of period | $18.10 | &nbsp;&nbsp;&nbsp;&nbsp; $18.03 | &nbsp;&nbsp;&nbsp;&nbsp; $17.69 | &nbsp;&nbsp;&nbsp;&nbsp; $17.70 | &nbsp;&nbsp;&nbsp;&nbsp; $19.57 |
| **Total return** (b) | 6.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.83<br> %<br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $10436 | &nbsp;&nbsp;&nbsp;&nbsp; $11960 | &nbsp;&nbsp;&nbsp;&nbsp; $14143 | &nbsp;&nbsp;&nbsp;&nbsp; $15996 | &nbsp;&nbsp;&nbsp;&nbsp; $17823 |
| Ratio of total expenses to average net assets | 1.61<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>|
| Ratio of net expenses to average net assets | 1.26<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>|
| Ratio of net investment income (loss) to average net assets | 6.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.40<br> %<br>|
| Portfolio turnover rate | 84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 90<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes
 reinvestment of all distributions for the period and does not include payment of the maximum sales charge of 3.50% or contingent
 deferred sales charge (CDSC). On purchases of $250,000 or more, a CDSC of 1% may be imposed on certain redemptions
 made within twelve months of purchase. If the sales charges were included, total returns would be lower. These returns
 include Rule 12b-1 service fees of 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions
 or the redemption of Fund shares. The total returns would have been lower if certain fees had not been waived by the investment
 advisor. Total return is calculated for the time period presented and is not annualized for periods of less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the net expense ratio would have been 1.25%.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 excise tax. If this excise tax expense was not included, the net expense ratio would have been 1.23%.

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Financial Highlights (Continued)**

**For a Share outstanding throughout each period**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class C Shares** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| Net asset value, beginning of period | $18.01 | &nbsp;&nbsp;&nbsp;&nbsp; $17.68 | &nbsp;&nbsp;&nbsp;&nbsp; $17.69 | &nbsp;&nbsp;&nbsp;&nbsp; $19.56 | &nbsp;&nbsp;&nbsp;&nbsp; $18.90 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Net realized and unrealized gain (loss) | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Total from investment operations | 1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.48)<br>|
| Return of capital | (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | (1.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.48)<br>|
| Net asset value, end of period | $18.09 | &nbsp;&nbsp;&nbsp;&nbsp; $18.01 | &nbsp;&nbsp;&nbsp;&nbsp; $17.68 | &nbsp;&nbsp;&nbsp;&nbsp; $17.69 | &nbsp;&nbsp;&nbsp;&nbsp; $19.56 |
| **Total return** (b) | 6.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.49)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.04<br> %<br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $9640 | &nbsp;&nbsp;&nbsp;&nbsp; $10197 | &nbsp;&nbsp;&nbsp;&nbsp; $10628 | &nbsp;&nbsp;&nbsp;&nbsp; $10962 | &nbsp;&nbsp;&nbsp;&nbsp; $16375 |
| Ratio of total expenses to average net assets | 2.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>|
| Ratio of net expenses to average net assets | 2.01<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>|
| Ratio of net investment income (loss) to average net assets | 5.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.65<br> %<br>|
| Portfolio turnover rate | 84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 90<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes
 reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 1%, charged on certain
 redemptions made within one year of purchase. If the sales charge was included, total returns would be lower. These returns
 include combined Rule 12b-1 distribution and service fees of 1% and do not reflect the deduction of taxes that a shareholder
 would pay on Fund distributions or the redemption of Fund shares. The total returns would have been lower if certain fees
 had not been waived by the investment advisor. Total return is calculated for the time period presented and is not annualized for
 periods of less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the net expense ratio would have been 2.00%.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 excise tax. If this excise tax expense was not included, the net expense ratio would have been 2.02%.

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Financial Highlights (Continued)**

**For a Share outstanding throughout each period**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class I Shares** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| Net asset value, beginning of period | $18.03 | &nbsp;&nbsp;&nbsp;&nbsp; $17.69 | &nbsp;&nbsp;&nbsp;&nbsp; $17.71 | &nbsp;&nbsp;&nbsp;&nbsp; $19.59 | &nbsp;&nbsp;&nbsp;&nbsp; $18.93 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a) | 1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net realized and unrealized gain (loss) | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Total from investment operations | 1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.33 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.67)<br>|
| Return of capital | (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | (1.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.67)<br>|
| Net asset value, end of period | $18.11 | &nbsp;&nbsp;&nbsp;&nbsp; $18.03 | &nbsp;&nbsp;&nbsp;&nbsp; $17.69 | &nbsp;&nbsp;&nbsp;&nbsp; $17.71 | &nbsp;&nbsp;&nbsp;&nbsp; $19.59 |
| **Total return** (b) | 7.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.58)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.09<br> %<br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $51896 | &nbsp;&nbsp;&nbsp;&nbsp; $51734 | &nbsp;&nbsp;&nbsp;&nbsp; $65592 | &nbsp;&nbsp;&nbsp;&nbsp; $111415 | &nbsp;&nbsp;&nbsp;&nbsp; $135604 |
| Ratio of total expenses to average net assets | 1.18<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>|
| Ratio of net expenses to average net assets | 1.01<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>|
| Ratio of net investment income (loss) to average net assets | 6.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.65<br> %<br>|
| Portfolio turnover rate | 84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 90<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes
 reinvestment of all distributions for the period. These returns do not reflect the deduction of taxes that a shareholder would
 pay on Fund distributions or the redemption of Fund shares.The total returns would have been lower if certain fees had not been
 waived by the investment advisor. Total return is calculated for the time period presented and is not annualized for periods of less
 than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the net expense ratio would have been 1.00%.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 excise tax. If this excise tax expense was not included, the net expense ratio would have been 1.01%.

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Short Duration High Income Fund** 

**October 31, 2025**

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

**1. Organization**

First Trust Short Duration High Income Fund (the "Fund") is a series of the First Trust Series Fund (the "Trust"), a Massachusetts business trust organized on July 9, 2010, and is registered as a diversified open-end management investment company with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund offers three classes of shares: Class A, Class C and Class I. Each class represents an interest in the same portfolio of investments but with a different combination of sales charges, distribution and service (12b-1) fees, eligibility requirements and other features.

The Fund seeks to provide a high level of current income. As a secondary objective, the Fund seeks capital appreciation. The Fund seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its net assets (including investment borrowings) in high yield debt securities and bank loans that are rated below-investment grade or unrated. High yield debt securities are below-investment grade debt securities, commonly known as "junk bonds." For purposes of determining whether a security is below-investment grade, the lowest available rating is used. There can be no assurance that the Fund will achieve its investment objectives. The Fund may not be appropriate for all investors.

**2. Significant Accounting Policies**

The Fund is considered an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**A. Portfolio Valuation**

The net asset value ("NAV") of each class of shares of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. The NAV for each class is calculated by dividing the value of the Fund's total assets attributable to such class (including accrued interest and dividends), less all liabilities attributable to such class (including accrued expenses, dividends declared but unpaid and any borrowings of the Fund), by the total number of shares of the class outstanding. Differences in NAV of each class of the Fund's shares are generally expected to be due to the daily expense accruals of the specified distribution and service (12b-1) fees and transfer agency costs applicable to such class of shares and the resulting differential in the dividends that may be paid on each class of shares.

The Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Trust's investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. The Fund's investments are valued as follows:

Senior Floating-Rate Loan interests ("Senior Loans")<sup>(1)</sup> are not listed on any securities exchange or board of trade. Senior Loans are typically bought and sold by institutional investors in individually negotiated private transactions that function in many respects like an over-the-counter secondary market, although typically no formal market-makers exist. This market, while having grown substantially since its inception, generally has fewer trades and less liquidity than the secondary market for other types of securities. Some Senior Loans have few or no trades, or trade infrequently, and information regarding a specific Senior Loan may not be widely available or may be incomplete. Accordingly, determinations of the market value of Senior Loans may be based on infrequent and dated information. Because there is less reliable, objective data available, elements of judgment may play a greater role in valuation of Senior Loans than for other types of securities. Typically, Senior Loans are fair valued using information provided by a third-party pricing service. The third-party pricing service primarily uses over-the-counter pricing from dealer runs and broker quotes from indicative sheets to value the Senior Loans.

Common stocks and other equity securities listed on any national or foreign exchange (excluding Nasdaq, Inc. and the London Stock Exchange Alternative Investment Market ("AIM")) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities

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

------

<sup>(1)</sup>

The terms "security" and "securities" used throughout the Notes to Financial Statements include Senior Loans.

------

**Notes to Financial Statements (Continued)**

**First Trust Short Duration High Income Fund** 

**October 31, 2025**

exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities exchange representing the primary exchange for such securities.

Shares of open-end funds are valued based on NAV per share.

Fixed income and other debt securities having a remaining maturity of sixty days or less when purchased are fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor's Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer-specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:

1)

the credit conditions in the relevant market and changes thereto;

2)

the liquidity conditions in the relevant market and changes thereto;

3)

the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);

4)

issuer-specific conditions (such as significant credit deterioration); and

5)

any other market-based data the Advisor's Pricing Committee considers relevant. In this regard, the Advisor's Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.

Corporate bonds, corporate notes and other debt securities are fair valued on the basis of valuations provided by a third-party pricing service approved by the Advisor's Pricing Committee, which may use the following valuation inputs when available:

1)

benchmark yields;

2)

reported trades;

3)

broker/dealer quotes;

4)

issuer spreads;

5)

benchmark securities;

6)

bids and offers; and

7)

reference data including market research publications.

Equity securities traded in an over-the-counter market are valued at the close price or the last trade price.

Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor's Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of the Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security's fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:

1)

the most recent price provided by a pricing service;

2)

available market prices for the fixed-income security;

3)

the fundamental business data relating to the borrower/issuer;

4)

an evaluation of the forces which influence the market in which these securities are purchased and sold;

5)

the type, size and cost of the security;

6)

the financial statements of the issuer;

7)

the credit quality and cash flow of the issuer;

8)

the information as to any transactions in or offers for the security;

9)

the price and extent of public trading in similar securities (or equity securities) of the issuer, or comparable companies;

10)

the coupon payments;

11)

the quality, value and salability of collateral, if any, securing the security;

12)

the business prospects of the issuer, including any ability to obtain money or resources from a parent or affiliate and an assessment of the borrower's/issuer's management;

------

**Notes to Financial Statements (Continued)**

**First Trust Short Duration High Income Fund** 

**October 31, 2025**

13)

the prospects for the borrower's/issuer's industry, and multiples (of earnings and/or cash flows) being paid for similar businesses in that industry;

14)

the borrower's/issuer's competitive position within the industry;

15)

the borrower's/issuer's ability to access additional liquidity through public and/or private markets; and

16)

other relevant factors.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

Quoted prices for similar investments in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs 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. A summary of the inputs used to value the Fund's investments as of October 31, 2025, is included with the Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded daily on the accrual basis. Market premiums and discounts are amortized over the expected life of each respective borrowing. Amortization of premiums and accretion of discounts are recorded using the effective interest method.

Securities purchased or sold on a when-issued, delayed-delivery or forward purchase commitment basis may have extended settlement periods. The value of the security so purchased is subject to market fluctuations during this period. Due to the nature of the Senior Loan market, the actual settlement date may not be certain at the time of the purchase or sale for some of the Senior Loans. Interest income on such Senior Loans is not accrued until settlement date. The Fund maintains liquid assets with a current value at least equal to the amount of its when-issued, delayed-delivery or forward purchase commitments. At October 31, 2025, the Fund had no when-issued, delayed-delivery or forward purchase agreements (other than the unfunded commitments discussed below).

**C. Unfunded Loan Commitments**

The Fund may enter into certain credit agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrower's discretion. Unfunded loan commitments are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statement of Assets and Liabilities and Statement of Operations. Unfunded loan commitments are categorized as Level 2 within the fair value hierarchy. In connection with these commitments, the Fund earns a commitment fee typically set as a percentage of the commitment amount. The commitment fees are included in "Other" under Investment Income on the Statement of Operations. As of October 31, 2025, the Fund had the following unfunded loan commitments:

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

------

**Notes to Financial Statements (Continued)**

**First Trust Short Duration High Income Fund** 

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | **Principal**<br> **Value**<br>| **Commitment**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Savor Acquisition, Inc. | &nbsp;&nbsp; $11626 | &nbsp;&nbsp; $11664 | &nbsp;&nbsp; $11688 | &nbsp;&nbsp; $24 |
| Summit Companies (Pinnacle Buyer, LLC) | &nbsp;&nbsp; 4090 | &nbsp;&nbsp; 4090 | &nbsp;&nbsp; 4113 | &nbsp;&nbsp; 23 |
|  |  | &nbsp;&nbsp; $15754 | &nbsp;&nbsp; $15801 | &nbsp;&nbsp; $47 |

---

**D. Restricted Securities**

The Fund invests in restricted securities, which are securities that may not be offered for public sale without first being registered under the 1933 Act. Prior to registration, restricted securities may only be resold in transactions exempt from registration under Rule 144A under the 1933 Act, normally to qualified institutional buyers. As of October 31, 2025, the Fund held restricted securities as shown in the following table that the Advisor has deemed illiquid pursuant to procedures adopted by the Trust's Board of Trustees. 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. The Fund does not have the right to demand that such securities be registered. These securities are valued according to the valuation procedures as stated in the Portfolio Valuation note (Note 2A) and are not expressed as a discount to the carrying value of a comparable unrestricted security. There are no unrestricted securities with the same maturity dates and yields for these issuers.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security** | &nbsp;&nbsp; **Acquisition**<br> **Date**<br>| **Shares** | **Current Price** | **Carrying**<br> **Cost**<br>| **Value** | **% of**<br> **Net**<br> **Assets**<br>|
| Akorn, Inc. | 10/15/20 | &nbsp;&nbsp; 26696 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $306038 | &nbsp;&nbsp; $1068 | 0.00<br> %\*<br>|
| \* Amount is less than 0.1%. |  |  |  |  |  |  |

---

**E. Dividends and Distributions to Shareholders**

The Fund will declare daily and pay monthly distributions of all or a portion of its net income to holders of each class of shares. Distributions of any net capital gains earned by the Fund will be distributed at least annually. Distributions will automatically be reinvested into additional Fund shares unless cash distributions are elected by the shareholder. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Fund and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some point in the future. Permanent differences incurred during the fiscal year ended October 31, 2025, resulting in book and tax accounting differences, have been reclassified at year end to reflect an increase in accumulated net investment income (loss) of $27,337, a decrease in accumulated net realized gain (loss) of $27,411, and an increase to paid-in capital of $74. Accumulated distributable earnings (loss) consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments, and unrealized appreciation (depreciation) on investments. Net assets were not affected by this reclassification.

The tax character of distributions paid by the Fund during the fiscal years ended October 31, 2025 and 2024, was as follows:

---

| | | |
|:---|:---|:---|
| Distributions paid from: | **2025** | **2024** |
| Ordinary income | &nbsp;&nbsp; $4485046 | &nbsp;&nbsp;&nbsp; $6400544 |
| Capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; 105174 | &nbsp;&nbsp;&nbsp; 82219 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Short Duration High Income Fund** 

**October 31, 2025**

As of October 31, 2025, the distributable earnings and net assets on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $— |
| Undistributed capital gains | &nbsp;&nbsp; — |
| Total undistributed earnings | &nbsp;&nbsp; — |
| Accumulated capital and other losses | &nbsp;&nbsp; (26224073)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; (170175)<br>|
| Total accumulated earnings (losses) | &nbsp;&nbsp; (26394248)<br>|
| Other | &nbsp;&nbsp; — |
| Paid-in capital | &nbsp;&nbsp; 98365697 |
| Total net assets | &nbsp;&nbsp; $71971449 |

---

**F. Income Taxes**

The Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, the Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of the Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

The Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At October 31, 2025, the Fund had non-expiring net capital loss carryforwards for federal income tax purposes of $26,224,073.

Certain losses realized during the current fiscal year may be deferred and treated as occurring the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended October 31, 2025, the Fund did not incur any net late year ordinary losses.

The Fund is subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2022, 2023, 2024, and 2025 remain open to federal and state audit. As of October 31, 2025, management has evaluated the application of these standards to the Fund and has determined that no provision for income tax is required in the Fund's financial statements for uncertain tax positions.

As of October 31, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | Gross<br> Unrealized<br> Appreciation<br>| Gross<br> Unrealized<br> (Depreciation)<br>| Net Unrealized<br> Appreciation<br> (Depreciation)<br>|
| $71962472 | $911671 | $(1081893) | $(170222) |

---

**G. Expenses**

The Fund will pay all expenses directly related to its operations. Expenses of the Fund are allocated on a pro rata basis to each class of shares, except for distribution and service (12b-1) fees and incremental transfer agency costs which are unique to each class of shares.

**H. Segment Reporting**

The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations

------

**Notes to Financial Statements (Continued)**

**First Trust Short Duration High Income Fund** 

**October 31, 2025**

and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Fund, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain administrative services necessary for the management of the Fund. For these investment management services, First Trust is entitled to a monthly fee calculated at an annual rate of 0.65% of the Fund's average daily net assets. First Trust also provides fund reporting services to the Fund for a flat annual fee in the amount of $10,000. Prior to July 1, 2025, the financial reporting fee was $9,250.

First Trust has agreed to waive fees and/or reimburse Fund expenses to the extent necessary to prevent the total annual fund operating expenses (excluding taxes, interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses) from exceeding 1.00% of average daily net assets of any class of shares of the Fund (the "Expense Cap") through February 28, 2027 and then from exceeding 1.35% from March 1, 2027 through February 28, 2036 (the "Expense Cap Termination Date"). Expenses borne and fees waived by First Trust are subject to recovery on the Fund's class level, if applicable, by First Trust for up to three years from the date the fee was waived or expense was incurred, but no reimbursement payment will be made by the Fund at any time if it would result in the Fund's expenses exceeding (i) the Expense Cap in place for the most recent fiscal year for which such expense limitation was in place; (ii) the Expense Cap in place at the time the fees were waived; or (iii) the current Expense Cap. Expense limitations may be terminated or modified prior to their expiration only with the approval of the Board of Trustees of the Trust. These amounts would be included in "Expenses previously waived or reimbursed" on the Statement of Operations. The advisory fee waiver and expense reimbursement for the fiscal year ended October 31, 2025 and the expenses borne by First Trust and subject to recovery were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Expenses Subject to Recovery** | **Expenses Subject to Recovery** | **Expenses Subject to Recovery** |  |
| **Advisory Fee**<br> **Waiver**<br>| **Expense**<br> **Reimbursement**<br>| **Year Ended**<br> **October 31, 2023**<br>| **Year Ended**<br> **October 31, 2024**<br>| **Year Ended**<br> **October 31, 2025**<br>| **Total** |
| $164219 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $156230 | &nbsp;&nbsp;&nbsp; $130620 | &nbsp;&nbsp;&nbsp; $164219 | &nbsp;&nbsp;&nbsp; $451069 |

---

BNY Mellon Investment Servicing (US) Inc. ("BNY IS") serves as the Fund's transfer agent in accordance with certain fee arrangements. As transfer agent, BNY IS is responsible for maintaining shareholder records for the Fund. The Bank of New York Mellon ("BNY") serves as the Fund's administrator, fund accountant, and custodian in accordance with certain fee arrangements. As administrator and fund accountant, BNY is responsible for providing certain administrative and accounting services to the Fund, including maintaining the Fund's books of account, records of the Fund's securities transactions, and certain other books and records. As custodian, BNY is responsible for custody of the Fund's assets. BNY IS and BNY are subsidiaries of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

------

**Notes to Financial Statements (Continued)**

**First Trust Short Duration High Income Fund** 

**October 31, 2025**

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

**4. Capital Share Transactions**

Capital transactions were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br> **October 31, 2025** | **Year Ended**<br> **October 31, 2025** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **October 31, 2024** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **October 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| Sales: |  |  |  |  |
| Class A | &nbsp;&nbsp; 68422 | &nbsp;&nbsp;&nbsp;&nbsp; $1235378 | &nbsp;&nbsp;&nbsp;&nbsp; 64645 | &nbsp;&nbsp;&nbsp;&nbsp; $1164936 |
| Class C | &nbsp;&nbsp; 25722 | &nbsp;&nbsp;&nbsp;&nbsp; 463052 | &nbsp;&nbsp;&nbsp;&nbsp; 59537 | &nbsp;&nbsp;&nbsp;&nbsp; 1071827 |
| Class I | &nbsp;&nbsp; 985655 | &nbsp;&nbsp;&nbsp;&nbsp; 17791650 | &nbsp;&nbsp;&nbsp;&nbsp; 410345 | &nbsp;&nbsp;&nbsp;&nbsp; 7411587 |
| Total Sales | &nbsp;&nbsp; 1079799 | &nbsp;&nbsp;&nbsp;&nbsp; $19490080 | &nbsp;&nbsp;&nbsp;&nbsp; 534527 | &nbsp;&nbsp;&nbsp;&nbsp; $9648350 |
| Dividend Reinvestment: |  |  |  |  |
| Class A | &nbsp;&nbsp; 33391 | &nbsp;&nbsp;&nbsp;&nbsp; $601800 | &nbsp;&nbsp;&nbsp;&nbsp; 45714 | &nbsp;&nbsp;&nbsp;&nbsp; $824753 |
| Class C | &nbsp;&nbsp; 25423 | &nbsp;&nbsp;&nbsp;&nbsp; 457864 | &nbsp;&nbsp;&nbsp;&nbsp; 35346 | &nbsp;&nbsp;&nbsp;&nbsp; 637186 |
| Class I | &nbsp;&nbsp; 182130 | &nbsp;&nbsp;&nbsp;&nbsp; 3283034 | &nbsp;&nbsp;&nbsp;&nbsp; 259626 | &nbsp;&nbsp;&nbsp;&nbsp; 4685095 |
| Total Dividend Reinvestment | &nbsp;&nbsp; 240944 | &nbsp;&nbsp;&nbsp;&nbsp; $4342698 | &nbsp;&nbsp;&nbsp;&nbsp; 340686 | &nbsp;&nbsp;&nbsp;&nbsp; $6147034 |
| Redemptions: |  |  |  |  |
| Class A | &nbsp;&nbsp; (188849)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(3412818)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (246260)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(4424750)<br>|
| Class C | &nbsp;&nbsp; (84348)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1518127)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (129942)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2341542)<br>|
| Class I | &nbsp;&nbsp; (1171304)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21056115)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1507245)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27196647)<br>|
| Total Redemptions | &nbsp;&nbsp; (1444501)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(25987060)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1883447)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(33962939)<br>|

---

**5. Purchases and Sales of Securities**

The cost of purchases and proceeds from sales of securities, excluding short-term investments, for the fiscal year ended October 31, 2025, were $68,392,497 and $56,475,930, respectively.

**6. Distribution and Service Plan**

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the share classes of the Fund are authorized to pay an amount up to 0.25% and 1.00% of their average daily net assets each year for Class A and Class C, respectively, to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Fund, for amounts expended to finance activities primarily intended to result in the sale of Fund shares or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services. Class I shares have no 12b-1 fees.

**7. Borrowings**

The Trust, on behalf of the Fund, along with First Trust Exchange-Traded Fund III, First Trust Exchange-Traded Fund IV and First Trust Variable Insurance Trust, has a credit agreement with BNY (the "Credit Agreement") as administrative agent for a group of lenders. The borrowing rate is the higher of the federal funds effective rate and the adjusted daily simple SOFR rate plus 1.00%. The commitment amount under the Credit Agreement is $620 million and such commitment amount may be increased up to $700 million with the consent of one or more lenders. For any day on and after February 26, 2025, BNY charges on behalf of the lenders a commitment fee of 0.15% of the daily amount of the excess of the commitment amount over the outstanding principal balance of the loans and an agency fee. For any day before February 26, 2025, BNY charged a commitment fee of 0.20% of the daily amount of the excess of the commitment amount over the outstanding principal balance of the loans and an agency fee. First Trust allocates the commitment fee and agency fee amongst the funds that have access to the credit line. To the extent that the Fund accesses the credit line, there would also be an interest fee charged. The Fund did not draw on the credit line during the fiscal year ended October 31, 2025.

**8. Indemnification**

The Fund has a variety of indemnification obligations under contracts with its service providers. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

------

**Notes to Financial Statements (Continued)**

**First Trust Short Duration High Income Fund** 

**October 31, 2025**

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

**9. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Report of Independent Registered Public Accounting Firm**

**To the Shareholders and the Board of Trustees of First Trust Series Fund:**

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of First Trust Short Duration High Income Fund (the "Fund"), one of the funds constituting the First Trust Series Fund, as of October 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche, LLP

Chicago, Illinois

December 22, 2025

We have served as the auditor of one or more First Trust investment companies since 2001.

------

**Other Information**

**First Trust Short Duration High Income Fund** 

**October 31, 2025 (Unaudited)**

**Tax Information**

Distributions paid to foreign shareholders during the Fund's fiscal year ended October 31, 2025, that were properly designated by the Fund as "interest-related dividends" or "short-term capital gain dividends," may not be subject to federal income tax provided that the income was earned by such foreign shareholders.

Of the ordinary income (including short-term capital gain, if applicable) distributions made by the Fund during the period ended October 31, 2025, none qualify for the corporate dividends received deduction available to corporate shareholders or as qualified dividend income.

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Fund's accountants during the fiscal year ended October 31, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

At a special meeting of shareholders of First Trust Series Fund (the "Trust") that was held on August 12, 2025 (the "Special Meeting"), shareholders of record as of June 9, 2025 (the "Record Date") approved a proposal (the "Proposal") to elect or re-elect, as applicable, each of the eight nominees listed below to the Board of Trustees of the Trust (the "Board"). Shareholders of each series of the Trust that had publicly offered shares as of the Record Date (each, a "fund") voted together with shareholders of the other funds on the Proposal, and the results are set forth below. There were no broker non-votes.

---

| | |
|:---|:---|
| &nbsp;&nbsp; James A. Bowen\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30793084<br> 224044<br>|
| &nbsp;&nbsp; Thomas J. Driscoll\*\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30803794<br> 213334<br>|
| &nbsp;&nbsp; Richard E. Erickson\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30646724<br> 370404<br>|
| &nbsp;&nbsp; Thomas R. Kadlec\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30663695<br> 353433<br>|
| &nbsp;&nbsp; Denise M. Keefe\*\*\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30691353<br> 325775<br>|
| &nbsp;&nbsp; Robert F. Keith\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30688459<br> 328669<br>|
| &nbsp;&nbsp; Niel B. Nielson\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30619318<br> 397810<br>|
| &nbsp;&nbsp; Bronwyn Wright\*\*\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 19532390<br> 11484738<br>|

---

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

\* This nominee was re-elected to the Board at the Special Meeting.

\*\* This nominee was elected to the Board as a new Trustee at the Special Meeting.

\*\*\* This nominee was elected to the Board at the Special Meeting and had previously been appointed to the Board.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

The applicable aggregate remuneration paid by the Fund during the period covered by the report is included in the Statement of Operations.

------

**Other Information (Continued)**

**First Trust Short Duration High Income Fund** 

**October 31, 2025 (Unaudited)**

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

The Board of Trustees of First Trust Series Fund (the "Trust"), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement (the "Agreement") between the Trust, on behalf of the First Trust Short Duration High Income Fund (the "Fund"), and First Trust Advisors L.P. (the "Advisor"). The Board approved the continuation of the Agreement for a one-year period ending June 30, 2026 at a meeting held on June 8–9, 2025. The Board determined that the continuation of the Agreement is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 22, 2025 and June 8–9, 2025, the Board, including the Independent Trustees, reviewed materials provided by the Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor to the Fund (including the relevant personnel responsible for these services and their experience); the advisory fee rate payable by the Fund as compared to fees charged to a peer group of funds (the "Expense Group") and a broad peer universe of funds (the "Expense Universe"), each assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent source, and as compared to fees charged to other clients of the Advisor; the expense ratio of the Fund as compared to expense ratios of the funds in the Fund's Expense Group and Expense Universe; performance information for the Fund, including comparisons of the Fund's performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the "Performance Universe"), each assembled by Broadridge; the nature of expenses incurred in providing services to the Fund and the potential for the Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; any indirect benefits to the Advisor and its affiliate, First Trust Portfolios L.P. ("FTP"); and information on the Advisor's compliance program. The Board reviewed initial materials with the Advisor at the meeting held on April 22, 2025, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor. Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 8–9, 2025 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangement between the Trust and the Advisor continues to be a reasonable business arrangement from the Fund's perspective. The Board determined that, given the totality of the information provided with respect to the Agreement, the Board had received sufficient information to renew the Agreement. The Board considered that shareholders chose to invest or remain invested in the Fund knowing that the Advisor manages the Fund and knowing the Fund's advisory fee.

In reviewing the Agreement, the Board considered the nature, extent and quality of the services provided by the Advisor under the Agreement. The Board considered that the Advisor is responsible for the overall management and administration of the Trust and the Fund and reviewed all of the services provided by the Advisor to the Fund, as well as the background and experience of the persons responsible for such services. The Board noted that the Advisor's Leveraged Finance Investment Team is responsible for the day-to-day management of the Fund's investments. The Board considered the background and experience of the members of the Leveraged Finance Investment Team. The Board considered the Advisor's statement that it applies the same oversight model internally with its Leveraged Finance Investment Team as it uses for overseeing external sub-advisors, including portfolio risk monitoring and performance review. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor's and the Fund's compliance with the 1940 Act, as well as the Fund's compliance with its investment objectives, policies and restrictions. The Board also considered a report from the Advisor with respect to its risk management functions related to the operation of the Fund. Finally, as part of the Board's consideration of the Advisor's services, the Advisor, in its written materials and at the April 22, 2025 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Fund and the other funds in the First Trust Fund Complex. In addition to the written materials provided by the Advisor, at the June 8–9, 2025 meeting, the Board also received a presentation from representatives of the Advisor's Leveraged Finance Investment Team, who discussed the services that the Team provides to the Fund, including the Team's day-to-day management of the Fund's investments. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust and the Fund by the Advisor under the Agreement have been and are expected to remain satisfactory and that the Advisor has managed the Fund consistent with its investment objectives, policies and restrictions.

The Board considered the advisory fee rate payable by the Fund under the Agreement for the services provided. The Board considered that the Advisor agreed to extend the current expense caps for each share class through March 1, 2027 and agreed to keep the long-term expense cap in place from March 1, 2027 through February 28, 2036. The Board noted that fees waived or expenses borne

------

**Other Information (Continued)**

**First Trust Short Duration High Income Fund** 

**October 31, 2025 (Unaudited)**

by the Advisor are subject to reimbursement by the Fund for up to three years from the date the fee was waived or expense was incurred, but no reimbursement payment would be made by the Fund at any time if it would result in the Fund's expenses exceeding (i) the applicable expense limitation in place for the most recent fiscal year for which such expense limitation was in place, (ii) the applicable expense limitation in place at the time the fees were waived, or (iii) the current expense limitation. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Group, as well as advisory and unitary fee rates charged by the Advisor to other fund and non-fund clients, as applicable. With respect to the Expense Group, the Board discussed with the Advisor limitations in creating a relevant peer group for the Fund. The Board took these limitations into account in considering the peer data. Based on the information provided, the Board noted that the contractual advisory fee rate payable by the Fund was above the median contractual advisory fee of the peer funds in the Expense Group. The Board also noted that the Fund's total (net) expense ratio (Class A shares) was above the median total (net) expense ratio of the peer funds in the Expense Group. With respect to fees charged to other clients, the Board considered differences between the Fund and other clients that limited their comparability. In considering the advisory fee rate overall, the Board also considered the Advisor's statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor's demonstrated long-term commitment to the Fund and the other funds in the First Trust Fund Complex.

The Board considered performance information for the Fund. The Board noted the process it has established for monitoring the Fund's performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor for the Fund. The Board determined that this process continues to be effective for reviewing the Fund's performance. The Board received and reviewed information comparing the Fund's performance for periods ended December 31, 2024 to the performance of the funds in the Performance Universe and to that of a blended benchmark index. Based on the information provided, the Board noted that the Fund (Class A shares) underperformed the Performance Universe median and the blended benchmark index for the one-, three-, five- and ten-year periods ended December 31, 2024. The Board noted the Leveraged Finance Investment Team's discussion of the Fund's performance at the June 8–9, 2025 meeting.

On the basis of all the information provided on the fees, expenses and performance of the Fund and the ongoing oversight by the Board, the Board concluded that the advisory fee for the Fund continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor to the Fund under the Agreement.

The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Fund at current asset levels and whether the Fund may benefit from any economies of scale. The Board noted the Advisor's statement that it believes that its expenses relating to providing advisory services to the Fund will increase during the next twelve months as the Advisor continues to build infrastructure and add new staff. The Board concluded that the advisory fee rate for the Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to the Fund for the twelve months ended December 31, 2024 and the estimated profitability level for the Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor's profitability level for the Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Fund. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Fund, may have had no dealings with the Advisor or FTP. The Board noted that in addition to the advisory fees paid by the Fund, FTP is compensated for services provided to the Fund through 12b-1 distribution and service fees and that the Advisor receives compensation from the Fund for providing fund reporting services pursuant to a separate Fund Reporting Services Agreement. The Board also noted that the Advisor does not utilize soft dollars in connection with the Fund. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreement continue to be fair and reasonable and that the continuation of the Agreement is in the best interests of the Fund. No single factor was determinative in the Board's analysis.

------

![](img0da2a1b61.jpg)

![](img16470f6c2.jpg)

First Trust Managed Municipal Fund

------

Annual Financial Statements and Other Information

For the Year Ended

October 31, 2025

------

**Table of Contents**

**First Trust Managed Municipal Fund** 

**Annual Financial Statements and Other Information**

**October 31, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_4ad37c8d-3613-49cf-92cb-681209e51bd7_SOI-SOIfooter-104_1) | &nbsp;&nbsp; 1 |
| [Statement of Assets and Liabilities](#xx_4ad37c8d-3613-49cf-92cb-681209e51bd7_SAL-SALfooter-104_1) | &nbsp;&nbsp; 7 |
| [Statement of Operations](#xx_4ad37c8d-3613-49cf-92cb-681209e51bd7_SOP-SOPfootnote-104_1) | &nbsp;&nbsp; 8 |
| [Statements of Changes in Net Assets](#xx_4ad37c8d-3613-49cf-92cb-681209e51bd7_SOC-SOCfooter-104_1) | &nbsp;&nbsp; 9 |
| [Financial Highlights](#xx_4ad37c8d-3613-49cf-92cb-681209e51bd7_FiHi-FiHifooter-104_1) | &nbsp;&nbsp; 10 |
| [Notes to Financial Statements](#xx_4ad37c8d-3613-49cf-92cb-681209e51bd7_NTF-TOCnotes-104_1) | &nbsp;&nbsp; 12 |
| [Report of Independent Registered Public Accounting Firm](#xx_4ad37c8d-3613-49cf-92cb-681209e51bd7_Audit-TOCauditletter-104_1) | &nbsp;&nbsp; 19 |
| [Other Information](#xx_4ad37c8d-3613-49cf-92cb-681209e51bd7_AI-TOCadditionalinfo-104_1) | &nbsp;&nbsp; 20 |

---

**Performance and Risk Disclosure**

There is no assurance that First Trust Managed Municipal Fund (the "Fund") will achieve its investment objectives. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns and net asset value will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.

First Trust Advisors L.P., the Fund's advisor, may also periodically provide additional information on Fund performance on the Fund's web page at www.ftportfolios.com.

**How to Read This Report**

This report contains information that may help you evaluate your investment in the Fund. It includes details about the Fund and presents data that provides insight into the Fund's performance and investment approach.

The material risks of investing in the Fund are spelled out in the prospectus, the statement of additional information, and other Fund regulatory filings.

------

**First Trust Managed Municipal Fund** 

**Portfolio of Investments** 

**October 31, 2025**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS – 99.3%** | **MUNICIPAL BONDS – 99.3%** | **MUNICIPAL BONDS – 99.3%** | **MUNICIPAL BONDS – 99.3%** | **MUNICIPAL BONDS – 99.3%** |
|  | **Alabama – 4.3%** |  |  |  |
| $500000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Ser C-1 (Mandatory <br> put 06/01/29)<br>| 5.25<br> %<br>| 02/01/53 | $533216 |
| 640000 | Black Belt Energy Gas Dist AL Gas Proj Rev, Ser F (Mandatory <br> put 12/01/28)<br>| 5.50<br> %<br>| 11/01/53 | 676576 |
| 360000 | Homewood AL Eductnl Bldg Auth Rev Stdt Hsg & Parking Proj, <br> Ser C<br>| 5.50<br> %<br>| 10/01/44 | 372647 |
| 500000 | Jacksonville Pub Eductnl Bldg Auth JSU Fdtn Proj, Ser A, BAM | 5.13<br> %<br>| 08/01/44 | 526166 |
| 500000 | SE Energy Auth AL Cooperative Dist Cmdy Sply Rev Proj #6, <br> Ser B (Mandatory put 06/01/30)<br>| 5.00<br> %<br>| 01/01/54 | 533333 |
|  |  |  |  | 2641938 |
|  | **Arizona – 1.0%** |  |  |  |
| 350000 | AZ St Indl Dev Auth Edu Rev Acads of Math & Science Proj (a) | 4.00<br> %<br>| 07/01/29 | 346869 |
| 270000 | Phoenix AZ Indl Dev Auth Stdt Hsg Rev Downtown Phoenix Stdt <br> Hsg II LLC AZ St Univ Proj, Ser A <br>| 5.00<br> %<br>| 07/01/35 | 278197 |
|  |  |  |  | 625066 |
|  | **Arkansas – 0.4%** |  |  |  |
| 250000 | AR Dev Fin Auth Envrnmntl Rev Sustainable Bond United States <br> Steel Corp Proj, AMT<br>| 5.45<br> %<br>| 09/01/52 | 251242 |
|  | **California – 8.0%** |  |  |  |
| 600000 | CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser A-1 (Mandatory put 08/01/28) <br>| 4.00<br> %<br>| 05/01/53 | 613598 |
| 835000 | CA Cmnty Choice Fing Auth Clean Energy Proj Rev Sustainable <br> Bond, Ser B-1 (Mandatory put 08/01/31) <br>| 4.00<br> %<br>| 02/01/52 | 853390 |
| 250000 | CA St Muni Fin Auth Chrt Sch Rev Palmdale Aerospace Acdmy <br> Proj, Ser A (a)<br>| 5.00<br> %<br>| 07/01/38 | 248931 |
| 500000 | CA St Poll Control Fing Auth Wtr Furnishing Rev Plant Bonds, <br> AMT (a)<br>| 5.00<br> %<br>| 07/01/37 | 500464 |
| 250000 | CA St Poll Control Fing Auth Wtr Furnishing Rev Poseidon Res LP <br> Desalination Proj, AMT (a)<br>| 5.00<br> %<br>| 07/01/36 | 270312 |
| 1000000 | Kern CA Cmnty Clg Dist, Ser D | 5.25<br> %<br>| 08/01/40 | 1117905 |
| 25000 | Los Angeles CA Dept of Arpts Arpt Rev Prerefunded Subord Ref, <br> Ser D, AMT (Pre-refunded maturity 11/15/31) <br>| 5.00<br> %<br>| 05/15/33 | 27422 |
| 250000 | Los Angeles CA Dept of Arpts Arpt Rev Sub Los Angeles Intl Arpt, <br> Ser A, AMT<br>| 5.25<br> %<br>| 05/15/48 | 253767 |
| 500000 | Los Angeles CA Dept of Arpts Arpt Rev Unrefunded Subord Ref, <br> Ser D, AMT<br>| 5.00<br> %<br>| 05/15/31 | 555399 |
| 500000 | San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser A, <br> AMT<br>| 5.00<br> %<br>| 05/01/49 | 506110 |
|  |  |  |  | 4947298 |
|  | **Colorado – 3.6%** |  |  |  |
| 650000 | Adams & Arapahoe Cntys CO Jt Sch Dist #28J Aurora, COPS, <br> BAM<br>| 5.25<br> %<br>| 12/01/43 | 702376 |
| 900000 | Denver City & Cnty CO Arpt Rev Ref, Ser D, AMT | 5.50<br> %<br>| 11/15/33 | 1039492 |
| 500000 | Thompson Crossing Met Dist #4 CO Ref | 5.00<br> %<br>| 12/01/39 | 502560 |
|  |  |  |  | 2244428 |
|  | **Connecticut – 0.5%** |  |  |  |
| 330000 | CT St Hlth & Eductnl Facs Auth Rev Covenant Home Inc, Ser B | 5.00<br> %<br>| 12/01/26 | 333898 |
|  | **District of Columbia – 1.1%** |  |  |  |
| 650000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.25<br> %<br>| 10/01/40 | 704088 |

---

See Notes to Financial Statements

------

**First Trust Managed Municipal Fund** 

**Portfolio of Investments (Continued)**

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Florida – 9.3%** |  |  |  |
| $400000 | Beach Cmnty Dev Dist FL Capital Impt Rev Ref, AG | 5.25<br> %<br>| 05/01/44 | $417742 |
| 500000 | Berry Bay II CDD FL Spl Assmnt Proj, Ser 2024 | 5.20<br> %<br>| 05/01/44 | 499398 |
| 250000 | Black Creek FL CDD Spl Assmnt Expansion Area Proj | 5.13<br> %<br>| 06/15/32 | 265361 |
| 320000 | Broward Cnty FL Port Facs Rev, AMT | 5.00<br> %<br>| 09/01/38 | 344555 |
| 500000 | Charlotte Cnty FL Indl Dev Auth Util Sys Rev Town & Country <br> Utilities Proj, AMT<br>| 5.88<br> %<br>| 10/01/45 | 520909 |
| 500000 | Forest Lake Cmnty Dev Dist FL Spl Assmnt Area 1 Proj (a) | 4.00<br> %<br>| 05/01/40 | 477535 |
| 605000 | Jea FL Elec Sys Rev Ref, Ser Three A | 3.00<br> %<br>| 10/01/40 | 537096 |
| 1000000 | Lakewood Ranch FL Stewardship Dist Util Rev Sys Acq Proj, AG | 5.25<br> %<br>| 10/01/48 | 1054862 |
| 75000 | Palm Beach Cnty FL Hlth Facs Auth Acts Retmnt, Ser B | 5.00<br> %<br>| 11/15/42 | 75995 |
| 285000 | Pasco Cnty FL Sch Brd, Ser A, COPS, AG | 5.00<br> %<br>| 08/01/37 | 312452 |
| 495000 | Sarasota Natl FL CDD Spl Assmnt Ref | 3.50<br> %<br>| 05/01/31 | 499664 |
| 400000 | Volusia Cnty FL Eductnl Fac Auth Ref Embry Riddle Aeronautical <br> Univ Inc Proj, Ser A<br>| 4.00<br> %<br>| 10/15/36 | 407042 |
| 305000 | Westview S CDD FL Spl Assmnt Area One 2023 Proj Area | 5.38<br> %<br>| 05/01/43 | 314359 |
|  |  |  |  | 5726970 |
|  | **Georgia – 3.7%** |  |  |  |
| 500000 | Burke Cnty GA Dev Auth Poll Control Rev Var Ref GA Pwr Co <br> Plant Vogtle Proj (b)<br>| 3.95<br> %<br>| 11/01/52 | 500000 |
| 500000 | Fulton Cnty GA Rsdl Care Facs Elderly Auth Retmnt Fac Rev Ref <br> Lenbrook Sq Fdtn Inc<br>| 5.00<br> %<br>| 07/01/31 | 503839 |
| 740000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A | 5.00<br> %<br>| 06/01/30 | 784910 |
| 500000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A (Mandatory put <br> 12/01/29)<br>| 4.00<br> %<br>| 09/01/52 | 514171 |
|  |  |  |  | 2302920 |
|  | **Hawaii – 1.5%** |  |  |  |
| 500000 | HI St Arpts Sys Rev, Ser A, AMT | 5.00<br> %<br>| 07/01/43 | 507968 |
| 500000 | Honolulu City & Cnty HI Brd of Wtr Sply Wtr Sys Rev, Ser A | 3.00<br> %<br>| 07/01/41 | 432004 |
|  |  |  |  | 939972 |
|  | **Idaho – 0.9%** |  |  |  |
| 505000 | ID St Hlth Facs Auth Rev Ref St Lukes Hlth Sys Proj, Ser A | 5.00<br> %<br>| 03/01/34 | 535599 |
|  | **Illinois – 2.5%** |  |  |  |
| 750000 | Chicago IL Chicago Wks, Ser A | 5.50<br> %<br>| 01/01/40 | 775192 |
| 500000 | IL St  | 5.50<br> %<br>| 05/01/39 | 535681 |
| 250000 | IL St, Ser A | 5.50<br> %<br>| 03/01/47 | 263048 |
|  |  |  |  | 1573921 |
|  | **Indiana – 3.4%** |  |  |  |
| 525000 | IN St Fin Auth Envrnmntl Rev Ref Var Duke Energy IN Inc Proj <br> Remk, Ser A-1, AMT (Mandatory put 06/01/32) <br>| 4.50<br> %<br>| 05/01/35 | 529333 |
| 500000 | IN St Fin Auth Stdt Hsg Rev Sr Stdt Hsg Proj, Ser A | 5.00<br> %<br>| 07/01/54 | 503057 |
| 375000 | Valparaiso IN Exempt Facs Rev Ref Pratt Paper LLC Proj, <br> AMT (a)<br>| 4.50<br> %<br>| 01/01/34 | 388236 |
| 700000 | Whiting IN Envrnmntl Facs Rev Ref BP Products N America Inc <br> Proj, Ser A, AMT (Mandatory put 06/05/26) <br>| 5.00<br> %<br>| 12/01/44 | 708257 |
|  |  |  |  | 2128883 |
|  | **Iowa – 0.9%** |  |  |  |
| 500000 | IA St Fin Auth Midwstrn Disaster Area Rev Ref IA Fertilizer <br> Company Proj (Mandatory put 12/01/42) (Pre-refunded maturity <br> 12/01/32) <br>| 5.00<br> %<br>| 12/01/50 | 576273 |

---

See Notes to Financial Statements

------

**First Trust Managed Municipal Fund** 

**Portfolio of Investments (Continued)**

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Kentucky – 3.1%** |  |  |  |
| $1000000 | Boyle Cnty KY Eductnl Facs Rev Ref Centre Clg, Ser A | 5.25<br> %<br>| 06/01/43 | $1054939 |
| 250000 | KY St Property & Bldgs Commn Revs Proj No. 128, Ser A | 5.50<br> %<br>| 11/01/42 | 280071 |
| 550000 | Louisville & Jefferson Cnty KY Met Govt Hlth Sys Rev Ref <br> Norton Hlthcare Inc, Ser A <br>| 5.00<br> %<br>| 10/01/38 | 604332 |
|  |  |  |  | 1939342 |
|  | **Louisiana – 2.6%** |  |  |  |
| 490000 | LA St Loc Govt Envrnmntl Facs & Cmnty Dev Auth Rev Ref <br> Westlake Chemical Corp Proj Remk <br>| 3.50<br> %<br>| 11/01/32 | 483775 |
| 400000 | LA St Pub Facs Auth Sol Wst Disp Fac Rev Var Elementus <br> Minerals LLC Proj (Mandatory put 11/01/25) (a)<br>| 5.00<br> %<br>| 10/01/43 | 400000 |
| 500000 | Saint John the Baptist Parish LA Rev Ref Var Marathon Oil Corp <br> Proj Remk, Ser A-1 (Mandatory put 07/01/26) <br>| 4.05<br> %<br>| 06/01/37 | 503702 |
| 250000 | Saint John the Baptist Parish LA Rev Var Ref Marathon Oil Corp <br> Proj Remk, Subser 2017B-2 (Mandatory put 07/01/26) <br>| 2.38<br> %<br>| 06/01/37 | 249132 |
|  |  |  |  | 1636609 |
|  | **Maine – 1.2%** |  |  |  |
| 700000 | MA St Fin Auth Sol Wst Disp Rev Casella Waste Sys Inc Proj <br> Remk, Ser R-3, AMT (a)<br>| 5.00<br> %<br>| 08/01/35 | 723711 |
|  | **Maryland – 1.7%** |  |  |  |
| 1000000 | MD St Econ Dev Corp Var Ref Constellation Energy Grp Proj <br> Remk, Ser B (Mandatory put 04/03/28) <br>| 4.10<br> %<br>| 10/01/36 | 1030334 |
|  | **Massachusetts – 0.7%** |  |  |  |
| 390000 | MA St Dev Fin Agy Rev Tufts Univ Stdt Hsg Proj Prg Medford <br> Properties Inc<br>| 5.25<br> %<br>| 06/01/41 | 429712 |
|  | **Missouri – 0.8%** |  |  |  |
| 500000 | Saint Louis Cnty MO Indl Dev Auth Sr Living Facs Ref Friendship <br> Vlg St. Louis<br>| 5.00<br> %<br>| 09/01/48 | 486828 |
|  | **New Hampshire – 1.2%** |  |  |  |
| 200000 | NH St Busn Fin Auth Wtr Fac Rev Pennichuck Wtr Wks Inc Proj, <br> Ser A, AMT<br>| 5.50<br> %<br>| 04/01/43 | 206191 |
| 500000 | NH St Hlth & Edu Facs Auth Rev Ref Dartmouth Hlth Oblig Grp <br> Issue<br>| 5.00<br> %<br>| 08/01/41 | 541332 |
|  |  |  |  | 747523 |
|  | **New Jersey – 1.9%** |  |  |  |
| 40000 | NJ St Hgr Edu Asst Auth Stdt Loan Rev, Ser 1A, AMT | 4.00<br> %<br>| 12/01/30 | 40001 |
| 565000 | NJ St Transprtn Trust Fund Auth Fun Auth Transprtn Prog Bonds, <br> Ser CC<br>| 5.25<br> %<br>| 06/15/41 | 620575 |
| 500000 | NJ St Transprtn Trust Fund Auth Ref Transprtn Sys Bonds, Ser A | 5.00<br> %<br>| 12/15/39 | 528080 |
|  |  |  |  | 1188656 |
|  | **New Mexico – 1.6%** |  |  |  |
| 500000 | NM St Muni Energy Acq Auth Gas Sply Ref (Mandatory put <br> 11/01/30)<br>| 5.00<br> %<br>| 06/01/54 | 536906 |
| 500000 | Winrock Town Ctr NM Tax Incr Dev Dist #1 Ref Sr Lien (a) | 4.25<br> %<br>| 05/01/40 | 472356 |
|  |  |  |  | 1009262 |
|  | **New York – 7.3%** |  |  |  |
| 750000 | Build NYC Res Corp NY Rev Sustainable Bond Kipp NYC Pub <br> Sch Facs Canal W Proj<br>| 5.25<br> %<br>| 07/01/52 | 757849 |
| 400000 | Long Beach NY, Ser B, BAM | 5.25<br> %<br>| 07/15/42 | 422329 |

---

See Notes to Financial Statements

------

**First Trust Managed Municipal Fund** 

**Portfolio of Investments (Continued)**

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **New York (Continued)** |  |  |  |
| $125000 | New York City NY Transitional Fin Auth Rev Sub, Subser F-3 | 3.00<br> %<br>| 02/01/39 | $112177 |
| 250000 | New York City NY Transitional Fin Auth Rev Subord Fiscal 2026, <br> Ser A, Subser A-1<br>| 5.25<br> %<br>| 05/01/46 | 271005 |
| 500000 | NY NY, Ser B, Subser B-1 | 5.25<br> %<br>| 10/01/40 | 548595 |
| 500000 | NY St Dorm Auth Rev Non St Supported Debt Orchard Park CCRC <br> Inc Obligated Grp (c)<br>| 5.13<br> %<br>| 11/15/50 | 504015 |
| 750000 | Suffolk Regl Off Track Betting Corp NY Rev | 5.75<br> %<br>| 12/01/44 | 762578 |
| 1000000 | Yonkers NY, Ser F, BAM | 5.00<br> %<br>| 11/15/39 | 1108235 |
|  |  |  |  | 4486783 |
|  | **North Carolina – 0.6%** |  |  |  |
| 380000 | NC St Med Care Commn Retmnt Facs Rev The United Methodist <br> Retmnt Homes Proj, Ser A<br>| 5.00<br> %<br>| 10/01/39 | 396973 |
|  | **Ohio – 2.5%** |  |  |  |
| 500000 | Columbus OH Regl Arpt Auth Rev Ref John Glenn Columbus Intl <br> Arpt, Ser A, AMT<br>| 5.25<br> %<br>| 01/01/41 | 539490 |
| 500000 | Montgomery Cnty OH Hlth Care Facs Rev Ref Solvita Proj | 5.25<br> %<br>| 09/01/49 | 516465 |
| 500000 | OH St Air Quality Dev Auth Ref OH Vly Elec Corp Proj, Ser A | 3.25<br> %<br>| 09/01/29 | 492711 |
|  |  |  |  | 1548666 |
|  | **Oklahoma – 0.6%** |  |  |  |
| 300000 | Tulsa OK Muni Arpt Trust Trustees Ref American Airls Inc Proj, <br> AMT<br>| 6.25<br> %<br>| 12/01/40 | 336717 |
|  | **Oregon – 3.4%** |  |  |  |
| 250000 | Clackamas Cnty OR Hosp Fac Auth Rev Ref Rose Villa Proj, <br> Ser A<br>| 5.38<br> %<br>| 11/15/55 | 245736 |
| 270000 | OR St Dept of Transprtn Hwy User Tax Rev Subord Lien, Ser A | 5.00<br> %<br>| 11/15/39 | 289892 |
| 955000 | Port of Portland OR Arpt Rev, Ser Twenty Seven A, AMT | 5.00<br> %<br>| 07/01/30 | 1041585 |
| 500000 | Union Cnty OR Hosp Fac Auth Grande Ronde Hosp | 5.00<br> %<br>| 07/01/41 | 510135 |
|  |  |  |  | 2087348 |
|  | **Pennsylvania – 7.5%** |  |  |  |
| 500000 | Maxatawny Twp PA Muni Auth Rev Diakon Lutheran Social <br> Ministries Proj, Ser A<br>| 5.00<br> %<br>| 01/01/41 | 504657 |
| 700000 | Montgomery Cnty PA Indl Dev Auth Ref Acts Retmnt Life Cmntys <br> Inc Oblig Grp<br>| 5.00<br> %<br>| 11/15/36 | 707156 |
| 500000 | PA St Econ Dev Fing Auth Solid Waste Disposal Rev Var Draw <br> Down Rep Svcs Inc Remk, Ser B-2, AMT (Mandatory put <br> 01/15/26) <br>| 3.85<br> %<br>| 04/01/49 | 499657 |
| 1000000 | PA St Econ Dev Fing Auth T/E Priv Activity Rev The Penndot <br> Major Bridges Package One Proj P3 Proj, AMT <br>| 5.50<br> %<br>| 06/30/37 | 1091219 |
| 500000 | PA St Econ Dev Fing Auth UPMC Rev Ref UPMC Obligated Grp, <br> Ser B<br>| 5.00<br> %<br>| 03/15/41 | 538841 |
| 750000 | PA St Turnpike Commn Turnpike Rev Ref, Ser B | 5.00<br> %<br>| 12/01/39 | 826897 |
| 450000 | Philadelphia PA, Ser A | 4.00<br> %<br>| 05/01/41 | 446966 |
|  |  |  |  | 4615393 |
|  | **Puerto Rico – 1.3%** |  |  |  |
| 750000 | Puerto Rico Cmwlth Restructured, Ser A1 | 4.00<br> %<br>| 07/01/33 | 741973 |
| 77000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, <br> Ser A-1<br>| 4.50<br> %<br>| 07/01/34 | 77021 |
|  |  |  |  | 818994 |

---

See Notes to Financial Statements

------

**First Trust Managed Municipal Fund** 

**Portfolio of Investments (Continued)**

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **South Carolina – 4.7%** |  |  |  |
| $205000 | SC St Jobs Econ Dev Auth Econ Dev Rev Ref The Woodlands at <br> Furman<br>| 4.00<br> %<br>| 11/15/27 | $204184 |
| 500000 | SC St Jobs Econ Dev Auth Hlth Facs Rev Novant Hlth Oblig Grp, <br> Ser A<br>| 5.50<br> %<br>| 11/01/46 | 539681 |
| 350000 | SC St Jobs Econ Dev Auth Hlthcare Rev Beaufort Memorial <br> Hosp & S of Broad Hlthcare Proj <br>| 5.00<br> %<br>| 11/15/34 | 374102 |
| 350000 | SC St Jobs Econ Dev Auth Hosp Facs Rev Ref Bon Secours Mercy <br> Hlth Inc, Ser A<br>| 5.25<br> %<br>| 11/01/42 | 386816 |
| 545000 | SC St Pub Svc Auth Rev Ref Santee Cooper, Ser C, AG | 5.50<br> %<br>| 12/01/40 | 606446 |
| 750000 | SC St Pub Svc Auth Rev, Ser A | 5.00<br> %<br>| 12/01/45 | 786793 |
|  |  |  |  | 2898022 |
|  | **Tennessee – 0.9%** |  |  |  |
| 500000 | Met Nashville TN Arpt Auth Arpt Rev, Ser B, AMT | 5.50<br> %<br>| 07/01/41 | 542790 |
|  | **Texas – 6.3%** |  |  |  |
| 300000 | Canton TX Indep Sch Dist | 5.25<br> %<br>| 02/15/42 | 334126 |
| 400000 | Centrl TX Regl Mobility Auth Rev, Ser B | 5.00<br> %<br>| 01/01/39 | 426854 |
| 500000 | Newark Hgr Edu Fin Corp TX Edu Rev Hughen Ctr Inc Proj, <br> Ser A<br>| 5.00<br> %<br>| 08/15/37 | 548581 |
| 500000 | Princeton TX Spl Assmnt Rev Winchester Pub Impr Dist #2 <br> Proj (a)<br>| 5.13<br> %<br>| 09/01/42 | 501740 |
| 750000 | Tarrant Cnty TX Cultural Edu Facs Fin Corp Hosp Rev Var Baylor <br> Scott and White Hlth Proj, Ser F (Mandatory put 11/15/30) <br>| 5.00<br> %<br>| 11/15/52 | 814608 |
| 390000 | Trophy Club TX Pub Impt Dist #1 Spl Assmnt Rev Ref | 5.00<br> %<br>| 09/01/32 | 419362 |
| 500000 | TX St Muni Gas Acq & Sply Corp IV, Ser B | 5.50<br> %<br>| 01/01/32 | 555320 |
| 245000 | TX St Wtr Dev Brd St Revolving Fund | 5.00<br> %<br>| 08/01/37 | 272974 |
|  |  |  |  | 3873565 |
|  | **Utah – 1.9%** |  |  |  |
| 500000 | Fields Estates Pub Infra Dist UT Spl Assmnt Fields Estates Assmnt <br> Area, Ser A-2 (a)<br>| 5.25<br> %<br>| 12/01/53 | 491856 |
| 685000 | Midas Mountain Veterans Prog Pub Infra Dist (a) | 5.20<br> %<br>| 06/01/54 | 676188 |
|  |  |  |  | 1168044 |
|  | **Virginia – 2.5%** |  |  |  |
| 425000 | Salem VA Econ Dev Auth Eductnl Facs Rev Roanoke Clg | 6.00<br> %<br>| 04/01/50 | 447733 |
| 625000 | VA St Cmwlth Transprtn Brd Transprtn Rev | 3.00<br> %<br>| 05/15/41 | 545456 |
| 500000 | VA St Small Busn Fing Auth Hlthcare Facs Rev Ref Mary <br> Washington Hlthcare Obligated Grp, Ser A-1 <br>| 5.00<br> %<br>| 06/15/38 | 556113 |
|  |  |  |  | 1549302 |
|  | **Wisconsin – 2.1%** |  |  |  |
| 400000 | Pub Fin Auth WI Edu Rev Ref Pinecrest Acdmy NV Sloan Canyon <br> Cmps Proj, Ser A (a)<br>| 4.50<br> %<br>| 07/15/49 | 351678 |
| 375000 | Pub Fin Auth WI Stdt Hsg Rev Sr KSU Bixby Real Estate Fdtn <br> LLC Proj, Ser A<br>| 5.00<br> %<br>| 06/15/39 | 403851 |
| 500000 | WI St Hlth & Eductnl Facs Auth Rev Bellin Memorial Hosp Inc, <br> Ser A<br>| 5.00<br> %<br>| 12/01/38 | 545870 |
|  |  |  |  | 1301399 |

---

See Notes to Financial Statements

------

**First Trust Managed Municipal Fund** 

**Portfolio of Investments (Continued)**

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** | **MUNICIPAL BONDS (Continued)** |
|  | **Wyoming – 1.8%** |  |  |  |
| $1000000 | Consol Muni Elec Pwr Sys WY Jt Pwrs Brd Sys Jt Pwrs Brd Ref <br> Electrical Sys Proj<br>| 5.25<br> %<br>| 06/01/40 | $1100284 |

---

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

---

| | |
|:---|:---|
| **Total Investments – 99.3%** | 61448753 |
| (Cost $59,866,440)  |  |
| **Net Other Assets and Liabilities – 0.7%** | 455601 |
| **Net Assets – 100.0%** | $61904354 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule
 144A of the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration, normally to qualified
 institutional buyers. Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to
 be liquid by First Trust Advisors L.P. 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
 October 31, 2025, securities noted as such amounted to $5,849,876 or 9.4% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable
 Rate Demand bond. Interest rate is reset periodically by the agent based on current market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;(c) When-issued
 security. The interest rate shown reflects the rate in effect at October 31, 2025. Interest will begin accruing on the security's
 first settlement date (see Note 2B - Securities Transactions and Investment Income in the Notes to Financial Statements).

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

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| AG | – Assured Guaranty, Inc.  |
| AMT | – Alternative Minimum Tax |
| BAM | – Build America Mutual |
| COPS | – Certificates of Participation |

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of October 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total**<br> **Value at**<br> **10/31/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1**<br> **Quoted**<br> **Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Municipal Bonds\* | &nbsp;&nbsp; $61448753 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $61448753 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for state and territory breakout.

See Notes to Financial Statements

------

**First Trust Managed Municipal Fund** 

**Statement of Assets and Liabilities** 

**October 31, 2025**

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

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value | $61448753 |
| Cash | 56263 |
| Receivables: |  |
| Interest | 960861 |
| Fund shares sold | 209335 |
| Common Shares issued under the Dividend Reinvestment Plan | 3706 |
| Prepaid expenses | 19703 |
| Total Assets | 62698621 |
| **LIABILITIES:** |  |
| Payables: |  |
| Investment securities purchased | 503305 |
| Fund shares redeemed | 181449 |
| Audit and tax fees | 48289 |
| Investment advisory fees | 27113 |
| Administrative fees | 15378 |
| Transfer agent fees | 8292 |
| Shareholder reporting fees | 2840 |
| Trustees' fees and expenses | 1680 |
| Commitment and administrative agency fees | 1418 |
| Legal fees | 1181 |
| Custodian fees | 1102 |
| Registration fees | 936 |
| Financial reporting fees | 833 |
| 12b-1 distribution and service fees | 107 |
| Other liabilities | 344 |
| Total Liabilities | 794267 |
| **NET ASSETS** | $61904354 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $61018851 |
| Par value | 30346 |
| Accumulated distributable earnings (loss) | 855157 |
| **NET ASSETS** | $61904354 |
| Investments, at cost | $59866440 |
| **Class A Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $508,324 and 24,851 shares of beneficial <br> interest issued and outstanding, unlimited number of shares authorized)<br>| $20.45 |
| Maximum sales charge (3.50% of offering price) | 0.74 |
| Maximum offering price to public | $21.19 |
| **Class I Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $61,396,030 and 3,009,724 shares of <br> beneficial interest issued and outstanding, unlimited number of shares authorized)<br>| $20.40 |

---

See Notes to Financial Statements

------

**First Trust Managed Municipal Fund** 

**Statement of Operations** 

**For the Year Ended October 31, 2025**

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | &nbsp;&nbsp; $3020020 |
| Total investment income | &nbsp;&nbsp; 3020020 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp; 355527 |
| Audit and tax fees | &nbsp;&nbsp; 55485 |
| Administrative fees | &nbsp;&nbsp; 51561 |
| Registration fees | &nbsp;&nbsp; 48774 |
| Transfer agent fees | &nbsp;&nbsp; 41055 |
| Shareholder reporting fees | &nbsp;&nbsp; 30783 |
| Commitment and administrative agency fees | &nbsp;&nbsp; 20848 |
| Legal fees | &nbsp;&nbsp; 20284 |
| Trustees' fees and expenses | &nbsp;&nbsp; 18550 |
| Financial reporting fees | &nbsp;&nbsp; 9500 |
| Listing expense | &nbsp;&nbsp; 2549 |
| Custodian fees | &nbsp;&nbsp; 1477 |
| 12b-1 distribution and/or service fees: |  |
| Class A | &nbsp;&nbsp; 816 |
| Other | &nbsp;&nbsp; 9553 |
| Total expenses | &nbsp;&nbsp; 666762 |
| Fees waived by the investment advisor | &nbsp;&nbsp; (198492)<br>|
| Net expenses | &nbsp;&nbsp; 468270 |
| **NET INVESTMENT INCOME (LOSS)** | &nbsp;&nbsp; 2551750 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; (251311)<br>|
| Futures contracts | &nbsp;&nbsp; (63232)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (314543)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 91599 |
| Futures contracts | &nbsp;&nbsp; (23297)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 68302 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | &nbsp;&nbsp; (246241)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $2305509 |

---

See Notes to Financial Statements

------

**First Trust Managed Municipal Fund** 

**Statements of Changes in Net Assets** 

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

---

| | | |
|:---|:---|:---|
|  | **Year**<br> **Ended**<br> **10/31/2025** <br>| **Year**<br> **Ended**<br> **10/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $2551750 | &nbsp;&nbsp; $2618415 |
| Net realized gain (loss) | (314543)<br>| &nbsp;&nbsp; (10258)<br>|
| Net change in unrealized appreciation (depreciation) | 68302 | &nbsp;&nbsp; 4657046 |
| Net increase (decrease) in net assets resulting from operations | 2305509 | &nbsp;&nbsp; 7265203 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM INVESTMENT OPERATIONS:** |  |  |
| Class A Shares | (9572)<br>| &nbsp;&nbsp; — |
| Class I Shares | (2515161)<br>| &nbsp;&nbsp; (2645882)<br>|
| Total distributions to shareholders from investment operations | (2524733)<br>| &nbsp;&nbsp; (2645882)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS FROM RETURN OF CAPITAL:** |  |  |
| Class A shares | (374)<br>| &nbsp;&nbsp; — |
| Class I shares | (98270)<br>| &nbsp;&nbsp; — |
| Total distributions to shareholders from return of capital | (98644)<br>| &nbsp;&nbsp; — |
| **CAPITAL TRANSACTIONS:** |  |  |
| Proceeds from shares sold | 14982108 | &nbsp;&nbsp; 21186381 |
| Proceeds from shares reinvested | 2622134<br>| &nbsp;&nbsp; 2645178<br>|
| Cost of shares redeemed  | (30692440) <br>| &nbsp;&nbsp; (25296264) <br>|
| Net increase (decrease) in net assets resulting from capital transactions | (13088198)<br>| &nbsp;&nbsp; (1464705)<br>|
| Total increase (decrease) in net assets | (13406066)<br>| &nbsp;&nbsp; 3154616 |
| **NET ASSETS:** |  |  |
| Beginning of period | 75310420 | &nbsp;&nbsp; 72155804 |
| End of period | $61904354 | &nbsp;&nbsp; $75310420 |

---

See Notes to Financial Statements

------

**First Trust Managed Municipal Fund** 

**Financial Highlights** 

**For a Share outstanding throughout the period**

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

---

| | |
|:---|:---|
| **Class A Shares** | **Period**<br> **Ended**<br> **10/31/2025 (a)**<br>|
| Net asset value, beginning of period | $20.53 |
| **Income from investment operations:** |  |
| Net investment income (loss) (b) | 0.45 |
| Net realized and unrealized gain (loss) | (0.13)<br>|
| Total from investment operations | 0.32 |
| **Distributions paid to shareholders from:** |  |
| Net investment income | (0.38)<br>|
| Return of capital | (0.02)<br>|
| Total distributions | (0.40)<br>|
| Net asset value, end of period | $20.45 |
| **Total return** (c) | 1.64<br> %<br>|
| **Ratios to average net assets/supplemental data:** |  |
| Net assets, end of period (in 000's) | $508 |
| Ratio of total expenses to average net assets | 6.57<br> % (d) (e)<br>|
| Ratio of net expenses to average net assets | 0.91<br> % (d) (e)<br>|
| Ratio of net investment income (loss) to average net assets | 3.35<br> % (d)<br>|
| Portfolio turnover rate | 33<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Class
 A Shares were intially seeded and commenced investment operations on March 4, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes
 reinvestment of all distributions for the period and does not include payment of the maximum sales charge of 3.50% or contingent
 deferred sales charge (CDSC). On purchases of $250,000 or more, a CDSC of 1% may be imposed on certain redemptions
 made within twelve months of purchase. If the sales charges were included, total returns would be lower. These returns
 include Rule 12b-1 service fees of 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions
 or the redemption of Fund shares. The total returns would have been lower if certain fees had not been waived and expenses
 reimbursed by the investment advisor. Total return is calculated for the time period presented and is not annualized for periods
 of less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the total and net expense ratios would have been
 6.56% and 0.90%, respectively.

See Notes to Financial Statements

------

**First Trust Managed Municipal Fund** 

**Financial Highlights (Continued)**

**For a Share outstanding throughout each period**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period**<br> **Ended**<br> **10/31/2022 (a)** |
| **Class I Shares** | **2025**  | **2024**  | **2023**  | **Period**<br> **Ended**<br> **10/31/2022 (a)** |
| Net asset value, beginning of period | $20.45 | &nbsp;&nbsp;&nbsp;&nbsp; $19.20 | &nbsp;&nbsp;&nbsp;&nbsp; $19.33 | &nbsp;&nbsp;&nbsp;&nbsp; $20.00 |
| **Income from investment operations:** |  |  |  |  |
| Net investment income (loss) (b) | 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.78)<br>|
| Total from investment operations | 0.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp; (0.57)<br>|
| **Distributions paid to shareholders from:** |  |  |  |  |
| Net investment income | (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>|
| Return of capital | (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | (0.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>|
| Net asset value, end of period | $20.40 | &nbsp;&nbsp;&nbsp;&nbsp; $20.45 | &nbsp;&nbsp;&nbsp;&nbsp; $19.20 | &nbsp;&nbsp;&nbsp;&nbsp; $19.33 |
| **Total return** (c) | 3.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.84)%<br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |
| Net assets, end of period (in 000's) | $61396 | &nbsp;&nbsp;&nbsp;&nbsp; $75310 | &nbsp;&nbsp;&nbsp;&nbsp; $72156 | &nbsp;&nbsp;&nbsp;&nbsp; $47469 |
| Ratio of total expenses to average net assets | 0.91<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> % (e)<br>|
| Ratio of net expenses to average net assets | 0.66<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % (e)<br>|
| Ratio of net investment income (loss) to average net assets | 3.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.76<br> % (e)<br>|
| Portfolio turnover rate | 33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Class
 I Shares were initially seeded and commenced investment operations on June 15, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes
 reinvestment of all distributions for the period. These returns do not reflect the deduction of taxes that a shareholder would
 pay on Fund distributions or the redemption of Fund shares. The total returns would have been lower if certain fees had not been
 waived and expenses reimbursed by the investment advisor. Total return is calculated for the time period presented and is not annualized
 for periods of less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes
 extraordinary expenses. If these extraordinary expenses were not included, the total and net expense ratios would
 have been
 0.90% and 0.65%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Managed Municipal Fund** 

**October 31, 2025**

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

**1. Organization**

First Trust Managed Municipal Fund (the "Fund") is a series of the First Trust Series Fund (the "Trust"), a Massachusetts business trust organized on July 9, 2010, and is registered as a non-diversified open-end management investment company with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund offers two classes of shares: Class A and Class I. Each class represents an interest in the same portfolio of investments but with a different combination of sales charges, distribution and service (12b-1) fees, eligibility requirements and other features.

The Fund's primary investment objective is to generate current income that is exempt from federal income taxes and its secondary objective is long term capital appreciation. The Fund seeks to achieve its objectives by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in municipal debt securities that pay interest that is exempt from federal income taxes. There can be no assurance that the Fund will achieve its investment objectives. The Fund may not be appropriate for all investors.

**2. Significant Accounting Policies**

The Fund is considered an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**A. Portfolio Valuation**

The net asset value ("NAV") of each class of shares of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Domestic debt securities are priced using data reflecting the earlier closing of the principal markets for those securities. The NAV for each class is calculated by dividing the value of the Fund's total assets attributable to such class (including accrued interest and dividends), less all liabilities attributable to such class (including accrued expenses, dividends declared but unpaid and any borrowings of the Fund), by the total number of shares of the class outstanding. Differences in NAV of each class of the Fund's shares are generally expected to be due to the daily expense accruals of the specified distribution and service (12b-1) fees and transfer agency costs applicable to such class of shares and the resulting differential in the dividends that may be paid on each class of shares.

The Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Fund's investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. The Fund's investments are valued as follows:

Municipal securities and other debt securities are fair valued on the basis of valuations provided by a third-party pricing service approved by the Advisor's Pricing Committee, which may use the following valuation inputs when available:

1)

benchmark yields;

2)

reported trades;

3)

broker/dealer quotes;

4)

issuer spreads;

5)

benchmark securities;

6)

bids and offers; and

7)

reference data including market research publications.

Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.

------

**Notes to Financial Statements (Continued)**

**First Trust Managed Municipal Fund** 

**October 31, 2025**

Fixed income and other debt securities having a remaining maturity of sixty days or less when purchased are fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor's Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer-specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:

1)

the credit conditions in the relevant market and changes thereto;

2)

the liquidity conditions in the relevant market and changes thereto;

3)

the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);

4)

issuer-specific conditions (such as significant credit deterioration); and

5)

any other market-based data the Advisor's Pricing Committee considers relevant. In this regard, the Advisor's Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.

Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor's Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of the Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security's fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:

1)

the most recent price provided by the pricing service;

2)

available market prices for the fixed-income security;

3)

the fundamental business data relating to the issuer;

4)

an evaluation of the forces which influence the market in which these securities are purchased and sold;

5)

the type, size and cost of the security;

6)

the financial statements of the issuer;

7)

the credit quality and cash flow of the issuer, based on the Advisor's or external analysis;

8)

the information as to any transactions in or offers for the security;

9)

the price and extent of public trading in similar securities (or equity securities) of the issuer/borrower, or comparable companies;

10)

the coupon payments;

11)

the quality, value and salability of collateral, if any, securing the security; and

12)

other relevant factors.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

Quoted prices for similar investments in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

------

**Notes to Financial Statements (Continued)**

**First Trust Managed Municipal Fund** 

**October 31, 2025**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs 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. A summary of the inputs used to value the Fund's investments as of October 31, 2025, is included with the Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded daily on the accrual basis. Amortization of premiums and accretion of discounts are recorded using the effective interest method.

Securities purchased or sold on a when-issued, delayed-delivery or forward purchase commitment basis may have extended settlement periods. The value of the security so purchased is subject to market fluctuations during this period. The Fund maintains liquid assets with a current value at least equal to the amount of its when-issued, delayed-delivery or forward purchase commitments until payment is made. At October 31, 2025, the Fund held $504,015 of when-issued or delayed delivery securities. At October 31, 2025, the Fund had no forward purchase commitments.

**C. Futures Contracts**

The Fund may purchase or sell (i.e., is long or short) exchange-listed futures contracts to hedge against changes in interest rates (interest rate risk). Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and at a specified date. Depending on the terms of the contract, futures contracts are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. Open futures contracts can also be closed out prior to settlement by entering into an offsetting transaction in a matching futures contract. If the Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain margin deposits on the futures contract. When the contract is closed or expires, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed or expired. This gain or loss is included in "Net realized gain (loss) on futures contracts" on the Statement of Operations.

Upon entering into a futures contract, the Fund must deposit funds, called margin, with its custodian in the name of the clearing broker equal to a specified percentage of the current value of the contract. Open futures contracts are marked to market daily with the change in value recognized as a component of "Net change in unrealized appreciation (depreciation) on futures contracts" on the Statement of Operations. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are included in "Variation margin" payable or receivable on the Statement of Assets and Liabilities.

If market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contract and may realize a loss. The use of futures contracts involves the risk of imperfect correlation in movements in the price of the futures contracts, interest rates and the underlying instruments.

**D. Dividends and Distributions to Shareholders**

The Fund will declare daily and pay monthly distributions of all or a portion of its net income to holders of each class of shares. Distributions of any net capital gains earned by the Fund are distributed at least annually. Distributions will automatically be reinvested into additional Fund shares unless cash distributions are elected by the shareholder. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Fund and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some point in the future. Permanent differences incurred during the fiscal year ended October 31, 2025, resulting in book and tax accounting differences, have been reclassified at year end to reflect a decrease in accumulated net investment income (loss) of $503 and an increase in accumulated net realized gain (loss) of $503. Accumulated distributable earnings (loss) consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments, and unrealized appreciation (depreciation) on investments. Net assets were not affected by this reclassification.

The tax character of distributions paid by the Fund during the fiscal years ended October 31, 2025 and 2024, was as follows:

------

**Notes to Financial Statements (Continued)**

**First Trust Managed Municipal Fund** 

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| Distributions paid from: | **2025** | **2024** |
| Ordinary income | &nbsp;&nbsp; $8889 | &nbsp;&nbsp;&nbsp; $3285 |
| Capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Tax-exempt income | &nbsp;&nbsp; 2515844 | &nbsp;&nbsp;&nbsp; 2642597 |
| Return of capital | &nbsp;&nbsp; 98644 | &nbsp;&nbsp;&nbsp; — |

---

As of October 31, 2025, the distributable earnings and net assets on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $— |
| Undistributed capital gains | &nbsp;&nbsp; — |
| Total undistributed earnings | &nbsp;&nbsp; — |
| Accumulated capital and other losses | &nbsp;&nbsp; (854912)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 1710069 |
| Total accumulated earnings (losses) | &nbsp;&nbsp; 855157 |
| Other | &nbsp;&nbsp; — |
| Paid-in capital | &nbsp;&nbsp; 61049197 |
| Total net assets | &nbsp;&nbsp; $61904354 |

---

**E. Income Taxes**

The Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, the Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of the Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

In addition, the Fund intends to invest in municipal securities to allow it to pay shareholders "exempt dividends" as defined in the Code.

The Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At October 31, 2025, the Fund had non-expiring net capital loss carryforwards for federal income tax purposes of $854,912.

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended October 31, 2025, the Fund did not incur any net late year ordinary losses.

The Fund is subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2022, 2023, 2024, and 2025 remain open to federal and state audit. As of October 31, 2025, management has evaluated the application of these standards to the Fund and has determined that no provision for income tax is required in the Fund's financial statements for uncertain tax positions.

As of October 31, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | Gross<br> Unrealized<br> Appreciation<br>| Gross<br> Unrealized<br> (Depreciation)<br>| Net Unrealized<br> Appreciation<br> (Depreciation)<br>|
| $59738684 | $1875452 | $(165383) | $1710069 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Managed Municipal Fund** 

**October 31, 2025**

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

**F. Expenses**

The Fund pays all expenses directly related to its operations. Expenses of the Fund are allocated on a pro rata basis to each class of shares, except for distribution and service (12b-1) fees and incremental transfer agency costs which are unique to each class of shares.

**G. Segment Reporting**

The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Fund, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the selection and ongoing monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain administrative services necessary for the management of the Fund. For these investment management services, First Trust is entitled to a monthly fee calculated at an annual rate of 0.50% of the Fund's average net assets. First Trust also provides fund reporting services to the Fund for a flat annual fee in the amount of $10,000. Prior to July 1, 2025 the financial reporting fee was $9,250.

First Trust has agreed to waive fees and/or reimburse expenses to the extent necessary through March 1, 2027, to prevent the Fund's Total Annual Operating Expenses (excluding taxes, interest, all brokerage commissions, other normal charges incident to the purchase and sale of portfolio securities, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses) from exceeding 0.65% of the average daily net assets of any class of Fund shares (the "Expense Cap"). Expenses borne and fees waived by First Trust are subject to reimbursement by the Fund for up to three years from the date the fee was waived or expense was incurred, but no reimbursement payment will be made by the Fund at any time if it would result in the Fund's expenses exceeding (i) the Expense Cap in place for the most recent fiscal year for which such expense limitation was in place, (ii) the Expense Cap in place at the time the fees were waived, or (iii) the current Expense Cap. Expense limitations may be terminated or modified prior to their expiration only with the approval of the Board of Trustees of the Trust. These amounts would be included in "Expenses previously waived or reimbursed" on the Statement of Operations. The advisory fee waiver and expense reimbursement for the fiscal year ended October 31, 2025 and the expenses borne by First Trust and subject to recovery were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Expenses Subject to Recovery** | **Expenses Subject to Recovery** | **Expenses Subject to Recovery** |  |
| **Advisory Fee**<br> **Waiver**<br>| **Expense**<br> **Reimbursement**<br>| **Year Ended**<br> **October 31, 2023**<br>| **Year Ended**<br> **October 31, 2024**<br>| **Year Ended**<br> **October 31, 2025**<br>| **Total** |
| $198492 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $143526 | &nbsp;&nbsp;&nbsp; $150261 | &nbsp;&nbsp;&nbsp; $198492 | &nbsp;&nbsp;&nbsp; $492279 |

---

BNY Mellon Investment Servicing (US) Inc. ("BNY IS") serves as the Fund's transfer agent in accordance with certain fee arrangements. As transfer agent, BNY IS is responsible for maintaining shareholder records for the Fund. The Bank of New York Mellon ("BNY") serves as the Fund's administrator, fund accountant, and custodian in accordance with certain fee arrangements. As administrator and fund accountant, BNY is responsible for providing certain administrative and accounting services to the Fund, including maintaining the Fund's books of account, records of the Fund's securities transactions, and certain other books and records. As custodian, BNY is responsible for custody of the Fund's assets. BNY IS and BNY are subsidiaries of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such

------

**Notes to Financial Statements (Continued)**

**First Trust Managed Municipal Fund** 

**October 31, 2025**

capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Capital Share Transactions**

Capital transactions were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br> **October 31, 2025** | **Year Ended**<br> **October 31, 2025** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **October 31, 2024** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **October 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| Sales: |  |  |  |  |
| Class A | &nbsp;&nbsp; 24355 | &nbsp;&nbsp;&nbsp;&nbsp; $500000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Class I | &nbsp;&nbsp; 720480 | &nbsp;&nbsp;&nbsp;&nbsp; 14482108 | &nbsp;&nbsp;&nbsp;&nbsp; 1034226 | &nbsp;&nbsp;&nbsp;&nbsp; 21186381 |
| Total Sales | &nbsp;&nbsp; 744835 | &nbsp;&nbsp;&nbsp;&nbsp; $14982108 | &nbsp;&nbsp;&nbsp;&nbsp; 1034226 | &nbsp;&nbsp;&nbsp;&nbsp; $21186381 |
| Dividend Reinvestment: |  |  |  |  |
| Class A | &nbsp;&nbsp; 496 | &nbsp;&nbsp;&nbsp;&nbsp; $9946 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Class I | &nbsp;&nbsp; 129554 | &nbsp;&nbsp;&nbsp;&nbsp; 2612188 | &nbsp;&nbsp;&nbsp;&nbsp; 129049 | &nbsp;&nbsp;&nbsp;&nbsp; 2645178 |
| Total Dividend Reinvestment | &nbsp;&nbsp; 130050 | &nbsp;&nbsp;&nbsp;&nbsp; $2622134 | &nbsp;&nbsp;&nbsp;&nbsp; 129049 | &nbsp;&nbsp;&nbsp;&nbsp; $2645178 |
| Redemptions: |  |  |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Class I | &nbsp;&nbsp; (1522191)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30692440)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1239697)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25296264)<br>|
| Total Redemptions | &nbsp;&nbsp; (1522191)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(30692440)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1239697)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(25296264)<br>|

---

**5. Purchases and Sales of Securities**

The cost of purchases and proceeds from sales of securities, excluding short-term investments, for the fiscal year ended October 31, 2025, were $22,910,870 and $35,134,075, respectively.

**6. Distribution and Service Plan**

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, Class A of the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Fund, for amounts expended to finance activities primarily intended to result in the sale of Fund shares or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services. Class I shares have no 12b-1 fees.

**7. Derivative Transactions**

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the fiscal year ended October 31, 2025, on derivative instruments, as well as the primary underlying risk exposure associated with each instrument.

---

| | |
|:---|:---|
| **Statement of Operations Location** |  |
| **Interest Rate Risk Exposure** |  |
| Net realized gain (loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(63232)<br>|
| Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23297)<br>|

---

The average notional value of futures contracts outstanding during the fiscal year ended October 31, 2025, which is indicative of the volume of this derivative type, was $816,150.

------

**Notes to Financial Statements (Continued)**

**First Trust Managed Municipal Fund** 

**October 31, 2025**

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

**8. Borrowings**

The Trust, on behalf of the Fund, along with First Trust Exchange-Traded Fund III, First Trust Exchange-Traded Fund IV and First Trust Variable Insurance Trust, has a credit agreement with BNY (the "Credit Agreement") as administrative agent for a group of lenders. The borrowing rate is the higher of the federal funds effective rate and the adjusted daily simple SOFR rate plus 1.00%. The commitment amount under the Credit Agreement is $620 million and such commitment amount may be increased up to $700 million with the consent of one or more lenders. For any day on and after February 26, 2025, BNY charges on behalf of the lenders a commitment fee of 0.15% of the daily amount of the excess of the commitment amount over the outstanding principal balance of the loans and an agency fee. For any day before February 26, 2025, BNY charged a commitment fee of 0.20% of the daily amount of the excess of the commitment amount over the outstanding principal balance of the loans and an agency fee. First Trust allocates the commitment fee and agency fee amongst the funds that have access to the credit line. To the extent that the Fund accesses the credit line, there would also be an interest fee charged. The Fund did not draw on the credit line during the fiscal year ended October 31, 2025.

**9. Indemnification**

The Fund has a variety of indemnification obligations under contracts with its service providers. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**10. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition of disclosure in the financial statements that have not already been disclosed.

------

**Report of Independent Registered Public Accounting Firm**

**To the Shareholders and the Board of Trustees of First Trust Series Fund:**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of First Trust Managed Municipal Fund (the "Fund"), one of the funds constituting the First Trust Series Fund, as of October 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the three years in the period then ended and for the period from June 15, 2022 (commencement of investment operations) through October 31, 2022, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from June 15, 2022 (commencement of investment operations) through October 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche, LLP

Chicago, Illinois

December 22, 2025

We have served as the auditor of one or more First Trust investment companies since 2001.

------

**Other Information**

**First Trust Managed Municipal Fund** 

**October 31, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Fund's accountants during the fiscal year ended October 31, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

At a special meeting of shareholders of First Trust Series Fund (the "Trust") that was held on August 12, 2025 (the "Special Meeting"), shareholders of record as of June 9, 2025 (the "Record Date") approved a proposal (the "Proposal") to elect or re-elect, as applicable, each of the eight nominees listed below to the Board of Trustees of the Trust (the "Board"). Shareholders of each series of the Trust that had publicly offered shares as of the Record Date (each, a "fund") voted together with shareholders of the other funds on the Proposal, and the results are set forth below. There were no broker non-votes.

---

| | |
|:---|:---|
| &nbsp;&nbsp; James A. Bowen\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30793084<br> 224044<br>|
| &nbsp;&nbsp; Thomas J. Driscoll\*\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30803794<br> 213334<br>|
| &nbsp;&nbsp; Richard E. Erickson\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30646724<br> 370404<br>|
| &nbsp;&nbsp; Thomas R. Kadlec\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30663695<br> 353433<br>|
| &nbsp;&nbsp; Denise M. Keefe\*\*\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30691353<br> 325775<br>|
| &nbsp;&nbsp; Robert F. Keith\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30688459<br> 328669<br>|
| &nbsp;&nbsp; Niel B. Nielson\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30619318<br> 397810<br>|
| &nbsp;&nbsp; Bronwyn Wright\*\*\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 19532390<br> 11484738<br>|

---

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

\* This nominee was re-elected to the Board at the Special Meeting.

\*\* This nominee was elected to the Board as a new Trustee at the Special Meeting.

\*\*\* This nominee was elected to the Board at the Special Meeting and had previously been appointed to the Board.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

The applicable aggregate remuneration paid by the Fund during the period covered by the report is included in the Statement of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

The Board of Trustees of First Trust Series Fund (the "Trust"), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement (the "Agreement") between the Trust, on behalf of the First Trust Managed Municipal Fund (the "Fund"), and First Trust Advisors L.P. (the "Advisor"). The Board approved the continuation of the Agreement for a one-year period ending June 30, 2026 at a meeting held on June 8–9, 2025. The Board determined that the continuation of the Agreement is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

------

**Other Information (Continued)**

**First Trust Managed Municipal Fund** 

**October 31, 2025 (Unaudited)**

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 22, 2025, and June 8–9, 2025, the Board, including the Independent Trustees, reviewed materials provided by the Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor to the Fund (including the relevant personnel responsible for these services and their experience); the advisory fee rate payable by the Fund as compared to fees charged to a peer group of funds (the "Expense Group") and a broad peer universe of funds (the "Expense Universe"), each assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent source, and as compared to fees charged to other clients of the Advisor; the expense ratio of the Fund as compared to expense ratios of the funds in the Fund's Expense Group and Expense Universe; performance information for the Fund, including comparisons of the Fund's performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the "Performance Universe"), each assembled by Broadridge; the nature of expenses incurred in providing services to the Fund and the potential for the Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; any indirect benefits to the Advisor and its affiliate, First Trust Portfolios L.P. ("FTP"); and information on the Advisor's compliance program. The Board reviewed initial materials with the Advisor at the meeting held on April 22, 2025, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor. Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 8–9, 2025 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangement between the Trust and the Advisor continues to be a reasonable business arrangement from the Fund's perspective. The Board determined that, given the totality of the information provided with respect to the Agreement, the Board had received sufficient information to renew the Agreement. The Board considered that shareholders chose to invest or remain invested in the Fund knowing that the Advisor manages the Fund and knowing the Fund's advisory fee.

In reviewing the Agreement, the Board considered the nature, extent and quality of the services provided by the Advisor under the Agreement. The Board considered that the Advisor is responsible for the overall management and administration of the Trust and the Fund and reviewed all of the services provided by the Advisor to the Fund, as well as the background and experience of the persons responsible for such services. The Board noted that the Advisor's Municipal Securities Team is responsible for the day-to-day management of the Fund's investments. The Board considered the background and experience of the members of the Municipal Securities Team and noted the Board's prior meetings with members of the Team. The Board considered the Advisor's statement that it applies the same oversight model internally with its Municipal Securities Team as it uses for overseeing external sub-advisors, including portfolio risk monitoring and performance review. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor's and the Fund's compliance with the 1940 Act, as well as the Fund's compliance with its investment objectives, policies and restrictions. The Board also considered a report from the Advisor with respect to its risk management functions related to the operation of the Fund. Finally, as part of the Board's consideration of the Advisor's services, the Advisor, in its written materials and at the April 22, 2025 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Fund and the other funds in the First Trust Fund Complex. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust and the Fund by the Advisor under the Agreement have been and are expected to remain satisfactory and that the Advisor has managed the Fund consistent with its investment objectives, policies and restrictions.

The Board considered the advisory fee rate payable by the Fund under the Agreement for the services provided. The Board considered that the Advisor agreed to extend the current expense caps for each share class through March 1, 2027. The Board noted that fees waived or expenses borne by the Advisor pursuant to the expense cap are subject to reimbursement by the Fund for up to three years from the date the fee was waived or expense was incurred, but no reimbursement payment would be made by the Fund at any time if it would result in the Fund's expenses exceeding (i) the applicable expense limitation in place for the most recent fiscal year for which such expense limitation was in place, (ii) the applicable expense limitation in place at the time the fees were waived, or (iii) the current expense limitation. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Group, as well as advisory and unitary fee rates charged by the Advisor to other fund and non-fund clients, as applicable. With respect to the Expense Group, the Board discussed with the Advisor limitations in creating a relevant peer group for the Fund. The Board took these limitations into account in considering the peer data. Based on the information provided, the Board noted that the contractual advisory fee rate payable by the Fund was below the median contractual advisory fee of the peer funds in the Expense Group. The Board also noted that the Fund's total (net) expense ratio (Class I shares) was above the median total (net) expense ratio of the peer funds in the Expense Group. With respect to fees charged to other clients, the Board considered differences between the Fund

------

**Other Information (Continued)**

**First Trust Managed Municipal Fund** 

**October 31, 2025 (Unaudited)**

and other clients that limited their comparability. In considering the advisory fee rate overall, the Board also considered the Advisor's statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor's demonstrated long-term commitment to the Fund and the other funds in the First Trust Fund Complex.

The Board considered performance information for the Fund. The Board noted the process it has established for monitoring the Fund's performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor for the Fund. The Board determined that this process continues to be effective for reviewing the Fund's performance. The Board received and reviewed information comparing the Fund's performance for the one-year period ended December 31, 2024 to the performance of the funds in the Performance Universe and to that of a benchmark index. Based on the information provided, the Board noted that the Fund outperformed the Performance Universe median and the benchmark index for the one-year period ended December 31, 2024.

On the basis of all the information provided on the fees, expenses and performance of the Fund and the ongoing oversight by the Board, the Board concluded that the advisory fee for the Fund continues to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor to the Fund under the Agreement.

The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Fund at current asset levels and whether the Fund may benefit from any economies of scale. The Board noted the Advisor's statement that it believes that its expenses relating to providing advisory services to the Fund will increase during the next twelve months as the Advisor continues to build infrastructure and add new staff. The Board concluded that the advisory fee rate for the Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to the Fund for the twelve months ended December 31, 2024 and the estimated profitability level for the Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor's profitability level for the Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Fund. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Fund, may have had no dealings with the Advisor or FTP. The Board noted that in addition to the advisory fees paid by the Fund, the Advisor receives compensation from the Fund for providing fund reporting services pursuant to a separate Fund Reporting Services Agreement. The Board also noted that the Advisor does not utilize soft dollars in connection with the Fund. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreement continue to be fair and reasonable and that the continuation of the Agreement is in the best interests of the Fund. No single factor was determinative in the Board's analysis.

**Federal Tax Information**

For the taxable year ended October 31, 2025, the following distribution information is being provided as required by the Internal Revenue Code of 1986, as amended, or to meet a specific state's requirement. The Fund designates the following percentages or, if subsequently determined to be different, the maximum amount allowable for their fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
| Federal and State Income Tax | Percentages |
| Tax-Exempt Interest Dividends | 99.68% |
| Alternative Minimum Tax (AMT) | 18.18% |

---

------

![](img69cf99d61.jpg)

![](imgebcf0c3d2.jpg)

First Trust Preferred Securities and Income Fund

------

Annual Financial Statements and Other Information

For the Year Ended

October 31, 2025

![](img7b90379f3.jpg)

------

**Table of Contents**

**First Trust Preferred Securities and Income Fund** 

**Annual Financial Statements and Other Information**

**October 31, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_f8be44a1-5dd2-4d11-83e5-1b0c7d40bfbf_SOI-SOIfooter-22_1) | &nbsp;&nbsp; 1 |
| [Statement of Assets and Liabilities](#xx_f8be44a1-5dd2-4d11-83e5-1b0c7d40bfbf_SAL-SALfooter-22_1) | &nbsp;&nbsp; 9 |
| [Statement of Operations](#xx_f8be44a1-5dd2-4d11-83e5-1b0c7d40bfbf_SOP-SOPfootnote-22_1) | &nbsp;&nbsp; 10 |
| [Statements of Changes in Net Assets](#xx_f8be44a1-5dd2-4d11-83e5-1b0c7d40bfbf_SOC-SOCfooter-22_1) | &nbsp;&nbsp; 11 |
| [Financial Highlights](#xx_f8be44a1-5dd2-4d11-83e5-1b0c7d40bfbf_FiHi-FiHifooter-22_1) | &nbsp;&nbsp; 12 |
| [Notes to Financial Statements](#xx_f8be44a1-5dd2-4d11-83e5-1b0c7d40bfbf_NTF-TOCnotes-22_1) | &nbsp;&nbsp; 17 |
| [Report of Independent Registered Public Accounting Firm](#xx_f8be44a1-5dd2-4d11-83e5-1b0c7d40bfbf_Audit-TOCauditletter-22_1) | &nbsp;&nbsp; 25 |
| [Other Information](#xx_f8be44a1-5dd2-4d11-83e5-1b0c7d40bfbf_AI-TOCadditionalinfo-22_1) | &nbsp;&nbsp; 26 |

---

**Performance and Risk Disclosure**

There is no assurance that First Trust Preferred Securities and Income Fund (the "Fund") will achieve its investment objective. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.com or speak with your financial advisor. Investment returns and net asset value will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.

First Trust Advisors L.P., the Fund's advisor, may also periodically provide additional information on Fund performance on the Fund's web page at www.ftportfolios.com.

**How to Read This Report**

This report contains information that may help you evaluate your investment in the Fund. It includes details about the Fund and presents data that provides insight into the Fund's performance and investment approach.

The material risks of investing in the Fund are spelled out in the prospectus, the statement of additional information, and other Fund regulatory filings.

------

**First Trust Preferred Securities and Income Fund** 

**Portfolio of Investments** 

**October 31, 2025**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **$25 PAR PREFERRED SECURITIES – 21.3%**  | **$25 PAR PREFERRED SECURITIES – 21.3%**  | **$25 PAR PREFERRED SECURITIES – 21.3%**  | **$25 PAR PREFERRED SECURITIES – 21.3%**  | **$25 PAR PREFERRED SECURITIES – 21.3%**  |
|  | **Automobiles – 0.3%**  |  |  |  |
| 10140 | Ford Motor Co. | 6.20<br> %<br>| 06/01/59 | $226933 |
| 20501 | Ford Motor Co. | 6.00<br> %<br>| 12/01/59 | 452252 |
|  |  |  |  | 679185 |
|  | **Banks – 0.7%**  |  |  |  |
| 34465 | Bank of America Corp., Series KK | 5.38<br> %<br>| (a) | 789249 |
| 276 | Bank of America Corp., Series NN | 4.38<br> %<br>| (a) | 5070 |
| 572 | Bank of America Corp., Series SS | 4.75<br> %<br>| (a) | 11560 |
| 188 | JPMorgan Chase & Co., Series GG | 4.75<br> %<br>| (a) | 3960 |
| 293 | Truist Financial Corp., Series R | 4.75<br> %<br>| (a) | 5854 |
| 4816 | Wells Fargo & Co., Series Z | 4.75<br> %<br>| (a) | 95790 |
| 20996 | Wintrust Financial Corp., Series F (b) | 7.88<br> %<br>| (a) | 551145 |
|  |  |  |  | 1462628 |
|  | **Capital Markets – 3.4%**  |  |  |  |
| 10457 | Affiliated Managers Group, Inc.  | 5.88<br> %<br>| 03/30/59 | 225035 |
| 4000 | Affiliated Managers Group, Inc.  | 4.75<br> %<br>| 09/30/60 | 70080 |
| 22386 | Affiliated Managers Group, Inc.  | 4.20<br> %<br>| 09/30/61 | 359071 |
| 43608 | Affiliated Managers Group, Inc.  | 6.75<br> %<br>| 03/30/64 | 1064907 |
| 49105 | Bank of New York Mellon (The) Corp., Series K (b) | 6.15<br> %<br>| (a) | 1264945 |
| 9202 | Brookfield Oaktree Holdings, LLC, Series A | 6.63<br> %<br>| (a) | 200604 |
| 64247 | Carlyle Finance LLC | 4.63<br> %<br>| 05/15/61 | 1137172 |
| 8499 | DigitalBridge Group, Inc., Series H | 7.13<br> %<br>| (a) | 182219 |
| 37930 | DigitalBridge Group, Inc., Series I | 7.15<br> %<br>| (a) | 811702 |
| 22033 | DigitalBridge Group, Inc., Series J | 7.13<br> %<br>| (a) | 463574 |
| 34217 | KKR Group Finance Co., IX LLC | 4.63<br> %<br>| 04/01/61 | 617617 |
| 2 | Morgan Stanley, Series I | 6.38<br> %<br>| (a) | 50 |
| 3933 | Morgan Stanley, Series K | 5.85<br> %<br>| (a) | 95926 |
| 348 | Morgan Stanley, Series P | 6.50<br> %<br>| (a) | 8912 |
| 13195 | Morgan Stanley, Series Q | 6.63<br> %<br>| (a) | 345181 |
| 2214 | State Street Corp., Series G | 5.35<br> %<br>| (a) | 50701 |
| 17244 | TPG Operating Group II, L.P. | 6.95<br> %<br>| 03/15/64 | 443516 |
|  |  |  |  | 7341212 |
|  | **Diversified REITs – 0.0%**  |  |  |  |
| 28 | Global Net Lease, Inc., Series A | 7.25<br> %<br>| (a) | 645 |
|  | **Diversified Telecommunication Services – 0.4%**  |  |  |  |
| 19831 | AT&T, Inc. | 5.35<br> %<br>| 11/01/66 | 451750 |
| 20163 | AT&T, Inc., Series C | 4.75<br> %<br>| (a) | 394187 |
|  |  |  |  | 845937 |
|  | **Electric Utilities – 3.3%**  |  |  |  |
| 113580 | NextEra Energy Capital Holdings, Inc., Series U | 6.50<br> %<br>| 06/01/85 | 2906512 |
| 41031 | SCE Trust VII, Series M | 7.50<br> %<br>| (a) | 958894 |
| 15778 | SCE Trust VIII, Series N | 6.95<br> %<br>| (a) | 347116 |
| 1195 | Southern (The) Co. | 5.25<br> %<br>| 12/01/77 | 27055 |
| 9286 | Southern (The) Co., Series 2020 | 4.95<br> %<br>| 01/30/80 | 192685 |
| 105011 | Xcel Energy, Inc. | 6.25<br> %<br>| 10/15/85 | 2625275 |
|  |  |  |  | 7057537 |
|  | **Financial Services – 1.3%**  |  |  |  |
| 35 | Apollo Global Management, Inc. (b) | 7.63<br> %<br>| 09/15/53 | 917 |
| 78910 | Corebridge Financial, Inc. | 6.38<br> %<br>| 12/15/64 | 1956968 |
| 41369 | Equitable Holdings, Inc., Series A | 5.25<br> %<br>| (a) | 871645 |

---

See Notes to Financial Statements

------

**First Trust Preferred Securities and Income Fund** 

**Portfolio of Investments (Continued)**

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **$25 PAR PREFERRED SECURITIES (Continued)**  | **$25 PAR PREFERRED SECURITIES (Continued)**  | **$25 PAR PREFERRED SECURITIES (Continued)**  | **$25 PAR PREFERRED SECURITIES (Continued)**  | **$25 PAR PREFERRED SECURITIES (Continued)**  |
|  | **Financial Services (Continued)**  |  |  |  |
| 504 | Jackson Financial, Inc. (b) | 8.00<br> %<br>| (a) | $13255 |
| 2339 | Voya Financial, Inc., Series B (b) | 5.35<br> %<br>| (a) | 57048 |
|  |  |  |  | 2899833 |
|  | **Food Products – 0.0%**  |  |  |  |
| 1184 | CHS, Inc., Series 2 | 7.10<br> %<br>| (a) | 29789 |
| 463 | CHS, Inc., Series 3 | 6.75<br> %<br>| (a) | 11538 |
|  |  |  |  | 41327 |
|  | **Independent Power & Renewable Electricity Producers – 0.4%**  |  |  |  |
| 35878 | Brookfield BRP Holdings Canada, Inc. | 4.63<br> %<br>| (a) | 552880 |
| 19571 | Brookfield Renewable Partners, L.P., Series 17 | 5.25<br> %<br>| (a) | 353452 |
|  |  |  |  | 906332 |
|  | **Insurance – 6.5%**  |  |  |  |
| 72241 | AEGON Funding Co., LLC | 5.10<br> %<br>| 12/15/49 | 1453489 |
| 71 | Allstate (The) Corp., Series H | 5.10<br> %<br>| (a) | 1547 |
| 32929 | American National Group, Inc. | 7.38<br> %<br>| (a) | 838043 |
| 4822 | AmTrust Financial Services, Inc. | 7.25<br> %<br>| 06/15/55 | 77634 |
| 5383 | AmTrust Financial Services, Inc. | 7.50<br> %<br>| 09/15/55 | 86666 |
| 18434 | Arch Capital Group Ltd., Series G | 4.55<br> %<br>| (a) | 324439 |
| 24481 | Aspen Insurance Holdings Ltd. | 5.63<br> %<br>| (a) | 518997 |
| 70607 | Aspen Insurance Holdings Ltd. | 5.63<br> %<br>| (a) | 1492632 |
| 12835 | Assurant, Inc. | 5.25<br> %<br>| 01/15/61 | 258625 |
| 57354 | Athene Holding Ltd. (b) | 7.25<br> %<br>| 03/30/64 | 1448189 |
| 28004 | Athene Holding Ltd., Series A (b) | 6.35<br> %<br>| (a) | 698700 |
| 42363 | Athene Holding Ltd., Series E (b) | 7.75<br> %<br>| (a) | 1087458 |
| 14000 | Axis Capital Holdings Ltd., Series E | 5.50<br> %<br>| (a) | 294840 |
| 22998 | CNO Financial Group, Inc. | 5.13<br> %<br>| 11/25/60 | 457430 |
| 59966 | Enstar Group Ltd., Series D (b) | 7.00<br> %<br>| (a) | 1439184 |
| 38825 | F&G Annuities & Life, Inc. | 7.95<br> %<br>| 12/15/53 | 1014109 |
| 89542 | F&G Annuities & Life, Inc. | 7.30<br> %<br>| 01/15/65 | 2158858 |
| 169 | MetLife, Inc., Series F | 4.75<br> %<br>| (a) | 3502 |
| 10700 | Phoenix (The) Cos., Inc. | 7.45<br> %<br>| 01/15/32 | 197950 |
| 520 | Prudential Financial, Inc. | 5.63<br> %<br>| 08/15/58 | 12693 |
| 847 | Reinsurance Group of America, Inc. (b) | 7.13<br> %<br>| 10/15/52 | 21683 |
| 877 | Reinsurance Group of America, Inc. (b) | 5.75<br> %<br>| 06/15/56 | 21855 |
| 2571 | RenaissanceRe Holdings Ltd., Series G | 4.20<br> %<br>| (a) | 42987 |
| 1185 | W.R. Berkley Corp. | 5.10<br> %<br>| 12/30/59 | 24233 |
|  |  |  |  | 13975743 |
|  | **Multi-Utilities – 2.0%**  |  |  |  |
| 1829 | Algonquin Power & Utilities Corp., Series 19-A, 3 Mo. CME Term <br> SOFR + CSA + 4.01% (c)<br>| 8.66<br> %<br>| 07/01/79 | 46841 |
| 28651 | Brookfield Infrastructure Finance ULC | 5.00<br> %<br>| 05/24/81 | 484202 |
| 28172 | Brookfield Infrastructure Partners, L.P., Series 13 | 5.13<br> %<br>| (a) | 485587 |
| 28674 | CMS Energy Corp. | 5.88<br> %<br>| 10/15/78 | 681007 |
| 3760 | CMS Energy Corp. | 5.88<br> %<br>| 03/01/79 | 90202 |
| 82879 | DTE Energy Co., Series H | 6.25<br> %<br>| 10/01/85 | 2083578 |
| 14278 | Sempra | 5.75<br> %<br>| 07/01/79 | 324111 |
|  |  |  |  | 4195528 |
|  | **Real Estate Management & Development – 0.7%**  |  |  |  |
| 52084 | Brookfield Property Partners, L.P., Series A | 5.75<br> %<br>| (a) | 714592 |
| 49646 | Brookfield Property Partners, L.P., Series A2 | 6.38<br> %<br>| (a) | 723839 |

---

See Notes to Financial Statements

------

**First Trust Preferred Securities and Income Fund** 

**Portfolio of Investments (Continued)**

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **$25 PAR PREFERRED SECURITIES (Continued)**  | **$25 PAR PREFERRED SECURITIES (Continued)**  | **$25 PAR PREFERRED SECURITIES (Continued)**  | **$25 PAR PREFERRED SECURITIES (Continued)**  | **$25 PAR PREFERRED SECURITIES (Continued)**  |
|  | **Real Estate Management & Development (Continued)**  |  |  |  |
| 6137 | Brookfield Property Preferred, L.P. | 6.25<br> %<br>| 07/26/81 | $93651 |
|  |  |  |  | 1532082 |
|  | **Specialized REITs – 0.1%**  |  |  |  |
| 2712 | National Storage Affiliates Trust, Series A | 6.00<br> %<br>| (a) | 62078 |
| 5675 | Public Storage, Series L | 4.63<br> %<br>| (a) | 109073 |
|  |  |  |  | 171151 |
|  | **Wireless Telecommunication Services – 2.2%**  |  |  |  |
| 23347 | T-Mobile USA, Inc. | 6.25<br> %<br>| 09/01/69 | 582975 |
| 107110 | T-Mobile USA, Inc. | 5.50<br> %<br>| 03/01/70 | 2486023 |
| 76373 | T-Mobile USA, Inc. | 5.50<br> %<br>| 06/01/70 | 1761161 |
|  |  |  |  | 4830159 |
|  | **Total $25 Par Preferred Securities** | **Total $25 Par Preferred Securities** | **Total $25 Par Preferred Securities** | 45939299 |
|  | (Cost $48,917,591) |  |  |  |
| **$1,000 PAR PREFERRED SECURITIES – 2.2%** | **$1,000 PAR PREFERRED SECURITIES – 2.2%** | **$1,000 PAR PREFERRED SECURITIES – 2.2%** | **$1,000 PAR PREFERRED SECURITIES – 2.2%** | **$1,000 PAR PREFERRED SECURITIES – 2.2%** |
|  | **Banks – 2.2%**  |  |  |  |
| 3881 | Wells Fargo & Co., Series L | 7.50<br> %<br>| (a) | 4801767 |
|  | (Cost $5,133,780) |  |  |  |
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES – 75.3%** | **CAPITAL PREFERRED SECURITIES – 75.3%** | **CAPITAL PREFERRED SECURITIES – 75.3%** | **CAPITAL PREFERRED SECURITIES – 75.3%** | **CAPITAL PREFERRED SECURITIES – 75.3%** |
|  | **Banks – 43.1%**  |  |  |  |
| $400000 | Banco Bilbao Vizcaya Argentaria S.A. (b) (d) | 7.75<br> %<br>| (a) | 427155 |
| 1300000 | Banco Bilbao Vizcaya Argentaria S.A. (b) (d) | 9.38<br> %<br>| (a) | 1454912 |
| 300000 | Banco de Credito e Inversiones S.A. (b) (d) (e) | 8.75<br> %<br>| (a) | 322857 |
| 200000 | Banco de Credito e Inversiones S.A. (b) (d) (f) | 8.75<br> %<br>| (a) | 215238 |
| 900000 | Banco Mercantil del Norte S.A. (b) (d) (e) | 7.50<br> %<br>| (a) | 923999 |
| 1000000 | Banco Mercantil del Norte S.A. (b) (d) (e) | 7.63<br> %<br>| (a) | 1033476 |
| 1100000 | Banco Mercantil del Norte S.A. (b) (d) (e) | 8.38<br> %<br>| (a) | 1179884 |
| 400000 | Banco Mercantil del Norte S.A. (b) (d) (e) | 8.75<br> %<br>| (a) | 428358 |
| 1100000 | Banco Santander S.A. (b) (d) | 8.00<br> %<br>| (a) | 1222223 |
| 800000 | Banco Santander S.A. (b) (d) | 9.63<br> %<br>| (a) | 894566 |
| 1800000 | Banco Santander S.A. (b) (d) | 9.63<br> %<br>| (a) | 2196364 |
| 5570000 | Bank of America Corp. (b) | 6.63<br> %<br>| (a) | 5806196 |
| 2200000 | Bank of Montreal (b) | 7.70<br> %<br>| 05/26/84 | 2334772 |
| 1100000 | Bank of Montreal (b) | 7.30<br> %<br>| 11/26/84 | 1171783 |
| 510000 | Bank of Montreal, Series 6 (b) | 6.88<br> %<br>| 11/26/85 | 526364 |
| 1500000 | Bank of Nova Scotia (The) (b) | 8.63<br> %<br>| 10/27/82 | 1590924 |
| 1500000 | Bank of Nova Scotia (The) (b) | 8.00<br> %<br>| 01/27/84 | 1602027 |
| 1200000 | Bank of Nova Scotia (The) (b) | 7.35<br> %<br>| 04/27/85 | 1255429 |
| 800000 | Bank of Nova Scotia (The) (b) | 6.88<br> %<br>| 10/27/85 | 807876 |
| 550000 | Barclays PLC (b) (d) | 4.38<br> %<br>| (a) | 525779 |
| 200000 | Barclays PLC (b) (d) | 7.63<br> %<br>| (a) | 211683 |
| 4000000 | Barclays PLC (b) (d) | 8.00<br> %<br>| (a) | 4271288 |
| 1100000 | Barclays PLC (b) (d) | 9.63<br> %<br>| (a) | 1249724 |
| 650000 | BBVA Mexico S.A. (b) (d) (e) | 5.88<br> %<br>| 09/13/34 | 650419 |
| 500000 | BBVA Mexico S.A. (b) (d) (e) | 7.63<br> %<br>| 02/11/35 | 530770 |
| 1300000 | BBVA Mexico S.A. (b) (d) (e) | 8.45<br> %<br>| 06/29/38 | 1439224 |
| 2150000 | BNP Paribas S.A. (b) (d) (e) | 4.63<br> %<br>| (a) | 1944267 |
| 400000 | BNP Paribas S.A. (b) (d) (e) | 7.38<br> %<br>| (a) | 413987 |
| 1340000 | BNP Paribas S.A. (b) (d) (e) | 7.75<br> %<br>| (a) | 1414066 |

---

See Notes to Financial Statements

------

**First Trust Preferred Securities and Income Fund** 

**Portfolio of Investments (Continued)**

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Banks (Continued)**  |  |  |  |
| $1140000 | BNP Paribas S.A. (b) (d) (e) | 8.00<br> %<br>| (a) | $1219235 |
| 2650000 | BNP Paribas S.A. (b) (d) (e) | 8.50<br> %<br>| (a) | 2808618 |
| 300000 | Canadian Imperial Bank of Commerce (b) | 6.95<br> %<br>| 01/28/85 | 306842 |
| 1700000 | Canadian Imperial Bank of Commerce (b) | 7.00<br> %<br>| 10/28/85 | 1754085 |
| 700000 | Citigroup, Inc., Series BB (b) | 7.20<br> %<br>| (a) | 725886 |
| 903000 | Citigroup, Inc., Series DD (b) | 7.00<br> %<br>| (a) | 965754 |
| 900000 | Citigroup, Inc., Series FF (b) | 6.95<br> %<br>| (a) | 927010 |
| 1300000 | Citigroup, Inc., Series GG (b) | 6.88<br> %<br>| (a) | 1340877 |
| 500000 | CoBank ACB (b) | 7.25<br> %<br>| (a) | 513688 |
| 29000 | CoBank ACB, Series I (b) | 6.25<br> %<br>| (a) | 29087 |
| 865000 | CoBank ACB, Series K (b) | 6.45<br> %<br>| (a) | 871437 |
| 1400000 | Commerzbank AG (b) (d) (f) | 7.50<br> %<br>| (a) | 1470945 |
| 1577000 | Credit Agricole S.A. (b) (d) (e) | 6.70<br> %<br>| (a) | 1597739 |
| 3123000 | Credit Agricole S.A. (b) (d) (e) | 7.13<br> %<br>| (a) | 3221221 |
| 300000 | Farm Credit Bank of Texas (b) | 7.75<br> %<br>| (a) | 314877 |
| 600000 | Farm Credit Bank of Texas, Series 3 (b) (e) | 6.20<br> %<br>| (a) | 602346 |
| 260000 | Farm Credit Bank of Texas, Series 6 (b) | 7.00<br> %<br>| (a) | 271161 |
| 760000 | HSBC Holdings PLC (b) (d) | 6.88<br> %<br>| (a) | 786987 |
| 1800000 | HSBC Holdings PLC (b) (d) | 6.95<br> %<br>| (a) | 1900352 |
| 1100000 | HSBC Holdings PLC (b) (d) | 7.05<br> %<br>| (a) | 1145506 |
| 2000000 | HSBC Holdings PLC (b) (d) | 8.00<br> %<br>| (a) | 2122744 |
| 1499000 | Huntington Bancshares, Inc., Series K (b) | 6.25<br> %<br>| (a) | 1486951 |
| 1600000 | ING Groep N.V. (b) (d) | 7.00<br> %<br>| (a) | 1660610 |
| 1000000 | ING Groep N.V. (b) (d) (f) | 7.25<br> %<br>| (a) | 1061880 |
| 1457000 | ING Groep N.V. (b) (d) (f) | 8.00<br> %<br>| (a) | 1579473 |
| 3350000 | JPMorgan Chase & Co., Series NN (b) | 6.88<br> %<br>| (a) | 3534216 |
| 300000 | Lloyds Banking Group PLC (b) (d) (g) | 6.63<br> %<br>| (a) | 298442 |
| 2490000 | Lloyds Banking Group PLC (b) (d) | 8.00<br> %<br>| (a) | 2700075 |
| 1400000 | Mitsubishi UFJ Financial Group, Inc. (b) (d) | 6.35<br> %<br>| (a) | 1436751 |
| 258000 | NatWest Group PLC (b) (d) | 8.13<br> %<br>| (a) | 290796 |
| 640000 | Nordea Bank Abp (b) (d) (e) | 6.75<br> %<br>| (a) | 661295 |
| 532000 | PNC Financial Services Group (The), Inc., Series U (b) | 6.00<br> %<br>| (a) | 536972 |
| 1650000 | PNC Financial Services Group (The), Inc., Series W (b) | 6.25<br> %<br>| (a) | 1695330 |
| 1830000 | Royal Bank of Canada (b) | 6.35<br> %<br>| 11/24/84 | 1809190 |
| 1200000 | Royal Bank of Canada (b) | 6.75<br> %<br>| 08/24/85 | 1248659 |
| 1220000 | Royal Bank of Canada (b) | 6.50<br> %<br>| 11/24/85 | 1218674 |
| 1500000 | Societe Generale S.A. (b) (d) (e) | 9.38<br> %<br>| (a) | 1611632 |
| 1200000 | Societe Generale S.A. (b) (d) (e) | 10.00<br> %<br>| (a) | 1332385 |
| 720000 | Sumitomo Mitsui Financial Group, Inc. (b) (d) | 6.60<br> %<br>| (a) | 750272 |
| 600000 | Swedbank AB (b) (d) (f) | 7.75<br> %<br>| (a) | 645191 |
| 2180000 | Toronto-Dominion Bank (The) (b) | 8.13<br> %<br>| 10/31/82 | 2305313 |
| 900000 | Toronto-Dominion Bank (The) (b) | 6.35<br> %<br>| 10/31/85 | 911183 |
| 1214000 | Wells Fargo & Co. (b) | 6.85<br> %<br>| (a) | 1276737 |
|  |  |  |  | 92994034 |
|  | **Capital Markets – 6.9%**  |  |  |  |
| 1500000 | Ares Finance Co. III LLC (b) (e) | 4.13<br> %<br>| 06/30/51 | 1475704 |
| 1308000 | Charles Schwab (The) Corp., Series H (b) | 4.00<br> %<br>| (a) | 1228052 |
| 4100000 | Credit Suisse Group AG, Claim (h) (i) (j) (k) |  |  | 1406300 |
| 1600000 | Credit Suisse Group AG, Claim (h) (i) (j) (k) |  |  | 548800 |
| 2425000 | Credit Suisse Group AG, Claim (h) (i) (j) (k) |  |  | 831775 |
| 1500000 | Credit Suisse Group AG, Claim (h) (i) (j) (k) |  |  | 514500 |
| 600000 | Deutsche Bank AG (b) (d) (f) | 8.13<br> %<br>| (a) | 640194 |
| 550000 | Goldman Sachs Group (The), Inc. (b) | 6.85<br> %<br>| (a) | 573062 |
| 494000 | Goldman Sachs Group (The), Inc., Series W (b) | 7.50<br> %<br>| (a) | 525363 |

---

See Notes to Financial Statements

------

**First Trust Preferred Securities and Income Fund** 

**Portfolio of Investments (Continued)**

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Capital Markets (Continued)**  |  |  |  |
| $2611000 | Goldman Sachs Group (The), Inc., Series X (b) | 7.50<br> %<br>| (a) | $2770916 |
| 1200000 | Goldman Sachs Group (The), Inc., Series Y (b) | 6.13<br> %<br>| (a) | 1224581 |
| 1100000 | Nomura Holdings, Inc. (b) (d) | 7.00<br> %<br>| (a) | 1139849 |
| 513000 | State Street Corp., Series I (b) | 6.70<br> %<br>| (a) | 535295 |
| 1300000 | State Street Corp., Series J (b) | 6.70<br> %<br>| (a) | 1366357 |
|  |  |  |  | 14780748 |
|  | **Diversified Telecommunication Services – 1.7%**  |  |  |  |
| 2283000 | Bell Canada (b) | 7.00<br> %<br>| 09/15/55 | 2401390 |
| 438000 | TELUS Corp. (b) | 6.63<br> %<br>| 10/15/55 | 452005 |
| 806000 | TELUS Corp. (b) | 7.00<br> %<br>| 10/15/55 | 860389 |
|  |  |  |  | 3713784 |
|  | **Electric Utilities – 4.1%**  |  |  |  |
| 1980000 | American Electric Power Co., Inc. (b) | 6.95<br> %<br>| 12/15/54 | 2170846 |
| 440000 | American Electric Power Co., Inc., Series D (b) | 6.05<br> %<br>| 03/15/56 | 445951 |
| 975000 | Duke Energy Corp. (b) | 6.45<br> %<br>| 09/01/54 | 1031681 |
| 950000 | EUSHI Finance, Inc. (b) | 7.63<br> %<br>| 12/15/54 | 1000254 |
| 1000000 | EUSHI Finance, Inc. (b) | 6.25<br> %<br>| 04/01/56 | 996467 |
| 1335000 | NextEra Energy Capital Holdings, Inc. (b) | 6.75<br> %<br>| 06/15/54 | 1445032 |
| 590000 | NextEra Energy Capital Holdings, Inc. (b) | 6.50<br> %<br>| 08/15/55 | 631526 |
| 1100000 | Southern (The) Co., Series 2025 (b) | 6.38<br> %<br>| 03/15/55 | 1176618 |
|  |  |  |  | 8898375 |
|  | **Financial Services – 2.1%**  |  |  |  |
| 2500000 | American AgCredit Corp. (b) (e) | 5.25<br> %<br>| (a) | 2453125 |
| 1500000 | Capital Farm Credit ACA, Series 1 (b) (e) | 5.00<br> %<br>| (a) | 1481250 |
| 600000 | Compeer Financial ACA (b) (e) | 4.88<br> %<br>| (a) | 585348 |
|  |  |  |  | 4519723 |
|  | **Food Products – 3.2%**  |  |  |  |
| 300000 | Dairy Farmers of America, Inc. (l) | 7.13<br> %<br>| (a) | 298708 |
| 1305000 | Land O'Lakes Capital Trust I (l) | 7.45<br> %<br>| 03/15/28 | 1354270 |
| 1400000 | Land O'Lakes, Inc. (e) | 7.00<br> %<br>| (a) | 1218638 |
| 1200000 | Land O'Lakes, Inc. (e) | 7.25<br> %<br>| (a) | 1092000 |
| 3000000 | Land O'Lakes, Inc. (e) | 8.00<br> %<br>| (a) | 2970000 |
|  |  |  |  | 6933616 |
|  | **Gas Utilities – 0.4%**  |  |  |  |
| 880000 | AltaGas Ltd. (b) (e) | 7.20<br> %<br>| 10/15/54 | 902898 |
|  | **Independent Power & Renewable Electricity Producers – 0.7%**  |  |  |  |
| 1404000 | AES (The) Corp. (b) | 6.95<br> %<br>| 07/15/55 | 1361864 |
|  | **Insurance – 7.2%**  |  |  |  |
| 800000 | Allianz SE (b) (d) (e) | 6.55<br> %<br>| (a) | 831023 |
| 640000 | American National Group, Inc. (b) | 7.00<br> %<br>| 12/01/55 | 656220 |
| 1172000 | Assurant, Inc. (b) | 7.00<br> %<br>| 03/27/48 | 1205135 |
| 850000 | Assured Guaranty Municipal Holdings, Inc. (b) (e) | 6.40<br> %<br>| 12/15/66 | 791554 |
| 2000000 | CNP Assurances S.A. (b) (d) (f) | 4.88<br> %<br>| (a) | 1878086 |
| 1000000 | Fortegra Financial Corp. (b) (l) | 8.50<br> %<br>| 10/15/57 | 990940 |
| 2364000 | Global Atlantic Fin Co. (b) (e) | 4.70<br> %<br>| 10/15/51 | 2302752 |
| 1121000 | Global Atlantic Fin Co. (b) (e) | 7.95<br> %<br>| 10/15/54 | 1173691 |
| 2870000 | Hartford Insurance Group (The), Inc., 3 Mo. CME Term SOFR + <br> CSA + 2.13% (c) (e)<br>| 6.60<br> %<br>| 02/12/47 | 2705378 |
| 1174000 | Kuvare US Holdings, Inc. (b) (e) | 7.00<br> %<br>| 02/17/51 | 1174606 |

---

See Notes to Financial Statements

------

**First Trust Preferred Securities and Income Fund** 

**Portfolio of Investments (Continued)**

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Insurance (Continued)**  |  |  |  |
| $1200000 | Meiji Yasuda Life Insurance Co. (b) (e) | 6.10<br> %<br>| 06/11/55 | $1258732 |
| 561000 | Nippon Life Insurance Co. (b) (e) | 6.50<br> %<br>| 04/30/55 | 608420 |
|  |  |  |  | 15576537 |
|  | **Multi-Utilities – 2.6%**  |  |  |  |
| 75000 | CenterPoint Energy, Inc., Series B (b) | 6.85<br> %<br>| 02/15/55 | 80402 |
| 1848000 | Dominion Energy, Inc. (b) | 6.63<br> %<br>| 05/15/55 | 1928292 |
| 652000 | Dominion Energy, Inc. (b) | 6.20<br> %<br>| 02/15/56 | 659715 |
| 140000 | Dominion Energy, Inc., Series A (b) | 6.88<br> %<br>| 02/01/55 | 147222 |
| 543000 | Dominion Energy, Inc., Series B (b) | 7.00<br> %<br>| 06/01/54 | 593588 |
| 900000 | NiSource, Inc. (b) | 6.38<br> %<br>| 03/31/55 | 929125 |
| 1290000 | Sempra (b) | 6.40<br> %<br>| 10/01/54 | 1325841 |
|  |  |  |  | 5664185 |
|  | **Oil, Gas & Consumable Fuels – 2.2%**  |  |  |  |
| 1040000 | Enbridge, Inc. (b) | 7.63<br> %<br>| 01/15/83 | 1129430 |
| 1942000 | Enbridge, Inc. (b) | 8.50<br> %<br>| 01/15/84 | 2234457 |
| 274000 | Energy Transfer, L.P., Series G (b) | 7.13<br> %<br>| (a) | 282279 |
| 374000 | Transcanada Trust (b) | 5.60<br> %<br>| 03/07/82 | 370175 |
| 851000 | Venture Global LNG, Inc. (b) (e) | 9.00<br> %<br>| (a) | 796217 |
|  |  |  |  | 4812558 |
|  | **Trading Companies & Distributors – 0.6%**  |  |  |  |
| 1387000 | Air Lease Corp., Series D (b) | 6.00<br> %<br>| (a) | 1348702 |
|  | **Wireless Telecommunication Services – 0.5%**  |  |  |  |
| 1014000 | Rogers Communications, Inc. (b) | 7.13<br> %<br>| 04/15/55 | 1085777 |
|  | **Total Capital Preferred Securities** | **Total Capital Preferred Securities** | **Total Capital Preferred Securities** | 162592801 |
|  | (Cost $161,754,122) |  |  |  |

---

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

---

| | |
|:---|:---|
| **Total Investments – 98.8%** | 213333867 |
| (Cost $215,805,493)  |  |
| **Net Other Assets and Liabilities – 1.2%** | 2551599 |
| **Net Assets – 100.0%** | $215885466 |

---

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 security is a contingent convertible capital security which may be subject to conversion into common stock of the issuer under
 certain circumstances. At October 31, 2025, securities noted as such amounted to $57,741,540 or 26.7% of net assets. Of these
 securities, 11.6% originated in emerging markets, and 88.4% originated in foreign markets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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 the 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 October 31, 2025, securities noted as such amounted to $47,157,114 or 21.8%
 of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(f) This
 security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(g) When-issued
 security. The interest rate shown reflects the rate in effect at October 31, 2025. Interest will begin accruing on the security's
 first settlement date (see Note 2B - Securities Transactions and Investment Income in the Notes to Financial Statements).

See Notes to Financial Statements

------

**First Trust Preferred Securities and Income Fund** 

**Portfolio of Investments (Continued)**

**October 31, 2025**

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) 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 October
 31, 2025, securities noted as such are valued at $3,301,375 or 1.5% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Claim
 pending with the administrative court of Switzerland.

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

&nbsp;&nbsp;&nbsp;&nbsp;(k) This
 security's value was determined using significant unobservable inputs (see Note 2A – Portfolio Valuation in the Notes to Financial
 Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(l) This
 security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule
 144A of the 1933 Act, and may be resold in transactions exempt from registration, normally to qualified institutional buyers (see
 Note 2C - Restricted Securities in the Notes to Financial Statements).

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

---

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

---

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

---

| | |
|:---|:---|
| **Country Allocation †** | **% of Net**<br> **Assets**<br>|
| United States | 53.1% |
| Canada | 13.6 |
| France | 8.1 |
| United Kingdom | 7.2 |
| Bermuda | 3.0 |
| Spain | 2.9 |
| Mexico | 2.9 |
| Japan | 2.4 |
| Netherlands | 2.0 |
| Switzerland | 1.5 |
| Germany | 1.3 |
| Finland | 0.3 |
| Sweden | 0.3 |
| Chile | 0.2 |
| Total Investments | 98.8 |
| Net Other Assets and Liabilities | 1.2 |
| Total | &nbsp;&nbsp; 100.0% |

---

† Portfolio securities are categorized based upon their country of incorporation.

See Notes to Financial Statements

------

**First Trust Preferred Securities and Income Fund** 

**Portfolio of Investments (Continued)**

**October 31, 2025**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of October 31, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total**<br> **Value at**<br> **10/31/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1**<br> **Quoted**<br> **Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| $25 Par Preferred Securities: <br>|  |  |  |  |
| Insurance | &nbsp;&nbsp; $13975743 | &nbsp;&nbsp;&nbsp;&nbsp; $12174309 | &nbsp;&nbsp;&nbsp;&nbsp; $1801434 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Other Industry Categories\* | &nbsp;&nbsp; 31963556 | &nbsp;&nbsp;&nbsp;&nbsp; 31963556 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| $1,000 Par Preferred Securities\* | &nbsp;&nbsp; 4801767 | &nbsp;&nbsp;&nbsp;&nbsp; 4801767 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Capital Preferred Securities: <br>|  |  |  |  |
| Capital Markets | &nbsp;&nbsp; 14780748 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11479373 | &nbsp;&nbsp;&nbsp;&nbsp; 3301375 |
| Other Industry Categories\* | &nbsp;&nbsp; 147812053 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 147812053 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp; $213333867 | &nbsp;&nbsp;&nbsp;&nbsp; $48939632 | &nbsp;&nbsp;&nbsp;&nbsp; $161092860 | &nbsp;&nbsp;&nbsp;&nbsp; $3301375 |

---

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

\* See Portfolio of Investments for industry breakout.

Level 3 investments are fair valued by the Advisor's Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs. As of October 31, 2025, Level 3 investments were valued using unadjusted pricing quotes obtained from dealers.

The following table presents the activity of the Fund's investments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the period presented.

---

| | |
|:---|:---|
| **Beginning Balance at October 31, 2024** |  |
| Capital Preferred Securities | $— |
| Net Realized Gain (Loss) |  |
| Net Change in Unrealized Appreciation/Depreciation |  |
| Purchases |  |
| Sales |  |
| Transfers In |  |
| Capital Preferred Securities | 3301375 |
| Transfers Out |  |
| **Ending Balance at October 31, 2025** |  |
| Capital Preferred Securities | 3301375 |
| Total Level 3 holdings | $3301375 |

---

There was a net change of $2,242,625 in unrealized appreciation (depreciation) from Level 3 investments held as of October 31, 2025.

See Notes to Financial Statements

------

**First Trust Preferred Securities and Income Fund** 

**Statement of Assets and Liabilities** 

**October 31, 2025**

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

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value | $213333867 |
| Cash | 1331533 |
| Foreign currency  | 211 |
| Receivables: |  |
| Interest | 2117865 |
| Investment securities sold | 483661 |
| Fund shares sold | 235200 |
| Dividends | 31616 |
| Prepaid expenses | 65086 |
| Total Assets | 217599039 |
| **LIABILITIES:** |  |
| Payables: |  |
| Investment securities purchased | 777390 |
| Fund shares redeemed | 541453 |
| Investment advisory fees | 145076 |
| Distributions | 101341 |
| Audit and tax fees | 37289 |
| Transfer agent fees | 37186 |
| 12b-1 distribution and service fees | 26044 |
| Custodian fees | 16799 |
| Shareholder reporting fees | 12203 |
| Administrative fees | 7381 |
| Legal fees | 4629 |
| Registration fees | 2059 |
| Commitment and administrative agency fees | 1771 |
| Trustees' fees and expenses | 1688 |
| Financial reporting fees | 833 |
| Other liabilities | 431 |
| Total Liabilities | 1713573 |
| **NET ASSETS** | $215885466 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $244311037 |
| Par value | 104966 |
| Accumulated distributable earnings (loss) | (28530537)<br>|
| **NET ASSETS** | $215885466 |
| Investments, at cost | $215805493 |
| Foreign currency, at cost (proceeds) | $205 |
| **Class A Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $39,824,081 and 1,953,586 shares of <br> beneficial interest issued and outstanding, unlimited number of shares authorized)<br>| $20.39 |
| Maximum sales charge (4.50% of offering price) | 0.96 |
| Maximum offering price to public | $21.35 |
| **Class C Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $19,356,031 and 941,254 shares of <br> beneficial interest issued and outstanding, unlimited number of shares authorized)<br>| $20.56 |
| **Class F Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $4,525,036 and 218,743 shares of <br> beneficial interest issued and outstanding, unlimited number of shares authorized)<br>| $20.69 |
| **Class I Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $151,413,091 and 7,345,203 shares of <br> beneficial interest issued and outstanding, unlimited number of shares authorized)<br>| $20.61 |
| **Class R3 Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $767,227 and 37,827 shares of beneficial <br> interest issued and outstanding, unlimited number of shares authorized)<br>| $20.28 |

---

See Notes to Financial Statements

------

**First Trust Preferred Securities and Income Fund** 

**Statement of Operations** 

**For the Year Ended October 31, 2025**

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | &nbsp;&nbsp; $11356789 |
| Dividends | &nbsp;&nbsp; 2989929 |
| Foreign withholding tax | &nbsp;&nbsp; (20935)<br>|
| Total investment income | &nbsp;&nbsp; 14325783 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp; 1712567 |
| 12b-1 distribution and/or service fees: |  |
| Class A | &nbsp;&nbsp; 97162 |
| Class C | &nbsp;&nbsp; 217813 |
| Class F | &nbsp;&nbsp; 12907 |
| Class R3 | &nbsp;&nbsp; 3558 |
| Transfer agent fees | &nbsp;&nbsp; 228357 |
| Registration fees | &nbsp;&nbsp; 105261 |
| Administrative fees | &nbsp;&nbsp; 86331 |
| Shareholder reporting fees | &nbsp;&nbsp; 50969 |
| Legal fees | &nbsp;&nbsp; 49095 |
| Audit and tax fees | &nbsp;&nbsp; 44485 |
| Commitment and administrative agency fees | &nbsp;&nbsp; 32653 |
| Custodian fees | &nbsp;&nbsp; 32618 |
| Trustees' fees and expenses | &nbsp;&nbsp; 18680 |
| Financial reporting fees | &nbsp;&nbsp; 9500 |
| Listing expense | &nbsp;&nbsp; 4248 |
| Other | &nbsp;&nbsp; 21992 |
| Total expenses | &nbsp;&nbsp; 2728196 |
| Fees waived and expenses reimbursed by the investment advisor | &nbsp;&nbsp; (41416)<br>|
| Net expenses | &nbsp;&nbsp; 2686780 |
| **NET INVESTMENT INCOME (LOSS)** | &nbsp;&nbsp; 11639003 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 2222952 |
| Foreign currency transactions | &nbsp;&nbsp; (2)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 2222950 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 3338195 |
| Foreign currency translation | &nbsp;&nbsp; 4 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 3338199 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | &nbsp;&nbsp; 5561149 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $17200152 |

---

See Notes to Financial Statements

------

**First Trust Preferred Securities and Income Fund** 

**Statements of Changes in Net Assets** 

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

---

| | | |
|:---|:---|:---|
|  | **Year**<br> **Ended**<br> **10/31/2025** <br>| **Year**<br> **Ended**<br> **10/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $11639003 | &nbsp;&nbsp; $12004048 |
| Net realized gain (loss) | 2222950 | &nbsp;&nbsp; (2099602)<br>|
| Net change in unrealized appreciation (depreciation) | 3338199 | &nbsp;&nbsp; 30527189 |
| Net increase (decrease) in net assets resulting from operations | 17200152 | &nbsp;&nbsp; 40431635 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM INVESTMENT OPERATIONS:** |  |  |
| Class A Shares | (2089476)<br>| &nbsp;&nbsp; (2311944)<br>|
| Class C Shares | (997948)<br>| &nbsp;&nbsp; (1092019)<br>|
| Class F Shares | (464560)<br>| &nbsp;&nbsp; (454146)<br>|
| Class I Shares | (8020726)<br>| &nbsp;&nbsp; (7729901)<br>|
| Class R3 Shares | (36679)<br>| &nbsp;&nbsp; (33988)<br>|
| Total distributions to shareholders from investment operations | (11609389)<br>| &nbsp;&nbsp; (11621998)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS FROM RETURN OF CAPITAL:** |  |  |
| Class A shares |  | &nbsp;&nbsp; (155561)<br>|
| Class C shares |  | &nbsp;&nbsp; (73477)<br>|
| Class F shares |  | &nbsp;&nbsp; (30558)<br>|
| Class I shares |  | &nbsp;&nbsp; (520113)<br>|
| Class R3 shares |  | &nbsp;&nbsp; (2287)<br>|
| Total distributions to shareholders from return of capital |  | &nbsp;&nbsp; (781996)<br>|
| **CAPITAL TRANSACTIONS:** |  |  |
| Proceeds from shares sold | 50872651 | &nbsp;&nbsp; 94636801 |
| Proceeds from shares reinvested | 10387770<br>| &nbsp;&nbsp; 11226657<br>|
| Cost of shares redeemed  | (84986149) <br>| &nbsp;&nbsp; (97466024) <br>|
| Net increase (decrease) in net assets resulting from capital transactions | (23725728)<br>| &nbsp;&nbsp; 8397434 |
| Total increase (decrease) in net assets | (18134965)<br>| &nbsp;&nbsp; 36425075 |
| **NET ASSETS:** |  |  |
| Beginning of period | 234020431 | &nbsp;&nbsp; 197595356 |
| End of period | $215885466 | &nbsp;&nbsp; $234020431 |

---

See Notes to Financial Statements

------

**First Trust Preferred Securities and Income Fund** 

**Financial Highlights** 

**For a Share outstanding throughout each period**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class A Shares** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| Net asset value, beginning of period | $19.82 | &nbsp;&nbsp;&nbsp;&nbsp; $17.39 | &nbsp;&nbsp;&nbsp;&nbsp; $18.47 | &nbsp;&nbsp;&nbsp;&nbsp; $22.58 | &nbsp;&nbsp;&nbsp;&nbsp; $21.31 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a) | 1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Net realized and unrealized gain (loss) | 0.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| Total from investment operations | 1.63 | &nbsp;&nbsp;&nbsp;&nbsp;3.49 | &nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.29 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.92)<br>|
| Return of capital |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.00) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>|
| Total distributions | (1.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.02)<br>|
| Net asset value, end of period | $20.39 | &nbsp;&nbsp;&nbsp;&nbsp; $19.82 | &nbsp;&nbsp;&nbsp;&nbsp; $17.39 | &nbsp;&nbsp;&nbsp;&nbsp; $18.47 | &nbsp;&nbsp;&nbsp;&nbsp; $22.58 |
| **Total return** (c) | 8.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.51)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.36)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.89<br> %<br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $39824 | &nbsp;&nbsp;&nbsp;&nbsp; $42342 | &nbsp;&nbsp;&nbsp;&nbsp; $44662 | &nbsp;&nbsp;&nbsp;&nbsp; $44713 | &nbsp;&nbsp;&nbsp;&nbsp; $56365 |
| Ratio of total expenses to average net assets | 1.43<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>|
| Ratio of net expenses to average net assets | 1.41<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>|
| Ratio of net investment income (loss) to average net assets | 5.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.22<br> %<br>|
| Portfolio turnover rate | 48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 is less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes
 reinvestment of all distributions for the period and does not include payment of the maximum sales charge of 4.50% or contingent
 deferred sales charge (CDSC). On purchases of $1 million or more, a CDSC of 1% may be imposed on certain redemptions
 made within twelve months of purchase. If the sales charges were included, total returns would be lower. These returns
 include Rule 12b-1 service fees of 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions
 or the redemption of Fund shares. The total returns would have been lower if certain fees had not been waived and expenses
 reimbursed by the investment advisor. Total return is calculated for the time period presented and is not annualized for periods
 of less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) For
 the years ended October 31, 2025, 2024, and 2023, ratios reflect extraordinary expenses of 0.01%, which are not included in the
 expense cap.

See Notes to Financial Statements

------

**First Trust Preferred Securities and Income Fund** 

**Financial Highlights (Continued)**

**For a Share outstanding throughout each period**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class C Shares** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| Net asset value, beginning of period | $19.99 | &nbsp;&nbsp;&nbsp;&nbsp; $17.53 | &nbsp;&nbsp;&nbsp;&nbsp; $18.60 | &nbsp;&nbsp;&nbsp;&nbsp; $22.72 | &nbsp;&nbsp;&nbsp;&nbsp; $21.43 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Net realized and unrealized gain (loss) | 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| Total from investment operations | 1.48 | &nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.14 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (0.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.77)<br>|
| Return of capital |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.00) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08)<br>|
| Total distributions | (0.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.85)<br>|
| Net asset value, end of period | $20.56 | &nbsp;&nbsp;&nbsp;&nbsp; $19.99 | &nbsp;&nbsp;&nbsp;&nbsp; $17.53 | &nbsp;&nbsp;&nbsp;&nbsp; $18.60 | &nbsp;&nbsp;&nbsp;&nbsp; $22.72 |
| **Total return** (c) | 7.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.20)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.97)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.11<br> %<br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $19356 | &nbsp;&nbsp;&nbsp;&nbsp; $23928 | &nbsp;&nbsp;&nbsp;&nbsp; $25016 | &nbsp;&nbsp;&nbsp;&nbsp; $36112 | &nbsp;&nbsp;&nbsp;&nbsp; $51756 |
| Ratio of total expenses to average net assets | 2.16<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> %<br>|
| Ratio of net expenses to average net assets | 2.16<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> %<br>|
| Ratio of net investment income (loss) to average net assets | 4.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.51<br> %<br>|
| Portfolio turnover rate | 48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 is less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes
 reinvestment of all distributions for the period and does not include payment of the maximum CDSC of 1%, charged on certain
 redemptions made within one year of purchase. If the sales charge was included, total returns would be lower. These returns
 include combined Rule 12b-1 distribution and service fees of 1% and do not reflect the deduction of taxes that a shareholder
 would pay on Fund distributions or the redemption of Fund shares. The total returns would have been lower if certain fees
 had not been waived and expenses reimbursed by the investment advisor. Total return is calculated for the time period presented
 and is not annualized for periods of less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) For
 the years ended October 31, 2025, 2024, and 2023, ratios reflect extraordinary expenses of 0.01%, which are not included in the
 expense cap.

See Notes to Financial Statements

------

**First Trust Preferred Securities and Income Fund** 

**Financial Highlights (Continued)**

**For a Share outstanding throughout each period**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class F Shares** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| Net asset value, beginning of period | $20.11 | &nbsp;&nbsp;&nbsp;&nbsp; $17.62 | &nbsp;&nbsp;&nbsp;&nbsp; $18.71 | &nbsp;&nbsp;&nbsp;&nbsp; $22.87 | &nbsp;&nbsp;&nbsp;&nbsp; $21.59 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a) | 1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Net realized and unrealized gain (loss) | 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Total from investment operations: | 1.66 | &nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.33 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.95)<br>|
| Return of capital |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.00) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>|
| Total distributions | (1.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.05)<br>|
| Net asset value, end of period | $20.69 | &nbsp;&nbsp;&nbsp;&nbsp; $20.11 | &nbsp;&nbsp;&nbsp;&nbsp; $17.62 | &nbsp;&nbsp;&nbsp;&nbsp; $18.71 | &nbsp;&nbsp;&nbsp;&nbsp; $22.87 |
| **Total return** (c) | 8.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.41)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.36)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.91<br> %<br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $4525 | &nbsp;&nbsp;&nbsp;&nbsp; $20848 | &nbsp;&nbsp;&nbsp;&nbsp; $783 | &nbsp;&nbsp;&nbsp;&nbsp; $688 | &nbsp;&nbsp;&nbsp;&nbsp; $969 |
| Ratio of total expenses to average net assets | 1.44<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.17<br> %<br>|
| Ratio of net expenses to average net assets | 1.31<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>|
| Ratio of net investment income (loss) to average net assets | 5.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.25<br> %<br>|
| Portfolio turnover rate | 48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 is less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes
 reinvestment of all distributions for the period. These returns include Rule 12b-1 service fees of 0.15% and do not reflect the
 deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The total returns would
 have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor. Total return is calculated
 for the time period presented and is not annualized for periods of less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) For
 the years ended October 31, 2025, 2024, and 2023, ratios reflect extraordinary expenses of 0.01%, which are not included in the
 expense cap.

See Notes to Financial Statements

------

**First Trust Preferred Securities and Income Fund** 

**Financial Highlights (Continued)**

**For a Share outstanding throughout each period**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class I Shares** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| Net asset value, beginning of period | $20.02 | &nbsp;&nbsp;&nbsp;&nbsp; $17.53 | &nbsp;&nbsp;&nbsp;&nbsp; $18.60 | &nbsp;&nbsp;&nbsp;&nbsp; $22.72 | &nbsp;&nbsp;&nbsp;&nbsp; $21.43 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a) | 1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Net realized and unrealized gain (loss) | 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| Total from investment operations | 1.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.37 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.97)<br>|
| Return of capital |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.11)<br>|
| Total distributions | (1.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.08)<br>|
| Net asset value, end of period | $20.61 | &nbsp;&nbsp;&nbsp;&nbsp; $20.02 | &nbsp;&nbsp;&nbsp;&nbsp; $17.53 | &nbsp;&nbsp;&nbsp;&nbsp; $18.60 | &nbsp;&nbsp;&nbsp;&nbsp; $22.72 |
| **Total return** (b) | 8.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.20)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.09)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.21<br> %<br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $151413 | &nbsp;&nbsp;&nbsp;&nbsp; $146181 | &nbsp;&nbsp;&nbsp;&nbsp; $126528 | &nbsp;&nbsp;&nbsp;&nbsp; $150234 | &nbsp;&nbsp;&nbsp;&nbsp; $216022 |
| Ratio of total expenses to average net assets | 1.07<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>|
| Ratio of net expenses to average net assets | 1.07<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>|
| Ratio of net investment income (loss) to average net assets | 5.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.51<br> %<br>|
| Portfolio turnover rate | 48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes
 reinvestment of all distributions for the period. These returns do not reflect the deduction of taxes that a shareholder would
 pay on Fund distributions or the redemption of Fund shares. Total return is calculated for the time period presented and is not
 annualized for periods of less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) For
 the years ended October 31, 2025, 2024, and 2023, ratios reflect extraordinary expenses of 0.01%, which are not included in the
 expense cap.

See Notes to Financial Statements

------

**First Trust Preferred Securities and Income Fund** 

**Financial Highlights (Continued)**

**For a Share outstanding throughout each period**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class R3 Shares** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| Net asset value, beginning of period | $19.73 | &nbsp;&nbsp;&nbsp;&nbsp; $17.31 | &nbsp;&nbsp;&nbsp;&nbsp; $18.40 | &nbsp;&nbsp;&nbsp;&nbsp; $22.51 | &nbsp;&nbsp;&nbsp;&nbsp; $21.26 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a) | 0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Net realized and unrealized gain (loss) | 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| Total from investment operations: | 1.56 | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.22 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income | (1.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.88)<br>|
| Return of capital |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.00) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>|
| Total distributions | (1.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.97)<br>|
| Net asset value, end of period | $20.28 | &nbsp;&nbsp;&nbsp;&nbsp; $19.73 | &nbsp;&nbsp;&nbsp;&nbsp; $17.31 | &nbsp;&nbsp;&nbsp;&nbsp; $18.40 | &nbsp;&nbsp;&nbsp;&nbsp; $22.51 |
| **Total return** (c) | 8.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.76)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14.67)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.56<br> %<br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $767 | &nbsp;&nbsp;&nbsp;&nbsp; $721 | &nbsp;&nbsp;&nbsp;&nbsp; $605 | &nbsp;&nbsp;&nbsp;&nbsp; $690 | &nbsp;&nbsp;&nbsp;&nbsp; $738 |
| Ratio of total expenses to average net assets | 5.11<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.15<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.47<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.45<br> %<br>|
| Ratio of net expenses to average net assets | 1.66<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>|
| Ratio of net investment income (loss) to average net assets | 5.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.90<br> %<br>|
| Portfolio turnover rate | 48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based
 on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 is less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes
 reinvestment of all distributions for the period. These returns include combined Rule 12b-1 distribution and service fees of
 0.50%, and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
 The total returns would have been lower if certain fees had not been waived and expenses reimbursed by the investment advisor.
 Total return is calculated for the time period presented and is not annualized for periods of less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) For
 the years ended October 31, 2025, 2024, and 2023, ratios reflect extraordinary expenses of 0.01%, which are not included in the
 expense cap.

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Preferred Securities and Income Fund** 

**October 31, 2025**

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

**1. Organization**

First Trust Preferred Securities and Income Fund (the "Fund") is a series of the First Trust Series Fund (the "Trust"), a Massachusetts business trust organized on July 9, 2010, and is registered as a diversified open-end management investment company with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund offers five classes of shares: Class A, Class C, Class F, Class I and Class R3. Each class represents an interest in the same portfolio of investments but with a different combination of sales charges, distribution and service (12b-1) fees, eligibility requirements and other features.

The Fund's investment objective seeks to provide current income and total return. The Fund seeks to achieve its objective by investing, under normal market conditions, at least 80% of its net assets (including investment borrowings) in preferred securities and other securities with similar economic characteristics. There can be no assurance that the Fund will achieve its investment objective. The Fund may not be appropriate for all investors.

**2. Significant Accounting Policies**

The Fund is considered an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**A. Portfolio Valuation**

The net asset value ("NAV") of each class of shares of the Fund is determined daily as of the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Domestic debt securities and foreign securities are priced using data reflecting the earlier closing at the principal markets for those securities. The NAV for each class is calculated by dividing the value of the Fund's total assets attributable to such class (including accrued interest and dividends), less all liabilities attributable to such class (including accrued expenses, dividends declared but unpaid and any borrowings of the Fund), by the total number of shares of the class outstanding. Differences in NAV of each class of the Fund's shares are generally expected to be due to the daily expense accruals of the specified distribution and service (12b-1) fees and transfer agency costs applicable to such class of shares and the resulting differential in the dividends that may be paid on each class of shares.

The Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Trust's investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. The Fund's investments are valued as follows:

Preferred stocks, exchange-traded funds, and other equity securities listed on any national or foreign exchange (excluding Nasdaq, Inc. ("Nasdaq") and the London Stock Exchange Alternative Investment Market ("AIM")) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities exchange representing the primary exchange for such securities.

Capital preferred securities and other debt securities are fair valued on the basis of valuations provided by a third-party pricing service approved by the Advisor's Pricing Committee, which may use the following valuation inputs when available:

1)

benchmark yields;

2)

reported trades;

3)

broker/dealer quotes;

4)

issuer spreads;

5)

benchmark securities;

6)

bids and offers; and

7)

reference data including market research publications.

------

**Notes to Financial Statements (Continued)**

**First Trust Preferred Securities and Income Fund** 

**October 31, 2025**

Equity securities traded in an over-the-counter market are valued at the close price or the last trade price.

Fixed income and other debt securities having a remaining maturity of sixty days or less when purchased are fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor's Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer-specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:

1)

the credit conditions in the relevant market and changes thereto;

2)

the liquidity conditions in the relevant market and changes thereto;

3)

the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);

4)

issuer-specific conditions (such as significant credit deterioration); and

5)

any other market-based data the Advisor's Pricing Committee considers relevant. In this regard, the Advisor's Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.

Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor's Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended (the "1933 Act")) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of the Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security's fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:

1)

the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price;

2)

the type of security;

3)

the size of the holding;

4)

the initial cost of the security;

5)

transactions in comparable securities;

6)

price quotes from dealers and/or third-party pricing services;

7)

relationships among various securities;

8)

information obtained by contacting the issuer, analysts, or the appropriate stock exchange;

9)

an analysis of the issuer's financial statements;

10)

the existence of merger proposals or tender offers that might affect the value of the security; and

11)

other relevant factors.

If the securities in question are foreign securities, the following additional information may be considered:

1)

the last sale price on the exchange on which they are principally traded;

2)

the value of similar foreign securities traded on other foreign markets;

3)

ADR trading of similar securities;

4)

closed-end fund or exchange-traded fund trading of similar securities;

5)

foreign currency exchange activity;

6)

the trading prices of financial products that are tied to baskets of foreign securities;

7)

factors relating to the event that precipitated the pricing problem;

8)

whether the event is likely to recur;

9)

whether the effects of the event are isolated or whether they affect entire markets, countries or regions; and

10)

other relevant factors.

------

**Notes to Financial Statements (Continued)**

**First Trust Preferred Securities and Income Fund** 

**October 31, 2025**

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

Quoted prices for similar investments in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o

Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs 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. A summary of the inputs used to value the Fund's investments as of October 31, 2025, is included with the Fund's Portfolio of Investments.

**B. Securities Transactions and Investment Income**

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded daily on the accrual basis, including the amortization of premiums and accretion of discounts. Income is allocated on a pro rata basis to each class of shares.

The Fund may hold the securities of real estate investment trusts ("REITs"). Distributions from such investments may include income, capital gains and return of capital. The actual character of amounts received during the year is not known until after the REITs' fiscal year end. The Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by the Fund may be subsequently revised based on information received from the REITs after their tax reporting periods conclude.

Securities purchased or sold on a when-issued, delayed-delivery or forward purchase commitment basis may have extended settlement periods. The value of the security so purchased is subject to market fluctuations during this period. The Fund maintains liquid assets with a current value at least equal to the amount of its when-issued, delayed-delivery or forward purchase commitments until payment is made. At October 31, 2025, the Fund held $298,442 of when-issued or delayed-delivery securities. At October 31, 2025, the Fund had no forward purchase commitments.

**C. Restricted Securities**

The Fund invests in restricted securities, which are securities that may not be offered for public sale without first being registered under the 1933 Act. Prior to registration, restricted securities may only be resold in transactions exempt from registration under Rule 144A under the 1933 Act, normally to qualified institutional buyers. As of October 31, 2025, the Fund held restricted securities as shown in the following table that the Advisor has deemed illiquid pursuant to procedures adopted by the Trust's Board of Trustees. 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. The Fund does not have the right to demand that such securities be registered. These securities are valued according to the valuation procedures as stated in the Portfolio Valuation note (Note 2A) and are not expressed as a discount to the carrying value of a comparable unrestricted security. There are no unrestricted securities with the same maturity dates and yields for these issuers.

------

**Notes to Financial Statements (Continued)**

**First Trust Preferred Securities and Income Fund** 

**October 31, 2025**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security** | &nbsp;&nbsp; **Acquisition**<br> **Date**<br>| **Par Amount** | **Current Price** | **Carrying**<br> **Cost**<br>| **Value** | **% of**<br> **Net**<br> **Assets**<br>|
| Dairy Farmers of America, Inc., 7.13% | 10/04/16 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; $99.57 | &nbsp;&nbsp; $310125 | &nbsp;&nbsp; $298708 | 0.14<br> %<br>|
| Fortegra Financial Corp., 8.50%, <br> 10/15/57<br>| 10/12/17 | &nbsp;&nbsp; 1000000 | 99.09 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 990940 | 0.46 |
| Land O'Lakes Capital Trust I, 7.45%, <br> 03/15/28<br>| 07/23/14-03/20/15 | &nbsp;&nbsp; 1305000 | 103.78 | &nbsp;&nbsp; 1322492 | &nbsp;&nbsp; 1354270 | 0.62 |
|  |  |  |  | &nbsp;&nbsp; $2632617 | &nbsp;&nbsp; $2643918 | 1.22<br> %<br>|

---

**D. Dividends and Distributions to Shareholders**

The Fund will declare daily and pay monthly distributions of all or a portion of its net income to holders of each class of shares. Distributions of any net capital gains earned by the Fund will be distributed at least annually. Distributions will automatically be reinvested into additional Fund shares unless cash distributions are elected by the shareholder. The Fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Distributions from net investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Fund and have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will reverse at some point in the future. Permanent differences incurred during the fiscal year ended October 31, 2025, resulting in book and tax accounting differences, have been reclassified at year end to reflect a decrease in accumulated net investment income (loss) of $195,020, an increase in accumulated net realized gain (loss) of $194,982, and an increase to paid-in capital of $38. Accumulated distributable earnings (loss) consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments, and unrealized appreciation (depreciation) on investments. Net assets were not affected by this reclassification.

The tax character of distributions paid by the Fund during the fiscal years ended October 31, 2025 and 2024, was as follows:

---

| | | |
|:---|:---|:---|
| Distributions paid from: | **2025** | **2024** |
| Ordinary income | &nbsp;&nbsp; $11609389 | &nbsp;&nbsp;&nbsp; $11621998 |
| Capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 781996 |

---

As of October 31, 2025, the components of distributable earnings and net assets on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $1815545 |
| Undistributed capital gains | &nbsp;&nbsp; — |
| Total undistributed earnings | &nbsp;&nbsp; 1815545 |
| Accumulated capital and other losses | &nbsp;&nbsp; (27030945)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; (1851765)<br>|
| Total accumulated earnings (losses) | &nbsp;&nbsp; (27067165)<br>|
| Other | &nbsp;&nbsp; (1463372)<br>|
| Paid-in capital | &nbsp;&nbsp; 244416003 |
| Total net assets | &nbsp;&nbsp; $215885466 |

---

**E. Income Taxes**

The Fund intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, the Fund may be subject to an excise tax of 4% of the amount by which approximately 98% of the Fund's taxable income exceeds the distributions from such taxable income for the calendar year.

------

**Notes to Financial Statements (Continued)**

**First Trust Preferred Securities and Income Fund** 

**October 31, 2025**

The Fund intends to utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains. The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At October 31, 2025, the Fund had non-expiring capital loss carryforwards available for federal income tax purposes of $27,030,945.

At the taxable year ended October 31, 2025, the Fund utilized $2,410,710 of its capital loss carryforward.

Certain losses realized during the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year for federal income tax purposes. For the fiscal year ended October 31, 2025, the Fund did not incur any net late year ordinary losses.

The Fund is subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. The taxable years ended 2022, 2023, 2024, and 2025 remain open to federal and state audit. As of October 31, 2025, management has evaluated the application of these standards to the Fund and has determined that no provision for income tax is required in the Fund's financial statements for uncertain tax positions.

As of October 31, 2025, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | Gross<br> Unrealized<br> Appreciation<br>| Gross<br> Unrealized<br> (Depreciation)<br>| Net Unrealized<br> Appreciation<br> (Depreciation)<br>|
| $215185638 | $9458837 | $(11310608) | $(1851771) |

---

**F. Expenses**

The Fund pays all expenses directly related to its operations. Expenses of the Fund are allocated on a pro rata basis to each class of shares, except for distribution and service (12b-1) fees and incremental transfer agency costs which are unique to each class of shares.

**G. Segment Reporting**

The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements**

First Trust, the investment advisor to the Fund, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the ongoing monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain administrative services necessary for the management of the Fund. For these investment management services, First Trust is entitled to a monthly fee calculated at an annual rate of 0.80% of the Fund's average daily net assets. First Trust also provides fund reporting services to the Fund for a flat annual fee in the amount of $10,000. Prior to July 1, 2025, the financial reporting fee was $9,250.

Stonebridge, a majority-owned affiliate of First Trust, serves as the Fund's sub-advisor and manages the Fund's portfolio subject to First Trust's supervision. The Sub-Advisor receives a monthly portfolio management fee calculated at an annual rate of 0.40% of the Fund's average daily net assets that is paid by First Trust out of its investment advisory fee.

First Trust Capital Partners, LLC, an affiliate of First Trust, owns a 51% ownership interest in Stonebridge.

First Trust and Stonebridge have agreed to waive fees and/or reimburse Fund expenses to the extent necessary to prevent the total annual fund operating expenses (excluding taxes, interest, all brokerage commissions, other normal charges incident to the purchase

------

**Notes to Financial Statements (Continued)**

**First Trust Preferred Securities and Income Fund** 

**October 31, 2025**

and sale of portfolio securities, distribution and service fees payable pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses) from exceeding 1.15% of average daily net assets of any class of shares of the Fund (the "Expense Cap") through February 28, 2027 and then from exceeding 1.50% from March 1, 2027 through February 28, 2036 (the "Expense Cap Termination Date"). Expenses borne and fees waived by First Trust and Stonebridge are subject to recovery on the Fund's class level, if applicable, by First Trust and Stonebridge for up to three years from the date the fee was waived or expense was incurred, but no reimbursement payment will be made by the Fund at any time if it would result in the Fund's expenses exceeding (i) the Expense Cap in place for the most recent fiscal year for which such expense limitation was in place; (ii) the Expense Cap in place at the time the fees were waived; or (iii) the current Expense Cap. Expense limitations may be terminated or modified prior to their expiration only with the approval of the Board of Trustees of the Trust. These amounts would be included in "Expenses previously waived or reimbursed" on the Statement of Operations. The advisory fee waiver and expense reimbursement for the fiscal year ended October 31, 2025 and the expenses borne by First Trust and Stonebridge subject to recovery were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Expenses Subject to Recovery** | **Expenses Subject to Recovery** | **Expenses Subject to Recovery** |  |
| **Advisory Fee**<br> **Waiver**<br>| **Expense**<br> **Reimbursement**<br>| **Year Ended**<br> **October 31, 2023**<br>| **Year Ended**<br> **October 31, 2024**<br>| **Year Ended**<br> **October 31, 2025**<br>| **Total** |
| $41416 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $36989 | &nbsp;&nbsp;&nbsp; $40013 | &nbsp;&nbsp;&nbsp; $41416 | &nbsp;&nbsp;&nbsp; $118418 |

---

BNY Mellon Investment Servicing (US) Inc. ("BNY IS") serves as the Fund's transfer agent in accordance with certain fee arrangements. As transfer agent, BNY IS is responsible for maintaining shareholder records for the Fund. The Bank of New York Mellon ("BNY") serves as the Fund's administrator, fund accountant, and custodian in accordance with certain fee arrangements. As administrator and fund accountant, BNY is responsible for providing certain administrative and accounting services to the Fund, including maintaining the Fund's books of account, records of the Fund's securities transactions, and certain other books and records. As custodian, BNY is responsible for custody of the Fund's assets. BNY IS and BNY are subsidiaries of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee, the Vice Chair of the Audit Committee, the Lead Independent Trustee and the Vice Lead Independent Trustee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Committee Chairs, the Audit Committee Vice Chair, the Lead Independent Trustee and the Vice Lead Independent Trustee rotate periodically in serving in such capacities. The officers and "Interested" Trustee receive no compensation from the Trust for acting in such capacities.

**4. Capital Share Transactions**

Capital transactions were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br> **October 31, 2025** | **Year Ended**<br> **October 31, 2025** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **October 31, 2024** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **October 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| Sales: |  |  |  |  |
| Class A | &nbsp;&nbsp; 372314 | &nbsp;&nbsp;&nbsp;&nbsp; $7408871 | &nbsp;&nbsp;&nbsp;&nbsp; 404263 | &nbsp;&nbsp;&nbsp;&nbsp; $7698609 |
| Class C | &nbsp;&nbsp; 78823 | &nbsp;&nbsp;&nbsp;&nbsp; 1560312 | &nbsp;&nbsp;&nbsp;&nbsp; 92902 | &nbsp;&nbsp;&nbsp;&nbsp; 1792847 |
| Class F | &nbsp;&nbsp; 117384 | &nbsp;&nbsp;&nbsp;&nbsp; 2360736 | &nbsp;&nbsp;&nbsp;&nbsp; 1022619 | &nbsp;&nbsp;&nbsp;&nbsp; 20020751 |
| Class I | &nbsp;&nbsp; 1971056 | &nbsp;&nbsp;&nbsp;&nbsp; 39456040 | &nbsp;&nbsp;&nbsp;&nbsp; 3422833 | &nbsp;&nbsp;&nbsp;&nbsp; 65062224 |
| Class R3 | &nbsp;&nbsp; 4383 | &nbsp;&nbsp;&nbsp;&nbsp; 86692 | &nbsp;&nbsp;&nbsp;&nbsp; 3274 | &nbsp;&nbsp;&nbsp;&nbsp; 62370 |
| Total Sales | &nbsp;&nbsp; 2543960 | &nbsp;&nbsp;&nbsp;&nbsp; $50872651 | &nbsp;&nbsp;&nbsp;&nbsp; 4945891 | &nbsp;&nbsp;&nbsp;&nbsp; $94636801 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Preferred Securities and Income Fund** 

**October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br> **October 31, 2025** | **Year Ended**<br> **October 31, 2025** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **October 31, 2024** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **October 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| Dividend Reinvestment: |  |  |  |  |
| Class A | &nbsp;&nbsp; 79862 | &nbsp;&nbsp;&nbsp;&nbsp; $1577962 | &nbsp;&nbsp;&nbsp;&nbsp; 102442 | &nbsp;&nbsp;&nbsp;&nbsp; $1964290 |
| Class C | &nbsp;&nbsp; 45237 | &nbsp;&nbsp;&nbsp;&nbsp; 900849 | &nbsp;&nbsp;&nbsp;&nbsp; 53222 | &nbsp;&nbsp;&nbsp;&nbsp; 1029265 |
| Class F | &nbsp;&nbsp; 22630 | &nbsp;&nbsp;&nbsp;&nbsp; 452768 | &nbsp;&nbsp;&nbsp;&nbsp; 23893 | &nbsp;&nbsp;&nbsp;&nbsp; 472684 |
| Class I | &nbsp;&nbsp; 372329 | &nbsp;&nbsp;&nbsp;&nbsp; 7434188 | &nbsp;&nbsp;&nbsp;&nbsp; 399466 | &nbsp;&nbsp;&nbsp;&nbsp; 7738915 |
| Class R3 | &nbsp;&nbsp; 1119 | &nbsp;&nbsp;&nbsp;&nbsp; 22003 | &nbsp;&nbsp;&nbsp;&nbsp; 1124 | &nbsp;&nbsp;&nbsp;&nbsp; 21503 |
| Total Dividend Reinvestment | &nbsp;&nbsp; 521177 | &nbsp;&nbsp;&nbsp;&nbsp; $10387770 | &nbsp;&nbsp;&nbsp;&nbsp; 580147 | &nbsp;&nbsp;&nbsp;&nbsp; $11226657 |
| Redemptions: |  |  |  |  |
| Class A | &nbsp;&nbsp; (634451)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(12573405)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (938770)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(17845337)<br>|
| Class C | &nbsp;&nbsp; (379863)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7579186)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (376136)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7170487)<br>|
| Class F | &nbsp;&nbsp; (957792)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18943062)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (54455)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1061081)<br>|
| Class I | &nbsp;&nbsp; (2301268)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45807431)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3735277)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (71335395)<br>|
| Class R3 | &nbsp;&nbsp; (4238)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (83065)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2804)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (53724)<br>|
| Total Redemptions | &nbsp;&nbsp; (4277612)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(84986149)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5107442)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(97466024)<br>|

---

**5. Purchases and Sales of Securities**

The cost of purchases and proceeds from sales of securities, excluding short-term investments, for the fiscal year ended October 31, 2025, were $103,035,778 and $125,996,707, respectively.

**6. Distribution and Service Plan**

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the share classes of the Fund are authorized to pay an amount up to 0.25%, 1.00%, 0.15% and 0.50% of their average daily net assets each year for Class A, Class C, Class F and Class R3, respectively, to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the Fund, for amounts expended to finance activities primarily intended to result in the sale of Fund shares or the provision of investor services. FTP may also use this amount to compensate securities dealers or other persons for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services. Class I shares have no 12b-1 fees.

**7. Borrowings**

The Trust, on behalf of the Fund, along with First Trust Exchange-Traded Fund III, First Trust Exchange-Traded Fund IV and First Trust Variable Insurance Trust, has a credit agreement with BNY (the "Credit Agreement") as administrative agent for a group of lenders. The borrowing rate is the higher of the federal funds effective rate and the adjusted daily simple SOFR rate plus 1.00%. The commitment amount under the Credit Agreement is $620 million and such commitment amount may be increased up to $700 million with the consent of one or more lenders. For any day on and after February 26, 2025, BNY charges on behalf of the lenders a commitment fee of 0.15% of the daily amount of the excess of the commitment amount over the outstanding principal balance of the loans and an agency fee. For any day before February 26, 2025, BNY charged a commitment fee of 0.20% of the daily amount of the excess of the commitment amount over the outstanding principal balance of the loans and an agency fee. First Trust allocates the commitment fee and agency fee amongst the funds that have access to the credit line. To the extent that the Fund accesses the credit line, there would also be an interest fee charged. The Fund did not draw on the credit line during the fiscal year ended October 31, 2025.

**8. Indemnification**

The Fund has a variety of indemnification obligations under contracts with its service providers. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

------

**Notes to Financial Statements (Continued)**

**First Trust Preferred Securities and Income Fund** 

**October 31, 2025**

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

**9. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Report of Independent Registered Public Accounting Firm**

**To the Shareholders and the Board of Trustees of First Trust Series Fund:**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of First Trust Preferred Securities and Income Fund (the "Fund"), one of the funds constituting the First Trust Series Fund, as of October 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche, LLP

Chicago, Illinois

December 22, 2025

We have served as the auditor of one or more First Trust investment companies since 2001.

------

**Other Information**

**First Trust Preferred Securities and Income Fund** 

**October 31, 2025 (Unaudited)**

**Changes in and Disagreements with Accountants (Item 8 of Form N-CSR)**

There were no changes in or disagreements with the Fund's accountants during the fiscal year ended October 31, 2025.

**Proxy Disclosures (Item 9 of Form N-CSR)**

At a special meeting of shareholders of First Trust Series Fund (the "Trust") that was held on August 12, 2025 (the "Special Meeting"), shareholders of record as of June 9, 2025 (the "Record Date") approved a proposal (the "Proposal") to elect or re-elect, as applicable, each of the eight nominees listed below to the Board of Trustees of the Trust (the "Board"). Shareholders of each series of the Trust that had publicly offered shares as of the Record Date (each, a "fund") voted together with shareholders of the other funds on the Proposal, and the results are set forth below. There were no broker non-votes.

---

| | |
|:---|:---|
| &nbsp;&nbsp; James A. Bowen\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30793084<br> 224044<br>|
| &nbsp;&nbsp; Thomas J. Driscoll\*\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30803794<br> 213334<br>|
| &nbsp;&nbsp; Richard E. Erickson\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30646724<br> 370404<br>|
| &nbsp;&nbsp; Thomas R. Kadlec\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30663695<br> 353433<br>|
| &nbsp;&nbsp; Denise M. Keefe\*\*\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30691353<br> 325775<br>|
| &nbsp;&nbsp; Robert F. Keith\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30688459<br> 328669<br>|
| &nbsp;&nbsp; Niel B. Nielson\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 30619318<br> 397810<br>|
| &nbsp;&nbsp; Bronwyn Wright\*\*\*<br> Votes For<br> Votes Withheld<br>| &nbsp;&nbsp; <br> 19532390<br> 11484738<br>|

---

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

\* This nominee was re-elected to the Board at the Special Meeting.

\*\* This nominee was elected to the Board as a new Trustee at the Special Meeting.

\*\*\* This nominee was elected to the Board at the Special Meeting and had previously been appointed to the Board.

**Remuneration Paid to Directors, Officers, and Others (Item 10 of Form N-CSR)**

The applicable aggregate remuneration paid by the Fund during the period covered by the report is included in the Statement of Operations.

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contract (Item 11 of Form N-CSR)**

The Board of Trustees of First Trust Series Fund (the "Trust"), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement (the "Advisory Agreement") between the Trust, on behalf of the First Trust Preferred Securities and Income Fund (the "Fund"), and First Trust Advisors L.P. (the "Advisor") and the Investment Sub-Advisory Agreement (the "Sub-Advisory Agreement" and together with the Advisory Agreement, the "Agreements") among the Trust, on behalf of the Fund, the Advisor and Stonebridge Advisors LLC (the "Sub-Advisor"). The Board approved the continuation of the Agreements for a one-year period ending June 30, 2026 at a meeting held on June 8–9, 2025. The Board determined that the continuation of the Agreements is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

------

**Other Information (Continued)**

**First Trust Preferred Securities and Income Fund** 

**October 31, 2025 (Unaudited)**

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 22, 2025 and June 8–9, 2025, the Board, including the Independent Trustees, reviewed materials provided by the Advisor and the Sub-Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor and the Sub-Advisor to the Fund (including the relevant personnel responsible for these services and their experience); the advisory fee rate payable by the Fund and the sub-advisory fee rate as compared to fees charged to a peer group of funds (the "Expense Group") and a broad peer universe of funds (the "Expense Universe"), each assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent source, and as compared to fees charged to other clients of the Advisor and the Sub-Advisor; the expense ratio of the Fund as compared to expense ratios of the funds in the Fund's Expense Group and Expense Universe; performance information for the Fund, including comparisons of the Fund's performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the "Performance Universe"), each assembled by Broadridge; the nature of expenses incurred in providing services to the Fund and the potential for the Advisor and the Sub-Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; financial data for the Sub-Advisor; any indirect benefits to the Advisor and its affiliates, First Trust Portfolios L.P. ("FTP") and First Trust Capital Partners, LLC ("FTCP"), and the Sub-Advisor; and information on the Advisor's and the Sub-Advisor's compliance programs. The Board reviewed initial materials with the Advisor at the meeting held on April 22, 2025, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor and the Sub-Advisor. Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 8–9, 2025 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangements between the Trust and the Advisor and among the Trust, the Advisor and the Sub-Advisor continue to be reasonable business arrangements from the Fund's perspective. The Board determined that, given the totality of the information provided with respect to the Agreements, the Board had received sufficient information to renew the Agreements. The Board considered that shareholders chose to invest or remain invested in the Fund knowing that the Advisor and the Sub-Advisor manage the Fund and knowing the Fund's advisory fee.

In reviewing the Agreements, the Board considered the nature, extent and quality of the services provided by the Advisor and the Sub-Advisor under the Agreements. With respect to the Advisory Agreement, the Board considered that the Advisor is responsible for the overall management and administration of the Trust and the Fund and reviewed all of the services provided by the Advisor to the Fund, including the oversight of the Sub-Advisor, as well as the background and experience of the persons responsible for such services. The Board noted that the Advisor oversees the Sub-Advisor's day-to-day management of the Fund's investments, including portfolio risk monitoring and performance review. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor's, the Sub-Advisor's and the Fund's compliance with the 1940 Act, as well as the Fund's compliance with its investment objective, policies and restrictions. The Board also considered a report from the Advisor with respect to its risk management functions related to the operation of the Fund. Finally, as part of the Board's consideration of the Advisor's services, the Advisor, in its written materials and at the April 22, 2025 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Fund and the other funds in the First Trust Fund Complex. With respect to the Sub-Advisory Agreement, the Board reviewed the materials provided by the Sub-Advisor and considered the services that the Sub-Advisor provides to the Fund, including the Sub-Advisor's day-to-day management of the Fund's investments. In considering the Sub-Advisor's management of the Fund, the Board noted the background and experience of the Sub-Advisor's portfolio management team, including the Board's prior meetings with members of the portfolio management team. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Trust and the Fund by the Advisor and the Sub-Advisor under the Agreements have been and are expected to remain satisfactory and that the Sub-Advisor, under the oversight of the Advisor, has managed the Fund consistent with its investment objective, policies and restrictions.

The Board considered the advisory and sub-advisory fee rates payable under the Agreements for the services provided. The Board noted that the sub-advisory fee is paid by the Advisor from its advisory fee. The Board considered that the Advisor and the Sub-Advisor agreed to extend the current expense caps for each share class through March 1, 2027 and agreed to keep the long-term expense cap in place from March 1, 2027 through February 28, 2036. The Board noted that fees waived or expenses borne by the Advisor and the Sub-Advisor are subject to reimbursement by the Fund for up to three years from the date the fee was waived or expense was incurred, but no reimbursement payment would be made by the Fund at any time if it would result in the Fund's expenses exceeding (i) the applicable expense limitation in place for the most recent fiscal year for which such expense limitation was in place, (ii) the applicable expense limitation in place at the time the fees were waived, or (iii) the current expense limitation. The Board

------

**Other Information (Continued)**

**First Trust Preferred Securities and Income Fund** 

**October 31, 2025 (Unaudited)**

received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Group, as well as advisory and unitary fee rates charged by the Advisor and the Sub-Advisor to other fund and non-fund clients, as applicable. With respect to the Expense Group, the Board discussed with the Advisor limitations in creating a relevant peer group for the Fund, including that not all peer funds employ an advisor/sub-advisor management structure. The Board took these limitations into account in considering the peer data. Based on the information provided, the Board noted that the contractual advisory fee rate payable by the Fund was above the median contractual advisory fee of the peer funds in the Expense Group. The Board also noted that the Fund's total (net) expense ratio (Class A shares) was above the median total (net) expense ratio of the peer funds in the Expense Group. With respect to fees charged to other clients, the Board considered differences between the Fund and other clients that limited their comparability. In considering the advisory fee rate overall, the Board also considered the Advisor's statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor's demonstrated long-term commitment to the Fund and the other funds in the First Trust Fund Complex.

The Board considered performance information for the Fund. The Board noted the process it has established for monitoring the Fund's performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor and the Sub-Advisor for the Fund. The Board determined that this process continues to be effective for reviewing the Fund's performance. The Board received and reviewed information comparing the Fund's performance for periods ended December 31, 2024 to the performance of the funds in the Performance Universe and to that of a blended benchmark index. Based on the information provided, the Board noted that the Fund (Class A shares) outperformed the Performance Universe median for the one-, five- and ten-year periods ended December 31, 2024, underperformed the Performance Universe median for the three-year period ended December 31, 2024, outperformed the blended benchmark index for the one-, three- and five-year periods ended December 31, 2024 and underperformed the blended benchmark index for the ten-year period ended December 31, 2024.

On the basis of all the information provided on the fees, expenses and performance of the Fund and the ongoing oversight by the Board, the Board concluded that the advisory and sub-advisory fees for the Fund continue to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor and the Sub-Advisor to the Fund under the Agreements.

The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Fund at current asset levels and whether the Fund may benefit from any economies of scale. The Board noted the Advisor's statement that it believes that its expenses relating to providing advisory services to the Fund will increase during the next twelve months as the Advisor continues to build infrastructure and add new staff. The Board concluded that the advisory fee rate for the Fund reflects an appropriate level of sharing of any economies of scale that may be realized in the management of the Fund at current asset levels. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to the Fund for the twelve months ended December 31, 2024 and the estimated profitability level for the Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor's profitability level for the Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Fund. The Board considered that the Advisor had identified as an indirect benefit to the Advisor and FTP their exposure to investors and brokers who, absent their exposure to the Fund, may have had no dealings with the Advisor or FTP. The Board considered the ownership interest of FTCP in the Sub-Advisor and potential indirect benefits to the Advisor from such ownership interest. The Board noted that in addition to the advisory fees paid by the Fund, FTP is compensated for services provided to the Fund through 12b-1 distribution and service fees and that the Advisor receives compensation from the Fund for providing fund reporting services pursuant to a separate Fund Reporting Services Agreement. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.

The Board considered the Sub-Advisor's statements that the Sub-Advisor bears a combination of fixed and variable costs related to managing the Fund and that the Sub-Advisor would add resources as needed if it experiences significant asset growth in the future. The Board noted that the Advisor pays the Sub-Advisor from its advisory fee and its understanding that the Fund's sub-advisory fee rate was the product of an arm's length negotiation. The Board did not review the profitability of the Sub-Advisor with respect to the Fund. The Board concluded that the profitability analysis for the Advisor was more relevant. The Board considered indirect benefits that may be realized by the Sub-Advisor from its relationship with the Fund, including potential indirect benefits to the Sub-Advisor from the ownership interest of FTCP in the Sub-Advisor. The Board noted the Sub-Advisor's statements that it never accepts soft dollar arrangements and that its relationship with the Advisor has helped it build relationships with Wall Street firms that have preferred and hybrid securities trading desks, which has led to access to each of those firms' research reports, various analysts and investment bankers on new issues. The Board concluded that the character and amount of potential indirect benefits to the Sub-Advisor were not unreasonable.

------

**Other Information (Continued)**

**First Trust Preferred Securities and Income Fund** 

**October 31, 2025 (Unaudited)**

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreements continue to be fair and reasonable and that the continuation of the Agreements is in the best interests of the Fund. No single factor was determinative in the Board's analysis.

**Federal Tax Information**

The Fund hereby designates as qualified dividend income 55.06% of its ordinary income distributions (including short-term capital gains, if applicable) for the year ended October 31, 2025. In addition, 22.92% of the ordinary income distributions (including short-term capital gain, if applicable) made by the Fund during the fiscal year ended October 31, 2025, qualify for corporate dividends received deduction available to corporate shareholders.

A portion of the ordinary dividends (including short-term capital gains) paid to shareholders during the taxable year ended October 31, 2025, may be eligible for the Qualified Business Income (QBI) Deduction under the Internal Revenue Code of 1986, as amended, section 199A for the aggregate dividends the Fund received from the underlying Real Estate Investment Trusts (REITs) it invests in.

------

(b) The Financial Highlights is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

This information is included in the Financial Statements and Other Information filed under Item 7(a) of this Form N-CSR.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to the Registrant.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant's board of directors, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

(a) The Registrant's principal executive and principal financial officers,
 or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in
 Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective,
 as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation
 of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under
 the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant's internal control over financial
 reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report
 that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

**Item 19. Exhibits.**

(a)(1) [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto](ethics.htm).

(a)(2) Not applicable to the Registrant.

(a)(3) [The certifications required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](certs_302.htm)

(a)(4) Not applicable to the Registrant.

(a)(5) Not applicable to the Registrant.

(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto](certs_906.htm) .

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) First Trust Series Fund

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

Date: <u> January 9, 2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

Date: <u> January 9, 2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---

Date: <u> January 9, 2026</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

#### SENIOR FINANCIAL OFFICER<br> CODE OF CONDUCT
I. Introduction

This code of conduct is being adopted by the investment companies advised by First Trust Advisors L.P., from time to time, (the "FUNDS"). The reputation and integrity of the Funds are valuable assets that are vital to the Funds' success. Each officer of the Funds, and officers and employees of the investment adviser to the Funds who work on Fund matters, including each of the Funds' senior financial officers ("SFOS"), is responsible for conducting each Fund's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the Principal Executive Officer (who is the President), the Controller (who is the principal accounting officer), and the Treasurer (who is the principal financial officer), and any person who performs a similar function.

The Funds, First Trust Advisors L.P. and First Trust Portfolios have adopted Codes of Ethics under Rule 17j-1 under the Investment Company Act of 1940 (the "RULE 17J-1 CODE"). These Codes of Ethics are designed to prevent certain conflicts of interest that may arise when officers, employees, or directors of the Funds and the foregoing entities know about present or future Fund transactions and/or have the power to influence those transactions, and engage in transactions with respect to those same securities in their personal account(s) or otherwise take advantage of their position and knowledge with respect to those securities. In an effort to prevent these conflicts and in accordance with Rule 17j-1, the Funds adopted their Rule 17j-1 Code to prohibit transactions and conduct that create conflicts of interest, and to establish compliance procedures.

The Sarbanes-Oxley Act of 2002 was designed to address corporate malfeasance and to help assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under Section 406 of the Act, all public companies (including the Funds) must either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to prevent future situations (such as occurred in well-reported situations involving such companies as Enron and WorldCom) where a company creates an environment in which employees are afraid to express their opinions or to question unethical and potentially illegal business practices.

The Funds have chosen to adopt a senior financial officer Code of Conduct to encourage their SFOs, and other Fund officers and employees of First Trust Advisors or First Trust Portfolios to act ethically and to question potentially unethical or illegal practices, and to strive to ensure that the Funds' financial disclosures are complete, accurate, and understandable.

II. Purposes of This Code of Conduct

The purposes of this Code are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. To promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Funds file with, or submits to, the SEC and in other public communications the Funds make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. To promote compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. To encourage the prompt internal reporting to an appropriate person of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. To establish accountability for adherence to the Code.

III. Questions About This Code

The Funds' Boards of Trustees have designated W. Scott Jardine or other appropriate officer designated by the President of the respective Funds to be the Compliance Coordinator for the implementation and administration of the Code.

IV. Handling of Financial Information

The Funds have adopted guidelines under which its SFOs perform their duties. However, the Funds expect that all officers or employees of the adviser or distributor who participate in the preparation of any part of any Fund's financial statements follow these guidelines with respect to each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Act with honesty and integrity and avoid violations of this Code, including actual or apparent conflicts of interest with the Fund in personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Disclose to the Fund's Compliance Coordinator any material transaction or relationship that reasonably could be expected to give rise to any violations of the Code, including actual or apparent conflicts of interest with the Fund. You should disclose these transactions or relationships whether you are involved or have only observed the transaction or relationship. If it is not possible to disclose the matter to the Compliance Coordinator, it should be disclosed to the Fund's Principal Financial Officer or Principal Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Provide information to the Fund's other officers and appropriate employees of service providers (adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Fund's periodic reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or allowing your independent judgment to be subordinated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Respect the confidentiality of information acquired in the course of your work except when you have Fund approval to disclose it or where disclosure is otherwise legally mandated. You may not use confidential information acquired in the course of your work for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Share and maintain skills important and relevant to the Fund's needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Proactively promote ethical behavior among peers in your work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Responsibly use and control all assets and resources employed or entrusted to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Record or participate in the recording of entries in the Fund's books and records that are accurate to the best of your knowledge.

V. Waivers of This Code

SFOs and other parties subject to this Code may request a waiver of a provision of this Code (or certain provisions of the Fund's Rule 17j-1 Code) by submitting their request in writing to the Compliance Coordinator for appropriate review. An executive officer of the Fund or the Audit Committee will decide whether to grant a waiver. All waivers of this Code must be disclosed to the Fund's shareholders to the extent required by SEC rules. A good faith interpretation of the provisions of this Code, however, shall not constitute a waiver.

VI. Annual Certification

Each SFO will be asked to certify on an annual basis that he/she is in full compliance with the Code and any related policy statements.

VII. Reporting Suspected Violations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. SFOs or other officers of the Funds or employees of the First Trust group who work on Fund matters who observe, learn of, or, in good faith, suspect a violation of the Code MUST immediately report the violation to the Compliance Coordinator, another member of the Funds' or First Trust's senior management, or to the Audit Committee of the Fund Board. An example of a possible Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Because service providers such as an administrator, outside accounting firm, and custodian provide much of the work relating to the Funds' financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the Compliance Coordinator even if you know, or think, that the service provider has its own code of ethics for its SFOs or employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. SFOs or other officers or employees who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

VIII. Violations of The Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Dishonest, unethical or illegal conduct will constitute a violation of this Code, regardless of whether this Code specifically refers to that particular conduct. A violation of this Code may result in disciplinary action, up to and including termination of employment. A variety of laws apply to the Funds and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Fund directors and officers, and criminal laws. The federal securities laws generally prohibit the Funds from making material misstatements in its prospectus and other documents filed with the SEC, or from omitting to state a material fact. These material misstatements and omissions include financial statements that are misleading or omit materials facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Examples of criminal violations of the law include stealing, embezzling, misapplying corporate or bank funds, making a payment for an expressed purpose on a Fund's behalf to an individual who intends to use it for a different purpose; or making payments, whether corporate or personal, of cash or other items of value that are intended to influence the judgment or actions of political candidates, government officials or businesses in connection with any of the Funds' activities. The Funds must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report, as appropriate, non-criminal violations.

Amended: June 1, 2009

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 <br> of the Sarbanes-Oxley Act**

I, James M. Dykas, certify that:

1. I have reviewed this report on Form N-CSR of First Trust Series Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | January 9, 2026 | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  |  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 <br> of the Sarbanes-Oxley Act**

I, Derek D. Maltbie, certify that:

1. I have reviewed this report on Form N-CSR of First Trust Series Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | January 9, 2026 | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  |  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 <br> of the Sarbanes-Oxley Act**

I, James M. Dykas, President and Chief Executive Officer of First Trust Series Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | January 9, 2026 | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  |  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

I, Derek D. Maltbie, Treasurer, Chief Financial Officer and Chief Accounting Officer of First Trust Series Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | January 9, 2026 | &nbsp;&nbsp;&nbsp;/s/ Derek D. Maltbie |
|  |  | &nbsp;&nbsp;&nbsp;Derek D. Maltbie, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---