# EDGAR Filing Document

**Accession Number:** 0001497778
**File Stem:** 0001445546-25-004656
**Filing Date:** 2025-7
**Character Count:** 404871
**Document Hash:** c8f0f34a6a5d50533fbce5e60377791b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001445546-25-004656.hdr.sgml**: 20250709

**ACCESSION NUMBER**: 0001445546-25-004656

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250709

**DATE AS OF CHANGE**: 20250709

**EFFECTIVENESS DATE**: 20250709

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22452
- **FILM NUMBER:** 251113300

**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           |

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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:

April 30, 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.

**Item 1. Reports to Shareholders.**

(a) Following is a copy of the semi-annual reports transmitted to shareholders pursuant to Rule
30e-1 under the Act.

### First Trust/Confluence Small Cap Value Fund

#### FOVAX \|Class A

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
![TSR Fund Logo](images_1937.jpg)

This semi-annual shareholder report contains important information about the First Trust/Confluence Small Cap Value Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. 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.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust/Confluence Small Cap Value Fund - Class A | $751.60%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Annualized.

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$17766167 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

#### WHAT DID THE FUND INVEST IN? (As of April 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| SJW Group | 3.9% |
| Baldwin Insurance (The) Group, Inc. | 3.9% |
| JBT Marel Corp. | 3.8% |
| Hagerty, Inc., Class A | 3.8% |
| I3 Verticals, Inc., Class A | 3.8% |
| Altus Group Ltd. | 3.6% |
| Sapiens International Corp., N.V. | 3.5% |
| Cavco Industries, Inc. | 3.5% |
| TripAdvisor, Inc. | 3.5% |
| J&J Snack Foods Corp. | 3.5% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_636134.jpg)

#### 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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
![TSR Fund Logo](images_1937.jpg)

This semi-annual shareholder report contains important information about the First Trust/Confluence Small Cap Value Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. 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.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust/Confluence Small Cap Value Fund - Class C | $1102.35%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Annualized.

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$17766167 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

#### WHAT DID THE FUND INVEST IN? (As of April 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| SJW Group | 3.9% |
| Baldwin Insurance (The) Group, Inc. | 3.9% |
| JBT Marel Corp. | 3.8% |
| Hagerty, Inc., Class A | 3.8% |
| I3 Verticals, Inc., Class A | 3.8% |
| Altus Group Ltd. | 3.6% |
| Sapiens International Corp., N.V. | 3.5% |
| Cavco Industries, Inc. | 3.5% |
| TripAdvisor, Inc. | 3.5% |
| J&J Snack Foods Corp. | 3.5% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_636145.jpg)

#### 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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
![TSR Fund Logo](images_1937.jpg)

This semi-annual shareholder report contains important information about the First Trust/Confluence Small Cap Value Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. 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.

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust/Confluence Small Cap Value Fund - Class I | $631.35%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Annualized.

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$17766167 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

#### WHAT DID THE FUND INVEST IN? (As of April 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| SJW Group | 3.9% |
| Baldwin Insurance (The) Group, Inc. | 3.9% |
| JBT Marel Corp. | 3.8% |
| Hagerty, Inc., Class A | 3.8% |
| I3 Verticals, Inc., Class A | 3.8% |
| Altus Group Ltd. | 3.6% |
| Sapiens International Corp., N.V. | 3.5% |
| Cavco Industries, Inc. | 3.5% |
| TripAdvisor, Inc. | 3.5% |
| J&J Snack Foods Corp. | 3.5% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_636153.jpg)

#### 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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
![TSR Fund Logo](images_1937.jpg)

This semi-annual shareholder report contains important information about the First Trust Short Duration High Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. 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 SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Short Duration High Income Fund - Class A | $631.25%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Annualized.

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$68352076 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;222 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

#### WHAT DID THE FUND INVEST IN? (As of April 30, 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 | 47.4% |
| Senior Floating-Rate Loan Interests | 35.4% |
| Foreign Corporate Bonds and Notes | 9.1% |
| Money Market Funds | 8.5% |
| Common Stocks | 0.0% |
| Rights | 0.0% |
| Net Other Assets and Liabilities | (0.4)% |

---

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

![Graphical Representation - Allocation 2 Chart](chartimages_635949.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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
![TSR Fund Logo](images_1937.jpg)

This semi-annual shareholder report contains important information about the First Trust Short Duration High Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. 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 SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Short Duration High Income Fund - Class C | $1002.00%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Annualized.

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$68352076 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;222 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

#### WHAT DID THE FUND INVEST IN? (As of April 30, 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 | 47.4% |
| Senior Floating-Rate Loan Interests | 35.4% |
| Foreign Corporate Bonds and Notes | 9.1% |
| Money Market Funds | 8.5% |
| Common Stocks | 0.0% |
| Rights | 0.0% |
| Net Other Assets and Liabilities | (0.4)% |

---

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

![Graphical Representation - Allocation 2 Chart](chartimages_635957.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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
![TSR Fund Logo](images_1937.jpg)

This semi-annual shareholder report contains important information about the First Trust Short Duration High Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. 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 SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Short Duration High Income Fund - Class I | $501.00%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Annualized.

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$68352076 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;222 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

#### WHAT DID THE FUND INVEST IN? (As of April 30, 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 | 47.4% |
| Senior Floating-Rate Loan Interests | 35.4% |
| Foreign Corporate Bonds and Notes | 9.1% |
| Money Market Funds | 8.5% |
| Common Stocks | 0.0% |
| Rights | 0.0% |
| Net Other Assets and Liabilities | (0.4)% |

---

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

![Graphical Representation - Allocation 2 Chart](chartimages_635969.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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
![TSR Fund Logo](images_1937.jpg)

This semi-annual shareholder report contains important information about the First Trust Managed Municipal Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. 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 SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| |
|:---|
| **Fund** |
| First Trust Managed Municipal Fund - Class A$14<sup>(1)</sup>0.90%<sup>(2)</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 six months, the cost of a $10,000 investment would have been higher.

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

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$70078815 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;134 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

#### WHAT DID THE FUND INVEST IN? (As of April 30, 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 | 4.6 |
| AA | 35.5 |
| A | 32.8 |
| BBB | 12.5 |
| BB | 3.0 |
| Not Rated | 11.6 |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_636221.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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
![TSR Fund Logo](images_1937.jpg)

This semi-annual shareholder report contains important information about the First Trust Managed Municipal Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. 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 SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Managed Municipal Fund - Class I | $320.65%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Annualized.

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$70078815 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;134 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

#### WHAT DID THE FUND INVEST IN? (As of April 30, 2025)
The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| AAA | 4.6 |
| AA | 35.5 |
| A | 32.8 |
| BBB | 12.5 |
| BB | 3.0 |
| Not Rated | 11.6 |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_635980.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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
![TSR Fund Logo](images_1937.jpg)

This semi-annual shareholder report contains important information about the First Trust Preferred Securities and Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. 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 SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Preferred Securities and Income Fund - Class A | $691.40%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Annualized.

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$201492012 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;209 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

#### WHAT DID THE FUND INVEST IN? (As of April 30, 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% | 2.5% |
| Wells Fargo & Co., Series L, 7.50% | 2.3% |
| Barclays PLC, 8.00% | 2.1% |
| JPMorgan Chase & Co., Series NN, 6.88% | 1.7% |
| Credit Agricole S.A., 6.70% | 1.5% |
| Land O'Lakes, Inc., 8.00% | 1.4% |
| BNP Paribas S.A., 8.50% | 1.4% |
| Hartford Financial Services Group (The), Inc., 6.71%, 02/12/47 | 1.3% |
| Charles Schwab (The) Corp., Series H, 4.00% | 1.3% |
| Lloyds Banking Group PLC, 8.00% | 1.3% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_636164.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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
![TSR Fund Logo](images_1937.jpg)

This semi-annual shareholder report contains important information about the First Trust Preferred Securities and Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. 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 SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Preferred Securities and Income Fund - Class C | $1062.15%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Annualized.

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$201492012 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;209 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

#### WHAT DID THE FUND INVEST IN? (As of April 30, 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% | 2.5% |
| Wells Fargo & Co., Series L, 7.50% | 2.3% |
| Barclays PLC, 8.00% | 2.1% |
| JPMorgan Chase & Co., Series NN, 6.88% | 1.7% |
| Credit Agricole S.A., 6.70% | 1.5% |
| Land O'Lakes, Inc., 8.00% | 1.4% |
| BNP Paribas S.A., 8.50% | 1.4% |
| Hartford Financial Services Group (The), Inc., 6.71%, 02/12/47 | 1.3% |
| Charles Schwab (The) Corp., Series H, 4.00% | 1.3% |
| Lloyds Banking Group PLC, 8.00% | 1.3% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_636179.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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
![TSR Fund Logo](images_1937.jpg)

This semi-annual shareholder report contains important information about the First Trust Preferred Securities and Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. 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 SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Preferred Securities and Income Fund - Class F | $641.30%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Annualized.

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$201492012 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;209 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

#### WHAT DID THE FUND INVEST IN? (As of April 30, 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% | 2.5% |
| Wells Fargo & Co., Series L, 7.50% | 2.3% |
| Barclays PLC, 8.00% | 2.1% |
| JPMorgan Chase & Co., Series NN, 6.88% | 1.7% |
| Credit Agricole S.A., 6.70% | 1.5% |
| Land O'Lakes, Inc., 8.00% | 1.4% |
| BNP Paribas S.A., 8.50% | 1.4% |
| Hartford Financial Services Group (The), Inc., 6.71%, 02/12/47 | 1.3% |
| Charles Schwab (The) Corp., Series H, 4.00% | 1.3% |
| Lloyds Banking Group PLC, 8.00% | 1.3% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_636188.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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
![TSR Fund Logo](images_1937.jpg)

This semi-annual shareholder report contains important information about the First Trust Preferred Securities and Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. 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 SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Preferred Securities and Income Fund - Class I | $531.08%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Annualized.

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$201492012 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;209 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

#### WHAT DID THE FUND INVEST IN? (As of April 30, 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% | 2.5% |
| Wells Fargo & Co., Series L, 7.50% | 2.3% |
| Barclays PLC, 8.00% | 2.1% |
| JPMorgan Chase & Co., Series NN, 6.88% | 1.7% |
| Credit Agricole S.A., 6.70% | 1.5% |
| Land O'Lakes, Inc., 8.00% | 1.4% |
| BNP Paribas S.A., 8.50% | 1.4% |
| Hartford Financial Services Group (The), Inc., 6.71%, 02/12/47 | 1.3% |
| Charles Schwab (The) Corp., Series H, 4.00% | 1.3% |
| Lloyds Banking Group PLC, 8.00% | 1.3% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_636241.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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| APRIL 30, 2025
![TSR Fund Logo](images_1937.jpg)

This semi-annual shareholder report contains important information about the First Trust Preferred Securities and Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. 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 SIX MONTHS?
(Based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| First Trust Preferred Securities and Income Fund - Class R3 | $821.65%<sup>(1)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Annualized.

KEY FUND STATISTICS (As of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$201492012 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;209 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate** | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

#### WHAT DID THE FUND INVEST IN? (As of April 30, 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% | 2.5% |
| Wells Fargo & Co., Series L, 7.50% | 2.3% |
| Barclays PLC, 8.00% | 2.1% |
| JPMorgan Chase & Co., Series NN, 6.88% | 1.7% |
| Credit Agricole S.A., 6.70% | 1.5% |
| Land O'Lakes, Inc., 8.00% | 1.4% |
| BNP Paribas S.A., 8.50% | 1.4% |
| Hartford Financial Services Group (The), Inc., 6.71%, 02/12/47 | 1.3% |
| Charles Schwab (The) Corp., Series H, 4.00% | 1.3% |
| Lloyds Banking Group PLC, 8.00% | 1.3% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_636250.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)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 2. Code of Ethics.**

The First Trust Series Fund ("Registrant") 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 ("Code of Ethics"). During the period covered by this Form N-CSR, there were no substantive amendments to the Code of Ethics and there were no waivers from the Code of Ethics granted to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

A copy of the currently effective Code of Ethics will be filed with the Registrant's annual Form N-CSR.

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

Not applicable to semi-annual reports on Form N-CSR.

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

Not applicable to semi-annual reports on Form N-CSR.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable to semi-annual reports on Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(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 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 semi-annual financial statement(s) required, and for the periods specified, by Regulation S-X.

![](imgb54e99aa1.jpg)

![](img4fe654bb2.jpg)

First Trust/Confluence

Small Cap Value Fund

------

Semi-Annual Financial Statements and Other Information

For the Six Months Ended

April 30, 2025

![](img021051643.jpg)

------

**Table of Contents**

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

**Semi-Annual Financial Statements and Other Information**

**April 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_711aa679-70cb-447e-92cf-e190a12e6bde_SOI-SOIfooter-21_1) | &nbsp;&nbsp; 1 |
| [Statement of Assets and Liabilities](#xx_711aa679-70cb-447e-92cf-e190a12e6bde_SAL-SALfooter-21_1) | &nbsp;&nbsp; 3 |
| [Statement of Operations](#xx_711aa679-70cb-447e-92cf-e190a12e6bde_SOP-SOPfootnote-21_1) | &nbsp;&nbsp; 4 |
| [Statements of Changes in Net Assets](#xx_711aa679-70cb-447e-92cf-e190a12e6bde_SOC-SOCfooter-21_1) | &nbsp;&nbsp; 5 |
| [Financial Highlights](#xx_711aa679-70cb-447e-92cf-e190a12e6bde_FiHi-FiHifooter-21_1) | &nbsp;&nbsp; 6 |
| [Notes to Financial Statements](#xx_711aa679-70cb-447e-92cf-e190a12e6bde_NTF-TOCnotes-21_1) | &nbsp;&nbsp; 9 |
| [Other Information](#xx_711aa679-70cb-447e-92cf-e190a12e6bde_AI-AddILBsforsemi-21_1) | &nbsp;&nbsp; 15 |

---

**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.

------

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

**Portfolio of Investments** 

**April 30, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| <br> **Shares**<br>| **Description** | **Value** |
| **COMMON STOCKS – 99.6%**  | **COMMON STOCKS – 99.6%**  | **COMMON STOCKS – 99.6%**  |
|  | **Automobiles – 2.0%** |  |
| 10953 | Winnebago Industries, Inc.  | $348524 |
|  | **Building Products – 6.2%** |  |
| 11345 | AZEK (The) Co., Inc. (a) | 562258 |
| 40624 | Hayward Holdings, Inc. (a) | 541518 |
|  |  | 1103776 |
|  | **Capital Markets – 3.3%** |  |
| 2057 | Morningstar, Inc.  | 585669 |
|  | **Electronic Equipment,** <br> **Instruments & Components –** <br> **3.4%**<br>|  |
| 37955 | Knowles Corp. (a) | 597412 |
|  | **Financial Services – 1.6%** |  |
| 16256 | Cannae Holdings, Inc.  | 287894 |
|  | **Food Products – 6.5%** |  |
| 4804 | J&J Snack Foods Corp.  | 622550 |
| 8052 | John B. Sanfilippo & Son, Inc.  | 533606 |
|  |  | 1156156 |
|  | **Ground Transportation – 2.9%** |  |
| 39941 | Marten Transport Ltd.  | 512842 |
|  | **Health Care Equipment &** <br> **Supplies – 12.2%**<br>|  |
| 10675 | CONMED Corp.  | 524249 |
| 16712 | Enovis Corp. (a) | 578068 |
| 8839 | Haemonetics Corp. (a) | 557034 |
| 2431 | UFP Technologies, Inc. (a) | 506961 |
|  |  | 2166312 |
|  | **Household Durables – 3.5%** |  |
| 1263 | Cavco Industries, Inc. (a) | 623733 |
|  | **Household Products – 2.9%** |  |
| 8105 | Spectrum Brands Holdings, Inc.  | 511425 |
|  | **Insurance – 15.0%** |  |
| 16449 | Baldwin Insurance (The) Group, <br> Inc. (a)<br>| 684607 |
| 4575 | Brown & Brown, Inc.  | 505995 |
| 76261 | Hagerty, Inc., Class A (a) | 671860 |
| 2659 | RLI Corp.  | 196793 |
| 9411 | Stewart Information Services <br> Corp. <br>| 616232 |
|  |  | 2675487 |
|  | **Interactive Media & Services –** <br> **3.5%**<br>|  |
| 50039 | TripAdvisor, Inc. (a) | 622986 |
|  | **Leisure Products – 2.4%** |  |
| 38053 | American Outdoor Brands, <br> Inc. (a)<br>| 427145 |

---

---

| | | |
|:---|:---|:---|
| <br> **Shares**<br>| **Description** | **Value** |
|  | **Machinery – 10.0%** |  |
| 29277 | Gates Industrial Corp. PLC (a) | $553921 |
| 6469 | JBT Marel Corp.  | 680927 |
| 1672 | RBC Bearings, Inc. (a) | 549369 |
|  |  | 1784217 |
|  | **Personal Care Products – 3.3%** |  |
| 19135 | Edgewell Personal Care Co.  | 584574 |
|  | **Real Estate Management &** <br> **Development – 3.6%**<br>|  |
| 17119 | Altus Group Ltd.  | 637169 |
|  | **Software – 7.3%** |  |
| 26574 | I3 Verticals, Inc., Class A (a) | 667539 |
| 22790 | Sapiens International Corp., N.V.  | 624218 |
|  |  | 1291757 |
|  | **Specialty Retail – 3.2%** |  |
| 16847 | Valvoline, Inc. (a) | 577178 |
|  | **Textiles, Apparel & Luxury** <br> **Goods – 2.9%**<br>|  |
| 36739 | Movado Group, Inc.  | 510305 |
|  | **Water Utilities – 3.9%** |  |
| 12221 | SJW Group  | 693420 |
|  | **Total Common Stocks** | 17697981 |
|  | (Cost $16,564,643) |  |
| **MONEY MARKET FUNDS – 0.3%** | **MONEY MARKET FUNDS – 0.3%** | **MONEY MARKET FUNDS – 0.3%** |
| 55688 | Dreyfus Government Cash <br> Management Fund, Institutional <br> Class - 4.21% (b)<br>| 55688 |
|  | (Cost $55,688) |  |
|  | **Total Investments – 99.9%** | 17753669 |
|  | (Cost $16,620,331)  |  |
|  | **Net Other Assets and** <br> **Liabilities – 0.1%**<br>| 12498 |
|  | **Net Assets – 100.0%** | $17766167 |

---

&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 April 30, 2025.

See Notes to Financial Statements

------

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

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of April 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total**<br> **Value at**<br> **4/30/2025**<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\* | $17697981 | &nbsp;&nbsp; $17697981 | $— | $— |
| Money Market Funds | 55688 | &nbsp;&nbsp; 55688 |  |  |
| Total Investments | $17753669 | &nbsp;&nbsp; $17753669 | $— | $— |

---

&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** 

**April 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value | $17753669 |
| Receivables: |  |
| Dividends | 12859 |
| Fund shares sold | 6979 |
| From investment advisor | 5243 |
| Interest | 190 |
| Prepaid expenses | 42427 |
| Total Assets | 17821367 |
| **LIABILITIES:** |  |
| Payables: |  |
| Audit and tax fees | 22640 |
| Transfer agent fees | 14067 |
| Legal fees | 4560 |
| Custodian fees | 3943 |
| Fund shares redeemed | 2601 |
| Trustees' fees and expenses | 1570 |
| Commitment and administrative agency fees | 1413 |
| Registration fees | 868 |
| Financial reporting fees | 732 |
| Shareholder reporting fees | 595 |
| 12b-1 distribution and service fees | 478 |
| Other liabilities | 1733 |
| Total Liabilities | 55200 |
| **NET ASSETS** | $17766167 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $15774457 |
| Par value | 6729 |
| Accumulated distributable earnings (loss) | 1984981 |
| **NET ASSETS** | $17766167 |
| Investments, at cost | $16620331 |
| **Class A Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $1,499,773 and 59,433 shares of beneficial <br> interest issued and outstanding, unlimited number of shares authorized)<br>| $25.23 |
| Maximum sales charge (5.50% of offering price) | 1.47 |
| Maximum offering price to public | $26.70 |
| **Class C Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $204,348 and 9,936 shares of beneficial <br> interest issued and outstanding, unlimited number of shares authorized)<br>| $20.57 |
| **Class I Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $16,062,046 and 603,513 shares of <br> beneficial interest issued and outstanding, unlimited number of shares authorized)<br>| $26.61 |

---

See Notes to Financial Statements

------

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

**Statement of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Dividends | &nbsp;&nbsp; $114897 |
| Interest | &nbsp;&nbsp; 3500 |
| Foreign withholding tax | &nbsp;&nbsp; (4566)<br>|
| Total investment income | &nbsp;&nbsp; 113831 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp; 101848 |
| Transfer agent fees | &nbsp;&nbsp; 50054 |
| Registration fees | &nbsp;&nbsp; 25687 |
| Audit and tax fees | &nbsp;&nbsp; 22835 |
| Commitment and administrative agency fees | &nbsp;&nbsp; 11592 |
| Shareholder reporting fees | &nbsp;&nbsp; 11113 |
| Trustees' fees and expenses | &nbsp;&nbsp; 9018 |
| Financial reporting fees | &nbsp;&nbsp; 4587 |
| Legal fees | &nbsp;&nbsp; 3665 |
| 12b-1 distribution and/or service fees: |  |
| Class A | &nbsp;&nbsp; 2269 |
| Class C | &nbsp;&nbsp; 1124 |
| Custodian fees | &nbsp;&nbsp; 1931 |
| Listing expense | &nbsp;&nbsp; 1265 |
| Administrative fees | &nbsp;&nbsp; (376)<br>|
| Other | &nbsp;&nbsp; 81 |
| Total expenses | &nbsp;&nbsp; 246693 |
| Fees waived and expenses reimbursed by the investment advisor | &nbsp;&nbsp; (105806)<br>|
| Net expenses | &nbsp;&nbsp; 140887 |
| **NET INVESTMENT INCOME (LOSS)** | &nbsp;&nbsp; (27056)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; 882523 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (3093416)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | &nbsp;&nbsp; (2210893)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $(2237949)<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;

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** <br>| **Year**<br> **Ended**<br> **10/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $(27056)<br>| &nbsp;&nbsp; $(109648)<br>|
| Net realized gain (loss) | 882523 | &nbsp;&nbsp; 975742 |
| Net change in unrealized appreciation (depreciation) | (3093416)<br>| &nbsp;&nbsp; 3143394 |
| Net increase (decrease) in net assets resulting from operations | (2237949)<br>| &nbsp;&nbsp; 4009488 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM INVESTMENT OPERATIONS:** |  |  |
| Class A Shares | (80794)<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 | (866789)<br>| &nbsp;&nbsp; (325009)<br>|
| **CAPITAL TRANSACTIONS:** |  |  |
| Proceeds from shares sold | 2155813 | &nbsp;&nbsp; 3424630 |
| Proceeds from shares reinvested | 863773<br>| &nbsp;&nbsp; 324297<br>|
| Cost of shares redeemed  | (3841112) <br>| &nbsp;&nbsp; (6558340) <br>|
| Net increase (decrease) in net assets resulting from capital transactions | (821526)<br>| &nbsp;&nbsp; (2809413)<br>|
| Total increase (decrease) in net assets | (3926264)<br>| &nbsp;&nbsp; 875066 |
| **NET ASSETS:** |  |  |
| Beginning of period | 21692431 | &nbsp;&nbsp; 20817365 |
| End of period | $17766167 | &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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
| **Class A Shares** | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| 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 | &nbsp;&nbsp;&nbsp;&nbsp; $30.95 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) (a) | (0.07)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>|
| Net realized and unrealized gain (loss) | (3.06)<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 | &nbsp;&nbsp;&nbsp;&nbsp; (4.10)<br>|
| Total from investment operations | (3.13)<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 | &nbsp;&nbsp;&nbsp;&nbsp; (4.20)<br>|
| **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; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net asset value, end of period | $25.23 | &nbsp;&nbsp;&nbsp;&nbsp; $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 |
| **Total return** (b) | (11.04)%<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>| &nbsp;&nbsp;&nbsp;&nbsp; (13.57)%<br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $1500 | &nbsp;&nbsp;&nbsp;&nbsp; $2075 | &nbsp;&nbsp;&nbsp;&nbsp; $2234 | &nbsp;&nbsp;&nbsp;&nbsp; $3164 | &nbsp;&nbsp;&nbsp;&nbsp; $4381 | &nbsp;&nbsp;&nbsp;&nbsp; $3326 |
| Ratio of total expenses to average net assets | 3.79<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>| &nbsp;&nbsp;&nbsp;&nbsp; 2.69<br> %<br>|
| Ratio of net expenses to average net assets | 1.60<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>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| (0.50)% (c)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.34)%<br>|
| Portfolio turnover rate | 13<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; 18<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) Annualized.

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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
| **Class C Shares** | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| 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 | &nbsp;&nbsp;&nbsp;&nbsp; $27.30 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) (a) | (0.14)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.26)<br>|
| Net realized and unrealized gain (loss) | (2.49)<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 | &nbsp;&nbsp;&nbsp;&nbsp; (3.75)<br>|
| Total from investment operations | (2.63)<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 | &nbsp;&nbsp;&nbsp;&nbsp; (4.01)<br>|
| **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; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net asset value, end of period | $20.57 | &nbsp;&nbsp;&nbsp;&nbsp; $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 |
| **Total return** (b) | (11.33)%<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>| &nbsp;&nbsp;&nbsp;&nbsp; (14.65)%<br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $204 | &nbsp;&nbsp;&nbsp;&nbsp; $221 | &nbsp;&nbsp;&nbsp;&nbsp; $379 | &nbsp;&nbsp;&nbsp;&nbsp; $664 | &nbsp;&nbsp;&nbsp;&nbsp; $1488 | &nbsp;&nbsp;&nbsp;&nbsp; $1811 |
| Ratio of total expenses to average net assets | 14.15<br> % (c)<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>| &nbsp;&nbsp;&nbsp;&nbsp; 4.06<br> %<br>|
| Ratio of net expenses to average net assets | 2.35<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>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>|
| Ratio of net investment income (loss) to average net <br> assets<br>| (1.24)% (c)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (1.05)%<br>|
| Portfolio turnover rate | 13<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; 18<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) Annualized.

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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
| **Class I Shares** | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| 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 | &nbsp;&nbsp;&nbsp;&nbsp; $31.76 |
| **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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>|
| Net realized and unrealized gain (loss) | (3.24)<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 | &nbsp;&nbsp;&nbsp;&nbsp; (4.10)<br>|
| Total from investment operations | (3.27)<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 | &nbsp;&nbsp;&nbsp;&nbsp; (4.13)<br>|
| **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; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net asset value, end of period | $26.61 | &nbsp;&nbsp;&nbsp;&nbsp; $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 |
| **Total return** (b) | (10.95)%<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>| &nbsp;&nbsp;&nbsp;&nbsp; (13.00)%<br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $16062 | &nbsp;&nbsp;&nbsp;&nbsp; $19396 | &nbsp;&nbsp;&nbsp;&nbsp; $18204 | &nbsp;&nbsp;&nbsp;&nbsp; $23838 | &nbsp;&nbsp;&nbsp;&nbsp; $45719 | &nbsp;&nbsp;&nbsp;&nbsp; $29487 |
| Ratio of total expenses to average net assets | 2.14<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>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>|
| Ratio of net expenses to average net assets | 1.35<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>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>|
| Ratio of net investment income (loss) to average <br> net assets<br>| (0.23)% (c)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.11)%<br>|
| Portfolio turnover rate | 13<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; 18<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) Annualized.

See Notes to Financial Statements

------

**Notes to Financial Statements**

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

**April 30, 2025 (Unaudited)**

&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** 

**April 30, 2025 (Unaudited)**

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 April 30, 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** 

**April 30, 2025 (Unaudited)**

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.

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

---

| | |
|:---|:---|
| Distributions paid from: |  |
| Ordinary income | &nbsp;&nbsp; $— |
| Capital gains | &nbsp;&nbsp; 325009 |
| Return of capital | &nbsp;&nbsp; — |

---

As of October 31, 2024, the components of distributable earnings and net assets on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $133977 |
| Undistributed capital gains | &nbsp;&nbsp; 728988 |
| Total undistributed earnings | &nbsp;&nbsp; 862965 |
| Accumulated capital and other losses | &nbsp;&nbsp; — |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 4226754 |
| Total accumulated earnings (losses) | &nbsp;&nbsp; 5089719 |
| Other | &nbsp;&nbsp; — |
| Paid-in capital | &nbsp;&nbsp; 16602712 |
| Total net assets | &nbsp;&nbsp; $21692431 |

---

**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, 2024, 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, 2024, 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. Taxable years ended 2021, 2022, 2023, and 2024 remain open to federal and state audit. As of April 30, 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** 

**April 30, 2025 (Unaudited)**

As of April 30, 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>|
| $16620331 | $2823381 | $(1690043) | $1133338 |

---

**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 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 $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 12b-1 distribution and service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities 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, 2026 and then from exceeding 1.70% from March 1, 2026 through February 28, 2035 (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 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 six months ended April 30, 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** | **Expenses Subject to Recovery** |  |
| **Advisory Fee**<br> **Waiver**<br>| **Expense**<br> **Reimbursement**<br>| **Six Months Ended**<br> **October 31, 2022**<br>| **Year Ended**<br> **October 31, 2023**<br>| **Year Ended**<br> **October 31, 2024**<br>| **Six Months Ended**<br> **April 30, 2025**<br>| **Total** |
| $105806 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $112830 | &nbsp;&nbsp; $252730 | &nbsp;&nbsp; $223264 | &nbsp;&nbsp; $105806 | &nbsp;&nbsp; $694630 |

---

------

**Notes to Financial Statements (Continued)**

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

**April 30, 2025 (Unaudited)**

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **April 30, 2025** | **Six Months Ended**<br> **April 30, 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; 1634 | &nbsp;&nbsp;&nbsp;&nbsp; $46721 | &nbsp;&nbsp;&nbsp;&nbsp; 20322 | &nbsp;&nbsp;&nbsp;&nbsp; $590806 |
| Class C | &nbsp;&nbsp; 966 | &nbsp;&nbsp;&nbsp;&nbsp; 24040 | &nbsp;&nbsp;&nbsp;&nbsp; 342 | &nbsp;&nbsp;&nbsp;&nbsp; 8080 |
| Class I | &nbsp;&nbsp; 70419 | &nbsp;&nbsp;&nbsp;&nbsp; 2085052 | &nbsp;&nbsp;&nbsp;&nbsp; 94291 | &nbsp;&nbsp;&nbsp;&nbsp; 2825744 |
| Total Sales | &nbsp;&nbsp; 73019 | &nbsp;&nbsp;&nbsp;&nbsp; $2155813 | &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; (15083)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(435126)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40253)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1160673)<br>|
| Class C | &nbsp;&nbsp; (577)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14368)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9650)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (219786)<br>|
| Class I | &nbsp;&nbsp; (115769)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3391618)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (171862)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5177881)<br>|
| Total Redemptions | &nbsp;&nbsp; (131429)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(3841112)<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 six months ended April 30, 2025, were $2,625,672 and $3,910,686, 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** 

**April 30, 2025 (Unaudited)**

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 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. 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. Prior to February 26, 2025, the commitment fee rate was 0.20%. 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 have any borrowings outstanding during the six months ended April 30, 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 were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Other Information**

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

**April 30, 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 six months ended April 30, 2025.

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

There were no matters submitted for vote by shareholders of the Fund during the six months ended April 30, 2025.

**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)**

Not applicable for the most recent fiscal half year.

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![](img963940df1.jpg)

![](img9d8ab18e2.jpg)

First Trust Short Duration High Income Fund

------

Semi-Annual Financial Statements and Other Information

For the Six Months Ended

April 30, 2025

------

**Table of Contents**

**First Trust Short Duration High Income Fund** 

**Semi-Annual Financial Statements and Other Information**

**April 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_6a7e7fe8-e0b8-4a4a-963f-04ff011cae65_SOI-SOIfooter-23_1) | &nbsp;&nbsp; 1 |
| [Statement of Assets and Liabilities](#xx_6a7e7fe8-e0b8-4a4a-963f-04ff011cae65_SAL-SALfooter-23_1) | &nbsp;&nbsp; 13 |
| [Statement of Operations](#xx_6a7e7fe8-e0b8-4a4a-963f-04ff011cae65_SOP-SOPfootnote-23_1) | &nbsp;&nbsp; 14 |
| [Statements of Changes in Net Assets](#xx_6a7e7fe8-e0b8-4a4a-963f-04ff011cae65_SOC-SOCfooter-23_1) | &nbsp;&nbsp; 15 |
| [Financial Highlights](#xx_6a7e7fe8-e0b8-4a4a-963f-04ff011cae65_FiHi-FiHifooter-23_1) | &nbsp;&nbsp; 16 |
| [Notes to Financial Statements](#xx_6a7e7fe8-e0b8-4a4a-963f-04ff011cae65_NTF-TOCnotes-23_1) | &nbsp;&nbsp; 19 |
| [Other Information](#xx_6a7e7fe8-e0b8-4a4a-963f-04ff011cae65_AI-AddILBsforsemi-23_1) | &nbsp;&nbsp; 27 |

---

**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** 

**April 30, 2025 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES – 47.4%** | **CORPORATE BONDS AND NOTES – 47.4%** | **CORPORATE BONDS AND NOTES – 47.4%** | **CORPORATE BONDS AND NOTES – 47.4%** | **CORPORATE BONDS AND NOTES – 47.4%** |
|  | **Aerospace & Defense – 1.1%** |  |  |  |
| $45000 | Axon Enterprise, Inc. (a) | 6.13<br> % <br>| 03/15/30 | $45896 |
| 30000 | Axon Enterprise, Inc. (a) | 6.25<br> % <br>| 03/15/33 | 30652 |
| 111000 | TransDigm, Inc. (a) | 6.75<br> % <br>| 08/15/28 | 113369 |
| 196000 | TransDigm, Inc. (a) | 6.38<br> % <br>| 03/01/29 | 199912 |
| 288000 | TransDigm, Inc. (a) | 6.63<br> % <br>| 03/01/32 | 295374 |
| 83000 | TransDigm, Inc. (a) | 6.00<br> % <br>| 01/15/33 | 82900 |
|  |  |  |  | 768103 |
|  | **Alternative Carriers – 0.9%** |  |  |  |
| 547000 | Level 3 Financing, Inc. (a) | 11.00<br> % <br>| 11/15/29 | 611956 |
|  | **Application Software – 2.8%** |  |  |  |
| 188000 | Cloud Software Group, Inc. (a) | 6.50<br> % <br>| 03/31/29 | 188246 |
| 203000 | Cloud Software Group, Inc. (a) | 9.00<br> % <br>| 09/30/29 | 204732 |
| 97000 | Cloud Software Group, Inc. (a) | 8.25<br> % <br>| 06/30/32 | 101258 |
| 69000 | Ellucian Holdings, Inc. (a) | 6.50<br> % <br>| 12/01/29 | 69105 |
| 193800 | GoTo Group, Inc. (a) | 5.50<br> % <br>| 05/01/28 | 73644 |
| 403000 | RingCentral, Inc. (a) | 8.50<br> % <br>| 08/15/30 | 424127 |
| 815000 | UKG, Inc. (a) | 6.88<br> % <br>| 02/01/31 | 839249 |
|  |  |  |  | 1900361 |
|  | **Automotive Retail – 0.3%** |  |  |  |
| 250000 | Mavis Tire Express Services Topco Corp. (a) | 6.50<br> % <br>| 05/15/29 | 230910 |
|  | **Broadcasting – 2.1%** |  |  |  |
| 628000 | iHeartCommunications, Inc. (a) | 10.88<br> % <br>| 05/01/30 | 265330 |
| 516000 | Nexstar Media, Inc. (a) | 5.63<br> % <br>| 07/15/27 | 511630 |
| 57000 | Sinclair Television Group, Inc. (a) | 5.13<br> % <br>| 02/15/27 | 53437 |
| 625000 | TEGNA, Inc. | 4.63<br> % <br>| 03/15/28 | 599515 |
|  |  |  |  | 1429912 |
|  | **Building Products – 1.8%** |  |  |  |
| 356000 | Advanced Drainage Systems, Inc. (a) | 6.38<br> % <br>| 06/15/30 | 361846 |
| 320000 | Builders FirstSource, Inc. (a) | 6.38<br> % <br>| 03/01/34 | 318011 |
| 243000 | Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC (a) | 6.75<br> % <br>| 04/01/32 | 243327 |
| 321000 | Standard Building Solutions, Inc. (a) | 6.50<br> % <br>| 07/30/32 | 325283 |
|  |  |  |  | 1248467 |
|  | **Cable & Satellite – 0.6%** |  |  |  |
| 433000 | CCO Holdings LLC / CCO Holdings Capital Corp. (a) | 6.38<br> % <br>| 09/01/29 | 437275 |
|  | **Casinos & Gaming – 0.8%** |  |  |  |
| 369000 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., <br> Inc. (a)<br>| 6.75<br> % <br>| 01/15/30 | 323243 |
| 50000 | Fertitta Entertainment, LLC / Fertitta Entertainment Finance Co., <br> Inc. (a)<br>| 4.63<br> % <br>| 01/15/29 | 46367 |
| 181000 | Scientific Games Holdings, L.P. / Scientific Games US Finance Co., <br> Inc. (a)<br>| 6.63<br> % <br>| 03/01/30 | 172489 |
|  |  |  |  | 542099 |
|  | **Commercial Printing – 0.3%** |  |  |  |
| 243000 | LABL, Inc. (a) | 8.63<br> % <br>| 10/01/31 | 198934 |
|  | **Construction & Engineering – 0.3%** |  |  |  |
| 150000 | Pike Corp. (a) | 8.63<br> % <br>| 01/31/31 | 157550 |

---

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Construction & Engineering (Continued)** |  |  |  |
| $30000 | Williams Scotsman Inc (a) | 6.63<br> % <br>| 04/15/30 | $30575 |
|  |  |  |  | 188125 |
|  | **Construction Materials – 0.4%** |  |  |  |
| 288000 | Quikrete Holdings, Inc. (a) | 6.75<br> % <br>| 03/01/33 | 289329 |
|  | **Consumer Finance – 1.4%** |  |  |  |
| 59000 | EZCORP, Inc. (a) | 7.38<br> % <br>| 04/01/32 | 61914 |
| 839000 | FirstCash, Inc. (a) | 6.88<br> % <br>| 03/01/32 | 859448 |
|  |  |  |  | 921362 |
|  | **Diversified Metals & Mining – 0.1%** |  |  |  |
| 57000 | SCIH Salt Holdings, Inc. (a) | 4.88<br> % <br>| 05/01/28 | 54663 |
|  | **Electric Utilities – 0.6%** |  |  |  |
| 377000 | Lightning Power LLC (a) | 7.25<br> % <br>| 08/15/32 | 390914 |
|  | **Environmental & Facilities Services – 1.0%** |  |  |  |
| 108000 | Allied Universal Holdco LLC (a) | 7.88<br> % <br>| 02/15/31 | 110419 |
| 57000 | Allied Universal Holdco LLC/Allied Universal Finance Corp. (a) | 9.75<br> % <br>| 07/15/27 | 57253 |
| 461000 | Waste Pro USA, Inc. (a) | 7.00<br> % <br>| 02/01/33 | 471502 |
| 70000 | Wrangler Holdco Corp. (a) | 6.63<br> % <br>| 04/01/32 | 71928 |
|  |  |  |  | 711102 |
|  | **Fertilizers & Agricultural Chemicals – 0.2%** |  |  |  |
| 154000 | Scotts Miracle-Gro Co. (The) | 4.50<br> % <br>| 10/15/29 | 143814 |
|  | **Food Distributors – 0.8%** |  |  |  |
| 316000 | US Foods, Inc. (a) | 7.25<br> % <br>| 01/15/32 | 330966 |
| 221000 | US Foods, Inc. (a) | 5.75<br> % <br>| 04/15/33 | 217024 |
|  |  |  |  | 547990 |
|  | **Health Care Facilities – 1.6%** |  |  |  |
| 265000 | AHP Health Partners, Inc. (a) | 5.75<br> % <br>| 07/15/29 | 245192 |
| 34000 | Concentra Escrow Issuer Corp. (a) | 6.88<br> % <br>| 07/15/32 | 34852 |
| 792000 | Select Medical Corp. (a) | 6.25<br> % <br>| 12/01/32 | 786942 |
|  |  |  |  | 1066986 |
|  | **Health Care Services – 0.7%** |  |  |  |
| 352000 | Raven Acquisition Holdings LLC (a) | 6.88<br> % <br>| 11/15/31 | 344201 |
| 132000 | Service Corp. International | 5.75<br> % <br>| 10/15/32 | 130481 |
|  |  |  |  | 474682 |
|  | **Health Care Supplies – 0.4%** |  |  |  |
| 250000 | Medline Borrower, L.P. (a) | 5.25<br> % <br>| 10/01/29 | 237654 |
|  | **Hotels, Resorts & Cruise Lines – 0.2%** |  |  |  |
| 106000 | Vail Resorts, Inc. (a) | 6.50<br> % <br>| 05/15/32 | 107446 |
|  | **Household Products – 1.1%** |  |  |  |
| 739000 | Energizer Holdings, Inc. (a) | 6.50<br> % <br>| 12/31/27 | 743227 |
|  | **Housewares & Specialties – 0.3%** |  |  |  |
| 250000 | Newell Brands, Inc. | 6.63<br> % <br>| 05/15/32 | 224745 |
|  | **Human Resource & Employment Services – 1.0%** |  |  |  |
| 400000 | TriNet Group, Inc. (a) | 7.13<br> % <br>| 08/15/31 | 407481 |

---

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Human Resource & Employment Services (Continued)** |  |  |  |
| $302000 | ZipRecruiter, Inc. (a) | 5.00<br> % <br>| 01/15/30 | $252277 |
|  |  |  |  | 659758 |
|  | **Industrial Conglomerates – 0.2%** |  |  |  |
| 165000 | Hillenbrand, Inc. | 6.25<br> % <br>| 02/15/29 | 164242 |
|  | **Industrial Machinery & Supplies & Components – 0.5%** |  |  |  |
| 137000 | EMRLD Borrower, L.P. / Emerald Co-Issuer, Inc. (a) | 6.63<br> % <br>| 12/15/30 | 139104 |
| 79000 | Gates Corp. (The) (a) | 6.88<br> % <br>| 07/01/29 | 80254 |
| 125000 | SPX FLOW, Inc. (a) | 8.75<br> % <br>| 04/01/30 | 126195 |
|  |  |  |  | 345553 |
|  | **Insurance Brokers – 10.6%** |  |  |  |
| 705000 | Acrisure LLC / Acrisure Finance, Inc. (a) | 7.50<br> % <br>| 11/06/30 | 718787 |
| 856000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (a) | 6.75<br> % <br>| 10/15/27 | 850740 |
| 231000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (a) | 6.50<br> % <br>| 10/01/31 | 230815 |
| 66000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (a) | 7.38<br> % <br>| 10/01/32 | 66779 |
| 968000 | AmWINS Group, Inc. (a) | 6.38<br> % <br>| 02/15/29 | 980142 |
| 215000 | AmWINS Group, Inc. (a) | 4.88<br> % <br>| 06/30/29 | 205474 |
| 280000 | AssuredPartners, Inc. (a) | 7.50<br> % <br>| 02/15/32 | 297901 |
| 755000 | Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group <br> Holdings Finance (a)<br>| 7.13<br> % <br>| 05/15/31 | 768981 |
| 788000 | HUB International Ltd. (a) | 7.25<br> % <br>| 06/15/30 | 817875 |
| 625000 | HUB International Ltd. (a) | 7.38<br> % <br>| 01/31/32 | 644292 |
| 929000 | Panther Escrow Issuer LLC (a) | 7.13<br> % <br>| 06/01/31 | 952541 |
| 752000 | Ryan Specialty, LLC (a) | 5.88<br> % <br>| 08/01/32 | 743410 |
|  |  |  |  | 7277737 |
|  | **Integrated Telecommunication Services – 0.2%** |  |  |  |
| 118000 | Radiate Holdco LLC / Radiate Finance, Inc. (a) | 4.50<br> % <br>| 09/15/26 | 101939 |
|  | **Interactive Media & Services – 0.3%** |  |  |  |
| 171000 | Snap, Inc. (a) | 6.88<br> % <br>| 03/01/33 | 170928 |
| 60000 | ZoomInfo Technologies LLC / ZoomInfo Finance Corp. (a) | 3.88<br> % <br>| 02/01/29 | 55196 |
|  |  |  |  | 226124 |
|  | **Internet Services & Infrastructure – 0.2%** |  |  |  |
| 168000 | Go Daddy Operating Co. LLC / GD Finance Co., Inc. (a) | 3.50<br> % <br>| 03/01/29 | 156721 |
|  | **Investment Banking & Brokerage – 0.1%** |  |  |  |
| 84000 | Jane Street Group/JSG Finance, Inc. (a) | 6.75<br> % <br>| 05/01/33 | 84459 |
|  | **Leisure Facilities – 0.4%** |  |  |  |
| 93000 | Life Time, Inc. (a) | 6.00<br> % <br>| 11/15/31 | 92785 |
| 62000 | Six Flags Entertainment Corp. (a) | 7.25<br> % <br>| 05/15/31 | 62901 |
| 136000 | Six Flags Entertainment Corp. / Six Flags Theme Parks, Inc. / <br> Canada's Wonderland Co. (a)<br>| 6.63<br> % <br>| 05/01/32 | 137332 |
|  |  |  |  | 293018 |
|  | **Leisure Products – 0.1%** |  |  |  |
| 90000 | Amer Sports Co. (a) | 6.75<br> % <br>| 02/16/31 | 91150 |
|  | **Life Sciences Tools & Services – 1.2%** |  |  |  |
| 226000 | Charles River Laboratories International, Inc. (a) | 4.00<br> % <br>| 03/15/31 | 198924 |
| 234000 | Fortrea Holdings, Inc. (a) | 7.50<br> % <br>| 07/01/30 | 203352 |
| 394000 | Star Parent, Inc. (a) | 9.00<br> % <br>| 10/01/30 | 399150 |
|  |  |  |  | 801426 |

---

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Managed Health Care – 0.3%** |  |  |  |
| $13000 | HealthEquity, Inc. (a) | 4.50<br> % <br>| 10/01/29 | $12301 |
| 176000 | Molina Healthcare, Inc. (a) | 6.25<br> % <br>| 01/15/33 | 174792 |
|  |  |  |  | 187093 |
|  | **Metal, Glass & Plastic Containers – 0.0%** |  |  |  |
| 31000 | Magnera Corp. (a) | 7.25<br> % <br>| 11/15/31 | 29345 |
|  | **Office Services & Supplies – 0.4%** |  |  |  |
| 269000 | Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. (a) | 6.75<br> % <br>| 08/15/32 | 273048 |
|  | **Oil & Gas Refining & Marketing – 0.3%** |  |  |  |
| 105000 | Venture Global LNG, Inc. (a) | 8.38<br> % <br>| 06/01/31 | 101355 |
| 90000 | Venture Global LNG, Inc. (a) | 9.88<br> % <br>| 02/01/32 | 91439 |
|  |  |  |  | 192794 |
|  | **Oil & Gas Storage & Transportation – 0.1%** |  |  |  |
| 14000 | Venture Global Plaquemines LNG LLC (a) | 7.50<br> % <br>| 05/01/33 | 14374 |
| 28000 | Venture Global Plaquemines LNG LLC (a) | 7.75<br> % <br>| 05/01/35 | 28776 |
|  |  |  |  | 43150 |
|  | **Packaged Foods & Meats – 3.8%** |  |  |  |
| 106000 | BellRing Brands LLC (a) | 7.00<br> % <br>| 03/15/30 | 110089 |
| 313000 | Fiesta Purchaser, Inc. (a) | 7.88<br> % <br>| 03/01/31 | 328277 |
| 315000 | Fiesta Purchaser, Inc. (a) | 9.63<br> % <br>| 09/15/32 | 330162 |
| 159000 | Lamb Weston Holdings, Inc. (a) | 4.38<br> % <br>| 01/31/32 | 145823 |
| 160000 | Performance Food Group, Inc. (a) | 6.13<br> % <br>| 09/15/32 | 160248 |
| 1152000 | Post Holdings, Inc. (a) | 6.25<br> % <br>| 02/15/32 | 1162367 |
| 335000 | Post Holdings, Inc. (a) | 6.38<br> % <br>| 03/01/33 | 332071 |
|  |  |  |  | 2569037 |
|  | **Paper & Plastic Packaging Products & Materials – 2.1%** |  |  |  |
| 146000 | Clydesdale Acquisition Holdings, Inc. (a) | 6.75<br> % <br>| 04/15/32 | 149404 |
| 1086000 | Graham Packaging Co., Inc. (a) | 7.13<br> % <br>| 08/15/28 | 1063117 |
| 109000 | Graphic Packaging International LLC (a) | 6.38<br> % <br>| 07/15/32 | 109673 |
| 87000 | Sealed Air Corp. (a) | 7.25<br> % <br>| 02/15/31 | 90706 |
|  |  |  |  | 1412900 |
|  | **Passenger Ground Transportation – 0.1%** |  |  |  |
| 61000 | Avis Budget Car Rental LLC / Avis Budget Finance, Inc. (a) | 8.25<br> % <br>| 01/15/30 | 60924 |
|  | **Rail Transportation – 0.4%** |  |  |  |
| 300000 | Genesee & Wyoming, Inc. (a) | 6.25<br> % <br>| 04/15/32 | 304335 |
|  | **Real Estate Services – 0.1%** |  |  |  |
| 74000 | Cushman & Wakefield US Borrower, LLC (a) | 8.88<br> % <br>| 08/24/33 | 79240 |
|  | **Research & Consulting Services – 0.7%** |  |  |  |
| 500000 | Clarivate Science Holdings Corp. (a) | 4.88<br> % <br>| 07/01/29 | 455184 |
|  | **Restaurants – 0.4%** |  |  |  |
| 53000 | Brinker International, Inc. (a) | 8.25<br> % <br>| 07/15/30 | 55648 |
| 150000 | Papa John's International, Inc. (a) | 3.88<br> % <br>| 09/15/29 | 138831 |
| 47000 | Raising Cane's Restaurants LLC (a) | 9.38<br> % <br>| 05/01/29 | 49867 |
|  |  |  |  | 244346 |
|  | **Security & Alarm Services – 0.8%** |  |  |  |
| 71000 | Brink's Co. (The) (a) | 6.50<br> % <br>| 06/15/29 | 72413 |

---

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** | **CORPORATE BONDS AND NOTES (Continued)** |
|  | **Security & Alarm Services (Continued)** |  |  |  |
| $488000 | Brink's Co. (The) (a) | 6.75<br> % <br>| 06/15/32 | $500044 |
|  |  |  |  | 572457 |
|  | **Specialized Consumer Services – 1.1%** |  |  |  |
| 734000 | Wand NewCo 3, Inc. (a) | 7.63<br> % <br>| 01/30/32 | 756988 |
|  | **Systems Software – 0.3%** |  |  |  |
| 212000 | Gen Digital, Inc. (a) | 6.25<br> % <br>| 04/01/33 | 211958 |
|  | **Trading Companies & Distributors – 1.9%** |  |  |  |
| 60000 | EquipmentShare.com, Inc. (a) | 9.00<br> % <br>| 05/15/28 | 61143 |
| 147000 | EquipmentShare.com, Inc. (a) | 8.00<br> % <br>| 03/15/33 | 145316 |
| 354000 | Herc Holdings, Inc. (a) | 6.63<br> % <br>| 06/15/29 | 350130 |
| 342000 | QXO Building Products, Inc. (a) | 6.75<br> % <br>| 04/30/32 | 343739 |
| 290000 | Veritiv Operating Co. (a) | 10.50<br> % <br>| 11/30/30 | 303282 |
| 90000 | WESCO Distribution, Inc. (a) | 6.38<br> % <br>| 03/15/33 | 91130 |
|  |  |  |  | 1294740 |
|  | **Transaction & Payment Processing Services – 0.0%** |  |  |  |
| 15000 | WEX, Inc. (a) | 6.50<br> % <br>| 03/15/33 | 14601 |
|  | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | 32374323 |
|  | (Cost $32,553,672) |  |  |  |
| **Principal**<br> **Value**<br>| **Description** | **Rate (b)** | **Stated**<br> **Maturity (c)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS – 35.4%** | **SENIOR FLOATING-RATE LOAN INTERESTS – 35.4%** | **SENIOR FLOATING-RATE LOAN INTERESTS – 35.4%** | **SENIOR FLOATING-RATE LOAN INTERESTS – 35.4%** | **SENIOR FLOATING-RATE LOAN INTERESTS – 35.4%** |
|  | **Advertising – 0.2%** |  |  |  |
| 143792 | WH Borrower LLC (WHP), Term Loan B, 1 Mo. CME Term SOFR <br> + 4.75%, 0.50% Floor<br>| 9.07<br> % <br>| 02/20/32 | 138579 |
|  | **Aerospace & Defense – 0.2%** |  |  |  |
| 155416 | Spirit AeroSystems, Inc., Term Loan B, 3 Mo. CME Term SOFR + <br> 4.50%, 0.50% Floor<br>| 8.78<br> % <br>| 01/15/27 | 155692 |
|  | **Apparel Retail – 0.1%** |  |  |  |
| 87472 | Authentic Brands Group (ABG Intermediate Holdings 2, LLC), Refi <br> Term Loan B, 1 Mo. CME Term SOFR + 2.25%, 0.00% Floor <br>| 6.57<br> % <br>| 12/21/28 | 86013 |
|  | **Application Software – 6.4%** |  |  |  |
| 107943 | Clearwater Analytics, LLC, Term Loan B, 3 Mo. CME Term SOFR <br> + 2.25%, 0.00% Floor<br>| 6.52<br> % <br>| 04/21/32 | 107673 |
| 119393 | ConnectWise, LLC, Term Loan B, 3 Mo. CME Term SOFR + CSA <br> + 3.50%, 0.50% Floor<br>| 8.06<br> % <br>| 09/30/28 | 119344 |
| 685411 | Darktrace PLC (Leia Finco US LLC), Second Lien Term Loan , 3 <br> Mo. CME Term SOFR + 5.25%, 0.00% Floor<br>| 9.46<br> % <br>| 10/09/32 | 656815 |
| 394001 | Genesys Cloud Services Holding II, LLC, Term Loan B, 1 Mo. <br> CME Term SOFR + 2.50%, 0.00% Floor<br>| 6.82<br> % <br>| 01/31/32 | 389281 |
| 103879 | Inmar Inc., Term Loan B, 3 Mo. CME Term SOFR + 5.00%, 0.50% <br> Floor<br>| 9.30%-9.31% | 10/31/31 | 103879 |
| 91985 | Inmar, Inc., Term Loan B, 1 Mo. CME Term SOFR + 5.00%, <br> 0.50% Floor<br>| 9.32<br> % <br>| 10/31/31 | 91985 |
| 357016 | Internet Brands, Inc. (Web MD/MH Sub I. LLC), 2023 New Term <br> Loan B, 1 Mo. CME Term SOFR + 4.25%, 0.50% Floor <br>| 8.57<br> % <br>| 05/03/28 | 338719 |
| 672064 | LogMeIn, Inc. (GoTo Group, Inc.), First Lien First Out TL, 1 Mo. <br> CME Term SOFR + CSA + 4.75%, 0.00% Floor <br>| 9.18<br> % <br>| 04/30/28 | 611411 |

---

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |  |  |  |
| $587065 | LogMeIn, Inc. (GoTo Group, Inc.), First Lien Second Out TL, 1 <br> Mo. CME Term SOFR + CSA + 4.75%, 0.00% Floor <br>| 9.18<br> % <br>| 04/30/28 | $242408 |
| 687274 | McAfee Corp. (Condor Merger Sub, Inc.), Term Loan B-1, 1 Mo. <br> CME Term SOFR + 3.00%, 0.50% Floor<br>| 7.32<br> % <br>| 03/01/29 | 647900 |
| 130416 | N-Able, Inc., Term Loan B, 3 Mo. CME Term SOFR + CSA + <br> 2.75%, 0.50% Floor<br>| 7.32<br> % <br>| 07/19/28 | 129927 |
| 114551 | Qlik Technologies (Project Alpha Intermediate Holding, Inc.), <br> Second Lien Term Loan, 1 Mo. CME Term SOFR + 5.00%, <br> 0.50% Floor <br>| 9.31<br> % <br>| 11/21/32 | 110184 |
| 101570 | Qlik Technologies (Project Alpha Intermediate Holding, Inc.), Term <br> Loan B, 3 Mo. CME Term SOFR + 3.25%, 0.50% Floor <br>| 7.55<br> % <br>| 10/28/30 | 101281 |
| 169026 | Starlight Parent LLC, Term Loan B, 3 Mo. CME Term SOFR + <br> 4.00%, 0.00% Floor<br>| 8.26<br> % <br>| 04/30/32 | 163586 |
| 546984 | Ultimate Software Group (UKG, Inc.), Term Loan B, 1 Mo. CME <br> Term SOFR + 3.00%, 0.00% Floor<br>| 7.32<br> % <br>| 02/10/31 | 545742 |
|  |  |  |  | 4360135 |
|  | **Asset Management & Custody Banks – 1.5%** |  |  |  |
| 202208 | Ascensus Holdings, Inc., Term Loan B, 1 Mo. CME Term SOFR + <br> 3.00%, 0.00% Floor<br>| 7.32<br> % <br>| 08/02/28 | 201450 |
| 376572 | Edelman Financial Engines Center, LLC, Refi Term Loan B, 1 Mo. <br> CME Term SOFR + 3.00%, 0.00% Floor<br>| 7.32<br> % <br>| 04/07/28 | 375651 |
| 366581 | Edelman Financial Engines Center, LLC, Second Lien Term Loan, 1 <br> Mo. CME Term SOFR + 5.25%, 0.00% Floor <br>| 9.57<br> % <br>| 10/06/28 | 359020 |
| 71534 | Jump Financial LLC, Term Loan B, 3 Mo. CME Term SOFR + <br> 4.25%, 0.00% Floor<br>| 8.55<br> % <br>| 02/28/32 | 71444 |
|  |  |  |  | 1007565 |
|  | **Automotive Parts & Equipment – 0.7%** |  |  |  |
| 473203 | Clarios Global, LP (Power Solutions), 2032 Term Loan B, 1 Mo. <br> CME Term SOFR + 2.75%, 0.00% Floor<br>| 7.07<br> % <br>| 01/31/32 | 464726 |
|  | **Automotive Retail – 1.0%** |  |  |  |
| 267278 | Highline Aftermarket Acquisition, LLC, Refi Term Loan B, 1 Mo. <br> CME Term SOFR + 3.50%, 0.75% Floor<br>| 7.82<br> % <br>| 02/19/30 | 267613 |
| 423736 | Mavis Tire Express Services Topco Corp., Refi Term Loan B, 3 <br> Mo. CME Term SOFR + 3.00%, 0.75% Floor<br>| 7.31<br> % <br>| 05/04/28 | 419155 |
|  |  |  |  | 686768 |
|  | **Casinos & Gaming – 0.1%** |  |  |  |
| 94605 | Fertitta Entertainment, LLC / Fertitta Entertainment Finance Co., <br> Inc., Term Loan B, 1 Mo. CME Term SOFR + 3.50%, 0.50% <br> Floor <br>| 7.82<br> % <br>| 01/27/29 | 92387 |
|  | **Commercial Printing – 0.2%** |  |  |  |
| 158261 | Multi-Color Corp. (LABL, Inc.), Initial Dollar Term Loan, 1 Mo. <br> CME Term SOFR + CSA + 5.00%, 0.50% Floor <br>| 9.42<br> % <br>| 10/29/28 | 137078 |
|  | **Construction Materials – 0.3%** |  |  |  |
| 79651 | Knife River Corp., Term Loan B, 3 Mo. CME Term SOFR + <br> 2.00%, 0.00% Floor<br>| 6.29<br> % <br>| 03/07/32 | 79751 |
| 141000 | Quikrete Holdings, Inc., 2025 Term Loan B, 1 Mo. CME Term <br> SOFR + 2.25%, 0.00% Floor<br>| 6.57<br> % <br>| 02/10/32 | 138412 |
|  |  |  |  | 218163 |

---

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  | **Consumer Electronics – 0.0%** |  |  |  |
| $26506 | Minimax Viking Gmbh (MX Holdings), Term Loan B, 1 Mo. CME <br> Term SOFR + 2.25%, 0.00% Floor<br>| 6.57<br> % <br>| 03/17/32 | $26440 |
|  | **Data Processing & Outsourced Services – 0.3%** |  |  |  |
| 72533 | Paysafe Holdings US Corp., Facility B1 Loan, 1 Mo. CME Term <br> SOFR + CSA + 2.75%, 0.50% Floor<br>| 7.19<br> % <br>| 06/28/28 | 71971 |
| 135517 | Skopima Consilio Parent LLC, Refi Term Loan B, 1 Mo. CME <br> Term SOFR + 3.75%, 0.50% Floor<br>| 8.07<br> % <br>| 05/17/28 | 133622 |
|  |  |  |  | 205593 |
|  | **Electronic Equipment & Instruments – 1.0%** |  |  |  |
| 270872 | Chamberlain Group, Inc. (Chariot), Term Loan B, 1 Mo. CME Term <br> SOFR + CSA + 3.25%, 0.50% Floor<br>| 7.57<br> % <br>| 11/03/28 | 268063 |
| 436586 | VeriFone Systems, Inc., Extended Term Loan, 3 Mo. CME Term <br> SOFR + CSA + 5.50%, 0.00% Floor<br>| 10.21<br> % <br>| 08/21/28 | 389197 |
|  |  |  |  | 657260 |
|  | **Health Care Facilities – 0.8%** |  |  |  |
| 165210 | Ardent Health Services, Inc. (AHP Health Partners, Inc.), 2024 Refi <br> Term Loan, 1 Mo. CME Term SOFR + 2.75%, 0.50% Floor <br>| 7.07<br> % <br>| 08/24/28 | 165364 |
| 354755 | IVC Evidensia (VetStrategy Canada / IVC Acquisition Midco Ltd.), <br> Term Loan B-12, 3 Mo. CME Term SOFR + 3.75%, 0.50% Floor <br>| 8.05<br> % <br>| 12/06/28 | 352685 |
|  |  |  |  | 518049 |
|  | **Health Care Services – 1.3%** |  |  |  |
| 304922 | Ensemble RCM, LLC, 2024 Refi Loan, 3 Mo. CME Term SOFR + <br> 3.00%, 0.00% Floor<br>| 7.28<br> % <br>| 08/01/29 | 305047 |
| 343155 | ExamWorks Group, Inc. (Electron Bidco), Refi Term Loan, 1 Mo. <br> CME Term SOFR + 2.75%, 0.50% Floor<br>| 7.07<br> % <br>| 11/01/28 | 342273 |
| 250000 | Opal US LLC, Facility B2 (USD), 6 Mo. CME Term SOFR + <br> 3.25%, 0.00% Floor<br>| 7.44<br> % <br>| 03/31/32 | 248283 |
|  |  |  |  | 895603 |
|  | **Health Care Technology – 4.7%** |  |  |  |
| 971216 | athenahealth Group, Inc., Refi Term Loan B, 1 Mo. CME Term <br> SOFR + 3.00%, 0.50% Floor<br>| 7.32<br> % <br>| 02/15/29 | 964694 |
| 968941 | Cotiviti, Inc. (Verscend Technologies, Inc.), Fixed Rate Term Loan | 7.63<br> % <br>| 05/01/31 | 961679 |
| 86399 | Cotiviti, Inc. (Verscend Technologies, Inc.), Incremental Term Loan, <br> 1 Mo. CME Term SOFR + 2.75%, 0.00% Floor <br>| 7.08<br> % <br>| 03/28/32 | 84707 |
| 675508 | Mediware (Wellsky/Project Ruby Ultimate Parent Corp.), Term <br> Loan B-4, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.00% Floor <br>| 7.44<br> % <br>| 03/10/28 | 673940 |
| 517059 | Waystar Technologies, Inc., Refi Term Loan B, 1 Mo. CME Term <br> SOFR + 2.25%, 0.00% Floor<br>| 6.57<br> % <br>| 10/22/29 | 515767 |
|  |  |  |  | 3200787 |
|  | **Home Furnishings – 0.1%** |  |  |  |
| 53980 | Restoration Hardware (RH), Term Loan B-2, 1 Mo. CME Term <br> SOFR + CSA + 3.25%, 0.50% Floor<br>| 7.67<br> % <br>| 10/20/28 | 50741 |
|  | **Industrial Machinery & Supplies & Components – 1.2%** |  |  |  |
| 403010 | Filtration Group Corp., Term Loan B, 1 Mo. CME Term SOFR + <br> 3.00%, 0.50% Floor<br>| 7.32<br> % <br>| 10/21/28 | 403119 |

---

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  | **Industrial Machinery & Supplies & Components (Continued)** |  |  |  |
| $427246 | TK Elevator US Newco, Inc., Term Loan B, 6 Mo. CME Term <br> SOFR + 3.00%, 0.50% Floor<br>| 7.24<br> % <br>| 04/30/30 | $426099 |
|  |  |  |  | 829218 |
|  | **Insurance Brokers – 4.5%** |  |  |  |
| 364603 | Acrisure LLC, Term Loan B-1 2027, 1 Mo. CME Term SOFR + <br> 2.75%, 0.00% Floor<br>| 7.07<br> % <br>| 02/16/27 | 364262 |
| 58507 | Acrisure, LLC, Term Loan B-6 2030, 1 Mo. CME Term SOFR + <br> 3.00%, 0.00% Floor<br>| 7.32<br> % <br>| 11/06/30 | 57959 |
| 58507 | Baldwin Insurance Group Holdings, LLC, Refi Term Loan, 1 Mo. <br> CME Term SOFR + 3.00%, 0.00% Floor<br>| 7.29<br> % <br>| 05/24/31 | 58166 |
| 229346 | Goosehead Insurance Holdings, LLC, Term Loan B, 1 Mo. CME <br> Term SOFR + 3.50%, 0.00% Floor<br>| 7.79<br> % <br>| 01/08/32 | 229346 |
| 624895 | Howden Group Holdings , Term Loan B, 1 Mo. CME Term SOFR <br> + 3.50%, 0.50% Floor<br>| 7.82<br> % <br>| 04/18/30 | 626223 |
| 603750 | OneDigital Borrower LLC, Second Lien Term Loan, 1 Mo. CME <br> Term SOFR + 5.25%, 0.50% Floor<br>| 9.57<br> % <br>| 07/02/32 | 593187 |
| 355861 | OneDigital Borrower LLC, Term Loan B, 1 Mo. CME Term SOFR <br> + 3.00%, 0.50% Floor<br>| 7.32<br> % <br>| 07/02/31 | 350968 |
| 142902 | Truist Insurance Holdings LLC (McGriff/Panther Escrow), Second <br> Lien Term Loan, 3 Mo. CME Term SOFR + 4.75%, 0.00% Floor <br>| 9.05<br> % <br>| 05/06/32 | 142848 |
| 647559 | USI, Inc., 2029 Term Loan, 3 Mo. CME Term SOFR + 2.25%, <br> 0.00% Floor<br>| 6.55<br> % <br>| 11/21/29 | 644380 |
|  |  |  |  | 3067339 |
|  | **Integrated Telecommunication Services – 0.1%** |  |  |  |
| 109808 | Radiate Holdco LLC (Astound), Amendment No. 6 Term Loan, 1 <br> Mo. CME Term SOFR + CSA + 3.25%, 0.75% Floor <br>| 7.69<br> % <br>| 09/25/26 | 96814 |
|  | **Interactive Media & Services – 0.9%** |  |  |  |
| 256966 | Twitter, Inc. (X Corp.), Fixed Rate Term Loan B-3, 6 Mo. CME <br> Term SOFR + 0.00%, 0.00% Floor<br>| 9.50<br> % <br>| 10/29/29 | 251024 |
| 363154 | Twitter, Inc. (X Corp.), Term Loan B-1, 1 Mo. CME Term SOFR + <br> CSA + 6.50%, 0.50% Floor<br>| 10.95<br> % <br>| 10/26/29 | 352577 |
|  |  |  |  | 603601 |
|  | **Internet Services & Infrastructure – 1.1%** |  |  |  |
| 770694 | Sedgwick Claims Management Services, Inc., 2024 Term Loan B, 1 <br> Mo. CME Term SOFR + 3.00%, 0.00% Floor <br>| 7.31<br> % <br>| 07/31/31 | 767985 |
|  | **IT Consulting & Other Services – 1.2%** |  |  |  |
| 867633 | Gainwell Acquisition Corp. (f/k/a Milano), Term Loan B, 3 Mo. <br> CME Term SOFR + CSA + 4.00%, 0.75% Floor <br>| 8.40<br> % <br>| 10/01/27 | 809475 |
|  | **Leisure Facilities – 0.0%** |  |  |  |
| 14582 | Kingpin Intermediate Holdings, LLC, Term Loan B, 1 Mo. CME <br> Term SOFR + 3.50%, 0.00% Floor<br>| 7.82<br> % <br>| 02/08/28 | 14326 |
|  | **Life Sciences Tools & Services – 0.6%** |  |  |  |
| 447697 | Parexel International Corp. (Phoenix Newco), 2025 Refi Term Loan, <br> 1 Mo. CME Term SOFR + 2.50%, 0.50% Floor <br>| 6.82<br> % <br>| 11/15/28 | 445711 |
|  | **Metal, Glass & Plastic Containers – 0.6%** |  |  |  |
| 228190 | ProAmpac PG Borrower LLC, 2024 Refi Term Loan B, 3 Mo. <br> CME Term SOFR + 4.00%, 0.75% Floor<br>| 8.32<br> % <br>| 09/15/28 | 225166 |

---

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  | **Metal, Glass & Plastic Containers (Continued)** |  |  |  |
| $172840 | TricorBraun Holdings, Inc., Initial Term Loan, 1 Mo. CME Term <br> SOFR + CSA + 3.25%, 0.50% Floor<br>| 7.69<br> % <br>| 03/03/28 | $170713 |
|  |  |  |  | 395879 |
|  | **Other Specialty Retail – 0.7%** |  |  |  |
| 81777 | Bass Pro Group, LLC (Great Outdoors Group, LLC), Term Loan <br> B-3, 1 Mo. CME Term SOFR + 3.25%, 0.75% Floor <br>| 7.57<br> % <br>| 01/23/32 | 80162 |
| 491817 | Petco Health and Wellness Company, Inc., Initial Term Loan B, 3 <br> Mo. CME Term SOFR + CSA + 3.25%, 0.75% Floor <br>| 7.81<br> % <br>| 03/04/28 | 430600 |
|  |  |  |  | 510762 |
|  | **Packaged Foods & Meats – 0.2%** |  |  |  |
| 123231 | Savor Acquisition, Inc., Term Loan B, 3 Mo. CME Term SOFR + <br> 3.25%, 0.00% Floor<br>| 7.57<br> % <br>| 02/19/32 | 122942 |
|  | **Paper & Plastic Packaging Products & Materials – 0.4%** |  |  |  |
| 248503 | Clydesdale Acquisition Holdings, Inc., Term Loan B, 3 Mo. CME <br> Term SOFR + 3.25%, 0.00% Floor<br>| 7.55<br> % <br>| 03/31/32 | 246796 |
|  | **Research & Consulting Services – 0.5%** |  |  |  |
| 106179 | AmSpec Parent LLC, Term Loan B, 3 Mo. CME Term SOFR + <br> 4.25%, 0.00% Floor<br>| 8.55<br> % <br>| 12/20/31 | 106179 |
| 222269 | Grant Thornton Advisors, LLC, Refi Term Loan B, 1 Mo. CME <br> Term SOFR + 2.75%, 0.00% Floor<br>| 7.07<br> % <br>| 05/30/31 | 220880 |
|  |  |  |  | 327059 |
|  | **Restaurants – 2.4%** |  |  |  |
| 1011827 | IRB Holding Corp. (Arby's/Inspire Brands), Term Loan B, 1 Mo. <br> CME Term SOFR + 2.50%, 0.75% Floor <br>| 6.82<br> % <br>| 12/15/27 | 1005584 |
| 631442 | Whatabrands LLC, Term Loan B, 1 Mo. CME Term SOFR + <br> 2.50%, 0.50% Floor<br>| 6.82<br> % <br>| 08/03/28 | 628705 |
|  |  |  |  | 1634289 |
|  | **Security & Alarm Services – 0.4%** |  |  |  |
| 294305 | Garda World Security Corp., Refi Term Loan B, 1 Mo. CME Term <br> SOFR + 3.00%, 0.00% Floor<br>| 7.29<br> % <br>| 02/01/29 | 292245 |
|  | **Systems Software – 0.7%** |  |  |  |
| 75574 | Idera, Inc. (Flash Charm), Second Lien Term Loan, 3 Mo. CME <br> Term SOFR + CSA + 6.75%, 0.75% Floor<br>| 11.19<br> % <br>| 03/02/29 | 66253 |
| 14110 | Kaseya, Inc., Second Lien Term Loan , 1 Mo. CME Term SOFR + <br> 5.00%, 0.00% Floor<br>| 9.32<br> % <br>| 03/20/33 | 13834 |
| 299014 | Proofpoint, Inc., 2024 Refi Term Loan, 1 Mo. CME Term SOFR + <br> 3.00%, 0.50% Floor<br>| 7.32<br> % <br>| 08/31/28 | 297576 |
| 102100 | SUSE (Marcel Bidco, LLC), Term Loan B, Daily CME Term SOFR <br> + 3.50%, 0.50% Floor<br>| 7.79%-7.93% | 11/13/30 | 102228 |
|  |  |  |  | 479891 |
|  | **Trading Companies & Distributors – 1.0%** |  |  |  |
| 194632 | Aggreko Holdings, Inc. (Albion), Term Loan B, 3 Mo. CME Term <br> SOFR + 3.00%, 0.50% Floor<br>| 7.29<br> % <br>| 08/02/29 | 194815 |
| 100200 | QXO, Inc., Term Loan B, 2 Mo. CME Term SOFR + 3.00%, 0.00% <br> Floor<br>| 7.28<br> % <br>| 04/30/32 | 100218 |
| 139614 | Veritiv Corp. (Verde Purchaser LLC), Term Loan B, 3 Mo. CME <br> Term SOFR + 4.00%, 0.00% Floor<br>| 8.30<br> % <br>| 11/29/30 | 138709 |

---

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |  |  |  |
| $229356 | White Cap Supply Holdings, LLC, Term Loan B, 1 Mo. CME Term <br> SOFR + 3.25%, 0.00% Floor<br>| 7.57<br> % <br>| 10/29/29 | $224135 |
|  |  |  |  | 657877 |
|  | **Total Senior Floating-Rate Loan Interests** | **Total Senior Floating-Rate Loan Interests** | **Total Senior Floating-Rate Loan Interests** | 24203788 |
|  | (Cost $24,833,166) |  |  |  |
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **FOREIGN CORPORATE BONDS AND NOTES – 9.1%** | **FOREIGN CORPORATE BONDS AND NOTES – 9.1%** | **FOREIGN CORPORATE BONDS AND NOTES – 9.1%** | **FOREIGN CORPORATE BONDS AND NOTES – 9.1%** | **FOREIGN CORPORATE BONDS AND NOTES – 9.1%** |
|  | **Aluminum – 0.1%** |  |  |  |
| 61000 | Novelis, Inc. (a) | 6.88<br> % <br>| 01/30/30 | 61944 |
|  | **Automotive Parts & Equipment – 1.8%** |  |  |  |
| 1206000 | Clarios Global, L.P. / Clarios US Finance Co. (a) | 8.50<br> % <br>| 05/15/27 | 1212692 |
|  | **Casinos & Gaming – 0.0%** |  |  |  |
| 16000 | Flutter Treasury Designated Activity Co. (a) | 6.38<br> % <br>| 04/29/29 | 16364 |
|  | **Data Processing & Outsourced Services – 0.3%** |  |  |  |
| 216000 | Paysafe Finance PLC / Paysafe Holdings US Corp. (a) | 4.00<br> % <br>| 06/15/29 | 202258 |
|  | **Environmental & Facilities Services – 0.5%** |  |  |  |
| 338000 | GFL Environmental, Inc. (a) | 6.75<br> % <br>| 01/15/31 | 351774 |
|  | **Health Care Services – 0.1%** |  |  |  |
| 89000 | Opal Bidco SAS (a) | 6.50<br> % <br>| 03/31/32 | 89094 |
|  | **Insurance Brokers – 1.7%** |  |  |  |
| 710000 | Ardonagh Finco Ltd. (a) | 7.75<br> % <br>| 02/15/31 | 723425 |
| 210000 | Ardonagh Midco 3 Ltd. (a) | 8.88<br> % <br>| 02/15/32 | 214379 |
| 172000 | Jones Deslauriers Insurance Management, Inc. (a) | 8.50<br> % <br>| 03/15/30 | 181591 |
| 30000 | Jones Deslauriers Insurance Management, Inc. (a) | 10.50<br> % <br>| 12/15/30 | 32299 |
|  |  |  |  | 1151694 |
|  | **IT Consulting & Other Services – 0.8%** |  |  |  |
| 595000 | Elastic NV (a) | 4.13<br> % <br>| 07/15/29 | 562307 |
|  | **Metal, Glass & Plastic Containers – 1.7%** |  |  |  |
| 44000 | Canpack SA / Canpack US LLC (a) | 3.88<br> % <br>| 11/15/29 | 40321 |
| 1010000 | Trivium Packaging Finance BV (a) | 5.50<br> % <br>| 08/15/26 | 1001053 |
| 131000 | Trivium Packaging Finance BV (a) | 8.50<br> % <br>| 08/15/27 | 129655 |
|  |  |  |  | 1171029 |
|  | **Security & Alarm Services – 1.1%** |  |  |  |
| 500000 | Garda World Security Corp. (a) | 7.75<br> % <br>| 02/15/28 | 516561 |
| 192000 | Garda World Security Corp. (a) | 8.38<br> % <br>| 11/15/32 | 189582 |
|  |  |  |  | 706143 |
|  | **Specialized Consumer Services – 0.5%** |  |  |  |
| 327000 | Belron UK Finance PLC (a) | 5.75<br> % <br>| 10/15/29 | 326909 |
|  | **Specialized Finance – 0.4%** |  |  |  |
| 292000 | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal <br> Packaging Finance PLC (a)<br>| 6.00<br> % <br>| 06/15/27 | 291252 |

---

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (Continued)** |
|  | **Specialty Chemicals – 0.1%** |  |  |  |
| $61000 | Axalta Coating Systems Dutch Holding B BV (a) | 7.25<br> % <br>| 02/15/31 | $63240 |
|  | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | 6206700 |
|  | (Cost $6,155,151) |  |  |  |

---

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

---

| | | |
|:---|:---|:---|
| **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 – 8.5%** | **MONEY MARKET FUNDS – 8.5%** | **MONEY MARKET FUNDS – 8.5%** |
| 5835565 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 4.18% (j) | 5835565 |
|  | (Cost $5,835,565) |  |
|  | **Total Investments – 100.4%** | 68621444 |
|  | (Cost $69,683,592)  |  |
|  | **Net Other Assets and Liabilities – (0.4)%** | (269368)<br>|
|  | **Net Assets – 100.0%** | $68352076 |

---

&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 April 30, 2025, securities noted as such amounted to $37,318,226 or 54.6% 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 April
 30, 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 April 30, 2025.

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

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
| 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 |

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of April 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total**<br> **Value at**<br> **4/30/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1**<br> **Quoted**<br> **Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Corporate Bonds and Notes\* | &nbsp;&nbsp; $32374323 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $32374323 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Senior Floating-Rate Loan Interests\* | &nbsp;&nbsp; 24203788 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24203788 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Foreign Corporate Bonds and Notes\* | &nbsp;&nbsp; 6206700 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6206700 | &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; 5835565 | &nbsp;&nbsp;&nbsp;&nbsp; 5835565 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp; $68621444 | &nbsp;&nbsp;&nbsp;&nbsp; $5835565 | &nbsp;&nbsp;&nbsp;&nbsp; $62785879 | &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** 

**April 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value | $68621444 |
| Cash | 8107 |
| Receivables: |  |
| Interest | 815182 |
| Investment securities sold | 355427 |
| Fund shares sold | 34642 |
| Prepaid expenses | 27749 |
| Total Assets | 69862551 |
| **LIABILITIES:** |  |
| Payables: |  |
| Investment securities purchased | 1258670 |
| Fund shares redeemed | 150474 |
| Audit and tax fees | 35532 |
| Transfer agent fees | 16203 |
| Investment advisory fees | 15965 |
| Distributions | 14514 |
| 12b-1 distribution and service fees | 10066 |
| Commitment fees | 2126 |
| Trustees' fees and expenses | 1572 |
| Custodian fees | 1194 |
| Legal fees | 1047 |
| Registration fees | 893 |
| Administrative fees | 823 |
| Financial reporting fees | 732 |
| Shareholder reporting fees | 118 |
| Unrealized depreciation on unfunded loan commitments | 308 |
| Other liabilities | 238 |
| Total Liabilities | 1510475 |
| **NET ASSETS** | $68352076 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $96063298 |
| Par value | 38442 |
| Accumulated distributable earnings (loss) | (27749664)<br>|
| **NET ASSETS** | $68352076 |
| Investments, at cost | $69683592 |
| **Class A Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $10,867,619 and 611,167 shares of <br> beneficial interest issued and outstanding, unlimited number of shares authorized)<br>| $17.78 |
| Maximum sales charge (3.50% of offering price) | 0.64 |
| Maximum offering price to public | $18.42 |
| **Class C Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $9,631,357 and 542,078 shares of beneficial <br> interest issued and outstanding, unlimited number of shares authorized)<br>| $17.77 |
| **Class I Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $47,853,100 and 2,690,988 shares of <br> beneficial interest issued and outstanding, unlimited number of shares authorized)<br>| $17.78 |

---

See Notes to Financial Statements

------

**First Trust Short Duration High Income Fund** 

**Statement of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | &nbsp;&nbsp; $2671616 |
| Dividends | &nbsp;&nbsp; 8 |
| Other | &nbsp;&nbsp; 376 |
| Total investment income | &nbsp;&nbsp; 2672000 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp; 235710 |
| 12b-1 distribution and/or service fees: |  |
| Class A | &nbsp;&nbsp; 13772 |
| Class C | &nbsp;&nbsp; 49701 |
| Transfer agent fees | &nbsp;&nbsp; 61133 |
| Audit and tax fees | &nbsp;&nbsp; 35728 |
| Registration fees | &nbsp;&nbsp; 28189 |
| Administrative fees | &nbsp;&nbsp; 24369 |
| Commitment Fees | &nbsp;&nbsp; 16531 |
| Shareholder reporting fees | &nbsp;&nbsp; 13407 |
| Legal fees | &nbsp;&nbsp; 12083 |
| Trustees' fees and expenses | &nbsp;&nbsp; 9040 |
| Financial reporting fees | &nbsp;&nbsp; 4586 |
| Custodian fees | &nbsp;&nbsp; 1621 |
| Other | &nbsp;&nbsp; 3136 |
| Total expenses | &nbsp;&nbsp; 509006 |
| Fees waived by the investment advisor | &nbsp;&nbsp; (82902)<br>|
| Net expenses | &nbsp;&nbsp; 426104 |
| **NET INVESTMENT INCOME (LOSS)** | &nbsp;&nbsp; 2245896 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; (1177684)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; 365984 |
| Unfunded loan commitments | &nbsp;&nbsp; (308)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 365676 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | &nbsp;&nbsp; (812008)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $1433888 |

---

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;

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** <br>| **Year**<br> **Ended**<br> **10/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $2245896 | &nbsp;&nbsp; $5647904 |
| Net realized gain (loss) | (1177684)<br>| &nbsp;&nbsp; (1674730)<br>|
| Net change in unrealized appreciation (depreciation) | 365676 | &nbsp;&nbsp; 4205025 |
| Net increase (decrease) in net assets resulting from operations | 1433888 | &nbsp;&nbsp; 8178199 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM INVESTMENT OPERATIONS:** |  |  |
| Class A Shares | (367747)<br>| &nbsp;&nbsp; (946705)<br>|
| Class C Shares | (294302)<br>| &nbsp;&nbsp; (752212)<br>|
| Class I Shares | (1787369)<br>| &nbsp;&nbsp; (4701627)<br>|
| Total distributions to shareholders from investment operations | (2449418)<br>| &nbsp;&nbsp; (6400544)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS FROM RETURN OF CAPITAL:** |  |  |
| Class A shares |  | &nbsp;&nbsp; (12161)<br>|
| Class C shares |  | &nbsp;&nbsp; (9663)<br>|
| Class I shares |  | &nbsp;&nbsp; (60395)<br>|
| Total distributions to shareholders from return of capital |  | &nbsp;&nbsp; (82219)<br>|
| **CAPITAL TRANSACTIONS:** |  |  |
| Proceeds from shares sold | 10275408 | &nbsp;&nbsp; 9648350 |
| Proceeds from shares reinvested | 2312504<br>| &nbsp;&nbsp; 6147034<br>|
| Cost of shares redeemed  | (17111251) <br>| &nbsp;&nbsp; (33962939) <br>|
| Net increase (decrease) in net assets resulting from capital transactions | (4523339)<br>| &nbsp;&nbsp; (18167555)<br>|
| Total increase (decrease) in net assets | (5538869)<br>| &nbsp;&nbsp; (16472119)<br>|
| **NET ASSETS:** |  |  |
| Beginning of period | 73890945 | &nbsp;&nbsp; 90363064 |
| End of period | $68352076 | &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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
| **Class A Shares** | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| 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 | &nbsp;&nbsp;&nbsp;&nbsp; $19.31 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Net realized and unrealized gain (loss) | (0.21)<br>| &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 | &nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>|
| Total from investment operations | 0.34 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.59)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.71)<br>|
| Return of capital |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.08)<br>|
| Total distributions | (0.59)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.79)<br>|
| Net asset value, end of period | $17.78 | &nbsp;&nbsp;&nbsp;&nbsp; $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 |
| **Total return** (b) | 1.92<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>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $10868 | &nbsp;&nbsp;&nbsp;&nbsp; $11960 | &nbsp;&nbsp;&nbsp;&nbsp; $14143 | &nbsp;&nbsp;&nbsp;&nbsp; $15996 | &nbsp;&nbsp;&nbsp;&nbsp; $17823 | &nbsp;&nbsp;&nbsp;&nbsp; $22510 |
| 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>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>|
| Ratio of net expenses to average net assets | 1.25<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>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>|
| Ratio of net investment income (loss) to average <br> net assets<br>| 6.12<br> % (c)<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>| &nbsp;&nbsp;&nbsp;&nbsp; 3.56<br> %<br>|
| Portfolio turnover rate | 45<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; 88<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 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) Annualized.

&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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
| **Class C Shares** | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| 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 | &nbsp;&nbsp;&nbsp;&nbsp; $19.30 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Net realized and unrealized gain (loss) | (0.19)<br>| &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 | &nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>|
| Total from investment operations | 0.29 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.53)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.58)<br>|
| Return of capital |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>|
| Total distributions | (0.53)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.65)<br>|
| Net asset value, end of period | $17.77 | &nbsp;&nbsp;&nbsp;&nbsp; $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 |
| **Total return** (b) | 1.60<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>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $9631 | &nbsp;&nbsp;&nbsp;&nbsp; $10197 | &nbsp;&nbsp;&nbsp;&nbsp; $10628 | &nbsp;&nbsp;&nbsp;&nbsp; $10962 | &nbsp;&nbsp;&nbsp;&nbsp; $16375 | &nbsp;&nbsp;&nbsp;&nbsp; $15629 |
| Ratio of total expenses to average net assets | 2.40<br> % (c)<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>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>|
| Ratio of net expenses to average net assets | 2.00<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>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>|
| Ratio of net investment income (loss) to average <br> net assets<br>| 5.37<br> % (c)<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>| &nbsp;&nbsp;&nbsp;&nbsp; 2.79<br> %<br>|
| Portfolio turnover rate | 45<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; 88<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) Annualized.

&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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
| **Class I Shares** | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| 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 | &nbsp;&nbsp;&nbsp;&nbsp; $19.33 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net realized and unrealized gain (loss) | (0.20)<br>| &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 | &nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>|
| Total from investment operations | 0.37 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.62)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.75)<br>|
| Return of capital |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>|
| Total distributions | (0.62)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.84)<br>|
| Net asset value, end of period | $17.78 | &nbsp;&nbsp;&nbsp;&nbsp; $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 |
| **Total return** (b) | 2.05<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>| &nbsp;&nbsp;&nbsp;&nbsp; 2.37<br> %<br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $47853 | &nbsp;&nbsp;&nbsp;&nbsp; $51734 | &nbsp;&nbsp;&nbsp;&nbsp; $65592 | &nbsp;&nbsp;&nbsp;&nbsp; $111415 | &nbsp;&nbsp;&nbsp;&nbsp; $135604 | &nbsp;&nbsp;&nbsp;&nbsp; $130798 |
| Ratio of total expenses to average net assets | 1.17<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>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>|
| Ratio of net expenses to average net assets | 1.00<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>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 6.37<br> % (c)<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>| &nbsp;&nbsp;&nbsp;&nbsp; 3.78<br> %<br>|
| Portfolio turnover rate | 45<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; 88<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) Annualized.

&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** 

**April 30, 2025 (Unaudited)**

&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** 

**April 30, 2025 (Unaudited)**

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** 

**April 30, 2025 (Unaudited)**

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 April 30, 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 April 30, 2025, the Fund had no when-issued, delayed-delivery or forward purchase commitments (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 April 30, 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** 

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | **Principal**<br> **Value**<br>| **Commitment**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| AmSpec Parent, LLC | &nbsp;&nbsp; $16335 | &nbsp;&nbsp; $16375 | &nbsp;&nbsp; $16335 | &nbsp;&nbsp; $(40)<br>|
| Clydesdale Acquisition Holdings, Inc. | &nbsp;&nbsp; 4344 | &nbsp;&nbsp; 4344 | &nbsp;&nbsp; 4315 | &nbsp;&nbsp; (29)<br>|
| Grant Thornton Advisors, LLC | &nbsp;&nbsp; 27174 | &nbsp;&nbsp; 27174 | &nbsp;&nbsp; 27004 | &nbsp;&nbsp; (170)<br>|
| Savor Acquisition, Inc. | &nbsp;&nbsp; 11626 | &nbsp;&nbsp; 11667 | &nbsp;&nbsp; 11598 | &nbsp;&nbsp; (69)<br>|
|  |  | &nbsp;&nbsp; $59560 | &nbsp;&nbsp; $59252 | &nbsp;&nbsp; $(308)<br>|

---

**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 April 30, 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 shareholder 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.

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

---

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

---

------

**Notes to Financial Statements (Continued)**

**First Trust Short Duration High Income Fund** 

**April 30, 2025 (Unaudited)**

As of October 31, 2024, 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; (25214365)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; (1519769)<br>|
| Total accumulated earnings (losses) | &nbsp;&nbsp; (26734134)<br>|
| Other | &nbsp;&nbsp; — |
| Paid-in capital | &nbsp;&nbsp; 100625079 |
| Total net assets | &nbsp;&nbsp; $73890945 |

---

**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. For the fiscal year ended October 31, 2024, the Fund incurred $0 of excise tax expense.

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, 2024, the Fund had non-expiring net capital loss carryforwards for federal income tax purposes of $25,214,365.

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, 2024, 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. Taxable years ended 2021, 2022, 2023, and 2024 remain open to federal and state audit. As of April 30, 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 April 30, 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>|
| $69683592 | $460291 | $(1522439) | $(1062148) |

---

**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** 

**April 30, 2025 (Unaudited)**

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 $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 12b-1 distribution and service fees, interest expenses, taxes, fees incurred in acquiring and disposing of portfolio securities 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, 2026 and then from exceeding 1.35% from March 1, 2026 through February 28, 2035 (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 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 waivers and expense reimbursement for the six months ended April 30, 2025 and the expenses borne by First Trust subject to recovery were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Expenses Subject to Recovery** | **Expenses Subject to Recovery** | **Expenses Subject to Recovery** | **Expenses Subject to Recovery** |  |
| **Advisory Fee**<br> **Waiver**<br>| **Expense**<br> **Reimbursement**<br>| **Six Months Ended**<br> **October 31, 2022**<br>| **Year Ended**<br> **October 31, 2023**<br>| **Year Ended**<br> **October 31, 2024**<br>| **Six Months Ended**<br> **April 30, 2025**<br>| **Total** |
| $82902 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16381 | &nbsp;&nbsp; $156230 | &nbsp;&nbsp; $130620 | &nbsp;&nbsp; $82902 | &nbsp;&nbsp; $386133 |

---

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** 

**April 30, 2025 (Unaudited)**

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

**4. Capital Share Transactions**

Capital transactions were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **April 30, 2025** | **Six Months Ended**<br> **April 30, 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; 24431 | &nbsp;&nbsp;&nbsp;&nbsp; $440056 | &nbsp;&nbsp;&nbsp;&nbsp; 64645 | &nbsp;&nbsp;&nbsp;&nbsp; $1164936 |
| Class C | &nbsp;&nbsp; 10955 | &nbsp;&nbsp;&nbsp;&nbsp; 197813 | &nbsp;&nbsp;&nbsp;&nbsp; 59537 | &nbsp;&nbsp;&nbsp;&nbsp; 1071827 |
| Class I | &nbsp;&nbsp; 534178 | &nbsp;&nbsp;&nbsp;&nbsp; 9637539 | &nbsp;&nbsp;&nbsp;&nbsp; 410345 | &nbsp;&nbsp;&nbsp;&nbsp; 7411587 |
| Total Sales | &nbsp;&nbsp; 569564 | &nbsp;&nbsp;&nbsp;&nbsp; $10275408 | &nbsp;&nbsp;&nbsp;&nbsp; 534527 | &nbsp;&nbsp;&nbsp;&nbsp; $9648350 |
| Dividend Reinvestment: |  |  |  |  |
| Class A | &nbsp;&nbsp; 17651 | &nbsp;&nbsp;&nbsp;&nbsp; $317420 | &nbsp;&nbsp;&nbsp;&nbsp; 45714 | &nbsp;&nbsp;&nbsp;&nbsp; $824753 |
| Class C | &nbsp;&nbsp; 13515 | &nbsp;&nbsp;&nbsp;&nbsp; 242877 | &nbsp;&nbsp;&nbsp;&nbsp; 35346 | &nbsp;&nbsp;&nbsp;&nbsp; 637186 |
| Class I | &nbsp;&nbsp; 97408 | &nbsp;&nbsp;&nbsp;&nbsp; 1752207 | &nbsp;&nbsp;&nbsp;&nbsp; 259626 | &nbsp;&nbsp;&nbsp;&nbsp; 4685095 |
| Total Dividend Reinvestment | &nbsp;&nbsp; 128574 | &nbsp;&nbsp;&nbsp;&nbsp; $2312504 | &nbsp;&nbsp;&nbsp;&nbsp; 340686 | &nbsp;&nbsp;&nbsp;&nbsp; $6147034 |
| Redemptions: |  |  |  |  |
| Class A | &nbsp;&nbsp; (94345)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1704134)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (246260)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(4424750)<br>|
| Class C | &nbsp;&nbsp; (48510)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (870848)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (129942)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2341542)<br>|
| Class I | &nbsp;&nbsp; (810255)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14536269)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1507245)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27196647)<br>|
| Total Redemptions | &nbsp;&nbsp; (953110)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(17111251)<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 six months ended April 30, 2025, were $34,153,813 and $30,871,933, 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 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. 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. Prior to February 26, 2025, the commitment fee rate was 0.20%. 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 have any borrowings outstanding during the six months ended April 30, 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** 

**April 30, 2025 (Unaudited)**

&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.

------

**Other Information**

**First Trust Short Duration High Income Fund** 

**April 30, 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 six months ended April 30, 2025.

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

There were no matters submitted for vote by shareholders of the Fund during the six months ended April 30, 2025.

**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)**

Not applicable for the most recent fiscal half year.

------

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![](img77f514651.jpg)

![](img1be3bb882.jpg)

First Trust Managed Municipal Fund

------

Semi-Annual Financial Statements and Other Information

For the Six Months Ended

April 30, 2025

------

**Table of Contents**

**First Trust Managed Municipal Fund** 

**Semi-Annual Financial Statements and Other Information**

**April 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_a416fec6-a66d-4a90-a13f-0a54215fa2b3_SOI-SOIfooter-104_1) | &nbsp;&nbsp; 1 |
| [Statement of Assets and Liabilities](#xx_a416fec6-a66d-4a90-a13f-0a54215fa2b3_SAL-SALfooter-104_1) | &nbsp;&nbsp; 8 |
| [Statement of Operations](#xx_a416fec6-a66d-4a90-a13f-0a54215fa2b3_SOP-SOPfootnote-104_1) | &nbsp;&nbsp; 9 |
| [Statements of Changes in Net Assets](#xx_a416fec6-a66d-4a90-a13f-0a54215fa2b3_SOC-SOCfooter-104_1) | &nbsp;&nbsp; 10 |
| [Financial Highlights](#xx_a416fec6-a66d-4a90-a13f-0a54215fa2b3_FiHi-FiHifooter-104_1) | &nbsp;&nbsp; 11 |
| [Notes to Financial Statements](#xx_a416fec6-a66d-4a90-a13f-0a54215fa2b3_NTF-TOCnotes-104_1) | &nbsp;&nbsp; 13 |
| [Other Information](#xx_a416fec6-a66d-4a90-a13f-0a54215fa2b3_AI-AddILBsforsemi-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** 

**April 30, 2025 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **MUNICIPAL BONDS – 99.4%** | **MUNICIPAL BONDS – 99.4%** | **MUNICIPAL BONDS – 99.4%** | **MUNICIPAL BONDS – 99.4%** | **MUNICIPAL BONDS – 99.4%** |
|  | **Alabama – 3.7%** |  |  |  |
| $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 | $522842 |
| 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 | 667350 |
| 360000 | Homewood AL Eductnl Bldg Auth Rev Stdt Hsg & Parking Proj, <br> Ser C<br>| 5.50<br> %<br>| 10/01/44 | 371780 |
| 500000 | Jacksonville Pub Eductnl Bldg Auth JSU Fdtn Proj, Ser A, BAM | 5.13<br> %<br>| 08/01/44 | 519140 |
| 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 | 521958 |
|  |  |  |  | 2603070 |
|  | **Arizona – 1.0%** |  |  |  |
| 425000 | AZ St Indl Dev Auth Edu Rev Acads of Math & Science Proj (a) | 4.00<br> %<br>| 07/01/29 | 414801 |
| 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 | 271530 |
|  |  |  |  | 686331 |
|  | **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 | 250199 |
|  | **California – 9.3%** |  |  |  |
| 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 | 598929 |
| 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 | 825976 |
| 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 | 250072 |
| 500000 | CA St Muni Fin Auth Sol Wst Disp Rev Var Waste Mgmt Inc Proj <br> Remk, SerA, AMT (Mandatory put 06/02/25) <br>| 3.75<br> %<br>| 10/01/45 | 499842 |
| 500000 | CA St Poll Control Fing Auth Wtr Furnishing Rev Plant Bonds, <br> AMT (a)<br>| 5.00<br> %<br>| 07/01/37 | 500020 |
| 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 | 260828 |
| 1000000 | Kern CA Cmnty Clg Dist, Ser D | 5.25<br> %<br>| 08/01/40 | 1096364 |
| 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 | 27053 |
| 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 | 252194 |
| 500000 | Los Angeles CA Dept of Arpts Arpt Rev Unrefunded Subord Ref, <br> Ser D, AMT<br>| 5.00<br> %<br>| 05/15/31 | 532546 |
| 675000 | River Islands CA Pub Fing Auth Spl Tax Ref Cmnty Facs Dist <br> #2003-1, Ser A-1, AGM<br>| 5.00<br> %<br>| 09/01/35 | 721929 |
| 500000 | San Francisco CA City & Cnty Arpts Commn Intl Arpt Rev, Ser A, <br> AMT<br>| 5.00<br> %<br>| 05/01/49 | 500054 |
| 400000 | Santa Clara Vly CA Wtr Dist Safe Clean Wtr Rev Sustainable <br> Bond, Ser A<br>| 5.00<br> %<br>| 08/01/39 | 441615 |
|  |  |  |  | 6507422 |
|  | **Colorado – 3.0%** |  |  |  |
| 600000 | Arista CO Met Dist Ref, Ser A, BAM | 5.00<br> %<br>| 12/01/38 | 628973 |
| 900000 | Denver City & Cnty CO Arpt Rev Ref, Ser D, AMT | 5.50<br> %<br>| 11/15/33 | 1007361 |
| 500000 | Thompson Crossing Met Dist #4 CO Ref | 5.00<br> %<br>| 12/01/39 | 485716 |
|  |  |  |  | 2122050 |

---

See Notes to Financial Statements

------

**First Trust Managed Municipal Fund** 

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  | **Connecticut – 0.9%** |  |  |  |
| $330000 | CT St Hlth & Eductnl Facs Auth Rev Covenant Home Inc, Ser B | 5.00<br> %<br>| 12/01/26 | $332209 |
| 250000 | CT St Spl Tax Oblig Rev Transprtn Infra Purp, Ser A | 5.00<br> %<br>| 07/01/36 | 273262 |
|  |  |  |  | 605471 |
|  | **District of Columbia – 1.0%** |  |  |  |
| 650000 | Met WA DC Arpts Auth Arpt Sys Rev Ref, Ser A, AMT | 5.25<br> %<br>| 10/01/40 | 685022 |
|  | **Florida – 9.0%** |  |  |  |
| 400000 | Beach Cmnty Dev Dist FL Capital Impt Rev Ref, AGM | 5.25<br> %<br>| 05/01/44 | 410699 |
| 500000 | Berry Bay II CDD FL Spl Assmnt Ser 2024 Proj | 5.20<br> %<br>| 05/01/44 | 477952 |
| 250000 | Black Creek FL CDD Spl Assmnt Expansion Area Proj | 5.13<br> %<br>| 06/15/32 | 256355 |
| 500000 | Broward Cnty FL Arpt Sys Rev, Ser A, AMT | 5.00<br> %<br>| 10/01/38 | 507015 |
| 320000 | Broward Cnty FL Port Facs Rev, AMT | 5.00<br> %<br>| 09/01/38 | 331539 |
| 500000 | Forest Lake Cmnty Dev Dist FL Spl Assmnt Area 1 Proj (a) | 4.00<br> %<br>| 05/01/40 | 450584 |
| 605000 | Jea FL Elec Sys Rev Ref, Ser Three A | 3.00<br> %<br>| 10/01/40 | 496709 |
| 1000000 | Lakewood Ranch FL Stewardship Dist Util Rev Sys Acq Proj, <br> AGM<br>| 5.25<br> %<br>| 10/01/48 | 1038249 |
| 60000 | Palm Beach Cnty FL Hlth Facs Auth Acts Retmnt, Ser B | 5.00<br> %<br>| 11/15/42 | 60413 |
| 285000 | Pasco Cnty FL Sch Brd, Ser A, COPS, AGM | 5.00<br> %<br>| 08/01/37 | 302607 |
| 740000 | Putnam Cnty FL Dev Auth Ref Seminole Proj, Ser A | 5.00<br> %<br>| 03/15/42 | 743861 |
| 495000 | Sarasota Natl FL CDD Spl Assmnt Ref | 3.50<br> %<br>| 05/01/31 | 488104 |
| 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 | 401105 |
| 365000 | Westview S CDD FL Spl Assmnt Area One 2023 Proj Area | 5.38<br> %<br>| 05/01/43 | 363868 |
|  |  |  |  | 6329060 |
|  | **Georgia – 4.0%** |  |  |  |
| 1000000 | Burke Cnty GA Dev Auth Poll Control Rev Var GA Pwr Co Plant <br> Vogtle Proj Remk, 1st Ser (Mandatory Put 03/06/26) <br>| 3.88<br> %<br>| 10/01/32 | 1002510 |
| 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 | 502482 |
| 740000 | Main Street Nat Gas Inc GA Gas Sply Rev, Ser A | 5.00<br> %<br>| 06/01/30 | 767567 |
| 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 | 495908 |
|  |  |  |  | 2768467 |
|  | **Hawaii – 1.3%** |  |  |  |
| 500000 | HI St Arpts Sys Rev, Ser A, AMT | 5.00<br> %<br>| 07/01/43 | 502116 |
| 500000 | Honolulu City & Cnty HI Brd of Wtr Sply Wtr Sys Rev, Ser A | 3.00<br> %<br>| 07/01/41 | 411306 |
|  |  |  |  | 913422 |
|  | **Idaho – 0.8%** |  |  |  |
| 505000 | ID St Hlth Facs Auth Rev Ref St Lukes Hlth Sys Proj, Ser A | 5.00<br> %<br>| 03/01/34 | 523598 |
|  | **Illinois – 2.2%** |  |  |  |
| 750000 | Chicago IL Chicago Wks, Ser A | 5.50<br> %<br>| 01/01/40 | 778623 |
| 500000 | IL St  | 5.50<br> %<br>| 05/01/39 | 524593 |
| 250000 | IL St, Ser A | 5.50<br> %<br>| 03/01/47 | 257570 |
|  |  |  |  | 1560786 |
|  | **Indiana – 4.5%** |  |  |  |
| 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 | 527196 |
| 1000000 | IN St Fin Auth Hlth Sys Rev IN Univ Hlth, Ser A | 5.00<br> %<br>| 10/01/43 | 1045770 |
| 500000 | IN St Fin Auth Stdt Hsg Rev Sr Stdt Hsg Proj, Ser A | 5.00<br> %<br>| 07/01/54 | 483804 |

---

See Notes to Financial Statements

------

**First Trust Managed Municipal Fund** 

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  | **Indiana (Continued)** |  |  |  |
| $375000 | Valparaiso IN Exempt Facs Rev Ref Pratt Paper LLC Proj, <br> AMT (a)<br>| 4.50<br> %<br>| 01/01/34 | $375935 |
| 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 | 706376 |
|  |  |  |  | 3139081 |
|  | **Iowa – 0.8%** |  |  |  |
| 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 | 558256 |
|  | **Kansas – 0.4%** |  |  |  |
| 235000 | Shawnee Cnty KS Pub Bldg Commn Rev Corrections and Parks & <br> Rec Projs<br>| 5.00<br> %<br>| 09/01/33 | 257207 |
|  | **Kentucky – 2.7%** |  |  |  |
| 1000000 | Boyle Cnty KY Eductnl Facs Rev Ref Centre Clg, Ser A | 5.25<br> %<br>| 06/01/43 | 1028054 |
| 250000 | KY St Property & Bldgs Commn Revs Proj No. 128, Ser A | 5.50<br> %<br>| 11/01/42 | 271205 |
| 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 | 582915 |
|  |  |  |  | 1882174 |
|  | **Louisiana – 2.3%** |  |  |  |
| 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 | 464126 |
| 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 | 401280 |
| 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 | 501133 |
| 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 | 245838 |
|  |  |  |  | 1612377 |
|  | **Maryland – 2.5%** |  |  |  |
| 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 | 1003304 |
| 750000 | MD St Hlth & Hgr Eductnl Facs Auth Rev Var Ref Johns Hopkins <br> Hlth System, Ser B (b)<br>| 2.45<br> %<br>| 06/01/46 | 750000 |
|  |  |  |  | 1753304 |
|  | **Minnesota – 0.7%** |  |  |  |
| 500000 | Rochester MN Hlth Care Facs Rev Mayo Clinic, Ser A | 4.25<br> %<br>| 11/15/50 | 479349 |
|  | **Mississippi – 0.1%** |  |  |  |
| 100000 | MS St Busn Fin Corp Sol Wst Disp Rev Adj MS Pwr Co Proj <br> Remk, AMT (b)<br>| 2.70<br> %<br>| 07/01/25 | 100000 |
|  | **Missouri – 0.7%** |  |  |  |
| 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 | 472837 |
|  | **Nevada – 1.4%** |  |  |  |
| 1000000 | Clark Cnty NV Poll Control Rev Var Ref NV Pwr Co Proj Remk <br> (Mandatory put 03/31/26)<br>| 3.75<br> %<br>| 01/01/36 | 997513 |

---

See Notes to Financial Statements

------

**First Trust Managed Municipal Fund** 

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 Hampshire – 0.3%** |  |  |  |
| $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 | $200495 |
|  | **New Jersey – 1.6%** |  |  |  |
| 40000 | NJ St Hgr Edu Asst Auth Stdt Loan Rev, Ser 1A, AMT | 4.00<br> %<br>| 12/01/30 | 39969 |
| 565000 | NJ St Transprtn Trust Fund Auth Fun Auth Transprtn Prog Bonds, <br> Ser CC<br>| 5.25<br> %<br>| 06/15/41 | 598793 |
| 500000 | NJ St Transprtn Trust Fund Auth Ref Transprtn Sys Bonds, Ser A | 5.00<br> %<br>| 12/15/39 | 513461 |
|  |  |  |  | 1152223 |
|  | **New Mexico – 2.8%** |  |  |  |
| 1000000 | Farmington NM Poll Control Rev Var Ref Pub Svc Co NM San <br> Juan Proj Remk, Ser D (Mandatory put 06/01/28) <br>| 3.90<br> %<br>| 06/01/40 | 996958 |
| 500000 | NM St Muni Energy Acq Auth Gas Sply Ref (Mandatory put <br> 11/01/30)<br>| 5.00<br> %<br>| 06/01/54 | 524042 |
| 500000 | Winrock Town Ctr NM Tax Incr Dev Dist #1 Ref Sr Lien (a) | 4.25<br> %<br>| 05/01/40 | 446109 |
|  |  |  |  | 1967109 |
|  | **New York – 7.5%** |  |  |  |
| 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 | 755400 |
| 400000 | Long Beach NY, Ser B, BAM | 5.25<br> %<br>| 07/15/42 | 414087 |
| 1000000 | New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Var <br> Second Gen Resolution Sub, Ser FF-2 (b)<br>| 2.50<br> %<br>| 06/15/44 | 1000000 |
| 250000 | New York City NY Transitional Fin Auth Rev Future Tax Sec Sub, <br> Subser D-1<br>| 5.50<br> %<br>| 11/01/45 | 269357 |
| 500000 | NY NY Subser B-1, Ser B | 5.25<br> %<br>| 10/01/40 | 539741 |
| 750000 | Suffolk Regl Off Track Betting Corp NY Rev | 5.75<br> %<br>| 12/01/44 | 762854 |
| 460000 | Westchester NY Tobacco Asset Securitization Ref Sr, Ser B | 5.00<br> %<br>| 06/01/41 | 460656 |
| 1000000 | Yonkers NY, Ser F, BAM | 5.00<br> %<br>| 11/15/39 | 1072093 |
|  |  |  |  | 5274188 |
|  | **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 | 389539 |
|  | **Ohio – 3.6%** |  |  |  |
| 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 | 527479 |
| 1000000 | Hamilton Cnty OH Hosp Facs Rev Var Ref Trihealth Inc Obligated <br> Grp Proj Remk, Ser B (b)<br>| 2.60<br> %<br>| 08/15/51 | 1000000 |
| 500000 | Montgomery Cnty OH Hlth Care Facs Rev Ref Solvita Proj | 5.25<br> %<br>| 09/01/49 | 510807 |
| 500000 | OH St Air Quality Dev Auth Ref OH Vly Elec Corp Proj, Ser A | 3.25<br> %<br>| 09/01/29 | 482067 |
|  |  |  |  | 2520353 |
|  | **Oregon – 3.2%** |  |  |  |
| 500000 | Clackamas Cnty OR Hosp Fac Auth Rev Ref Rose Villa Proj, <br> Ser A<br>| 5.38<br> %<br>| 11/15/55 | 467901 |
| 270000 | OR St Dept of Transprtn Hwy User Tax Rev Subord Lien, Ser A | 5.00<br> %<br>| 11/15/39 | 284838 |
| 955000 | Port of Portland OR Arpt Rev, Ser Twenty Seven A, AMT | 5.00<br> %<br>| 07/01/30 | 1009157 |
| 500000 | Union Cnty OR Hosp Fac Auth Grande Ronde Hosp | 5.00<br> %<br>| 07/01/41 | 494481 |
|  |  |  |  | 2256377 |
|  | **Pennsylvania – 7.0%** |  |  |  |
| 515000 | Lancaster Cnty PA Hosp Auth Penn St Hlth | 5.00<br> %<br>| 11/01/37 | 526427 |

---

See Notes to Financial Statements

------

**First Trust Managed Municipal Fund** 

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  | **Pennsylvania (Continued)** |  |  |  |
| $500000 | Maxatawny Twp PA Muni Auth Rev Diakon Lutheran Social <br> Ministries Proj, Ser A<br>| 5.00<br> %<br>| 01/01/41 | $493515 |
| 700000 | Montgomery Cnty PA Indl Dev Auth Ref Acts Retmnt Life Cmntys <br> Inc Oblig Grp<br>| 5.00<br> %<br>| 11/15/36 | 705437 |
| 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 | 1067976 |
| 500000 | PA St Econ Dev Fing Auth Upmc Rev Ref Upmc Obligated Grp, <br> Ser B<br>| 5.00<br> %<br>| 03/15/41 | 512584 |
| 340000 | PA St Turnpike Commn Oil Franchise Tax Rev Ref, Ser A | 5.00<br> %<br>| 12/01/46 | 350284 |
| 750000 | PA St Turnpike Commn Turnpike Rev Ref, Ser B | 5.00<br> %<br>| 12/01/39 | 805660 |
| 450000 | Philadelphia PA, Ser A | 4.00<br> %<br>| 05/01/41 | 438022 |
|  |  |  |  | 4899905 |
|  | **Puerto Rico – 1.8%** |  |  |  |
| 750000 | Puerto Rico Cmwlth Restructured, Ser A1 | 4.00<br> %<br>| 07/01/33 | 716723 |
| 77000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, <br> Ser A-1<br>| 4.50<br> %<br>| 07/01/34 | 75575 |
| 531000 | Puerto Rico Sales Tax Fing Corp Sales Tax Rev Restructured, <br> Ser A-2<br>| 4.33<br> %<br>| 07/01/40 | 499291 |
|  |  |  |  | 1291589 |
|  | **South Carolina – 4.0%** |  |  |  |
| 205000 | SC St Jobs Econ Dev Auth Econ Dev Rev Ref The Woodlands at <br> Furman<br>| 4.00<br> %<br>| 11/15/27 | 201603 |
| 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 | 537426 |
| 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 | 358206 |
| 350000 | SC St Jobs Econ Dev Auth Hosp Facs Rev Ref Bon Secours Mercy <br> Hlth Inc, Ser A (c)<br>| 5.25<br> %<br>| 11/01/42 | 368634 |
| 545000 | SC St Pub Svc Auth Rev Ref Santee Cooper, Ser C, AGM | 5.50<br> %<br>| 12/01/40 | 595752 |
| 750000 | SC St Pub Svc Auth Rev, Ser A | 5.00<br> %<br>| 12/01/45 | 757323 |
|  |  |  |  | 2818944 |
|  | **Tennessee – 1.5%** |  |  |  |
| 500000 | Chattanooga TN Hlth Eductnl & Hsg Fac Brd Ref Erlanger Hlth | 5.25<br> %<br>| 12/01/49 | 513217 |
| 500000 | Met Nashville TN Arpt Auth Arpt Rev, Ser B, AMT | 5.50<br> %<br>| 07/01/41 | 532499 |
|  |  |  |  | 1045716 |
|  | **Texas – 6.8%** |  |  |  |
| 500000 | Arlington TX Hgr Edu Fin Corp Edu Rev Ref Harmony Pub Schs, <br> Ser A<br>| 4.00<br> %<br>| 02/15/36 | 492892 |
| 200000 | Arlington TX Hgr Edu Fin Corp Edu Rev Trinity Basin Preparatory <br> Inc<br>| 5.00<br> %<br>| 08/15/35 | 214247 |
| 400000 | Centrl TX Regl Mobility Auth Rev, Ser B | 5.00<br> %<br>| 01/01/39 | 416538 |
| 410000 | Corpus Christi TX Util Sys Rev Junior Lien, Ser B | 5.00<br> %<br>| 07/15/35 | 444549 |
| 190000 | Lower Colorado River TX Auth Trans Contract Rev Ref LCRA <br> Trans Svcs Corp Proj<br>| 5.00<br> %<br>| 05/15/39 | 194029 |
| 500000 | Newark Hgr Edu Fin Corp TX Edu Rev Hughen Ctr Inc Proj, <br> Ser A<br>| 5.00<br> %<br>| 08/15/37 | 533755 |
| 500000 | Princeton TX Spl Assmnt Rev Winchester Pub Impr Dist #2 <br> Proj (a)<br>| 5.13<br> %<br>| 09/01/42 | 471706 |
| 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 | 797937 |
| 390000 | Trophy Club TX Pub Impt Dist #1 Spl Assmnt Rev Ref (c) | 5.00<br> %<br>| 09/01/32 | 405215 |

---

See Notes to Financial Statements

------

**First Trust Managed Municipal Fund** 

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  | **Texas (Continued)** |  |  |  |
| $500000 | TX St Muni Gas Acq & Sply Corp IV, Ser B | 5.50<br> %<br>| 01/01/32 | $545314 |
| 245000 | TX St Wtr Dev Brd St Revolving Fund | 5.00<br> %<br>| 08/01/37 | 265871 |
|  |  |  |  | 4782053 |
|  | **Utah – 1.6%** |  |  |  |
| 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 | 462268 |
| 685000 | Midas Mountain Veterans Prog Pub Infra Dist (a) | 5.20<br> %<br>| 06/01/54 | 646061 |
|  |  |  |  | 1108329 |
|  | **Virginia – 1.1%** |  |  |  |
| 250000 | Isle of Wight Cnty VA Econ Dev Auth Riverside Hlth Sys, AGM | 5.25<br> %<br>| 07/01/43 | 269168 |
| 625000 | VA St Cmwlth Transprtn Brd Transprtn Rev | 3.00<br> %<br>| 05/15/41 | 504491 |
|  |  |  |  | 773659 |
|  | **Wisconsin – 1.8%** |  |  |  |
| 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 | 352063 |
| 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 | 389536 |
| 500000 | WI St Hlth & Eductnl Facs Auth Rev Bellin Memorial Hosp Inc, <br> Ser A<br>| 5.00<br> %<br>| 12/01/38 | 525394 |
|  |  |  |  | 1266993 |
|  | **Wyoming – 1.5%** |  |  |  |
| 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 | 1070109 |

---

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

---

| | |
|:---|:---|
| **Total Investments – 99.4%** | 69624577 |
| (Cost $69,872,099)  |  |
| **Net Other Assets and Liabilities – 0.6%** | 454238 |
| **Net Assets – 100.0%** | $70078815 |

---

**Futures Contracts** (See Note 2C - Futures Contracts in the Notes to Financial Statements):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Position** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Date**<br>| **Notional**<br> **Value**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)/**<br> **Value**<br>|
| Ultra 10-Year U.S. Treasury Notes | Short | 3 | Jun 2025 | $(344203)<br>| $(10406) |

---

&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
 April 30, 2025, securities noted as such amounted to $5,031,727 or 7.2% 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 April 30, 2025. Interest will begin accruing on the security's
 first settlement date.

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

---

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

---

See Notes to Financial Statements

------

**First Trust Managed Municipal Fund** 

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of April 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total**<br> **Value at**<br> **4/30/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1**<br> **Quoted**<br> **Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Municipal Bonds\* | &nbsp;&nbsp; $69624577 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $69624577 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total**<br> **Value at**<br> **4/30/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1**<br> **Quoted**<br> **Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Futures Contracts\*\* | &nbsp;&nbsp; $(10406)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(10406)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

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

\*\* Includes cumulative appreciation/depreciation on futures contracts as reported in the Futures Contracts table. Only the current day's variation margin is presented on the Statement of Assets and Liabilities. 

See Notes to Financial Statements

------

**First Trust Managed Municipal Fund** 

**Statement of Assets and Liabilities** 

**April 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value | $69624577 |
| Cash | 220351 |
| Cash segregated as collateral | 8103 |
| Receivables: |  |
| Interest | 1016094 |
| Fund shares sold | 410255 |
| From investment advisor | 7351 |
| Common Shares issued under the Dividend Reinvestment Plan | 3706 |
| Prepaid expenses | 47009 |
| Total Assets | 71337446 |
| **LIABILITIES:** |  |
| Payables: |  |
| Investment securities purchased | 771983 |
| Fund shares redeemed | 439625 |
| Audit and tax fees | 27117 |
| Administrative fees | 9048 |
| Transfer agent fees | 3846 |
| Trustees' fees and expenses | 1572 |
| Interest and fees on loan | 1551 |
| Custodian fees | 1070 |
| Legal fees | 1037 |
| Financial reporting fees | 732 |
| Registration fees | 517 |
| Variation margin | 360 |
| 12b-1 distribution and service fees | 100 |
| Shareholder reporting fees | 44 |
| Other liabilities | 29 |
| Total Liabilities | 1258631 |
| **NET ASSETS** | $70078815 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $70918212 |
| Par value | 35203 |
| Accumulated distributable earnings (loss) | (874600)<br>|
| **NET ASSETS** | $70078815 |
| Investments, at cost | $69872099 |
| **Class A Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $487,585 and 24,425 shares of beneficial <br> interest issued and outstanding, unlimited number of shares authorized)<br>| $19.96 |
| Maximum sales charge (3.50% of offering price) | 0.72 |
| Maximum offering price to public | $20.68 |
| **Class I Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $69,591,230 and 3,495,910 shares of <br> beneficial interest issued and outstanding, unlimited number of shares authorized)<br>| $19.91 |

---

See Notes to Financial Statements

------

**First Trust Managed Municipal Fund** 

**Statement of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | &nbsp;&nbsp; $1517310 |
| Total investment income | &nbsp;&nbsp; 1517310 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp; 180300 |
| Audit and tax fees | &nbsp;&nbsp; 27313 |
| Administrative fees | &nbsp;&nbsp; 23839 |
| Registration fees | &nbsp;&nbsp; 21785 |
| Shareholder reporting fees | &nbsp;&nbsp; 20068 |
| Legal fees | &nbsp;&nbsp; 18649 |
| Transfer agent fees | &nbsp;&nbsp; 17113 |
| Commitment and administrative agency fees | &nbsp;&nbsp; 12004 |
| Trustees' fees and expenses | &nbsp;&nbsp; 9040 |
| Financial reporting fees | &nbsp;&nbsp; 4586 |
| Custodian fees | &nbsp;&nbsp; 719 |
| 12b-1 distribution and/or service fees: |  |
| Class A | &nbsp;&nbsp; 195 |
| Other | &nbsp;&nbsp; 2022 |
| Total expenses | &nbsp;&nbsp; 337633 |
| Fees waived by the investment advisor | &nbsp;&nbsp; (103048)<br>|
| Net expenses | &nbsp;&nbsp; 234585 |
| **NET INVESTMENT INCOME (LOSS)** | &nbsp;&nbsp; 1282725 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; (117599)<br>|
| Futures contracts | &nbsp;&nbsp; (14008)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (131607)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (1738236)<br>|
| Futures contracts | &nbsp;&nbsp; (33703)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (1771939)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | &nbsp;&nbsp; (1903546)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $(620821)<br>|

---

See Notes to Financial Statements

------

**First Trust Managed Municipal Fund** 

**Statements of Changes in Net Assets** 

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

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** <br>| **Year**<br> **Ended**<br> **10/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $1282725 | &nbsp;&nbsp; $2618415 |
| Net realized gain (loss) | (131607)<br>| &nbsp;&nbsp; (10258)<br>|
| Net change in unrealized appreciation (depreciation) | (1771939)<br>| &nbsp;&nbsp; 4657046 |
| Net increase (decrease) in net assets resulting from operations | (620821)<br>| &nbsp;&nbsp; 7265203 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM INVESTMENT OPERATIONS:** |  |  |
| Class A Shares | (1405)<br>| &nbsp;&nbsp; — |
| Class I Shares | (1326755)<br>| &nbsp;&nbsp; (2645882)<br>|
| Total distributions to shareholders from investment operations | (1328160)<br>| &nbsp;&nbsp; (2645882)<br>|
| **CAPITAL TRANSACTIONS:** |  |  |
| Proceeds from shares sold | 7244234 | &nbsp;&nbsp; 21186381 |
| Proceeds from shares reinvested | 1327767<br>| &nbsp;&nbsp; 2645178<br>|
| Cost of shares redeemed  | (11854625) <br>| &nbsp;&nbsp; (25296264) <br>|
| Net increase (decrease) in net assets resulting from capital transactions | (3282624)<br>| &nbsp;&nbsp; (1464705)<br>|
| Total increase (decrease) in net assets | (5231605)<br>| &nbsp;&nbsp; 3154616 |
| **NET ASSETS:** |  |  |
| Beginning of period | 75310420 | &nbsp;&nbsp; 72155804 |
| End of period | $70078815 | &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> **4/30/2025 (a)**<br> **(Unaudited)**<br>|
| Net asset value, beginning of period | $20.53 |
| **Income from investment operations:** |  |
| Net investment income (loss) (b) | 0.10 |
| Net realized and unrealized gain (loss) | (0.61)<br>|
| Total from investment operations | (0.51)<br>|
| **Distributions paid to shareholders from:** |  |
| Net investment income | (0.06)<br>|
| Net asset value, end of period | $19.96 |
| **Total return** (c) | (2.50)%<br>|
| **Ratios to average net assets/supplemental data:** |  |
| Net assets, end of period (in 000's) | $488 |
| Ratio of total expenses to average net assets | 6.52<br> % (d)<br>|
| Ratio of net expenses to average net assets | 0.90<br> % (d)<br>|
| Ratio of net investment income (loss) to average net assets | 3.27<br> % (d)<br>|
| Portfolio turnover rate | 15<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Class
 A Shares were initially seeded and commenced operation 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.

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;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Period**<br> **Ended**<br> **10/31/2022 (a)** |
| **Class I Shares** | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** | **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) | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | (0.53)<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 | (0.17)<br>| &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 | (0.37)<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 | $19.91 | &nbsp;&nbsp;&nbsp;&nbsp; $20.45 | &nbsp;&nbsp;&nbsp;&nbsp; $19.20 | &nbsp;&nbsp;&nbsp;&nbsp; $19.33 |
| **Total return** (c) | (0.84)%<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) | $69591 | &nbsp;&nbsp;&nbsp;&nbsp; $75310 | &nbsp;&nbsp;&nbsp;&nbsp; $72156 | &nbsp;&nbsp;&nbsp;&nbsp; $47469 |
| Ratio of total expenses to average net assets | 0.92<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> % (d)<br>|
| Ratio of net expenses to average net assets | 0.65<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> % (d)<br>|
| Ratio of net investment income (loss) to average net assets | 3.56<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.76<br> % (d)<br>|
| Portfolio turnover rate | 15<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 operation 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) Annualized.

See Notes to Financial Statements

------

**Notes to Financial Statements**

**First Trust Managed Municipal Fund** 

**April 30, 2025 (Unaudited)**

&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.

Exchange-traded futures contracts are valued at the end of the day settlement price.

------

**Notes to Financial Statements (Continued)**

**First Trust Managed Municipal Fund** 

**April 30, 2025 (Unaudited)**

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** 

**April 30, 2025 (Unaudited)**

&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 April 30, 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 April 30, 2025, the Fund held $773,849 of when-issued or delayed delivery securities. At April 30, 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.

Restricted cash segregated as collateral for futures contracts in the amount of $8,103 is shown as "Cash segregated as collateral" on the Statement of Assets and Liabilities.

**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.

------

**Notes to Financial Statements (Continued)**

**First Trust Managed Municipal Fund** 

**April 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| Distributions paid from: |  |
| Ordinary income | &nbsp;&nbsp; $3285 |
| Capital gains | &nbsp;&nbsp; — |
| Tax-exempt income | &nbsp;&nbsp; 2642597 |
| Return of capital | &nbsp;&nbsp; — |

---

As of October 31, 2024, the distributable earnings and net assets on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp; $16832 |
| Undistributed capital gains | &nbsp;&nbsp; — |
| Total undistributed earnings | &nbsp;&nbsp; 16832 |
| Accumulated capital and other losses | &nbsp;&nbsp; (517575)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 1575124 |
| Total accumulated earnings (losses) | &nbsp;&nbsp; 1074381 |
| Other | &nbsp;&nbsp; — |
| Paid-in capital | &nbsp;&nbsp; 74236039 |
| Total net assets | &nbsp;&nbsp; $75310420 |

---

**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, 2024, for federal income tax purposes, the Fund had $517,575 of non-expiring capital loss carryforwards available, to the extent provided by regulations to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probably that the capital gains so offset will not be distributed to the Fund's shareholders.

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, 2024, 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. Taxable years ended 2022, 2023 and 2024 remain open to federal and state audit. As of April 30, 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 Managed Municipal Fund** 

**April 30, 2025 (Unaudited)**

As of April 30, 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>|
| $69872099 | $622777 | $(880705) | $(257928) |

---

**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 $9,250.

First Trust has agreed to waive fees and/or reimburse expenses to the extent necessary through March 1, 2026, to prevent the Fund's Total Annual Operating Expenses (excluding 12b-1 distribution and service fees, interest expenses, taxes, fees incurred in acquiring and disposing of portfolio securities, acquired fund fees and expenses, 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 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 six months ended April 30, 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** | **Expenses Subject to Recovery** |  |
| **Advisory Fee**<br> **Waiver**<br>| **Expense**<br> **Reimbursement**<br>| **Period Ended**<br> **October 31, 2022**<br>| **Year Ended**<br> **October 31, 2023**<br>| **Year Ended**<br> **October 31, 2024**<br>| **Six Months Ended**<br> **April 30, 2025**<br>| **Total** |
| $103048 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $98726 | &nbsp;&nbsp; $143526 | &nbsp;&nbsp; $150261 | &nbsp;&nbsp; $103048 | &nbsp;&nbsp; $495561 |

---

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.

------

**Notes to Financial Statements (Continued)**

**First Trust Managed Municipal Fund** 

**April 30, 2025 (Unaudited)**

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **April 30, 2025** | **Six Months Ended**<br> **April 30, 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; 331905 | &nbsp;&nbsp;&nbsp;&nbsp; 6744234 | &nbsp;&nbsp;&nbsp;&nbsp; 1034226 | &nbsp;&nbsp;&nbsp;&nbsp; 21186381 |
| Total Sales | &nbsp;&nbsp; 356260 | &nbsp;&nbsp;&nbsp;&nbsp; $7244234 | &nbsp;&nbsp;&nbsp;&nbsp; 1034226 | &nbsp;&nbsp;&nbsp;&nbsp; $21186381 |
| Dividend Reinvestment: |  |  |  |  |
| Class A | &nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; $1405 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Class I | &nbsp;&nbsp; 65205 | &nbsp;&nbsp;&nbsp;&nbsp; 1326362 | &nbsp;&nbsp;&nbsp;&nbsp; 129049 | &nbsp;&nbsp;&nbsp;&nbsp; 2645178 |
| Total Dividend Reinvestment | &nbsp;&nbsp; 65275 | &nbsp;&nbsp;&nbsp;&nbsp; $1327767 | &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; (583081)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11854625)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1239697)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25296264)<br>|
| Total Redemptions | &nbsp;&nbsp; (583081)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(11854625)<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 six months ended April 30, 2025, were $10,668,850 and $13,119,439, 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 type of derivatives held by the Fund at April 30, 2025, the primary underlying risk exposure and the location of these instruments as presented on the Statement of Assets and Liabilities.

------

**Notes to Financial Statements (Continued)**

**First Trust Managed Municipal Fund** 

**April 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative**<br> **Instrument**<br>| **Risk**<br> **Exposure**<br>| **Statement of Assets and**<br> **Liabilities Location**<br>| **Value** | **Statement of Assets and**<br> **Liabilities Location**<br>| **Value** |
| Futures contracts | Interest Rate Risk | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation<br> on futures contracts\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation<br> on futures contracts\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; $10406 |

---

\*Includes cumulative appreciation/depreciation on futures contracts as reported in the Futures Contracts table. Only the current day's variation margin is presented on the Statement of Assets and Liabilities.

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended April 30, 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; $(14008)<br>|
| Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33703)<br>|

---

The average notional value of futures contracts outstanding during the six months ended April 30, 2025, which is indicative of the volume of this derivative type, was $794,859.

The Fund does not have the right to offset financial assets and liabilities related to futures contracts on the Statement of Assets and Liabilities.

**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 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. 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. Prior to February 26, 2025, the commitment fee rate was 0.20%. 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 have any borrowings outstanding during the six months ended April 30, 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.

------

**Other Information**

**First Trust Managed Municipal Fund** 

**April 30, 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 six months ended April 30, 2025.

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

There were no matters submitted for vote by shareholders of the Fund during the six months ended April 30, 2025.

**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)**

Not applicable for the most recent fiscal half year.

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![](img535d1a221.jpg)

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First Trust Preferred Securities and Income Fund

------

Semi-Annual Financial Statements and Other Information

For the Six Months Ended

April 30, 2025

![](imgb429ec993.jpg)

------

**Table of Contents**

**First Trust Preferred Securities and Income Fund** 

**Semi-Annual Financial Statements and Other Information**

**April 30, 2025** 

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_ad7bcb5f-4d48-4678-b1d0-f8f7be8a7ba3_SOI-SOIfooter-22_1) | &nbsp;&nbsp; 1 |
| [Statement of Assets and Liabilities](#xx_ad7bcb5f-4d48-4678-b1d0-f8f7be8a7ba3_SAL-SALfooter-22_1) | &nbsp;&nbsp; 8 |
| [Statement of Operations](#xx_ad7bcb5f-4d48-4678-b1d0-f8f7be8a7ba3_SOP-SOPfootnote-22_1) | &nbsp;&nbsp; 9 |
| [Statements of Changes in Net Assets](#xx_ad7bcb5f-4d48-4678-b1d0-f8f7be8a7ba3_SOC-SOCfooter-22_1) | &nbsp;&nbsp; 10 |
| [Financial Highlights](#xx_ad7bcb5f-4d48-4678-b1d0-f8f7be8a7ba3_FiHi-FiHifooter-22_1) | &nbsp;&nbsp; 11 |
| [Notes to Financial Statements](#xx_ad7bcb5f-4d48-4678-b1d0-f8f7be8a7ba3_NTF-TOCnotes-22_1) | &nbsp;&nbsp; 16 |
| [Other Information](#xx_ad7bcb5f-4d48-4678-b1d0-f8f7be8a7ba3_AI-AddILBsforsemi-22_1) | &nbsp;&nbsp; 23 |

---

**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** 

**April 30, 2025 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **$25 PAR PREFERRED SECURITIES – 17.6%**  | **$25 PAR PREFERRED SECURITIES – 17.6%**  | **$25 PAR PREFERRED SECURITIES – 17.6%**  | **$25 PAR PREFERRED SECURITIES – 17.6%**  | **$25 PAR PREFERRED SECURITIES – 17.6%**  |
|  | **Automobiles – 0.4%**  |  |  |  |
| 10140 | Ford Motor Co. | 6.20<br> %<br>| 06/01/59 | $212839 |
| 20501 | Ford Motor Co. | 6.00<br> %<br>| 12/01/59 | 420475 |
| 4917 | Ford Motor Co. | 6.50<br> %<br>| 08/15/62 | 107535 |
|  |  |  |  | 740849 |
|  | **Banks – 0.8%**  |  |  |  |
| 33301 | Bank of America Corp., Series KK | 5.38<br> %<br>| (a) | 730291 |
| 2684 | JPMorgan Chase & Co., Series GG | 4.75<br> %<br>| (a) | 53895 |
| 8660 | JPMorgan Chase & Co., Series LL | 4.63<br> %<br>| (a) | 168870 |
| 7383 | Pinnacle Financial Partners, Inc., Series B | 6.75<br> %<br>| (a) | 180145 |
| 251 | Truist Financial Corp., Series R | 4.75<br> %<br>| (a) | 4794 |
| 11448 | US Bancorp, Series K | 5.50<br> %<br>| (a) | 254947 |
| 6741 | Wells Fargo & Co., Series Z | 4.75<br> %<br>| (a) | 127809 |
|  |  |  |  | 1520751 |
|  | **Capital Markets – 3.0%**  |  |  |  |
| 10457 | Affiliated Managers Group, Inc.  | 5.88<br> %<br>| 03/30/59 | 217401 |
| 4000 | Affiliated Managers Group, Inc.  | 4.75<br> %<br>| 09/30/60 | 67720 |
| 22386 | Affiliated Managers Group, Inc.  | 4.20<br> %<br>| 09/30/61 | 342282 |
| 44108 | Affiliated Managers Group, Inc.  | 6.75<br> %<br>| 03/30/64 | 1044919 |
| 53000 | Bank of New York Mellon (The) Corp., Series K (b) | 6.15<br> %<br>| (a) | 1331360 |
| 9100 | Brookfield Oaktree Holdings, LLC, Series A | 6.63<br> %<br>| (a) | 187278 |
| 55706 | Carlyle Finance LLC | 4.63<br> %<br>| 05/15/61 | 941988 |
| 14498 | DigitalBridge Group, Inc., Series I | 7.15<br> %<br>| (a) | 312722 |
| 115 | DigitalBridge Group, Inc., Series J | 7.13<br> %<br>| (a) | 2443 |
| 31056 | KKR Group Finance Co., IX LLC | 4.63<br> %<br>| 04/01/61 | 535716 |
| 2344 | Morgan Stanley, Series P | 6.50<br> %<br>| (a) | 58811 |
| 16122 | Morgan Stanley, Series Q | 6.63<br> %<br>| (a) | 405307 |
| 25445 | TPG Operating Group II, L.P. | 6.95<br> %<br>| 03/15/64 | 609153 |
|  |  |  |  | 6057100 |
|  | **Consumer Finance – 0.0%**  |  |  |  |
| 2478 | Capital One Financial Corp., Series I | 5.00<br> %<br>| (a) | 46314 |
|  | **Diversified REITs – 0.2%**  |  |  |  |
| 16370 | Global Net Lease, Inc., Series A | 7.25<br> %<br>| (a) | 369962 |
|  | **Diversified Telecommunication Services – 0.5%**  |  |  |  |
| 7398 | AT&T, Inc. | 5.35<br> %<br>| 11/01/66 | 167861 |
| 13671 | AT&T, Inc., Series A | 5.00<br> %<br>| (a) | 274377 |
| 26186 | AT&T, Inc., Series C | 4.75<br> %<br>| (a) | 499105 |
|  |  |  |  | 941343 |
|  | **Electric Utilities – 1.2%**  |  |  |  |
| 82162 | SCE Trust VII, Series M | 7.50<br> %<br>| (a) | 1893834 |
| 22992 | SCE Trust VIII, Series N | 6.95<br> %<br>| (a) | 504215 |
| 1195 | Southern (The) Co. | 5.25<br> %<br>| 12/01/77 | 25776 |
| 2535 | Southern (The) Co., Series 2020 | 4.95<br> %<br>| 01/30/80 | 50827 |
|  |  |  |  | 2474652 |
|  | **Financial Services – 1.3%**  |  |  |  |
| 826 | Apollo Global Management, Inc. (b) | 7.63<br> %<br>| 09/15/53 | 21930 |
| 71104 | Corebridge Financial, Inc. | 6.38<br> %<br>| 12/15/64 | 1696541 |
| 40659 | Equitable Holdings, Inc., Series A | 5.25<br> %<br>| (a) | 813180 |
| 1449 | Jackson Financial, Inc. (b) | 8.00<br> %<br>| (a) | 37602 |

---

See Notes to Financial Statements

------

**First Trust Preferred Securities and Income Fund** 

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)**  |  |  |  |
| 3644 | Voya Financial, Inc., Series B (b) | 5.35<br> %<br>| (a) | $88440 |
|  |  |  |  | 2657693 |
|  | **Independent Power & Renewable Electricity Producers – 0.4%**  |  |  |  |
| 35878 | Brookfield BRP Holdings Canada, Inc. | 4.63<br> %<br>| (a) | 517002 |
| 21958 | Brookfield Renewable Partners, L.P., Series 17 | 5.25<br> %<br>| (a) | 372627 |
|  |  |  |  | 889629 |
|  | **Insurance – 5.8%**  |  |  |  |
| 67947 | AEGON Funding Co., LLC | 5.10<br> %<br>| 12/15/49 | 1367094 |
| 397 | Allstate (The) Corp., Series H | 5.10<br> %<br>| (a) | 8230 |
| 26789 | American National Group, Inc. | 7.38<br> %<br>| (a) | 667582 |
| 4822 | AmTrust Financial Services, Inc. (c) | 7.25<br> %<br>| 06/15/55 | 73777 |
| 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) | 313194 |
| 24220 | Aspen Insurance Holdings Ltd. | 5.63<br> %<br>| (a) | 447828 |
| 70607 | Aspen Insurance Holdings Ltd. | 5.63<br> %<br>| (a) | 1307642 |
| 8404 | Assurant, Inc. | 5.25<br> %<br>| 01/15/61 | 163878 |
| 54816 | Athene Holding Ltd. (b) | 7.25<br> %<br>| 03/30/64 | 1356696 |
| 30165 | Athene Holding Ltd., Series A (b) | 6.35<br> %<br>| (a) | 707067 |
| 42388 | Athene Holding Ltd., Series E (b) | 7.75<br> %<br>| (a) | 1064363 |
| 14000 | Axis Capital Holdings Ltd., Series E | 5.50<br> %<br>| (a) | 285040 |
| 22115 | CNO Financial Group, Inc. | 5.13<br> %<br>| 11/25/60 | 382147 |
| 251 | Enstar Group Ltd., Series D (b) | 7.00<br> %<br>| (a) | 5351 |
| 47080 | F&G Annuities & Life, Inc. | 7.95<br> %<br>| 12/15/53 | 1203835 |
| 85438 | F&G Annuities & Life, Inc. | 7.30<br> %<br>| 01/15/65 | 2001812 |
| 169 | MetLife, Inc., Series F | 4.75<br> %<br>| (a) | 3309 |
| 10700 | Phoenix (The) Cos., Inc. | 7.45<br> %<br>| 01/15/32 | 188855 |
| 1548 | Prudential Financial, Inc. | 5.63<br> %<br>| 08/15/58 | 35774 |
| 2571 | RenaissanceRe Holdings Ltd., Series G | 4.20<br> %<br>| (a) | 40185 |
| 1185 | W.R. Berkley Corp. | 5.10<br> %<br>| 12/30/59 | 22989 |
|  |  |  |  | 11733314 |
|  | **Multi-Utilities – 1.2%**  |  |  |  |
| 6175 | Algonquin Power & Utilities Corp.,Series 19-A, 3 Mo. CME Term <br> SOFR + CSA + 4.01% (d)<br>| 8.86<br> %<br>| 07/01/79 | 155301 |
| 28651 | Brookfield Infrastructure Finance ULC | 5.00<br> %<br>| 05/24/81 | 462141 |
| 28172 | Brookfield Infrastructure Partners, L.P., Series 13 | 5.13<br> %<br>| (a) | 463148 |
| 18824 | CMS Energy Corp. | 5.88<br> %<br>| 10/15/78 | 414316 |
| 13328 | CMS Energy Corp. | 5.88<br> %<br>| 03/01/79 | 297214 |
| 26819 | Sempra | 5.75<br> %<br>| 07/01/79 | 558908 |
|  |  |  |  | 2351028 |
|  | **Real Estate Management & Development – 0.7%**  |  |  |  |
| 52084 | Brookfield Property Partners, L.P., Series A | 5.75<br> %<br>| (a) | 659383 |
| 49646 | Brookfield Property Partners, L.P., Series A2 | 6.38<br> %<br>| (a) | 715399 |
| 6283 | Brookfield Property Preferred, L.P. | 6.25<br> %<br>| 07/26/81 | 92674 |
|  |  |  |  | 1467456 |
|  | **Specialized REITs – 0.1%**  |  |  |  |
| 2712 | National Storage Affiliates Trust, Series A | 6.00<br> %<br>| (a) | 61291 |
| 3923 | Public Storage, Series L | 4.63<br> %<br>| (a) | 74106 |
|  |  |  |  | 135397 |

---

See Notes to Financial Statements

------

**First Trust Preferred Securities and Income Fund** 

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)**  |
|  | **Wireless Telecommunication Services – 2.0%**  |  |  |  |
| 25468 | United States Cellular Corp. | 6.25<br> %<br>| 09/01/69 | $601045 |
| 76207 | United States Cellular Corp. | 5.50<br> %<br>| 03/01/70 | 1673506 |
| 82625 | United States Cellular Corp. | 5.50<br> %<br>| 06/01/70 | 1832622 |
|  |  |  |  | 4107173 |
|  | **Total $25 Par Preferred Securities** | **Total $25 Par Preferred Securities** | **Total $25 Par Preferred Securities** | 35492661 |
|  | (Cost $40,164,973) |  |  |  |
| **$1,000 PAR PREFERRED SECURITIES – 3.3%** | **$1,000 PAR PREFERRED SECURITIES – 3.3%** | **$1,000 PAR PREFERRED SECURITIES – 3.3%** | **$1,000 PAR PREFERRED SECURITIES – 3.3%** | **$1,000 PAR PREFERRED SECURITIES – 3.3%** |
|  | **Banks – 3.3%**  |  |  |  |
| 1887 | Bank of America Corp., Series L | 7.25<br> %<br>| (a) | 2207941 |
| 3881 | Wells Fargo & Co., Series L | 7.50<br> %<br>| (a) | 4509722 |
|  | **Total $1,000 Par Preferred Securities** | **Total $1,000 Par Preferred Securities** | **Total $1,000 Par Preferred Securities** | 6717663 |
|  | (Cost $7,437,809) |  |  |  |
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES – 77.0%** | **CAPITAL PREFERRED SECURITIES – 77.0%** | **CAPITAL PREFERRED SECURITIES – 77.0%** | **CAPITAL PREFERRED SECURITIES – 77.0%** | **CAPITAL PREFERRED SECURITIES – 77.0%** |
|  | **Banks – 39.8%**  |  |  |  |
| $400000 | Banco Bilbao Vizcaya Argentaria S.A. (b) (e) | 7.75<br> %<br>| (a) | 392457 |
| 1300000 | Banco Bilbao Vizcaya Argentaria S.A. (b) (e) | 9.38<br> %<br>| (a) | 1403354 |
| 300000 | Banco de Credito e Inversiones S.A. (b) (e) (f) | 8.75<br> %<br>| (a) | 311139 |
| 200000 | Banco de Credito e Inversiones S.A. (b) (e) (g) | 8.75<br> %<br>| (a) | 207426 |
| 900000 | Banco Mercantil del Norte S.A. (b) (e) (f) | 7.50<br> %<br>| (a) | 880316 |
| 1000000 | Banco Mercantil del Norte S.A. (b) (e) (f) | 7.63<br> %<br>| (a) | 990348 |
| 1100000 | Banco Mercantil del Norte S.A. (b) (e) (f) | 8.38<br> %<br>| (a) | 1113519 |
| 400000 | Banco Mercantil del Norte S.A. (b) (e) (f) | 8.75<br> %<br>| (a) | 399557 |
| 1100000 | Banco Santander S.A. (b) (e) | 8.00<br> %<br>| (a) | 1125338 |
| 800000 | Banco Santander S.A. (b) (e) | 9.63<br> %<br>| (a) | 873482 |
| 1800000 | Banco Santander S.A. (b) (e) | 9.63<br> %<br>| (a) | 2037944 |
| 5049000 | Bank of America Corp. (b) | 6.63<br> %<br>| (a) | 5063948 |
| 600000 | Bank of America Corp., Series TT (b) | 6.13<br> %<br>| (a) | 600009 |
| 2200000 | Bank of Montreal (b) | 7.70<br> %<br>| 05/26/84 | 2244900 |
| 1100000 | Bank of Montreal (b) | 7.30<br> %<br>| 11/26/84 | 1083749 |
| 1500000 | Bank of Nova Scotia (The) (b) | 8.63<br> %<br>| 10/27/82 | 1554509 |
| 1500000 | Bank of Nova Scotia (The) (b) | 8.00<br> %<br>| 01/27/84 | 1538562 |
| 1200000 | Bank of Nova Scotia (The) (b) | 7.35<br> %<br>| 04/27/85 | 1190362 |
| 550000 | Barclays PLC (b) (e) | 4.38<br> %<br>| (a) | 494330 |
| 200000 | Barclays PLC (b) (e) | 7.63<br> %<br>| (a) | 191829 |
| 4000000 | Barclays PLC (b) (e) | 8.00<br> %<br>| (a) | 4096476 |
| 1100000 | Barclays PLC (b) (e) | 9.63<br> %<br>| (a) | 1203576 |
| 650000 | BBVA Bancomer S.A. (b) (e) (f) | 5.88<br> %<br>| 09/13/34 | 626033 |
| 500000 | BBVA Bancomer S.A. (b) (e) (f) | 7.63<br> %<br>| 02/11/35 | 503750 |
| 1300000 | BBVA Bancomer S.A. (b) (e) (f) | 8.45<br> %<br>| 06/29/38 | 1350947 |
| 2150000 | BNP Paribas S.A. (b) (e) (f) | 4.63<br> %<br>| (a) | 1819237 |
| 400000 | BNP Paribas S.A. (b) (e) (f) | 7.38<br> %<br>| (a) | 396339 |
| 1340000 | BNP Paribas S.A. (b) (e) (f) | 7.75<br> %<br>| (a) | 1380721 |
| 600000 | BNP Paribas S.A. (b) (e) (f) | 8.00<br> %<br>| (a) | 621005 |
| 2650000 | BNP Paribas S.A. (b) (e) (f) | 8.50<br> %<br>| (a) | 2768675 |
| 500000 | Canadian Imperial Bank of Commerce (b) | 6.95<br> %<br>| 01/28/85 | 483354 |
| 700000 | Citigroup, Inc., Series BB (b) | 7.20<br> %<br>| (a) | 697048 |
| 1040000 | Citigroup, Inc., Series DD (b) | 7.00<br> %<br>| (a) | 1034429 |
| 900000 | Citigroup, Inc., Series FF (b) | 6.95<br> %<br>| (a) | 883910 |
| 200000 | Citigroup, Inc., Series Z (b) | 7.38<br> %<br>| (a) | 202988 |
| 500000 | CoBank ACB (b) | 7.25<br> %<br>| (a) | 501587 |

---

See Notes to Financial Statements

------

**First Trust Preferred Securities and Income Fund** 

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Banks (Continued)**  |  |  |  |
| $29000 | CoBank ACB, Series I (b) | 6.25<br> %<br>| (a) | $28794 |
| 865000 | CoBank ACB, Series K (b) | 6.45<br> %<br>| (a) | 862626 |
| 1400000 | Commerzbank AG (b) (e) (g) | 7.50<br> %<br>| (a) | 1388255 |
| 3200000 | Credit Agricole S.A. (b) (e) (f) | 6.70<br> %<br>| (a) | 3038136 |
| 300000 | Farm Credit Bank of Texas (b) | 7.75<br> %<br>| (a) | 311605 |
| 600000 | Farm Credit Bank of Texas, Series 3 (b) (f) | 6.20<br> %<br>| (a) | 589500 |
| 1300000 | HSBC Holdings PLC (b) (e) | 6.88<br> %<br>| (a) | 1292482 |
| 1800000 | HSBC Holdings PLC (b) (e) | 6.95<br> %<br>| (a) | 1759438 |
| 2000000 | HSBC Holdings PLC (b) (e) | 8.00<br> %<br>| (a) | 2082212 |
| 1000000 | ING Groep N.V. (b) (e) (g) | 7.25<br> %<br>| (a) | 994650 |
| 1457000 | ING Groep N.V. (b) (e) (g) | 8.00<br> %<br>| (a) | 1513459 |
| 3350000 | JPMorgan Chase & Co., Series NN (b) | 6.88<br> %<br>| (a) | 3459194 |
| 325000 | JPMorgan Chase & Co., Series OO (b) | 6.50<br> %<br>| (a) | 325570 |
| 2490000 | Lloyds Banking Group PLC (b) (e) | 8.00<br> %<br>| (a) | 2558873 |
| 258000 | NatWest Group PLC (b) (e) | 8.13<br> %<br>| (a) | 267092 |
| 1406000 | PNC Financial Services Group (The), Inc., Series U (b) | 6.00<br> %<br>| (a) | 1394131 |
| 494000 | PNC Financial Services Group (The), Inc., Series V (b) | 6.20<br> %<br>| (a) | 494909 |
| 1650000 | PNC Financial Services Group (The), Inc., Series W (b) | 6.25<br> %<br>| (a) | 1627469 |
| 1600000 | Royal Bank of Canada (b) | 7.50<br> %<br>| 05/02/84 | 1647558 |
| 2250000 | Royal Bank of Canada (b) | 6.35<br> %<br>| 11/24/84 | 2069892 |
| 1500000 | Societe Generale S.A. (b) (e) (f) | 9.38<br> %<br>| (a) | 1572804 |
| 1200000 | Societe Generale S.A. (b) (e) (f) | 10.00<br> %<br>| (a) | 1293376 |
| 720000 | Sumitomo Mitsui Financial Group, Inc. (b) (e) | 6.60<br> %<br>| (a) | 703976 |
| 200000 | Swedbank AB (b) (e) (g) | 7.63<br> %<br>| (a) | 205348 |
| 600000 | Swedbank AB (b) (e) (g) | 7.75<br> %<br>| (a) | 616500 |
| 2180000 | Toronto-Dominion Bank (The) (b) | 8.13<br> %<br>| 10/31/82 | 2258665 |
| 300000 | Toronto-Dominion Bank (The) (b) | 7.25<br> %<br>| 07/31/84 | 298772 |
| 2214000 | Wells Fargo & Co. (b) | 6.85<br> %<br>| (a) | 2243685 |
| 1000000 | Wells Fargo & Co. (b) | 7.63<br> %<br>| (a) | 1055215 |
|  |  |  |  | 80221339 |
|  | **Capital Markets – 5.6%**  |  |  |  |
| 1500000 | Ares Finance Co. III LLC (b) (f) | 4.13<br> %<br>| 06/30/51 | 1444510 |
| 2991000 | Charles Schwab (The) Corp., Series H (b) | 4.00<br> %<br>| (a) | 2613657 |
| 4000 | Charles Schwab (The) Corp., Series I (b) | 4.00<br> %<br>| (a) | 3879 |
| 4100000 | Credit Suisse Group AG, Claim (h) (i) |  |  | 307500 |
| 1600000 | Credit Suisse Group AG, Claim (h) (i) |  |  | 120000 |
| 2425000 | Credit Suisse Group AG, Claim (h) (i) |  |  | 181875 |
| 1500000 | Credit Suisse Group AG, Claim (h) (i) |  |  | 112500 |
| 550000 | Goldman Sachs Group (The), Inc. (b) | 6.85<br> %<br>| (a) | 543821 |
| 494000 | Goldman Sachs Group (The), Inc., Series W (b) | 7.50<br> %<br>| (a) | 512739 |
| 2411000 | Goldman Sachs Group (The), Inc., Series X (b) | 7.50<br> %<br>| (a) | 2464676 |
| 1200000 | Goldman Sachs Group (The), Inc., Series Y (b) | 6.13<br> %<br>| (a) | 1134399 |
| 513000 | State Street Corp., Series I (b) | 6.70<br> %<br>| (a) | 516093 |
| 1300000 | State Street Corp., Series J (b) | 6.70<br> %<br>| (a) | 1308633 |
|  |  |  |  | 11264282 |
|  | **Diversified Telecommunication Services – 0.9%**  |  |  |  |
| 1800000 | Bell Canada (b) | 7.00<br> %<br>| 09/15/55 | 1790714 |
|  | **Electric Utilities – 4.8%**  |  |  |  |
| 1980000 | American Electric Power Co., Inc. (b) | 6.95<br> %<br>| 12/15/54 | 1996691 |
| 275000 | American Electric Power Co., Inc. (b) | 7.05<br> %<br>| 12/15/54 | 278179 |
| 975000 | Duke Energy Corp. (b) | 6.45<br> %<br>| 09/01/54 | 979487 |
| 1700000 | Entergy Corp. (b) | 7.13<br> %<br>| 12/01/54 | 1713489 |

---

See Notes to Financial Statements

------

**First Trust Preferred Securities and Income Fund** 

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Electric Utilities (Continued)**  |  |  |  |
| $950000 | EUSHI Finance, Inc. (b) | 7.63<br> %<br>| 12/15/54 | $956609 |
| 1535000 | NextEra Energy Capital Holdings, Inc. (b) | 6.75<br> %<br>| 06/15/54 | 1554474 |
| 452000 | NextEra Energy Capital Holdings, Inc. (b) | 6.38<br> %<br>| 08/15/55 | 454083 |
| 590000 | NextEra Energy Capital Holdings, Inc. (b) | 6.50<br> %<br>| 08/15/55 | 594750 |
| 1100000 | Southern (The) Co., Series 2025 (b) | 6.38<br> %<br>| 03/15/55 | 1123330 |
|  |  |  |  | 9651092 |
|  | **Financial Services – 2.2%**  |  |  |  |
| 2500000 | American AgCredit Corp. (b) (f) | 5.25<br> %<br>| (a) | 2343750 |
| 1500000 | Capital Farm Credit ACA, Series 1 (b) (f) | 5.00<br> %<br>| (a) | 1470001 |
| 600000 | Compeer Financial ACA (b) (f) | 4.88<br> %<br>| (a) | 573000 |
|  |  |  |  | 4386751 |
|  | **Food Products – 3.2%**  |  |  |  |
| 300000 | Dairy Farmers of America, Inc. (j) | 7.13<br> %<br>| (a) | 285000 |
| 1305000 | Land O'Lakes Capital Trust I (j) | 7.45<br> %<br>| 03/15/28 | 1302455 |
| 1400000 | Land O'Lakes, Inc. (f) | 7.00<br> %<br>| (a) | 1148000 |
| 1200000 | Land O'Lakes, Inc. (f) | 7.25<br> %<br>| (a) | 1002000 |
| 3000000 | Land O'Lakes, Inc. (f) | 8.00<br> %<br>| (a) | 2789989 |
|  |  |  |  | 6527444 |
|  | **Gas Utilities – 0.4%**  |  |  |  |
| 880000 | AltaGas Ltd. (b) (f) | 7.20<br> %<br>| 10/15/54 | 861622 |
|  | **Independent Power & Renewable Electricity Producers – 1.1%**  |  |  |  |
| 1810000 | AES (The) Corp. (b) | 6.95<br> %<br>| 07/15/55 | 1692512 |
| 490000 | AES (The) Corp. (b) | 7.60<br> %<br>| 01/15/55 | 485375 |
|  |  |  |  | 2177887 |
|  | **Insurance – 9.4%**  |  |  |  |
| 1822000 | Assurant, Inc. (b) | 7.00<br> %<br>| 03/27/48 | 1814244 |
| 850000 | Assured Guaranty Municipal Holdings, Inc. (b) (f) | 6.40<br> %<br>| 12/15/66 | 785149 |
| 900000 | AXIS Specialty Finance LLC (b) | 4.90<br> %<br>| 01/15/40 | 856724 |
| 2000000 | CNP Assurances SACA (b) (e) (g) | 4.88<br> %<br>| (a) | 1716150 |
| 1000000 | Fortegra Financial Corp. (b) (j) | 8.50<br> %<br>| 10/15/57 | 977500 |
| 2364000 | Global Atlantic Fin Co. (b) (f) | 4.70<br> %<br>| 10/15/51 | 2247507 |
| 1121000 | Global Atlantic Fin Co. (b) (f) | 7.95<br> %<br>| 10/15/54 | 1141199 |
| 2870000 | Hartford Financial Services Group (The), Inc., 3 Mo. CME Term <br> SOFR + CSA + 2.13% (d) (f)<br>| 6.71<br> %<br>| 02/12/47 | 2623879 |
| 1174000 | Kuvare US Holdings, Inc. (b) (f) | 7.00<br> %<br>| 02/17/51 | 1173578 |
| 1920000 | Lancashire Holdings Ltd. (b) (g) | 5.63<br> %<br>| 09/18/41 | 1772104 |
| 1558000 | Liberty Mutual Group, Inc. (b) (f) | 4.13<br> %<br>| 12/15/51 | 1471945 |
| 1200000 | Meiji Yasuda Life Insurance Co. (b) (f) | 6.10<br> %<br>| 06/11/55 | 1186451 |
| 600000 | MetLife, Inc., Series G (b) | 6.35<br> %<br>| 03/15/55 | 597030 |
| 561000 | Nippon Life Insurance Co. (b) (f) | 6.50<br> %<br>| 04/30/55 | 569504 |
|  |  |  |  | 18932964 |
|  | **Multi-Utilities – 4.0%**  |  |  |  |
| 2446000 | Algonquin Power & Utilities Corp. (b) | 4.75<br> %<br>| 01/18/82 | 2298040 |
| 75000 | CenterPoint Energy, Inc., Series B (b) | 6.85<br> %<br>| 02/15/55 | 75077 |
| 1448000 | Dominion Energy, Inc. (b) | 6.63<br> %<br>| 05/15/55 | 1427278 |
| 569000 | Dominion Energy, Inc., Series A (b) | 6.88<br> %<br>| 02/01/55 | 585538 |
| 650000 | Dominion Energy, Inc., Series B (b) | 7.00<br> %<br>| 06/01/54 | 676490 |
| 900000 | NiSource, Inc. (b) | 6.38<br> %<br>| 03/31/55 | 880292 |
| 1062000 | Sempra (b) | 4.13<br> %<br>| 04/01/52 | 975782 |

---

See Notes to Financial Statements

------

**First Trust Preferred Securities and Income Fund** 

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par**<br> **Amount**<br>| **Description** | **Stated**<br> **Rate**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Multi-Utilities (Continued)**  |  |  |  |
| $1290000 | Sempra (b) | 6.40<br> %<br>| 10/01/54 | $1179823 |
|  |  |  |  | 8098320 |
|  | **Oil, Gas & Consumable Fuels – 3.9%**  |  |  |  |
| 1040000 | Enbridge, Inc. (b) | 7.63<br> %<br>| 01/15/83 | 1063379 |
| 1800000 | Enbridge, Inc. (b) | 8.50<br> %<br>| 01/15/84 | 1944702 |
| 690000 | Enbridge, Inc., Series 20-A (b) | 5.75<br> %<br>| 07/15/80 | 662550 |
| 33000 | Energy Transfer, L.P., Series B (b) | 6.63<br> %<br>| (a) | 31804 |
| 1165000 | Energy Transfer, L.P., Series G (b) | 7.13<br> %<br>| (a) | 1150972 |
| 1200000 | Transcanada Trust (b) | 5.60<br> %<br>| 03/07/82 | 1108721 |
| 2139000 | Venture Global LNG, Inc. (b) (f) | 9.00<br> %<br>| (a) | 1840513 |
|  |  |  |  | 7802641 |
|  | **Trading Companies & Distributors – 0.7%**  |  |  |  |
| 1387000 | Air Lease Corp., Series D (b) | 6.00<br> %<br>| (a) | 1301683 |
|  | **Wireless Telecommunication Services – 1.0%**  |  |  |  |
| 388000 | Rogers Communications, Inc. (b) | 7.00<br> %<br>| 04/15/55 | 391133 |
| 1704000 | Rogers Communications, Inc. (b) | 7.13<br> %<br>| 04/15/55 | 1698917 |
|  |  |  |  | 2090050 |
|  | **Total Capital Preferred Securities** | **Total Capital Preferred Securities** | **Total Capital Preferred Securities** | 155106789 |
|  | (Cost $163,757,881) |  |  |  |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **EXCHANGE-TRADED FUNDS – 0.7%** | **EXCHANGE-TRADED FUNDS – 0.7%** | **EXCHANGE-TRADED FUNDS – 0.7%** |
|  | **Capital Markets – 0.7%** |  |
| 125085 | Invesco Preferred ETF | 1379688 |
|  | (Cost $1,427,649) |  |
|  | **Total Investments – 98.6%** | 198696801 |
|  | (Cost $212,788,312)  |  |
|  | **Net Other Assets and Liabilities – 1.4%** | 2795211 |
|  | **Net Assets – 100.0%** | $201492012 |

---

&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 April 30, 2025. At a predetermined date, the
 fixed rate will change to a variable rate.

&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 security is fair valued by First Trust Advisors L.P.'s (the "Advisor") 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 April 30, 2025, securities noted as such are valued at $73,777 or 0.0% of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 security is a contingent convertible capital security which may be subject to conversion into common stock of the issuer under
 certain circumstances. At April 30, 2025, securities noted as such amounted to $46,190,549 or 22.9% of net assets. Of these securities,
 13.8% originated in emerging markets, and 86.2% originated in foreign markets.

&nbsp;&nbsp;&nbsp;&nbsp;(f) 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 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 April 30, 2025, securities noted as such amounted to $44,327,999 or 22.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(g) This
 security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Claim
 pending with the administrative court of Switzerland.

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

See Notes to Financial Statements

------

**First Trust Preferred Securities and Income Fund** 

**Portfolio of Investments (Continued)**

**April 30, 2025 (Unaudited)**

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

&nbsp;&nbsp;&nbsp;&nbsp;(j) 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 | 57.7% |
| Canada | 13.6 |
| France | 7.2 |
| United Kingdom | 6.9 |
| Bermuda | 3.2 |
| Mexico | 2.9 |
| Spain | 2.9 |
| Netherlands | 1.2 |
| Japan | 1.2 |
| Germany | 0.7 |
| Sweden | 0.4 |
| Switzerland | 0.4 |
| Chile | 0.3 |
| Total Investments | 98.6 |
| Net Other Assets and Liabilities | 1.4 |
| Total | &nbsp;&nbsp; 100.0% |

---

------

**Valuation Inputs**

A summary of the inputs used to value the Fund's investments as of April 30, 2025 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total**<br> **Value at**<br> **4/30/2025**<br>| &nbsp;&nbsp;&nbsp; **Level 1**<br> **Quoted**<br> **Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| $25 Par Preferred Securities: <br>|  |  |  |  |
| Insurance | &nbsp;&nbsp; $11733314 | &nbsp;&nbsp;&nbsp;&nbsp; $11384016 | &nbsp;&nbsp;&nbsp;&nbsp; $349298 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Other Industry Categories\* | &nbsp;&nbsp; 23759347 | &nbsp;&nbsp;&nbsp;&nbsp; 23759347 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| $1,000 Par Preferred Securities\* | &nbsp;&nbsp; 6717663 | &nbsp;&nbsp;&nbsp;&nbsp; 6717663 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Capital Preferred Securities\* | &nbsp;&nbsp; 155106789 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 155106789 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Exchange-Traded Funds\* | &nbsp;&nbsp; 1379688 | &nbsp;&nbsp;&nbsp;&nbsp; 1379688 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp; $198696801 | &nbsp;&nbsp;&nbsp;&nbsp; $43240714 | &nbsp;&nbsp;&nbsp;&nbsp; $155456087 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

**First Trust Preferred Securities and Income Fund** 

**Statement of Assets and Liabilities** 

**April 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value | $198696801 |
| Cash | 1195201 |
| Foreign currency  | 214 |
| Receivables: |  |
| Interest | 2056583 |
| Fund shares sold | 742519 |
| Investment securities sold | 22238 |
| Dividends | 16405 |
| Prepaid expenses | 79661 |
| Total Assets | 202809622 |
| **LIABILITIES:** |  |
| Payables: |  |
| Fund shares redeemed | 983093 |
| Investment advisory fees | 123122 |
| Distributions | 102638 |
| Transfer agent fees | 37437 |
| 12b-1 distribution and service fees | 26338 |
| Audit and tax fees | 21485 |
| Custodian fees | 8618 |
| Administrative fees | 6735 |
| Shareholder reporting fees | 2268 |
| Commitment and administrative agency fees | 1933 |
| Trustees' fees and expenses | 1583 |
| Registration fees | 1410 |
| Financial reporting fees | 732 |
| Other liabilities | 218 |
| Total Liabilities | 1317610 |
| **NET ASSETS** | $201492012 |
| **NET ASSETS consist of:** |  |
| Paid-in capital | $242660387 |
| Par value | 104171 |
| Accumulated distributable earnings (loss) | (41272546)<br>|
| **NET ASSETS** | $201492012 |
| Investments, at cost | $212788312 |
| Foreign currency, at cost (proceeds) | $205 |
| **Class A Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $37,194,594 and 1,938,834 shares of <br> beneficial interest issued and outstanding, unlimited number of shares authorized)<br>| $19.18 |
| Maximum sales charge (4.50% of offering price) | 0.90 |
| Maximum offering price to public | $20.08 |
| **Class C Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $21,313,010 and 1,101,465 shares of <br> beneficial interest issued and outstanding, unlimited number of shares authorized)<br>| $19.35 |
| **Class F Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $3,864,774 and 198,613 shares of <br> beneficial interest issued and outstanding, unlimited number of shares authorized)<br>| $19.46 |
| **Class I Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $138,432,069 and 7,142,183 shares of <br> beneficial interest issued and outstanding, unlimited number of shares authorized)<br>| $19.38 |
| **Class R3 Shares:** |  |
| Net asset value and redemption price per share (Based on net assets of $687,565 and 36,016 shares of beneficial <br> interest issued and outstanding, unlimited number of shares authorized)<br>| $19.09 |

---

See Notes to Financial Statements

------

**First Trust Preferred Securities and Income Fund** 

**Statement of Operations** 

**For the Six Months Ended April 30, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Interest | &nbsp;&nbsp; $5902025 |
| Dividends | &nbsp;&nbsp; 1404823 |
| Foreign withholding tax | &nbsp;&nbsp; (11644)<br>|
| Total investment income | &nbsp;&nbsp; 7295204 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp; 869066 |
| 12b-1 distribution and/or service fees: |  |
| Class A | &nbsp;&nbsp; 48571 |
| Class C | &nbsp;&nbsp; 113366 |
| Class F | &nbsp;&nbsp; 9894 |
| Class R3 | &nbsp;&nbsp; 1740 |
| Transfer agent fees | &nbsp;&nbsp; 130761 |
| Registration fees | &nbsp;&nbsp; 54137 |
| Administrative fees | &nbsp;&nbsp; 43926 |
| Legal fees | &nbsp;&nbsp; 35778 |
| Audit and tax fees | &nbsp;&nbsp; 21680 |
| Shareholder reporting fees | &nbsp;&nbsp; 21548 |
| Custodian fees | &nbsp;&nbsp; 16075 |
| Commitment and administrative agency fees | &nbsp;&nbsp; 15965 |
| Trustees' fees and expenses | &nbsp;&nbsp; 9110 |
| Financial reporting fees | &nbsp;&nbsp; 4587 |
| Listing expense | &nbsp;&nbsp; 2109 |
| Other | &nbsp;&nbsp; 3097 |
| Total expenses | &nbsp;&nbsp; 1401410 |
| Fees waived and expenses reimbursed by the investment advisor | &nbsp;&nbsp; (27504)<br>|
| Net expenses | &nbsp;&nbsp; 1373906 |
| **NET INVESTMENT INCOME (LOSS)** | &nbsp;&nbsp; 5921298 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) on: |  |
| Investments | &nbsp;&nbsp; 1174534 |
| Foreign currency transactions | &nbsp;&nbsp; (1)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 1174533 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (8281690)<br>|
| Foreign currency translation | &nbsp;&nbsp; 7 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (8281683)<br>|
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** | &nbsp;&nbsp; (7107150)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $(1185852)<br>|

---

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;

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** <br>| **Year**<br> **Ended**<br> **10/31/2024** <br>|
| **OPERATIONS:** |  |  |
| Net investment income (loss) | $5921298 | &nbsp;&nbsp; $12004048 |
| Net realized gain (loss) | 1174533 | &nbsp;&nbsp; (2099602)<br>|
| Net change in unrealized appreciation (depreciation) | (8281683)<br>| &nbsp;&nbsp; 30527189 |
| Net increase (decrease) in net assets resulting from operations | (1185852)<br>| &nbsp;&nbsp; 40431635 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM INVESTMENT OPERATIONS:** |  |  |
| Class A Shares | (1058597)<br>| &nbsp;&nbsp; (2311944)<br>|
| Class C Shares | (525623)<br>| &nbsp;&nbsp; (1092019)<br>|
| Class F Shares | (357832)<br>| &nbsp;&nbsp; (454146)<br>|
| Class I Shares | (4005192)<br>| &nbsp;&nbsp; (7729901)<br>|
| Class R3 Shares | (18188)<br>| &nbsp;&nbsp; (33988)<br>|
| Total distributions to shareholders from investment operations | (5965432)<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 | 24509308 | &nbsp;&nbsp; 94636801 |
| Proceeds from shares reinvested | 5347184<br>| &nbsp;&nbsp; 11226657<br>|
| Cost of shares redeemed  | (55233627) <br>| &nbsp;&nbsp; (97466024) <br>|
| Net increase (decrease) in net assets resulting from capital transactions | (25377135)<br>| &nbsp;&nbsp; 8397434 |
| Total increase (decrease) in net assets | (32528419)<br>| &nbsp;&nbsp; 36425075 |
| **NET ASSETS:** |  |  |
| Beginning of period | 234020431 | &nbsp;&nbsp; 197595356 |
| End of period | $201492012 | &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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
| **Class A Shares** | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| 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 | &nbsp;&nbsp;&nbsp;&nbsp; $22.07 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Net realized and unrealized gain (loss) | (0.63)<br>| &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 | &nbsp;&nbsp;&nbsp;&nbsp; (0.70)<br>|
| Total from investment operations | (0.11)<br>| &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 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.53)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.98)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>|
| Total distributions | (0.53)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (1.07)<br>|
| Net asset value, end of period | $19.18 | &nbsp;&nbsp;&nbsp;&nbsp; $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 |
| **Total return** (c) | (0.58)%<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>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $37195 | &nbsp;&nbsp;&nbsp;&nbsp; $42342 | &nbsp;&nbsp;&nbsp;&nbsp; $44662 | &nbsp;&nbsp;&nbsp;&nbsp; $44713 | &nbsp;&nbsp;&nbsp;&nbsp; $56365 | &nbsp;&nbsp;&nbsp;&nbsp; $43802 |
| Ratio of total expenses to average net assets | 1.46<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>|
| Ratio of net expenses to average net assets | 1.40<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>|
| Ratio of net investment income (loss) to average <br> net assets<br>| 5.31<br> % (d)<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>| &nbsp;&nbsp;&nbsp;&nbsp; 4.78<br> %<br>|
| Portfolio turnover rate | 25<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; 46<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) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) For
 the years ended October 31, 2024 and 2023, ratios reflect extraordinary legal 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
| **Class C Shares** | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| 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 | &nbsp;&nbsp;&nbsp;&nbsp; $22.18 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Net realized and unrealized gain (loss) | (0.63)<br>| &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 | &nbsp;&nbsp;&nbsp;&nbsp; (0.71)<br>|
| Total from investment operations | (0.18)<br>| &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 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.46)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.83)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08)<br>|
| Total distributions | (0.46)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.91)<br>|
| Net asset value, end of period | $19.35 | &nbsp;&nbsp;&nbsp;&nbsp; $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 |
| **Total return** (c) | (0.95)%<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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $21313 | &nbsp;&nbsp;&nbsp;&nbsp; $23928 | &nbsp;&nbsp;&nbsp;&nbsp; $25016 | &nbsp;&nbsp;&nbsp;&nbsp; $36112 | &nbsp;&nbsp;&nbsp;&nbsp; $51756 | &nbsp;&nbsp;&nbsp;&nbsp; $54264 |
| Ratio of total expenses to average net assets | 2.19<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> %<br>|
| Ratio of net expenses to average net assets | 2.15<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> %<br>|
| Ratio of net investment income (loss) to average <br> net assets<br>| 4.56<br> % (d)<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>| &nbsp;&nbsp;&nbsp;&nbsp; 4.09<br> %<br>|
| Portfolio turnover rate | 25<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; 46<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) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) For
 the years ended October 31, 2024 and 2023, ratios reflect extraordinary legal 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
| **Class F Shares** | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| 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 | &nbsp;&nbsp;&nbsp;&nbsp; $22.32 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Net realized and unrealized gain (loss) | (0.65)<br>| &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 | &nbsp;&nbsp;&nbsp;&nbsp; (0.70)<br>|
| Total from investment operations: | (0.11)<br>| &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 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.54)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (1.02)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>|
| Total distributions | (0.54)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (1.09)<br>|
| Net asset value, end of period | $19.46 | &nbsp;&nbsp;&nbsp;&nbsp; $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 |
| **Total return** (c) | (0.57)%<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>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $3865 | &nbsp;&nbsp;&nbsp;&nbsp; $20848 | &nbsp;&nbsp;&nbsp;&nbsp; $783 | &nbsp;&nbsp;&nbsp;&nbsp; $688 | &nbsp;&nbsp;&nbsp;&nbsp; $969 | &nbsp;&nbsp;&nbsp;&nbsp; $993 |
| Ratio of total expenses to average net assets | 1.32<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> %<br>|
| Ratio of net expenses to average net assets | 1.30<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<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 <br> assets<br>| 5.41<br> % (d)<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>| &nbsp;&nbsp;&nbsp;&nbsp; 4.83<br> %<br>|
| Portfolio turnover rate | 25<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; 46<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) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) For
 the years ended October 31, 2024 and 2023, ratios reflect extraordinary legal 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
| **Class I Shares** | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| 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 | &nbsp;&nbsp;&nbsp;&nbsp; $22.23 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Net realized and unrealized gain (loss) | (0.63)<br>| &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 | &nbsp;&nbsp;&nbsp;&nbsp; (0.76)<br>|
| Total from investment operations | (0.08)<br>| &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 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.56)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (1.02)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>|
| Total distributions | (0.56)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (1.12)<br>|
| Net asset value, end of period | $19.38 | &nbsp;&nbsp;&nbsp;&nbsp; $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 |
| **Total return** (b) | (0.45)%<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>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> %<br>|
| **Ratios to average net assets/supplemental** <br> **data:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $138432 | &nbsp;&nbsp;&nbsp;&nbsp; $146181 | &nbsp;&nbsp;&nbsp;&nbsp; $126528 | &nbsp;&nbsp;&nbsp;&nbsp; $150234 | &nbsp;&nbsp;&nbsp;&nbsp; $216022 | &nbsp;&nbsp;&nbsp;&nbsp; $190093 |
| Ratio of total expenses to average net assets | 1.08<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>|
| Ratio of net expenses to average net assets | 1.08<br> % (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| 5.64<br> % (c)<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>| &nbsp;&nbsp;&nbsp;&nbsp; 5.09<br> %<br>|
| Portfolio turnover rate | 25<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; 46<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) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) For
 the years ended October 31, 2024 and 2023, ratios reflect extraordinary legal 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
| **Class R3 Shares** | **Six Months**<br> **Ended**<br> **4/30/2025**<br> **(Unaudited)** | **2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| 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 | &nbsp;&nbsp;&nbsp;&nbsp; $22.02 |
| **Income from investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) (a) | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Net realized and unrealized gain (loss) | (0.62)<br>| &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 | &nbsp;&nbsp;&nbsp;&nbsp; (0.70)<br>|
| Total from investment operations: | (0.13)<br>| &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 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| **Distributions paid to shareholders from:** |  |  |  |  |  |  |
| Net investment income | (0.51)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.92)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>|
| Total distributions | (0.51)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (1.01)<br>|
| Net asset value, end of period | $19.09 | &nbsp;&nbsp;&nbsp;&nbsp; $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 |
| **Total return** (c) | (0.71)%<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>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>|
| **Ratios to average net assets/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (in 000's) | $688 | &nbsp;&nbsp;&nbsp;&nbsp; $721 | &nbsp;&nbsp;&nbsp;&nbsp; $605 | &nbsp;&nbsp;&nbsp;&nbsp; $690 | &nbsp;&nbsp;&nbsp;&nbsp; $738 | &nbsp;&nbsp;&nbsp;&nbsp; $683 |
| Ratio of total expenses to average net assets | 5.13<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.15<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.47<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.20<br> %<br>|
| Ratio of net expenses to average net assets | 1.65<br> % (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> % (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<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 <br> assets<br>| 5.06<br> % (d)<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>| &nbsp;&nbsp;&nbsp;&nbsp; 4.51<br> %<br>|
| Portfolio turnover rate | 25<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; 46<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) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) For
 the years ended October 31, 2024 and 2023, ratios reflect extraordinary legal 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** 

**April 30, 2025 (Unaudited)**

&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.

Bonds, notes, 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** 

**April 30, 2025 (Unaudited)**

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** 

**April 30, 2025 (Unaudited)**

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 April 30, 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.

**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 April 30, 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>| **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; $95.00 | &nbsp;&nbsp; $310125 | &nbsp;&nbsp; $285000 | 0.14<br> %<br>|
| Fortegra Financial Corp., 8.50%, <br> 10/15/57<br>| 10/12/17 | &nbsp;&nbsp; 1000000 | 97.75 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 977500 | 0.48 |
| Land O'Lakes Capital Trust I, 7.45%, <br> 03/15/28<br>| 07/23/14-03/20/15 | &nbsp;&nbsp; 1305000 | 99.81 | &nbsp;&nbsp; 1325862 | &nbsp;&nbsp; 1302455 | 0.65 |
|  |  |  |  | &nbsp;&nbsp; $2635987 | &nbsp;&nbsp; $2564955 | 1.27<br> %<br>|

---

------

**Notes to Financial Statements (Continued)**

**First Trust Preferred Securities and Income Fund** 

**April 30, 2025 (Unaudited)**

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

**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.

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

---

| | |
|:---|:---|
| Distributions paid from: |  |
| Ordinary income | &nbsp;&nbsp; $11621998 |
| Capital gains | &nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; 781996 |

---

As of October 31, 2024, 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; — |
| Total undistributed earnings | &nbsp;&nbsp; — |
| Accumulated capital and other losses | &nbsp;&nbsp; (29399641)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; (4721621)<br>|
| Total accumulated earnings (losses) | &nbsp;&nbsp; (34121262)<br>|
| Other | &nbsp;&nbsp; — |
| Paid-in capital | &nbsp;&nbsp; 268141693 |
| Total net assets | &nbsp;&nbsp; $234020431 |

---

**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.

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, 2024, for federal income tax purposes, the Fund had $29,399,641 of non-expiring capital loss carryforwards available, to the extent provided by regulations, to offset future capital gains.

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, 2024, 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. Taxable years ended 2021, 2022, 2023, and 2024 remain open to federal and state audit. As of April 30, 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 Preferred Securities and Income Fund** 

**April 30, 2025 (Unaudited)**

As of April 30, 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>|
| $212788312 | $3454647 | $(17546158) | $(14091511) |

---

**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 $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 12b-1 distribution and service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities 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, 2026 and then from exceeding 1.50% from March 1, 2026 through February 28, 2035 (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 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

------

**Notes to Financial Statements (Continued)**

**First Trust Preferred Securities and Income Fund** 

**April 30, 2025 (Unaudited)**

and expense reimbursement for the six months ended April 30, 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** | **Expenses Subject to Recovery** |  |
| **Advisory Fee**<br> **Waiver**<br>| **Expense**<br> **Reimbursement**<br>| **Six Months Ended**<br> **October 31, 2022**<br>| **Year Ended**<br> **October 31, 2023**<br>| **Year Ended**<br> **October 31, 2024**<br>| **Six Months Ended**<br> **April 30, 2025**<br>| **Total** |
| $27504 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20260 | &nbsp;&nbsp; $36989 | &nbsp;&nbsp; $40013 | &nbsp;&nbsp; $27504 | &nbsp;&nbsp; $124766 |

---

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **April 30, 2025** | **Six Months Ended**<br> **April 30, 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; 141039 | &nbsp;&nbsp;&nbsp;&nbsp; $2771343 | &nbsp;&nbsp;&nbsp;&nbsp; 404263 | &nbsp;&nbsp;&nbsp;&nbsp; $7698609 |
| Class C | &nbsp;&nbsp; 30116 | &nbsp;&nbsp;&nbsp;&nbsp; 593951 | &nbsp;&nbsp;&nbsp;&nbsp; 92902 | &nbsp;&nbsp;&nbsp;&nbsp; 1792847 |
| Class F | &nbsp;&nbsp; 73132 | &nbsp;&nbsp;&nbsp;&nbsp; 1461956 | &nbsp;&nbsp;&nbsp;&nbsp; 1022619 | &nbsp;&nbsp;&nbsp;&nbsp; 20020751 |
| Class I | &nbsp;&nbsp; 990387 | &nbsp;&nbsp;&nbsp;&nbsp; 19647851 | &nbsp;&nbsp;&nbsp;&nbsp; 3422833 | &nbsp;&nbsp;&nbsp;&nbsp; 65062224 |
| Class R3 | &nbsp;&nbsp; 1757 | &nbsp;&nbsp;&nbsp;&nbsp; 34207 | &nbsp;&nbsp;&nbsp;&nbsp; 3274 | &nbsp;&nbsp;&nbsp;&nbsp; 62370 |
| Total Sales | &nbsp;&nbsp; 1236431 | &nbsp;&nbsp;&nbsp;&nbsp; $24509308 | &nbsp;&nbsp;&nbsp;&nbsp; 4945891 | &nbsp;&nbsp;&nbsp;&nbsp; $94636801 |
| Dividend Reinvestment: |  |  |  |  |
| Class A | &nbsp;&nbsp; 40957 | &nbsp;&nbsp;&nbsp;&nbsp; $802832 | &nbsp;&nbsp;&nbsp;&nbsp; 102442 | &nbsp;&nbsp;&nbsp;&nbsp; $1964290 |
| Class C | &nbsp;&nbsp; 23899 | &nbsp;&nbsp;&nbsp;&nbsp; 472365 | &nbsp;&nbsp;&nbsp;&nbsp; 53222 | &nbsp;&nbsp;&nbsp;&nbsp; 1029265 |
| Class F | &nbsp;&nbsp; 17594 | &nbsp;&nbsp;&nbsp;&nbsp; 350916 | &nbsp;&nbsp;&nbsp;&nbsp; 23893 | &nbsp;&nbsp;&nbsp;&nbsp; 472684 |
| Class I | &nbsp;&nbsp; 187441 | &nbsp;&nbsp;&nbsp;&nbsp; 3710216 | &nbsp;&nbsp;&nbsp;&nbsp; 399466 | &nbsp;&nbsp;&nbsp;&nbsp; 7738915 |
| Class R3 | &nbsp;&nbsp; 557 | &nbsp;&nbsp;&nbsp;&nbsp; 10855 | &nbsp;&nbsp;&nbsp;&nbsp; 1124 | &nbsp;&nbsp;&nbsp;&nbsp; 21503 |
| Total Dividend Reinvestment | &nbsp;&nbsp; 270448 | &nbsp;&nbsp;&nbsp;&nbsp; $5347184 | &nbsp;&nbsp;&nbsp;&nbsp; 580147 | &nbsp;&nbsp;&nbsp;&nbsp; $11226657 |

---

------

**Notes to Financial Statements (Continued)**

**First Trust Preferred Securities and Income Fund** 

**April 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **April 30, 2025** | **Six Months Ended**<br> **April 30, 2025** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **October 31, 2024** | &nbsp;&nbsp;&nbsp; **Year Ended**<br> **October 31, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
| Redemptions: |  |  |  |  |
| Class A | &nbsp;&nbsp; (379023)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(7466141)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (938770)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(17845337)<br>|
| Class C | &nbsp;&nbsp; (149607)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2956064)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (376136)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7170487)<br>|
| Class F | &nbsp;&nbsp; (928634)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18361656)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (54455)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1061081)<br>|
| Class I | &nbsp;&nbsp; (1338731)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (26394079)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3735277)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (71335395)<br>|
| Class R3 | &nbsp;&nbsp; (2861)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55687)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2804)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (53724)<br>|
| Total Redemptions | &nbsp;&nbsp; (2798856)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(55233627)<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 six months ended April 30, 2025, were $54,910,244 and $79,860,888, 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 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. 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. Prior to February 26, 2025, the commitment fee rate was 0.20%. 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 have any borrowings outstanding during the six months ended April 30, 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 were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

**Other Information**

**First Trust Preferred Securities and Income Fund** 

**April 30, 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 six months ended April 30, 2025.

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

There were no matters submitted for vote by shareholders of the Fund during the six months ended April 30, 2025.

**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)**

Not applicable for the most recent fiscal half year.

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(b) The Financial Highlights is included in the Financial Statements and Other Information filed under Item 7(a) of this form.

**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) Not applicable to semi-annual reports on Form N-CSR.

(a)(2) [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)(3) Not applicable to the Registrant.

(a)(4) 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> July 9, 2025</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> July 9, 2025</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> July 9, 2025</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## 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:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of First Trust Series Fund;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;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: | July 9, 2025 | &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:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of First Trust Series Fund;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;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: | July 9, 2025 | &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, Chairman of the Board, 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: | July 9, 2025 | &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: | July 9, 2025 | &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) |

---