# EDGAR Filing Document

**Accession Number:** 0001497778
**File Stem:** 0001145549-23-017785
**Filing Date:** 2023-3
**Character Count:** 137966
**Document Hash:** 83f88c07fd024517b71c4463969b154c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-017785.hdr.sgml**: 20230323

**ACCESSION NUMBER**: 0001145549-23-017785

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230323

**DATE AS OF CHANGE**: 20230323

**PERIOD START**: 20231031

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22452
- **FILM NUMBER:** 23755611

**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           |

## Nport-Ex

#### First Trust Preferred Securities and Income Fund<br>

#### Portfolio of Investments

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **$25 PAR PREFERRED SECURITIES – 14.4%** | **$25 PAR PREFERRED SECURITIES – 14.4%** | **$25 PAR PREFERRED SECURITIES – 14.4%** | **$25 PAR PREFERRED SECURITIES – 14.4%** | **$25 PAR PREFERRED SECURITIES – 14.4%** |
|  | **Automobiles – 0.3%** |  |  |  |
| 27582 | Ford Motor Co.<br>| 6.50% | 08/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$672173 |
|  | **Banks – 2.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;444 | Atlantic Union Bankshares Corp., Series A<br>| 6.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11389 |
| 32444 | Bank of America Corp., Series KK<br>| 5.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783198 |
| &nbsp;&nbsp;5718 | Citizens Financial Group, Inc., Series D (b)<br>| 6.35% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145637 |
| &nbsp;&nbsp;5700 | JPMorgan Chase & Co., Series LL<br>| 4.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122493 |
| 21489 | KeyCorp (b)<br>| 6.20% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550763 |
| &nbsp;&nbsp;8764 | Old National Bancorp, Series A<br>| 7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226374 |
| 28296 | PacWest Bancorp, Series A (b)<br>| 7.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732301 |
| 40041 | Pinnacle Financial Partners, Inc., Series B<br>| 6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027452 |
| 62634 | Signature Bank, Series A (c)<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187541 |
| &nbsp;&nbsp;4155 | Texas Capital Bancshares, Inc., Series B<br>| 5.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94319 |
| &nbsp;&nbsp;8486 | Valley National Bancorp, Series B, 3 Mo. LIBOR + 3.58% (d)<br>| 7.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215035 |
| &nbsp;&nbsp;&nbsp;&nbsp;593 | Wells Fargo & Co., Series Z<br>| 4.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12589 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5109091 |
|  | **Capital Markets – 0.9%** |  |  |  |
| 25553 | Affiliated Managers Group, Inc.<br>| 4.20% | 09/30/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454588 |
| 54212 | Carlyle Finance LLC<br>| 4.63% | 05/15/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045207 |
| 39115 | KKR Group Finance Co., IX LLC<br>| 4.63% | 04/01/61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773304 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2273099 |
|  | **Consumer Finance – 0.0%** |  |  |  |
| &nbsp;&nbsp;3930 | Capital One Financial Corp., Series J<br>| 4.80% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81744 |
|  | **Diversified Financial Services – 0.5%** |  |  |  |
| 11269 | Apollo Asset Management, Inc., Series B<br>| 6.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285669 |
| 40769 | Equitable Holdings, Inc., Series A<br>| 5.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922195 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207864 |
|  | **Diversified Telecommunication Services – 0.3%** |  |  |  |
| 39135 | Qwest Corp. <br>| 6.50% | 09/01/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806181 |
|  | **Electric Utilities – 1.0%** |  |  |  |
| 35878 | Brookfield BRP Holdings Canada, Inc.<br>| 4.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637552 |
| 28651 | Brookfield Infrastructure Finance ULC<br>| 5.00% | 05/24/81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577031 |
| 18460 | SCE Trust IV, Series J (b)<br>| 5.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371046 |
| 12068 | SCE Trust V, Series K (b)<br>| 5.45% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268272 |
| 24451 | Southern (The) Co., Series 2020<br>| 4.95% | 01/30/80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551614 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2405515 |
|  | **Equity Real Estate Investment Trusts – 0.3%** |  |  |  |
| 27478 | Global Net Lease, Inc., Series A<br>| 7.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656724 |
| &nbsp;&nbsp;2712 | National Storage Affiliates Trust, Series A<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68044 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724768 |
|  | **Gas Utilities – 0.2%** |  |  |  |
| 24497 | South Jersey Industries, Inc.<br>| 5.63% | 09/16/79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386808 |
|  | **Independent Power & Renewable Electricity Producers – 0.2%** |  |  |  |
| 21958 | Brookfield Renewable Partners L.P., Series 17<br>| 5.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460898 |
|  | **Insurance – 5.0%** |  |  |  |
| 60512 | Aegon Funding Co., LLC<br>| 5.10% | 12/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370597 |
| 74042 | American Equity Investment Life Holding Co., Series A (b)<br>| 5.95% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1778489 |
| 36659 | American Equity Investment Life Holding Co., Series B (b)<br>| 6.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942503 |

---

------

#### First Trust Preferred Securities and Income Fund<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **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)** |
|  | **Insurance (Continued)** |  |  |  |
| &nbsp;&nbsp;4822 | AmTrust Financial Services, Inc.<br>| &nbsp;&nbsp;&nbsp;7.25% | 06/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$86555 |
| &nbsp;&nbsp;5383 | AmTrust Financial Services, Inc.<br>| &nbsp;&nbsp;&nbsp;7.50% | 09/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92668 |
| 28000 | Arch Capital Group Ltd., Series G<br>| &nbsp;&nbsp;&nbsp;4.55% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559720 |
| 10322 | Aspen Insurance Holdings Ltd.<br>| &nbsp;&nbsp;&nbsp;5.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228323 |
| 48607 | Aspen Insurance Holdings Ltd.<br>| &nbsp;&nbsp;&nbsp;5.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072270 |
| &nbsp;&nbsp;1588 | Aspen Insurance Holdings Ltd. (b)<br>| &nbsp;&nbsp;&nbsp;5.95% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39239 |
| 29701 | Athene Holding Ltd., Series A (b)<br>| &nbsp;&nbsp;&nbsp;6.35% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756484 |
| &nbsp;&nbsp;1962 | Athene Holding Ltd., Series D<br>| &nbsp;&nbsp;&nbsp;4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39260 |
| 54410 | Athene Holding Ltd., Series E (b)<br>| &nbsp;&nbsp;&nbsp;7.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435880 |
| 23160 | CNO Financial Group, Inc.<br>| &nbsp;&nbsp;&nbsp;5.13% | 11/25/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421049 |
| 73827 | Delphi Financial Group, Inc., 3 Mo. LIBOR + 3.19% (d)<br>| &nbsp;&nbsp;&nbsp;7.80% | 05/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688793 |
| 49809 | Lincoln National Corp., Series D<br>| &nbsp;&nbsp;&nbsp;9.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432009 |
| 10700 | Phoenix Cos. (The), Inc.<br>| &nbsp;&nbsp;&nbsp;7.45% | 01/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192199 |
| &nbsp;&nbsp;3486 | RenaissanceRe Holdings Ltd., Series G<br>| &nbsp;&nbsp;&nbsp;4.20% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63375 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12199413 |
|  | **Mortgage Real Estate Investment Trusts – 0.3%** |  |  |  |
| 30561 | AGNC Investment Corp., Series F (b)<br>| &nbsp;&nbsp;&nbsp;6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660117 |
| &nbsp;&nbsp;7000 | Annaly Capital Management, Inc., Series I (b)<br>| &nbsp;&nbsp;&nbsp;6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162750 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822867 |
|  | **Multi-Utilities – 0.7%** |  |  |  |
| 29230 | Brookfield Infrastructure Partners L.P., Series 13<br>| &nbsp;&nbsp;&nbsp;5.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588985 |
| 35444 | Integrys Holding, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;6.00% | 08/01/73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871922 |
| 10513 | Sempra Energy<br>| &nbsp;&nbsp;&nbsp;5.75% | 07/01/79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259461 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720368 |
|  | **Oil, Gas & Consumable Fuels – 0.8%** |  |  |  |
| &nbsp;&nbsp;3965 | Energy Transfer L.P., Series C (b)<br>| &nbsp;&nbsp;&nbsp;7.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94565 |
| &nbsp;&nbsp;&nbsp;&nbsp;274 | Energy Transfer L.P., Series D (b)<br>| &nbsp;&nbsp;&nbsp;7.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6628 |
| 53102 | Energy Transfer L.P., Series E (b)<br>| &nbsp;&nbsp;&nbsp;7.60% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274448 |
| 25878 | NuStar Energy L.P., Series A, 3 Mo. LIBOR + 6.77% (d)<br>| 11.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647468 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023109 |
|  | **Real Estate Management & Development – 1.4%** |  |  |  |
| 53333 | Brookfield Property Partners L.P., Series A<br>| &nbsp;&nbsp;&nbsp;5.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972794 |
| 10209 | Brookfield Property Partners L.P., Series A-1<br>| &nbsp;&nbsp;&nbsp;6.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206018 |
| 53680 | Brookfield Property Partners L.P., Series A2<br>| &nbsp;&nbsp;&nbsp;6.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066622 |
| 57982 | Brookfield Property Preferred L.P.<br>| &nbsp;&nbsp;&nbsp;6.25% | 07/26/81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103397 |
| &nbsp;&nbsp;3087 | DigitalBridge Group, Inc., Series I<br>| &nbsp;&nbsp;&nbsp;7.15% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69488 |
| &nbsp;&nbsp;&nbsp;&nbsp;115 | DigitalBridge Group, Inc., Series J<br>| &nbsp;&nbsp;&nbsp;7.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2559 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3420878 |
|  | **Wireless Telecommunication Services – 0.4%** |  |  |  |
| 11017 | United States Cellular Corp.<br>| &nbsp;&nbsp;&nbsp;6.25% | 09/01/69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217916 |
| 43583 | United States Cellular Corp.<br>| &nbsp;&nbsp;&nbsp;5.50% | 06/01/70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815438 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033354 |
|  | **Total $25 Par Preferred Securities<br>** | **Total $25 Par Preferred Securities<br>** | **Total $25 Par Preferred Securities<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35348130 |
|  | (Cost $39,120,802) |  |  |  |
| **$100 PAR PREFERRED SECURITIES – 0.4%** | **$100 PAR PREFERRED SECURITIES – 0.4%** | **$100 PAR PREFERRED SECURITIES – 0.4%** | **$100 PAR PREFERRED SECURITIES – 0.4%** | **$100 PAR PREFERRED SECURITIES – 0.4%** |
|  | **Banks – 0.4%** |  |  |  |
| &nbsp;&nbsp;9500 | Farm Credit Bank of Texas (b) (e)<br>| &nbsp;&nbsp;&nbsp;6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950594 |
|  | (Cost $994,625) |  |  |  |

---

------

#### First Trust Preferred Securities and Income Fund<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **$1,000 PAR PREFERRED SECURITIES – 2.5%** | **$1,000 PAR PREFERRED SECURITIES – 2.5%** | **$1,000 PAR PREFERRED SECURITIES – 2.5%** | **$1,000 PAR PREFERRED SECURITIES – 2.5%** | **$1,000 PAR PREFERRED SECURITIES – 2.5%** |
|  | **Banks – 2.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004 | Bank of America Corp., Series L<br>| 7.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1249177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3504 | Wells Fargo & Co., Series L<br>| 7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4407997 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5657174 |
|  | **Diversified Financial Services – 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | Compeer Financial ACA (b) (e)<br>| 6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496763 |
|  | **Total $1,000 Par Preferred Securities<br>** | **Total $1,000 Par Preferred Securities<br>** | **Total $1,000 Par Preferred Securities<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6153937 |
|  | (Cost $6,627,957) |  |  |  |
| **Par<br> Amount** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **CAPITAL PREFERRED SECURITIES – 77.4%** | **CAPITAL PREFERRED SECURITIES – 77.4%** | **CAPITAL PREFERRED SECURITIES – 77.4%** | **CAPITAL PREFERRED SECURITIES – 77.4%** | **CAPITAL PREFERRED SECURITIES – 77.4%** |
|  | **Banks – 36.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;$1400000 | Australia & New Zealand Banking Group Ltd. (b) (e) (f)<br>| 6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413069 |
| &nbsp;&nbsp;&nbsp;&nbsp;1300000 | Banco Bilbao Vizcaya Argentaria S.A., Series 9 (b) (f)<br>| 6.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Banco Mercantil del Norte S.A. (b) (e) (f)<br>| 7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578157 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Banco Mercantil del Norte S.A. (b) (e) (f)<br>| 7.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990390 |
| &nbsp;&nbsp;&nbsp;&nbsp;1100000 | Banco Mercantil del Norte S.A. (b) (e) (f)<br>| 8.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132119 |
| &nbsp;&nbsp;&nbsp;&nbsp;1600000 | Banco Santander S.A. (b) (f)<br>| 4.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392269 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Banco Santander S.A. (b) (f) (g)<br>| 7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991880 |
| &nbsp;&nbsp;&nbsp;&nbsp;1269000 | Bank of America Corp., Series RR (b)<br>| 4.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154917 |
| &nbsp;&nbsp;&nbsp;&nbsp;5900000 | Bank of America Corp., Series TT (b)<br>| 6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5920650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | Bank of Nova Scotia (The) (b)<br>| 4.90% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Bank of Nova Scotia (The) (b)<br>| 8.63% | 10/27/82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319641 |
| &nbsp;&nbsp;&nbsp;&nbsp;1100000 | Barclays PLC (b) (f)<br>| 4.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896861 |
| &nbsp;&nbsp;&nbsp;&nbsp;1900000 | Barclays PLC (b) (f)<br>| 6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816856 |
| &nbsp;&nbsp;&nbsp;&nbsp;5345000 | Barclays PLC (b) (f)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5338319 |
| &nbsp;&nbsp;&nbsp;&nbsp;2355000 | Barclays PLC (b) (f)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | BBVA Bancomer S.A. (b) (e) (f)<br>| 5.88% | 09/13/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | BNP Paribas S.A. (b) (e) (f)<br>| 4.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614250 |
| &nbsp;&nbsp;&nbsp;&nbsp;2100000 | BNP Paribas S.A. (b) (e) (f)<br>| 4.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723068 |
| &nbsp;&nbsp;&nbsp;&nbsp;1084000 | BNP Paribas S.A. (b) (e) (f)<br>| 6.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073160 |
| &nbsp;&nbsp;&nbsp;&nbsp;1440000 | BNP Paribas S.A. (b) (e) (f)<br>| 7.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494000 |
| &nbsp;&nbsp;&nbsp;&nbsp;1921000 | Citigroup, Inc. (b)<br>| 3.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817000 | Citigroup, Inc., Series M (b)<br>| 6.30% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806788 |
| &nbsp;&nbsp;&nbsp;&nbsp;2770000 | Citigroup, Inc., Series P (b)<br>| 5.95% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2702895 |
| &nbsp;&nbsp;&nbsp;&nbsp;1072000 | Citigroup, Inc., Series W (b)<br>| 4.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994432 |
| &nbsp;&nbsp;&nbsp;&nbsp;1140000 | Citigroup, Inc., Series Y (b)<br>| 4.15% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466000 | Citizens Financial Group, Inc., Series G (b)<br>| 4.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404918 |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | CoBank ACB, Series I (b)<br>| 6.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2483822 |
| &nbsp;&nbsp;&nbsp;&nbsp;1465000 | CoBank ACB, Series K (b)<br>| 6.45% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Commerzbank AG (b) (f) (g)<br>| 7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592327 |
| &nbsp;&nbsp;&nbsp;&nbsp;1100000 | Credit Agricole S.A. (b) (e) (f)<br>| 6.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089351 |
| &nbsp;&nbsp;&nbsp;&nbsp;3285000 | Credit Agricole S.A. (b) (e) (f)<br>| 8.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3397166 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Danske Bank A.S. (b) (f) (g)<br>| 4.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882065 |
| &nbsp;&nbsp;&nbsp;&nbsp;1050000 | Danske Bank A.S. (b) (f) (g)<br>| 7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Farm Credit Bank of Texas, Series 3 (b) (e)<br>| 6.20% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543000 |
| &nbsp;&nbsp;&nbsp;&nbsp;1100000 | Farm Credit Bank of Texas, Series 4 (b) (e)<br>| 5.70% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034000 |
| &nbsp;&nbsp;&nbsp;&nbsp;1130000 | ING Groep N.V. (b) (f)<br>| 5.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070183 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | ING Groep N.V. (b) (f)<br>| 6.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978785 |
| &nbsp;&nbsp;&nbsp;&nbsp;3082000 | Intesa Sanpaolo S.p.A. (b) (e) (f)<br>| 7.70% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2917104 |
| &nbsp;&nbsp;&nbsp;&nbsp;1600000 | Lloyds Banking Group PLC (b) (f)<br>| 6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563516 |
| &nbsp;&nbsp;&nbsp;&nbsp;2668406 | Lloyds Banking Group PLC (b) (f)<br>| 7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2652182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731000 | Lloyds Banking Group PLC (b) (f)<br>| 7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725700 |

---

------

#### First Trust Preferred Securities and Income Fund<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par<br> Amount** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Banks (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$330997 | M&T Bank Corp. (b)<br>| 3.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$278865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | NatWest Group PLC (b) (f)<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670250 |
| &nbsp;&nbsp;&nbsp;&nbsp;2100000 | NatWest Group PLC (b) (f)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2126156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Nordea Bank Abp (b) (e) (f)<br>| 6.63% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | PNC Financial Services Group (The), Inc., Series U (b)<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344103 |
| &nbsp;&nbsp;&nbsp;&nbsp;1490000 | PNC Financial Services Group (The), Inc., Series V (b)<br>| 6.20% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494172 |
| &nbsp;&nbsp;&nbsp;&nbsp;3500000 | Societe Generale S.A. (b) (e) (f)<br>| 5.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3018503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | Societe Generale S.A. (b) (e) (f)<br>| 7.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488775 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Societe Generale S.A. (b) (e) (f)<br>| 9.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614375 |
| &nbsp;&nbsp;&nbsp;&nbsp;2800000 | Standard Chartered PLC (b) (e) (f)<br>| 4.30% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2404920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Standard Chartered PLC (b) (e) (f)<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394000 |
| &nbsp;&nbsp;&nbsp;&nbsp;2640000 | Standard Chartered PLC (b) (e) (f)<br>| 7.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712600 |
| &nbsp;&nbsp;&nbsp;&nbsp;1877003 | SVB Financial Group, Series C (b) (h)<br>| 4.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505110 |
| &nbsp;&nbsp;&nbsp;&nbsp;2128000 | SVB Financial Group, Series D (b) (h)<br>| 4.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704315 |
| &nbsp;&nbsp;&nbsp;&nbsp;1650000 | Toronto-Dominion Bank (The) (b)<br>| 8.13% | 10/31/82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755188 |
| &nbsp;&nbsp;&nbsp;&nbsp;3100000 | UniCredit S.p.A. (b) (f) (g)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3070937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | UniCredit S.p.A. (b) (e)<br>| 5.46% | 06/30/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656883 |
| &nbsp;&nbsp;&nbsp;&nbsp;1897000 | Wells Fargo & Co., Series BB (b)<br>| 3.90% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749983 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89066100 |
|  | **Capital Markets – 8.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1568000 | Apollo Management Holdings L.P. (b) (e)<br>| 4.95% | 01/14/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349127 |
| &nbsp;&nbsp;&nbsp;&nbsp;2114000 | Charles Schwab (The) Corp., Series I (b)<br>| 4.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Charles Schwab (The) Corp., Series K (b)<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387000 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Credit Suisse Group AG (b) (e) (f) (i)<br>| 5.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128750 |
| &nbsp;&nbsp;&nbsp;&nbsp;2425000 | Credit Suisse Group AG (b) (e) (f) (i)<br>| 6.38% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970313 |
| &nbsp;&nbsp;&nbsp;&nbsp;4100000 | Credit Suisse Group AG (b) (e) (f) (i)<br>| 7.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3805854 |
| &nbsp;&nbsp;&nbsp;&nbsp;1600000 | Credit Suisse Group AG (b) (e) (f) (i)<br>| 9.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556000 |
| &nbsp;&nbsp;&nbsp;&nbsp;2800000 | Deutsche Bank AG, Series 2020 (b) (f)<br>| 6.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2555431 |
| &nbsp;&nbsp;&nbsp;&nbsp;1428000 | EFG International AG (b) (f) (g)<br>| 5.50% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Goldman Sachs Group (The), Inc., Series R (b)<br>| 4.95% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192411 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | UBS Group AG (b) (e) (f)<br>| 4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | UBS Group AG (b) (f) (g)<br>| 5.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190261 |
| &nbsp;&nbsp;&nbsp;&nbsp;2400000 | UBS Group AG (b) (f) (g)<br>| 6.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2388780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760000 | UBS Group AG (b) (e) (f)<br>| 7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757127 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20883309 |
|  | **Consumer Finance – 1.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2317000 | Ally Financial, Inc., Series B (b)<br>| 4.70% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123000 | Ally Financial, Inc., Series C (b)<br>| 4.70% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94710 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | American Express Co. (b)<br>| 3.55% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887300 |
| &nbsp;&nbsp;&nbsp;&nbsp;1652000 | Capital One Financial Corp., Series M (b)<br>| 3.95% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1437964 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4332947 |
|  | **Diversified Financial Services – 2.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | American AgCredit Corp. (b) (e)<br>| 5.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2203125 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Ares Finance Co. III LLC (b) (e)<br>| 4.13% | 06/30/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163138 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Capital Farm Credit ACA, Series 1 (b) (e)<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Compeer Financial ACA (b) (e)<br>| 4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531751 |
| &nbsp;&nbsp;&nbsp;&nbsp;1920000 | Corebridge Financial, Inc. (b) (e)<br>| 6.88% | 12/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912666 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7179430 |
|  | **Electric Utilities – 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | American Electric Power Co., Inc. (b)<br>| 3.88% | 02/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893000 | Duke Energy Corp. (b)<br>| 4.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862624 |

---

------

#### First Trust Preferred Securities and Income Fund<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par<br> Amount** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Electric Utilities (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$761000 | Edison International, Series B (b)<br>| 5.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$678500 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Emera, Inc., Series 16-A (b)<br>| 6.75% | 06/15/76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630000 | Southern (The) Co., Series 21-A (b)<br>| 3.75% | 09/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549893 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3844463 |
|  | **Energy Equipment & Services – 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Transcanada Trust (b)<br>| 5.50% | 09/15/79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359295 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | Transcanada Trust (b)<br>| 5.60% | 03/07/82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075500 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2434795 |
|  | **Food Products – 2.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Dairy Farmers of America, Inc. (j)<br>| 7.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258750 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Land O'Lakes Capital Trust I (j)<br>| 7.45% | 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481250 |
| &nbsp;&nbsp;&nbsp;&nbsp;1400000 | Land O'Lakes, Inc. (e)<br>| 7.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240435 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | Land O'Lakes, Inc. (e)<br>| 7.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068000 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | Land O'Lakes, Inc. (e)<br>| 8.00% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2838480 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6886915 |
|  | **Insurance – 9.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1822000 | Assurant, Inc. (b)<br>| 7.00% | 03/27/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | Assured Guaranty Municipal Holdings, Inc. (b) (e)<br>| 6.40% | 12/15/66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810909 |
| &nbsp;&nbsp;&nbsp;&nbsp;2100000 | AXIS Specialty Finance LLC (b)<br>| 4.90% | 01/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1788027 |
| &nbsp;&nbsp;&nbsp;&nbsp;1276000 | Enstar Finance LLC (b)<br>| 5.75% | 09/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145031 |
| &nbsp;&nbsp;&nbsp;&nbsp;2585000 | Enstar Finance LLC (b)<br>| 5.50% | 01/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135481 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Fortegra Financial Corp. (b) (j)<br>| 8.50% | 10/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017500 |
| &nbsp;&nbsp;&nbsp;&nbsp;4027000 | Global Atlantic Fin Co. (b) (e)<br>| 4.70% | 10/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3472385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820000 | Hartford Financial Services Group (The), Inc., 3 Mo. LIBOR + 2.13% (d) (e)<br>| 6.73% | 02/12/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703355 |
| &nbsp;&nbsp;&nbsp;&nbsp;1174000 | Kuvare US Holdings, Inc. (b) (e)<br>| 7.00% | 02/17/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | La Mondiale SAM (b) (g)<br>| 5.88% | 01/26/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287894 |
| &nbsp;&nbsp;&nbsp;&nbsp;1920000 | Lancashire Holdings Ltd. (b) (g)<br>| 5.63% | 09/18/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600072 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Liberty Mutual Group, Inc. (b) (e)<br>| 4.13% | 12/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Lincoln National Corp., Series C (b)<br>| 9.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553750 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Principal Financial Group, Inc., 3 Mo. LIBOR + 3.04% (d)<br>| 7.65% | 05/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985000 |
| &nbsp;&nbsp;&nbsp;&nbsp;2341000 | Prudential Financial, Inc. (b)<br>| 6.00% | 09/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2338345 |
| &nbsp;&nbsp;&nbsp;&nbsp;2460000 | QBE Insurance Group Ltd. (b) (e)<br>| 5.88% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2429250 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | QBE Insurance Group Ltd. (b) (g)<br>| 6.75% | 12/02/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301000 | QBE Insurance Group Ltd. (b) (g)<br>| 5.88% | 06/17/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293735 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24420106 |
|  | **Mortgage Real Estate Investment Trusts – 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Scentre Group Trust 2 (b) (e)<br>| 4.75% | 09/24/80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Scentre Group Trust 2 (b) (e)<br>| 5.13% | 09/24/80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264325 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638074 |
|  | **Multi-Utilities – 2.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2526000 | Algonquin Power & Utilities Corp. (b)<br>| 4.75% | 01/18/82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2137577 |
| &nbsp;&nbsp;&nbsp;&nbsp;1513000 | CenterPoint Energy, Inc., Series A (b)<br>| 6.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | Dominion Energy, Inc., Series B (b)<br>| 4.65% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121927 |
| &nbsp;&nbsp;&nbsp;&nbsp;1235000 | NiSource, Inc. (b)<br>| 5.65% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204196 |
| &nbsp;&nbsp;&nbsp;&nbsp;2620000 | Sempra Energy (b)<br>| 4.13% | 04/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297338 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7250397 |
|  | **Oil, Gas & Consumable Fuels – 6.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1308000 | Buckeye Partners L.P., 3 Mo. LIBOR + 4.02% (d)<br>| 8.84% | 01/22/78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101927 |

---

------

#### First Trust Preferred Securities and Income Fund<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Par<br> Amount** | **Description** | **Stated<br> Rate** | **Stated<br> Maturity** | **Value** |
| **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** | **CAPITAL PREFERRED SECURITIES (Continued)** |
|  | **Oil, Gas & Consumable Fuels (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;$2132000 | Enbridge, Inc. (b)<br>| 6.25% | 03/01/78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2030836 |
| &nbsp;&nbsp;&nbsp;&nbsp;1600000 | Enbridge, Inc. (b)<br>| 7.63% | 01/15/83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651669 |
| &nbsp;&nbsp;&nbsp;&nbsp;4638000 | Enbridge, Inc., Series 16-A (b)<br>| 6.00% | 01/15/77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4411357 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Enbridge, Inc., Series 20-A (b)<br>| 5.75% | 07/15/80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948790 |
| &nbsp;&nbsp;&nbsp;&nbsp;1146000 | Energy Transfer L.P., 3 Mo. LIBOR + 3.02% (d)<br>| 7.46% | 11/01/66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657000 | Energy Transfer L.P., Series A (b)<br>| 6.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620044 |
| &nbsp;&nbsp;&nbsp;&nbsp;1065000 | Energy Transfer L.P., Series F (b)<br>| 6.75% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010419 |
| &nbsp;&nbsp;&nbsp;&nbsp;1075000 | Energy Transfer L.P., Series G (b)<br>| 7.13% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984700 |
| &nbsp;&nbsp;&nbsp;&nbsp;2204000 | Enterprise Products Operating LLC, 3 Mo. LIBOR + 2.78% (d)<br>| 7.54% | 06/01/67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596000 | Enterprise Products Operating LLC, Series D, 3 Mo. LIBOR + 2.99% (d)<br>| 7.63% | 08/16/77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | Enterprise Products Operating LLC, Series E (b)<br>| 5.25% | 08/16/77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113573 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16330882 |
|  | **Trading Companies & Distributors – 2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4910000 | AerCap Holdings N.V. (b)<br>| 5.88% | 10/10/79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4709868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | Air Lease Corp., Series B (b)<br>| 4.65% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623000 |
| &nbsp;&nbsp;&nbsp;&nbsp;1594000 | Aircastle Ltd. (b) (e)<br>| 5.25% | (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315050 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6647918 |
|  | **Transportation Infrastructure – 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | AerCap Global Aviation Trust (b) (e)<br>| 6.50% | 06/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391538 |
|  | **Total Capital Preferred Securities<br>** | **Total Capital Preferred Securities<br>** | **Total Capital Preferred Securities<br>** | &nbsp;&nbsp;&nbsp;&nbsp;190306874 |
|  | (Cost $202,408,150) |  |  |  |
| **Principal<br> Value** | **Description** | **Stated<br> Coupon** | **Stated<br> Maturity** | **Value** |
| **FOREIGN CORPORATE BONDS AND NOTES – 1.5%** | **FOREIGN CORPORATE BONDS AND NOTES – 1.5%** | **FOREIGN CORPORATE BONDS AND NOTES – 1.5%** | **FOREIGN CORPORATE BONDS AND NOTES – 1.5%** | **FOREIGN CORPORATE BONDS AND NOTES – 1.5%** |
|  | **Insurance – 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3925666 | Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc. (e) (k)<br>| 7.63% | 10/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3646924 |
|  | (Cost $4,086,693) |  |  |  |

---

---

| | |
|:---|:---|
| **Total Investments – 96.2%<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;236406459 |
| (Cost $253,238,227) |  |
| **Net Other Assets and Liabilities – 3.8%<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9446682 |
| **Net Assets – 100.0%<br>**  | &nbsp;&nbsp;$245853141 |

---

(a) Perpetual maturity.

(b) Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at January 31, 2023. At a predetermined date, the fixed rate will
change to a floating rate or a variable rate.

(c) On March 12, 2023, Signature Bank was placed in receivership under the Federal Deposit Insurance Corporation. Since that event, the Fund is valuing this security significantly lower
than the price determined on January 31, 2023.

(d) Floating or variable rate security.

(e) This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the
"1933 Act"), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the First Trust Series Fund's (the
"Trust") Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P., (the "Advisor"). Although market instability can result in periods of increased overall
market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require subjective judgment. At January 31, 2023, securities noted as such amounted to
$71,461,682 or 29.1% of net assets.

(f) This security is a contingent convertible capital security which may be subject to conversion into common stock of the issuer under certain circumstances. At January 31, 2023,
securities noted as such amounted to $75,519,834 or 30.7% of net assets. Of these securities, 4.4% originated in emerging markets, and 95.6% originated in foreign markets.

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

------

#### First Trust Preferred Securities and Income Fund<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)
(h) On March 10, 2023, Silicon Valley Bank was placed in receivership under the Federal Deposit Insurance Corporation. Prior to that event, the Fund liquidated its position at a price
significantly below where it was priced on January 31, 2023.

(i) As of March 20, 2023, due to market events, the Fund is valuing these securities significantly lower than the price determined on January 31, 2023.

(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 Restricted Securities table.

(k) These notes are Senior Payment-in-kind ("PIK") Toggle Notes whereby the issuer may, at its option, elect to pay interest on the notes (1) entirely in
cash or (2) entirely in PIK interest. Interest paid in cash will accrue on the notes at a rate of 7.63% per annum ("Cash Interest Rate") and PIK interest will accrue on the notes at a rate per annum equal
to the Cash Interest Rate plus 75 basis points. There were no interest distributions received during the fiscal year-to-date period (November 1, 2022 through January 31, 2023).

LIBOR London Interbank Offered Rate

------

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total<br> Value at<br> 1/31/2023** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** |
| $25 Par Preferred Securities: |  |  |  |  |
| &nbsp;&nbsp;Gas Utilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$386808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$386808 | $— |
| &nbsp;&nbsp;Insurance<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12199413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10139198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2060215 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;Multi-Utilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1720368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 848446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 871922 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;Other Industry Categories\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21041541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21041541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| $100 Par Preferred Securities\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950594 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| $1,000 Par Preferred Securities: |  |  |  |  |
| &nbsp;&nbsp;Banks<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5657174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5657174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;Diversified Financial Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496763 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Capital Preferred Securities\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 190306874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190306874 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Foreign Corporate Bonds and Notes\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3646924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3646924 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments<br>| $236406459 | &nbsp;&nbsp;$37686359 | $198720100 | $— |

---

\* See Portfolio of Investments for industry breakout.

------

#### First Trust Preferred Securities and Income Fund<br>

#### Portfolio of Investments (Continued)

#### January 31, 2023 (Unaudited)

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security** | &nbsp;&nbsp;**Acquisition<br> Date** | &nbsp;&nbsp;**Principal<br> Value** | &nbsp;&nbsp;**Current Price** | &nbsp;&nbsp;**Carrying<br> Cost** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**% of<br> Net<br> Assets** |
| Dairy Farmers of America, Inc., 7.13% | &nbsp;&nbsp;10/04/16 | &nbsp;&nbsp;$300000 | &nbsp;&nbsp;$86.25 | &nbsp;&nbsp;$310125 | &nbsp;&nbsp;$258750 | &nbsp;&nbsp;0.11% |
| Fortegra Financial Corp., 8.50%, 10/15/57 | &nbsp;&nbsp;10/12/17 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;101.75 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1017500 | &nbsp;&nbsp;0.41 |
| Land O'Lakes Capital Trust I, 7.45%, 03/15/28 | &nbsp;&nbsp;07/23/14-03/20/15 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;98.75 | &nbsp;&nbsp;&nbsp;&nbsp;1537836 | &nbsp;&nbsp;&nbsp;&nbsp;1481250 | &nbsp;&nbsp;0.60 |
|  |  |  |  | &nbsp;&nbsp;$2847961 | &nbsp;&nbsp;$2757500 | &nbsp;&nbsp;1.12% |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** First Trust Series Fund

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

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

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

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

  - **Street Address 1:** 120 East Liberty Drive, Suite 400

  - **City:** Wheaton

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60187

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

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

- **a. Name of Series:** First Trust Preferred Securities and Income Fund

- **b. EDGAR series identifier (if any):** S000030198

- **c. LEI of Series:** 549300LKVIT5Y3616E74

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $249693626.69

**Total Liabilities:** $4129154.00

**Net Assets:** $245564472.69

**Cash Not Reported:** $9099672.85

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 34.625290233188 | **1-Year:** 5649.768329518522 | **5-Year:** 14004.201641678281 | **10-Year:** 6010.647040642833 | **30-Year:** 8080.372288016868

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

- **3-Month:** 156.932297202115 | **1-Year:** 4628.160259110475 | **5-Year:** 8864.907544840925 | **10-Year:** 2235.019501221654 | **30-Year:** 7906.219890499428

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000092932 | 2.41%                | 0.34%                | 6.62%                |
| Class ID C000092933 | 2.38%                | 0.22%                | 6.56%                |
| Class ID C000092934 | 2.44%                | 0.34%                | 6.60%                |
| Class ID C000092935 | 2.46%                | 0.35%                | 6.65%                |
| Class ID C000092936 | 2.45%                | 0.26%                | 6.58%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-605051.65              | $4786276.42                                |
| Month 2  | $-1892216.04             | $1617691.04                                |
| Month 3  | $-413892.54              | $14364373.04                               |

### Schedule of Portfolio Investments

| Name                                                                                    | Title                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Brookfield Infrastructure Finance ULC                                                   | BROOKFIELD INFRASTRUCTURE FIN  NT CAL 81    | CUSIP: 11276B109<br>LEI: N/A                  | Long             | EP               | CORP              | CA        |     28651 | NS      | $577031.14    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Qwest Corporation                                                                       | QWEST CORP 6.5% 9/1/56                      | CUSIP: 74913G881<br>LEI: 549300R2L4N683OO1509 | Long             | EP               | CORP              | US        |     39135 | NS      | $806181.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                                                          | CITIGROUP INC V/R /PERP/                    | CUSIP: 172967HQ7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    817000 | PA      | $806787.50    | 0.33%             | 2500-12-31      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Cobank ACB                                                                              | COBANK ACB V/R /PERP/                       | CUSIP: 19075QAE2<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | CORP              | US        |   1465000 | PA      | $1482793.42   | 0.60%             | 2500-12-31      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Dairy Farmers of America Inc                                                            | DAIRY FARMERS OF 7.125% /PERP/              | CUSIP: 23385HAA7<br>LEI: 1LTUIZEFFT7MUIERI838 | Long             | DBT              | CORP              | US        |    300000 | PA      | $258750.00    | 0.11%             | 2500-12-31      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| DigitalBridge Group Inc                                                                 | DIGITALBRIDGE GROUP INC/PFD/                | CUSIP: 25401T306<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |       115 | NS      | $2558.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                                                                 | DIGITALBRIDGE GROUP INC/PFD/                | CUSIP: 25401T405<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |      3087 | NS      | $69488.37     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP                                                                      | ENERGY TRANSFER LP /PFD/                    | CUSIP: 29273V407<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |      3965 | NS      | $94565.25     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP                                                                      | ENERGY TRANSFER L P                         | CUSIP: 29273V506<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |       274 | NS      | $6628.06      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Operating LLC                                                       | ENTERPRISE PRODUC V/R 08/16/77              | CUSIP: 29379VBM4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    596000 | PA      | $571349.44    | 0.23%             | 2077-08-16      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| Equitable Holdings Inc                                                                  | EQUITABLE HOLDINGS INC /PFD/                | CUSIP: 29452E200<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EP               | CORP              | US        |     41118 | NS      | $930089.16    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Farm Credit Bank of Texas                                                               | FARM CREDIT BK OF T V/R /PERP/              | CUSIP: 30767EAC3<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGSE             | US        |    600000 | PA      | $543000.00    | 0.22%             | 2500-12-31      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Farm Credit Bank of Texas                                                               | FARM CREDIT BK OF T V/R /PERP/              | CUSIP: 30767EAD1<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGSE             | US        |   1100000 | PA      | $1034000.00   | 0.42%             | 2500-12-31      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Fortegra Financial Corp                                                                 | FORTEGRA FINANCIA V/R 10/15/57              | CUSIP: 34954WAA2<br>LEI: 5493004Z5XFZNDJRE757 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1017500.29   | 0.41%             | 2057-10-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| PNC Financial Services Group Inc                                                        | PNC FINANCIAL SERVI V/R /PERP/              | CUSIP: 693475BD6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    345000 | PA      | $344103.00    | 0.14%             | 2500-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Aegon Funding Company LLC                                                               | AEGON FUNDING 5.1% 12/15/49                 | CUSIP: 00775V104<br>LEI: KEIOKM01PSK5VZ5CCI74 | Long             | EP               | CORP              | US        |     60901 | NS      | $1379407.65   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group, Inc.                                                         | AFFILIATED MANAGERS GROU /PFD/              | CUSIP: 008252835<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EP               | CORP              | US        |     25553 | NS      | $454587.87    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| American Equity Investment Life Holding Company                                         | AMERICAN EQUITY INVESTME /PFD/              | CUSIP: 025676602<br>LEI: 549300RK5RZQ740FPL83 | Long             | EP               | CORP              | US        |     36659 | NS      | $942502.89    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd.                                                                 | ARCH CAPITAL GROUP LTD /PFD/                | CUSIP: 03939A404<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EP               | CORP              | BM        |     28000 | NS      | $559720.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Athene Holding Ltd                                                                      | ATHENE HOLDING LTD /PFD/                    | CUSIP: 04686J408<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | BM        |      1962 | NS      | $39259.62     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Athene Holding Ltd                                                                      | ATHENE HOLDING LTD /PFD/                    | CUSIP: 04686J507<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | BM        |     54410 | NS      | $1435879.90   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp                                                          | ATLANTIC UNION BANKSHARE /PFD/              | CUSIP: 04911A206<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       444 | NS      | $11388.64     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corporation                                                             | BANK OF AMERICA CORP PREFERRED              | CUSIP: 060505682<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |      1004 | NS      | $1249176.80   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corporation                                                             | BANK OF AMERICA CORP /PFD/                  | CUSIP: 06053U601<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     32444 | NS      | $783198.16    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners Inc                                                         | PINNACLE FINANCIAL PARTN /PFD/              | CUSIP: 72346Q302<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EP               | CORP              | US        |     40041 | NS      | $1027452.06   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerzbank AG                                                                          | COMMERZBANK AG V/R /PERP/                   | CUSIP: D170472W6<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |    600000 | PA      | $592326.60    | 0.24%             | 2500-12-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Brookfield Property Partners LP                                                         | BROOKFIELD PROPERTY PART /PFD/              | CUSIP: G16249164<br>LEI: 5493004J5Z0TZW83NU62 | Long             | EP               | CORP              | BM        |     53333 | NS      | $972793.92    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Insurance Holdings Ltd.                                                           | ASPEN INSURANCE HOLDINGS LTD   PFD SHS 5.95 | CUSIP: G05384154<br>LEI: 549300YX6HECG9XQCQ75 | Long             | EP               | CORP              | BM        |      1588 | NS      | $39239.48     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Property Partners LP                                                         | BROOKFIELD PROPERTY PART /PFD/              | CUSIP: G16249156<br>LEI: 5493004J5Z0TZW83NU62 | Long             | EP               | CORP              | US        |     53680 | NS      | $1066621.60   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnc Investment Corp                                                                    | AGNC INVESTMENT CORP /PFD/                  | CUSIP: 00123Q872<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     30561 | NS      | $660117.60    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                                                               | CNO FINANCIAL GROUP INC /PFD/               | CUSIP: 12621E301<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EP               | CORP              | US        |     23160 | NS      | $421048.80    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corporation                                                       | CAPITAL ONE FINANCIAL CO /PFD/              | CUSIP: 14040H782<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EP               | CORP              | US        |      4789 | NS      | $99611.20     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Finance LLC                                                                     | CARLYLE FINANCE 4.625% 5/15/61              | CUSIP: 14314C105<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     54212 | NS      | $1045207.36   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc                                                            | CITIZENS FINANCIAL GROUP /PFD/              | CUSIP: 174610204<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EP               | CORP              | US        |      5718 | NS      | $145637.46    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AmTrust Financial Services Inc.                                                         | AMTRUST FINANCIAL 7.5% 9/15/55              | CUSIP: 032359853<br>LEI: 549300SNNS1GRWBTGA28 | Long             | EP               | CORP              | US        |      5383 | NS      | $92668.35     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                          | CITIGROUP INC V/R /PERP/                    | CUSIP: 172967MU2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1072000 | PA      | $994431.52    | 0.40%             | 2500-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                          | CITIGROUP INC V/R /PERP/                    | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1921000 | PA      | $1758483.40   | 0.72%             | 2500-12-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                          | CITIGROUP INC V/R /PERP/                    | CUSIP: 172967NB3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1140000 | PA      | $1017450.00   | 0.41%             | 2500-12-31      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group Inc                                                            | CITIZENS FINANCIAL  V/R /PERP/              | CUSIP: 174610BD6<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    466000 | PA      | $404918.37    | 0.16%             | 2500-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Compeer Financial, ACA                                                                  | COMPEER FINANCIAL A V/R /PERP/              | CUSIP: 20453QAA0<br>LEI: 54930020HTACTODKHT04 | Long             | DBT              | CORP              | US        |    600000 | PA      | $531750.57    | 0.22%             | 2500-12-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Corebridge Financial Inc.                                                               | COREBRIDGE FINANC V/R 12/15/52              | CUSIP: 21871XAN9<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   1920000 | PA      | $1912665.96   | 0.78%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                                     | DOMINION ENERGY INC V/R /PERP/              | CUSIP: 25746UDD8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    130000 | PA      | $121927.00    | 0.05%             | 2500-12-31      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                                        | DUKE ENERGY CORP V/R /PERP/                 | CUSIP: 26441CBG9<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    893000 | PA      | $862624.05    | 0.35%             | 2500-12-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                      | ENERGY TRANSFER L V/R 11/01/66              | CUSIP: 29273RBA6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1146000 | PA      | $924492.70    | 0.38%             | 2066-11-01      | Floating      | 7.46%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                      | ENERGY TRANSFER L P /PFD/                   | CUSIP: 29273V605<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |     53102 | NS      | $1274448.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Farm Credit Bank of Texas                                                               | FARM CREDIT BK OF TEXAS /PFD/               | CUSIP: 30767E406<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | EP               | USGSE             | US        |      9500 | NS      | $950593.75    | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Assured Guaranty Municipal Holdings Inc                                                 | ASSURED GUARANTY  V/R 12/15/66              | CUSIP: 31769PAB6<br>LEI: 549300WKHOG7BKB8MS12 | Long             | DBT              | CORP              | US        |    850000 | PA      | $810908.50    | 0.33%             | 2036-12-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| UniCredit S.p.A.                                                                        | UNICREDIT SPA V/R 06/30/35                  | CUSIP: 904678AS8<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    750000 | PA      | $656883.23    | 0.27%             | 2035-06-30      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| Credit Agricole S.A.                                                                    | CREDIT AGRICOLE SA V/R /PERP/               | CUSIP: 225313AL9<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   1100000 | PA      | $1089351.45   | 0.44%             | 2500-12-31      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                           | ENBRIDGE INC V/R 01/15/77                   | CUSIP: 29250NAN5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   4638000 | PA      | $4411356.89   | 1.80%             | 2077-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Sempra                                                                                  | SEMPRA ENER 5.75% 7/1/79 /PFD/              | CUSIP: 816851604<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EP               | CORP              | US        |     10513 | NS      | $259460.84    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Signature Bank                                                                          | SIGNATURE BANK NEW YORK /PFD/               | CUSIP: 82669G203<br>LEI: VLP5AP0XK2GM6GKD1007 | Long             | EP               | CORP              | US        |     62651 | NS      | $1187862.96   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale S.A.                                                                   | SOCIETE GENERALE V/R /PERP/                 | CUSIP: 83367TBF5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    490000 | PA      | $488775.00    | 0.20%             | 2500-12-31      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Societe Generale S.A.                                                                   | SOCIETE GENERALE V/R /PERP/                 | CUSIP: 83370RAA6<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   3500000 | PA      | $3018503.22   | 1.23%             | 2500-12-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| South Jersey Industries Inc                                                             | SOUTH JERSEY INDUSTRIES /PFD/               | CUSIP: 838518207<br>LEI: 549300DJYWYT5VXLFA46 | Long             | EP               | CORP              | US        |     24497 | NS      | $386807.63    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co.                                                                            | SOUTHERN CO 4.95% 01/30/80                  | CUSIP: 842587800<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |     26375 | NS      | $595020.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| TransCanada Trust                                                                       | TRANSCANADA TRUST V/R 03/07/82              | CUSIP: 89356BAG3<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |   1200000 | PA      | $1075500.00   | 0.44%             | 2082-03-07      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| United States Cellular Corporation                                                      | UNITED STATES 6.25% 09/01/69                | CUSIP: 911684702<br>LEI: 549300B164AZXESI6E03 | Long             | EP               | CORP              | US        |     11017 | NS      | $217916.26    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Cellular Corporation                                                      | US CELLULAR CORP /PFD/                      | CUSIP: 911684884<br>LEI: 549300B164AZXESI6E03 | Long             | EP               | CORP              | US        |     43583 | NS      | $815437.93    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Lancashire Holdings Limited                                                             | LANCASHIRE HOLDIN V/R 09/18/41              | CUSIP: G5361WAB0<br>LEI: 5493002UNUYXLHOWF752 | Long             | DBT              | CORP              | BM        |   1920000 | PA      | $1600072.32   | 0.65%             | 2041-09-18      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Aspen Insurance Holdings Ltd.                                                           | ASPEN INSURANCE HLDG LTD /PFD/              | CUSIP: G05384162<br>LEI: 549300YX6HECG9XQCQ75 | Long             | EP               | CORP              | BM        |     10322 | NS      | $228322.64    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Australia and New Zealand Banking Group Ltd. London Branch                              | AUST & NZ BANKING G V/R /PERP/              | CUSIP: 05254HAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |   1400000 | PA      | $1413069.00   | 0.58%             | 2500-12-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Scentre Group Trust 2                                                                   | SCENTRE GROUP TRU V/R 09/24/80              | CUSIP: 76025LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |    400000 | PA      | $373749.33    | 0.15%             | 2080-09-24      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Brookfield Renewable Partners L P                                                       | BROOKFIELD RENEWABLE PAR /PFD/              | CUSIP: G16258231<br>LEI: VA8DFMRI2GY8Y7V79H93 | Long             | EP               | CORP              | BM        |     21958 | NS      | $460898.42    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Renaissancere Holdings Ltd.                                                             | RENAISSANCERE HOLDINGS L /PFD/              | CUSIP: G7498P127<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EP               | CORP              | BM        |      3486 | NS      | $63375.48     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc.                                                                     | ALLY FINANCIAL INC V/R /PERP/               | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   2317000 | PA      | $1912973.13   | 0.78%             | 2500-12-31      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Centerpoint Energy Inc                                                                  | CENTERPOINT ENERGY  V/R /PERP/              | CUSIP: 15189TAS6<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |   1513000 | PA      | $1489359.38   | 0.61%             | 2500-12-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                                                                  | CREDIT SUISSE GROUP V/R /PERP/              | CUSIP: 225401AL2<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |   2425000 | PA      | $1970312.50   | 0.80%             | 2500-12-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                                                                  | CREDIT SUISSE GROUP V/R /PERP/              | CUSIP: 225401AR9<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |   1500000 | PA      | $1128750.00   | 0.46%             | 2500-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                                                                  | CREDIT SUISSE GROUP V/R /PERP/              | CUSIP: 225401AX6<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |   1600000 | PA      | $1556000.00   | 0.63%             | 2500-12-31      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Highlands Holdings Bond Issuer Limited / Highlands Holdings Bond Co-Issuer Incorporated | HIGHLAND HOLDI 7.625% 10/15/25              | CUSIP: 43103QAA6<br>LEI: 894500QEH89ZMUFQMM46 | Long             | DBT              | CORP              | BM        |   3925666 | PA      | $3646924.09   | 1.49%             | 2025-10-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                                                  | STANDARD CHARTERED  V/R /PERP/              | CUSIP: 853254BT6<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $394000.00    | 0.16%             | 2500-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                            | UBS GROUP AG V/R /PERP/                     | CUSIP: 902613AJ7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1500000 | PA      | $1352100.00   | 0.55%             | 2500-12-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| EFG International AG                                                                    | EFG INTERNATIONAL A V/R /PERP/              | CUSIP: H2078CAB4<br>LEI: 506700PR1R98BSF81139 | Long             | DBT              | CORP              | CH        |   1428000 | PA      | $1299672.78   | 0.53%             | 2500-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                                                       | NATWEST GROUP PLC V/R /PERP/                | CUSIP: 780097BQ3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    700000 | PA      | $670250.00    | 0.27%             | 2500-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AmTrust Financial Services Inc.                                                         | AMTRUST FINANCIAL SERV /PFD/                | CUSIP: 032359861<br>LEI: 549300SNNS1GRWBTGA28 | Long             | EP               | CORP              | US        |      4822 | NS      | $86554.90     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Annaly Capital Management, Inc.                                                         | ANNALY CAPITAL MGMT /PFD/                   | CUSIP: 035710847<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |      7000 | NS      | $162750.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Asset Management Inc                                                             | APOLLO ASSET MANAGEMENT /PFD/               | CUSIP: 03769W302<br>LEI: 54930054P2G7ZJB0KM79 | Long             | EP               | CORP              | US        |     11269 | NS      | $285669.15    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield BRP Holdings (Canada) Inc                                                    | BROOKFIELD BRP HOLDINGS /PFD/               | CUSIP: 11259P109<br>LEI: 549300NSPD7QJ50GZW26 | Long             | EP               | CORP              | CA        |     35878 | NS      | $637552.06    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Company                                                                      | FORD MOTOR COMP 6.5% 08/15/62               | CUSIP: 345370811<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EP               | CORP              | US        |     27582 | NS      | $672173.34    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease Inc                                                                    | GLOBAL NET LEASE INC /PFD/                  | CUSIP: 379378300<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        |     27478 | NS      | $656724.20    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Wisconsin Public Service Corporation                                                    | INTEGRYS EN V/R 8/1/73 /PFD/                | CUSIP: 45822P204<br>LEI: 549300J4VEJBU9YKTV37 | Long             | EP               | CORP              | US        |     35444 | NS      | $871922.40    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                    | JPMORGAN CHASE & CO /PFD/                   | CUSIP: 48128B549<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |      6000 | NS      | $128940.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR Group Finance Company IX LLC                                                        | KKR GROUP FIN CO IX LLC /PFD/               | CUSIP: 48253M104<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     39115 | NS      | $773303.55    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                                                                 | KEYCORP /PFD/                               | CUSIP: 493267843<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EP               | CORP              | US        |     21489 | NS      | $550763.07    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corporation                                                            | LINCOLN NATIONAL CORP /PFD/                 | CUSIP: 534187885<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EP               | CORP              | US        |     50381 | NS      | $1448453.75   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Trust                                                       | NATIONAL STORAGE AFF /PFD/                  | CUSIP: 637870205<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      2712 | NS      | $68044.08     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NuStar Energy LP                                                                        | NUSTAR ENERGY LP PREFERRED                  | CUSIP: 67058H201<br>LEI: 5493003BMLTUIEG2LG44 | Long             | EP               | CORP              | US        |     25878 | NS      | $647467.56    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp                                                                    | OLD NATL BANCORP /PFD/                      | CUSIP: 68003D204<br>LEI: 549300MMK90CL5KMVX16 | Long             | EP               | CORP              | US        |      8764 | NS      | $226374.12    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PacWest Bancorp                                                                         | PACWEST BANCORP /PFD/                       | CUSIP: 695263202<br>LEI: 549300YI8VMFO7G36V04 | Long             | EP               | CORP              | US        |     28465 | NS      | $736674.20    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Phoenix Companies Inc                                                                   | PHOENIX CO 7.45% 1/15/32 PFD                | CUSIP: 71902E208<br>LEI: 549300Q3ENSFI87YLC32 | Long             | EP               | CORP              | US        |     10700 | NS      | $192198.75    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Aspen Insurance Holdings Ltd.                                                           | ASPEN INSURANCE HLDG /PFD/                  | CUSIP: G05384204<br>LEI: 549300YX6HECG9XQCQ75 | Long             | EP               | CORP              | BM        |     48607 | NS      | $1072270.42   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Property Preferred Lp                                                        | BROOKFIELD PPTY /PFD/                       | CUSIP: G1624R107<br>LEI: 5493004J5Z0TZW83NU62 | Long             | EP               | CORP              | BM        |     57982 | NS      | $1103397.46   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings N.V.                                                                    | AERCAP HOLDINGS N V/R 10/10/79              | CUSIP: 00774YAA7<br>LEI: 549300SZYINBBLJQU475 | Long             | DBT              | CORP              | NL        |   4910000 | PA      | $4709868.40   | 1.92%             | 2079-10-10      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                                                          | ING GROEP NV V/R /PERP/                     | CUSIP: 456837AR4<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   1130000 | PA      | $1070183.45   | 0.44%             | 2500-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| American Equity Investment Life Holding Company                                         | AMERICAN EQUITY INVESTME /PFD/              | CUSIP: 025676503<br>LEI: 549300RK5RZQ740FPL83 | Long             | EP               | CORP              | US        |     74407 | NS      | $1787256.14   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corporation                                                       | CAPITAL ONE FINANCI V/R /PERP/              | CUSIP: 14040HCF0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1652000 | PA      | $1437964.67   | 0.59%             | 2500-12-31      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Compeer Financial, ACA                                                                  | COMPEER FINANCIAL ACA /PFD/                 | CUSIP: 20453Q201<br>LEI: 54930020HTACTODKHT04 | Long             | EP               | CORP              | US        |       500 | NS      | $496763.00    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Delphi Financial Group, Inc.                                                            | DELPHI FINANCIAL GROUP PFD                  | CUSIP: 247131303<br>LEI: 5493001NGT0EEYMZG011 | Long             | EP               | CORP              | US        |     73827 | NS      | $1688792.63   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                                                        | DEUTSCHE BANK AG V/R /PERP/                 | CUSIP: 251525AX9<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   2800000 | PA      | $2555430.89   | 1.04%             | 2500-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Edison International                                                                    | EDISON INTERNATIONA V/R /PERP/              | CUSIP: 281020AT4<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    761000 | PA      | $678499.99    | 0.28%             | 2500-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                      | ENERGY TRANSFER LP V/R /PERP/               | CUSIP: 29273VAH3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    657000 | PA      | $620043.75    | 0.25%             | 2500-12-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                      | ENERGY TRANSFER LP V/R /PERP/               | CUSIP: 29273VAL4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1065000 | PA      | $1010418.75   | 0.41%             | 2500-12-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                      | ENERGY TRANSFER LP V/R /PERP/               | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1075000 | PA      | $984700.00    | 0.40%             | 2500-12-31      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Enstar Finance Llc                                                                      | ENSTAR FINANCE LL V/R 09/01/40              | CUSIP: 29360AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1276000 | PA      | $1145031.36   | 0.47%             | 2040-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Enstar Finance Llc                                                                      | ENSTAR FINANCE LL V/R 01/15/42              | CUSIP: 29360AAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2585000 | PA      | $2135480.78   | 0.87%             | 2042-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                       | ENTERPRISE PRODUC V/R 06/01/67              | CUSIP: 29379VAN3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |   2204000 | PA      | $1961725.30   | 0.80%             | 2067-06-01      | Floating      | 7.54%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                       | ENTERPRISE PRODUC V/R 08/16/77              | CUSIP: 29379VBN2<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    130000 | PA      | $113572.89    | 0.05%             | 2077-08-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo S.p.A.                                                                  | INTESA SANPAOLO SPA V/R /PERP/              | CUSIP: 46115HAU1<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |   3082000 | PA      | $2917104.00   | 1.19%             | 2500-12-31      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico               | BBVA BANCOMER SA  V/R 09/13/34              | CUSIP: 05533UAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    650000 | PA      | $626983.50    | 0.26%             | 2034-09-13      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Banco Santander, S.A.                                                                   | BANCO SANTANDER SA V/R /PERP/               | CUSIP: 05971KAH2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   1600000 | PA      | $1392269.26   | 0.57%             | 2500-12-31      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                            | BARCLAYS PLC V/R /PERP/                     | CUSIP: 06738EBG9<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   5345000 | PA      | $5338318.75   | 2.17%             | 2500-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                            | BARCLAYS PLC V/R /PERP/                     | CUSIP: 06738EBN4<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1900000 | PA      | $1816856.00   | 0.74%             | 2500-12-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                          | CITIGROUP INC V/R /PERP/                    | CUSIP: 172967JM4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2770000 | PA      | $2702894.78   | 1.10%             | 2500-12-31      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Cobank ACB                                                                              | COBANK ACB V/R /PERP/                       | CUSIP: 19075QAC6<br>LEI: P0J8I7M2E0A77CKF1705 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2483821.68   | 1.01%             | 2500-12-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                                                                  | CREDIT SUISSE GROUP V/R /PERP/              | CUSIP: 225401AJ7<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |   4100000 | PA      | $3805853.99   | 1.55%             | 2500-12-31      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Liberty Mutual Group, Inc.                                                              | LIBERTY MUTUAL GR V/R 12/15/51              | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $857240.00    | 0.35%             | 2051-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                                                | LLOYDS BANKING GROU V/R /PERP/              | CUSIP: 53944YAJ2<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   1600000 | PA      | $1563515.97   | 0.64%             | 2500-12-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                          | CHARLES SCHWAB CORP V/R /PERP/              | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   2114000 | PA      | $1950482.10   | 0.79%             | 2500-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                          | CHARLES SCHWAB CORP V/R /PERP/              | CUSIP: 808513CB9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    400000 | PA      | $387000.00    | 0.16%             | 2500-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sempra                                                                                  | SEMPRA ENERGY V/R 04/01/52                  | CUSIP: 816851BM0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   2620000 | PA      | $2297337.41   | 0.94%             | 2052-04-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Southern Co.                                                                            | SOUTHERN CO V/R 09/15/51                    | CUSIP: 842587DJ3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    630000 | PA      | $549893.08    | 0.22%             | 2051-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Company                                                                   | WELLS FARGO & COMPA V/R /PERP/              | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1897000 | PA      | $1749982.50   | 0.71%             | 2500-12-31      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Banco Santander, S.A.                                                                   | BANCO SANTANDER SA V/R /PERP/               | CUSIP: E2R99CQ59<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   2000000 | PA      | $1991880.00   | 0.81%             | 2500-12-31      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| UniCredit S.p.A.                                                                        | UNICREDIT SPA V/R /PERP/                    | CUSIP: T9T20LTJ7<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |   3100000 | PA      | $3070937.50   | 1.25%             | 2500-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                            | UBS GROUP AG V/R /PERP/                     | CUSIP: H42097BR7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $190261.00    | 0.08%             | 2500-12-31      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| UBS Group Funding (Switzerland) AG                                                      | UBS GROUP AG V/R /PERP/                     | CUSIP: H4209UAN6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   2400000 | PA      | $2388780.00   | 0.97%             | 2500-12-31      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| American Agcredit ACA                                                                   | AMER AGCREDIT ACA V/R /PERP/                | CUSIP: 02369GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2203125.05   | 0.90%             | 2500-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Banco Mercantile del Norte SA Grand Cayman Branch                                       | BANCO MERCANTIL DE  V/R /PERP/              | CUSIP: 05962GAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |   1000000 | PA      | $990390.00    | 0.40%             | 2500-12-31      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Banco Mercantile del Norte SA Grand Cayman Branch                                       | BANCO MERCANTIL DE  V/R /PERP/              | CUSIP: 05971PAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    600000 | PA      | $578157.00    | 0.24%             | 2500-12-31      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                            | BARCLAYS PLC V/R /PERP/                     | CUSIP: 06738EBX2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   2355000 | PA      | $2370660.75   | 0.97%             | 2500-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Global Atlantic Finance Co.                                                             | GLOBAL ATLANTIC V/R 10/15/51                | CUSIP: 37959GAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4027000 | PA      | $3472384.73   | 1.41%             | 2051-10-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                               | GOLDMAN SACHS GROUP V/R /PERP/              | CUSIP: 38144GAB7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    200000 | PA      | $192411.31    | 0.08%             | 2500-12-31      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| The Hartford Financial Services Group, Inc.                                             | HARTFORD FINL SVC V/R 02/12/47              | CUSIP: 416515BC7<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | DBT              | CORP              | US        |    820000 | PA      | $703355.00    | 0.29%             | 2047-02-12      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| Kuvare United States Holdings Inc                                                       | KUVARE US HOLDING V/R 02/17/51              | CUSIP: 50149XAA2<br>LEI: 254900MGBERNLZXF7O58 | Long             | DBT              | CORP              | US        |   1174000 | PA      | $1191610.00   | 0.49%             | 2051-02-17      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Land O'Lakes Capital Trust I                                                            | LAND O LAKES CA 7.45% 03/15/28              | CUSIP: 514665AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1481250.00   | 0.60%             | 2028-03-15      | Fixed         | 7.45%                 | Yes           |                  2 | On Loan: No      |
| Land O'Lakes Inc.                                                                       | LAND O'LAKES INC 8% /PERP/                  | CUSIP: 514666AK2<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2838480.00   | 1.16%             | 2500-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Land O'Lakes Inc.                                                                       | LAND O'LAKES INC 7.25% /PERP/               | CUSIP: 514666AM8<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1068000.00   | 0.43%             | 2500-12-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Land O'Lakes Inc.                                                                       | LAND O'LAKES INC 7% /PERP/                  | CUSIP: 514666AN6<br>LEI: 4ONCJWH5BBCYSJIJYX61 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1240435.00   | 0.51%             | 2500-12-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Lincoln National Corporation                                                            | LINCOLN NATIONAL CO V/R /PERP/              | CUSIP: 534187BR9<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |    500000 | PA      | $553750.00    | 0.23%             | 2500-12-31      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                                                | LLOYDS BANKING GROU V/R /PERP/              | CUSIP: 539439AG4<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   2668406 | PA      | $2652182.09   | 1.08%             | 2500-12-31      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| M&T Bank Corporation                                                                    | M&T BANK CORPORATIO V/R /PERP/              | CUSIP: 55261FAN4<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    330997 | PA      | $278864.97    | 0.11%             | 2500-12-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NiSource Inc.                                                                           | NISOURCE INC V/R /PERP/                     | CUSIP: 65473PAG0<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |   1235000 | PA      | $1204195.81   | 0.49%             | 2500-12-31      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc                                                        | PNC FINANCIAL SERVI V/R /PERP/              | CUSIP: 693475BF1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1490000 | PA      | $1494172.00   | 0.61%             | 2500-12-31      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                          | BNP PARIBAS V/R /PERP/                      | CUSIP: 05565AHN6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1084000 | PA      | $1073160.00   | 0.44%             | 2500-12-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia                                                                     | BANK OF NOVA SCOT V/R 10/27/82              | CUSIP: 0641598S8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    300000 | PA      | $319641.07    | 0.13%             | 2082-10-27      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia                                                                     | BANK OF NOVA SCOTIA V/R /PERP/              | CUSIP: 064159VJ2<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    450000 | PA      | $438147.00    | 0.18%             | 2500-12-31      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Emera Inc                                                                               | EMERA INC V/R 06/15/76                      | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |   1500000 | PA      | $1478824.77   | 0.60%             | 2076-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                           | ENBRIDGE INC V/R 03/01/78                   | CUSIP: 29250NAW5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   2132000 | PA      | $2030836.11   | 0.83%             | 2078-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                           | ENBRIDGE INC V/R 07/15/80                   | CUSIP: 29250NBC8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $948790.00    | 0.39%             | 2080-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                           | ENBRIDGE INC V/R 01/15/83                   | CUSIP: 29250NBP9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   1600000 | PA      | $1651669.12   | 0.67%             | 2083-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Nordea Bank ABP                                                                         | NORDEA BANK ABP V/R /PERP/                  | CUSIP: 65559CAA9<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |    400000 | PA      | $396500.00    | 0.16%             | 2500-12-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SCE Trust V                                                                             | SCE TRUST V PREFERRED                       | CUSIP: 78409W201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     12068 | NS      | $268271.64    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale S.A.                                                                   | SOCIETE GENERALE V/R /PERP/                 | CUSIP: 83370RAC2<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   1500000 | PA      | $1614375.00   | 0.66%             | 2500-12-31      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                                               | TORONTO-DOMINION  V/R 10/31/82              | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   1650000 | PA      | $1755187.50   | 0.71%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| TransCanada Trust                                                                       | TRANSCANADA TRUST V/R 09/15/79              | CUSIP: 89356BAE8<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |   1500000 | PA      | $1359294.71   | 0.55%             | 2079-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                                                         | DANSKE BANK A/S V/R /PERP/                  | CUSIP: K22274H96<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   1050000 | PA      | $1022469.00   | 0.42%             | 2500-12-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| La Mondiale                                                                             | LA MONDIALE V/R 01/26/47                    | CUSIP: F5616KAC8<br>LEI: 969500L0T16HX3R78P61 | Long             | DBT              | CORP              | FR        |    300000 | PA      | $287893.80    | 0.12%             | 2047-01-26      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Aircastle Limited                                                                       | AIRCASTLE LTD V/R /PERP/                    | CUSIP: 00928QAW1<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |   1594000 | PA      | $1315050.00   | 0.54%             | 2500-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Algonquin Power & Utilities Corporation                                                 | ALGONQUIN PWR & U V/R 01/18/82              | CUSIP: 015857AH8<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |   2526000 | PA      | $2137576.98   | 0.87%             | 2082-01-18      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                          | BNP PARIBAS V/R /PERP/                      | CUSIP: 05565AB28<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    700000 | PA      | $614250.00    | 0.25%             | 2500-12-31      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                          | BNP PARIBAS V/R /PERP/                      | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1440000 | PA      | $1494000.00   | 0.61%             | 2500-12-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                          | BNP PARIBAS V/R /PERP/                      | CUSIP: 05565ASK0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   2100000 | PA      | $1723068.19   | 0.70%             | 2500-12-31      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Credit Agricole S.A.                                                                    | CREDIT AGRICOLE SA V/R /PERP/               | CUSIP: 225313AJ4<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   3285000 | PA      | $3397166.33   | 1.38%             | 2500-12-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Principal Financial Group                                                               | PRINCIPAL FINANCI V/R 05/15/55              | CUSIP: 74251VAL6<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $985000.00    | 0.40%             | 2055-05-15      | Floating      | 7.65%                 | No            |                  2 | On Loan: No      |
| Prudential Financial, Inc.                                                              | PRUDENTIAL FINANC V/R 09/01/52              | CUSIP: 744320BK7<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |   2341000 | PA      | $2338345.12   | 0.95%             | 2052-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SVB Financial Group                                                                     | SVB FINANCIAL GROUP V/R /PERP/              | CUSIP: 78486QAJ0<br>LEI: 549300D2KJ20JMXE7542 | Long             | DBT              | CORP              | US        |   1877003 | PA      | $1505109.66   | 0.61%             | 2500-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SVB Financial Group                                                                     | SVB FINANCIAL GROUP V/R /PERP/              | CUSIP: 78486QAP6<br>LEI: 549300D2KJ20JMXE7542 | Long             | DBT              | CORP              | US        |   2128000 | PA      | $1704315.20   | 0.69%             | 2500-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Valley National Bancorp                                                                 | VALLEY NATIONAL BANCORP /PFD/               | CUSIP: 919794305<br>LEI: 549300ET52S1UBIB9762 | Long             | EP               | CORP              | US        |      9164 | NS      | $232215.76    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Company                                                                   | WELLS FARGO & COMPANY /PFD/                 | CUSIP: 94988U151<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |       843 | NS      | $17896.89     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SCE Trust IV                                                                            | SCE TRUST IV /PFD/ SER J                    | CUSIP: 78409G206<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     18460 | NS      | $371046.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Danske Bank A/S                                                                         | DANSKE BANK A/S V/R /PERP/                  | CUSIP: K2227DL59<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   1000000 | PA      | $882065.00    | 0.36%             | 2500-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| QBE Insurance Group Ltd.                                                                | QBE INSURANCE GROUP V/R /PERP/              | CUSIP: 74728GAE0<br>LEI: 549300D2FBW76FPUSG65 | Long             | DBT              | CORP              | AU        |   1500000 | PA      | $1481250.00   | 0.60%             | 2500-12-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Scentre Group Trust 2                                                                   | SCENTRE GROUP TRU V/R 09/24/80              | CUSIP: 76025LAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |    300000 | PA      | $264324.79    | 0.11%             | 2080-09-24      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| QBE Insurance Group Ltd.                                                                | QBE INSURANCE GRO V/R 06/17/46              | CUSIP: Q7787GAE0<br>LEI: 549300D2FBW76FPUSG65 | Long             | DBT              | CORP              | AU        |    301000 | PA      | $293735.37    | 0.12%             | 2046-06-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| QBE Insurance Group Ltd.                                                                | QBE INSURANCE GRO V/R 12/02/44              | CUSIP: Q78063AG1<br>LEI: 549300D2FBW76FPUSG65 | Long             | DBT              | CORP              | AU        |   1000000 | PA      | $998952.78    | 0.41%             | 2044-12-02      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Brookfield Property Partners LP                                                         | BROOKFIELD PROPERTY PART /PFD/              | CUSIP: G16249149<br>LEI: 5493004J5Z0TZW83NU62 | Long             | EP               | CORP              | US        |     10209 | NS      | $206017.62    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Infrastructure Partners LP                                                   | BROOKFIELD INFRASTRUCTUR /PFD/              | CUSIP: G16252267<br>LEI: 549300WEH5R2OODI7Y90 | Long             | EP               | CORP              | BM        |     29230 | NS      | $588984.50    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Aercap Global Aviation Trust                                                            | AERCAP GLOBAL AVI V/R 06/15/45              | CUSIP: 00773HAA5<br>LEI: 635400FBSV8LXXNRV758 | Long             | DBT              | CORP              | US        |    400000 | PA      | $391538.00    | 0.16%             | 2045-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Air Lease Corporation                                                                   | AIR LEASE CORP V/R /PERP/                   | CUSIP: 00912XBJ2<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    700000 | PA      | $623000.00    | 0.25%             | 2500-12-31      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                                                       | NATWEST GROUP PLC V/R /PERP/                | CUSIP: 780099CK1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   2100000 | PA      | $2126155.50   | 0.87%             | 2500-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                                                  | STANDARD CHARTERED  V/R /PERP/              | CUSIP: 853254CD0<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   2800000 | PA      | $2404920.00   | 0.98%             | 2500-12-31      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                                                  | STANDARD CHARTERED  V/R /PERP/              | CUSIP: 853254CM0<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   2640000 | PA      | $2712600.00   | 1.10%             | 2500-12-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc.                                                                     | ALLY FINANCIAL INC V/R /PERP/               | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    123000 | PA      | $94710.00     | 0.04%             | 2500-12-31      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co, Inc.                                                        | AMERICAN ELECTRIC V/R 02/15/62              | CUSIP: 025537AU5<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    320000 | PA      | $274621.31    | 0.11%             | 2062-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                                | AMERICAN EXPRESS CO V/R /PERP/              | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $887299.77    | 0.36%             | 2500-12-31      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Apollo Management Holdings, L.P.                                                        | APOLLO MANAGEMENT V/R 01/14/50              | CUSIP: 03765HAE1<br>LEI: 5493006XQW0V5K38YM64 | Long             | DBT              | CORP              | US        |   1568000 | PA      | $1349126.85   | 0.55%             | 2050-01-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Ares Finance Co III LLC                                                                 | ARES FINANCE CO V/R 06/30/51                | CUSIP: 04018VAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1163138.34   | 0.47%             | 2051-06-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Assurant Inc.                                                                           | ASSURANT INC V/R 03/27/48                   | CUSIP: 04621XAK4<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | DBT              | CORP              | US        |   1822000 | PA      | $1811569.29   | 0.74%             | 2048-03-27      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Axis Specialty Finance LLC                                                              | AXIS SPECIALTY FI V/R 01/15/40              | CUSIP: 05463HAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2100000 | PA      | $1788026.37   | 0.73%             | 2040-01-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria, S.A.                                                   | BANCO BILBAO VIZCAY V/R /PERP/              | CUSIP: 05946KAG6<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |   1300000 | PA      | $1275638.00   | 0.52%             | 2500-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Banco Mercantile del Norte SA Grand Cayman Branch                                       | BANCO MERCANTIL DE  V/R /PERP/              | CUSIP: 05971PAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |   1100000 | PA      | $1132119.40   | 0.46%             | 2500-12-31      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Bank of America Corporation                                                             | BANK OF AMERICA COR V/R /PERP/              | CUSIP: 060505GB4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1269000 | PA      | $1154916.90   | 0.47%             | 2500-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Bank of America Corporation                                                             | BANK OF AMERICA COR V/R /PERP/              | CUSIP: 06055HAB9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   5900000 | PA      | $5920650.00   | 2.41%             | 2500-12-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                            | BARCLAYS PLC V/R /PERP/                     | CUSIP: 06738EBT1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1100000 | PA      | $896861.23    | 0.37%             | 2500-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Texas Capital Bancshares, Inc.                                                          | TEXAS CAPITAL BANCSHARES /PFD/              | CUSIP: 88224Q305<br>LEI: 549300466Q2SXRX0YM48 | Long             | EP               | CORP              | US        |      4155 | NS      | $94318.50     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Company                                                                   | WELLS FARGO & COMPANY /PFD/CV               | CUSIP: 949746804<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |      3504 | NS      | $4407996.96   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Buckeye Partners LP                                                                     | BUCKEYE PARTNERS  V/R 01/22/78              | CUSIP: 118230AS0<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |   1308000 | PA      | $1101927.43   | 0.45%             | 2078-01-22      | Floating      | 8.84%                 | No            |                  2 | On Loan: No      |
| Capital Farm Credit ACA                                                                 | CAPITAL FARM CREDIT V/R /PERP/              | CUSIP: 14019TAA4<br>LEI: 254900S6K5I3OISPS518 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1368750.00   | 0.56%             | 2500-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                                                          | ING GROEP NV V/R /PERP/                     | CUSIP: 456837AF0<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   1000000 | PA      | $978785.00    | 0.40%             | 2500-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                                                | LLOYDS BANKING GROU V/R /PERP/              | CUSIP: 539439AU3<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    731000 | PA      | $725700.25    | 0.30%             | 2500-12-31      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Athene Holding Ltd                                                                      | ATHENE HOLDING LTD /PFD/                    | CUSIP: G0684D305<br>LEI: 549300H316CT32FQXI76 | Long             | EP               | CORP              | BM        |     29701 | NS      | $756484.47    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group Funding (Switzerland) AG                                                      | UBS GROUP AG V/R /PERP/                     | CUSIP: 90352JAF0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    760000 | PA      | $757127.20    | 0.31%             | 2500-12-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-03

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

**Signature:** Donald P. Swade

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

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