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284853.08000000 PA USD 283981.43000000 0.167146483339 Long LON CORP US N 2 2028-09-22 Floating 3.50000000 N N N N N N BOYD GAMING CORP 254900787YGRYS2A1Z35 Boyd Gaming Corp 103304BS9 25000.00000000 PA USD 26551.50000000 0.015627746688 Long DBT CORP US N 2 2025-06-01 Fixed 8.62500000 N N N N N N GOLDEN NUGGET INC 91D14OD6M4H1RVBN7R43 Golden Nugget Inc 38113YAE9 486000.00000000 PA USD 486670.68000000 0.286445816920 Long DBT CORP US N 2 2024-10-15 Fixed 6.75000000 N N N N N N Jazz Financing Lux Sarl N/A JAZZ FINANCING LUX SARL JAZZ TL B 1L USD 000000000 1198228.63020000 PA USD 1198084.84000000 0.705171699955 Long LON CORP US N 2 2028-05-05 Floating 4.00000000 N N N N N N LIVE NATION ENTERTAINMEN 5493007B9BM9ZXJINO78 Live Nation Entertainment Inc 538034AV1 43000.00000000 PA USD 46344.11000000 0.027277329401 Long DBT CORP US N 2 2027-05-15 Fixed 6.50000000 N N N N N N ADMI Corp N/A ADMI CORP ASPDEN TL B 1L USD 000000000 634534.32480000 PA USD 632288.07000000 0.372153655815 Long LON CORP US N 2 2027-12-23 Floating 4.00000000 N N N N N N CHANGE HEALTH / FIN INC N/A Change Healthcare Holdings LLC / Change Healthcare Finance Inc 15911NAA3 1687000.00000000 PA USD 1692651.45000000 0.996264922631 Long DBT CORP US N 2 2025-03-01 Fixed 5.75000000 N N N N N N U.S. Renal Care Inc N/A US RENAL CARE INC USRENA TL B 1L USD 000000000 2323895.45335900 PA USD 2291570.07000000 1.348777906103 Long LON CORP US N 2 2026-06-26 Floating 5.12500000 N N N N N N UNIVISION COMMUNICATIONS 549300YQDE2JSGTL8V47 Univision Communications Inc 914906AU6 397000.00000000 PA USD 417447.49000000 0.245702262759 Long DBT CORP US N 2 2027-06-01 Fixed 6.62500000 N N N N N N MH Sub I, LLC N/A MH SUB I LLC VARIABLE RATE DUE 02/12/2029 000000000 1102775.17000000 PA USD 1107605.33000000 0.651917049076 Long LON CORP US N 2 2029-02-23 Floating 6.35500000 N N N N N N Finastra USA Inc 549300ZB2RO6QC7YTK71 ALMONDE INC MSYLN TERM LOAN B 000000000 675809.44452000 PA USD 673214.34000000 0.396242139723 Long LON CORP US N 2 2024-06-13 Floating 4.50000000 N N N N N N ENDO DAC/FIN LLC/FINCO N/A Endo Dac / Endo Finance LLC / Endo Finco Inc 29273DAB6 3926000.00000000 PA USD 3887662.61000000 2.288209949762 Long DBT CORP N/A N 2 2027-07-31 Fixed 9.50000000 N N N N N N CAESARS ENTERTAIN INC 549300FA4CTCW903Y781 Caesars Entertainment Inc 28470RAH5 924000.00000000 PA USD 955291.26000000 0.562267661918 Long DBT CORP US N 2 2025-07-01 Fixed 6.25000000 N N N N N N SolarWinds Holdings Inc N/A SOLARWINDS HOLD 02/05/24 000000000 3485003.30013400 PA USD 3449072.92000000 2.030063759314 Long LON CORP US N 2 2024-02-05 Floating 2.85500000 N N N N N N MALLINCKRODT FIN/SB N/A Mallinckrodt International Finance SA / Mallinckrodt CB LLC 561233AD9 250000.00000000 PA USD 134025.00000000 0.078884761688 Long DBT CORP LU N 2 2023-10-15 Fixed 5.62500000 Y N N N N N Cumulus Media Inc N/A Cumulus Media Inc 231082801 426.00000000 NS USD 4366.50000000 0.002570045229 Long EC CORP US N 1 N N N Surf Holdings Sarl N/A SURF HOLDINGS SARL SOPHLN TL B 1L USD 000000000 965995.44040000 PA USD 960682.47000000 0.565440833461 Long LON CORP US N 2 2027-01-15 Floating 3.69000000 N N N N N N WP CityMD Bidco LLC N/A WP CITYMD BIDCO LLC CITPRA TL B 1L USD 000000000 141756.63000000 PA USD 141491.55000000 0.083279441915 Long LON CORP US N 2 2028-12-22 Floating 3.75000000 N N N N N N Great Outdoors Group LLC N/A GREAT OUTDOORS GROUP LLC BASSPR TL B1 1L USD 000000000 726292.33840000 PA USD 725536.99000000 0.427038332793 Long LON CORP US N 2 2028-03-06 Floating 4.50000000 N N N N N N HUB International Ltd N/A HUB INTERNATIONAL LTD HBGCN TL B 1L USD 000000000 3400065.71200000 PA USD 3392143.56000000 1.996556137626 Long LON CORP US N 2 2025-04-25 Floating 4.00000000 N N N N N N GLOBAL MEDICAL RESPONSE AIMEGR TL B 1L USD N/A GLOBAL MEDICAL RESPONSE AIMEGR TL B 1L USD 000000000 114185.95160000 PA USD 114115.16000000 0.067166179456 Long LON CORP US N 2 2025-10-02 Floating 5.25000000 N N N N N N Camelot US Acquisition I Co N/A CAMELOT FINANCE SA CCC TL B 1L USD 000000000 1555033.80160000 PA USD 1551628.28000000 0.913261160960 Long LON CORP US N 2 2026-10-30 Floating 4.00000000 N N N N N N VT Topco Inc N/A VT TOPCO INC VE 08/10/25 000000000 22737.32000000 PA USD 22756.19000000 0.013393893863 Long LON CORP US N 2 2025-08-01 Floating 3.75000000 N N N N N N Bengel Debt Merger Sub, LLC N/A BENGAL DEBT MERGER SUB L PEP TL DD 1L USD 000000000 26732.73000000 PA USD 26684.88000000 0.015706251814 Long LON CORP US N 2 2029-01-19 None 0.00000000 N N N N N N Rent-A-Center Inc N/A RENT-A-CENTER INC RCII TL B 1L USD 000000000 461342.10700000 PA USD 459418.31000000 0.270405550456 Long LON CORP US N 2 2028-02-17 Floating 3.75000000 N N N N N N Vistra Corp 549300KP43CPCUJOOG15 Vistra Corp 92840M102 14134.00000000 NS USD 308262.54000000 0.181437918340 Long EC CORP US N 1 N N N 2022-03-22 First Trust Series Fund Donald P. Swade Donald P. Swade Treasurer, Chief Financial Officer and Chief Accounting Officer XXXX NPORT-EX 2 FT70FTSDurHighInc.htm.htm
First Trust Short Duration High Income Fund
Portfolio of Investments
January 31, 2022 (Unaudited)
Principal
Value
  Description   Rate (a)   Stated
Maturity (b)
  Value
SENIOR FLOATING-RATE LOAN INTERESTS – 74.0%
    Aerospace & Defense – 0.7%            
$284,853  
Atlantic Aviation FBO, Inc. (KKR Apple Bidco, LLC), 1st Lien Term Loan, 1 Mo. LIBOR + 3.00%, 0.50% Floor

  3.50%   09/23/28   $283,981
467,059  
Peraton Corp., Term Loan B, 1 Mo. LIBOR + 3.75%, 0.75% Floor

  4.50%   02/01/28   466,279
402,200  
Spirit Aerosystems, Inc., New Term Loan B, 3 Mo. LIBOR + 3.75%, 0.50% Floor

  4.25%   01/15/25   403,206
        1,153,466
    Apparel Retail – 0.1%            
142,681  
Authentic Brands Group (ABG Intermediate Holdings 2, LLC), Delayed Draw Term Loan B2, 1 Mo. SOFR + 3.50%, 0.50% Floor

  4.00%   12/21/28   142,235
22,381  
Authentic Brands Group (ABG Intermediate Holdings 2, LLC), Delayed Draw Term Loan B3, 1 Mo. SOFR + 3.50%, 0.50% Floor

  4.00%   12/21/28   22,311
22,381  
Authentic Brands Group (ABG Intermediate Holdings 2, LLC), Term Loan B1, 1 Mo. SOFR + 3.50%, 0.50% Floor

  4.00%   12/21/28   22,312
        186,858
    Apparel, Accessories & Luxury Goods – 0.1%            
155,535  
Careismatic Brands/New Trojan, Inc. (fka Strategic Partners), Initial Term Loan, 3 Mo. LIBOR + 3.25%, 0.50% Floor

  3.75%   01/06/28   152,879
    Application Software – 14.2%            
208,990  
ConnectWise, LLC, Term Loan B, 3 Mo. LIBOR + 3.50%, 0.50% Floor

  4.00%   09/30/28   208,430
1,499,960  
Epicor Software Corp., First Lien Term Loan C, 1 Mo. LIBOR + 3.25%, 0.75% Floor

  4.00%   07/30/27   1,495,535
71  
Flexera Software, LLC, 2020 Term Loan B, 3 Mo. LIBOR + 3.75%, 0.75% Floor

  4.50%   01/26/28   70
27,872  
Flexera Software, LLC, 2020 Term Loan B, 6 Mo. LIBOR + 3.75%, 0.75% Floor

  4.50%   01/26/28   27,860
1,564,592  
Gainwell Acquisition Corp. (fka Milano), Term Loan B, 3 Mo. LIBOR + 4.00%, 0.75% Floor

  4.75%   10/01/27   1,565,077
2,381,499  
Greeneden U.S. Holdings II, LLC (Genesys Telecommunications Laboratories, Inc.), Initial Dollar Term Loan, 1 Mo. LIBOR + 4.00%, 0.75% Floor

  4.75%   12/01/27   2,380,023
3,625,543  
Hyland Software, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%, 0.75% Floor

  4.25%   07/01/24   3,623,730
696,001  
Imprivata, Inc., Term Loan B, 3 Mo. LIBOR + 3.50%, 0.50% Floor

  4.00%   11/30/27   694,407
1,245,413  
Internet Brands, Inc. (Web MD/MH Sub I, LLC), 2020 June New Term Loan, 1 Mo. LIBOR + 3.75%, 1.00% Floor

  4.75%   09/15/24   1,238,414
1,102,775  
Internet Brands, Inc. (Web MD/MH Sub I, LLC), 2nd Lien Term Loan, 1 Mo. LIBOR + 6.25%, 0.00% Floor

  6.36%   02/23/29   1,107,605
2,264,437  
Internet Brands, Inc. (Web MD/MH Sub I, LLC), Initial Term Loan, 1 Mo. LIBOR + 3.50%, 0.00% Floor

  3.61%   09/13/24   2,252,277
95,271  
ION Trading Technologies, Term Loan B, 3 Mo. LIBOR + 4.75%, 0.00% Floor

  4.97%   04/01/28   95,271
1,589,336  
LogMeIn, Inc. (Logan), Term Loan B, 1 Mo. LIBOR + 4.75%, 0.00% Floor

  4.86%   08/31/27   1,574,857
1,364,523  
McAfee, LLC, Term Loan B, 1 Mo. LIBOR + 3.75%, 0.00% Floor

  3.86%   09/30/24   1,362,968
122,644  
MeridianLink, Inc., Term Loan B, 3 Mo. LIBOR + 3.00%, 0.50% Floor

  3.50%   11/09/28   122,389

First Trust Short Duration High Income Fund
Portfolio of Investments (Continued)
January 31, 2022 (Unaudited)
Principal
Value
  Description   Rate (a)   Stated
Maturity (b)
  Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
    Application Software (Continued)            
$1,375,344  
Micro Focus International (MA Financeco, LLC), Term Loan B4, 3 Mo. LIBOR + 4.25%, 1.00% Floor

  5.25%   06/05/25   $1,373,625
270,979  
N-Able, Inc., Term Loan B, 3 Mo. LIBOR + 3.00%, 0.50% Floor

  3.50%   07/19/28   269,795
239,933  
RealPage, Inc., Second Lien Term Loan, 1 Mo. LIBOR + 6.50%, 0.75% Floor

  7.25%   04/22/29   242,452
785,327  
RealPage, Inc., Term Loan B, 1 Mo. LIBOR + 3.25%, 0.50% Floor

  3.75%   04/24/28   780,992
3,485,003  
SolarWinds Holdings, Inc., Initial Term Loan, 1 Mo. LIBOR + 2.75%, 0.00% Floor

  2.86%   02/05/24   3,449,073
262,133  
Solera Holdings, Inc. (Polaris Newco), Term Loan B, 3 Mo. LIBOR + 4.00%, 0.50% Floor

  4.50%   06/04/28   261,923
68,829  
Ultimate Kronos Group (UKG, Inc.), 2021 Term Loan, 3 Mo. LIBOR + 3.25%, 0.50% Floor

  3.75%   05/03/26   68,602
        24,195,375
    Asset Management & Custody Banks – 0.8%            
1,293,524  
Edelman Financial Engines Center, LLC, Term Loan B, 1 Mo. LIBOR + 3.50%, 0.75% Floor

  4.25%   04/07/28   1,289,256
    Auto Parts & Equipment – 0.5%            
204,701  
Clarios Global L.P. (Power Solutions), Term Loan B, 1 Mo. LIBOR + 3.25%, 0.00% Floor

  3.36%   04/30/26   203,524
87,967  
Dexko Global (Dornoch Debt Merger Sub, Inc.), Term Loan B, 3 Mo. LIBOR + 3.75%, 0.50% Floor

  4.25%   10/04/28   87,784
598,016  
Truck Hero, Inc., Term Loan B, 1 Mo. LIBOR + 3.25%, 0.75% Floor

  4.00%   01/31/28   596,115
        887,423
    Broadcasting – 0.8%            
125,062  
E.W. Scripps Company, Tranche B-3 Term Loan, 1 Mo. LIBOR + 3.00%, 0.75% Floor

  3.75%   01/07/28   124,906
664,787  
iHeartCommunications, Inc., Second Amendment Incremental Term Loan B, 3 Mo. LIBOR + 3.25%, 0.50% Floor

  3.75%   05/01/26   663,405
271,133  
Sinclair Television Group, Inc., Term Loan B-1, 1 Mo. LIBOR + 2.25%, 0.00% Floor

  2.36%   01/03/24   266,049
254,564  
Univision Communications, Inc., 2017 Replacement Repriced First Lien Term Loan C-5, 1 Mo. LIBOR + 2.75%, 1.00% Floor

  3.75%   03/15/24   254,200
89,741  
Univision Communications, Inc., 2021 Replacement New First Lien Term Loan, 1 Mo. LIBOR + 3.25%, 0.75% Floor

  4.00%   03/24/26   89,550
        1,398,110
    Building Products – 0.1%            
85,802  
Griffon Corp., Term Loan B, 1 Mo. SOFR + 2.75%, 0.50% Floor

  3.25%   01/24/29   85,659
    Cable & Satellite – 0.8%            
386,772  
DIRECTV Holdings, LLC, Term Loan B, 3 Mo. LIBOR + 5.00%, 0.75% Floor

  5.75%   07/31/27   387,016
994,366  
Radiate Holdco, LLC (RCN), Inc. Amendment No. 6 Term Loan, 1 Mo. LIBOR + 3.25%, 0.75% Floor

  4.00%   09/25/26   991,979
        1,378,995
    Casinos & Gaming – 2.6%            
214,362  
Caesars Resort Collection, LLC, New Term Loan B-1, 1 Mo. LIBOR + 3.50%, 0.00% Floor

  3.61%   07/20/25   214,094
1,564,924  
Caesars Resort Collection, LLC, Term Loan B, 1 Mo. LIBOR + 2.75%, 0.00% Floor

  2.86%   12/22/24   1,555,628

First Trust Short Duration High Income Fund
Portfolio of Investments (Continued)
January 31, 2022 (Unaudited)
Principal
Value
  Description   Rate (a)   Stated
Maturity (b)
  Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
    Casinos & Gaming (Continued)            
$1,508,429  
Golden Nugget, Inc. (Fertitta Entertainment, LLC), Initial Term Loan B, 1 Mo. SOFR + 4.00%, 0.50% Floor

  4.50%   01/27/29   $1,512,834
1,093,109  
Scientific Games International, Inc., Term Loan B5, 1 Mo. LIBOR + 2.75%, 0.00% Floor

  2.86%   08/14/24   1,089,491
        4,372,047
    Construction & Engineering – 0.4%            
637,581  
USIC, Inc., 1st Lien Term Loan, 1 Mo. LIBOR + 3.50%, 0.75% Floor

  4.25%   05/15/28   635,420
    Data Processing & Outsourced Services – 0.0%            
78,156  
Paysafe Holdings (US) Corp., New Term Loan B, 1 Mo. LIBOR + 2.75%, 0.50% Floor

  3.25%   06/24/28   76,300
    Education Services – 0.3%            
568,458  
Ascensus Holdings, Inc. (Mercury), Incremental Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor

  4.00%   08/02/28   565,854
    Electric Utilities – 1.7%            
3,027,377  
PG&E Corp., Term Loan B, 3 Mo. LIBOR + 3.00%, 0.50% Floor

  3.50%   06/23/25   2,966,829
    Electronic Equipment & Instruments – 0.9%            
916,187  
Chamberlain Group, Inc. (Chariot), Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor

  4.00%   11/03/28   913,897
581,320  
Verifone Systems, Inc., Term Loan B, 3 Mo. LIBOR + 4.00%, 0.00% Floor

  4.18%   08/20/25   575,832
        1,489,729
    Environmental & Facilities Services – 1.4%            
471,360  
Allied Universal Holdco, LLC, Initial Term Loan, 3 Mo. LIBOR + 3.75%, 0.50% Floor

  4.25%   05/14/28   469,866
1,590,683  
Packers Holdings, LLC (PSSI), Term Loan B, 6 Mo. LIBOR + 3.25%, 0.75% Floor

  4.00%   03/15/28   1,581,409
381,678  
TruGreen L.P., Second Refinancing Term Loan B, 1 Mo. LIBOR + 4.00%, 0.75% Floor

  4.75%   11/02/27   381,869
        2,433,144
    Health Care Distributors – 0.3%            
478,141  
Radiology Partners, Inc., Term Loan B, 1 Mo. LIBOR + 4.25%, 0.00% Floor

  4.35%-4.36%   07/09/25   471,963
44,112  
Radiology Partners, Inc., Term Loan B, 3 Mo. LIBOR + 4.25%, 0.00% Floor

  4.36%   07/09/25   43,543
        515,506
    Health Care Equipment – 0.0%            
85,427  
Embecta Corp., Term Loan B, 1 Mo. SOFR + 3.00%, 0.50% Floor

  3.50%   02/28/29   85,374
    Health Care Facilities – 0.2%            
190,761  
Ardent Health Services, Inc. (AHP Health Partners, Inc.), Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor

  4.00%   08/24/28   190,940
141,757  
WP CityMD Bidco, LLC (Summit Health), Incremental Term Loan B, 6 Mo. LIBOR + 3.25%, 0.50% Floor

  3.75%   11/18/28   141,492
        332,432
    Health Care Services – 11.8%            
324,171  
AccentCare (Pluto Acquisition I, Inc.), New Term Loan B, 3 Mo. LIBOR + 4.00%, 0.00% Floor

  4.18%   06/20/26   322,225

First Trust Short Duration High Income Fund
Portfolio of Investments (Continued)
January 31, 2022 (Unaudited)
Principal
Value
  Description   Rate (a)   Stated
Maturity (b)
  Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
    Health Care Services (Continued)            
$1,383,287  
ADMI Corp. (Aspen Dental), 2020 Incremental Term Loan B2, 1 Mo. LIBOR + 3.38%, 0.50% Floor

  3.88%   12/23/27   $1,372,691
634,534  
ADMI Corp. (Aspen Dental), 2021 Incremental Term Loan B3, 1 Mo. LIBOR + 3.50%, 0.50% Floor

  4.00%   12/23/27   632,288
1,027,674  
Air Methods Corp., Term Loan B, 3 Mo. LIBOR + 3.50%, 1.00% Floor

  4.50%   04/21/24   967,041
269,221  
athenahealth, Inc. (Minerva Merger Sub, Inc.), Delayed Draw Term Loan, 1 Mo. SOFR + 3.50%, 0.50% Floor

  4.00%   01/27/29   267,932
1,588,407  
athenahealth, Inc. (Minerva Merger Sub, Inc.), Term Loan B, 1 Mo. SOFR + 3.50%, 0.50% Floor

  4.00%   01/27/29   1,580,798
1,049,956  
Aveanna Healthcare, LLC, 2021 Term Loan B, 1 Mo. LIBOR + 3.75%, 0.50% Floor

  4.25%   07/15/28   1,045,084
244,788  
Aveanna Healthcare, LLC, Delayed Draw Term Loan, 1 Mo. LIBOR + 3.75%, 0.50% Floor

  4.25%   07/15/28   243,652
678,085  
Brightspring Health (Phoenix Guarantor, Inc.), Incremental Term Loan B-3, 1 Mo. LIBOR + 3.50%, 0.00% Floor

  3.60%   03/05/26   675,312
1,373,761  
CHG Healthcare Services, Inc., Term Loan B, 3 Mo. LIBOR + 3.50%, 0.50% Floor

  4.00%   09/30/28   1,374,104
339,747  
Civitas Solutions (National Mentor Holdings, Inc.), Term Loan B, 1 Mo. LIBOR + 3.75%, 0.75% Floor

  4.50%   03/01/28   335,878
425,565  
Civitas Solutions (National Mentor Holdings, Inc.), Term Loan B, 3 Mo. LIBOR + 3.75%, 0.75% Floor

  4.50%   03/01/28   420,718
25,704  
Civitas Solutions (National Mentor Holdings, Inc.), Term Loan C, 3 Mo. LIBOR + 3.75%, 0.75% Floor

  4.50%   03/01/28   25,411
2,410,421  
Envision Healthcare Corporation, Initial Term Loan, 1 Mo. LIBOR + 3.75%, 0.00% Floor

  3.86%   10/10/25   1,861,833
2,070,742  
ExamWorks Group, Inc. (Electron Bidco), Term Loan B, 1 Mo. LIBOR + 3.25%, 0.50% Floor

  3.75%   10/29/28   2,065,234
114,186  
Global Medical Response, Inc. (fka Air Medical), 2021 Refinancing Term Loan, 6 Mo. LIBOR + 4.25%, 1.00% Floor

  5.25%   10/02/25   114,115
56,967  
Help at Home (HAH Group Holding Company, LLC), Delayed Draw Term Loan, 3 Mo. LIBOR + 5.00%, 1.00% Floor

  6.00%   10/29/27   56,861
450,755  
Help at Home (HAH Group Holding Company, LLC), Initial Term Loan, 3 Mo. LIBOR + 5.00%, 1.00% Floor

  6.00%   10/29/27   449,912
1,062,550  
Packaging Coordinators, Inc. (PCI Pharma), Term Loan B, 3 Mo. LIBOR + 3.75%, 0.75% Floor

  4.50%   11/30/27   1,061,444
538,833  
Radnet Management, Inc., Term Loan B, 3 Mo. LIBOR + 3.00%, 0.75% Floor

  3.75%   04/22/28   537,486
1,357  
Radnet Management, Inc., Term Loan B, 3 Mo. PRIME+ 2.00%, 3.25% Floor

  5.25%   04/22/28   1,354
73,836  
SCP Health (Onex TSG Intermediate Corp.), Term Loan B, 3 Mo. LIBOR + 4.75%, 0.75% Floor

  5.50%   02/28/28   74,021
1,365,418  
Team Health, Inc., Term Loan B, 1 Mo. LIBOR + 2.75%, 1.00% Floor

  3.75%   02/06/24   1,315,580
1,041,331  
U.S. Anesthesia Partners Intermediate Holdings, Inc., New Term Loan B, 6 Mo. LIBOR + 4.25%, 0.50% Floor

  4.75%   09/30/28   1,038,405
2,323,895  
U.S. Renal Care, Inc., Term Loan B, 1 Mo. LIBOR + 5.00%, 0.00% Floor

  5.13%   06/28/26   2,291,570
        20,130,949
    Health Care Supplies – 0.3%            
500,000  
Medline Borrower, L.P. (Mozart), Initial Dollar Term Loan, 1 Mo. LIBOR + 3.25%, 0.50% Floor

  3.75%   10/21/28   497,735

First Trust Short Duration High Income Fund
Portfolio of Investments (Continued)
January 31, 2022 (Unaudited)
Principal
Value
  Description   Rate (a)   Stated
Maturity (b)
  Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
    Health Care Technology – 5.2%            
$1,173,914  
Ciox Health (Healthport/CT Technologies Intermediate Holdings, Inc.), New Term Loan B, 1 Mo. LIBOR + 4.25%, 0.75% Floor

  5.00%   12/16/25   $1,172,200
56,544  
Clario (fka eResearch Technology, Inc.), Incremental Term Loan B, 1 Mo. LIBOR + 4.50%, 1.00% Floor

  5.50%   02/04/27   56,651
787,735  
Ensemble RCM, LLC (Ensemble Health), Term Loan B, 3 Mo. LIBOR + 3.75%, 0.00% Floor

  4.05%   08/01/26   787,569
857,071  
Mediware (Wellsky/Project Ruby Ultimate Parent Corp.), Term Loan B, 1 Mo. LIBOR + 3.25%, 0.75% Floor

  4.00%   03/10/28   854,260
147,948  
Navicure, Inc. (Waystar Technologies, Inc.), Term Loan B, 1 Mo. LIBOR + 4.00%, 0.00% Floor

  4.11%   10/23/26   147,671
88,122  
Press Ganey (Azalea TopCo, Inc.), 2021 Term Loan, 1 Mo. LIBOR + 3.75%, 0.75% Floor

  4.50%   07/25/26   88,177
251,512  
Press Ganey (Azalea TopCo, Inc.), Term Loan B, 1 Mo. LIBOR + 3.50%, 0.00% Floor

  3.61%   07/25/26   250,066
3,153,553  
Verscend Technologies, Inc. (Cotiviti), New Term Loan B-1, 1 Mo. LIBOR + 4.00%, 0.00% Floor

  4.11%   08/27/25   3,150,399
649,065  
Zelis Payments Buyer, Inc., New Term Loan B, 1 Mo. LIBOR + 3.50%, 0.00% Floor

  3.60%   09/30/26   644,197
1,781,145  
Zelis Payments Buyer, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%, 0.00% Floor

  3.61%   09/30/26   1,773,166
        8,924,356
    Homefurnishing Retail – 0.5%            
466,436  
At Home Holding III, Inc. (Ambience), Term Loan B, 3 Mo. LIBOR + 4.25%, 0.50% Floor

  4.75%   07/23/28   465,125
461,342  
Rent-A-Center, Inc., New Term Loan B, 1 Mo. LIBOR + 3.25%, 0.50% Floor

  3.75%   02/15/28   459,418
        924,543
    Hotels, Resorts & Cruise Lines – 0.2%            
276,898  
Alterra Mountain Company, Term Loan B-2, 1 Mo. LIBOR + 3.50%, 0.50% Floor

  4.00%   08/17/28   276,206
    Industrial Machinery – 1.1%            
99,611  
Filtration Group Corporation, 2021 Incremental Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor

  4.00%   10/21/28   99,404
1,689,300  
TK Elevator Newco GMBH (Vertical U.S. Newco, Inc.), New Term Loan B1 (USD), 6 Mo. LIBOR + 3.50%, 0.50% Floor

  4.00%   07/31/27   1,689,300
        1,788,704
    Insurance Brokers – 5.6%            
2,862,023  
Alliant Holdings I, LLC, Initial Term Loan, 1 Mo. LIBOR + 3.25%, 0.00% Floor

  3.36%   05/09/25   2,834,061
335,771  
AssuredPartners, Inc., 2021 Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor

  4.00%   02/13/27   335,247
349,959  
AssuredPartners, Inc., Incremental Term Loan 2022, 1 Mo. SOFR + 3.50%, 0.50% Floor

  4.00%   02/13/27   349,084
500,000  
AssuredPartners, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%, 0.00% Floor

  3.61%   02/12/27   496,330
865,687  
BroadStreet Partners, Inc., Term Loan B, 1 Mo. LIBOR + 3.00%, 0.00% Floor

  3.11%   01/27/27   855,230
358,077  
Cross Financial Corp., Term Loan B, 1 Mo. LIBOR + 4.00%, 0.75% Floor

  4.75%   09/15/27   358,525
3,400,066  
HUB International Limited, New Term Loan B-3, 3 Mo. LIBOR + 3.25%, 0.75% Floor

  4.00%   04/25/25   3,392,144

First Trust Short Duration High Income Fund
Portfolio of Investments (Continued)
January 31, 2022 (Unaudited)
Principal
Value
  Description   Rate (a)   Stated
Maturity (b)
  Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
    Insurance Brokers (Continued)            
$132,165  
Ryan Specialty Group, LLC, Term Loan B, 1 Mo. LIBOR + 3.00%, 0.75% Floor

  3.75%   09/01/27   $131,778
847,373  
USI, Inc. (fka Compass Investors, Inc.), Term Loan B, 3 Mo. LIBOR + 3.00%, 0.00% Floor

  3.22%   05/15/24   842,077
        9,594,476
    Integrated Telecommunication Services – 2.6%            
1,492,599  
Frontier Communications Corp., Term Loan B, 3 Mo. LIBOR + 3.75%, 0.75% Floor

  4.50%   05/01/28   1,488,494
2,615,182  
Numericable (Altice France S.A. or SFR), Term Loan B-12, 3 Mo. LIBOR + 3.69%, 0.00% Floor

  3.93%   01/31/26   2,596,876
266,313  
Numericable (Altice France S.A. or SFR), Term Loan B-13, 1 Mo. LIBOR + 4.00%, 0.00% Floor

  4.11%   08/14/26   265,094
        4,350,464
    Managed Health Care – 0.5%            
861,380  
Multiplan, Inc. (MPH), Term Loan B, 3 Mo. LIBOR + 4.25%, 0.50% Floor

  4.75%   08/31/28   835,650
    Metal & Glass Containers – 0.3%            
108,717  
Altium Packaging (fka Consolidated Container), Term Loan B, 1 Mo. LIBOR + 2.75%, 0.50% Floor

  3.25%   02/03/28   107,579
427,273  
PODS, LLC, Term Loan B, 1 Mo. LIBOR + 3.00%, 0.75% Floor

  3.75%   03/31/28   425,965
        533,544
    Movies & Entertainment – 1.6%            
185,611  
Cineworld Group PLC (Crown), New Priority Term Loan, 6 Mo. LIBOR + 8.25%, 1.00% Floor

  9.25%   05/23/24   196,515
334,217  
Cineworld Group PLC (Crown), Priority Term Loan B-1, Fixed Rate at 15.25% (c)

  15.25%   05/23/24   393,959
2,287,101  
Cineworld Group PLC (Crown), Term Loan B, 3 Mo. LIBOR + 2.50%, 1.00% Floor

  3.50%   02/28/25   1,730,650
153,032  
PUG, LLC (Stubhub/Viagogo), Incremental Term Loan B-2, 1 Mo. LIBOR + 4.25%, 0.50% Floor

  4.75%   02/13/27   152,650
223,525  
PUG, LLC (Stubhub/Viagogo), Term Loan B, 1 Mo. LIBOR + 3.50%, 0.00% Floor

  3.61%   02/12/27   221,475
        2,695,249
    Packaged Foods & Meats – 0.2%            
100,512  
BellRing Brands, LLC, 2021 Refinancing Term Loan, 1 Mo. LIBOR + 4.00%, 0.75% Floor

  4.75%   10/21/24   100,441
178,927  
Simply Good Foods (Atkins Nutritionals, Inc.), New Term Loan B, 1 Mo. SOFR + 3.25%, 0.50% Floor

  3.75%   07/07/24   180,045
        280,486
    Paper Packaging – 0.8%            
1,446,423  
Pactiv LLC/Evergreen Packaging, LLC (fka Reynolds Group Holdings), Tranche B-3 U.S. Term Loan, 1 Mo. LIBOR + 3.50%, 0.50% Floor

  4.00%   09/20/28   1,442,358
    Pharmaceuticals – 4.6%            
228,819  
Akorn, Inc., Exit Take Back Term Loan, 3 Mo. LIBOR + 7.50%, 1.00% Floor (d)

  8.50%   09/30/25   230,577
1,198,229  
Jazz Pharmaceuticals, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor

  4.00%   05/05/28   1,198,085

First Trust Short Duration High Income Fund
Portfolio of Investments (Continued)
January 31, 2022 (Unaudited)
Principal
Value
  Description   Rate (a)   Stated
Maturity (b)
  Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
    Pharmaceuticals (Continued)            
$1,933,227  
Mallinckrodt International Finance S.A., 2017 Term Loan B, 3 Mo. LIBOR + 5.25%, 0.75% Floor (e)

  6.00%   09/24/24   $1,805,150
287,071  
Mallinckrodt International Finance S.A., 2018 Incremental Term Loan, 3 Mo. LIBOR + 5.50%, 0.75% Floor (e)

  6.25%   02/24/25   268,233
1,758,846  
Nestle Skin Health (Sunshine Lux VII SARL/Galderma), 2021 Term Loan B-3, 3 Mo. LIBOR + 3.75%, 0.75% Floor

  4.50%   10/02/26   1,756,436
2,418,066  
Parexel International Corp. (Phoenix Newco), First Lien Term Loan, 1 Mo. LIBOR + 3.50%, 0.50% Floor

  4.00%   11/15/28   2,416,930
96,706  
Perrigo Rx (Padagis, LLC), Term Loan B, 3 Mo. LIBOR + 4.75%, 0.50% Floor

  5.25%   07/06/28   96,405
        7,771,816
    Research & Consulting Services – 1.7%            
1,555,034  
Clarivate Analytics PLC (Camelot), Amendment No. 2 Incremental Term Loan, 1 Mo. LIBOR + 3.00%, 1.00% Floor

  4.00%   10/31/26   1,551,628
364,928  
Corelogic, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor

  4.00%   06/02/28   362,647
147,107  
J.D. Power (Project Boost Purchaser, LLC), 2021 Incremental Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor

  4.00%   05/26/26   147,016
664,467  
Nielsen Consumer, Inc. (Indy US Holdco, LLC)), Term Loan B, 3 Mo. LIBOR + 3.75%, 0.00% Floor

  3.85%-3.86%   03/05/28   663,916
129,603  
Veritext Corporation (VT TopCo, Inc.), Non-Fungible 1st Lien Term Loan, 1 Mo. LIBOR + 3.75%, 0.75% Floor

  4.50%   08/10/25   129,710
        2,854,917
    Restaurants – 1.6%            
148,500  
IRB Holding Corp. (Arby’s/Inspire Brands), New Term Loan B 2022, 1 Mo. SOFR + 3.00%, 0.75% Floor

  3.75%   12/15/27   148,500
1,870,447  
IRB Holding Corp. (Arby’s/Inspire Brands), Term Loan B, 6 Mo. LIBOR + 2.75%, 1.00% Floor

  3.75%   02/05/25   1,865,191
652,208  
Whatabrands, LLC, Term Loan B, 1 Mo. LIBOR + 3.25%, 0.50% Floor

  3.75%   07/31/28   650,173
        2,663,864
    Soft Drinks – 0.3%            
463,367  
Tropicana (Naked Juice LLC/Bengal Debt Merger Sub, LLC)), 1st Lien Term Loan, 1 Mo. SOFR + 3.25%, 0.50% Floor

  3.75%   01/24/29   462,538
67,974  
Tropicana (Naked Juice LLC/Bengal Debt Merger Sub, LLC)), 2nd Lien Term Loan, 1 Mo. SOFR + 6.00%, 0.50% Floor

  6.50%   01/24/30   68,313
26,733  
Tropicana (Naked Juice LLC/Bengal Debt Merger Sub, LLC)), Delayed Draw Term Loan, 1 Mo. SOFR + 3.25%, 0.50% Floor

  3.75%   01/24/29   26,685
        557,536
    Specialized Consumer Services – 1.7%            
629,238  
Asurion, LLC, 2nd Lien Term Loan B-4, 1 Mo. LIBOR + 5.25%, 0.00% Floor

  5.36%   01/20/29   629,635
1,262,056  
Asurion, LLC, Second Lien Term Loan B-3, 1 Mo. LIBOR + 5.25%, 0.00% Floor

  5.36%   01/31/28   1,263,104
851,172  
Asurion, LLC, Term Loan B6, 1 Mo. LIBOR + 3.13%, 0.00% Floor

  3.23%   11/03/23   848,660
190,893  
Driven Holdings, LLC, 2021 Term Loan B, 12 Mo. LIBOR + 3.00%, 0.50% Floor

  3.52%   11/30/28   190,177
        2,931,576

First Trust Short Duration High Income Fund
Portfolio of Investments (Continued)
January 31, 2022 (Unaudited)
Principal
Value
  Description   Rate (a)   Stated
Maturity (b)
  Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
    Specialized Finance – 0.3%            
$474,756  
WCG Purchaser Corp. (WIRB-Copernicus Group), Term Loan B, 3 Mo. LIBOR + 4.00%, 1.00% Floor

  5.00%   01/08/27   $474,756
    Specialty Stores – 1.8%            
726,292  
Bass Pro Group, LLC (Great Outdoors Group, LLC), Term Loan B, 3 Mo. LIBOR + 3.75%, 0.75% Floor

  4.50%   03/05/28   725,537
1,933,695  
Petco Animal Supplies, Inc., Initial Term Loan B, 3 Mo. LIBOR + 3.25%, 0.75% Floor

  4.00%   03/03/28   1,930,833
380,339  
Petsmart, Inc., Initial Term Loan B, 6 Mo. LIBOR + 3.75%, 0.75% Floor

  4.50%   02/12/28   379,506
        3,035,876
    Systems Software – 4.2%            
2,659,766  
Applied Systems, Inc., 1st Lien Term Loan, 3 Mo. LIBOR + 3.00%, 0.50% Floor

  3.50%   09/19/24   2,654,632
230,570  
Applied Systems, Inc., 2nd Lien Term Loan, 3 Mo. LIBOR + 5.50%, 0.75% Floor

  6.25%   09/19/25   231,614
296,598  
BeyondTrust (Brave Parent Holdings, Inc.), Term Loan B, 1 Mo. LIBOR + 4.00%, 0.00% Floor

  4.11%   04/19/25   296,506
859,324  
BMC Software Finance, Inc. (Boxer Parent), 2021 Replacement Dollar Term Loan, 3 Mo. LIBOR + 3.75%, 0.00% Floor

  3.97%   10/02/25   855,852
308,537  
Idera, Inc., Initial Term Loan, 3 Mo. LIBOR + 3.75%, 0.75% Floor

  4.50%   02/15/28   308,472
675,809  
Misys Financial Software Ltd. (Almonde, Inc.) (Finastra), Term Loan B, 6 Mo. LIBOR + 3.50%, 1.00% Floor

  4.50%   06/13/24   673,214
603,891  
Proofpoint, Inc., Term Loan B, 3 Mo. LIBOR + 3.25%, 0.50% Floor

  3.75%   08/31/28   600,533
965,995  
Sophos Group PLC (Surf), Term Loan B, 3 Mo. LIBOR + 3.50%, 0.00% Floor

  3.69%   03/05/27   960,683
590,893  
SUSE (Marcel Lux IV SARL), Facility B1 USD, 1 Mo. LIBOR + 3.25%, 0.00% Floor

  3.35%   03/15/26   589,907
        7,171,413
    Trading Companies & Distributors – 0.5%            
2,128  
SRS Distribution, Inc., 2021 Refinancing Term Loan, 3 Mo. LIBOR + 3.75%, 0.50% Floor

  4.25%   06/04/28   2,125
844,833  
SRS Distribution, Inc., 2021 Refinancing Term Loan, 6 Mo. LIBOR + 3.75%, 0.50% Floor

  4.27%   06/04/28   843,540
43,385  
SRS Distribution, Inc., 2022 Refinancing Term Loan, 1 Mo. SOFR + 3.50%, 0.50% Floor

  4.00%   06/04/28   43,358
        889,023
    Trucking – 0.7%            
1,004,599  
Hertz (The) Corporation, Exit Term Loan B, 1 Mo. LIBOR + 3.25%, 0.50% Floor

  3.75%   06/30/28   1,003,976
190,280  
Hertz (The) Corporation, Exit Term Loan C, 1 Mo. LIBOR + 3.25%, 0.50% Floor

  3.75%   06/30/28   190,162
        1,194,138
   
Total Senior Floating-Rate Loan Interests

  126,020,291
    (Cost $127,024,244)            

First Trust Short Duration High Income Fund
Portfolio of Investments (Continued)
January 31, 2022 (Unaudited)
Principal
Value
  Description   Stated
Coupon
  Stated
Maturity
  Value
CORPORATE BONDS AND NOTES – 14.3%
    Application Software – 0.2%            
$291,000  
LogMeIn, Inc. (f)

  5.50%   09/01/27   $283,382
    Automotive Retail – 0.1%            
155,000  
KAR Auction Services, Inc. (f)

  5.13%   06/01/25   155,415
    Broadcasting – 2.1%            
572,000  
Cumulus Media New Holdings, Inc. (f)

  6.75%   07/01/26   589,149
454,000  
Diamond Sports Group, LLC/Diamond Sports Finance Co. (f)

  5.38%   08/15/26   209,600
1,097,000  
Diamond Sports Group, LLC/Diamond Sports Finance Co. (f)

  6.63%   08/15/27   285,220
533,000  
Gray Television, Inc. (f)

  7.00%   05/15/27   562,251
741,000  
iHeartCommunications, Inc.

  8.38%   05/01/27   774,801
625,000  
iHeartCommunications, Inc. (f)

  4.75%   01/15/28   623,278
34,000  
Sinclair Television Group, Inc. (f)

  5.88%   03/15/26   34,378
61,000  
Sinclair Television Group, Inc. (f)

  5.13%   02/15/27   57,572
397,000  
Univision Communications, Inc. (f)

  6.63%   06/01/27   417,447
        3,553,696
    Cable & Satellite – 1.7%            
3,001,000  
CSC Holdings, LLC (f)

  5.75%   01/15/30   2,825,922
    Casinos & Gaming – 1.7%            
25,000  
Boyd Gaming Corp. (f)

  8.63%   06/01/25   26,552
924,000  
Caesars Entertainment, Inc. (f)

  6.25%   07/01/25   955,291
1,443,000  
Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc. (f)

  6.75%   01/15/30   1,404,450
486,000  
Golden Nugget, Inc. (f)

  6.75%   10/15/24   486,671
        2,872,964
    Communications Equipment – 0.1%            
200,000  
CommScope Technologies, LLC (f)

  6.00%   06/15/25   194,662
    Health Care Facilities – 1.0%            
536,000  
Select Medical Corp. (f)

  6.25%   08/15/26   551,177
173,000  
Tenet Healthcare Corp. (f)

  4.63%   06/15/28   171,732
1,005,000  
Tenet Healthcare Corp. (f)

  6.13%   10/01/28   1,008,246
        1,731,155
    Health Care Services – 1.0%            
1,468,000  
Global Medical Response, Inc. (f)

  6.50%   10/01/25   1,470,356
144,000  
ModivCare, Inc. (f)

  5.88%   11/15/25   149,868
69,000  
Team Health Holdings, Inc. (f)

  6.38%   02/01/25   61,862
        1,682,086
    Health Care Technology – 1.3%            
1,687,000  
Change Healthcare Holdings, LLC/Change Healthcare Finance, Inc. (f)

  5.75%   03/01/25   1,692,651
480,000  
Verscend Escrow Corp. (f)

  9.75%   08/15/26   504,718
        2,197,369
    Insurance Brokers – 2.4%            
1,069,000  
Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer (f)

  6.75%   10/15/27   1,059,299
85,000  
AmWINS Group, Inc. (f)

  4.88%   06/30/29   83,318
2,211,000  
AssuredPartners, Inc. (f)

  7.00%   08/15/25   2,211,741
676,000  
HUB International Ltd. (f)

  7.00%   05/01/26   692,883
        4,047,241

First Trust Short Duration High Income Fund
Portfolio of Investments (Continued)
January 31, 2022 (Unaudited)
Principal
Value
  Description   Stated
Coupon
  Stated
Maturity
  Value
CORPORATE BONDS AND NOTES (Continued)
    Integrated Telecommunication Services – 1.0%            
$215,000  
Frontier Communications Holdings, LLC (f)

  5.88%   10/15/27   $221,731
316,000  
Frontier Communications Holdings, LLC (f)

  5.00%   05/01/28   313,562
500,000  
Frontier Communications Holdings, LLC (f)

  6.75%   05/01/29   502,130
748,000  
Zayo Group Holdings, Inc. (f)

  6.13%   03/01/28   708,573
        1,745,996
    Managed Health Care – 0.6%            
1,093,000  
MPH Acquisition Holdings, LLC (f)

  5.75%   11/01/28   984,919
    Movies & Entertainment – 0.0%            
43,000  
Live Nation Entertainment, Inc. (f)

  6.50%   05/15/27   46,344
    Paper Packaging – 0.2%            
348,000  
Graham Packaging Co., Inc. (f)

  7.13%   08/15/28   353,691
    Pharmaceuticals – 0.1%            
135,000  
Organon & Co./Organon Foreign Debt Co-Issuer B.V. (f)

  5.13%   04/30/31   135,105
    Research & Consulting Services – 0.1%            
118,000  
Nielsen Finance, LLC/Nielsen Finance Co. (f)

  5.63%   10/01/28   118,631
    Restaurants – 0.6%            
922,000  
IRB Holding Corp. (f)

  7.00%   06/15/25   962,333
78,000  
IRB Holding Corp. (f)

  6.75%   02/15/26   79,455
        1,041,788
    Systems Software – 0.1%            
258,000  
Boxer Parent Co., Inc. (f)

  9.13%   03/01/26   269,267
   
Total Corporate Bonds and Notes

  24,239,633
    (Cost $24,994,893)            
FOREIGN CORPORATE BONDS AND NOTES – 6.3%
    Auto Parts & Equipment – 0.0%            
88,000  
Clarios Global L.P./Clarios US Finance Co. (f)

  8.50%   05/15/27   92,131
    Building Products – 1.0%            
1,455,000  
Cemex S.A.B. de C.V. (f)

  7.38%   06/05/27   1,589,296
100,000  
Cemex S.A.B. de C.V. (f)

  5.45%   11/19/29   103,866
        1,693,162
    Data Processing & Outsourced Services – 0.3%            
485,000  
Paysafe Finance PLC/Paysafe Holdings US Corp. (f)

  4.00%   06/15/29   434,822
    Environmental & Facilities Services – 0.1%            
114,000  
Allied Universal Holdco, LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.A.R.L. (f)

  4.63%   06/01/28   109,429
76,000  
Allied Universal Holdco, LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.A.R.L. (f)

  4.63%   06/01/28   72,019
        181,448
    Pharmaceuticals – 4.9%            
2,820,000  
Bausch Health Cos., Inc. (f)

  6.13%   04/15/25   2,876,047
857,000  
Bausch Health Cos., Inc. (f)

  6.13%   02/01/27   861,649
3,926,000  
Endo DAC/Endo Finance, LLC/Endo Finco, Inc. (f)

  9.50%   07/31/27   3,887,663
250,000  
Mallinckrodt International Finance S.A./Mallinckrodt CB, LLC (e) (f) (g)

  5.63%   10/15/23   134,025
250,000  
Mallinckrodt International Finance S.A./Mallinckrodt CB, LLC (e) (f) (g)

  5.50%   04/15/25   134,128

First Trust Short Duration High Income Fund
Portfolio of Investments (Continued)
January 31, 2022 (Unaudited)
Principal
Value
  Description   Stated
Coupon
  Stated
Maturity
  Value
FOREIGN CORPORATE BONDS AND NOTES (Continued)
    Pharmaceuticals (Continued)            
$416,000  
Mallinckrodt International Finance S.A./Mallinckrodt CB, LLC (e) (f)

  10.00%   04/15/25   $436,228
        8,329,740
   
Total Foreign Corporate Bonds and Notes

  10,731,303
    (Cost $11,228,058)            
    
Shares   Description   Value
COMMON STOCKS – 0.4%
    Broadcasting – 0.0%    
426  
Cumulus Media Holdings (h)

  4,367
    Electric Utilities – 0.2%    
14,134  
Vistra Corp.

  308,263
    Oil & Gas Exploration & Production – 0.0%    
47,894  
Ascent Resources - Marcellus LLC Class A Common Shares (h) (i)

  59,867
    Pharmaceuticals – 0.2%    
26,696  
Akorn, Inc. (h) (i)

  252,504
   
Total Common Stocks

  625,001
    (Cost $683,527)    
WARRANTS – 0.0%
    Movies & Entertainment – 0.0%    
97,523  
Cineworld Group PLC (Crown), expiring 11/23/25 (h) (j)

  26,428
    Oil & Gas Exploration & Production – 0.0%    
12,400  
Ascent Resources - Marcellus, LLC First Lien Warrants, expiring 3/20/23 (h) (j)

  310
   
Total Warrants

  26,738
    (Cost $1,240)    
RIGHTS – 0.0%
    Electric Utilities – 0.0%    
14,134  
Vistra Energy Corp., no expiration date (h) (j)

  19,364
    Life Sciences Tools & Services – 0.0%    
1  
New Millennium Holdco, Inc., Corporate Claim Trust, no expiration date (h) (j) (k) (l)

  0
1  
New Millennium Holdco, Inc., Lender Claim Trust, no expiration date (h) (j) (k) (l)

  0
        0
   
Total Rights

  19,364
    (Cost $23,096)    
MONEY MARKET FUNDS – 7.7%
13,159,875  
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 0.01% (m)

  13,159,875
    (Cost $13,159,875)    
   
Total Investments – 102.7%

  174,822,205
    (Cost $177,114,933)    
   
Net Other Assets and Liabilities – (2.7)%

  (4,615,421)
   
Net Assets – 100.0%

  $170,206,784
    

First Trust Short Duration High Income Fund
Portfolio of Investments (Continued)
January 31, 2022 (Unaudited)
(a) Senior Floating-Rate Loan Interests (“Senior Loans”) in which the Fund invests pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the LIBOR, (ii) the prime rate offered by one or more United States banks or (iii) the certificate of deposit rate. Certain Senior Loans are subject to a LIBOR floor that establishes a minimum LIBOR rate. When a range of rates is disclosed, the Fund holds more than one contract within the same tranche with identical LIBOR period, spread and floor, but different LIBOR reset dates.
(b) Senior Loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of Senior Loans may be substantially less than the stated maturities shown.
(c) The issuer may pay interest on the loans in cash and in Payment-In-Kind (“PIK”) interest. Interest paid in cash will accrue at the rate of 7.00% per annum (“Cash Interest Rate”) and PIK interest will accrue on the loan at the rate of 8.25% per annum. For the fiscal year-to-date period (November 1, 2021 through January 31, 2022), the Fund received a portion of the interest in cash and PIK interest with a principal value of $6,901 for Cineworld Group PLC (Crown).
(d) The issuer may pay interest on the loans (1) entirely in cash or (2) in the event that both the PIK Toggle Condition has been satisfied and the issuer elects to exercise the PIK interest, 2.50% payable in cash and 7.00% payable as PIK interest. For the fiscal year-to-date period (November 1, 2021 through January 31, 2022), this security paid all of its interest in cash.
(e) This issuer has filed for protection in bankruptcy court.
(f) This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be liquid by 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, 2022, securities noted as such amounted to $34,196,135 or 20.1% of net assets.
(g) This issuer is in default and interest is not being accrued by the Fund nor paid by the issuer.
(h) Non-income producing security.
(i) Security received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by the Advisor. Although market instability can result in periods of increased overall market illiquidity, liquidity for the security is determined based on security-specific factors and assumptions, which require subjective judgment. At January 31, 2022, securities noted as such amounted to $312,371 or 0.2% of net assets.
(j) Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by the Advisor.
(k) This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures adopted by the Trust’s Board of Trustees, and in accordance with the provisions of the Investment Company Act of 1940, as amended. At January 31, 2022, securities noted as such are valued at $0 or 0.0% of net assets.
(l) This security’s value was determined using significant unobservable inputs.
(m) Rate shown reflects yield as of January 31, 2022.
    
LIBOR London Interbank Offered Rate
SOFR Secured Overnight Financing Rate

Valuation Inputs
The Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:
Level 1 – Level 1 inputs are quoted prices in active markets for identical investments.
Level 2 – Level 2 inputs are observable inputs, either directly or indirectly. (Quoted prices for similar investments, valuations based on interest rates and yield curves, or valuations derived from observable market data.)
Level 3 – Level 3 inputs are unobservable inputs that may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment.
The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

First Trust Short Duration High Income Fund
Portfolio of Investments (Continued)
January 31, 2022 (Unaudited)
A summary of the inputs used to value the Fund’s investments as of January 31, 2022 is as follows:
  Total
Value at
1/31/2022
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Senior Floating-Rate Loan Interests*

$126,020,291 $$126,020,291 $
Corporate Bonds and Notes*

24,239,633 24,239,633
Foreign Corporate Bonds and Notes*

10,731,303 10,731,303
Common Stocks:        
Oil & Gas Exploration & Production

59,867 59,867
Pharmaceuticals

252,504 252,504
Other industry categories*

312,630 312,630
Warrants*

26,738 26,738
Rights:        
Electric Utilities

19,364 19,364
Life Sciences Tools & Services

—** —**
Money Market Funds

13,159,875 13,159,875
Total Investments

$174,822,205 $13,472,505 $161,349,700 $—**
    
* See Portfolio of Investments for industry breakout.
** Investment is valued at $0.
Level 3 Investments that are fair valued by the Advisor’s Pricing Committee are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.

Unfunded Loan Commitments
As of January 31, 2022, the Fund had the following unfunded loan commitments:
Borrower   Principal
Value
  Commitment
Amount
  Value   Unrealized
Appreciation
(Depreciation)
Civitas Solutions (National Mentor Holdings, Inc.), Term Loan   $ 84,822   $ 84,928   $ 83,856   $ (1,072)
Dexko Global (Dornoch Debt Merger Sub, Inc.), Term Loan    16,756    16,756    16,721    (35)
Veritext Corporation (VT TopCo, Inc.), Term Loan    22,737    22,737    22,756    19
Zelis Payments Buyer, Inc., Term Loan    118,310    118,310    117,422    (888)
        $242,731   $240,755   $(1,976)