First Trust Preferred Securities and Income Fund
Portfolio of Investments
July 31, 2020 (Unaudited)
| Shares | Description | Stated Rate | Stated Maturity | Value | ||||
| $25 PAR PREFERRED SECURITIES – 21.3% | ||||||||
| Banks – 5.0% | ||||||||
| 33,425 | Bank of America Corp., Series HH | 5.88% | (a) | $920,190 | ||||
| 30,000 | Citigroup Capital XIII, 3 Mo. LIBOR + 6.37% (b) | 6.64% | 10/30/40 | 810,000 | ||||
| 4,393 | Citigroup, Inc., Series K (c) | 6.88% | (a) | 123,004 | ||||
| 11,880 | Citizens Financial Group, Inc., Series E | 5.00% | (a) | 294,743 | ||||
| 51,350 | Fifth Third Bancorp, Series A | 6.00% | (a) | 1,376,180 | ||||
| 8,906 | First Citizens BancShares, Inc., Series A | 5.38% | (a) | 224,877 | ||||
| 13,485 | First Midwest Bancorp, Inc., Series A | 7.00% | (a) | 340,361 | ||||
| 131,000 | GMAC Capital Trust I, Series 2, 3 Mo. LIBOR + 5.79% (b) | 6.18% | 02/15/40 | 3,153,170 | ||||
| 22,556 | JPMorgan Chase & Co., Series DD | 5.75% | (a) | 628,861 | ||||
| 3,252 | KeyCorp, Series F | 5.65% | (a) | 87,576 | ||||
| 14,842 | KeyCorp, Series G | 5.63% | (a) | 406,819 | ||||
| 36,673 | People’s United Financial, Inc., Series A (c) | 5.63% | (a) | 976,235 | ||||
| 25,371 | Pinnacle Financial Partners, Inc., Series B | 6.75% | (a) | 659,646 | ||||
| 3,598 | Regions Financial Corp., Series B (c) | 6.38% | (a) | 98,549 | ||||
| 25,837 | Truist Financial Corp., Series O | 5.25% | (a) | 693,724 | ||||
| 8,440 | Truist Financial Corp., Series R | 4.75% | (a) | 212,688 | ||||
| 987 | US Bancorp, Series K | 5.50% | (a) | 27,133 | ||||
| 29,288 | Valley National Bancorp, Series B (c) | 5.50% | (a) | 685,046 | ||||
| 1,709 | Wells Fargo & Co., Series O | 5.13% | (a) | 43,067 | ||||
| 184 | Wells Fargo & Co., Series P | 5.25% | (a) | 4,635 | ||||
| 36,875 | Wells Fargo & Co., Series X | 5.50% | (a) | 940,313 | ||||
| 15,542 | Wells Fargo & Co., Series Y | 5.63% | (a) | 403,004 | ||||
| 1,070 | Wintrust Financial Corp., Series D (c) | 6.50% | (a) | 27,660 | ||||
| 38,472 | Wintrust Financial Corp., Series E (c) | 6.88% | (a) | 992,962 | ||||
| 14,130,443 | ||||||||
| Capital Markets – 1.2% | ||||||||
| 21,896 | Affiliated Managers Group, Inc. | 5.88% | 03/30/59 | 609,147 | ||||
| 7,453 | Apollo Global Management, Inc., Series A | 6.38% | (a) | 200,336 | ||||
| 36,809 | Apollo Global Management, Inc., Series B | 6.38% | (a) | 1,013,352 | ||||
| 15,271 | Morgan Stanley, Series F (c) | 6.88% | (a) | 438,278 | ||||
| 4,968 | Morgan Stanley, Series K (c) | 5.85% | (a) | 142,134 | ||||
| 6,947 | Oaktree Capital Group LLC, Series A | 6.63% | (a) | 188,403 | ||||
| 20,636 | Oaktree Capital Group LLC, Series B | 6.55% | (a) | 554,696 | ||||
| 11,038 | State Street Corp., Series G (c) | 5.35% | (a) | 313,479 | ||||
| 3,459,825 | ||||||||
| Consumer Finance – 0.7% | ||||||||
| 5,717 | Capital One Financial Corp., Series F | 6.20% | (a) | 146,641 | ||||
| 2,877 | Capital One Financial Corp., Series H | 6.00% | (a) | 76,385 | ||||
| 42,434 | Capital One Financial Corp., Series I | 5.00% | (a) | 1,060,001 | ||||
| 27,015 | Capital One Financial Corp., Series J | 4.80% | (a) | 636,203 | ||||
| 1,919,230 | ||||||||
| Diversified Financial Services – 0.6% | ||||||||
| 28,138 | Equitable Holdings, Inc., Series A | 5.25% | (a) | 691,914 | ||||
| 32,811 | National Rural Utilities Cooperative Finance Corp. | 5.50% | 05/15/64 | 886,225 | ||||
| 1,578,139 | ||||||||
| Diversified Telecommunication Services – 0.6% | ||||||||
| 50,278 | AT&T, Inc., Series C | 4.75% | (a) | 1,260,972 | ||||
| 7,142 | Qwest Corp. | 6.63% | 09/15/55 | 177,193 | ||||
| 5,477 | Qwest Corp. | 6.75% | 06/15/57 | 139,171 | ||||
| 1,577,336 | ||||||||
First Trust Preferred Securities and Income Fund
Portfolio of Investments (Continued)
July 31, 2020 (Unaudited)
| Shares | Description | Stated Rate | Stated Maturity | Value | ||||
| $25 PAR PREFERRED SECURITIES (Continued) | ||||||||
| Equity Real Estate Investment Trusts – 0.9% | ||||||||
| 14,233 | Digital Realty Trust, Inc., Series K | 5.85% | (a) | $388,561 | ||||
| 27,735 | Digital Realty Trust, Inc., Series L | 5.20% | (a) | 744,685 | ||||
| 1,205 | Farmland Partners, Inc., Series B, steps up 10/01/24 to 10.00% (d) | 6.00% | (a) | 28,751 | ||||
| 23,390 | Global Net Lease, Inc., Series A | 7.25% | (a) | 578,435 | ||||
| 1,887 | National Storage Affiliates Trust, Series A | 6.00% | (a) | 50,609 | ||||
| 27,365 | Public Storage, Series L | 4.63% | (a) | 716,142 | ||||
| 2,507,183 | ||||||||
| Food Products – 1.0% | ||||||||
| 11,000 | CHS, Inc., Series 1 | 7.88% | (a) | 301,400 | ||||
| 93,791 | CHS, Inc., Series 2 (c) | 7.10% | (a) | 2,363,533 | ||||
| 3,016 | CHS, Inc., Series 3 (c) | 6.75% | (a) | 75,702 | ||||
| 6,575 | CHS, Inc., Series 4 | 7.50% | (a) | 179,300 | ||||
| 2,919,935 | ||||||||
| Gas Utilities – 0.3% | ||||||||
| 24,497 | South Jersey Industries, Inc. | 5.63% | 09/16/79 | 633,003 | ||||
| 4,838 | Spire, Inc., Series A | 5.90% | (a) | 132,077 | ||||
| 765,080 | ||||||||
| Independent Power & Renewable Electricity Producers – 0.2% | ||||||||
| 22,738 | Brookfield Renewable Partners L.P., Series 17 | 5.25% | (a) | 582,775 | ||||
| Insurance – 5.8% | ||||||||
| 74,601 | Aegon Funding Co., LLC | 5.10% | 12/15/49 | 1,870,247 | ||||
| 86,670 | American Equity Investment Life Holding Co., Series A (c) | 5.95% | (a) | 2,023,745 | ||||
| 34,602 | American Equity Investment Life Holding Co., Series B (c) | 6.63% | (a) | 862,628 | ||||
| 4,822 | AmTrust Financial Services, Inc. | 7.25% | 06/15/55 | 82,456 | ||||
| 5,383 | AmTrust Financial Services, Inc. | 7.50% | 09/15/55 | 93,933 | ||||
| 4,824 | Arch Capital Group Ltd., Series E | 5.25% | (a) | 122,916 | ||||
| 1,179 | Arch Capital Group Ltd., Series F | 5.45% | (a) | 31,055 | ||||
| 10,634 | Aspen Insurance Holdings Ltd. | 5.63% | (a) | 266,913 | ||||
| 49,315 | Aspen Insurance Holdings Ltd. | 5.63% | (a) | 1,249,642 | ||||
| 19,047 | Aspen Insurance Holdings Ltd. (c) | 5.95% | (a) | 503,603 | ||||
| 84,031 | Athene Holding Ltd., Series A (c) | 6.35% | (a) | 2,189,848 | ||||
| 30,407 | Athene Holding Ltd., Series C (c) | 6.38% | (a) | 796,359 | ||||
| 13,139 | Axis Capital Holdings Ltd., Series E | 5.50% | (a) | 336,358 | ||||
| 69,176 | Delphi Financial Group, Inc., 3 Mo. LIBOR + 3.19% (b) | 3.58% | 05/15/37 | 1,469,990 | ||||
| 47,741 | Enstar Group Ltd., Series D (c) | 7.00% | (a) | 1,280,891 | ||||
| 831 | Hanover Insurance Group (The), Inc. | 6.35% | 03/30/53 | 21,107 | ||||
| 2,743 | Hartford Financial Services Group (The), Inc., Series G | 6.00% | (a) | 77,901 | ||||
| 12,108 | National General Holdings Corp. | 7.63% | 09/15/55 | 309,844 | ||||
| 7,162 | National General Holdings Corp., Series B | 7.50% | (a) | 181,342 | ||||
| 13,493 | National General Holdings Corp., Series C | 7.50% | (a) | 350,413 | ||||
| 404 | PartnerRe Ltd., Series I | 5.88% | (a) | 10,298 | ||||
| 10,700 | Phoenix Cos. (The), Inc. | 7.45% | 01/15/32 | 153,144 | ||||
| 20,081 | Prudential Financial, Inc. | 5.75% | 12/15/52 | 523,311 | ||||
| 26,909 | Prudential Financial, Inc. | 5.70% | 03/15/53 | 698,019 | ||||
| 1,040 | Reinsurance Group of America, Inc. (c) | 6.20% | 09/15/42 | 28,028 | ||||
| 2,267 | Reinsurance Group of America, Inc. (c) | 5.75% | 06/15/56 | 62,116 | ||||
| 15,286 | W.R. Berkley Corp. | 5.63% | 04/30/53 | 387,194 | ||||
| 10,893 | W.R. Berkley Corp. | 5.75% | 06/01/56 | 286,813 | ||||
| 95 | W.R. Berkley Corp. | 5.10% | 12/30/59 | 2,433 | ||||
| 16,272,547 | ||||||||
First Trust Preferred Securities and Income Fund
Portfolio of Investments (Continued)
July 31, 2020 (Unaudited)
| Shares | Description | Stated Rate | Stated Maturity | Value | ||||
| $25 PAR PREFERRED SECURITIES (Continued) | ||||||||
| Mortgage Real Estate Investment Trusts – 0.9% | ||||||||
| 25,000 | AGNC Investment Corp., Series C (c) | 7.00% | (a) | $588,250 | ||||
| 30,561 | AGNC Investment Corp., Series F (c) | 6.13% | (a) | 672,648 | ||||
| 47,332 | Annaly Capital Management, Inc., Series F (c) | 6.95% | (a) | 1,062,603 | ||||
| 7,000 | Annaly Capital Management, Inc., Series I (c) | 6.75% | (a) | 158,270 | ||||
| 2,481,771 | ||||||||
| Multi-Utilities – 1.3% | ||||||||
| 31,907 | Algonquin Power & Utilities Corp. (c) | 6.88% | 10/17/78 | 872,656 | ||||
| 52,859 | Algonquin Power & Utilities Corp., Series 19-A (c) | 6.20% | 07/01/79 | 1,430,365 | ||||
| 971 | CMS Energy Corp. | 5.88% | 10/15/78 | 26,479 | ||||
| 1,921 | CMS Energy Corp. | 5.88% | 03/01/79 | 52,981 | ||||
| 2,033 | Dominion Energy, Inc., Series A | 5.25% | 07/30/76 | 52,899 | ||||
| 45,444 | Integrys Holding, Inc. (c) | 6.00% | 08/01/73 | 1,166,791 | ||||
| 7,053 | Just Energy Group, Inc., Series A (c) | 8.50% | (a) | 7,053 | ||||
| 3,609,224 | ||||||||
| Oil, Gas & Consumable Fuels – 1.2% | ||||||||
| 11,488 | Enbridge, Inc., Series B (c) | 6.38% | 04/15/78 | 286,051 | ||||
| 965 | Energy Transfer Operating L.P., Series C (c) | 7.38% | (a) | 17,534 | ||||
| 4,580 | Energy Transfer Operating L.P., Series D (c) | 7.63% | (a) | 84,409 | ||||
| 92,777 | Energy Transfer Operating L.P., Series E (c) | 7.60% | (a) | 1,764,619 | ||||
| 15,808 | NuStar Energy L.P., Series A (c) | 8.50% | (a) | 303,988 | ||||
| 39,987 | NuStar Logistics, L.P., 3 Mo. LIBOR + 6.73% (b) | 7.01% | 01/15/43 | 805,338 | ||||
| 3,261,939 | ||||||||
| Real Estate Management & Development – 0.7% | ||||||||
| 41,143 | Brookfield Property Partners L.P., Series A | 5.75% | (a) | 740,574 | ||||
| 10,209 | Brookfield Property Partners L.P., Series A-1 | 6.50% | (a) | 204,690 | ||||
| 51,671 | Brookfield Property Partners L.P., Series A2 | 6.38% | (a) | 1,007,068 | ||||
| 1,952,332 | ||||||||
| Thrifts & Mortgage Finance – 0.3% | ||||||||
| 35,970 | New York Community Bancorp, Inc., Series A (c) | 6.38% | (a) | 952,845 | ||||
| Trading Companies & Distributors – 0.6% | ||||||||
| 48,196 | Air Lease Corp., Series A (c) | 6.15% | (a) | 1,060,312 | ||||
| 26,733 | WESCO International, Inc., Series A (c) | 10.63% | (a) | 724,999 | ||||
| 1,785,311 | ||||||||
Total $25 Par Preferred Securities | 59,755,915 | |||||||
| (Cost $59,796,365) | ||||||||
| $100 PAR PREFERRED SECURITIES – 3.1% | ||||||||
| Banks – 2.9% | ||||||||
| 9,400 | AgriBank FCB (c) | 6.88% | (a) | 996,400 | ||||
| 32,500 | CoBank ACB, Series F (c) | 6.25% | (a) | 3,363,750 | ||||
| 27,000 | CoBank ACB, Series G | 6.13% | (a) | 2,733,750 | ||||
| 10,500 | Farm Credit Bank of Texas (c) (e) | 6.75% | (a) | 1,113,000 | ||||
| 8,206,900 | ||||||||
| Consumer Finance – 0.2% | ||||||||
| 16,942 | SLM Corp., Series B, 3 Mo. LIBOR + 1.70% (b) | 2.01% | (a) | 525,880 | ||||
Total $100 Par Preferred Securities | 8,732,780 | |||||||
| (Cost $8,920,554) | ||||||||
First Trust Preferred Securities and Income Fund
Portfolio of Investments (Continued)
July 31, 2020 (Unaudited)
| Shares | Description | Stated Rate | Stated Maturity | Value | ||||
| $1,000 PAR PREFERRED SECURITIES – 1.7% | ||||||||
| Banks – 1.5% | ||||||||
| 443 | CoBank ACB, 3 Mo. LIBOR + 1.18% (b) (f) | 1.45% | (a) | $274,660 | ||||
| 3,052 | Wells Fargo & Co., Series L | 7.50% | (a) | 4,124,778 | ||||
| 4,399,438 | ||||||||
| Diversified Financial Services – 0.2% | ||||||||
| 500 | Compeer Financial ACA (c) (e) | 6.75% | (a) | 510,000 | ||||
Total $1,000 Par Preferred Securities | 4,909,438 | |||||||
| (Cost $4,899,145) | ||||||||
| Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
| CAPITAL PREFERRED SECURITIES – 71.9% | ||||||||
| Banks – 35.6% | ||||||||
| $2,600,000 | Australia & New Zealand Banking Group Ltd. (c) (e) (g) | 6.75% | (a) | 2,909,283 | ||||
| 600,000 | Australia & New Zealand Banking Group Ltd. (c) (g) (h) | 6.75% | (a) | 671,373 | ||||
| 1,900,000 | Banco Bilbao Vizcaya Argentaria S.A., Series 9 (c) (g) | 6.50% | (a) | 1,818,979 | ||||
| 600,000 | Banco Mercantil del Norte S.A. (c) (e) (g) | 7.50% | (a) | 572,436 | ||||
| 1,000,000 | Banco Mercantil del Norte S.A. (c) (e) (g) | 7.63% | (a) | 955,000 | ||||
| 1,100,000 | Banco Mercantil del Norte S.A. (c) (e) (g) | 8.38% | (a) | 1,112,980 | ||||
| 2,600,000 | Banco Santander S.A. (c) (g) (h) | 7.50% | (a) | 2,690,678 | ||||
| 2,200,000 | Bank of Nova Scotia (The) (c) | 4.90% | (a) | 2,265,692 | ||||
| 4,800,000 | Barclays PLC (c) (g) (h) | 7.88% | (a) | 4,939,584 | ||||
| 5,050,000 | Barclays PLC (c) (g) | 8.00% | (a) | 5,349,357 | ||||
| 650,000 | BBVA Bancomer S.A. (c) (e) (g) | 5.88% | 09/13/34 | 639,724 | ||||
| 1,500,000 | BNP Paribas S.A. (c) (e) (g) | 6.63% | (a) | 1,560,000 | ||||
| 1,700,000 | BNP Paribas S.A. (c) (e) (g) | 7.38% | (a) | 1,890,306 | ||||
| 750,000 | Citigroup, Inc. (c) | 5.90% | (a) | 786,094 | ||||
| 300,000 | Citigroup, Inc. (c) | 5.95% | (a) | 311,814 | ||||
| 1,680,000 | Citigroup, Inc., Series P (c) | 5.95% | (a) | 1,796,917 | ||||
| 1,050,000 | Citigroup, Inc., Series R (c) | 6.13% | (a) | 1,054,419 | ||||
| 262,000 | Citigroup, Inc., Series T (c) | 6.25% | (a) | 290,384 | ||||
| 2,473,000 | Citigroup, Inc., Series U (c) | 5.00% | (a) | 2,484,181 | ||||
| 500,000 | Citizens Financial Group, Inc., Series A, 3 Mo. LIBOR + 3.96% (b) | 4.26% | (a) | 455,103 | ||||
| 1,500,000 | Citizens Financial Group, Inc., Series F (c) | 5.65% | (a) | 1,593,750 | ||||
| 2,500,000 | CoBank ACB, Series I (c) | 6.25% | (a) | 2,575,000 | ||||
| 700,000 | Comerica, Inc. (c) | 5.63% | (a) | 749,210 | ||||
| 2,600,000 | Credit Agricole S.A. (c) (e) (g) | 6.88% | (a) | 2,744,807 | ||||
| 3,600,000 | Credit Agricole S.A. (c) (e) (g) | 7.88% | (a) | 3,964,176 | ||||
| 3,485,000 | Credit Agricole S.A. (c) (e) (g) | 8.13% | (a) | 4,076,547 | ||||
| 1,500,000 | Danske Bank A.S. (c) (g) (h) | 6.13% | (a) | 1,524,271 | ||||
| 1,050,000 | Danske Bank A.S. (c) (g) (h) | 7.00% | (a) | 1,108,930 | ||||
| 600,000 | Farm Credit Bank of Texas, Series 3 (c) (e) | 6.20% | (a) | 604,011 | ||||
| 1,100,000 | Farm Credit Bank of Texas, Series 4 (c) (e) | 5.70% | (a) | 1,159,923 | ||||
| 1,400,000 | Fifth Third Bancorp, Series L (c) | 4.50% | (a) | 1,428,000 | ||||
| 2,444,000 | HSBC Holdings PLC (c) (g) | 6.38% | (a) | 2,452,601 | ||||
| 2,400,000 | Huntington Bancshares, Inc., Series F (c) | 5.63% | (a) | 2,654,952 | ||||
| 1,190,000 | ING Groep N.V. (c) (g) | 5.75% | (a) | 1,220,244 | ||||
| 1,400,000 | ING Groep N.V. (c) (g) | 6.50% | (a) | 1,460,270 | ||||
| 3,900,000 | ING Groep N.V. (c) (g) (h) | 6.88% | (a) | 4,092,769 | ||||
| 1,954,000 | Intesa Sanpaolo S.p.A. (c) (e) (g) | 7.70% | (a) | 2,008,577 | ||||
| 1,515,000 | JPMorgan Chase & Co., Series V, 3 Mo. LIBOR + 3.32% (b) | 3.62% | (a) | 1,420,901 | ||||
| 700,000 | Lloyds Banking Group PLC (c) (g) | 6.75% | (a) | 723,335 | ||||
| 3,400,000 | Lloyds Banking Group PLC (c) (g) | 7.50% | (a) | 3,594,548 | ||||
| 1,000,000 | Lloyds Banking Group PLC (c) (g) | 7.50% | (a) | 1,062,955 | ||||
First Trust Preferred Securities and Income Fund
Portfolio of Investments (Continued)
July 31, 2020 (Unaudited)
| Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
| CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
| Banks (Continued) | ||||||||
| $500,000 | Natwest Group PLC (c) (g) | 6.00% | (a) | $526,250 | ||||
| 1,600,000 | Natwest Group PLC (c) (g) | 8.00% | (a) | 1,807,552 | ||||
| 2,950,000 | Natwest Group PLC (c) (g) | 8.63% | (a) | 3,088,679 | ||||
| 2,800,000 | Nordea Bank Abp (c) (e) (g) | 6.63% | (a) | 3,036,838 | ||||
| 1,000,000 | Regions Financial Corp., Series D (c) | 5.75% | (a) | 1,067,500 | ||||
| 200,000 | Skandinaviska Enskilda Banken AB (c) (g) (h) | 5.63% | (a) | 203,525 | ||||
| 2,300,000 | Societe Generale S.A. (c) (e) (g) | 7.38% | (a) | 2,355,430 | ||||
| 1,350,000 | Societe Generale S.A. (c) (e) (g) | 7.88% | (a) | 1,437,001 | ||||
| 1,500,000 | Standard Chartered PLC (c) (e) (g) | 6.00% | (a) | 1,523,535 | ||||
| 500,000 | Standard Chartered PLC (c) (e) (g) | 7.75% | (a) | 527,745 | ||||
| 800,000 | Swedbank AB (c) (g) (h) | 6.00% | (a) | 819,759 | ||||
| 1,000,000 | Truist Financial Corp., Series P (c) | 4.95% | (a) | 1,070,000 | ||||
| 1,700,000 | Truist Financial Corp., Series Q (c) | 5.10% | (a) | 1,848,750 | ||||
| 3,100,000 | UniCredit S.p.A. (c) (g) (h) | 8.00% | (a) | 3,241,825 | ||||
| 750,000 | UniCredit S.p.A. (c) (e) | 5.46% | 06/30/35 | 776,027 | ||||
| 100,104,497 | ||||||||
| Capital Markets – 8.7% | ||||||||
| 1,568,000 | Apollo Management Holdings L.P. (c) (e) | 4.95% | 01/14/50 | 1,453,028 | ||||
| 1,300,000 | Bank of New York Mellon (The) Corp., Series G (c) | 4.70% | (a) | 1,410,864 | ||||
| 3,000,000 | Charles Schwab (The) Corp., Series G (c) | 5.38% | (a) | 3,292,500 | ||||
| 2,600,000 | Credit Suisse Group AG (c) (e) (g) | 6.38% | (a) | 2,740,309 | ||||
| 650,000 | Credit Suisse Group AG (c) (e) (g) | 7.25% | (a) | 691,889 | ||||
| 1,300,000 | Credit Suisse Group AG (c) (e) (g) | 7.50% | (a) | 1,430,812 | ||||
| 3,050,000 | Credit Suisse Group AG (c) (e) (g) | 7.50% | (a) | 3,218,467 | ||||
| 1,700,000 | E*TRADE Financial Corp., Series A (c) | 5.88% | (a) | 1,856,323 | ||||
| 1,000,000 | Goldman Sachs Group (The), Inc., Series M, 3 Mo. LIBOR + 3.92% (b) | 4.37% | (a) | 982,353 | ||||
| 3,200,000 | Goldman Sachs Group (The), Inc., Series Q (c) | 5.50% | (a) | 3,433,856 | ||||
| 200,000 | Goldman Sachs Group (The), Inc., Series R (c) | 4.95% | (a) | 200,896 | ||||
| 2,400,000 | UBS Group AG (c) (g) (h) | 6.88% | (a) | 2,592,010 | ||||
| 960,000 | UBS Group AG (c) (e) (g) | 7.00% | (a) | 1,019,333 | ||||
| 24,322,640 | ||||||||
| Diversified Financial Services – 0.8% | ||||||||
| 2,300,000 | Voya Financial, Inc. (c) | 5.65% | 05/15/53 | 2,393,737 | ||||
| Diversified Telecommunication Services – 0.9% | ||||||||
| 250,000 | Koninklijke KPN N.V. (c) (e) | 7.00% | 03/28/73 | 273,939 | ||||
| 1,950,000 | Koninklijke KPN N.V. (c) (h) | 7.00% | 03/28/73 | 2,136,722 | ||||
| 2,410,661 | ||||||||
| Electric Utilities – 4.6% | ||||||||
| 1,300,000 | Duke Energy Corp. (c) | 4.88% | (a) | 1,343,996 | ||||
| 7,490,000 | Emera, Inc., Series 16-A (c) | 6.75% | 06/15/76 | 8,338,205 | ||||
| 2,861,000 | Enel S.p.A. (c) (e) | 8.75% | 09/24/73 | 3,328,058 | ||||
| 13,010,259 | ||||||||
| Energy Equipment & Services – 1.5% | ||||||||
| 300,000 | Transcanada Trust (c) | 5.63% | 05/20/75 | 305,627 | ||||
| 2,400,000 | Transcanada Trust (c) | 5.50% | 09/15/79 | 2,512,716 | ||||
| 1,200,000 | Transcanada Trust, Series 16-A (c) | 5.88% | 08/15/76 | 1,292,643 | ||||
| 4,110,986 | ||||||||
| Food Products – 3.2% | ||||||||
| 300,000 | Dairy Farmers of America, Inc. (f) | 7.13% | (a) | 257,860 | ||||
First Trust Preferred Securities and Income Fund
Portfolio of Investments (Continued)
July 31, 2020 (Unaudited)
| Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
| CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
| Food Products (Continued) | ||||||||
| $3,000,000 | Land O’Lakes Capital Trust I (f) | 7.45% | 03/15/28 | $3,345,000 | ||||
| 1,400,000 | Land O’Lakes, Inc. (e) | 7.00% | (a) | 1,258,033 | ||||
| 1,200,000 | Land O’Lakes, Inc. (e) | 7.25% | (a) | 1,109,154 | ||||
| 3,000,000 | Land O’Lakes, Inc. (e) | 8.00% | (a) | 2,970,000 | ||||
| 8,940,047 | ||||||||
| Independent Power & Renewable Electricity Producers – 0.4% | ||||||||
| 1,100,000 | AES Gener S.A. (c) (e) | 6.35% | 10/07/79 | 1,081,108 | ||||
| Insurance – 8.2% | ||||||||
| 1,900,000 | Asahi Mutual Life Insurance Co. (c) (h) | 6.50% | (a) | 2,048,620 | ||||
| 600,000 | Asahi Mutual Life Insurance Co. (c) (h) | 7.25% | (a) | 639,811 | ||||
| 1,822,000 | Assurant, Inc. (c) | 7.00% | 03/27/48 | 1,906,805 | ||||
| 3,500,000 | AXIS Specialty Finance LLC (c) | 4.90% | 01/15/40 | 3,288,207 | ||||
| 1,000,000 | Fortegra Financial Corp. (c) (f) | 8.50% | 10/15/57 | 1,111,059 | ||||
| 820,000 | Hartford Financial Services Group (The), Inc., 3 Mo. LIBOR + 2.13% (b) (e) | 2.52% | 02/12/47 | 657,431 | ||||
| 300,000 | La Mondiale SAM (c) (h) | 5.88% | 01/26/47 | 329,927 | ||||
| 623,000 | Lincoln National Corp., 3 Mo. LIBOR + 2.36% (b) | 2.74% | 05/17/66 | 437,187 | ||||
| 2,700,000 | Markel Corp. (c) | 6.00% | (a) | 2,845,125 | ||||
| 200,000 | MetLife, Inc. | 6.40% | 12/15/36 | 247,874 | ||||
| 2,000,000 | QBE Insurance Group Ltd. (c) (e) | 5.88% | (a) | 2,100,000 | ||||
| 2,400,000 | QBE Insurance Group Ltd. (c) (e) | 7.50% | 11/24/43 | 2,679,432 | ||||
| 3,100,000 | QBE Insurance Group Ltd. (c) (h) | 6.75% | 12/02/44 | 3,431,715 | ||||
| 1,000,000 | Reinsurance Group of America, Inc., 3 Mo. LIBOR + 2.67% (b) | 2.98% | 12/15/65 | 805,000 | ||||
| 400,000 | VIVAT N.V. (c) (h) | 6.25% | (a) | 402,000 | ||||
| 22,930,193 | ||||||||
| Metals & Mining – 0.2% | ||||||||
| 465,000 | BHP Billiton Finance USA Ltd. (c) (e) | 6.75% | 10/19/75 | 549,888 | ||||
| Multi-Utilities – 0.9% | ||||||||
| 875,000 | CenterPoint Energy, Inc., Series A (c) | 6.13% | (a) | 870,012 | ||||
| 735,000 | NiSource, Inc. (c) | 5.65% | (a) | 716,985 | ||||
| 1,000,000 | Sempra Energy (c) | 4.88% | (a) | 1,037,800 | ||||
| 2,624,797 | ||||||||
| Oil, Gas & Consumable Fuels – 4.8% | ||||||||
| 1,300,000 | BP Capital Markets PLC (c) | 4.88% | (a) | 1,397,500 | ||||
| 2,100,000 | DCP Midstream Operating L.P. (c) (e) | 5.85% | 05/21/43 | 1,605,019 | ||||
| 600,000 | Enbridge, Inc. (c) | 5.50% | 07/15/77 | 566,173 | ||||
| 1,600,000 | Enbridge, Inc. (c) | 6.25% | 03/01/78 | 1,586,792 | ||||
| 4,458,000 | Enbridge, Inc., Series 16-A (c) | 6.00% | 01/15/77 | 4,418,523 | ||||
| 1,700,000 | Enbridge, Inc., Series 20-A (c) | 5.75% | 07/15/80 | 1,736,291 | ||||
| 1,786,000 | Energy Transfer Operating L.P., 3 Mo. LIBOR + 3.02% (b) | 3.70% | 11/01/66 | 898,805 | ||||
| 500,000 | Energy Transfer Operating L.P., Series G (c) | 7.13% | (a) | 416,250 | ||||
| 1,100,000 | Enterprise Products Operating LLC, 3 Mo. LIBOR + 2.78% (b) | 3.13% | 06/01/67 | 821,915 | ||||
| 13,447,268 | ||||||||
| Trading Companies & Distributors – 1.6% | ||||||||
| 6,010,000 | AerCap Holdings N.V. (c) | 5.88% | 10/10/79 | 4,618,114 | ||||
| Transportation Infrastructure – 0.5% | ||||||||
| 1,860,000 | AerCap Global Aviation Trust (c) (e) | 6.50% | 06/15/45 | 1,486,605 | ||||
Total Capital Preferred Securities | 202,030,800 | |||||||
| (Cost $201,135,391) | ||||||||
First Trust Preferred Securities and Income Fund
Portfolio of Investments (Continued)
July 31, 2020 (Unaudited)
| Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
| CORPORATE BONDS AND NOTES – 0.3% | ||||||||
| Aerospace & Defense – 0.2% | ||||||||
| $460,000 | Boeing (The) Co. | 5.81% | 05/01/50 | $541,527 | ||||
| Insurance – 0.1% | ||||||||
| 400,000 | AmTrust Financial Services, Inc. | 6.13% | 08/15/23 | 361,337 | ||||
Total Corporate Bonds and Notes | 902,864 | |||||||
| (Cost $862,190) | ||||||||
| FOREIGN CORPORATE BONDS AND NOTES – 0.2% | ||||||||
| Diversified Financial Services – 0.2% | ||||||||
| 400,000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | 6.50% | 07/15/25 | 429,688 | ||||
| (Cost $395,765) | ||||||||
| Shares | Description | Value | ||
| RIGHTS – 0.0% | ||||
| Multi-Utilities – 0.0% | ||||
| 7,274 | Just Energy Group, Inc., expiring 8/28/20 (i) (j) (k) | 0 | ||
| (Cost $0) | ||||
Total Investments – 98.5% | 276,761,485 | |||
| (Cost $276,009,410) (l) | ||||
Net Other Assets and Liabilities – 1.5% | 4,082,237 | |||
Net Assets – 100.0% | $280,843,722 | |||
| (a) | Perpetual maturity. |
| (b) | Floating or variable rate security. |
| (c) | Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at July 31, 2020. At a predetermined date, the fixed rate will change to a floating rate or a variable rate. |
| (d) | Step-up security. A security where the coupon increases or steps up at a predetermined date. |
| (e) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A under 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 Fund’s advisor (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 July 31, 2020, securities noted as such amounted to $65,129,851 or 23.2% of net assets. |
| (f) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A under the 1933 Act, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. See Restricted Securities table. |
| (g) | This security is a contingent convertible capital security which may be subject to conversion into common stock of the issuer under certain circumstances. At July 31, 2020, securities noted as such amounted to $85,404,689 or 30.4% of net assets. Of these securities, 3.8% originated in emerging markets, and 96.2% originated in foreign markets. |
| (h) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act. |
| (i) | 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 July 31, 2020, securities noted as such are valued at $0 or 0.0% 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) | Non-income producing security. |
| (l) | Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of July 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $8,583,329 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $7,831,254. The net unrealized appreciation was $752,075. |
| LIBOR | London Interbank Offered Rate |
First Trust Preferred Securities and Income Fund
Portfolio of Investments (Continued)
July 31, 2020 (Unaudited)
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 July 31, 2020 is as follows:
| Total Value at 7/31/2020 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
| $25 Par Preferred Securities: | ||||
Insurance | $ 16,272,547 | $ 14,473,024 | $ 1,799,523 | $ — |
Multi-Utilities | 3,609,224 | 2,442,433 | 1,166,791 | — |
Other industry categories* | 39,874,144 | 39,874,144 | — | — |
| $100 Par Preferred Securities: | ||||
Banks | 8,206,900 | — | 8,206,900 | — |
Consumer Finance | 525,880 | 525,880 | — | — |
| $1,000 Par Preferred Securities: | ||||
Banks | 4,399,438 | 4,124,778 | 274,660 | — |
Diversified Financial Services | 510,000 | — | 510,000 | — |
Capital Preferred Securities* | 202,030,800 | — | 202,030,800 | — |
Corporate Bonds and Notes* | 902,864 | — | 902,864 | — |
Foreign Corporate Bonds and Notes* | 429,688 | — | 429,688 | — |
Rights* | —** | — | —** | — |
Total Investments | $ 276,761,485 | $ 61,440,259 | $ 215,321,226 | $— |
| * | See Portfolio of Investments for industry breakout. |
| ** | Investment is valued at $0. |
Restricted Securities
As of July 31, 2020, the Fund held restricted securities as shown in the following table that the Advisor has deemed illiquid.
| Security | Acquisition Date | Principal Value/Shares | Current Price | Carrying Cost | Value | % of Net Assets | ||
| CoBank ACB, 1.45% | 3/29/2018 | 443 | $620.00 | $300,133 | $274,660 | 0.10% | ||
| Dairy Farmers of America, Inc., 7.13% | 9/15/2016-10/4/2016 | $300,000 | 85.95 | 310,125 | 257,860 | 0.09 | ||
| Fortegra Financial Corp., 8.50%, 10/15/57 | 10/12/2017 | $1,000,000 | 111.11 | 1,000,000 | 1,111,059 | 0.40 | ||
| Land O’Lakes Capital Trust I, 7.45%, 03/15/28 | 6/6/2014-3/20/2015 | $3,000,000 | 111.50 | 3,062,858 | 3,345,000 | 1.19 | ||
| $4,673,116 | $4,988,579 | 1.78% |