First Trust Preferred Securities and Income Fund
Portfolio of Investments
January 31, 2021 (Unaudited)
| Shares | Description | Stated Rate | Stated Maturity | Value | ||||
| $25 PAR PREFERRED SECURITIES – 19.2% | ||||||||
| Banks – 5.0% | ||||||||
| 4,796 | Bank of America Corp., Series LL | 5.00% | (a) | $128,677 | ||||
| 58,390 | Bank of America Corp., Series NN | 4.38% | (a) | 1,480,186 | ||||
| 3,497 | Bank of America Corp., Series PP | 4.13% | (a) | 87,617 | ||||
| 30,000 | Citigroup Capital XIII, 3 Mo. LIBOR + 6.37% (b) | 6.58% | 10/30/40 | 842,100 | ||||
| 11,880 | Citizens Financial Group, Inc., Series E | 5.00% | (a) | 310,781 | ||||
| 24,930 | Fifth Third Bancorp, Series A | 6.00% | (a) | 668,872 | ||||
| 8,764 | First Midwest Bancorp, Inc., Series A | 7.00% | (a) | 239,783 | ||||
| 20,245 | First Republic Bank, Series K | 4.13% | (a) | 507,745 | ||||
| 30,098 | Fulton Financial Corp., Series A | 5.13% | (a) | 789,471 | ||||
| 135,569 | GMAC Capital Trust I, Series 2, 3 Mo. LIBOR + 5.79% (b) | 6.01% | 02/15/40 | 3,595,290 | ||||
| 40,177 | Pinnacle Financial Partners, Inc., Series B | 6.75% | (a) | 1,104,867 | ||||
| 220 | Regions Financial Corp., Series A | 6.38% | (a) | 5,707 | ||||
| 62,765 | Signature Bank, Series A | 5.00% | (a) | 1,596,742 | ||||
| 8,440 | Truist Financial Corp., Series R | 4.75% | (a) | 221,044 | ||||
| 32,570 | US Bancorp, Series M | 4.00% | (a) | 802,850 | ||||
| 27,348 | Valley National Bancorp, Series B (c) | 5.50% | (a) | 700,109 | ||||
| 30,000 | WesBanco, Inc., Series A (c) | 6.75% | (a) | 816,300 | ||||
| 42,690 | Wintrust Financial Corp., Series E (c) | 6.88% | (a) | 1,205,992 | ||||
| 15,104,133 | ||||||||
| Capital Markets – 0.5% | ||||||||
| 14,977 | Affiliated Managers Group, Inc. | 4.75% | 09/30/60 | 392,098 | ||||
| 21,403 | Apollo Global Management, Inc., Series B | 6.38% | (a) | 576,383 | ||||
| 7,095 | Legg Mason, Inc. | 5.45% | 09/15/56 | 181,561 | ||||
| 4,968 | Morgan Stanley, Series K (c) | 5.85% | (a) | 142,085 | ||||
| 3,697 | Oaktree Capital Group LLC, Series A | 6.63% | (a) | 101,926 | ||||
| 1,394,053 | ||||||||
| Diversified Financial Services – 0.3% | ||||||||
| 34,751 | Equitable Holdings, Inc., Series A | 5.25% | (a) | 905,959 | ||||
| Diversified Telecommunication Services – 0.7% | ||||||||
| 40,496 | AT&T, Inc., Series C | 4.75% | (a) | 1,030,623 | ||||
| 41,860 | Qwest Corp. | 6.50% | 09/01/56 | 1,074,546 | ||||
| 5,477 | Qwest Corp. | 6.75% | 06/15/57 | 142,786 | ||||
| 2,247,955 | ||||||||
| Electric Utilities – 0.9% | ||||||||
| 11,681 | SCE Trust III, Series H (c) | 5.75% | (a) | 284,082 | ||||
| 9,830 | SCE Trust IV, Series J (c) | 5.38% | (a) | 237,886 | ||||
| 7,414 | SCE Trust V, Series K (c) | 5.45% | (a) | 189,279 | ||||
| 6,435 | Southern (The) Co. | 4.95% | 01/30/80 | 167,953 | ||||
| 74,994 | Southern (The) Co., Series C | 4.20% | 10/15/60 | 1,878,600 | ||||
| 2,757,800 | ||||||||
| Equity Real Estate Investment Trusts – 0.6% | ||||||||
| 816 | American Homes 4 Rent, Series D | 6.50% | (a) | 20,743 | ||||
| 6,221 | American Homes 4 Rent, Series E | 6.35% | (a) | 159,071 | ||||
| 27,351 | Global Net Lease, Inc., Series A | 7.25% | (a) | 710,305 | ||||
| 2,079 | National Storage Affiliates Trust, Series A | 6.00% | (a) | 55,177 | ||||
| 29,659 | Vornado Realty Trust, Series N | 5.25% | (a) | 761,643 | ||||
| 1,706,939 | ||||||||
| Food Products – 0.8% | ||||||||
| 11,000 | CHS, Inc., Series 1 | 7.88% | (a) | 313,060 | ||||
First Trust Preferred Securities and Income Fund
Portfolio of Investments (Continued)
January 31, 2021 (Unaudited)
| Shares | Description | Stated Rate | Stated Maturity | Value | ||||
| $25 PAR PREFERRED SECURITIES (Continued) | ||||||||
| Food Products (Continued) | ||||||||
| 63,338 | CHS, Inc., Series 2 (c) | 7.10% | (a) | $1,759,529 | ||||
| 3,016 | CHS, Inc., Series 3 (c) | 6.75% | (a) | 83,453 | ||||
| 6,575 | CHS, Inc., Series 4 | 7.50% | (a) | 191,267 | ||||
| 2,347,309 | ||||||||
| Gas Utilities – 0.2% | ||||||||
| 24,497 | South Jersey Industries, Inc. | 5.63% | 09/16/79 | 628,103 | ||||
| 4,838 | Spire, Inc., Series A | 5.90% | (a) | 133,287 | ||||
| 761,390 | ||||||||
| Independent Power & Renewable Electricity Producers – 0.2% | ||||||||
| 22,738 | Brookfield Renewable Partners L.P., Series 17 | 5.25% | (a) | 604,376 | ||||
| Insurance – 5.1% | ||||||||
| 74,601 | Aegon Funding Co., LLC | 5.10% | 12/15/49 | 1,943,356 | ||||
| 88,196 | American Equity Investment Life Holding Co., Series A (c) | 5.95% | (a) | 2,257,818 | ||||
| 35,257 | American Equity Investment Life Holding Co., Series B (c) | 6.63% | (a) | 943,125 | ||||
| 4,822 | AmTrust Financial Services, Inc. | 7.25% | 06/15/55 | 94,318 | ||||
| 5,383 | AmTrust Financial Services, Inc. | 7.50% | 09/15/55 | 106,314 | ||||
| 10,978 | Aspen Insurance Holdings Ltd. | 5.63% | (a) | 287,404 | ||||
| 48,048 | Aspen Insurance Holdings Ltd. | 5.63% | (a) | 1,243,482 | ||||
| 29,611 | Assurant, Inc. | 5.25% | 01/15/61 | 781,879 | ||||
| 61,527 | Athene Holding Ltd., Series A (c) | 6.35% | (a) | 1,760,903 | ||||
| 13,139 | Axis Capital Holdings Ltd., Series E | 5.50% | (a) | 337,278 | ||||
| 23,881 | CNO Financial Group, Inc. | 5.13% | 11/25/60 | 610,757 | ||||
| 73,827 | Delphi Financial Group, Inc., 3 Mo. LIBOR + 3.19% (b) | 3.41% | 05/15/37 | 1,568,824 | ||||
| 23,362 | Enstar Group Ltd., Series D (c) | 7.00% | (a) | 654,603 | ||||
| 4,275 | Global Indemnity Group LLC | 7.88% | 04/15/47 | 112,689 | ||||
| 12,108 | National General Holdings Corp. | 7.63% | 09/15/55 | 305,727 | ||||
| 7,162 | National General Holdings Corp., Series B | 7.50% | (a) | 179,766 | ||||
| 10,158 | National General Holdings Corp., Series C | 7.50% | (a) | 260,146 | ||||
| 359 | PartnerRe Ltd., Series I | 5.88% | (a) | 9,183 | ||||
| 10,700 | Phoenix Cos. (The), Inc. | 7.45% | 01/15/32 | 160,623 | ||||
| 58,511 | Prudential Financial, Inc. | 4.13% | 09/01/60 | 1,504,318 | ||||
| 14,811 | Selective Insurance Group, Inc., Series B | 4.60% | (a) | 366,572 | ||||
| 15,489,085 | ||||||||
| Mortgage Real Estate Investment Trusts – 0.9% | ||||||||
| 25,000 | AGNC Investment Corp., Series C (c) | 7.00% | (a) | 627,250 | ||||
| 30,561 | AGNC Investment Corp., Series F (c) | 6.13% | (a) | 733,464 | ||||
| 47,332 | Annaly Capital Management, Inc., Series F (c) | 6.95% | (a) | 1,180,460 | ||||
| 7,000 | Annaly Capital Management, Inc., Series I (c) | 6.75% | (a) | 176,470 | ||||
| 2,717,644 | ||||||||
| Multi-Utilities – 0.9% | ||||||||
| 22,273 | Algonquin Power & Utilities Corp. (c) | 6.88% | 10/17/78 | 616,517 | ||||
| 16,581 | Algonquin Power & Utilities Corp., Series 19-A (c) | 6.20% | 07/01/79 | 461,615 | ||||
| 30,055 | Brookfield Infrastructure Partners L.P., Series 13 | 5.13% | (a) | 765,200 | ||||
| 35,444 | Integrys Holding, Inc. (c) | 6.00% | 08/01/73 | 952,380 | ||||
| 3,234 | Sempra Energy | 5.75% | 07/01/79 | 88,288 | ||||
| 2,884,000 | ||||||||
| Oil, Gas & Consumable Fuels – 1.2% | ||||||||
| 4,582 | DCP Midstream L.P., Series B (c) | 7.88% | (a) | 98,788 | ||||
| 62 | DCP Midstream L.P., Series C (c) | 7.95% | (a) | 1,329 | ||||
First Trust Preferred Securities and Income Fund
Portfolio of Investments (Continued)
January 31, 2021 (Unaudited)
| Shares | Description | Stated Rate | Stated Maturity | Value | ||||
| $25 PAR PREFERRED SECURITIES (Continued) | ||||||||
| Oil, Gas & Consumable Fuels (Continued) | ||||||||
| 3,965 | Energy Transfer Operating L.P., Series C (c) | 7.38% | (a) | $82,868 | ||||
| 93,614 | Energy Transfer Operating L.P., Series E (c) | 7.60% | (a) | 2,061,380 | ||||
| 28,176 | NuStar Energy L.P., Series A (c) | 8.50% | (a) | 564,929 | ||||
| 39,987 | NuStar Logistics L.P., 3 Mo. LIBOR + 6.73% (b) | 6.98% | 01/15/43 | 886,512 | ||||
| 3,695,806 | ||||||||
| Real Estate Management & Development – 0.8% | ||||||||
| 41,143 | Brookfield Property Partners L.P., Series A | 5.75% | (a) | 956,575 | ||||
| 10,209 | Brookfield Property Partners L.P., Series A-1 | 6.50% | (a) | 252,469 | ||||
| 51,671 | Brookfield Property Partners L.P., Series A2 | 6.38% | (a) | 1,251,988 | ||||
| 2,461,032 | ||||||||
| Thrifts & Mortgage Finance – 0.2% | ||||||||
| 24,646 | New York Community Bancorp, Inc., Series A (c) | 6.38% | (a) | 707,094 | ||||
| Trading Companies & Distributors – 0.5% | ||||||||
| 29,717 | Air Lease Corp., Series A (c) | 6.15% | (a) | 771,156 | ||||
| 26,733 | WESCO International, Inc., Series A (c) | 10.63% | (a) | 830,862 | ||||
| 1,602,018 | ||||||||
| Wireless Telecommunication Services – 0.4% | ||||||||
| 11,017 | United States Cellular Corp. | 6.25% | 09/01/69 | 294,925 | ||||
| 37,094 | United States Cellular Corp. | 5.50% | 03/01/70 | 932,636 | ||||
| 1,227,561 | ||||||||
Total $25 Par Preferred Securities | 58,614,154 | |||||||
| (Cost $56,447,847) | ||||||||
| $100 PAR PREFERRED SECURITIES – 2.8% | ||||||||
| Banks – 2.8% | ||||||||
| 9,400 | AgriBank FCB (c) | 6.88% | (a) | 1,025,775 | ||||
| 32,500 | CoBank ACB, Series F (c) | 6.25% | (a) | 3,469,375 | ||||
| 27,000 | CoBank ACB, Series G | 6.13% | (a) | 2,829,600 | ||||
| 10,500 | Farm Credit Bank of Texas (c) (d) | 6.75% | (a) | 1,147,125 | ||||
Total $100 Par Preferred Securities | 8,471,875 | |||||||
| (Cost $7,977,200) | ||||||||
| $1,000 PAR PREFERRED SECURITIES – 2.0% | ||||||||
| Banks – 1.8% | ||||||||
| 292 | Bank of America Corp., Series L | 7.25% | (a) | 427,132 | ||||
| 443 | CoBank ACB, 3 Mo. LIBOR + 1.18% (b) (e) | 1.37% | (a) | 302,347 | ||||
| 3,311 | Wells Fargo & Co., Series L | 7.50% | (a) | 4,781,084 | ||||
| 5,510,563 | ||||||||
| Diversified Financial Services – 0.2% | ||||||||
| 500 | Compeer Financial ACA (c) (d) | 6.75% | (a) | 550,000 | ||||
Total $1,000 Par Preferred Securities | 6,060,563 | |||||||
| (Cost $5,679,384) | ||||||||
| Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
| CAPITAL PREFERRED SECURITIES – 73.4% | ||||||||
| Banks – 34.4% | ||||||||
| $2,600,000 | Australia & New Zealand Banking Group Ltd. (c) (d) (f) | 6.75% | (a) | 3,051,451 | ||||
| 600,000 | Australia & New Zealand Banking Group Ltd. (c) (f) (g) | 6.75% | (a) | 704,181 | ||||
First Trust Preferred Securities and Income Fund
Portfolio of Investments (Continued)
January 31, 2021 (Unaudited)
| Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
| CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
| Banks (Continued) | ||||||||
| $2,300,000 | Banco Bilbao Vizcaya Argentaria S.A., Series 9 (c) (f) | 6.50% | (a) | $2,435,315 | ||||
| 600,000 | Banco Mercantil del Norte S.A. (c) (d) (f) | 7.50% | (a) | 657,987 | ||||
| 1,000,000 | Banco Mercantil del Norte S.A. (c) (d) (f) | 7.63% | (a) | 1,101,500 | ||||
| 1,100,000 | Banco Mercantil del Norte S.A. (c) (d) (f) | 8.38% | (a) | 1,283,304 | ||||
| 2,200,000 | Banco Santander S.A. (c) (f) (g) | 7.50% | (a) | 2,419,837 | ||||
| 2,200,000 | Bank of Nova Scotia (The) (c) | 4.90% | (a) | 2,367,860 | ||||
| 1,700,000 | Barclays PLC (c) (f) | 6.13% | (a) | 1,844,547 | ||||
| 4,800,000 | Barclays PLC (c) (f) (g) | 7.88% | (a) | 5,049,931 | ||||
| 5,050,000 | Barclays PLC (c) (f) | 8.00% | (a) | 5,664,846 | ||||
| 650,000 | BBVA Bancomer S.A. (c) (d) (f) | 5.88% | 09/13/34 | 730,031 | ||||
| 1,500,000 | BNP Paribas S.A. (c) (d) (f) | 6.63% | (a) | 1,629,825 | ||||
| 1,700,000 | BNP Paribas S.A. (c) (d) (f) | 7.38% | (a) | 1,965,086 | ||||
| 750,000 | Citigroup, Inc. (c) | 5.90% | (a) | 783,960 | ||||
| 300,000 | Citigroup, Inc. (c) | 5.95% | (a) | 315,896 | ||||
| 1,680,000 | Citigroup, Inc., Series P (c) | 5.95% | (a) | 1,829,100 | ||||
| 1,650,000 | Citigroup, Inc., Series R, 3 Mo. LIBOR + 4.48% (b) | 4.70% | (a) | 1,656,366 | ||||
| 262,000 | Citigroup, Inc., Series T (c) | 6.25% | (a) | 300,894 | ||||
| 1,072,000 | Citigroup, Inc., Series W (c) | 4.00% | (a) | 1,089,420 | ||||
| 500,000 | Citizens Financial Group, Inc., Series A, 3 Mo. LIBOR + 3.96% (b) | 4.20% | (a) | 500,625 | ||||
| 1,120,000 | Citizens Financial Group, Inc., Series F (c) | 5.65% | (a) | 1,257,200 | ||||
| 2,500,000 | CoBank ACB, Series I (c) | 6.25% | (a) | 2,743,750 | ||||
| 700,000 | Comerica, Inc. (c) | 5.63% | (a) | 771,750 | ||||
| 2,600,000 | Credit Agricole S.A. (c) (d) (f) | 6.88% | (a) | 2,878,057 | ||||
| 2,600,000 | Credit Agricole S.A. (c) (d) (f) | 7.88% | (a) | 2,936,375 | ||||
| 3,485,000 | Credit Agricole S.A. (c) (d) (f) | 8.13% | (a) | 4,220,934 | ||||
| 1,500,000 | Danske Bank A.S. (c) (f) (g) | 6.13% | (a) | 1,592,955 | ||||
| 1,050,000 | Danske Bank A.S. (c) (f) (g) | 7.00% | (a) | 1,169,437 | ||||
| 600,000 | Farm Credit Bank of Texas, Series 3 (c) (d) | 6.20% | (a) | 651,000 | ||||
| 1,100,000 | Farm Credit Bank of Texas, Series 4 (c) (d) | 5.70% | (a) | 1,204,500 | ||||
| 1,400,000 | Fifth Third Bancorp, Series L (c) | 4.50% | (a) | 1,487,500 | ||||
| 900,000 | HSBC Holdings PLC (c) (f) | 4.60% | (a) | 914,625 | ||||
| 2,644,000 | HSBC Holdings PLC (c) (f) | 6.38% | (a) | 2,891,412 | ||||
| 700,000 | Huntington Bancshares, Inc., Series F (c) | 5.63% | (a) | 825,482 | ||||
| 1,300,000 | Huntington Bancshares, Inc., Series G (c) | 4.45% | (a) | 1,392,300 | ||||
| 1,930,000 | ING Groep N.V. (c) (f) | 5.75% | (a) | 2,093,249 | ||||
| 1,400,000 | ING Groep N.V. (c) (f) | 6.50% | (a) | 1,541,890 | ||||
| 900,000 | ING Groep N.V. (c) (f) (g) | 6.88% | (a) | 939,388 | ||||
| 1,954,000 | Intesa Sanpaolo S.p.A. (c) (d) (f) | 7.70% | (a) | 2,198,250 | ||||
| 1,402,000 | JPMorgan Chase & Co., Series R (c) | 6.00% | (a) | 1,469,625 | ||||
| 700,000 | Lloyds Banking Group PLC (c) (f) | 6.75% | (a) | 780,210 | ||||
| 3,400,000 | Lloyds Banking Group PLC (c) (f) | 7.50% | (a) | 3,788,348 | ||||
| 1,000,000 | Lloyds Banking Group PLC (c) (f) | 7.50% | (a) | 1,142,950 | ||||
| 500,000 | Natwest Group PLC (c) (f) | 6.00% | (a) | 551,875 | ||||
| 1,600,000 | Natwest Group PLC (c) (f) | 8.00% | (a) | 1,881,952 | ||||
| 700,000 | Natwest Group PLC (c) (f) | 8.63% | (a) | 726,054 | ||||
| 2,800,000 | Nordea Bank Abp (c) (d) (f) | 6.63% | (a) | 3,194,338 | ||||
| 1,000,000 | Regions Financial Corp., Series D (c) | 5.75% | (a) | 1,119,370 | ||||
| 200,000 | Skandinaviska Enskilda Banken AB (c) (f) (g) | 5.63% | (a) | 206,300 | ||||
| 4,100,000 | Societe Generale S.A. (c) (d) (f) | 5.38% | (a) | 4,273,430 | ||||
| 1,050,000 | Societe Generale S.A. (c) (d) (f) | 7.38% | (a) | 1,079,894 | ||||
| 2,790,000 | Societe Generale S.A. (c) (d) (f) | 7.88% | (a) | 3,070,758 | ||||
| 200,000 | Societe Generale S.A. (c) (d) (f) | 8.00% | (a) | 235,125 | ||||
| 1,500,000 | Standard Chartered PLC (c) (d) (f) | 6.00% | (a) | 1,633,200 | ||||
First Trust Preferred Securities and Income Fund
Portfolio of Investments (Continued)
January 31, 2021 (Unaudited)
| Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
| CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
| Banks (Continued) | ||||||||
| $800,000 | Swedbank AB (c) (f) (g) | 6.00% | (a) | $825,500 | ||||
| 828,000 | Truist Financial Corp., Series P (c) | 4.95% | (a) | 906,660 | ||||
| 625,000 | Truist Financial Corp., Series Q (c) | 5.10% | (a) | 706,438 | ||||
| 3,100,000 | UniCredit S.p.A. (c) (f) (g) | 8.00% | (a) | 3,347,586 | ||||
| 750,000 | UniCredit S.p.A. (c) (d) | 5.46% | 06/30/35 | 806,925 | ||||
| 2,112,000 | Wells Fargo & Co. (c) | 3.90% | (a) | 2,113,320 | ||||
| 104,951,874 | ||||||||
| Capital Markets – 10.0% | ||||||||
| 1,568,000 | Apollo Management Holdings L.P. (c) (d) | 4.95% | 01/14/50 | 1,600,335 | ||||
| 1,300,000 | Bank of New York Mellon (The) Corp., Series G (c) | 4.70% | (a) | 1,426,763 | ||||
| 908,000 | Bank of New York Mellon (The) Corp., Series H (c) | 3.70% | (a) | 936,330 | ||||
| 2,640,000 | Charles Schwab (The) Corp., Series G (c) | 5.38% | (a) | 2,932,670 | ||||
| 1,600,000 | Charles Schwab (The) Corp., Series H (c) | 4.00% | (a) | 1,656,000 | ||||
| 1,400,000 | Credit Suisse Group AG (c) (d) (f) | 4.50% | (a) | 1,389,500 | ||||
| 1,630,000 | Credit Suisse Group AG (c) (d) (f) | 5.25% | (a) | 1,727,718 | ||||
| 2,600,000 | Credit Suisse Group AG (c) (d) (f) | 6.38% | (a) | 2,897,921 | ||||
| 650,000 | Credit Suisse Group AG (c) (d) (f) | 7.25% | (a) | 732,092 | ||||
| 1,300,000 | Credit Suisse Group AG (c) (d) (f) | 7.50% | (a) | 1,444,732 | ||||
| 3,050,000 | Credit Suisse Group AG (c) (d) (f) | 7.50% | (a) | 3,327,489 | ||||
| 1,000,000 | Goldman Sachs Group (The), Inc., Series M, 3 Mo. LIBOR + 3.92% (b) | 4.13% | (a) | 997,800 | ||||
| 3,200,000 | Goldman Sachs Group (The), Inc., Series Q (c) | 5.50% | (a) | 3,523,872 | ||||
| 200,000 | Goldman Sachs Group (The), Inc., Series R (c) | 4.95% | (a) | 212,374 | ||||
| 1,700,000 | Morgan Stanley, Series M (c) | 5.88% | (a) | 1,927,375 | ||||
| 2,400,000 | UBS Group AG (c) (f) (g) | 6.88% | (a) | 2,709,000 | ||||
| 960,000 | UBS Group AG (c) (d) (f) | 7.00% | (a) | 1,054,267 | ||||
| 30,496,238 | ||||||||
| Diversified Financial Services – 1.5% | ||||||||
| 1,250,000 | Capital Farm Credit ACA, Series 1 (c) (d) | 5.00% | (a) | 1,262,500 | ||||
| 2,265,000 | Voya Financial, Inc. (c) | 5.65% | 05/15/53 | 2,404,852 | ||||
| 843,000 | Voya Financial, Inc., Series A (c) | 6.13% | (a) | 908,333 | ||||
| 4,575,685 | ||||||||
| Diversified Telecommunication Services – 0.8% | ||||||||
| 250,000 | Koninklijke KPN N.V. (c) (d) | 7.00% | 03/28/73 | 264,763 | ||||
| 1,950,000 | Koninklijke KPN N.V. (c) (g) | 7.00% | 03/28/73 | 2,065,147 | ||||
| 2,329,910 | ||||||||
| Electric Utilities – 3.4% | ||||||||
| 840,000 | Duke Energy Corp. (c) | 4.88% | (a) | 898,800 | ||||
| 6,156,000 | Emera, Inc., Series 16-A (c) | 6.75% | 06/15/76 | 7,197,872 | ||||
| 1,900,000 | Enel S.p.A. (c) (d) | 8.75% | 09/24/73 | 2,223,000 | ||||
| 10,319,672 | ||||||||
| Energy Equipment & Services – 0.8% | ||||||||
| 300,000 | Transcanada Trust (c) | 5.63% | 05/20/75 | 322,500 | ||||
| 1,600,000 | Transcanada Trust (c) | 5.50% | 09/15/79 | 1,762,000 | ||||
| 300,000 | Transcanada Trust, Series 16-A (c) | 5.88% | 08/15/76 | 334,068 | ||||
| 2,418,568 | ||||||||
| Food Products – 3.2% | ||||||||
| 300,000 | Dairy Farmers of America, Inc. (e) | 7.13% | (a) | 301,875 | ||||
| 3,000,000 | Land O’Lakes Capital Trust I (e) | 7.45% | 03/15/28 | 3,555,000 | ||||
First Trust Preferred Securities and Income Fund
Portfolio of Investments (Continued)
January 31, 2021 (Unaudited)
| Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
| CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
| Food Products (Continued) | ||||||||
| $1,400,000 | Land O’Lakes, Inc. (d) | 7.00% | (a) | $1,421,217 | ||||
| 1,200,000 | Land O’Lakes, Inc. (d) | 7.25% | (a) | 1,228,596 | ||||
| 3,000,000 | Land O’Lakes, Inc. (d) | 8.00% | (a) | 3,165,000 | ||||
| 9,671,688 | ||||||||
| Independent Power & Renewable Electricity Producers – 0.2% | ||||||||
| 700,000 | AES Gener S.A. (c) (d) | 6.35% | 10/07/79 | 761,891 | ||||
| Insurance – 9.8% | ||||||||
| 1,500,000 | Allianz SE (c) (d) | 3.50% | (a) | 1,517,820 | ||||
| 1,900,000 | Asahi Mutual Life Insurance Co. (c) (g) | 6.50% | (a) | 2,053,234 | ||||
| 600,000 | Asahi Mutual Life Insurance Co. (c) (g) | 7.25% | (a) | 627,750 | ||||
| 1,822,000 | Assurant, Inc. (c) | 7.00% | 03/27/48 | 2,077,080 | ||||
| 600,000 | Assured Guaranty Municipal Holdings, Inc. (c) (d) | 6.40% | 12/15/66 | 622,970 | ||||
| 2,900,000 | AXIS Specialty Finance LLC (c) | 4.90% | 01/15/40 | 3,036,651 | ||||
| 1,276,000 | Enstar Finance LLC (c) | 5.75% | 09/01/40 | 1,333,471 | ||||
| 1,000,000 | Fortegra Financial Corp. (c) (e) | 8.50% | 10/15/57 | 1,170,732 | ||||
| 820,000 | Hartford Financial Services Group (The), Inc., 3 Mo. LIBOR + 2.13% (b) (d) | 2.35% | 02/12/47 | 756,349 | ||||
| 300,000 | La Mondiale SAM (c) (g) | 5.88% | 01/26/47 | 342,672 | ||||
| 623,000 | Lincoln National Corp., 3 Mo. LIBOR + 2.36% (b) | 2.58% | 05/17/66 | 527,214 | ||||
| 2,700,000 | Markel Corp. (c) | 6.00% | (a) | 2,968,326 | ||||
| 200,000 | MetLife, Inc. | 6.40% | 12/15/36 | 257,564 | ||||
| 800,000 | MetLife, Inc., Series G (c) | 3.85% | (a) | 828,000 | ||||
| 900,000 | Nippon Life Insurance Co (c) (d) | 2.75% | 01/21/51 | 893,194 | ||||
| 700,000 | PartnerRe Finance B LLC (c) | 4.50% | 10/01/50 | 738,639 | ||||
| 500,000 | QBE Capital Funding III Ltd. (c) (d) | 7.25% | 05/24/41 | 506,345 | ||||
| 2,000,000 | QBE Insurance Group Ltd. (c) (d) | 5.88% | (a) | 2,179,800 | ||||
| 2,400,000 | QBE Insurance Group Ltd. (c) (d) | 7.50% | 11/24/43 | 2,700,000 | ||||
| 3,100,000 | QBE Insurance Group Ltd. (c) (g) | 6.75% | 12/02/44 | 3,456,577 | ||||
| 301,000 | QBE Insurance Group Ltd. (c) (g) | 5.88% | 06/17/46 | 330,776 | ||||
| 964,000 | Reinsurance Group of America, Inc., 3 Mo. LIBOR + 2.67% (b) | 2.88% | 12/15/65 | 882,060 | ||||
| 29,807,224 | ||||||||
| Multi-Utilities – 1.3% | ||||||||
| 875,000 | CenterPoint Energy, Inc., Series A (c) | 6.13% | (a) | 919,836 | ||||
| 1,074,000 | CMS Energy Corp. (c) | 3.75% | 12/01/50 | 1,100,850 | ||||
| 735,000 | NiSource, Inc. (c) | 5.65% | (a) | 757,969 | ||||
| 1,000,000 | Sempra Energy (c) | 4.88% | (a) | 1,080,000 | ||||
| 3,858,655 | ||||||||
| Oil, Gas & Consumable Fuels – 5.3% | ||||||||
| 943,000 | BP Capital Markets PLC (c) | 4.88% | (a) | 1,030,039 | ||||
| 300,000 | Buckeye Partners L.P. (c) | 6.38% | 01/22/78 | 234,654 | ||||
| 859,000 | DCP Midstream L.P., Series A (c) | 7.38% | (a) | 731,224 | ||||
| 1,052,000 | DCP Midstream Operating L.P. (c) (d) | 5.85% | 05/21/43 | 935,538 | ||||
| 618,000 | Enbridge, Inc. (c) | 5.50% | 07/15/77 | 631,040 | ||||
| 2,132,000 | Enbridge, Inc. (c) | 6.25% | 03/01/78 | 2,313,236 | ||||
| 4,638,000 | Enbridge, Inc., Series 16-A (c) | 6.00% | 01/15/77 | 4,967,637 | ||||
| 1,700,000 | Enbridge, Inc., Series 20-A (c) | 5.75% | 07/15/80 | 1,881,195 | ||||
| 1,786,000 | Energy Transfer Operating L.P., 3 Mo. LIBOR + 3.02% (b) | 3.23% | 11/01/66 | 1,238,144 | ||||
| 500,000 | Energy Transfer Operating L.P., Series G (c) | 7.13% | (a) | 471,050 | ||||
| 1,804,000 | Enterprise Products Operating LLC, 3 Mo. LIBOR + 2.78% (b) | 3.00% | 06/01/67 | 1,580,593 | ||||
| 16,014,350 | ||||||||
First Trust Preferred Securities and Income Fund
Portfolio of Investments (Continued)
January 31, 2021 (Unaudited)
| Par Amount | Description | Stated Rate | Stated Maturity | Value | ||||
| CAPITAL PREFERRED SECURITIES (Continued) | ||||||||
| Trading Companies & Distributors – 2.1% | ||||||||
| $6,410,000 | AerCap Holdings N.V. (c) | 5.88% | 10/10/79 | $6,518,169 | ||||
| Transportation Infrastructure – 0.6% | ||||||||
| 1,860,000 | AerCap Global Aviation Trust (c) (d) | 6.50% | 06/15/45 | 1,939,050 | ||||
Total Capital Preferred Securities | 223,662,974 | |||||||
| (Cost $211,018,728) | ||||||||
| Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
| FOREIGN CORPORATE BONDS AND NOTES – 0.5% | ||||||||
| Insurance – 0.5% | ||||||||
| 1,400,000 | Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc. (d) (h) | 7.63% | 10/15/25 | 1,505,000 | ||||
| (Cost $1,413,109) | ||||||||
| CORPORATE BONDS AND NOTES – 0.1% | ||||||||
| Insurance – 0.1% | ||||||||
| 400,000 | AmTrust Financial Services, Inc. | 6.13% | 08/15/23 | 402,698 | ||||
| (Cost $399,075) | ||||||||
Total Investments – 98.0% | 298,717,264 | |
| (Cost $282,935,343) (i) | ||
Net Other Assets and Liabilities – 2.0% | 6,160,473 | |
Net Assets – 100.0% | $304,877,737 |
| (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 January 31, 2021. At a predetermined date, the fixed rate will change to a floating rate or a variable rate. |
| (d) | 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 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, 2021, securities noted as such amounted to $78,556,182 or 25.8% of net assets. |
| (e) | 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. |
| (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, 2021, securities noted as such amounted to $93,934,652 or 30.8% of net assets. Of these securities, 4.0% originated in emerging markets, and 96.0% 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. |
| (h) | 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. The first interest payment is scheduled for April 15, 2021. |
| (i) | Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of January 31, 2021, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $17,062,627 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $1,280,706. The net unrealized appreciation was $15,781,921. |
| LIBOR | London Interbank Offered Rate |
First Trust Preferred Securities and Income Fund
Portfolio of Investments (Continued)
January 31, 2021 (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 January 31, 2021 is as follows:
| Total Value at 1/31/2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
| $25 Par Preferred Securities: | ||||
Banks | $ 15,104,133 | $ 14,213,666 | $ 890,467 | $ — |
Capital Markets | 1,394,053 | 1,212,492 | 181,561 | — |
Insurance | 15,489,085 | 13,298,860 | 2,190,225 | — |
Multi-Utilities | 2,884,000 | 1,931,620 | 952,380 | — |
Other industry categories* | 23,742,883 | 23,742,883 | — | — |
$100 Par Preferred Securities* | 8,471,875 | — | 8,471,875 | — |
| $1,000 Par Preferred Securities: | ||||
Banks | 5,510,563 | 5,208,216 | 302,347 | — |
Diversified Financial Services | 550,000 | — | 550,000 | — |
Capital Preferred Securities* | 223,662,974 | — | 223,662,974 | — |
Foreign Corporate Bonds and Notes* | 1,505,000 | — | 1,505,000 | — |
Corporate Bonds and Notes* | ��402,698 | — | 402,698 | — |
Total Investments | $ 298,717,264 | $ 59,607,737 | $ 239,109,527 | $— |
| * | See Portfolio of Investments for industry breakout. |
Restricted Securities
As of January 31, 2021, 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, 1.37% | 03/29/18 | 443 | $682.50 | $300,133 | $302,347 | 0.10% | ||
| Dairy Farmers of America, Inc., 7.13% | 09/15/16-10/04/16 | $300,000 | 100.63 | 310,125 | 301,875 | 0.10 | ||
| Fortegra Financial Corp., 8.50%, 10/15/57 | 10/12/17 | $1,000,000 | 117.07 | 1,000,000 | 1,170,732 | 0.38 | ||
| Land O’Lakes Capital Trust I, 7.45%, 03/15/28 | 06/06/14-03/20/15 | $3,000,000 | 118.50 | 3,059,606 | 3,555,000 | 1.17 | ||
| $4,669,864 | $5,329,954 | 1.75% |