First Trust Short Duration High Income Fund
Portfolio of Investments
January 31, 2023 (Unaudited)
| Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
| SENIOR FLOATING-RATE LOAN INTERESTS – 60.5% | ||||||||
| Application Software – 11.8% | ||||||||
| $152,859 | ConnectWise, LLC, Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor | 8.07% | 09/30/28 | $147,700 | ||||
| 845,776 | Epicor Software Corp., First Lien Term Loan C, 1 Mo. LIBOR + 3.25%, 0.75% Floor | 7.82% | 07/30/27 | 832,154 | ||||
| 1,628,135 | Gainwell Acquisition Corp. (fka Milano), Term Loan B, 3 Mo. LIBOR + 4.00%, 0.75% Floor | 8.73% | 10/01/27 | 1,593,130 | ||||
| 946,428 | Greeneden U.S. Holdings II, LLC (Genesys Telecommunications Laboratories, Inc.), Initial Dollar Term Loan, 1 Mo. LIBOR + 4.00%, 0.75% Floor | 8.57% | 12/01/27 | 931,148 | ||||
| 424,380 | Hyland Software, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%, 0.75% Floor | 8.07% | 07/01/24 | 423,971 | ||||
| 119,553 | Informatica Corporation, Term Loan B, 1 Mo. LIBOR + 2.75%, 0.00% Floor | 7.38% | 10/29/28 | 119,515 | ||||
| 1,232,770 | Internet Brands, Inc. (Web MD/MH Sub I, LLC), 2020 June New Term Loan, 1 Mo. LIBOR + 3.75%, 1.00% Floor | 8.32% | 09/15/24 | 1,221,983 | ||||
| 1,102,775 | Internet Brands, Inc. (Web MD/MH Sub I, LLC), 2nd Lien Term Loan, 3 Mo. SOFR + 6.25%, 0.00% Floor | 10.65% | 02/23/29 | 998,012 | ||||
| 1,446,269 | Internet Brands, Inc. (Web MD/MH Sub I, LLC), Initial Term Loan, 1 Mo. LIBOR + 3.75%, 0.00% Floor | 8.32% | 09/13/24 | 1,432,826 | ||||
| 94,314 | ION Trading Technologies Limited, Term Loan B, 3 Mo. LIBOR + 4.75%, 0.00% Floor | 9.48% | 04/01/28 | 91,590 | ||||
| 1,409,667 | LogMeIn, Inc. (GoTo Group, Inc.), Term Loan B, 1 Mo. LIBOR + 4.75%, 0.00% Floor | 9.30% | 08/31/27 | 791,176 | ||||
| 828,363 | McAfee Corp. (Condor Merger Sub, Inc.), Tranche B-1 Term Loan, 1 Mo. SOFR + 3.75%, 0.50% Floor | 8.18% | 02/28/29 | 783,971 | ||||
| 133,457 | N-Able, Inc., Term Loan B, 3 Mo. LIBOR + 3.00%, 0.50% Floor | 7.73% | 07/19/28 | 132,790 | ||||
| 803,432 | Open Text Corporation (GXS), New Term Loan B, 1 Mo. SOFR + 3.50%, 0.50% Floor | 8.16% | 12/31/29 | 803,432 | ||||
| 433,401 | Open Text Corporation (GXS), Term Loan B, 1 Mo. LIBOR + 1.75%, 0.00% Floor | 6.32% | 05/30/25 | 432,318 | ||||
| 353,983 | RealPage, Inc., Second Lien Term Loan, 1 Mo. LIBOR + 6.50%, 0.75% Floor | 11.07% | 04/22/29 | 342,921 | ||||
| 703,675 | RealPage, Inc., Term Loan B, 1 Mo. LIBOR + 3.00%, 0.50% Floor | 7.57% | 04/24/28 | 687,712 | ||||
| 1,174,621 | SolarWinds Holdings, Inc., Extended Term Loan B, 1 Mo. SOFR + 4.00%, 0.00% Floor | 8.56% | 02/17/27 | 1,177,469 | ||||
| 68,140 | Ultimate Kronos Group (UKG, Inc.), 2021 Term Loan, 3 Mo. LIBOR + 3.25%, 0.50% Floor | 8.03% | 05/03/26 | 67,144 | ||||
| 13,010,962 | ||||||||
| Asset Management & Custody Banks – 1.1% | ||||||||
| 775,015 | Edelman Financial Engines Center, LLC, Term Loan B, 1 Mo. LIBOR + 3.50%, 0.75% Floor | 8.07% | 04/07/28 | 760,825 | ||||
| 494,486 | Edelman Financial Engines Center, LLC, Term Loan Second Lien, 1 Mo. LIBOR + 6.75%, 0.00% Floor | 11.32% | 07/20/26 | 466,775 | ||||
| 1,227,600 | ||||||||
| Auto Parts & Equipment – 0.2% | ||||||||
| 204,701 | Clarios Global L.P. (Power Solutions), Term Loan B, 1 Mo. LIBOR + 3.25%, 0.00% Floor | 7.82% | 04/30/26 | 204,464 | ||||
| Broadcasting – 1.3% | ||||||||
| 104,812 | E.W. Scripps Company, Tranche B-3 Term Loan, 1 Mo. LIBOR + 2.75%, 0.75% Floor | 7.32% | 01/07/28 | 104,558 | ||||
| 911,103 | Gray Television, Inc., Term C Loan, 1 Mo. LIBOR + 2.50%, 0.00% Floor | 6.87%-6.88% | 01/02/26 | 908,826 | ||||
First Trust Short Duration High Income Fund
Portfolio of Investments (Continued)
January 31, 2023 (Unaudited)
| Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
| SENIOR FLOATING-RATE LOAN INTERESTS (Continued) | ||||||||
| Broadcasting (Continued) | ||||||||
| $406,621 | Nexstar Broadcasting, Inc., Incremental Term Loan B-4, 1 Mo. LIBOR + 2.50%, 0.00% Floor | 7.07% | 09/19/26 | $407,298 | ||||
| 48,481 | Univision Communications, Inc., 2017 Replacement Repriced First Lien Term Loan C-5, 1 Mo. LIBOR + 2.75%, 1.00% Floor | 7.32% | 03/15/24 | 48,524 | ||||
| 1,469,206 | ||||||||
| Building Products – 0.1% | ||||||||
| 101,236 | Hunter Douglas, Inc. (Solis), Term Loan B, 3 Mo. SOFR + 3.50%, 0.50% Floor | 7.86% | 02/28/29 | 93,359 | ||||
| Cable & Satellite – 1.3% | ||||||||
| 839,225 | Cablevision (aka CSC Holdings, LLC), March 2017 Term Loan B-1, 1 Mo. LIBOR + 2.25%, 0.00% Floor | 6.71% | 07/17/25 | 811,950 | ||||
| 605,440 | Charter Communications Operating, LLC, Term Loan B1, 1 Mo. LIBOR + 1.75%, 0.00% Floor | 6.32% | 04/30/25 | 605,216 | ||||
| 1,417,166 | ||||||||
| Casinos & Gaming – 0.5% | ||||||||
| 471,331 | Golden Nugget, Inc. (Fertitta Entertainment, LLC), Initial Term Loan B, 1 Mo. SOFR + 4.00%, 0.50% Floor | 8.56% | 01/27/29 | 466,651 | ||||
| 82,704 | Scientific Games Holdings L.P. (Scientific Games Lottery), Initial Dollar Term Loan, 3 Mo. SOFR + 3.50%, 0.50% Floor | 8.10% | 04/04/29 | 81,487 | ||||
| 548,138 | ||||||||
| Education Services – 0.0% | ||||||||
| 64,194 | Ascensus Holdings, Inc. (Mercury), First Lien Term Loan, 3 Mo. LIBOR + 3.50%, 0.50% Floor | 8.25% | 08/02/28 | 62,349 | ||||
| Electric Utilities – 2.8% | ||||||||
| 3,129,249 | PG&E Corp., Term Loan B, 1 Mo. LIBOR + 3.00%, 0.50% Floor | 7.63% | 06/23/25 | 3,130,423 | ||||
| Electronic Equipment & Instruments – 0.7% | ||||||||
| 277,171 | Chamberlain Group, Inc. (Chariot), Term Loan B, 1 Mo. LIBOR + 3.25%, 0.50% Floor | 7.82% | 11/03/28 | 268,087 | ||||
| 535,924 | Verifone Systems, Inc., Term Loan B, 3 Mo. LIBOR + 4.00%, 0.00% Floor | 8.36% | 08/20/25 | 505,491 | ||||
| 773,578 | ||||||||
| Environmental & Facilities Services – 0.8% | ||||||||
| 676,481 | GFL Environmental, Inc., Extended Term Loan B, 1 Mo. SOFR + 3.00%, 0.50% Floor | 7.66% | 05/31/27 | 679,018 | ||||
| 187,589 | Packers Holdings, LLC (PSSI), Term Loan B, 1 Mo. LIBOR + 3.25%, 0.75% Floor | 7.71% | 03/15/28 | 174,301 | ||||
| 853,319 | ||||||||
| Food Distributors – 0.3% | ||||||||
| 286,676 | US Foods, Inc., Incremental B-2019 Term Loan, 1 Mo. LIBOR + 2.00%, 0.00% Floor | 6.57% | 08/31/26 | 286,578 | ||||
| Health Care Equipment – 0.0% | ||||||||
| 33,022 | Embecta Corp., Initial Term Loan, 6 Mo. SOFR + 3.00%, 0.50% Floor | 7.79% | 03/31/29 | 32,499 | ||||
| Health Care Facilities – 0.4% | ||||||||
| 188,849 | Ardent Health Services, Inc. (AHP Health Partners, Inc.), Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor | 8.07% | 08/24/28 | 187,550 | ||||
First Trust Short Duration High Income Fund
Portfolio of Investments (Continued)
January 31, 2023 (Unaudited)
| Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
| SENIOR FLOATING-RATE LOAN INTERESTS (Continued) | ||||||||
| Health Care Facilities (Continued) | ||||||||
| $235,258 | Select Medical Corporation, Term Loan B, 1 Mo. LIBOR + 2.50%, 0.00% Floor | 7.07% | 03/06/25 | $234,523 | ||||
| 422,073 | ||||||||
| Health Care Services – 2.6% | ||||||||
| 936,786 | ADMI Corp. (Aspen Dental), 2020 Incremental Term Loan B2, 1 Mo. LIBOR + 3.38%, 0.50% Floor | 7.94% | 12/23/27 | 865,825 | ||||
| 267,600 | ADMI Corp. (Aspen Dental), 2021 Incremental Term Loan B3, 1 Mo. LIBOR + 3.75%, 0.50% Floor | 8.32% | 12/23/27 | 247,975 | ||||
| 317,880 | Aveanna Healthcare, LLC, 2021 Term Loan B, 1 Mo. LIBOR + 3.75%, 0.50% Floor | 8.30% | 07/15/28 | 261,456 | ||||
| 22,459 | Aveanna Healthcare, LLC, Delayed Draw Term Loan, 1 Mo. LIBOR + 3.75%, 0.50% Floor | 8.30% | 07/15/28 | 18,472 | ||||
| 776,918 | CHG Healthcare Services, Inc., Term Loan B, 1 Mo. LIBOR + 3.25%, 0.50% Floor | 7.82% | 09/30/28 | 772,987 | ||||
| 201,284 | DaVita, Inc., Term Loan B, 1 Mo. LIBOR + 1.75%, 0.00% Floor | 6.32% | 08/12/26 | 199,310 | ||||
| 469,356 | ExamWorks Group, Inc. (Electron Bidco), Term Loan B, 1 Mo. LIBOR + 3.00%, 0.50% Floor | 7.57% | 10/29/28 | 467,342 | ||||
| 2,833,367 | ||||||||
| Health Care Supplies – 0.9% | ||||||||
| 992,500 | Medline Borrower, L.P. (Mozart), Initial Dollar Term Loan, 1 Mo. LIBOR + 3.25%, 0.50% Floor | 7.82% | 10/21/28 | 965,549 | ||||
| Health Care Technology – 9.1% | �� | |||||||
| 1,748,752 | athenahealth, Inc. (Minerva Merger Sub, Inc.), Term Loan B, 1 Mo. SOFR + 3.50%, 0.50% Floor | 8.01% | 02/15/29 | 1,662,040 | ||||
| 754,967 | Ciox Health (Healthport/CT Technologies Intermediate Holdings, Inc.), New Term Loan B, 1 Mo. LIBOR + 4.25%, 0.75% Floor | 8.82% | 12/16/25 | 725,145 | ||||
| 327,598 | Ensemble RCM, LLC (Ensemble Health), Term Loan B, 3 Mo. SOFR + 3.75%, 0.00% Floor | 8.53% | 08/01/26 | 328,027 | ||||
| 848,435 | Mediware (Wellsky/Project Ruby Ultimate Parent Corp.), Term Loan B, 1 Mo. LIBOR + 3.25%, 0.75% Floor | 7.82% | 03/10/28 | 821,922 | ||||
| 460,791 | Navicure, Inc. (Waystar Technologies, Inc.), Term Loan B, 1 Mo. LIBOR + 4.00%, 0.00% Floor | 8.57% | 10/23/26 | 458,777 | ||||
| 3,397,326 | Verscend Technologies, Inc. (Cotiviti), New Term Loan B-1, 1 Mo. LIBOR + 4.00%, 0.00% Floor | 8.57% | 08/27/25 | 3,398,226 | ||||
| 2,622,554 | Zelis Payments Buyer, Inc., New Term Loan B-1, 1 Mo. LIBOR + 3.50%, 0.00% Floor | 8.07% | 09/30/26 | 2,620,798 | ||||
| 10,014,935 | ||||||||
| Hotels, Resorts & Cruise Lines – 0.2% | ||||||||
| 266,316 | Four Seasons Holdings, Inc., New Term Loan B, 1 Mo. SOFR + 3.25%, 0.50% Floor | 7.91% | 11/30/29 | 267,865 | ||||
| Industrial Machinery – 0.5% | ||||||||
| 98,612 | Filtration Group Corporation, 2021 Incremental Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor | 8.07% | 10/21/28 | 98,284 | ||||
| 436,991 | TK Elevator Newco GMBH (Vertical U.S. Newco, Inc.), New Term Loan B1 (USD), 6 Mo. LIBOR + 3.50%, 0.50% Floor | 8.60% | 07/31/27 | 429,951 | ||||
| 528,235 | ||||||||
| Insurance Brokers – 8.0% | ||||||||
| 3,058,279 | Alliant Holdings I, LLC, Initial Term Loan, 1 Mo. LIBOR + 3.25%, 0.00% Floor | 7.82% | 05/09/25 | 3,059,548 | ||||
First Trust Short Duration High Income Fund
Portfolio of Investments (Continued)
January 31, 2023 (Unaudited)
| Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
| SENIOR FLOATING-RATE LOAN INTERESTS (Continued) | ||||||||
| Insurance Brokers (Continued) | ||||||||
| $332,394 | AssuredPartners, Inc., 2021 Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor | 8.07% | 02/13/27 | $329,153 | ||||
| 347,334 | AssuredPartners, Inc., Incremental Term Loan 2022, 1 Mo. SOFR + 3.50%, 0.50% Floor | 8.06% | 02/13/27 | 344,024 | ||||
| 494,898 | AssuredPartners, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%, 0.00% Floor | 8.07% | 02/12/27 | 490,464 | ||||
| 856,876 | BroadStreet Partners, Inc., Term Loan B, 1 Mo. LIBOR + 3.00%, 0.00% Floor | 7.57% | 01/27/27 | 846,641 | ||||
| 3,294 | HUB International Limited, Initial Term Loan B, 2 Mo. LIBOR + 3.00%, 0.00% Floor | 7.68% | 04/25/25 | 3,295 | ||||
| 1,253,838 | HUB International Limited, Initial Term Loan B, 3 Mo. LIBOR + 3.00%, 0.00% Floor | 7.82% | 04/25/25 | 1,254,177 | ||||
| 3,686 | HUB International Limited, New Term Loan B-3, 2 Mo. LIBOR + 3.25%, 0.75% Floor | 7.95% | 04/25/25 | 3,687 | ||||
| 1,441,640 | HUB International Limited, New Term Loan B-3, 3 Mo. LIBOR + 3.25%, 0.75% Floor | 8.06% | 04/25/25 | 1,442,411 | ||||
| 207,692 | HUB International Limited, Term Loan B4, 3 Mo. SOFR + 4.00%, 0.75% Floor | 8.22% | 11/10/29 | 207,854 | ||||
| 130,826 | Ryan Specialty Group, LLC, Term Loan B, 1 Mo. SOFR + 3.00%, 0.75% Floor | 7.66% | 09/01/27 | 130,867 | ||||
| 662,350 | USI, Inc. (fka Compass Investors, Inc.), 2022 New Term Loan, 3 Mo. SOFR + 3.75%, 0.50% Floor | 8.33% | 11/30/29 | 663,261 | ||||
| 8,775,382 | ||||||||
| Integrated Telecommunication Services – 1.8% | ||||||||
| 1,090,501 | Numericable (Altice France S.A. or SFR), Term Loan B-12, 3 Mo. LIBOR + 3.69%, 0.00% Floor | 8.52% | 01/31/26 | 1,052,333 | ||||
| 263,561 | Numericable (Altice France S.A. or SFR), Term Loan B-13, 3 Mo. LIBOR + 4.00%, 0.00% Floor | 8.65% | 08/14/26 | 254,995 | ||||
| 281,050 | Zayo Group Holdings, Inc., Incremental Term Loan B-2, 1 Mo. SOFR + 4.25%, 0.50% Floor | 8.81% | 03/09/27 | 241,924 | ||||
| 531,240 | Zayo Group Holdings, Inc., Initial Dollar Term Loan, 1 Mo. LIBOR + 3.00%, 0.00% Floor | 7.57% | 03/09/27 | 447,676 | ||||
| 1,996,928 | ||||||||
| Managed Health Care – 0.4% | ||||||||
| 462,633 | Multiplan, Inc. (MPH), Term Loan B, 3 Mo. LIBOR + 4.25%, 0.50% Floor | 8.98% | 08/31/28 | 417,381 | ||||
| Metal & Glass Containers – 0.5% | ||||||||
| 510,491 | Berry Global, Inc., Term Loan Z, 1 Mo. LIBOR + 1.75%, 0.00% Floor | 6.15% | 07/01/26 | 510,144 | ||||
| Office Services & Supplies – 0.1% | ||||||||
| 78,103 | Dun & Bradstreet Corp., Refinancing Term Loan, 1 Mo. LIBOR + 3.25%, 0.00% Floor | 7.77% | 02/08/26 | 78,069 | ||||
| Paper Packaging – 0.9% | ||||||||
| 72,648 | Graham Packaging Company, L.P., Term Loan B, 1 Mo. LIBOR + 3.00%, 0.75% Floor | 7.57% | 08/04/27 | 72,456 | ||||
| 471,803 | Pactiv LLC/Evergreen Packaging, LLC (fka Reynolds Group Holdings), Term Loan B-2, 1 Mo. LIBOR + 3.25%, 0.00% Floor | 7.82% | 02/05/26 | 471,730 | ||||
| 316,735 | Pactiv LLC/Evergreen Packaging, LLC (fka Reynolds Group Holdings), Tranche B-3 U.S. Term Loan, 1 Mo. LIBOR + 3.25%, 0.50% Floor | 7.82% | 09/20/28 | 315,903 | ||||
First Trust Short Duration High Income Fund
Portfolio of Investments (Continued)
January 31, 2023 (Unaudited)
| Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
| SENIOR FLOATING-RATE LOAN INTERESTS (Continued) | ||||||||
| Paper Packaging (Continued) | ||||||||
| $130,789 | Reynolds Consumer Products, LLC, Initial Term Loan, 1 Mo. LIBOR + 1.75%, 0.00% Floor | 6.32% | 02/04/27 | $130,732 | ||||
| 990,821 | ||||||||
| Pharmaceuticals – 1.0% | ||||||||
| 87,449 | IQVIA, Inc. (Quintiles), Term Loan B3, 3 Mo. LIBOR + 1.75%, 0.00% Floor | 6.48% | 06/11/25 | 87,517 | ||||
| 2,641 | Mallinckrodt International Finance S.A., 2017 Replacement Term Loan, 3 Mo. LIBOR + 5.25%, 0.75% Floor | 9.99% | 09/30/27 | 2,034 | ||||
| 977,756 | Parexel International Corp. (Phoenix Newco), First Lien Term Loan, 1 Mo. LIBOR + 3.25%, 0.50% Floor | 7.82% | 11/15/28 | 971,200 | ||||
| 1,060,751 | ||||||||
| Research & Consulting Services – 1.9% | ||||||||
| 1,650,751 | Clarivate Analytics PLC (Camelot), Amendment No. 2 Incremental Term Loan, 1 Mo. LIBOR + 3.00%, 1.00% Floor | 7.52% | 10/31/26 | 1,651,527 | ||||
| 361,269 | Corelogic, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor | 8.13% | 06/02/28 | 307,832 | ||||
| 145,629 | J.D. Power (Project Boost Purchaser, LLC), 2021 Incremental Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor | 8.07% | 05/26/26 | 143,444 | ||||
| 2,102,803 | ||||||||
| Restaurants – 3.1% | ||||||||
| 624,228 | 1011778 B.C. Unlimited Liability Company (Restaurant Brands) (aka Burger King/Tim Horton’s), Term Loan B-4, 1 Mo. LIBOR + 1.75%, 0.00% Floor | 6.32% | 11/14/26 | 618,601 | ||||
| 147,375 | IRB Holding Corp. (Arby’s/Inspire Brands), New Term Loan B 2022, 3 Mo. SOFR + 3.00%, 0.75% Floor | 7.69% | 12/15/27 | 146,164 | ||||
| 2,673,834 | IRB Holding Corp. (Arby’s/Inspire Brands), Term Loan B, 1 Mo. LIBOR + 2.75%, 1.00% Floor | 7.32% | 02/05/25 | 2,673,419 | ||||
| 3,438,184 | ||||||||
| Soft Drinks – 0.4% | ||||||||
| 487,649 | Tropicana (Naked Juice LLC/Bengal Debt Merger Sub, LLC), 1st Lien Term Loan, 3 Mo. SOFR + 3.25%, 0.50% Floor | 7.93% | 01/24/29 | 450,683 | ||||
| Specialized Consumer Services – 1.1% | ||||||||
| 159,911 | Aramark Services, Inc., Term Loan B-3, 1 Mo. LIBOR + 1.75%, 0.00% Floor | 6.32% | 03/11/25 | 159,561 | ||||
| 1,262,057 | Asurion, LLC, Second Lien Term Loan B-3, 1 Mo. LIBOR + 5.25%, 0.00% Floor | 9.82% | 01/31/28 | 1,059,181 | ||||
| 1,218,742 | ||||||||
| Specialized Finance – 0.8% | ||||||||
| 263,307 | Radiate Holdco, LLC (Astound), Amendment No. 6 Term Loan, 1 Mo. LIBOR + 3.25%, 0.75% Floor | 7.82% | 09/25/26 | 220,669 | ||||
| 685,302 | WCG Purchaser Corp. (WIRB-Copernicus Group), Term Loan B, 1 Mo. LIBOR + 4.00%, 1.00% Floor | 8.57% | 01/08/27 | 662,176 | ||||
| 882,845 | ||||||||
| Specialty Stores – 1.1% | ||||||||
| 876,094 | Petco Health and Wellness Company, Inc., Initial Term Loan B, 3 Mo. SOFR + 3.25%, 0.75% Floor | 8.09% | 03/03/28 | 868,476 | ||||
First Trust Short Duration High Income Fund
Portfolio of Investments (Continued)
January 31, 2023 (Unaudited)
| Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
| SENIOR FLOATING-RATE LOAN INTERESTS (Continued) | ||||||||
| Specialty Stores (Continued) | ||||||||
| $376,516 | Petsmart, Inc., Initial Term Loan B, 1 Mo. SOFR + 3.75%, 0.75% Floor | 8.41% | 02/12/28 | $374,477 | ||||
| 1,242,953 | ||||||||
| Systems Software – 2.1% | ||||||||
| 849,378 | BMC Software Finance, Inc. (Boxer Parent), 2021 Replacement Dollar Term Loan, 1 Mo. LIBOR + 3.75%, 0.00% Floor | 8.32% | 10/02/25 | 835,737 | ||||
| 668,371 | Misys Financial Software Ltd. (Almonde, Inc.) (Finastra), Term Loan B, 3 Mo. LIBOR + 3.50%, 1.00% Floor | 8.33% | 06/13/24 | 629,733 | ||||
| 26,699 | SS&C Technologies Holdings, Inc., Term Loan B-3, 1 Mo. LIBOR + 1.75%, 0.00% Floor | 6.32% | 04/16/25 | 26,683 | ||||
| 23,427 | SS&C Technologies Holdings, Inc., Term Loan B-4, 1 Mo. LIBOR + 1.75%, 0.00% Floor | 6.32% | 04/16/25 | 23,413 | ||||
| 838,709 | SS&C Technologies Holdings, Inc., Term Loan B-5, 1 Mo. LIBOR + 1.75%, 0.00% Floor | 6.32% | 04/16/25 | 838,080 | ||||
| 2,353,646 | ||||||||
| Trading Companies & Distributors – 0.7% | ||||||||
| 720,761 | SRS Distribution, Inc., 2021 Refinancing Term Loan, 1 Mo. LIBOR + 3.50%, 0.50% Floor | 8.07% | 06/04/28 | 696,695 | ||||
| 42,952 | SRS Distribution, Inc., 2022 Refinancing Term Loan, 1 Mo. SOFR + 3.50%, 0.50% Floor | 8.16% | 06/04/28 | 41,498 | ||||
| 738,193 | ||||||||
| Wireless Telecommunication Services – 2.0% | ||||||||
| 2,255,956 | SBA Senior Finance II, LLC, Term Loan B, 1 Mo. LIBOR + 1.75%, 0.00% Floor | 6.32% | 04/11/25 | 2,255,313 | ||||
Total Senior Floating-Rate Loan Interests | 66,654,503 | |||||||
| (Cost $68,151,185) | ||||||||
| Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
| CORPORATE BONDS AND NOTES – 25.3% | ||||||||
| Application Software – 0.2% | ||||||||
| 456,000 | GoTo Group, Inc. (c) | 5.50% | 09/01/27 | 230,225 | ||||
| Broadcasting – 3.1% | ||||||||
| 1,097,000 | Diamond Sports Group, LLC/Diamond Sports Finance Co. (c) | 6.63% | 08/15/27 | 23,311 | ||||
| 533,000 | Gray Television, Inc. (c) | 7.00% | 05/15/27 | 485,624 | ||||
| 785,000 | iHeartCommunications, Inc. | 8.38% | 05/01/27 | 704,746 | ||||
| 625,000 | iHeartCommunications, Inc. (c) | 4.75% | 01/15/28 | 535,173 | ||||
| 758,000 | Nexstar Media, Inc. (c) | 5.63% | 07/15/27 | 723,117 | ||||
| 63,000 | Sinclair Television Group, Inc. (c) | 5.13% | 02/15/27 | 55,766 | ||||
| 657,000 | Sirius XM Radio, Inc. (c) | 3.13% | 09/01/26 | 592,315 | ||||
| 272,000 | Univision Communications, Inc. (c) | 6.63% | 06/01/27 | 266,904 | ||||
| 3,386,956 | ||||||||
| Cable & Satellite – 4.4% | ||||||||
| 2,712,000 | CCO Holdings, LLC/CCO Holdings Capital Corp. (c) | 5.13% | 05/01/27 | 2,587,818 | ||||
| 433,000 | CCO Holdings, LLC/CCO Holdings Capital Corp. (c) | 6.38% | 09/01/29 | 418,341 | ||||
| 3,001,000 | CSC Holdings, LLC (c) | 5.75% | 01/15/30 | 1,894,456 | ||||
| 4,900,615 | ||||||||
First Trust Short Duration High Income Fund
Portfolio of Investments (Continued)
January 31, 2023 (Unaudited)
| Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
| CORPORATE BONDS AND NOTES (Continued) | ||||||||
| Casinos & Gaming – 2.4% | ||||||||
| $50,000 | Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc. (c) | 4.63% | 01/15/29 | $44,194 | ||||
| 860,000 | Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc. (c) | 6.75% | 01/15/30 | 714,849 | ||||
| 1,953,000 | VICI Properties L.P./VICI Note Co., Inc. (c) | 4.25% | 12/01/26 | 1,845,665 | ||||
| 2,604,708 | ||||||||
| Communications Equipment – 0.2% | ||||||||
| 200,000 | CommScope Technologies, LLC (c) | 6.00% | 06/15/25 | 189,634 | ||||
| Health Care Facilities – 3.2% | ||||||||
| 342,000 | HCA, Inc. | 5.88% | 02/15/26 | 348,256 | ||||
| 107,000 | HCA, Inc. | 5.38% | 09/01/26 | 107,683 | ||||
| 676,000 | Select Medical Corp. (c) | 6.25% | 08/15/26 | 661,084 | ||||
| 85,000 | Tenet Healthcare Corp. | 4.88% | 01/01/26 | 82,886 | ||||
| 1,085,000 | Tenet Healthcare Corp. (c) | 6.25% | 02/01/27 | 1,064,749 | ||||
| 358,000 | Tenet Healthcare Corp. | 5.13% | 11/01/27 | 344,972 | ||||
| 429,000 | Tenet Healthcare Corp. | 4.63% | 06/15/28 | 398,412 | ||||
| 547,000 | Tenet Healthcare Corp. | 6.13% | 10/01/28 | 512,102 | ||||
| 3,520,144 | ||||||||
| Health Care Services – 1.2% | ||||||||
| 50,000 | DaVita, Inc. (c) | 4.63% | 06/01/30 | 42,178 | ||||
| 1,816,000 | Global Medical Response, Inc. (c) | 6.50% | 10/01/25 | 1,279,799 | ||||
| 1,321,977 | ||||||||
| Health Care Technology – 0.6% | ||||||||
| 692,000 | Verscend Escrow Corp. (c) | 9.75% | 08/15/26 | 695,244 | ||||
| Insurance Brokers – 4.5% | ||||||||
| 1,109,000 | Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer (c) | 6.75% | 10/15/27 | 1,039,000 | ||||
| 223,000 | AmWINS Group, Inc. (c) | 4.88% | 06/30/29 | 195,928 | ||||
| 2,419,000 | AssuredPartners, Inc. (c) | 7.00% | 08/15/25 | 2,381,965 | ||||
| 1,348,000 | HUB International Ltd. (c) | 7.00% | 05/01/26 | 1,336,306 | ||||
| 4,953,199 | ||||||||
| Integrated Telecommunication Services – 0.5% | ||||||||
| 10,000 | Zayo Group Holdings, Inc. (c) | 4.00% | 03/01/27 | 7,965 | ||||
| 748,000 | Zayo Group Holdings, Inc. (c) | 6.13% | 03/01/28 | 515,436 | ||||
| 523,401 | ||||||||
| Managed Health Care – 0.2% | ||||||||
| 260,000 | MPH Acquisition Holdings, LLC (c) | 5.75% | 11/01/28 | 189,205 | ||||
| Movies & Entertainment – 0.0% | ||||||||
| 43,000 | Live Nation Entertainment, Inc. (c) | 6.50% | 05/15/27 | 43,295 | ||||
| Paper Packaging – 0.7% | ||||||||
| 586,000 | Graham Packaging Co., Inc. (c) | 7.13% | 08/15/28 | 513,183 | ||||
| 282,000 | Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer, LLC (c) | 4.00% | 10/15/27 | 253,490 | ||||
| 766,673 | ||||||||
| Restaurants – 0.9% | ||||||||
| 977,000 | IRB Holding Corp. (c) | 7.00% | 06/15/25 | 981,631 | ||||
First Trust Short Duration High Income Fund
Portfolio of Investments (Continued)
January 31, 2023 (Unaudited)
| Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
| CORPORATE BONDS AND NOTES (Continued) | ||||||||
| Specialized Finance – 0.1% | ||||||||
| $118,000 | Radiate HoldCo, LLC/Radiate Finance, Inc. (c) | 4.50% | 09/15/26 | $90,565 | ||||
| Systems Software – 3.1% | ||||||||
| 258,000 | Boxer Parent Co., Inc. (c) | 9.13% | 03/01/26 | 245,644 | ||||
| 250,000 | Oracle Corp. | 6.15% | 11/09/29 | 267,345 | ||||
| 3,036,000 | SS&C Technologies, Inc. (c) | 5.50% | 09/30/27 | 2,923,453 | ||||
| 3,436,442 | ||||||||
Total Corporate Bonds and Notes | 27,833,914 | |||||||
| (Cost $31,442,466) | ||||||||
| FOREIGN CORPORATE BONDS AND NOTES – 2.7% | ||||||||
| Application Software – 0.8% | ||||||||
| 1,019,000 | Open Text Corp. (c) | 3.88% | 02/15/28 | 886,800 | ||||
| Auto Parts & Equipment – 0.1% | ||||||||
| 110,000 | Clarios Global L.P./Clarios US Finance Co. (c) | 8.50% | 05/15/27 | 109,715 | ||||
| Building Products – 1.3% | ||||||||
| 1,398,000 | Cemex S.A.B. de C.V. (c) | 7.38% | 06/05/27 | 1,438,877 | ||||
| 28,000 | Cemex S.A.B. de C.V. (c) | 5.45% | 11/19/29 | 27,068 | ||||
| 1,465,945 | ||||||||
| Data Processing & Outsourced Services – 0.3% | ||||||||
| 485,000 | Paysafe Finance PLC/Paysafe Holdings US Corp. (c) | 4.00% | 06/15/29 | 386,239 | ||||
| Environmental & Facilities Services – 0.2% | ||||||||
| 72,000 | GFL Environmental, Inc. (c) | 3.75% | 08/01/25 | 68,510 | ||||
| 114,000 | GFL Environmental, Inc. (c) | 4.00% | 08/01/28 | 101,349 | ||||
| 169,859 | ||||||||
Total Foreign Corporate Bonds and Notes | 3,018,558 | |||||||
| (Cost $3,097,861) | ||||||||
| Shares | Description | Value | ||
| COMMON STOCKS – 0.2% | ||||
| Pharmaceuticals – 0.2% | ||||
| 26,696 | Akorn, Inc. (d) (e) | 180,198 | ||
| (Cost $306,038) | ||||
| RIGHTS – 0.0% | ||||
| Electric Utilities – 0.0% | ||||
| 14,134 | Vistra Energy Corp., no expiration date (e) (f) | 17,548 | ||
| Life Sciences Tools & Services – 0.0% | ||||
| 1 | New Millennium Holdco, Inc., Corporate Claim Trust, no expiration date (e) (f) (g) (h) | 0 | ||
| 1 | New Millennium Holdco, Inc., Lender Claim Trust, no expiration date (e) (f) (g) (h) | 0 | ||
| 0 | ||||
Total Rights | 17,548 | |||
| (Cost $23,096) | ||||
| WARRANTS – 0.0% | ||||
| Movies & Entertainment – 0.0% | ||||
| 97,523 | Cineworld Group PLC, expiring 11/23/25 (e) (f) (i) | 3,306 | ||
| (Cost $0) | ||||
First Trust Short Duration High Income Fund
Portfolio of Investments (Continued)
January 31, 2023 (Unaudited)
| Shares | Description | Value | ||
| MONEY MARKET FUNDS – 6.6% | ||||
| 7,297,904 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 4.12% (j) | $7,297,904 | ||
| (Cost $7,297,904) | ||||
Total Investments – 95.3% | 105,005,931 | |||
| (Cost $110,318,550) | ||||
Net Other Assets and Liabilities – 4.7% | 5,136,030 | |||
Net Assets – 100.0% | $110,141,961 | |||
| (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 SOFR obtained from the U.S. Department of the Treasury’s Office of Financial Research, (iii) the prime rate offered by one or more United States banks or (iv) the certificate of deposit rate. Certain Senior Loans are subject to a LIBOR or SOFR floor that establishes a minimum LIBOR or SOFR rate. When a range of rates is disclosed, the Fund holds more than one contract within the same tranche with identical LIBOR or SOFR period, spread and floor, but different LIBOR or SOFR 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) | 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, 2023, securities noted as such amounted to $28,086,070 or 25.5% of net assets. |
| (d) | Security received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers (see Restricted Securities table). |
| (e) | Non-income producing security. |
| (f) | Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by the Advisor. |
| (g) | This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Trust’s Board of Trustees, and in accordance with the provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At January 31, 2023, securities noted as such are valued at $0 or 0.0% of net assets. |
| (h) | This security’s value was determined using significant unobservable inputs. |
| (i) | This issuer has filed for protection in bankruptcy court. |
| (j) | Rate shown reflects yield as of January 31, 2023. |
| 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, 2023 (Unaudited)
A summary of the inputs used to value the Fund’s investments as of January 31, 2023 is as follows:
| Total Value at 1/31/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Senior Floating-Rate Loan Interests* | $ 66,654,503 | $ — | $ 66,654,503 | $ — |
Corporate Bonds and Notes* | 27,833,914 | — | 27,833,914 | — |
Foreign Corporate Bonds and Notes* | 3,018,558 | — | 3,018,558 | — |
Common Stocks* | 180,198 | — | 180,198 | — |
| Rights: | ||||
Electric Utilities | 17,548 | — | 17,548 | — |
Life Sciences Tools & Services | —** | — | — | —** |
Warrants* | 3,306 | — | 3,306 | — |
Money Market Funds | 7,297,904 | 7,297,904 | — | — |
Total Investments | $ 105,005,931 | $ 7,297,904 | $ 97,708,027 | $—** |
| * | See Portfolio of Investments for industry breakout. |
| ** | Investment is valued at $0. |
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. Level 3 investments values are based on unobservable and non-quantitative inputs.
Unfunded Loan Commitments
As of January 31, 2023, the Fund had the following unfunded loan commitment:
| Borrower | Principal Value | Commitment Amount | Value | Unrealized Appreciation (Depreciation) | ||||
| athenahealth, Inc. (Minerva Merger Sub, Inc.), Term Loan | $ 214,290 | $ 213,712 | $ 203,665 | $ (10,047) |
Restricted Securities
As of January 31, 2023, the Fund held a restricted security as shown in the following table that the Advisor has deemed illiquid.
| Security | Acquisition Date | Shares | Current Price | Carrying Cost | Value | % of Net Assets |
| Akorn, Inc. | 10/15/20 | 26,696 | $6.75 | $306,038 | $180,198 | 0.16% |