First Trust Exchange-traded Fund Iv NCSR/A Certified annual shareholder report (management investment company) (amended)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR/A

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22559

First Trust Exchange-Traded Fund IV
(Exact name of registrant as specified in charter)

120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Address of principal executive offices) (Zip code)

W. Scott Jardine, Esq.
First Trust Portfolios L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Name and address of agent for service)

registrant’s telephone number, including area code: (630) 765-8000

Date of fiscal year end: October 31

Date of reporting period: October 31, 2020

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Report to Stockholders.

______________________________________________________________________________

Explanatory Note

The registrant is filing this amendment to its Form N-CSR for the period ended October 31, 2020, originally filed with the Securities and Exchange Commission on January 11, 2021 (Accession Number 0001445546-21-000115), to remove disclosure that was inadvertently included in the registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 with respect to the First Trust Senior Loan Fund, a series of the registrant. With the exception of the registrant’s annual report with respect to the First Trust Senior Loan Fund, Item 1 to this Form N-CSR is incorporated by reference to the Form N-CSR filed on EDGAR on January 11, 2021 (Accession Number 0001445546-21-000115).

______________________________________________________________________________

The registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 with respect to the First Trust Senior Loan Fund is as follows:

FIRST TRUST

First Trust Exchange-Traded Fund IV

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First Trust Senior Loan Fund (FTSL)

Annual Report
For the Year Ended
October 31, 2020

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TABLE OF CONTENTS
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FIRST TRUST SENIOR LOAN FUND (FTSL)
ANNUAL REPORT
OCTOBER 31, 2020

Shareholder Letter........................................................... 1
Fund Performance Overview.................................................... 2
Portfolio Commentary......................................................... 5
Understanding Your Fund Expenses............................................. 7
Portfolio of Investments..................................................... 8
Statement of Assets and Liabilities.......................................... 18
Statement of Operations...................................................... 19
Statements of Changes in Net Assets.......................................... 20
Financial Highlights......................................................... 21
Notes to Financial Statements................................................ 22
Report of Independent Registered Public Accounting Firm...................... 29
Additional Information....................................................... 30
Board of Trustees and Officers............................................... 36
Privacy Policy............................................................... 38

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This report contains certain forward-looking statements within the meaning of
the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934,
as amended. Forward-looking statements include statements regarding the goals,
beliefs, plans or current expectations of First Trust Advisors L.P. ("First
Trust" or the "Advisor") and its representatives, taking into account the
information currently available to them. Forward-looking statements include all
statements that do not relate solely to current or historical fact. For example,
forward-looking statements include the use of words such as "anticipate,"
"estimate," "intend," "expect," "believe," "plan," "may," "should," "would" or
other words that convey uncertainty of future events or outcomes.

Forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or achievements of
the series of First Trust Exchange-Traded Fund IV (the "Trust") described in
this report (First Trust Senior Loan Fund; hereinafter referred to as the
"Fund") to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. When
evaluating the information included in this report, you are cautioned not to
place undue reliance on these forward-looking statements, which reflect the
judgment of the Advisor and its representatives only as of the date hereof. We
undertake no obligation to publicly revise or update these forward-looking
statements to reflect events and circumstances that arise after the date hereof.

PERFORMANCE AND RISK DISCLOSURE

There is no assurance that the Fund will achieve its investment objectives. The
Fund is subject to market risk, which is the possibility that the market values
of securities owned by the Fund will decline and that the value of the Fund's
shares may therefore be less than what you paid for them. Accordingly, you can
lose money investing in the Fund. See "Risk Considerations" in the Additional
Information section of this report for a discussion of other risks of investing
in the Fund.

Performance data quoted represents past performance, which is no guarantee of
future results, and current performance may be lower or higher than the figures
shown. For the most recent month-end performance figures, please visit
www.ftportfolios.com or speak with your financial advisor. Investment returns,
net asset value and share price will fluctuate and Fund shares, when sold, may
be worth more or less than their original cost.

The Advisor may also periodically provide additional information on Fund
performance on the Fund's webpage at www.ftportfolios.com.

HOW TO READ THIS REPORT

This report contains information that may help you evaluate your investment in
the Fund. It includes details about the Fund and presents data and analysis that
provide insight into the Fund's performance and investment approach.

By reading the portfolio commentary from the portfolio management team of the
Fund, you may obtain an understanding of how the market environment affected the
Fund's performance. The statistical information that follows may help you
understand the Fund's performance compared to that of relevant market
benchmarks.

It is important to keep in mind that the opinions expressed by personnel of the
Advisor are just that: informed opinions. They should not be considered to be
promises or advice. The opinions, like the statistics, cover the period through
the date on the cover of this report. The material risks of investing in the
Fund are spelled out in the prospectus, the statement of additional information,
and other Fund regulatory filings.

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SHAREHOLDER LETTER
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FIRST TRUST SENIOR LOAN FUND (FTSL)
ANNUAL LETTER FROM THE CHAIRMAN AND CEO
OCTOBER 31, 2020

Dear Shareholders:

First Trust is pleased to provide you with the annual report for the First Trust
Senior Loan Fund (the "Fund"), which contains detailed information about the
Fund for the twelve months ended October 31, 2020.

As I was collecting my thoughts for this annual roundup it occurred to me that
my message this year should touch on the tone of the markets and the investing
climate rather than belabor all the news and events that brought us to this
juncture. We all know how tumultuous our lives have become over the past eight
or so months. The phrase "shelter-at-home" says it all. I would rather talk
about why I believe investors should be optimistic about where we could be
headed.

Having said that, allow me to at least acknowledge the two elephants in the
room: the coronavirus ("COVID-19") and the election. In the first 12 days of
November, we learned the following: that we likely have a new president-elect
(Joe Biden), though it may not be official for some time because it is being
contested by President Donald Trump and some of his loyal backers in the
Republican Party citing voter fraud in certain states; that we still do not know
which political party will have control of the Senate due to a couple of
run-offs in Georgia to be held on January 5, 2021; and, that it looks as though
we may be fortunate enough to have an FDA-approved COVID-19 vaccine by either
the end of 2020 or the start of 2021, though that too is not yet official. It
could be a game-changer in the COVID-19 battle. And, we may gain access to
additional vaccines as well. The key to getting the economy back to running on
all cylinders is to fully reopen, and a vaccine is "what the doctor ordered."

With respect to the tone of the markets and investment climate, to say that I am
encouraged about what has transpired in 2020 would be an understatement. Despite
the extraordinary challenges so far this year, the S&P 500(R) Index posted a
total return of 2.77% over the first 10 months of 2020, this despite plunging
33.8% into bear market territory from February 19, 2020 through March 23, 2020,
according to Bloomberg. As impressive as that feat is, the future looks even
brighter. While Bloomberg's consensus earnings growth rate estimate for the S&P
500(R) Index for 2020 was -16.51%, as of November 13, 2020, its 2021 and 2022
estimates were 21.74% and 16.95%, respectively. That is a strong take on the
prospects for a rebound in Corporate America over the next 24 months. One of the
tailwinds that is providing a good deal of support to the economy and markets is
the decision by the Federal Reserve (the "Fed") to keep interest rates
artificially low for as long as need be to meet both its employment and
inflation targets. By keeping rates lower for longer, the Fed is essentially
inviting investors to assume more risk to generate higher returns. Brian
Wesbury, Chief Economist at First Trust, believes that the Fed could need until
2024 to accomplish its goals. That is a lot of runway for investors to
reposition their portfolios, if needed, and a very generous, and perhaps
unprecedented, amount of guidance from the Fed, in our opinion. Those investors
with cash on the sidelines earning next to nothing have options if they choose
to act.

We are encouraged about the prospects for the economy and the markets, but
investors should be prepared to weather some volatility until the COVID-19
pandemic is better contained. As always, we encourage investors to stay the
course!

Thank you for giving First Trust the opportunity to play a role in your
financial future. We value our relationship with you and will report on the Fund
again in six months.

Sincerely,

/s/ James A. Bowen

James A. Bowen
Chairman of the Board of Trustees
Chief Executive Officer of First Trust Advisors L.P.

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FUND PERFORMANCE OVERVIEW (UNAUDITED)
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FIRST TRUST SENIOR LOAN FUND (FTSL)

The First Trust Senior Loan Fund's (the "Fund") primary investment objective is
to provide high current income. The Fund's secondary investment objective is the
preservation of capital. Under normal market conditions, the Fund seeks to
outperform each of the S&P/LSTA U.S. Leveraged Loan 100 Index and the Markit
iBoxx USD Liquid Leveraged Loan Index by investing at least 80% of its net
assets (including investment borrowings) in first lien senior floating rate bank
loans ("Senior Loans"). The S&P/LSTA U.S. Leveraged Loan 100 Index (the "Primary
Index") is a market value-weighted index designed to measure the performance of
the largest segment of the U.S. syndicated leveraged loan market. The Primary
Index consists of 100 loan facilities drawn from a larger benchmark, the
S&P/LSTA Leveraged Loan Index. The Markit iBoxx USD Liquid Leveraged Loan Index
(the "Secondary Index") selects the 100 most liquid Senior Loans in the market.
The Fund does not seek to track either the Primary or Secondary Index, but
rather seeks to outperform each of the Indices. It is anticipated that the Fund,
in accordance with its principal investment strategy, will invest approximately
50% to 75% of its net assets in Senior Loans that are eligible for inclusion in
and meet the liquidity thresholds of the Primary and/or the Secondary Indices at
the time of investment.

The Fund invests primarily in Senior Loans that are below investment grade
quality at the time of investment. Securities rated below investment grade,
commonly referred to as "junk" or "high-yield" securities, include securities
that are rated Ba1/BB+/BB+ or below by Moody's Investors Service, Inc., Fitch,
Inc., or Standard & Poor's Ratings Group, respectively. The Fund invests in
Senior Loans made predominantly to businesses operating in North America, but
may also invest in Senior Loans made to businesses operating outside of North
America. The Senior Loans included in the Fund's portfolio often maintain a
duration of less than 90 days; however, the inclusion of LIBOR floors on certain
Senior Loans or other factors may cause interest rate duration to be longer than
90 days. The Fund may also invest up to 20% of its net assets in (1) non-Senior
Loan debt securities, which may be fixed-rate or floating-rate income-producing
securities (including, without limitation, U.S. government debt securities and
corporate debt securities which may include convertible bonds), (2) warrants,
U.S. and non U.S. equity and equity-like positions and interests and other
securities issued by or with respect to a borrower or its affiliates, and/or (3)
securities of other investment companies.

<TABLE>
<CAPTION>
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PERFORMANCE
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AVERAGE ANNUAL CUMULATIVE
TOTAL RETURNS TOTAL RETURNS
1 Year Ended 5 Years Ended Inception (5/1/13) 5 Years Ended Inception (5/1/13)
10/31/20 10/31/20 to 10/31/20 10/31/20 to 10/31/20
<S> <C> <C> <C> <C> <C>
FUND PERFORMANCE
NAV 0.90% 3.03% 2.76% 16.08% 22.66%
Market Price 0.95% 2.93% 2.73% 15.52% 22.43%

INDEX PERFORMANCE
Markit iBoxx USD Liquid Leveraged
Loan Index -0.90% 2.79% 2.23% 14.75% 17.97%
S&P/LSTA U.S. Leveraged Loan 100 Index 1.52% 4.06% 3.05% 22.01% 25.29%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Total returns for the period since inception are calculated from the inception
date of the Fund. "Average Annual Total Returns" represent the average annual
change in value of an investment over the period indicated. "Cumulative Total
Returns" represent the total change in value of an investment over the period
indicated.

The Fund's per share net asset value ("NAV") is the value of one share of the
Fund and is computed by dividing the value of all assets of the Fund (including
accrued interest and dividends), less all liabilities (including accrued
expenses and dividends declared but unpaid), by the total number of outstanding
shares. The price used to calculate market return ("Market Price") is determined
by using the midpoint of the national best bid and offer price ("NBBO") as of
the time that the Fund's NAV is calculated. Under SEC rules, the NBBO consists
of the highest displayed buy and lowest sell prices among the various exchanges
trading the Fund at the time the Fund's NAV is calculated. Prior to January 1,
2019, the price used was the midpoint between the highest bid and the lowest
offer on the stock exchange on which shares of the Fund were listed for trading
as of the time that the Fund's NAV was calculated. Since shares of the Fund did
not trade in the secondary market until after the Fund's inception, for the
period from inception to the first day of secondary market trading in shares of
the Fund, the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
all distributions have been reinvested in the Fund at NAV and Market Price,
respectively.

An index is a statistical composite that tracks a specified financial market or
sector. Unlike the Fund, the indices do not actually hold a portfolio of
securities and therefore do not incur the expenses incurred by the Fund. These
expenses negatively impact the performance of the Fund. Also, market returns do
not include brokerage commissions that may be payable on secondary market
transactions. If brokerage commissions were included, market returns would be
lower. The total returns presented reflect the reinvestment of dividends on
securities in the indices. The returns presented do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or the redemption or
sale of Fund shares. The investment return and principal value of shares of the
Fund will vary with changes in market conditions. Shares of the Fund may be
worth more or less than their original cost when they are redeemed or sold in
the market. The Fund's past performance is no guarantee of future performance.

Page 2

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FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
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FIRST TRUST SENIOR LOAN FUND (FTSL)

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% OF SENIOR LOANS
AND OTHER
INDUSTRY CLASSIFICATION SECURITIES(1)
-------------------------------------------------------
Software 19.5%
Health Care Providers & Services 16.9
Insurance 10.8
Pharmaceuticals 9.9
Hotels, Restaurants & Leisure 8.5
Media 7.2
Diversified Telecommunication Services 4.4
Health Care Technology 3.2
Diversified Financial Services 3.2
Diversified Consumer Services 3.0
Entertainment 2.5
Containers & Packaging 1.8
Auto Components 1.5
Professional Services 1.5
Aerospace & Defense 1.3
Electric Utilities 1.3
Commercial Services & Supplies 1.0
Communications Equipment 0.4
Technology Hardware, Storage &
Peripherals 0.4
Household Durables 0.4
Food & Staples Retailing 0.3
Oil, Gas & Consumable Fuels 0.3
Machinery 0.2
Food Products 0.2
Wireless Telecommunication Services 0.2
IT Services 0.1
Real Estate Management & Development 0.0*
Airlines 0.0*
Trading Companies & Distributors 0.0*
Life Sciences Tools & Services 0.0*
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Total 100.0%
========

* Amount is less than 0.1%.

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% OF SENIOR LOANS
AND OTHER
ASSET CLASSIFICATION SECURITIES(1)
-------------------------------------------------------
Senior Floating-Rate Loan Interests 91.8%
Corporate Bonds and Notes 7.6
Foreign Corporate Bonds and Notes 0.4
Common Stocks 0.2
Rights 0.0*
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Total 100.0%
========

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% OF SENIOR LOANS
AND OTHER
CREDIT QUALITY (S&P RATINGS)(2) DEBT SECURITIES(1)
-------------------------------------------------------
BBB- 0.1%
BB+ 0.1
BB 5.4
BB- 9.3
B+ 27.1
B 35.2
B- 15.3
CCC+ 1.5
CCC 2.2
CCC- 1.0
D 2.4
NR 0.4
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Total 100.0%
========

-------------------------------------------------------
% OF SENIOR LOANS
AND OTHER
TOP 10 ISSUERS SECURITIES(1)
-------------------------------------------------------
Alliant Holdings I LLC 3.3%
HUB International Ltd. 3.2
Asurion LLC 2.9
Bausch Health Cos., Inc. (Valeant) 2.9
AmWINS Group, Inc. 2.5
CHG Healthcare Services, Inc. 2.3
Caesars Resort Collection LLC 2.3
Micro Focus International
(MA Financeco LLC) 2.2
Multiplan, Inc. (MPH) 2.2
Refinitiv US Holdings, Inc. 2.0
--------
Total 25.8%
========

(1) Percentages are based on long-term positions. Money market funds are
excluded.

(2) The ratings are by Standard & Poor's Ratings Group, a division of The
McGraw-Hill Companies, Inc. A credit rating is an assessment provided by a
nationally recognized statistical rating organization (NRSRO) of the
creditworthiness of an issuer with respect to debt obligations except for
those debt obligations that are privately rated. Ratings are measured on a
scale that generally ranges from AAA (highest) to D (lowest). Investment
grade is defined as those issuers that have a long-term credit rating of
BBB- or higher. The credit ratings shown relate to the credit worthiness
of the issuers of the underlying securities in the Fund, and not to the
Fund or its shares. Credit ratings are subject to change.

Page 3

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FIRST TRUST SENIOR LOAN FUND (FTSL)

<TABLE>
<CAPTION>
PERFORMANCE OF A $10,000 INITIAL INVESTMENT
MAY 1, 2013 - OCTOBER 31, 2020

First Trust Senior Markit iBoxx USD Liquid S&P/LSTA U.S. Leveraged
Loan Fund Leveraged Loan Index Loan 100 Index
<S> <C> <C> <C>
5/1/13 $10,000 $10,000 $10,000
10/31/13 10,092 10,103 10,122
4/30/14 10,275 10,323 10,338
10/31/14 10,385 10,389 10,434
4/30/15 10,637 10,594 10,589
10/31/15 10,567 10,280 10,268
4/30/16 10,763 10,484 10,527
10/31/16 11,034 10,826 10,968
4/30/17 11,247 11,026 11,260
10/31/17 11,414 11,161 11,452
4/30/18 11,592 11,404 11,708
10/31/18 11,760 11,602 11,929
4/30/19 12,044 11,877 12,262
10/31/19 12,156 11,905 12,339
4/30/20 11,619 11,122 11,765
10/31/20 12,266 11,797 12,529
</TABLE>

Performance figures assume reinvestment of all distributions and do not reflect
the deduction of taxes that a shareholder would pay on Fund distributions or the
redemption or sale of Fund shares. An index is a statistical composite that
tracks a specified financial market or sector. Unlike the Fund, the indices do
not actually hold a portfolio of securities and therefore do not incur the
expenses incurred by the Fund. These expenses negatively impact the performance
of the Fund. The Fund's past performance does not predict future performance.

FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS

Information showing the number of days the market price of the Fund's shares was
greater (at a premium) and less (at a discount) than the Fund's net asset value
for the most recently completed year, and the most recently completed calendar
quarters since that year (or life of the Fund, if shorter) is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.

Page 4

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PORTFOLIO COMMENTARY
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FIRST TRUST SENIOR LOAN FUND (FTSL)
ANNUAL REPORT
OCTOBER 31, 2020 (UNAUDITED)

ADVISOR

The First Trust Advisors L.P. ("First Trust") Leveraged Finance Team is
comprised of 16 experienced investment professionals specializing in below
investment grade securities. The team is comprised of portfolio management,
research, trading and operations personnel. As of October 31, 2020, the First
Trust Leveraged Finance Team managed or supervised approximately $5.43 billion
in senior secured bank loans and high-yield bonds. These assets are managed
across various strategies, including three closed-end funds, an open-end fund,
three exchange-traded funds, and a series of unit investment trusts on behalf of
retail and institutional clients.

PORTFOLIO MANAGEMENT TEAM

WILLIAM HOUSEY, CFA - MANAGING DIRECTOR OF FIXED INCOME, SENIOR PORTFOLIO
MANAGER
JEFFREY SCOTT, CFA - SENIOR VICE PRESIDENT, DEPUTY CREDIT OFFICER AND PORTFOLIO
MANAGER
ORLANDO PURPURA, CFA, CMT - SENIOR VICE PRESIDENT, CHIEF CREDIT OFFICER
AND PORTFOLIO MANAGER

COMMENTARY

The First Trust Senior Loan Fund (the "Fund") is an actively managed
exchanged-traded fund ("ETF"). The Fund's primary investment objective is to
provide high current income, with a secondary objective of preservation of
capital.

MARKET RECAP

As we ended 2019, the Federal Reserve (the "Fed") had cut interest rates for the
last time in October 2019 and in December indicated that no action would be
likely in 2020 given the persistently low inflation environment. In January
2020, the United States and China signed "Phase One" of a trade agreement, and
U.S. economic data remained strong. The combination of a patient Fed, improving
U.S.- China trade relations, and a robust domestic economy propelled the S&P
500(R) Index to new highs in late February 2020. Shortly after, as the
coronavirus ("COVID-19") pandemic gripped the world's attention, the financial
market implications from the onset of the resulting global economic shutdown
became clear. Equities experienced their most rapid sell-off since the global
financial crisis in 2008. By March 23, 2020 the S&P 500(R) Index was down nearly
34% from its all-time high set on February 19, 2020. Policy makers then took
unprecedented steps to stabilize the markets. Central Banks around the world cut
interest rates and governments announced aggressive monetary stimulus packages.
Domestically, the CARES Act was passed and signed into law on March 27. The bill
included a historic $2 trillion stimulus package aimed at sending financial aid
to struggling U.S. citizens and businesses affected by COVID-19. The Fed also
cut the target Fed Funds rate by 150 basis points ("bps") during the month of
March. As fears subsided, and optimism that the combination of a re-opening of
the U.S. economy and aggressive fiscal and monetary stimulus would result in a
quicker than expected recovery, markets surpassed pre-pandemic levels before a
resurgence in COVID-19 infections tempered investor optimism at the end of the
12-month period ended October 31, 2020.

Senior Loan Market

Senior loan spreads over 3-month London Interbank Offered Rate ("LIBOR")
increased 70 bps during the 12-month period ended October 31, 2020, to L+585
bps. This is above the long-term average spread of L+518 (December 1997 -
October 2020). Retail senior loan funds have experienced 25 consecutive monthly
outflows with demand impacted by the dramatic decrease of the 3-month LIBOR rate
during the same period.

Single-B rated senior loans outperformed both higher and lower quality senior
loans during the same period, returning 3.13% while BB rated issues returned
-0.60%. Single Bs also outperformed CCC rated issues which returned -1.41%
during the same period. The average price of senior loans in the market
decreased from $95.42 in the beginning of the period to $93.17 at the end of the
period.

Default Rates

During the 12-month period ended October 31, 2020, default rates increased
within the senior loan market, as measured by the S&P/LSTA Leveraged Loan Index.
Looking forward, we anticipate senior loan market default rates to remain above
the long-term averages through 2021 but anticipate a decline in the default rate
as the economy recovers and the introduction of a vaccine brings a recovery to
the industries most impacted by COVID-19.

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PORTFOLIO COMMENTARY (CONTINUED)
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FIRST TRUST SENIOR LOAN FUND (FTSL)
ANNUAL REPORT
OCTOBER 31, 2020 (UNAUDITED)

FUND PERFORMANCE

The Fund returned 0.90% on a net asset value ("NAV") basis and 0.95% on a market
price basis over the 12-month period ended October 31, 2020. The S&P/LSTA U.S.
Leveraged Loan 100 Index returned 1.52% over the same period.

The Fund held 149 individual positions diversified across 29 industries at the
end of the reporting period. Software (19.51%), Health Care Providers & Services
(16.92%), and Insurance (10.84%) were the Fund's top three industry exposures at
the end of the period. By comparison, the Fund held 194 individual positions
across 33 industries as of October 31, 2019. The Fund modestly decreased its
allocation to high-yield bonds from 8.89% to 8.03% throughout the period, an 86
bps decrease. The Fund's duration remained low throughout the period and
modestly increased from 0.39 years at the beginning of the period to 0.43 years
at the end of the period.

The Fund's most recent monthly distribution of $0.127 per share is $0.043 per
share lower than the distribution paid in October 2019. Over the 12-month
period, 3-month LIBOR dropped 168 bps from 1.90% to 0.22% at the end of October
2020, and distributions followed suit. At the end of the period, the effective
yield based on the distributions for the trailing twelve months was 3.71% based
on NAV.

The Fund experienced two defaults during the 12-month period. Since inception,
the Fund has experienced nine defaults. The Fund's 12-month period default rate
was 1.63% at October 31, 2020.

MARKET AND FUND OUTLOOK

We believe senior loans are supported by spreads that remain in line with the
long-term average, opportunistic pockets of value across ratings and industries,
a low interest rate environment and an improving U.S. economy. Moreover, while
the default rate has increased during the period, we believe individual credits
that came into the 2020 recession with too much leverage, and sectors most
impacted by COVID-19, will face a higher likelihood of default including, but
not limited to energy, travel, leisure and retail, in no particular order.
However, generally, businesses that haven't been impacted by COVID-19 continue
to perform well, in our opinion.

We remain confident that improving economic conditions, unprecedented support
from the Fed, and the potential for additional stimulus will provide a backdrop
for continued recovery in senior loans, in our view. As we evaluate new
investment opportunities, decisions will continue to be rooted in our rigorous
bottom-up credit analysis and our focus will remain on identifying the
opportunities that we believe offer the best risk and reward balance.

Page 6

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FIRST TRUST SENIOR LOAN FUND (FTSL)

UNDERSTANDING YOUR FUND EXPENSES
OCTOBER 31, 2020 (UNAUDITED)

As a shareholder of First Trust Senior Loan Fund (the "Fund"), you incur two
types of costs: (1) transaction costs; and (2) ongoing costs, including
management fees, distribution and/or service (12b-1) fees, if any, and other
Fund expenses. This Example is intended to help you understand your ongoing
costs of investing in the Fund and to compare these costs with the ongoing costs
of investing in other funds.

The Example is based on an investment of $1,000 invested at the beginning of the
period and held through the six-month period ended October 31, 2020.

ACTUAL EXPENSES

The first line in the following table provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the first line under the heading entitled "Expenses Paid During the Six-Month
Period" to estimate the expenses you paid on your account during this six-month
period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the following table provides information about hypothetical
account values and hypothetical expenses based on the Fund's actual expense
ratio and an assumed rate of return of 5% per year before expenses, which is not
the Fund's actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses you paid for
the period. You may use this information to compare the ongoing costs of
investing in the Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of the other funds.

Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs such as brokerage
commissions. Therefore, the second line in the table is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of
owning different funds. In addition, if these transactional costs were included,
your costs would have been higher.

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
ANNUALIZED
EXPENSE RATIO EXPENSES PAID
BEGINNING ENDING BASED ON THE DURING THE
ACCOUNT VALUE ACCOUNT VALUE SIX-MONTH SIX-MONTH
MAY 1, 2020 OCTOBER 31, 2020 PERIOD (a) PERIOD (a) (b)
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FIRST TRUST SENIOR LOAN FUND (FTSL)
Actual $1,000.00 $1,055.70 0.85% $4.39
Hypothetical (5% return before expenses) $1,000.00 $1,020.86 0.85% $4.32
</TABLE>

(a) Annualized expense ratio and expenses paid during the six-month period do
not include fees and expenses of the underlying funds in which the Fund
invests.

(b) Expenses are equal to the annualized expense ratio as indicated in the
table multiplied by the average account value over the period (May 1, 2020
through October 31, 2020), multiplied by 184/366 (to reflect the six-month
period).

Page 7

<PAGE>

FIRST TRUST SENIOR LOAN FUND (FTSL)

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2020

<TABLE>
<CAPTION>
PRINCIPAL STATED
VALUE DESCRIPTION RATE (a) MATURITY (b) VALUE
---------------- ---------------------------------------------------------------- ------------- ------------ ---------------
<S> <C> <C> <C> <C>
SENIOR FLOATING-RATE LOAN INTERESTS -- 88.6%

AEROSPACE & DEFENSE -- 1.3%
$ 2,693,286 Spirit Aerosystems, Inc., Term Loan B, 1 Mo. LIBOR + 5.25%,
0.75% Floor.................................................. 6.00% 01/30/25 $ 2,686,552
2,878,250 Transdigm, Inc., Tranche E Refinancing TL, 1 Mo. LIBOR +
2.25%, 0.00% Floor........................................... 2.40% 05/30/25 2,703,569
11,390,705 Transdigm, Inc., Tranche G Refinancing Term Loan, 1 Mo.
LIBOR + 2.25%, 0.00% Floor................................... 2.40% 08/22/24 10,697,125
---------------
16,087,246
---------------
AIRLINES -- 0.0%
516,482 Delta Air Lines, Inc., Term Loan B, 3 Mo. LIBOR + 3.75%,
1.00% Floor.................................................. 4.75% 09/16/27 514,008
---------------
APPLICATION SOFTWARE -- 14.1%
4,649,290 CCC Information Services, Inc. (Cypress), Term Loan B, 1 Mo.
LIBOR + 3.00%, 1.00% Floor................................... 4.00% 04/26/24 4,594,103
9,014,115 Epicor Software Corp., Term Loan B, 1 Mo. LIBOR + 4.25%,
1.00% Floor.................................................. 5.25% 07/30/27 8,971,298
11,469,429 Greeneden U.S. Holdings II LLC (Genesys Telecommunications
Laboratories, Inc.), Initial Dollar Term Loan, 1 Mo. LIBOR +
4.00%, 0.75% Floor........................................... 4.75% 11/30/27 11,275,939
24,285,257 Hyland Software, Inc., 2018 Refinancing Term Loan, 1 Mo.
LIBOR + 3.50%, 0.75% Floor................................... 4.25% 07/01/24 23,903,736
9,181,234 Internet Brands, Inc. (WebMD/MH Sub I LLC), 2020 June New
Term Loan, 1 Mo. LIBOR + 3.75%, 1.00% Floor.................. 4.75% 09/15/24 9,014,870
11,063,040 Internet Brands, Inc. (WebMD/MH Sub I LLC), Initial Term
Loan, 1 Mo. LIBOR + 3.50%, 0.00% Floor....................... 3.65% 09/13/24 10,681,033
12,997,518 LogMeIn, Inc. (Logan), Term Loan B, 1 Mo. LIBOR + 4.75%,
0.00% Floor.................................................. 4.89% 08/31/27 12,583,287
22,607,260 McAfee LLC, Term Loan B, 1 Mo. LIBOR + 3.75%, 0.00%
Floor........................................................ 3.89% 09/30/24 22,355,867
3,187,522 Micro Focus International (MA Financeco LLC), Miami Escrow
Term Loan B3, 1 Mo. LIBOR + 2.50%, 0.00% Floor............... 2.65% 06/21/24 2,996,270
21,525,638 Micro Focus International (MA Financeco LLC), Seattle Spinco
Term Loan B, 1 Mo. LIBOR + 2.50%, 0.00% Floor................ 2.65% 06/21/24 20,234,099
4,363,920 Micro Focus International (MA Financeco LLC), Term Loan B4,
3 Mo. LIBOR + 4.25%, 1.00% Floor............................. 5.25% 06/05/25 4,336,645
5,244,701 Milano Acquisition Corp., Term Loan B, 3 Mo. LIBOR + 4.00%,
0.75% Floor.................................................. 4.75% 10/01/27 5,148,565
2,283,278 Qlik Technologies (Project Alpha Intermediate Holding, Inc.),
2019 Incremental Term Loan B, 3 Mo. LIBOR + 4.25%,
0.00% Floor.................................................. 4.48% 04/26/24 2,240,467
11,669,741 Qlik Technologies (Project Alpha Intermediate Holding, Inc.),
Term Loan B, 3 Mo. LIBOR + 3.50%, 1.00% Floor................ 4.50% 04/26/24 11,430,511
21,677,361 SolarWinds Holdings, Inc., 2018 Refinancing Term Loan, 1 Mo.
LIBOR + 2.75%, 0.00% Floor................................... 2.90% 02/05/24 21,243,814
3,660,395 Solera Holdings, Inc., Term Loan B, 2 Mo. LIBOR + 2.75%,
0.00% Floor.................................................. 2.92% 03/03/23 3,556,477
777,423 TIBCO Software, Inc., Term Loan B-3, 1 Mo. LIBOR + 3.75%,
0.00% Floor.................................................. 3.90% 06/30/26 752,156
693,806 Ultimate Software Group, Inc., 2020 Incremental Term Loan,
3 Mo. LIBOR + 4.00%, 0.75% Floor............................. 4.75% 05/03/26 689,040
3,640,298 Veeam Software Holdings Ltd. (VS Buyer LLC), Term Loan B,
1 Mo. LIBOR + 3.25%, 0.00% Floor............................. 3.40% 02/28/27 3,549,290
---------------
179,557,467
---------------
</TABLE>

Page 8 See Notes to Financial Statements

<PAGE>

FIRST TRUST SENIOR LOAN FUND (FTSL)

PORTFOLIO OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2020

AUTO PARTS & EQUIPMENT -- 1.5%
$ 15,028,493 Gates Global LLC, Initial B-2 Dollar Term Loan, 1
Mo. LIBOR + 2.75%, 1.00% Floor............................... 3.75% 03/31/24 $ 14,715,450
8,473,331 Lumileds (Bright Bidco B.V.), Term Loan B, 6 Mo. LIBOR +
3.50%, 1.00% Floor........................................... 4.50% 06/30/24 3,945,776
---------------
18,661,226
---------------
BROADCASTING -- 3.1%
1,739,414 E.W. Scripps Co., Term Loan B-2, 1 Mo. LIBOR + 2.50%, 0.00%
Floor........................................................ 2.65% 05/01/26 1,677,456
2,970,807 iHeartCommunications, Inc., Incremental Term Loan B, 1 Mo.
LIBOR + 4.00%, 0.75% Floor................................... 4.75% 05/01/26 2,858,154
21,899,146 iHeartCommunications, Inc., Term Loan B, 1 Mo. LIBOR +
3.00%, 0.00% Floor........................................... 3.15% 04/29/26 20,526,508
11,739,563 Nexstar Broadcasting, Inc., Incremental Term Loan B-4, 1 Mo.
LIBOR + 2.75%, 0.00% Floor................................... 2.90% 09/19/26 11,422,594
3,622,287 Nexstar Broadcasting, Inc., Nexstar Term Loan B-3, 1 Mo.
LIBOR + 2.25%, 0.00% Floor................................... 2.40% 01/17/24 3,522,095
---------------
40,006,807
---------------
CABLE & SATELLITE -- 0.9%
11,238,817 Cablevision (aka CSC Holdings LLC), October 2018 Incremental
Term Loan B-3, 1 Mo. LIBOR + 2.25%, 0.00% Floor.............. 2.40% 01/15/26 10,841,975
---------------
CASINOS & GAMING -- 5.8%
991,775 Boyd Gaming Corp., Term Loan B, 1 Wk. LIBOR + 2.25%,
0.00% Floor.................................................. 2.34% 09/15/23 962,329
27,498,459 Caesars Resort Collection LLC, Term Loan B, 1 Mo. LIBOR +
2.75%, 0.00% Floor........................................... 2.90% 12/22/24 25,718,759
1,497,996 Caesars Resort Collection LLC, Term Loan B-1, 1 Mo. LIBOR +
4.50%, 0.00% Floor........................................... 4.65% 06/30/25 1,448,846
748,998 Caesars Resort Collection LLC, Term Loan B-1, 3 Mo. LIBOR +
4.50%, 0.00% Floor........................................... 4.65% 06/30/25 724,423
21,353,186 CityCenter Holdings LLC, Term Loan B, 1 Mo. LIBOR + 2.25%,
0.75% Floor.................................................. 3.00% 04/18/24 20,045,303
14,407,681 Golden Nugget, Inc., Term Loan B, 2 Mo. LIBOR + 2.50%,
0.75% Floor.................................................. 3.25% 10/04/23 12,660,750
7,787,376 Station Casinos, Inc. (Red Rocks), Term Loan B, 1 Mo. LIBOR +
2.25%, 0.25% Floor........................................... 2.50% 01/31/27 7,443,408
5,187,455 Twin River Worldwide Holdings, Inc., Term Loan B, 1 Mo.
LIBOR + 2.75%, 0.00% Floor................................... 2.90% 05/10/26 4,924,191
---------------
73,928,009
---------------
COMMERCIAL SERVICES & SUPPLIES-- 0.1%
1,677,652 TruGreen L.P., Second Refinancing Term Loan, 1 Mo. LIBOR +
4.00%, 0.75% Floor........................................... 4.75% 11/02/27 1,665,070
---------------
COMMUNICATIONS EQUIPMENT -- 0.4%
5,249,090 Commscope, Inc., Term Loan B, 1 Mo. LIBOR + 3.25%, 0.00%
Floor........................................................ 3.40% 04/06/26 5,056,921
---------------
DATA PROCESSING & OUTSOURCED SERVICES -- 0.1%
1,396,587 Cardtronics USA, Inc., Term Loan B, 1 Mo. LIBOR + 4.00%,
1.00% Floor.................................................. 5.00% 06/30/27 1,391,350
---------------
ELECTRIC UTILITIES -- 1.2%
15,538,419 PG&E Corp., Exit Term Loan, 3 Mo. LIBOR + 4.50%, 1.00%
Floor........................................................ 5.50% 06/23/25 15,344,189
---------------
</TABLE>

See Notes to Financial Statements Page 9

<PAGE>

FIRST TRUST SENIOR LOAN FUND (FTSL)

PORTFOLIO OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2020

ENVIRONMENTAL & FACILITIES SERVICES -- 0.9%
$ 11,588,391 Packers Holdings LLC, Term Loan B, 1 Mo. LIBOR + 3.00%,
1.00% Floor.................................................. 4.00% 12/04/24 $ 11,383,161
---------------
FOOD DISTRIBUTORS -- 0.2%
2,246,936 US Foods, Inc., 2019 Incremental Term Loan B, 1 Mo. LIBOR
+ 2.00%, 0.00% Floor......................................... 2.15% 08/31/26 2,130,388
---------------
HEALTH CARE FACILITIES -- 0.6%
7,520,719 Gentiva Health Services, Inc. (Kindred at Home), Term Loan B,
1 Mo. LIBOR + 3.25%, 0.00% Floor............................. 3.44% 07/02/25 7,351,503
662,255 Select Medical Corp., Term Loan B, 6 Mo. LIBOR + 2.50%,
0.00% Floor.................................................. 2.78% 03/06/25 644,248
---------------
7,995,751
---------------
HEALTH CARE SERVICES -- 11.7%
6,892,915 Air Methods Corp. (a/k/a ASP AMC Intermediate Holdings,
Inc.), Term Loan B, 3 Mo. LIBOR + 3.50%, 1.00% Floor......... 4.50% 04/21/24 5,871,316
24,817,750 Athenahealth, Inc. (VVC Holding Corp.), Term Loan B, 3 Mo.
LIBOR + 4.50%, 0.00% Floor................................... 4.75% 02/15/26 24,259,350
28,841,944 CHG Healthcare Services, Inc., Term Loan, 6 Mo. LIBOR +
3.00%, 1.00% Floor........................................... 4.00% 06/07/23 28,120,895
8,536,350 DuPage Medical Group (Midwest Physician Admin. Services
LLC), Repricing Term Loan, 1 Mo. LIBOR + 2.75%, 0.75%
Floor........................................................ 3.50% 08/15/24 8,301,600
23,556,748 Envision Healthcare Corp., Initial Term Loan, 1 Mo. LIBOR +
3.75%, 0.00% Floor........................................... 3.90% 10/10/25 16,742,488
798,953 Global Medical Response, Inc. (fka Air Medical), 2018 New
Term Loan, 6 Mo. LIBOR + 4.25%, 1.00% Floor.................. 5.25% 03/14/25 771,237
11,223,630 Global Medical Response, Inc. (fka Air Medical), 2020
Refinancing Term Loan, 3 Mo. LIBOR + 4.75%, 1.00% Floor...... 5.75% 10/15/25 10,862,341
3,284,274 Help at Home (HAH Group Holding Co. LLC), Initial Term Loans,
3 Mo. LIBOR + 5.00%, 1.00% Floor............................. 6.00% 10/31/27 3,226,799
3,317,719 Packaging Coordinators, Inc. (PCI Pharma), Term Loan B, 6 Mo.
LIBOR + 3.75%, 0.75% Floor................................... 4.50% 11/30/27 3,257,602
995,000 Surgery Centers Holdings, Inc., 2020 Incremental Term Loan,
1 Mo. LIBOR + 8.00%, 1.00% Floor............................. 9.00% 08/31/24 1,006,612
9,259,577 Surgery Centers Holdings, Inc., Term Loan B, 1 Mo. LIBOR +
3.25%, 1.00% Floor........................................... 4.25% 08/31/24 8,760,394
8,166,985 Team Health, Inc., Term Loan B, 1 Mo. LIBOR + 2.75%, 1.00%
Floor........................................................ 3.75% 02/06/24 6,635,676
10,572,385 U.S. Renal Care, Inc., Term Loan B, 1 Mo. LIBOR + 5.00%,
0.00% Floor.................................................. 5.19% 06/28/26 10,146,212
22,157,925 Verscend Technologies, Inc., Term Loan B, 1 Mo. LIBOR +
4.50%, 0.00% Floor........................................... 4.65% 08/27/25 21,707,897
---------------
149,670,419
---------------
HEALTH CARE TECHNOLOGY -- 3.1%
1,244,108 Change Healthcare Holdings LLC, Closing Date Term Loan,
1 Mo. LIBOR + 2.50%, 1.00% Floor............................. 3.50% 03/01/24 1,212,856
17,085,331 Change Healthcare Holdings LLC, Closing Date Term Loan,
3 Mo. LIBOR + 2.50%, 1.00% Floor............................. 3.50% 03/01/24 16,656,147
6,208,731 Press Ganey (Azalea TopCo, Inc.), Term Loan B, 1 Mo. LIBOR
+ 3.50%, 0.00% Floor......................................... 3.65% 07/25/26 5,975,903
</TABLE>

Page 10 See Notes to Financial Statements

<PAGE>

FIRST TRUST SENIOR LOAN FUND (FTSL)

PORTFOLIO OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2020

HEALTH CARE TECHNOLOGY (CONTINUED)
$ 15,931,500 Zelis Payments Buyer, Inc., Initial Term Loan, 1 Mo. LIBOR +
4.75%, 0.00% Floor........................................... 4.90% 09/30/26 $ 15,814,881
---------------
39,659,787
---------------
HOUSEHOLD APPLIANCES -- 0.4%
3,804,264 Traeger Grills (TGP Holdings III LLC), 2018 Refinancing Term
Loan, 1 Mo. LIBOR + 4.00%, 1.00% Floor....................... 5.00% 09/25/24 3,636,230
1,000,000 Weber-Stephen Products LLC, Term Loan B, 1 Mo. LIBOR +
3.25%, 0.75% Floor........................................... 4.00% 10/31/27 989,380
---------------
4,625,610
---------------
HUMAN RESOURCE & EMPLOYMENT SERVICES -- 0.9%
11,721,550 Alight, Inc. (fka Tempo Acq.), Non Extended Term Loan, 1 Mo.
LIBOR + 2.75%, 0.00% Floor................................... 2.90% 05/01/24 11,322,314
---------------
INDUSTRIAL MACHINERY -- 0.2%
2,653,563 Thyssenkrupp Elevator (Vertical U.S. Newco, Inc.), Term Loan B,
6 Mo. LIBOR + 4.25%, 0.00% Floor............................. 4.57% 07/31/27 2,612,114
---------------
INSURANCE BROKERS -- 9.9%
1,645,327 Alliant Holdings I LLC, 2019 New Term Loan, 1 Mo. LIBOR +
3.25%, 0.00% Floor........................................... 3.40% 05/10/25 1,590,307
33,037,883 Alliant Holdings I LLC, Initial Term Loan, 1 Mo. LIBOR +
2.75%, 0.00% Floor........................................... 2.90% 05/09/25 31,768,898
31,792,103 AmWINS Group, Inc., Term Loan B (First Lien), 1 Mo. LIBOR +
2.75%, 1.00% Floor........................................... 3.75% 01/25/24 31,331,118
12,754,262 AssuredPartners, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%,
0.00% Floor.................................................. 3.65% 02/15/27 12,291,920
7,453,166 BroadStreet Partners, Inc., Term Loan B, 1 Mo. LIBOR + 3.25%,
0.00% Floor.................................................. 3.40% 01/31/27 7,175,536
2,699,759 Cross Financial Corp., Term Loan B, 1 Mo. LIBOR + 4.50%,
1.00% Floor.................................................. 5.50% 09/15/27 2,686,261
2,884,058 HUB International Ltd., 2019 Incremental Term Loan B2, 3 Mo.
LIBOR + 4.00%, 1.00% Floor................................... 5.00% 04/25/25 2,865,686
96,341 HUB International Ltd., Term Loan B, 2 Mo. LIBOR + 3.00%,
0.00% Floor.................................................. 3.19% 04/25/25 92,515
37,573,765 HUB International Ltd., Term Loan B, 3 Mo. LIBOR + 3.00%,
0.00% Floor.................................................. 3.21% 04/25/25 36,081,711
---------------
125,883,952
---------------
INTEGRATED TELECOMMUNICATION SERVICES -- 4.1%
10,408,944 Frontier Communications Corp., Term Loan B-1, Prime Rate +
2.75%, 0.75% Floor (c)....................................... 6.00% 06/15/24 10,203,159
8,817,716 Numericable (Altice France S.A. or SFR), Term Loan B-11, 1 Mo.
LIBOR + 2.75%, 0.00% Floor................................... 2.90% 07/31/25 8,407,251
1,979,592 Numericable (Altice France S.A. or SFR), Term Loan B-12, 1 Mo.
LIBOR + 3.69%, 0.00% Floor................................... 3.84% 01/31/26 1,911,058
9,158,962 Numericable (Altice France S.A. or SFR), Term Loan B-13, 3 Mo.
LIBOR + 4.00%, 0.00% Floor................................... 4.24% 08/14/26 8,875,584
24,350,611 Zayo Group Holdings, Inc., Initial Dollar Term Loan, 1 Mo.
LIBOR + 3.00%, 0.00% Floor................................... 3.15% 03/09/27 23,427,236
---------------
52,824,288
---------------
INTERACTIVE HOME ENTERTAINMENT -- 0.7%
9,231,641 Playtika Holding Corp., Term Loan B, 3 Mo. LIBOR + 6.00%,
1.00% Floor.................................................. 7.00% 12/10/24 9,225,364
---------------
</TABLE>

See Notes to Financial Statements Page 11

<PAGE>

FIRST TRUST SENIOR LOAN FUND (FTSL)

PORTFOLIO OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2020

LEISURE FACILITIES -- 0.7%
$ 11,198,919 ClubCorp Holdings, Inc., Term Loan B, 3 Mo. LIBOR + 2.75%,
0.00% Floor.................................................. 2.97% 09/18/24 $ 9,380,887
---------------
MANAGED HEALTH CARE -- 2.1%
27,623,874 Multiplan, Inc. (MPH), Term Loan B, 3 Mo. LIBOR + 2.75%,
1.00% Floor.................................................. 3.75% 06/07/23 27,239,073
---------------
MOVIES & ENTERTAINMENT -- 1.3%
22,939,747 Cineworld Group PLC (Crown), Term Loan B, 6 Mo. LIBOR +
2.50%, 0.00% Floor........................................... 2.77% 02/28/25 12,756,335
4,887,699 PUG LLC (Stubhub), Term Loan B, 1 Mo. LIBOR + 3.50%,
0.00% Floor.................................................. 3.65% 02/12/27 4,258,407
---------------
17,014,742
---------------
OTHER DIVERSIFIED FINANCIAL SERVICES -- 3.0%
14,245,314 AlixPartners, LLP, Term Loan B, 1 Mo. LIBOR + 2.50%, 0.00%
Floor........................................................ 2.65% 04/04/24 13,800,148
25,466,818 Refinitiv US Holdings, Inc., Term Loan B, 1 Mo. LIBOR +
3.25%, 0.00% Floor........................................... 3.40% 10/01/25 25,057,057
---------------
38,857,205
---------------
PACKAGED FOODS & MEATS -- 0.2%
1,242,412 BellRing Brands LLC, Term Loan B, 1 Mo. LIBOR + 5.00%,
1.00% Floor.................................................. 6.00% 10/21/24 1,245,207
1,059,899 Simply Good Foods (Atkins Nutritionals, Inc.), Term Loan B,
1 Mo. LIBOR + 3.75%, 1.00% Floor............................. 4.75% 07/07/24 1,056,592
---------------
2,301,799
---------------
PAPER PACKAGING -- 1.8%
15,104,899 Graham Packaging Company, L.P., Initial Term Loan, 1 Mo.
LIBOR + 3.75%, 0.75% Floor................................... 4.50% 08/04/27 14,966,387
7,853,494 Reynolds Group Holdings, Inc., Tranche B-1 US Term Loan,
1 Mo. LIBOR + 2.75%, 0.00% Floor............................. 2.90% 02/05/23 7,697,524
---------------
22,663,911
---------------
PHARMACEUTICALS -- 8.7%
2,928,475 Akorn, Inc., Exit Take Back Term Loan, 3 Mo. LIBOR + 7.50%,
1.00% Floor (d) (e).......................................... 8.50% 09/30/25 2,933,365
32,313,203 Bausch Health Cos., Inc. (Valeant), Term Loan B, 1 Mo. LIBOR
+ 3.00%, 0.00% Floor......................................... 3.15% 06/01/25 31,518,944
23,494,046 Endo LLC, Term Loan B, 3 Mo. LIBOR + 4.25%, 0.75% Floor......... 5.00% 04/29/24 22,260,609
16,419,185 Mallinckrodt International Finance S.A., 2017 Term Loan B,
3 Mo. LIBOR + 4.75%, 0.75% Floor (c)......................... 5.50% 09/24/24 15,113,860
4,260,386 Mallinckrodt International Finance S.A., 2018 Incremental Term
Loan, 6 Mo. LIBOR + 5.00%, 0.75% Floor (c)................... 5.75% 02/24/25 3,916,914
11,665,117 Parexel International Corp., Term Loan B, 1 Mo. LIBOR +
2.75%, 0.00% Floor........................................... 2.90% 09/27/24 11,173,549
24,366,218 Pharmaceutical Product Development, Inc. (PPDI/Jaguar), 2018
Term Loan, 1 Mo. LIBOR + 2.50%, 1.00% Floor.................. 3.50% 08/18/22 24,163,978
---------------
111,081,219
---------------
PUBLISHING -- 0.1%
1,746,041 Meredith Corp., Tranche B-3 Term Loan, 3 Mo. LIBOR + 4.25%,
1.00% Floor.................................................. 5.25% 01/31/25 1,705,306
---------------
</TABLE>

Page 12 See Notes to Financial Statements

<PAGE>

FIRST TRUST SENIOR LOAN FUND (FTSL)

PORTFOLIO OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2020

RESEARCH & CONSULTING SERVICES -- 0.4%
$ 3,313,046 Clarivate Analytics PLC (Camelot), Amendment No. 2
Incremental Term Loan, 1 Mo. LIBOR + 3.00%, 1.00% Floor...... 4.00% 10/31/26 $ 3,273,025
1,397,727 Clarivate Analytics PLC (Camelot), Term Loan B, 1 Mo. LIBOR
+ 3.00%, 0.00% Floor......................................... 3.15% 10/31/26 1,358,702
577,903 Nielsen Finance LLC (VNU, Inc.), Term Loan B5, 1 Mo. LIBOR
+ 3.75%, 1.00% Floor......................................... 4.75% 06/30/25 575,591
---------------
5,207,318
---------------
RESTAURANTS -- 1.3%
4,043 1011778 B.C. Unlimited Liability Co. (Restaurant Brands) (aka
Burger King/Tim Horton's), Term Loan B-4, 1 Mo. LIBOR +
1.75%, 0.00% Floor........................................... 3.65% 11/14/26 3,873
44,861 IRB Holding Corp. (Arby's/Inspire Brands), Term Loan B, 3 Mo.
LIBOR + 2.75%, 1.00% Floor................................... 3.75% 02/05/25 42,568
17,450,961 IRB Holding Corp. (Arby's/Inspire Brands), Term Loan B, 6 Mo.
LIBOR + 2.75%, 1.00% Floor................................... 3.75% 02/05/25 16,559,043
---------------
16,605,484
---------------
SECURITY & ALARM SERVICES -- 0.1%
1,230,679 Garda World Security Corp., Term Loan B, 1 Mo. LIBOR +
4.75%, 0.00% Floor........................................... 4.90% 10/30/26 1,223,910
---------------
SPECIALIZED CONSUMER SERVICES -- 2.9%
10,339,697 Asurion LLC, Replacement B-2 Term Loan (Second Lien), 1 Mo.
LIBOR + 6.50%, 0.00% Floor................................... 6.65% 08/04/25 10,339,697
22,030,339 Asurion LLC, Term Loan B6, 1 Mo. LIBOR + 3.00%, 0.00%
Floor........................................................ 3.15% 11/03/23 21,603,611
4,476,129 Asurion LLC, Term Loan B7, 1 Mo. LIBOR + 3.00%, 0.00%
Floor........................................................ 3.15% 11/03/24 4,387,412
---------------
36,330,720
---------------
SYSTEMS SOFTWARE -- 4.8%
20,838,920 Applied Systems, Inc., Term Loan (First Lien), 3 Mo. LIBOR +
3.25%, 1.00% Floor........................................... 4.25% 09/19/24 20,713,470
2,331,175 Applied Systems, Inc., Term Loan (Second Lien), 3 Mo. LIBOR
+ 7.00%, 1.00% Floor......................................... 8.00% 09/19/25 2,342,831
13,381,953 BMC Software Finance, Inc. (Boxer Parent), Initial Dollar Term
Loan, 1 Mo. LIBOR + 4.25%, 0.00% Floor....................... 4.40% 10/02/25 12,985,312
3,920,027 Misys Financial Software Ltd. (Almonde, Inc.) (Finastra), Term
Loan B, 6 Mo. LIBOR + 3.50%, 1.00% Floor..................... 4.50% 06/13/24 3,693,528
30,541 Riverbed Technology, Inc., Term Loan B, 2 Mo. LIBOR + 3.25%,
1.00% Floor.................................................. 4.25% 04/24/22 27,213
11,514,020 Riverbed Technology, Inc., Term Loan B, 3 Mo. LIBOR + 3.25%,
1.00% Floor.................................................. 4.25% 04/24/22 10,259,453
10,535,101 Sophos Group PLC (Surf), Term Loan B, 3 Mo. LIBOR + 3.50%,
0.00% Floor.................................................. 3.75% 03/05/27 10,190,076
997,468 SUSE (Marcel Lux IV S.A.R.L.), Facility Term Loan B1 USD,
1 Mo. LIBOR + 3.25%, 0.00% Floor............................. 3.40% 03/15/26 964,432
---------------
61,176,315
---------------
TOTAL SENIOR FLOATING-RATE LOAN INTERESTS................................................... 1,131,175,305
(Cost $1,179,314,398) ---------------
</TABLE>

See Notes to Financial Statements Page 13

<PAGE>

FIRST TRUST SENIOR LOAN FUND (FTSL)

PORTFOLIO OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2020

<TABLE>
<CAPTION>
PRINCIPAL STATED STATED
VALUE DESCRIPTION COUPON MATURITY VALUE
---------------- ---------------------------------------------------------------- ------------- ------------ ---------------
<S> <C> <C> <C> <C>
CORPORATE BONDS AND NOTES -- 7.3%

BROADCASTING -- 2.7%
$ 8,978,000 Cumulus Media New Holdings, Inc. (f)............................ 6.75% 07/01/26 $ 8,364,937
8,201,000 Diamond Sports Group LLC / Diamond Sports Finance Co. (f)....... 5.38% 08/15/26 4,807,836
2,848,000 E.W. Scripps (The) Co. (f)...................................... 5.13% 05/15/25 2,721,620
2,148,000 Gray Television, Inc. (f)....................................... 5.88% 07/15/26 2,239,752
10,000,000 Sinclair Television Group, Inc. (f)............................. 5.63% 08/01/24 9,998,493
6,618,000 Univision Communications (f).................................... 5.13% 02/15/25 6,514,594
---------------
34,647,232
---------------
CABLE & SATELLITE -- 0.1%
1,621,000 CSC Holdings LLC (f)............................................ 5.50% 05/15/26 1,688,677
---------------
CASINOS & GAMING -- 0.3%
4,202,000 Caesars Entertainment, Inc. (f)................................. 6.25% 07/01/25 4,309,668
---------------
COAL & CONSUMABLE FUELS -- 0.2%
4,900,000 Peabody Energy Corp. (f)........................................ 6.00% 03/31/22 2,250,937
2,947,000 Peabody Energy Corp. (f)........................................ 6.38% 03/31/25 913,570
---------------
3,164,507
---------------
FOOD RETAIL -- 0.2%
2,000,000 Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP /
Albertsons LLC (f)........................................... 3.50% 02/15/23 2,033,798
---------------
HEALTH CARE FACILITIES -- 1.9%
3,478,000 Acadia Healthcare Co., Inc...................................... 5.63% 02/15/23 3,499,737
2,000,000 HCA, Inc........................................................ 5.88% 05/01/23 2,177,910
6,130,000 Tenet Healthcare Corp. (f)...................................... 4.63% 09/01/24 6,281,411
845,000 Tenet Healthcare Corp........................................... 5.13% 05/01/25 837,353
8,764,000 Tenet Healthcare Corp. (f)...................................... 4.88% 01/01/26 8,901,337
3,008,000 Tenet Healthcare Corp. (f)...................................... 5.13% 11/01/27 3,104,858
---------------
24,802,606
---------------
HEALTH CARE SERVICES -- 0.1%
869,000 Global Medical Response, Inc. (f)............................... 6.50% 10/01/25 859,224
1,023,000 MEDNAX, Inc. (f)................................................ 5.25% 12/01/23 1,032,590
---------------
1,891,814
---------------
INSURANCE BROKERS -- 0.6%
7,000,000 Alliant Holdings Intermediate LLC / Alliant Holdings
Co-Issuer (f)................................................ 4.25% 10/15/27 6,960,625
893,000 HUB International Ltd. (f)...................................... 7.00% 05/01/26 916,222
---------------
7,876,847
---------------
INTEGRATED TELECOMMUNICATION SERVICES -- 0.2%
1,430,000 Frontier Communications Corp. (c) (f)........................... 5.88% 10/15/27 1,469,182
469,000 Windstream Escrow LLC / Windstream Escrow Finance
Corp. (f).................................................... 7.75% 08/15/28 453,757
---------------
1,922,939
---------------
MOVIES & ENTERTAINMENT -- 0.4%
8,311,000 AMC Entertainment Holdings, Inc. (f)............................ 0.50% 04/15/25 4,498,329
---------------
REAL ESTATE SERVICES -- 0.0%
250,000 KB Home......................................................... 7.00% 12/15/21 260,469
---------------
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS -- 0.4%
4,616,000 Dell International LLC / EMC Corp. (f).......................... 5.88% 06/15/21 4,632,895
---------------
</TABLE>

Page 14 See Notes to Financial Statements

<PAGE>

FIRST TRUST SENIOR LOAN FUND (FTSL)

PORTFOLIO OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2020

TRADING COMPANIES & DISTRIBUTORS -- 0.0%
$ 250,000 United Rentals North America, Inc............................... 5.88% 09/15/26 $ 263,373
---------------
WIRELESS TELECOMMUNICATION SERVICES -- 0.2%
2,000,000 T-Mobile USA, Inc............................................... 6.00% 03/01/23 2,002,500
---------------
TOTAL CORPORATE BONDS AND NOTES.............................................................. 93,995,654
(Cost $98,996,799) ---------------

FOREIGN CORPORATE BONDS AND NOTES -- 0.4%
PHARMACEUTICALS -- 0.4%
305,000 Bausch Health Cos., Inc. (f).................................... 5.88% 05/15/23 304,475
4,366,000 Bausch Health Cos., Inc. (f).................................... 6.13% 04/15/25 4,487,157
250,000 Mallinckrodt International Finance S.A. / Mallinckrodt CB
LLC (c) (f) (g).............................................. 5.63% 10/15/23 81,250
---------------
4,872,882
---------------
REAL ESTATE SERVICES -- 0.0%
250,000 Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II,
Inc. (f)..................................................... 5.88% 04/15/23 265,309
---------------
TOTAL FOREIGN CORPORATE BONDS AND NOTES...................................................... 5,138,191
(Cost $5,271,174) ---------------
</TABLE>

<TABLE>
<CAPTION>
SHARES DESCRIPTION VALUE
---------------- --------------------------------------------------------------------------------------------- ---------------
<S> <C> <C>
COMMON STOCKS -- 0.2%

PHARMACEUTICALS -- 0.2%
249,316 Akorn, Inc. (h) (i).......................................................................... 2,804,805
(Cost $2,858,880) ---------------

RIGHTS -- 0.0%
ELECTRIC UTILITIES -- 0.0%
4,887 Vistra Energy Corp. (h) (i).................................................................. 5,459
---------------
LIFE SCIENCES TOOLS & SERVICES -- 0.0%
1 New Millennium Holdco, Inc., Corporate Claim Trust (h) (i) (j) (k)........................... 0
1 New Millennium Holdco, Inc., Corporate Claim Trust (h) (i) (j) (k)........................... 0
---------------
0
---------------
TOTAL RIGHTS................................................................................. 5,459
(Cost $8,491) ---------------

MONEY MARKET FUNDS -- 4.9%
62,181,641 Morgan Stanley Institutional Liquidity Funds - Treasury
Portfolio - Institutional Class - 0.01% (l)............................................... 62,181,641
(Cost $62,181,641) ---------------

TOTAL INVESTMENTS -- 101.4%.................................................................. 1,295,301,055
(Cost $1,348,631,383) (m)
NET OTHER ASSETS AND LIABILITIES -- (1.4)%................................................... (18,336,754)
---------------
NET ASSETS -- 100.0%......................................................................... $ 1,276,964,301
===============
</TABLE>

-----------------------------

(a) Senior Floating-Rate Loan Interests ("Senior Loans") in which the Fund
invests generally 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.

See Notes to Financial Statements Page 15

<PAGE>

FIRST TRUST SENIOR LOAN FUND (FTSL)

PORTFOLIO OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2020

(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.

(d) The issuer may pay interest on the loans (1) entirely in cash or (2) in
the event that both the Payment-In-Kind ("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. The first interest
payment is scheduled for January 4, 2021.

(e) On October 1, 2020, Akorn Holding Company LLC completed a Bankruptcy Plan
of Reorganization. In connection with the Plan of Reorganization, the Fund
received a portion of a new exit term loan and a share of the newly issued
common equity shares in the re-organized company.

(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, 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 October 31, 2020, securities noted as such
amounted to $90,092,503 or 7.1% of net assets.

(g) This issuer is in default and interest is not being accrued by the Fund
nor paid by the issuer.

(h) Pursuant to procedures adopted by the Trust's Board of Trustees, this
security has been determined to be illiquid by the Advisor.

(i) Non-income producing security.

(j) This security's value was determined using significant unobservable inputs
(see Note 2A - Portfolio Valuation in the Notes to Financial Statements).

(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 provisions of the Investment Company Act of 1940, as
amended. At October 31, 2020, securities noted as such are valued at $0 or
0.0% of net assets.

(l) Rate shown reflects yield as of October 31, 2020.

(m) Aggregate cost for federal income tax purposes is $1,349,340,118. As of
October 31, 2020, the aggregate gross unrealized appreciation for all
investments in which there was an excess of value over tax cost was
$3,640,327 and the aggregate gross unrealized depreciation for all
investments in which there was an excess of tax cost over value was
$57,679,390. The net unrealized depreciation was $54,039,063.

LIBOR - London Interbank Offered Rate

Page 16 See Notes to Financial Statements

<PAGE>

FIRST TRUST SENIOR LOAN FUND (FTSL)

PORTFOLIO OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2020

-----------------------------

VALUATION INPUTS

A summary of the inputs used to value the Fund's investments as of October 31,
2020 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):

<TABLE>
<CAPTION>
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
10/31/2020 PRICES INPUTS INPUTS
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Senior Floating-Rate Loan Interests*.............. $1,131,175,305 $ -- $1,131,175,305 $ --
Corporate Bonds and Notes*........................ 93,995,654 -- 93,995,654 --
Foreign Corporate Bonds and Notes*................ 5,138,191 -- 5,138,191 --
Common Stocks*.................................... 2,804,805 -- 2,804,805 --
Rights:
Electric Utilities............................. 5,459 -- 5,459 --
Life Science Tools & Services.................. --** -- -- --**
Money Market Funds................................ 62,181,641 62,181,641 -- --
-------------- -------------- -------------- --------------
Total Investments................................. $1,295,301,055 $ 62,181,641 $1,233,119,414 $ --**
============== ============== ============== ==============
</TABLE>

* See Portfolio of Investments for industry breakout.
** Investment is valued at $0.

Level 3 Rights are fair valued by the Advisor's Pricing Committee and are
footnoted in the Portfolio of Investments. These values are based on
unobservable and non-quantitative inputs.

See Notes to Financial Statements Page 17

<PAGE>

FIRST TRUST SENIOR LOAN FUND (FTSL)

STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 2020

<TABLE>
<CAPTION>
ASSETS:
<S> <C>
Investments, at value..................................................... $1,295,301,055
Receivables:
Investment securities sold............................................. 36,500,196
Interest............................................................... 3,047,447
Dividends.............................................................. 648
Capital shares sold.................................................... 9,180
--------------
Total Assets........................................................ 1,334,858,526
--------------
LIABILITIES:
Due to custodian.......................................................... 1,893,460
Payables:
Investment securities purchased........................................ 45,880,635
Capital shares purchased............................................... 9,179,441
Investment advisory fees............................................... 939,653
Unrealized depreciation on unfunded loan commitments...................... 1,036
--------------
Total Liabilities................................................... 57,894,225
--------------
NET ASSETS................................................................ $1,276,964,301
==============
NET ASSETS CONSIST OF:
Paid-in capital........................................................... $1,404,687,564
Par value................................................................. 278,500
Accumulated distributable earnings (loss)................................. (128,001,763)
--------------
NET ASSETS................................................................ $1,276,964,301
==============
NET ASSET VALUE, per share................................................ $ 45.85
==============
Number of shares outstanding (unlimited number of shares
authorized, par value $0.01 per share)................................. 27,850,002
==============
Investments, at cost...................................................... $1,348,631,383
==============
</TABLE>

Page 18 See Notes to Financial Statements

<PAGE>

FIRST TRUST SENIOR LOAN FUND (FTSL)

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2020

<TABLE>
<CAPTION>
INVESTMENT INCOME:
<S> <C>
Interest.................................................................. $ 65,060,375
Dividends - Unaffiliated.................................................. 524,037
Dividends - Affiliated.................................................... 215,267
--------------
Total investment income................................................ 65,799,679
--------------
EXPENSES:
Investment advisory fees.................................................. 12,483,139
--------------
Total expenses......................................................... 12,483,139
--------------
NET INVESTMENT INCOME (LOSS).............................................. 53,316,540
--------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments - Unaffiliated............................................. (47,791,805)
Investments - Affiliated............................................... 78,316
--------------
Net realized gain (loss).................................................. (47,713,489)
--------------
Net change in unrealized appreciation (depreciation) on:
Investments - Unaffiliated............................................. (24,555,624)
Investments - Affiliated............................................... (64,020)
Unfunded loan commitments.............................................. (1,036)
--------------
Net change in unrealized appreciation (depreciation)...................... (24,620,680)
--------------
NET REALIZED AND UNREALIZED GAIN (LOSS)................................... (72,334,169)
--------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS........................................................ $ (19,017,629)
==============
</TABLE>

See Notes to Financial Statements Page 19

<PAGE>

FIRST TRUST SENIOR LOAN FUND (FTSL)

STATEMENTS OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
10/31/2020 10/31/2019
-------------- --------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss).............................................. $ 53,316,540 $ 74,073,286
Net realized gain (loss).................................................. (47,713,489) (11,874,050)
Net change in unrealized appreciation (depreciation)...................... (24,620,680) (16,779,812)
-------------- --------------
Net increase (decrease) in net assets resulting from operations........... (19,017,629) 45,419,424
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations..................................................... (53,352,275) (74,733,494)
Return of capital......................................................... (984,628) (385,786)
-------------- --------------
Total distributions to shareholders....................................... (54,336,903) (75,119,280)
-------------- --------------
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold................................................. 198,707,465 157,940,483
Cost of shares redeemed................................................... (451,536,565) (408,996,170)
-------------- --------------
Net increase (decrease) in net assets resulting
from shareholder transactions.......................................... (252,829,100) (251,055,687)
-------------- --------------
Total increase (decrease) in net assets................................... (326,183,632) (280,755,543)

NET ASSETS:
Beginning of period....................................................... 1,603,147,933 1,883,903,476
-------------- --------------
End of period............................................................. $1,276,964,301 $1,603,147,933
============== ==============
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period................................... 34,000,002 39,450,002
Shares sold............................................................... 4,200,000 3,300,000
Shares redeemed........................................................... (10,350,000) (8,750,000)
-------------- --------------
Shares outstanding, end of period......................................... 27,850,002 34,000,002
============== ==============
</TABLE>

Page 20 See Notes to Financial Statements

<PAGE>

FIRST TRUST SENIOR LOAN FUND (FTSL)

FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
------------------------------------------------------------------------
2020 2019 2018 2017 2016
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.................. $ 47.15 $ 47.75 $ 48.26 $ 48.32 $ 48.07
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss).......................... 1.67 2.13 1.87 1.68 1.80
Net realized and unrealized gain (loss)............... (1.27) (0.57) (0.43) (0.04) 0.27
---------- ---------- ---------- ---------- ----------
Total from investment operations...................... 0.40 1.56 1.44 1.64 2.07
---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income................................. (1.67) (2.15) (1.92) (1.70) (1.82)
Return of capital..................................... (0.03) (0.01) (0.03) -- --
---------- ---------- ---------- ---------- ----------
Total distributions paid to shareholders.............. (1.70) (2.16) (1.95) (1.70) (1.82)
---------- ---------- ---------- ---------- ----------
Net asset value, end of period........................ $ 45.85 $ 47.15 $ 47.75 $ 48.26 $ 48.32
========== ========== ========== ========== ==========
TOTAL RETURN (a)...................................... 0.90% 3.37% 3.03% 3.43% 4.43%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's).................. $1,276,964 $1,603,148 $1,883,903 $1,341,599 $ 594,277
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net assets (b)..... 0.85% 0.85% 0.85% 0.85% 0.85%
Ratio of net investment income (loss) to
average net assets................................. 3.63% 4.50% 3.94% 3.53% 3.84%
Portfolio turnover rate (c)........................... 76% 44% 88% 110% 67%
</TABLE>

(a) Total return is calculated assuming an initial investment made at the net
asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net
asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods
of less than a year.

(b) The Fund indirectly bears its proportionate share of fees and expenses
incurred by the underlying funds in which the Fund invests. This ratio
does not include these indirect fees and expenses.

(c) Portfolio turnover is calculated for the time period presented and is not
annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind
transactions.

See Notes to Financial Statements Page 21

<PAGE>

--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2020

1. ORGANIZATION

First Trust Exchange-Traded Fund IV (the "Trust") is an open-end management
investment company organized as a Massachusetts business trust on September 15,
2010, and is registered with the Securities and Exchange Commission under the
Investment Company Act of 1940, as amended (the "1940 Act").

The Trust currently consists of nine funds that are offering shares. This report
covers the First Trust Senior Loan Fund (the "Fund"), a diversified series of
the Trust, which trades under the ticker "FTSL" on The Nasdaq Stock Market LLC
("Nasdaq"). Unlike conventional mutual funds, the Fund issues and redeems shares
on a continuous basis, at net asset value ("NAV"), only in large specified
blocks consisting of 50,000 shares called a "Creation Unit." Creation Units are
generally issued and redeemed for cash and, in certain circumstances, in-kind
for securities in which the Fund invests. Except when aggregated in Creation
Units, the shares are not redeemable securities of the Fund.

The Fund's primary investment objective is to provide high current income. The
Fund's secondary investment objective is the preservation of capital. Under
normal market conditions, the Fund seeks to outperform each of the S&P/LSTA U.S.
Leveraged Loan 100 Index and the Markit iBoxx USD Liquid Leveraged Loan Index by
investing at least 80% of its net assets (including investment borrowings) in
first lien senior floating rate bank loans ("Senior Loans")(1). The S&P/LSTA
U.S. Leveraged Loan 100 Index (the "Primary Index") is a market value-weighted
index designed to measure the performance of the largest segment of the U.S.
syndicated leveraged loan market. The Primary Index consists of 100 loan
facilities drawn from a larger benchmark, the S&P/LSTA Leveraged Loan Index. The
Markit iBoxx USD Liquid Leveraged Loan Index (the "Secondary Index") selects the
100 most liquid Senior Loans in the market. The Fund does not seek to track
either the Primary or Secondary Index, but rather seeks to outperform each of
the indices. It is anticipated that the Fund, in accordance with its principal
investment strategy, will invest approximately 50% to 75% of its net assets in
Senior Loans that are eligible for inclusion in and meet the liquidity
thresholds of the Primary and/or the Secondary Indices at the time of
investment.

A Senior Loan is an advance or commitment of funds made by one or more banks or
similar financial institutions to one or more corporations, partnerships or
other business entities and typically pays interest at a floating or adjusting
rate that is determined periodically at a designated premium above a base
lending rate, most commonly the London Interbank Offered Rate. The Fund invests
primarily in Senior Loans that are below investment grade quality at the time of
investment. The Fund invests in Senior Loans made predominantly to businesses
operating in North America, but may also invest in Senior Loans made to
businesses operating outside of North America.

2. SIGNIFICANT ACCOUNTING POLICIES

The Fund is considered an investment company and follows accounting and
reporting guidance under Financial Accounting Standards Board ("FASB")
Accounting Standards Codification Topic 946, "Financial Services-Investment
Companies." The following is a summary of significant accounting policies
consistently followed by the Fund in the preparation of the financial
statements. The preparation of the financial statements in accordance with
accounting principles generally accepted in the United States of America ("U.S.
GAAP") requires management to make estimates and assumptions that affect the
reported amounts and disclosures in the financial statements. Actual results
could differ from those estimates.

A. PORTFOLIO VALUATION

The Fund's NAV is determined daily as of the close of regular trading on the New
York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the
NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV
is determined as of that time. Domestic debt securities and foreign securities
are priced using data reflecting the earlier closing of the principal markets
for those securities. The Fund's NAV is calculated by dividing the value of all
assets of the Fund (including accrued interest and dividends), less all
liabilities (including accrued expenses and dividends declared but unpaid), by
the total number of shares outstanding.

The Fund's investments are valued daily at market value or, in the absence of
market value with respect to any portfolio securities, at fair value. Market
value prices represent last sale or official closing prices from a national or
foreign exchange (i.e., a regulated market) and are primarily obtained from
third-party pricing services. Fair value prices represent any prices not
considered market value prices and are either obtained from a third-party
pricing service or are determined by the Pricing Committee of the Fund's

-----------------------------
(1) The terms "security" and "securities" used throughout the Notes to
Financial Statements include Senior Loans.

Page 22

<PAGE>

--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------

FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2020

investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"),
in accordance with valuation procedures adopted by the Trust's Board of
Trustees, and in accordance with provisions of the 1940 Act. Investments valued
by the Advisor's Pricing Committee, if any, are footnoted as such in the
footnotes to the Portfolio of Investments. The Fund's investments are valued as
follows:

Senior Loans in which the Fund invests are not listed on any securities
exchange or board of trade. Senior Loans are typically bought and sold by
institutional investors in individually negotiated private transactions
that function in many respects like an over-the-counter secondary market,
although typically no formal market-makers exist. This market, while
having grown substantially since its inception, generally has fewer trades
and less liquidity than the secondary market for other types of
securities. Some Senior Loans have few or no trades, or trade
infrequently, and information regarding a specific Senior Loan may not be
widely available or may be incomplete. Accordingly, determinations of the
market value of Senior Loans may be based on infrequent and dated
information. Because there is less reliable, objective data available,
elements of judgment may play a greater role in valuation of Senior Loans
than for other types of securities. Typically, Senior Loans are valued
using information provided by a third-party pricing service. The
third-party pricing service primarily uses over-the-counter pricing from
dealer runs and broker quotes from indicative sheets to value the Senior
Loans.

Corporate bonds, corporate notes and other debt securities are fair valued
on the basis of valuations provided by dealers who make markets in such
securities or by a third-party pricing service approved by the Trust's
Board of Trustees, which may use the following valuation inputs when
available:

1) benchmark yields;
2) reported trades;
3) broker/dealer quotes;
4) issuer spreads;
5) benchmark securities;
6) bids and offers; and
7) reference data including market research publications.

Exchange-traded funds and other equity securities listed on any national
or foreign exchange (excluding Nasdaq and the London Stock Exchange
Alternative Investment Market ("AIM")) are valued at the last sale price
on the exchange on which they are principally traded or, for Nasdaq and
AIM securities, the official closing price. Securities traded on more than
one securities exchange are valued at the last sale price or official
closing price, as applicable, at the close of the securities exchange
representing the principal market for such securities.

Shares of open-end funds are valued at fair value which is based on NAV
per share.

Securities traded in an over-the-counter market are fair valued at the
mean of their most recent bid and asked price, if available, and otherwise
at their closing bid price.

Fixed income and other debt securities having a remaining maturity of
sixty days or less when purchased are fair valued at cost adjusted for
amortization of premiums and accretion of discounts (amortized cost),
provided the Advisor's Pricing Committee has determined that the use of
amortized cost is an appropriate reflection of fair value given market and
issuer-specific conditions existing at the time of the determination.
Factors that may be considered in determining the appropriateness of the
use of amortized cost include, but are not limited to, the following:

1) the credit conditions in the relevant market and changes
thereto;
2) the liquidity conditions in the relevant market and changes
thereto;
3) the interest rate conditions in the relevant market and
changes thereto (such as significant changes in interest
rates);
4) issuer-specific conditions (such as significant credit
deterioration); and
5) any other market-based data the Advisor's Pricing Committee
considers relevant. In this regard, the Advisor's Pricing
Committee may use last-obtained market-based data to assist it
when valuing portfolio securities using amortized cost.

Certain securities may not be able to be priced by pre-established pricing
methods. Such securities may be valued by the Trust's Board of Trustees or its
delegate, the Advisor's Pricing Committee, at fair value. These securities
generally include, but are not limited to, restricted securities (securities
which may not be publicly sold without registration under the Securities Act of
1933, as amended) for which a third-party pricing service is unable to provide a
market price; securities whose trading has been formally suspended; a security
whose market or fair value price is not available from a pre-established pricing

Page 23

<PAGE>

FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2020

source; a security with respect to which an event has occurred that is likely to
materially affect the value of the security after the market has closed but
before the calculation of the Fund's NAV or make it difficult or impossible to
obtain a reliable market quotation; and a security whose price, as provided by
the third-party pricing service, does not reflect the security's fair value. As
a general principle, the current fair value of a security would appear to be the
amount which the owner might reasonably expect to receive for the security upon
its current sale. When fair value prices are used, generally they will differ
from market quotations or official closing prices on the applicable exchanges. A
variety of factors may be considered in determining the fair value of such
securities, including, but not limited to, the following:

1) the fundamental business data relating to the borrower/issuer;

2) an evaluation of the forces which influence the market in
which these securities are purchased and sold;

3) the type, size and cost of a security;

4) the financial statements of the borrower/issuer;

5) the credit quality and cash flow of the borrower/issuer, based
on the Advisor's or external analysis;

6) the information as to any transactions in or offers for the
security;

7) the price and extent of public trading in similar securities
(or equity securities) of the borrower/issuer, or comparable
companies;

8) the coupon payments;

9) the quality, value and salability of collateral, if any,
securing the security;

10) the business prospects of the borrower/issuer, including any
ability to obtain money or resources from a parent or
affiliate and an assessment of the borrower's/issuer's
management;

11) the prospects for the borrower's/issuer's industry, and
multiples (of earnings and/or cash flows) being paid for
similar businesses in that industry;

12) borrower's/issuer's competitive position within the industry;

13) borrower's/issuer's ability to access additional liquidity
through public and/or private markets; and

14) other relevant factors.

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:

o Level 1 - Level 1 inputs are quoted prices in active markets for
identical investments. An active market is a market in which
transactions for the investment occur with sufficient frequency and
volume to provide pricing information on an ongoing basis.

o Level 2 - Level 2 inputs are observable inputs, either directly or
indirectly, and include the following:

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets
that are non-active. A non-active market is a market where
there are few transactions for the investment, the prices are
not current, or price quotations vary substantially either
over time or among market makers, or in which little
information is released publicly.

o Inputs other than quoted prices that are observable for the
investment (for example, interest rates and yield curves
observable at commonly quoted intervals, volatilities,
prepayment speeds, loss severities, credit risks, and default
rates).

o Inputs that are derived principally from or corroborated by
observable market data by correlation or other means.

o Level 3 - Level 3 inputs are unobservable inputs. Unobservable
inputs 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 October 31, 2020, is
included with the Fund's Portfolio of Investments.

B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME

Securities transactions are recorded as of the trade date. Realized gains and
losses from securities transactions are recorded on the identified cost basis.
Dividend income is recorded on the ex-dividend date. Interest income is recorded
daily on the accrual basis. Amortization of premiums and accretion of discounts
are recorded using the effective interest method over the expected life of each
respective borrowing for loans and bonds.

In July 2017, the Financial Conduct Authority ("FCA") announced that it will no
longer persuade or compel banks to submit rates for the calculations of the
London Interbank Offered Rates ("LIBOR") after 2021. Further, the FCA has
subsequently stated, as recently as March 2020, that the central assumption
continues to be that firms should not rely on LIBOR being published after the
end of 2021.

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<PAGE>

FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2020

In the United States, the Alternative Reference Rates Committee (the "ARRC"), a
group of market participants convened by the Board of Governors of the Federal
Reserve System and the Federal Reserve Bank of New York in cooperation with
other federal and state government agencies, has since 2014 undertaken efforts
to identify U.S. dollar reference interest rates as alternatives to LIBOR and to
facilitate the mitigation of LIBOR-related risks. In June 2017, the ARRC
identified the Secured Overnight Financing Rate ("SOFR"), a broad measure of the
cost of cash overnight borrowing collateralized by U.S. Treasury securities, as
the preferred alternative for U.S. dollar LIBOR. The Federal Reserve Bank of New
York began daily publishing of SOFR in April 2018.

At this time, it is not possible to predict the full impact of the elimination
of LIBOR and the establishment of an alternative reference rate on the Fund or
its investments.

Securities purchased or sold on a when-issued, delayed-delivery or forward
purchase commitment basis may have extended settlement periods. The value of the
security so purchased is subject to market fluctuations during this period. Due
to the nature of the Senior Loan market, the actual settlement date may not be
certain at the time of the purchase or sale for some of the Senior Loans.
Interest income on such Senior Loans is not accrued until settlement date. The
Fund maintains liquid assets with a current value at least equal to the amount
of its when-issued, delayed delivery or forward purchase commitments. The Fund
had no when-issued, delayed-delivery, or forward purchase commitments (other
than unfunded loan commitments discussed below) as of October 31, 2020.

C. UNFUNDED LOAN COMMITMENTS

The Fund may enter into certain credit agreements, all or a portion of which may
be unfunded. The Fund is obligated to fund these loan commitments at the
borrower's discretion. Unfunded loan commitments are marked-to-market daily, and
any unrealized appreciation (depreciation) is included in the Statement of
Assets and Liabilities and Statement of Operations. In connection with these
commitments, the Fund earns a commitment fee typically set as a percentage of
the commitment amount. As of October 31, 2020, the Fund had the following
unfunded loan commitment:

<TABLE>
<CAPTION>
UNREALIZED
PRINCIPAL COMMITMENT APPRECIATION
BORROWER VALUE AMOUNT VALUE (DEPRECIATION)
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Help at Home (HAH Group Holding Company, LLC), Term Loan $ 414,520 $ 408,302 $ 407,266 $ (1,036)
</TABLE>

D. AFFILIATED TRANSACTIONS

The Fund invests in securities of affiliated funds. Dividend income and realized
gains and losses, and change in appreciation (depreciation) from affiliated
funds are presented on the Statement of Operations. The Fund's investment
performance and risks are directly related to the investment performance and
risks of the affiliated funds.

Amounts related to these investments at October 31, 2020, and for the fiscal
year then ended are as follows:

<TABLE>
<CAPTION>
CHANGE IN
UNREALIZED REALIZED
SHARES AT VALUE AT APPRECIATION GAIN VALUE AT DIVIDEND
SECURITY NAME 10/31/2020 10/31/2018 PURCHASES SALES (DEPRECIATION) (LOSS) 10/31/2020 INCOME
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
First Trust Enhanced
Short Maturity ETF -- $ 32,058,015 $ -- $(32,072,311) $ (64,020) $ 78,316 $ -- $ 215,267
===============================================================================================
</TABLE>

E. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS

Dividends from net investment income, if any, are declared and paid monthly by
the Fund, or as the Board of Trustees may determine from time to time.
Distributions of net realized gains earned by the Fund, if any, are distributed
at least annually.

Distributions in cash may be reinvested automatically in additional whole shares
only if the broker through whom the shares were purchased makes such option
available. Such shares will generally be reinvested by the broker based upon the
market price of those shares and investors may be subject to customary brokerage
commissions charged by the broker.

Distributions from net investment income and realized capital gains are
determined in accordance with federal income tax regulations, which may differ
from U.S. GAAP. Certain capital accounts in the financial statements are
periodically adjusted for permanent differences in order to reflect their tax
character. These permanent differences are primarily due to the varying

Page 25

<PAGE>

FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2020

treatment of income and gain/loss on portfolio securities held by the Fund and
have no impact on net assets or NAV per share. Temporary differences, which
arise from recognizing certain items of income, expense and gain/loss in
different periods for financial statement and tax purposes, will reverse at some
time in the future.

The tax character of distributions paid during the fiscal years ended October
31, 2020 and 2019 was as follows:

Distributions paid from: 2020 2019
Ordinary income................................. $ 53,352,275 $ 74,733,494
Capital gains................................... -- --
Return of capital............................... 984,628 385,786

As of October 31, 2020, the components of distributable earnings on a tax basis
for the Fund were as follows:

Undistributed ordinary income................... $ --
Accumulated capital and other gain (loss)....... (73,961,664)
Net unrealized appreciation (depreciation)...... (54,040,099)

F. INCOME TAXES

The Fund intends to continue to qualify as a regulated investment company by
complying with the requirements under Subchapter M of the Internal Revenue Code
of 1986, as amended, which includes distributing substantially all of its net
investment income and net realized gains to shareholders. Accordingly, no
provision has been made for federal and state income taxes. However, due to the
timing and amount of distributions, the Fund may be subject to an excise tax of
4% of the amount by which approximately 98% of the Fund's taxable income exceeds
the distributions from such taxable income for the calendar year.

The Fund is subject to accounting standards that establish a minimum threshold
for recognizing, and a system for measuring, the benefits of a tax position
taken or expected to be taken in a tax return. The taxable years ended 2017,
2018, 2019, and 2020 remain open to federal and state audit. As of October 31,
2020, management has evaluated the application of these standards to the Fund
and has determined that no provision for income tax is required in the Fund's
financial statements for uncertain tax positions.

The Fund intends to utilize provisions of the federal income tax laws, which
allow it to carry a realized capital loss forward indefinitely following the
year of the loss and offset such loss against any future realized capital gains.
The Fund is subject to certain limitations under U.S. tax rules on the use of
capital loss carryforwards and net unrealized built-in losses. These limitations
apply when there has been a 50% change in ownership. As of October 31, 2020, the
Fund had non-expiring capital loss carryforwards available for federal income
tax purposes of $73,961,664.

Certain losses realized during the current fiscal year may be deferred and
treated as occurring on the first day of the following fiscal year for federal
income tax purposes. For the fiscal year ended October 31, 2020, the Fund had no
net late year ordinary or capital losses.

In order to present paid-in capital and accumulated distributable earnings
(loss) (which consists of accumulated net investment income (loss), accumulated
net realized gain (loss) on investments and net unrealized appreciation
(depreciation) on investments) on the Statement of Assets and Liabilities that
more closely represent their tax character, certain adjustments have been made
to paid-in capital, accumulated net investment income (loss) and accumulated net
realized gain (loss) on investments. These adjustments are primarily due to the
difference between book and tax treatments of income and gains on various
investment securities held by the Fund. The results of operations and net assets
were not affected by these adjustments. For the fiscal year ended October 31,
2020, the adjustments for the Fund were as follows:

ACCUMULATED
ACCUMULATED NET REALIZED
NET INVESTMENT GAIN (LOSS)
INCOME (LOSS) ON INVESTMENTS PAID-IN CAPITAL
-------------- -------------- ---------------
$ 37,255 $ 811,084 $ (848,339)

G. EXPENSES

Expenses, other than the investment advisory fee and other excluded expenses,
are paid by the Advisor (see Note 3).

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<PAGE>

FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2020

H. NEW ACCOUNTING PRONOUNCEMENT

On March 30, 2017, the FASB issued Accounting Standards Update ("ASU") 2017-08
"Premium Amortization on Purchased Callable Debt Securities," which amends the
amortization period for certain purchased callable debt securities held at a
premium by shortening such period to the earliest call date. The new guidance
requires an entity to amortize the premium on a callable debt security within
its scope to the earliest call date, unless the guidance for considering
estimated prepayments is applied. If the call option is not exercised at the
earliest call date, the yield is reset to the effective yield using the payment
terms of the security. If the security has more than one call date and the
premium was amortized to a call price greater than the next call price, any
excess of the amortized cost basis over the amount repayable at the next call
date will be amortized to that date. If there are no other call dates, any
excess of the amortized cost basis over the par amount will be amortized to
maturity. Discounts on purchased callable debt securities will continue to be
amortized to the security's maturity date. ASU 2017-08 is effective for public
business entities for fiscal years, and interim periods within those fiscal
years, beginning after December 15, 2018. ASU 2017-08 was adopted for these
financial statements and did not have a material impact.

3. INVESTMENT ADVISORY FEE, AFFILIATED TRANSACTIONS AND OTHER FEE ARRANGEMENTS

First Trust, the investment advisor to the Fund, is a limited partnership with
one limited partner, Grace Partners of DuPage L.P., and one general partner, The
Charger Corporation. The Charger Corporation is an Illinois corporation
controlled by James A. Bowen, Chief Executive Officer of First Trust. First
Trust is responsible for the selection and ongoing monitoring of the securities
in the Fund's portfolio, managing the Fund's business affairs and providing
certain administrative services necessary for the management of the Fund.

Pursuant to the Investment Management Agreement between the Trust and the
Advisor, First Trust manages the investment of the Fund's assets and is
responsible for the Fund's expenses, including the cost of transfer agency,
custody, fund administration, legal, audit and other services, but excluding fee
payments under the Investment Management Agreement, interest, taxes, pro rata
share of fees and expenses attributable to investments in other investment
companies ("acquired fund fees and expenses"), brokerage commissions and other
expenses connected with the execution of portfolio transactions, distribution
and service fees payable pursuant to a Rule 12b-1 plan, if any, and
extraordinary expenses. The Fund has agreed to pay First Trust an annual unitary
management fee equal to 0.85% of its average daily net assets. In addition, the
Fund incurs acquired fund fees and expenses. The total of the unitary management
fee and acquired fund fees and expenses represents the Fund's total annual
operating expenses.

The Trust has multiple service agreements with The Bank of New York Mellon
("BNYM"). Under the service agreements, BNYM performs custodial, fund
accounting, certain administrative services, and transfer agency services for
the Fund. As custodian, BNYM is responsible for custody of the Fund's assets. As
fund accountant and administrator, BNYM is responsible for maintaining the books
and records of the Fund's securities and cash. As transfer agent, BNYM is
responsible for maintaining shareholder records for the Fund. BNYM is a
subsidiary of The Bank of New York Mellon Corporation, a financial holding
company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor
or any of their affiliates ("Independent Trustees") is paid a fixed annual
retainer that is allocated equally among each fund in the First Trust Fund
Complex. Each Independent Trustee is also paid an annual per fund fee that
varies based on whether the fund is a closed-end or other actively managed fund,
defined-outcome fund or is an index fund.

Additionally, the Lead Independent Trustee and the Chairmen of the Audit
Committee, Nominating and Governance Committee and the Valuation Committee are
paid annual fees to serve in such capacities, with such compensation allocated
pro rata among each fund in the First Trust Fund Complex based on net assets.
Independent Trustees are reimbursed for travel and out-of-pocket expenses in
connection with all meetings. The Lead Independent Trustee and Committee
Chairmen rotate every three years. The officers and "Interested" Trustee receive
no compensation from the Trust for acting in such capacities.

4. PURCHASES AND SALES OF SECURITIES

For the fiscal year ended October 31, 2020, the cost of purchases and proceeds
from sales of investments, excluding short-term investments and in-kind
transactions, were $1,074,196,258 and $1,361,178,299, respectively.

For the fiscal year ended October 31, 2020, there were no in-kind transactions.

Page 27

<PAGE>

FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2020

5. BORROWINGS

The Trust, on behalf of the Fund, along with First Trust Exchange-Traded Fund
III and First Trust Series Fund have a $410 million Credit Agreement with The
Bank of Nova Scotia ("Scotia") as administrative agent for a group of lenders.
Prior to November 25, 2019, the commitment amount was $385 million. Scotia
charges a commitment fee of 0.25% of the daily amount of the excess of the
commitment amount over the outstanding principal balance of the loans and an
agency fee. First Trust allocates the commitment fee and agency fee amongst the
funds that have access to the credit line. To the extent that the Fund accesses
the credit line, there would also be an interest fee charged. The Fund did not
have any borrowings outstanding during the fiscal year ended October 31, 2020.

6. CREATIONS, REDEMPTIONS AND TRANSACTION FEES

Shares are created and redeemed by the Fund only in Creation Unit size
aggregations of 50,000 shares in transactions with broker dealers or large
institutional investors that have entered into a participation agreement (an
"Authorized Participant"). Due to the nature of the Fund's investments, the
Fund's Creation Units are generally issued and redeemed for cash, although
Creation Units may be issued in-kind for securities in which the Fund invests in
limited circumstances. Authorized Participants purchasing Creation Units must
pay to BNYM, as transfer agent, a creation transaction fee (the "Creation
Transaction Fee") regardless of the number of Creation Units purchased in the
transaction. The Creation Transaction Fee may increase or decrease with changes
in the Fund's portfolio. The price for each Creation Unit will equal the daily
NAV per share times the number of shares in a Creation Unit plus the fees
described above and, if applicable, any operational processing and brokerage
costs, transfer fees or stamp taxes. When Creation Units are issued for cash,
the Authorized Participant may also be assessed an amount to cover the cost of
purchasing portfolio securities, including operational processing and brokerage
costs, transfer fees, stamp taxes, and part or all of the spread between the
expected bid and offer side of the market related to such securities.

Authorized Participants redeeming Creation Units must pay to BNYM, as transfer
agent, a standard redemption transaction fee (the "Redemption Transaction Fee"),
regardless of the number of Creation Units redeemed in the transaction. The
Redemption Transaction Fee may increase or decrease with changes in the Fund's
portfolio. When shares are redeemed for cash, the Authorized Participant may
also be assessed an amount to cover other costs, including operational
processing and brokerage costs, transfer fees, stamp taxes and part or all of
the spread between the expected bid and offer side of the market related to
portfolio securities sold in connection with the redemption.

7. DISTRIBUTION PLAN

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule
12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Fund is
authorized to pay an amount up to 0.25% of its average daily net assets each
year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the
Fund, for amounts expended to finance activities primarily intended to result in
the sale of Creation Units or the provision of investor services. FTP may also
use this amount to compensate securities dealers or other persons that are
Authorized Participants for providing distribution assistance, including
broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Fund, and pursuant to a contractual
arrangement, no 12b-1 fees will be paid any time before March 31, 2022.

8. INDEMNIFICATION

The Trust, on behalf of the Fund, has a variety of indemnification obligations
under contracts with its service providers. The Trust's maximum exposure under
these arrangements is unknown. However, the Trust has not had prior claims or
losses pursuant to these contracts and expects the risk of loss to be remote.

9. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund through
the date the financial statements were issued, and has determined that there
were no subsequent events, requiring recognition or disclosure in the financial
statements that have not already been disclosed.

Page 28

<PAGE>

--------------------------------------------------------------------------------
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
--------------------------------------------------------------------------------

TO THE SHAREHOLDERS AND THE BOARD OF TRUSTEES OF FIRST TRUST EXCHANGE-TRADED
FUND IV:

OPINION ON THE FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS

We have audited the accompanying statement of assets and liabilities of First
Trust Senior Loan Fund (the "Fund"), a series of the First Trust Exchange-Traded
Fund IV, including the portfolio of investments, as of October 31, 2020, the
related statement of operations for the year then ended, the statements of
changes in net assets for each of the two years in the period then ended, the
financial highlights for each of the five years in the period then ended, and
the related notes. In our opinion, the financial statements and financial
highlights present fairly, in all material respects, the financial position of
the Fund as of October 31, 2020, and the results of its operations for the year
then ended, the changes in its net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended in conformity with accounting principles generally
accepted in the United States of America.

BASIS FOR OPINION

These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on the Fund's
financial statements and financial highlights based on our audits. We are a
public accounting firm registered with the Public Company Accounting Oversight
Board (United States) (PCAOB) and are required to be independent with respect to
the Fund in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and financial highlights are
free of material misstatement, whether due to error or fraud. The Fund is not
required to have, nor were we engaged to perform, an audit of its internal
control over financial reporting. As part of our audits we are required to
obtain an understanding of internal control over financial reporting but not for
the purpose of expressing an opinion on the effectiveness of the Fund's internal
control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material
misstatement of the financial statements and financial highlights, whether due
to error or fraud, and performing procedures that respond to those risks. Such
procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements and financial highlights. Our audits
also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of October 31, 2020, by correspondence with
the custodian, agent banks and brokers; when replies were not received from
agent banks and brokers, we performed other auditing procedures. We believe that
our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Chicago, Illinois
December 23, 2020

We have served as the auditor of one or more First Trust investment companies
since 2001.

Page 29

<PAGE>

--------------------------------------------------------------------------------
ADDITIONAL INFORMATION
--------------------------------------------------------------------------------

FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2020 (UNAUDITED)

PROXY VOTING POLICIES AND PROCEDURES

A description of the policies and procedures that the Trust uses to determine
how to vote proxies and information on how the Fund voted proxies relating to
its portfolio securities during the most recent 12-month period ended June 30 is
available (1) without charge, upon request, by calling (800) 988-5891; (2) on
the Fund's website at www.ftportfolios.com; and (3) on the Securities and
Exchange Commission's ("SEC") website at www.sec.gov.

PORTFOLIO HOLDINGS

The Fund files portfolio holdings information for each month in a fiscal quarter
within 60 days after the end of the relevant fiscal quarter on Form N-PORT.
Portfolio holdings information for the third month of each fiscal quarter will
be publicly available on the SEC's website at www.sec.gov. The Fund's complete
schedule of portfolio holdings for the second and fourth quarters of each fiscal
year is included in the semi-annual and annual reports to shareholders,
respectively, and is filed with the SEC on Form N-CSR. The semi-annual and
annual report for the Fund is available to investors within 60 days after the
period to which it relates. The Fund's Forms N-PORT and Forms N-CSR are
available on the SEC's website listed above.

FEDERAL TAX INFORMATION

Distributions paid to the foreign shareholders during the Fund's fiscal year
ended October 31, 2020 that were properly designated by the Fund as
"interest-related dividends" or "short-term capital gain dividends," may not be
subject to federal income tax provided that the income was earned directly by
such foreign shareholders.

Of the ordinary income (including short-term capital gain) distributions made by
the Fund during the fiscal year ended October 31, 2020, none qualify for the
corporate dividends received deduction available to corporate shareholders or as
qualified dividend income.

RISK CONSIDERATIONS

RISKS ARE INHERENT IN ALL INVESTING. CERTAIN GENERAL RISKS THAT MAY BE
APPLICABLE TO A FUND ARE IDENTIFIED BELOW, BUT NOT ALL OF THE MATERIAL RISKS
RELEVANT TO EACH FUND ARE INCLUDED IN THIS REPORT AND NOT ALL OF THE RISKS BELOW
APPLY TO EACH FUND. THE MATERIAL RISKS OF INVESTING IN EACH FUND ARE SPELLED OUT
IN ITS PROSPECTUS, STATEMENT OF ADDITIONAL INFORMATION AND OTHER REGULATORY
FILINGS. BEFORE INVESTING, YOU SHOULD CONSIDER EACH FUND'S INVESTMENT OBJECTIVE,
RISKS, CHARGES AND EXPENSES, AND READ EACH FUND'S PROSPECTUS AND STATEMENT OF
ADDITIONAL INFORMATION CAREFULLY. YOU CAN DOWNLOAD EACH FUND'S PROSPECTUS AT
WWW.FTPORTFOLIOS.COM OR CONTACT FIRST TRUST PORTFOLIOS L.P. AT (800) 621-1675 TO
REQUEST A PROSPECTUS, WHICH CONTAINS THIS AND OTHER INFORMATION ABOUT EACH FUND.

CONCENTRATION RISK. To the extent that a fund is able to invest a large
percentage of its assets in a single asset class or the securities of issuers
within the same country, state, region, industry or sector, an adverse economic,
business or political development may affect the value of the fund's investments
more than if the fund were more broadly diversified. A fund that tracks an index
will be concentrated to the extent the fund's corresponding index is
concentrated. A concentration makes a fund more susceptible to any single
occurrence and may subject the fund to greater market risk than a fund that is
not concentrated.

CREDIT RISK. Credit risk is the risk that an issuer of a security will be unable
or unwilling to make dividend, interest and/or principal payments when due and
the related risk that the value of a security may decline because of concerns
about the issuer's ability to make such payments.

CYBER SECURITY RISK. The funds are susceptible to potential operational risks
through breaches in cyber security. A breach in cyber security refers to both
intentional and unintentional events that may cause a fund to lose proprietary
information, suffer data corruption or lose operational capacity. Such events
could cause a fund to incur regulatory penalties, reputational damage,
additional compliance costs associated with corrective measures and/or financial
loss. In addition, cyber security breaches of a fund's third-party service
providers, such as its administrator, transfer agent, custodian, or sub-advisor,
as applicable, or issuers in which the fund invests, can also subject a fund to
many of the same risks associated with direct cyber security breaches.

DERIVATIVES RISK. To the extent a fund uses derivative instruments such as
futures contracts, options contracts and swaps, the fund may experience losses
because of adverse movements in the price or value of the underlying asset,
index or rate, which may be magnified by certain features of the derivative.
These risks are heightened when a fund's portfolio managers use derivatives to
enhance the fund's return or as a substitute for a position or security, rather
than solely to hedge (or offset) the risk of a position or security held by the
fund.

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FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2020 (UNAUDITED)

EQUITY SECURITIES RISK. To the extent a fund invests in equity securities, the
value of the fund's shares will fluctuate with changes in the value of the
equity securities. Equity securities prices fluctuate for several reasons,
including changes in investors' perceptions of the financial condition of an
issuer or the general condition of the relevant stock market, such as market
volatility, or when political or economic events affecting the issuers occur. In
addition, common stock prices may be particularly sensitive to rising interest
rates, as the cost of capital rises and borrowing costs increase. Equity
securities may decline significantly in price over short or extended periods of
time, and such declines may occur in the equity market as a whole, or they may
occur in only a particular country, company, industry or sector of the market.

ETF RISK. The shares of an ETF trade like common stock and represent an interest
in a portfolio of securities. The risks of owning an ETF generally reflect the
risks of owning the underlying securities, although lack of liquidity in an ETF
could result in it being more volatile and ETFs have management fees that
increase their costs. Shares of an ETF trade on an exchange at market prices
rather than net asset value, which may cause the shares to trade at a price
greater than net asset value (premium) or less than net asset value (discount).
In times of market stress, decisions by market makers to reduce or step away
from their role of providing a market for an ETF's shares, or decisions by an
ETF's authorized participants that they are unable or unwilling to proceed with
creation and/or redemption orders of an ETF's shares, could result in shares of
the ETF trading at a discount to net asset value and in greater than normal
intraday bid-ask spreads.

FIXED INCOME SECURITIES RISK. To the extent a fund invests in fixed income
securities, the fund will be subject to credit risk, income risk, interest rate
risk, liquidity risk and prepayment risk. Income risk is the risk that income
from a fund's fixed income investments could decline during periods of falling
interest rates. Interest rate risk is the risk that the value of a fund's fixed
income securities will decline because of rising interest rates. Liquidity risk
is the risk that a security cannot be purchased or sold at the time desired, or
cannot be purchased or sold without adversely affecting the price. Prepayment
risk is the risk that the securities will be redeemed or prepaid by the issuer,
resulting in lower interest payments received by the fund. In addition to these
risks, high yield securities, or "junk" bonds, are subject to greater market
fluctuations and risk of loss than securities with higher ratings, and the
market for high yield securities is generally smaller and less liquid than that
for investment grade securities.

INDEX CONSTITUENT RISK. Certain funds may be a constituent of one or more
indices. As a result, such a fund may be included in one or more index-tracking
exchange-traded funds or mutual funds. Being a component security of such a
vehicle could greatly affect the trading activity involving a fund, the size of
the fund and the market volatility of the fund. Inclusion in an index could
significantly increase demand for the fund and removal from an index could
result in outsized selling activity in a relatively short period of time. As a
result, a fund's net asset value could be negatively impacted and the fund's
market price may be significantly below its net asset value during certain
periods.

INDEX PROVIDER RISK. To the extent a fund seeks to track an index, it is subject
to Index Provider Risk. There is no assurance that the Index Provider will
compile the Index accurately, or that the Index will be determined, maintained,
constructed, reconstituted, rebalanced, composed, calculated or disseminated
accurately. To correct any such error, the Index Provider may carry out an
unscheduled rebalance or other modification of the Index constituents or
weightings, which may increase the fund's costs. The Index Provider does not
provide any representation or warranty in relation to the quality, accuracy or
completeness of data in the Index, and it does not guarantee that the Index will
be calculated in accordance with its stated methodology. Losses or costs
associated with any Index Provider errors generally will be borne by the fund
and its shareholders.

INVESTMENT COMPANIES RISK. To the extent a fund invests in the securities of
other investment vehicles, the fund will incur additional fees and expenses that
would not be present in a direct investment in those investment vehicles.
Furthermore, the fund's investment performance and risks are directly related to
the investment performance and risks of the investment vehicles in which the
fund invests.

LIBOR RISK. To the extent a fund invests in floating or variable rate
obligations that use the London Interbank Offered Rate ("LIBOR") as a reference
interest rate, it is subject to LIBOR Risk. In 2017, the United Kingdom's
Financial Conduct Authority announced that LIBOR will cease to be available for
use after 2021. The unavailability or replacement of LIBOR may affect the value,
liquidity or return on certain fund investments and may result in costs incurred
in connection with closing out positions and entering into new trades. Any
potential effects of the transition away from LIBOR on the fund or on certain
instruments in which the fund invests can be difficult to ascertain, and they
may vary depending on a variety of factors. Any such effects of the transition
away from LIBOR, as well as other unforeseen effects, could result in losses to
the fund.

MANAGEMENT RISK. To the extent that a fund is actively managed, it is subject to
management risk. In managing an actively-managed fund's investment portfolio,
the fund's portfolio managers will apply investment techniques and risk analyses
that may not have the desired result. There can be no guarantee that a fund will
meet its investment objective.

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ADDITIONAL INFORMATION (CONTINUED)
--------------------------------------------------------------------------------

FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2020 (UNAUDITED)

MARKET RISK. Securities held by a fund, as well as shares of a fund itself, are
subject to market fluctuations caused by factors such as general economic
conditions, political events, regulatory or market developments, changes in
interest rates and perceived trends in securities prices. Shares of a fund could
decline in value or underperform other investments as a result of the risk of
loss associated with these market fluctuations. In addition, local, regional or
global events such as war, acts of terrorism, spread of infectious diseases or
other public health issues, recessions, or other events could have a significant
negative impact on a fund and its investments. Such events may affect certain
geographic regions, countries, sectors and industries more significantly than
others. The outbreak of the respiratory disease designated as COVID-19 in
December 2019 has caused significant volatility and declines in global financial
markets, which have caused losses for investors. The COVID-19 pandemic may last
for an extended period of time and will continue to impact the economy for the
foreseeable future.

NON-U.S. SECURITIES RISK. To the extent a fund invests in non-U.S. securities,
it is subject to additional risks not associated with securities of domestic
issuers. Non-U.S. securities are subject to higher volatility than securities of
domestic issuers due to: possible adverse political, social or economic
developments; restrictions on foreign investment or exchange of securities; lack
of liquidity; currency exchange rates; excessive taxation; government seizure of
assets; different legal or accounting standards; and less government supervision
and regulation of exchanges in foreign countries. Investments in non-U.S.
securities may involve higher costs than investments in U.S. securities,
including higher transaction and custody costs, as well as additional taxes
imposed by non-U.S. governments. These risks may be heightened for securities of
companies located, or with significant operations, in emerging market countries.

Passive Investment Risk. To the extent a fund seeks to track an index, the fund
will invest in the securities included in, or representative of, the index
regardless of their investment merit. A fund generally will not attempt to take
defensive positions in declining markets.

NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE

ADVISORY AGREEMENT

BOARD CONSIDERATIONS REGARDING APPROVAL OF CONTINUATION OF INVESTMENT MANAGEMENT
AGREEMENT

The Board of Trustees of First Trust Exchange-Traded Fund IV (the "Trust"),
including the Independent Trustees, unanimously approved the continuation of the
Investment Management Agreement (the "Agreement") with First Trust Advisors L.P.
(the "Advisor") on behalf of the First Trust Senior Loan Fund (the "Fund"). The
Board approved the continuation of the Agreement for a one-year period ending
June 30, 2021 at a meeting held on June 8, 2020. The Board determined that the
continuation of the Agreement is in the best interests of the Fund in light of
the nature, extent and quality of the services provided and such other matters
as the Board considered to be relevant in the exercise of its reasonable
business judgment.

To reach this determination, the Board considered its duties under the
Investment Company Act of 1940, as amended (the "1940 Act"), as well as under
the general principles of state law, in reviewing and approving advisory
contracts; the requirements of the 1940 Act in such matters; the fiduciary duty
of investment advisors with respect to advisory agreements and compensation; the
standards used by courts in determining whether investment company boards have
fulfilled their duties; and the factors to be considered by the Board in voting
on such agreements. At meetings held on May 11, 2020 and June 8, 2020, the
Board, including the Independent Trustees, reviewed materials provided by the
Advisor responding to requests for information from counsel to the Independent
Trustees, submitted on behalf of the Independent Trustees, that, among other
things, outlined: the services provided by the Advisor to the Fund (including
the relevant personnel responsible for these services and their experience); the
unitary fee rate payable by the Fund as compared to fees charged to a peer group
of funds (the "Expense Group") and a broad peer universe of funds (the "Expense
Universe"), each assembled by Broadridge Financial Solutions, Inc.
("Broadridge"), an independent source, and as compared to fees charged to other
clients of the Advisor, including other exchange-traded funds ("ETFs") managed
by the Advisor; the expense ratio of the Fund as compared to expense ratios of
the funds in the Fund's Expense Group and Expense Universe; performance
information for the Fund, including comparisons of the Fund's performance to
that of one or more relevant benchmark indexes and to that of a performance
group of funds and a broad performance universe of funds (the "Performance
Universe"), each assembled by Broadridge; the nature of expenses incurred in
providing services to the Fund and the potential for the Advisor to realize
economies of scale, if any; profitability and other financial data for the
Advisor; any fall-out benefits to the Advisor and its affiliate, First Trust
Portfolios L.P. ("FTP"); and information on the Advisor's compliance program.
The Board reviewed initial materials with the Advisor at the meeting held on May
11, 2020, prior to which the Independent Trustees and their counsel met
separately to discuss the information provided by the Advisor. Following the May

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ADDITIONAL INFORMATION (CONTINUED)
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FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2020 (UNAUDITED)

meeting, counsel to the Independent Trustees, on behalf of the Independent
Trustees, requested certain clarifications and supplements to the materials
provided, and the information provided in response to those requests was
considered at an executive session of the Independent Trustees and their counsel
held prior to the June 8, 2020 meeting, as well as at the meeting held that day.
The Board considered supplemental information provided by the Advisor on the
operations of the Advisor and the performance of the Fund since the onset of the
COVID-19 pandemic. The Board applied its business judgment to determine whether
the arrangement between the Trust and the Advisor continues to be a reasonable
business arrangement from the Fund's perspective. The Board determined that,
given the totality of the information provided with respect to the Agreement,
the Board had received sufficient information to renew the Agreement. The Board
considered that shareholders chose to invest or remain invested in the Fund
knowing that the Advisor manages the Fund and knowing the Fund's unitary fee.

In reviewing the Agreement, the Board considered the nature, extent and quality
of the services provided by the Advisor under the Agreement. The Board
considered that the Advisor is responsible for the overall management and
administration of the Trust and the Fund and reviewed all of the services
provided by the Advisor to the Fund, as well as the background and experience of
the persons responsible for such services. The Board noted that the Fund is an
actively-managed ETF and noted that the Advisor's Leveraged Finance Investment
Team is responsible for the day-to-day management of the Fund's investments. The
Board considered the background and experience of the members of the Leveraged
Finance Investment Team and noted the Board's prior meetings with members of the
Team. The Board considered the Advisor's statement that it applies the same
oversight model internally with its Leveraged Finance Investment Team as it uses
for overseeing external sub-advisors, including portfolio risk monitoring and
performance review. In reviewing the services provided, the Board noted the
compliance program that had been developed by the Advisor and considered that it
includes a robust program for monitoring the Advisor's and the Fund's compliance
with the 1940 Act, as well as the Fund's compliance with its investment
objectives, policies and restrictions. The Board also considered a report from
the Advisor with respect to its risk management functions related to the
operation of the Fund. Finally, as part of the Board's consideration of the
Advisor's services, the Advisor, in its written materials and at the May 11,
2020 meeting, described to the Board the scope of its ongoing investment in
additional infrastructure and personnel to maintain and improve the quality of
services provided to the Fund and the other funds in the First Trust Fund
Complex. In light of the information presented and the considerations made, the
Board concluded that the nature, extent and quality of the services provided to
the Trust and the Fund by the Advisor under the Agreement have been and are
expected to remain satisfactory and that the Advisor has managed the Fund
consistent with its investment objectives, policies and restrictions.

The Board considered the unitary fee rate payable by the Fund under the
Agreement for the services provided. The Board considered that as part of the
unitary fee the Advisor is responsible for the Fund's expenses, including the
cost of transfer agency, custody, fund administration, legal, audit and other
services and license fees, if any, but excluding the fee payment under the
Agreement and interest, taxes, brokerage commissions and other expenses
connected with the execution of portfolio transactions, distribution and service
fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any.
The Board received and reviewed information showing the advisory fee rates and
expense ratios of the peer funds in the Expense Group, as well as advisory and
unitary fee rates charged by the Advisor to other fund (including ETFs) and
non-fund clients, as applicable. Because the Fund pays a unitary fee, the Board
determined that expense ratios were the most relevant comparative data point.
Based on the information provided, the Board noted that the unitary fee rate for
the Fund was above the median total (net) expense ratio of the peer funds in the
Expense Group. With respect to the Expense Group, the Board, at the May 11, 2020
meeting, discussed with Broadridge its methodology for assembling peer groups
and discussed with the Advisor limitations in creating peer groups for
actively-managed ETFs, including that the Expense Group contained both
actively-managed ETFs and open-end mutual funds, and different business models
that may affect the pricing of services among ETF sponsors. The Board took these
limitations and differences into account in considering the peer data. With
respect to fees charged to other non-ETF clients, the Board considered
differences between the Fund and other non-ETF clients that limited their
comparability. In considering the unitary fee rate overall, the Board also
considered the Advisor's statement that it seeks to meet investor needs through
innovative and value-added investment solutions and the Advisor's demonstrated
long-term commitment to the Fund and the other funds in the First Trust Fund
Complex.

The Board considered performance information for the Fund. The Board noted the
process it has established for monitoring the Fund's performance and portfolio
risk on an ongoing basis, which includes quarterly performance reporting from
the Advisor for the Fund. The Board determined that this process continues to be
effective for reviewing the Fund's performance. The Board received and reviewed
information comparing the Fund's performance for periods ended December 31, 2019
to the performance of the funds in the Performance Universe and to that of a
benchmark index. Based on the information provided, the Board noted that the
Fund outperformed the Performance Universe median for the one-, three- and
five-year periods ended December 31, 2019. The Board also noted that the Fund
underperformed the benchmark index for the one , three- and five-year periods
ended December 31, 2019.

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ADDITIONAL INFORMATION (CONTINUED)
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FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2020 (UNAUDITED)

On the basis of all the information provided on the unitary fee and performance
of the Fund and the ongoing oversight by the Board, the Board concluded that the
unitary fee for the Fund continues to be reasonable and appropriate in light of
the nature, extent and quality of the services provided by the Advisor to the
Fund under the Agreement.

The Board considered information and discussed with the Advisor whether there
were any economies of scale in connection with providing advisory services to
the Fund and noted the Advisor's statement that it believes its expenses will
likely increase over the next twelve months as the Advisor continues to hire
personnel and build infrastructure, including technology, to improve the
services to the Fund. The Board noted that any reduction in fixed costs
associated with the management of the Fund would benefit the Advisor, but that
the unitary fee structure provides a level of certainty in expenses for the
Fund. The Board considered the revenues and allocated costs (including the
allocation methodology) of the Advisor in serving as investment advisor to the
Fund for the twelve months ended December 31, 2019 and the estimated
profitability level for the Fund calculated by the Advisor based on such data,
as well as complex-wide and product-line profitability data, for the same
period. The Board noted the inherent limitations in the profitability analysis
and concluded that, based on the information provided, the Advisor's
profitability level for the Fund was not unreasonable. In addition, the Board
considered fall-out benefits described by the Advisor that may be realized from
its relationship with the Fund. The Board considered that the Advisor had
identified as a fall-out benefit to the Advisor and FTP their exposure to
investors and brokers who, absent their exposure to the Fund, may have had no
dealings with the Advisor or FTP, and noted that the Advisor does not utilize
soft dollars in connection with the Fund. The Board concluded that the character
and amount of potential fall-out benefits to the Advisor were not unreasonable.

Based on all of the information considered and the conclusions reached, the
Board, including the Independent Trustees, unanimously determined that the terms
of the Agreement continue to be fair and reasonable and that the continuation of
the Agreement is in the best interests of the Fund. No single factor was
determinative in the Board's analysis.

REMUNERATION

First Trust Advisors L.P. ("First Trust") is authorised and regulated by the
U.S. Securities and Exchange Commission and is entitled to market shares of
certain funds it manages, including First Trust Senior Loan Fund (the "Fund"),
in certain member states in the European Economic Area in accordance with the
cooperation arrangements in Article 42 of the Alternative Investment Fund
Managers Directive (the "Directive"). First Trust is required under the
Directive to make disclosures in respect of remuneration. The following
disclosures are made in line with First Trust's interpretation of currently
available regulatory guidance on remuneration disclosures.

During the year ended December 31, 2019, the amount of remuneration paid (or to
be paid) by First Trust in respect of the Fund is $5,628,611. This figure is
comprised of $714,579 paid (or to be paid) in fixed compensation and $4,914,032
paid (or to be paid) in variable compensation. There were a total of 22
beneficiaries of the remuneration described above. Those amounts include
$365,981 paid (or to be paid) to senior management of First Trust and $5,262,630
paid (or to be paid) to other employees whose professional activities have a
material impact on the risk profiles of First Trust or the Fund (collectively,
"Code Staff").

Code Staff included in the aggregated figures disclosed above are rewarded in
line with First Trust's remuneration policy (the "Remuneration Policy") which is
determined and implemented by First Trust's senior management. The Remuneration
Policy reflects First Trust's ethos of good governance and encapsulates the
following principal objectives:

i. to provide a clear link between remuneration and performance of
First Trust and to avoid rewarding for failure;

ii. to promote sound and effective risk management consistent with the
risk profiles of the funds managed by First Trust; and

iii. to remunerate staff in line with the business strategy, objectives,
values and interests of First Trust and the funds managed by First
Trust in a manner that avoids conflicts of interest.

First Trust assesses various risk factors which it is exposed to when
considering and implementing remuneration for Code Staff and considers whether
any potential award to such person(s) would give rise to a conflict of interest.
First Trust does not reward failure, or consider the taking of risk or failure
to take risk in its remuneration of Code Staff.

First Trust assesses performance for the purposes of determining payments in
respect of performance-related remuneration of Code Staff by reference to a
broad range of measures including (i) individual performance (using financial
and non-financial criteria), and (ii) the overall performance of First Trust.
Remuneration is not based upon the performance of the Fund.

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ADDITIONAL INFORMATION (CONTINUED)
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FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2020 (UNAUDITED)

The elements of remuneration are balanced between fixed and variable and the
senior management sets fixed salaries at a level sufficient to ensure that
variable remuneration incentivises and rewards strong individual performance but
does not encourage excessive risk taking.

No individual is involved in setting his or her own remuneration.

LIQUIDITY RISK MANAGEMENT PROGRAM

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as
amended (the "1940 Act"), the Fund and each other fund in the First Trust Fund
Complex, other than the closed-end funds, have adopted and implemented a
liquidity risk management program (the "Program") reasonably designed to assess
and manage the funds' liquidity risk, i.e., the risk that a fund could not meet
requests to redeem shares issued by the fund without significant dilution of
remaining investors' interests in the fund. The Board of Trustees of the First
Trust Funds has appointed First Trust Advisors, L.P. (the "Advisor") as the
person designated to administer the Program, and in this capacity the Advisor
performs its duties primarily through the activities and efforts of the First
Trust Liquidity Committee (the "Liquidity Committee").

Pursuant to the Program, the Liquidity Committee classifies the liquidity of
each fund's portfolio investments into one of the four liquidity categories
specified by Rule 22e-4: highly liquid investments, moderately liquid
investments, less liquid investments and illiquid investments. The Liquidity
Committee determines certain of the inputs for this classification process,
including reasonably anticipated trade sizes and significant investor dilution
thresholds. The Liquidity Committee also determines and periodically reviews a
highly liquid investment minimum for certain funds, including the Fund, monitors
the funds' holdings of assets classified as illiquid investments to seek to
ensure they do not exceed 15% of a fund's net assets and establishes policies
and procedures regarding redemptions in kind.

At the May 11, 2020 meeting of the Board of Trustees, as required by Rule 22e-4
and the Program, the Advisor provided the Board with a written report prepared
by the Advisor that addressed the operation of the Program during the period
from June 1, 2019 (the initial compliance date for certain requirements of Rule
22e-4) through the Liquidity Committee's annual meeting held on March 20, 2020
and assessed the Program's adequacy and effectiveness of implementation during
this period, including the operation of the highly liquid investment minimum for
each fund, including the Fund, that is required under the Program to have one,
and any material changes to the Program. Note that because the Funds primarily
hold assets that are highly liquid investments, the Funds have not adopted a
highly liquid investment minimum.

As stated in the written report, during the review period, no fund breached the
15% limitation on illiquid investments, no fund with a highly liquid investment
minimum breached that minimum and no fund filed a Form N-LIQUID. The Advisor
concluded that each fund's investment strategy is appropriate for an open-end
fund; that the Program operated effectively in all material respects during the
review period; and that the Program is reasonably designed to assess and manage
the liquidity risk of each fund and to maintain compliance with Rule 22e-4.

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BOARD OF TRUSTEES AND OFFICERS
--------------------------------------------------------------------------------

FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2020 (UNAUDITED)

The following tables identify the Trustees and Officers of the Trust. Unless
otherwise indicated, the address of all persons is 120 East Liberty Drive, Suite
400, Wheaton, IL 60187.

The Trust's statement of additional information includes additional information
about the Trustees and is available, without charge, upon request, by calling
(800) 988-5891.

<TABLE>
<CAPTION>
NUMBER OF OTHER
PORTFOLIOS IN TRUSTEESHIPS OR
THE FIRST TRUST DIRECTORSHIPS
NAME, TERM OF OFFICE AND FUND COMPLEX HELD BY TRUSTEE
YEAR OF BIRTH AND YEAR FIRST ELECTED PRINCIPAL OCCUPATIONS OVERSEEN BY DURING PAST
POSITION WITH THE TRUST OR APPOINTED DURING PAST 5 YEARS TRUSTEE 5 YEARS
------------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT TRUSTEES
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Richard E. Erickson, Trustee o Indefinite Term Physician, Officer, Wheaton Orthopedics; 189 None
(1951) Limited Partner, Gundersen Real Estate
o Since Inception Limited Partnership (June 1992 to
December 2016); Member, Sportsmed LLC
(April 2007 to November 2015)

Thomas R. Kadlec, Trustee o Indefinite Term President, ADM Investors Services, Inc. 189 Director of ADM
(1957) (Futures Commission Merchant) Investor Services,
o Since Inception Inc., ADM
Investor Services
International,
Futures Industry
Association, and
National Futures
Association

Robert F. Keith, Trustee o Indefinite Term President, Hibs Enterprises (Financial 189 Director of Trust
(1956) and Management Consulting) Company of
o Since Inception Illinois

Niel B. Nielson, Trustee o Indefinite Term Senior Advisor (August 2018 to Present), 189 None
(1954) Managing Director and Chief Operating
o Since Inception Officer (January 2015 to August 2018),
Pelita Harapan Educational Foundation
(Educational Product and Services)

------------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE
------------------------------------------------------------------------------------------------------------------------------------
James A. Bowen(1), Trustee, o Indefinite Term Chief Executive Officer, First Trust 189 None
Chairman of the Board Advisors L.P. and First Trust Portfolios
(1955) o Since Inception L.P., Chairman of the Board of Directors,
BondWave LLC (Software Development
Company) and Stonebridge Advisors LLC
(Investment Advisor)
</TABLE>

-----------------------------

(1) Mr. Bowen is deemed an "interested person" of the Trust due to his
position as Chief Executive Officer of First Trust Advisors L.P.,
investment advisor of the Trust.

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BOARD OF TRUSTEES AND OFFICERS (CONTINUED)
--------------------------------------------------------------------------------

FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2020 (UNAUDITED)

<TABLE>
<CAPTION>
NAME AND POSITION AND OFFICES TERM OF OFFICE AND PRINCIPAL OCCUPATIONS
YEAR OF BIRTH WITH TRUST LENGTH OF SERVICE DURING PAST 5 YEARS
------------------------------------------------------------------------------------------------------------------------------------
OFFICERS(2)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
James M. Dykas President and Chief Executive o Indefinite Term Managing Director and Chief Financial Officer
(1966) Officer (January 2016 to Present), Controller (January 2011
o Since January 2016 to January 2016), Senior Vice President (April 2007
to January 2016), First Trust Advisors L.P. and First
Trust Portfolios L.P.; Chief Financial Officer
(January 2016 to Present), BondWave LLC
(Software Development Company) and Stonebridge
Advisors LLC (Investment Advisor)

Donald P. Swade Treasurer, Chief Financial o Indefinite Term Senior Vice President (July 2016 to Present), Vice
(1972) Officer and Chief President (April 2012 to July 2016), First Trust
Accounting Officer o Since January 2016 Advisors L.P. and First Trust Portfolios L.P.

W. Scott Jardine Secretary and Chief o Indefinite Term General Counsel, First Trust Advisors L.P. and First
(1960) Legal Officer Trust Portfolios L.P.; Secretary and General
o Since Inception Counsel, BondWave LLC; Secretary, Stonebridge
Advisors LLC

Daniel J. Lindquist Vice President o Indefinite Term Managing Director, First Trust Advisors L.P. and
(1970) First Trust Portfolios L.P.
o Since Inception

Kristi A. Maher Chief Compliance Officer o Indefinite Term Deputy General Counsel, First Trust Advisors L.P.
(1966) and Assistant Secretary and First Trust Portfolios L.P.
o Since Inception

Roger F. Testin Vice President o Indefinite Term Senior Vice President, First Trust Advisors L.P.
(1966) and First Trust Portfolios L.P.
o Since Inception

Stan Ueland Vice President o Indefinite Term Senior Vice President, First Trust Advisors L.P.
(1970) and First Trust Portfolios L.P.
o Since Inception
</TABLE>

-----------------------------

(2) The term "officer" means the president, vice president, secretary,
treasurer, controller or any other officer who performs a policy making
function.

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PRIVACY POLICY
--------------------------------------------------------------------------------

FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2020 (UNAUDITED)

First Trust values our relationship with you and considers your privacy an
important priority in maintaining that relationship. We are committed to
protecting the security and confidentiality of your personal information.

SOURCES OF INFORMATION

We collect nonpublic personal information about you from the following sources:

o Information we receive from you and your broker-dealer, investment
advisor or financial representative through interviews,
applications, agreements or other forms;

o Information about your transactions with us, our affiliates or
others;

o Information we receive from your inquiries by mail, e-mail or
telephone; and

o Information we collect on our website through the use of "cookies".
For example, we may identify the pages on our website that your
browser requests or visits.

INFORMATION COLLECTED

The type of data we collect may include your name, address, social security
number, age, financial status, assets, income, tax information, retirement and
estate plan information, transaction history, account balance, payment history,
investment objectives, marital status, family relationships and other personal
information.

DISCLOSURE OF INFORMATION

We do not disclose any nonpublic personal information about our customers or
former customers to anyone, except as permitted by law. In addition to using
this information to verify your identity (as required under law), the permitted
uses may also include the disclosure of such information to unaffiliated
companies for the following reasons:

o In order to provide you with products and services and to effect
transactions that you request or authorize, we may disclose your
personal information as described above to unaffiliated financial
service providers and other companies that perform administrative or
other services on our behalf, such as transfer agents, custodians
and trustees, or that assist us in the distribution of investor
materials such as trustees, banks, financial representatives, proxy
services, solicitors and printers.

o We may release information we have about you if you direct us to do
so, if we are compelled by law to do so, or in other legally limited
circumstances (for example to protect your account from fraud).

In addition, in order to alert you to our other financial products and services,
we may share your personal information within First Trust.

USE OF WEBSITE ANALYTICS

We currently use third party analytics tools, Google Analytics and AddThis, to
gather information for purposes of improving First Trust's website and marketing
our products and services to you. These tools employ cookies, which are small
pieces of text stored in a file by your web browser and sent to websites that
you visit, to collect information, track website usage and viewing trends such
as the number of hits, pages visited, videos and PDFs viewed and the length of
user sessions in order to evaluate website performance and enhance navigation of
the website. We may also collect other anonymous information, which is generally
limited to technical and web navigation information such as the IP address of
your device, internet browser type and operating system for purposes of
analyzing the data to make First Trust's website better and more useful to our
users. The information collected does not include any personal identifiable
information such as your name, address, phone number or email address unless you
provide that information through the website for us to contact you in order to
answer your questions or respond to your requests. To find out how to opt-out of
these services click on: Google Analytics and AddThis.

CONFIDENTIALITY AND SECURITY

With regard to our internal security procedures, First Trust restricts access to
your nonpublic personal information to those First Trust employees who need to
know that information to provide products or services to you. We maintain
physical, electronic and procedural safeguards to protect your nonpublic
personal information.

POLICY UPDATES AND INQUIRIES

As required by federal law, we will notify you of our privacy policy annually.
We reserve the right to modify this policy at any time, however, if we do change
it, we will tell you promptly. For questions about our policy, or for additional
copies of this notice, please go to www.ftportfolios.com, or contact us at
1-800-621-1675 (First Trust Portfolios) or 1-800-222-6822 (First Trust
Advisors).

March 2019

Page 38

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FIRST TRUST

First Trust Exchange-Traded Fund IV

INVESTMENT ADVISOR
First Trust Advisors L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187

ADMINISTRATOR, CUSTODIAN,
FUND ACCOUNTANT &
TRANSFER AGENT
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP
111 S. Wacker Drive
Chicago, IL 60606

LEGAL COUNSEL
Chapman and Cutler LLP
111 W. Monroe Street
Chicago, IL 60603

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[BLANK BACK COVER]

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Item 2. Code of Ethics.

(a)

The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c)

There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d)

The registrant, during the period covered by this report, has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

(e)

Not applicable.

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by the report, the registrant’s Board of Trustees has determined that Thomas R. Kadlec and Robert F. Keith are qualified to serve as audit committee financial experts serving on its audit committee and that each of them is “independent,” as defined by Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees (Registrant) -- The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $306,200 for the fiscal year ended October 31, 2019 and $308,200 for the fiscal year ended October 31, 2020.

(b) Audit-Related Fees (Registrant) -- The aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 for the fiscal year ended October 31, 2019 and $0 for the fiscal year ended October 31, 2020.

Audit-Related Fees (Investment Adviser) -- The aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 for the fiscal year ended October 31, 2019 and $0 for the fiscal year ended October 31, 2020.

Audit-Related Fees (Distributor) -- The aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 for the fiscal year ended October 31, 2019 and $0 for the fiscal year ended October 31, 2020.

(c) Tax Fees (Registrant) -- The aggregate fees billed for professional services rendered by the principal accountant for tax return review and debt instrument tax analysis and reporting were $169,630 for the fiscal year ended October 31, 2019 and $199,634 for the fiscal year ended October 31, 2020.

Tax Fees (Investment Adviser) -- The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning to the registrant’s adviser and distributor were $0 for the fiscal year ended October 31, 2019 and $0 for the fiscal year ended October 31, 2020.

Tax Fees (Distributor) -- The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning to the registrant’s distributor were $0 for the fiscal year ended October 31, 2019 and $0 for the fiscal year ended October 31, 2020.

(d) All Other Fees (Registrant) -- The aggregate fees billed for products and services provided by the principal accountant to the registrant, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal year ended October 31, 2019 and $0 for the fiscal year ended October 31, 2020.

All Other Fees (Investment Adviser) -- The aggregate fees billed for products and services provided by the principal accountant to the registrant’s investment adviser, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal year ended October 31, 2019 and $0 for the fiscal year ended October 31, 2020.

All Other Fees (Distributor) -- The aggregate fees billed for products and services provided by the principal accountant to the registrant’s distributor, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal year ended October 31, 2019 and $0 for the fiscal year ended October 31, 2020.

(e)(1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

Pursuant to its charter and its Audit and Non-Audit Services Pre-Approval Policy, the Audit Committee (the “Committee”) is responsible for the pre-approval of all audit services and permitted non-audit services (including the fees and terms thereof) to be performed for the registrant by its independent auditors. The Chairman of the Committee is authorized to give such pre-approvals on behalf of the Committee up to $25,000 and report any such pre-approval to the full Committee.

The Committee is also responsible for the pre-approval of the independent auditor’s engagements for non-audit services with the registrant’s adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant, subject to the de minimis exceptions for non-audit services described in Rule 2-01 of Regulation S-X. If the independent auditor has provided non-audit services to the registrant’s adviser (other than any sub-adviser whose role is primarily portfolio management and is sub-contracted with or overseen by another investment adviser) and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to its policies, the Committee will consider whether the provision of such non-audit services is compatible with the auditor’s independence.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) for the registrant and the registrant’s investment adviser and distributor of this Item that were approved by the audit committee pursuant to the pre-approval exceptions included in paragraph (c)(7)(i)(C) or paragraph(C)(7)(ii) of Rule 2-01 of Regulation S-X are as follows:

Registrant: Adviser and Distributor:

(b) 0% (b) 0%

(d) 0% (d) 0%

(f) The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal year ended October 31, 2019 were $169,630 for the registrant, $28,500 for the registrant’s investment adviser and $34,400 for the registrant’s distributor; and for the fiscal year ended October 31, 2020 were $199,634 for the registrant, $70,370 for the registrant’s investment adviser and $99,830 for the registrant’s distributor.

(h) The registrant’s audit committee of its Board of Trustees has determined that the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Items 5. Audit Committee of Listed Registrants.

The registrant has a separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The audit committee of the registrant is comprised of: Richard E. Erickson, Thomas R. Kadlec, Robert F. Keith and Niel B. Nielson.

Item 6. Investments.

(a)

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b)

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407 (c) (2) (iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22 (b) (15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3 (c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)).

(b)

There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)

Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is incorporated by reference to the Form N-CSR filed on EDGAR on January 11, 2021 (Accession Number 0001445546-21-000115).

(a)(2)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3)

Not applicable.

(a)(4)

Not applicable.

(b)

Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant)

First Trust Exchange-Traded Fund IV

By (Signature and Title)*		/s/ James M. Dykas
		James M. Dykas, President and Chief Executive Officer (principal executive officer)

Date:

February 5, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*		/s/ James M. Dykas
		James M. Dykas, President and Chief Executive Officer (principal executive officer)

Date:

February 5, 2021

By (Signature and Title)*		/s/ Donald P. Swade
		Donald P. Swade, Treasurer, Chief Financial Officer and Chief Accounting Officer (principal financial officer)

Date:

February 5, 2021

^* Print the name and title of each signing officer under his or her signature.

First Trust Exchange-traded Fund Iv N-CSR/ACertified annual shareholder report (management investment company) (amended)