FSD First Trust High Income Long Short Fund

First Trust High Income Long/Short Fund (FSD)

Portfolio of Investments

July 31, 2023 (Unaudited)

Principal Value		Description		Stated Coupon		Stated Maturity		Value
CORPORATE BONDS AND NOTES – 97.2%
		Automotive – 4.6%
$2,300,000		Dana, Inc. (a)		4.50%		02/15/32		$1,919,334
1,185,000		Energizer Holdings, Inc. (b)		4.38%		03/31/29		1,028,325
1,260,000		Ford Motor Credit Co., LLC		6.95%		03/06/26		1,273,558
1,000,000		Ford Motor Credit Co., LLC		4.95%		05/28/27		949,934
2,205,000		Ford Motor Credit Co., LLC (a)		4.13%		08/17/27		2,019,691
5,000,000		Ford Motor Credit Co., LLC (a)		5.11%		05/03/29		4,673,348
4,405,000		Ford Motor Credit Co., LLC		7.35%		03/06/30		4,564,094
1,950,000		Gates Global LLC/Gates Corp. (a) (b)		6.25%		01/15/26		1,927,508
1,135,000		Thor Industries, Inc. (b)		4.00%		10/15/29		976,415
								19,332,207
		Banking – 0.2%
335,000		Fifth Third Bancorp (c)		4.77%		07/28/30		315,424
500,000		Fifth Third Bank N.A.		3.85%		03/15/26		469,727
								785,151
		Basic Industry – 7.1%
1,175,000		Arsenal AIC Parent LLC (b)		8.00%		10/01/30		1,199,969
2,395,000		Artera Services LLC (a) (b)		9.03%		12/04/25		2,254,905
770,000		Brundage-Bone Concrete Pumping Holdings, Inc. (a) (b)		6.00%		02/01/26		740,343
1,450,000		Camelot Return Merger Sub, Inc. (a) (b)		8.75%		08/01/28		1,416,258
320,000		Carpenter Technology Corp.		6.38%		07/15/28		315,499
1,276,000		Carpenter Technology Corp. (a)		7.63%		03/15/30		1,303,077
458,000		Compass Minerals International, Inc. (b)		6.75%		12/01/27		446,725
2,540,000		Dycom Industries, Inc. (a) (b)		4.50%		04/15/29		2,297,500
1,498,000		Foundation Building Materials, Inc. (b)		6.00%		03/01/29		1,299,512
900,000		Great Lakes Dredge & Dock Corp. (b)		5.25%		06/01/29		752,688
2,385,000		Innophos Holdings, Inc. (a) (b)		9.38%		02/15/28		2,374,377
2,445,000		JELD-WEN, Inc. (a) (b)		4.88%		12/15/27		2,196,894
800,000		MIWD Holdco II LLC/MIWD Finance Corp. (b)		5.50%		02/01/30		676,876
1,125,000		Novelis Corp. (b)		3.25%		11/15/26		1,023,719
885,000		Novelis Corp. (b)		3.88%		08/15/31		737,872
925,000		Rain CII Carbon LLC/CII Carbon Corp. (b)		7.25%		04/01/25		921,476
1,200,000		SCIH Salt Holdings, Inc. (b)		4.88%		05/01/28		1,075,238
503,000		SCIH Salt Holdings, Inc. (b)		6.63%		05/01/29		437,713
1,145,000		Standard Industries, Inc. (a) (b)		4.38%		07/15/30		995,211
675,000		TMS International Corp. (b)		6.25%		04/15/29		565,319
1,390,000		TopBuild Corp. (a) (b)		4.13%		02/15/32		1,193,871
3,765,000		TRI Pointe Group, Inc./TRI Pointe Homes, Inc. (a)		5.88%		06/15/24		3,751,574
770,000		Weekley Homes LLC/Weekley Finance Corp. (b)		4.88%		09/15/28		691,952
1,500,000		WR Grace Holdings LLC (b)		5.63%		08/15/29		1,267,500
								29,936,068
		Capital Goods – 5.6%
1,065,000		Amsted Industries, Inc. (a) (b)		5.63%		07/01/27		1,037,768
2,300,000		Ball Corp.		2.88%		08/15/30		1,899,914
1,589,000		Berry Global, Inc. (a) (b)		4.50%		02/15/26		1,516,845
580,000		Chart Industries, Inc. (b)		7.50%		01/01/30		595,138
936,000		Crown Americas LLC		5.25%		04/01/30		893,880
1,470,000		EnerSys (a) (b)		4.38%		12/15/27		1,364,387
1,250,000		GrafTech Global Enterprises, Inc. (b)		9.88%		12/15/28		1,271,288
985,000		Graphic Packaging International LLC (a) (b)		3.75%		02/01/30		857,974
450,000		Mauser Packaging Solutions Holding Co. (b)		9.25%		04/15/27		418,707
3,000,000		Owens-Brockway Glass Container, Inc. (a) (b)		7.25%		05/15/31		3,052,410
1,600,000		TK Elevator US Newco, Inc. (a) (b)		5.25%		07/15/27		1,497,901

First Trust High Income Long/Short Fund (FSD)

Portfolio of Investments (Continued)

July 31, 2023 (Unaudited)

Principal Value		Description		Stated Coupon		Stated Maturity		Value
CORPORATE BONDS AND NOTES (Continued)
		Capital Goods (Continued)
$1,085,000		TransDigm, Inc. (a) (b)		6.25%		03/15/26		$1,080,135
1,800,000		TransDigm, Inc. (a)		6.38%		06/15/26		1,783,208
2,305,000		TransDigm, Inc. (a)		5.50%		11/15/27		2,186,915
2,000,000		TransDigm, Inc. (a) (b)		6.75%		08/15/28		2,008,468
2,515,000		TriMas Corp. (a) (b)		4.13%		04/15/29		2,229,662
								23,694,600
		Consumer Goods – 5.8%
1,370,000		CD&R Smokey Buyer, Inc. (a) (b)		6.75%		07/15/25		1,294,678
505,000		Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC (b)		6.63%		07/15/30		509,873
3,545,000		Darling Ingredients, Inc. (a) (b)		5.25%		04/15/27		3,451,119
665,000		Darling Ingredients, Inc. (b)		6.00%		06/15/30		655,603
2,120,000		Edgewell Personal Care Co. (a) (b)		5.50%		06/01/28		2,010,809
1,605,000		Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (a) (b)		5.00%		12/31/26		1,494,175
3,149,000		Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (a) (b)		7.00%		12/31/27		2,775,403
602,000		Lamb Weston Holdings, Inc. (b)		4.88%		05/15/28		572,396
1,585,000		Mattel, Inc. (a) (b)		5.88%		12/15/27		1,555,619
940,000		Newell Brands, Inc.		6.38%		09/15/27		927,075
1,000,000		Performance Food Group, Inc. (b)		4.25%		08/01/29		889,217
625,000		Post Holdings, Inc. (a) (b)		5.75%		03/01/27		613,041
3,510,000		Post Holdings, Inc. (a) (b)		4.63%		04/15/30		3,096,266
3,300,000		Primo Water Holdings, Inc. (a) (b)		4.38%		04/30/29		2,900,766
1,100,000		Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed (b)		4.63%		03/01/29		919,578
740,000		Triton Water Holdings, Inc. (b)		6.25%		04/01/29		625,966
								24,291,584
		Energy – 16.4%
1,200,000		Aethon United BR L.P./Aethon United Finance Corp. (a) (b)		8.25%		02/15/26		1,191,961
710,000		Ascent Resources Utica Holdings LLC/ARU Finance Corp. (b)		7.00%		11/01/26		695,095
970,000		Ascent Resources Utica Holdings LLC/ARU Finance Corp. (a) (b)		8.25%		12/31/28		964,189
2,624,000		Ascent Resources Utica Holdings LLC/ARU Finance Corp. (a) (b)		5.88%		06/30/29		2,371,034
640,000		Callon Petroleum Co. (a)		6.38%		07/01/26		628,117
1,310,000		Callon Petroleum Co. (a) (b)		7.50%		06/15/30		1,273,048
1,100,000		CNX Midstream Partners L.P. (a) (b)		4.75%		04/15/30		954,426
192,000		CNX Resources Corp. (b)		7.25%		03/14/27		192,202
822,000		CNX Resources Corp. (b)		6.00%		01/15/29		769,575
2,050,000		Comstock Resources, Inc. (a) (b)		6.75%		03/01/29		1,914,369
1,025,000		CrownRock L.P./CrownRock Finance, Inc. (a) (b)		5.00%		05/01/29		966,747
695,000		DCP Midstream Operating L.P.		3.25%		02/15/32		589,902
2,650,000		Delek Logistics Partners L.P./Delek Logistics Finance Corp. (a) (b)		7.13%		06/01/28		2,454,350
1,200,000		DT Midstream, Inc. (a) (b)		4.13%		06/15/29		1,065,028
5,140,000		Endeavor Energy Resources L.P./EER Finance, Inc. (a) (b)		5.75%		01/30/28		5,009,445
1,900,000		EnLink Midstream LLC (a) (b)		5.63%		01/15/28		1,859,212
2,335,000		EnLink Midstream LLC (a)		5.38%		06/01/29		2,224,724
150,000		EnLink Midstream LLC (b)		6.50%		09/01/30		151,115
1,825,000		EQM Midstream Partners L.P. (a) (b)		6.50%		07/01/27		1,818,006
1,700,000		EQM Midstream Partners L.P. (a)		5.50%		07/15/28		1,637,369
132,000		EQM Midstream Partners L.P. (b)		7.50%		06/01/30		136,240
3,620,000		EQM Midstream Partners L.P. (a) (b)		4.75%		01/15/31		3,235,201
791,000		Hess Midstream Operations L.P. (b)		5.63%		02/15/26		779,847
1,040,000		Hess Midstream Operations L.P. (a) (b)		4.25%		02/15/30		913,536

First Trust High Income Long/Short Fund (FSD)

Portfolio of Investments (Continued)

July 31, 2023 (Unaudited)

Principal Value		Description		Stated Coupon		Stated Maturity		Value
CORPORATE BONDS AND NOTES (Continued)
		Energy (Continued)
$1,845,000		Hilcorp Energy I L.P./Hilcorp Finance Co. (a) (b)		5.75%		02/01/29		$1,708,285
1,320,000		Hilcorp Energy I L.P./Hilcorp Finance Co. (a) (b)		6.00%		02/01/31		1,200,330
1,145,000		Holly Energy Partners L.P./Holly Energy Finance Corp. (a) (b)		6.38%		04/15/27		1,141,542
1,177,000		Howard Midstream Energy Partners LLC (a) (b)		8.88%		07/15/28		1,204,660
1,050,000		Matador Resources Co. (b)		6.88%		04/15/28		1,044,442
3,278,000		Moss Creek Resources Holdings, Inc. (a) (b)		7.50%		01/15/26		3,065,450
1,130,000		Nabors Industries, Inc. (b)		7.38%		05/15/27		1,106,259
314,000		Noble Finance II LLC (b)		8.00%		04/15/30		323,310
1,310,000		PBF Holding Co., LLC/PBF Finance Corp.		7.25%		06/15/25		1,307,904
1,250,000		PBF Holding Co., LLC/PBF Finance Corp.		6.00%		02/15/28		1,181,525
2,626,000		Permian Resources Operating LLC (a) (b)		6.88%		04/01/27		2,604,637
1,913,000		SM Energy Co. (a)		5.63%		06/01/25		1,876,478
1,470,000		SM Energy Co.		6.50%		07/15/28		1,438,303
730,000		Southwestern Energy Co.		8.38%		09/15/28		759,045
3,265,000		Southwestern Energy Co. (a)		5.38%		03/15/30		3,057,798
1,700,000		Southwestern Energy Co. (a)		4.75%		02/01/32		1,512,043
1,720,000		Venture Global Calcasieu Pass LLC (a) (b)		3.88%		08/15/29		1,490,908
1,875,000		Venture Global Calcasieu Pass LLC (b)		6.25%		01/15/30		1,835,105
745,000		Venture Global Calcasieu Pass LLC (b)		4.13%		08/15/31		632,612
905,000		Venture Global Calcasieu Pass LLC (a) (b)		3.88%		11/01/33		735,278
1,935,000		Venture Global LNG, Inc. (b)		8.38%		06/01/31		1,965,248
1,575,000		Vital Energy, Inc. (a)		9.50%		01/15/25		1,569,110
1,785,000		Vital Energy, Inc. (a) (b)		7.75%		07/31/29		1,528,067
909,000		Western Midstream Operating L.P.		4.50%		03/01/28		865,035
								68,948,112
		Financial Services – 2.7%
1,150,000		Fortress Transportation and Infrastructure Investors LLC (b)		6.50%		10/01/25		1,140,213
2,100,000		Icahn Enterprises L.P./Icahn Enterprises Finance Corp. (a)		5.25%		05/15/27		1,853,997
1,395,000		LPL Holdings, Inc. (a) (b)		4.63%		11/15/27		1,315,974
1,330,000		MSCI, Inc. (b)		3.88%		02/15/31		1,181,350
2,585,000		OneMain Finance Corp. (a)		6.13%		03/15/24		2,580,630
610,000		OneMain Finance Corp.		3.50%		01/15/27		528,082
425,000		OneMain Finance Corp.		9.00%		01/15/29		432,225
1,225,000		PennyMac Financial Services, Inc. (b)		5.38%		10/15/25		1,171,780
1,240,000		Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. (b)		3.63%		03/01/29		1,058,193
								11,262,444
		Healthcare – 6.5%
3,065,000		Avantor Funding, Inc. (a) (b)		3.88%		11/01/29		2,684,968
206,000		Bausch Health Americas, Inc. (b)		9.25%		04/01/26		176,248
1,200,000		Carriage Services, Inc. (a) (b)		4.25%		05/15/29		1,040,652
1,300,000		Catalent Pharma Solutions, Inc. (a) (b)		3.13%		02/15/29		1,085,944
1,365,000		Catalent Pharma Solutions, Inc. (a) (b)		3.50%		04/01/30		1,144,416
4,010,000		Centene Corp. (a)		4.63%		12/15/29		3,731,826
985,000		CHS/Community Health Systems, Inc. (b)		6.00%		01/15/29		843,288
2,250,000		CHS/Community Health Systems, Inc. (a) (b)		5.25%		05/15/30		1,800,543
1,250,000		Elanco Animal Health, Inc. (a) (d)		6.65%		08/28/28		1,236,587
1,405,000		Encompass Health Corp. (a)		4.50%		02/01/28		1,306,482
1,680,000		HCA, Inc.		5.25%		06/15/49		1,513,343
885,000		PRA Health Sciences, Inc. (b)		2.88%		07/15/26		817,346
1,325,000		Prestige Brands, Inc. (a) (b)		5.13%		01/15/28		1,266,667
990,000		Prestige Brands, Inc. (b)		3.75%		04/01/31		832,491
4,750,000		Service Corp International (a)		7.50%		04/01/27		4,929,075
1,730,000		Teleflex, Inc. (a) (b)		4.25%		06/01/28		1,592,321

First Trust High Income Long/Short Fund (FSD)

Portfolio of Investments (Continued)

July 31, 2023 (Unaudited)

Principal Value		Description		Stated Coupon		Stated Maturity		Value
CORPORATE BONDS AND NOTES (Continued)
		Healthcare (Continued)
$175,000		Tenet Healthcare Corp.		4.38%		01/15/30		$156,238
778,000		Tenet Healthcare Corp.		6.13%		06/15/30		756,994
486,000		Tenet Healthcare Corp. (b)		6.75%		05/15/31		483,359
								27,398,788
		Insurance – 0.1%
505,000		NMI Holdings, Inc. (b)		7.38%		06/01/25		510,446
		Leisure – 4.6%
1,730,000		Affinity Interactive (a) (b)		6.88%		12/15/27		1,532,366
1,290,000		Boyd Gaming Corp.		4.75%		12/01/27		1,217,318
3,775,000		Carnival Holdings Bermuda Ltd. (a) (b)		10.38%		05/01/28		4,122,636
1,470,000		CDI Escrow Issuer, Inc. (a) (b)		5.75%		04/01/30		1,366,586
1,200,000		Everi Holdings, Inc. (a) (b)		5.00%		07/15/29		1,057,080
1,800,000		Hilton Domestic Operating Co., Inc. (a)		4.88%		01/15/30		1,689,148
1,725,000		Hilton Domestic Operating Co., Inc. (a) (b)		4.00%		05/01/31		1,506,198
524,000		Penn Entertainment, Inc. (b)		4.13%		07/01/29		433,283
765,000		Scientific Games Holdings L.P./Scientific Games US FinCo, Inc. (b)		6.63%		03/01/30		678,631
2,700,000		Scientific Games International, Inc. (a) (b)		7.00%		05/15/28		2,692,723
1,550,000		Station Casinos LLC (b)		4.50%		02/15/28		1,407,353
325,000		Station Casinos LLC (b)		4.63%		12/01/31		274,918
1,485,000		Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. (b)		5.13%		10/01/29		1,345,081
								19,323,321
		Media – 10.8%
1,710,000		Arches Buyer, Inc. (a) (b)		4.25%		06/01/28		1,489,452
2,300,000		Arches Buyer, Inc. (a) (b)		6.13%		12/01/28		1,983,187
6,100,000		CCO Holdings LLC/CCO Holdings Capital Corp. (a) (b)		5.13%		05/01/27		5,728,559
2,380,000		CCO Holdings LLC/CCO Holdings Capital Corp. (a) (b)		5.38%		06/01/29		2,177,115
1,605,000		CCO Holdings LLC/CCO Holdings Capital Corp. (a) (b)		6.38%		09/01/29		1,536,115
3,330,000		CCO Holdings LLC/CCO Holdings Capital Corp. (a) (b)		4.75%		03/01/30		2,889,331
3,500,000		CSC Holdings LLC (a)		5.25%		06/01/24		3,267,311
2,325,000		CSC Holdings LLC (a) (b)		5.50%		04/15/27		1,996,584
1,800,000		CSC Holdings LLC (a) (b)		5.38%		02/01/28		1,505,220
1,300,000		CSC Holdings LLC (b)		11.25%		05/15/28		1,286,981
1,350,000		CSC Holdings LLC (b)		5.75%		01/15/30		700,484
2,230,000		CSC Holdings LLC (a) (b)		4.63%		12/01/30		1,122,572
2,655,000		Directv Financing LLC/Directv Financing Co-Obligor, Inc. (a) (b)		5.88%		08/15/27		2,399,121
1,140,000		DISH DBS Corp. (a) (b)		5.25%		12/01/26		935,803
1,273,000		DISH DBS Corp.		7.38%		07/01/28		717,596
475,000		DISH DBS Corp. (b)		5.75%		12/01/28		366,412
725,000		DISH Network Corp. (b)		11.75%		11/15/27		730,791
1,255,000		iHeartCommunications, Inc. (a) (b)		5.25%		08/15/27		988,917
1,250,000		iHeartCommunications, Inc. (a) (b)		4.75%		01/15/28		962,452
2,185,000		Lamar Media Corp. (a)		4.00%		02/15/30		1,925,810
900,000		Match Group Holdings II LLC (b)		3.63%		10/01/31		741,690
945,000		News Corp. (b)		3.88%		05/15/29		835,361
1,480,000		News Corp. (b)		5.13%		02/15/32		1,355,532
920,000		Nexstar Media, Inc. (b)		5.63%		07/15/27		865,738
1,175,000		Sirius XM Radio, Inc. (b)		4.13%		07/01/30		968,752
410,000		TEGNA, Inc.		4.63%		03/15/28		368,488
655,000		TripAdvisor, Inc. (b)		7.00%		07/15/25		656,788
880,000		Univision Communications, Inc. (b)		4.50%		05/01/29		762,235
2,795,000		Warnermedia Holdings, Inc. (a)		3.76%		03/15/27		2,617,405

First Trust High Income Long/Short Fund (FSD)

Portfolio of Investments (Continued)

July 31, 2023 (Unaudited)

Principal Value		Description		Stated Coupon		Stated Maturity		Value
CORPORATE BONDS AND NOTES (Continued)
		Media (Continued)
$1,490,000		WMG Acquisition Corp. (b)		3.75%		12/01/29		$1,302,470
171,000		WMG Acquisition Corp. (b)		3.88%		07/15/30		149,591
								45,333,863
		Real Estate – 4.4%
479,000		Iron Mountain, Inc. (b)		4.88%		09/15/29		432,498
3,701,000		Iron Mountain, Inc. (b)		5.25%		07/15/30		3,349,039
825,000		Iron Mountain, Inc. (b)		4.50%		02/15/31		712,054
700,000		Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer (b)		5.88%		10/01/28		646,380
2,650,000		Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer (a) (b)		4.88%		05/15/29		2,317,823
1,237,000		RHP Hotel Properties L.P./RHP Finance Corp. (b)		7.25%		07/15/28		1,256,702
1,500,000		SBA Communications Corp.		3.88%		02/15/27		1,383,256
1,840,000		SBA Communications Corp. (a)		3.13%		02/01/29		1,552,957
1,934,000		Service Properties Trust (a)		7.50%		09/15/25		1,913,212
2,040,000		Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC (b)		10.50%		02/15/28		2,030,361
2,295,000		VICI Properties L.P./VICI Note Co., Inc. (b)		5.63%		05/01/24		2,285,006
925,000		XHR L.P. (b)		4.88%		06/01/29		805,491
								18,684,779
		Retail – 5.3%
1,555,000		Albertsons Cos, Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC (a) (b)		6.50%		02/15/28		1,550,288
3,490,000		Albertsons Cos, Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC (a) (b)		3.50%		03/15/29		3,042,168
2,150,000		Arko Corp. (a) (b)		5.13%		11/15/29		1,789,252
1,430,000		Asbury Automotive Group, Inc. (a)		4.50%		03/01/28		1,310,005
817,000		Bath & Body Works, Inc. (b)		9.38%		07/01/25		863,124
1,900,000		Bath & Body Works, Inc. (a)		7.50%		06/15/29		1,925,874
555,000		Group 1 Automotive, Inc. (b)		4.00%		08/15/28		492,032
700,000		LCM Investments Holdings II LLC (b)		4.88%		05/01/29		611,374
805,000		LCM Investments Holdings II LLC (b)		8.25%		08/01/31		818,484
870,000		Lithia Motors, Inc. (b)		3.88%		06/01/29		750,079
615,000		Macy’s Retail Holdings LLC (b)		6.13%		03/15/32		549,405
620,000		Michaels Cos (The), Inc. (b)		7.88%		05/01/29		442,519
1,190,000		Nordstrom, Inc.		4.38%		04/01/30		1,004,955
675,000		QVC, Inc.		4.38%		09/01/28		384,024
2,795,000		Sonic Automotive, Inc. (a) (b)		4.63%		11/15/29		2,397,148
825,000		Sonic Automotive, Inc. (b)		4.88%		11/15/31		685,624
1,415,000		Victoria’s Secret & Co. (b)		4.63%		07/15/29		1,063,407
1,135,000		Yum! Brands, Inc. (b)		4.75%		01/15/30		1,059,721
1,650,000		Yum! Brands, Inc.		5.38%		04/01/32		1,563,439
								22,302,922
		Services – 10.0%
3,225,000		Allied Universal Holdco LLC/Allied Universal Finance Corp. (a) (b)		6.63%		07/15/26		3,082,569
1,985,000		Allied Universal Holdco LLC/Allied Universal Finance Corp. (a) (b)		9.75%		07/15/27		1,822,783
685,000		Allied Universal Holdco LLC/Allied Universal Finance Corp. (b)		6.00%		06/01/29		523,357
680,000		Aramark Services, Inc. (a) (b)		6.38%		05/01/25		680,626
1,075,000		Aramark Services, Inc. (a) (b)		5.00%		02/01/28		1,011,740
390,000		Avis Budget Car Rental LLC/Avis Budget Finance, Inc. (b)		5.38%		03/01/29		363,255
625,000		Clarivate Science Holdings Corp. (a) (b)		3.88%		07/01/28		557,702

First Trust High Income Long/Short Fund (FSD)

Portfolio of Investments (Continued)

July 31, 2023 (Unaudited)

Principal Value		Description		Stated Coupon		Stated Maturity		Value
CORPORATE BONDS AND NOTES (Continued)
		Services (Continued)
$1,520,000		Clean Harbors, Inc. (a) (b)		4.88%		07/15/27		$1,459,398
2,175,000		Covanta Holding Corp. (a) (b)		4.88%		12/01/29		1,922,871
715,000		Covanta Holding Corp.		5.00%		09/01/30		620,030
950,000		GYP Holdings III Corp. (a) (b)		4.63%		05/01/29		849,590
3,045,000		H&E Equipment Services, Inc. (a) (b)		3.88%		12/15/28		2,679,127
3,605,000		Herc Holdings, Inc. (a) (b)		5.50%		07/15/27		3,467,457
750,000		Hertz (The) Corp. (b)		4.63%		12/01/26		678,263
1,450,000		Imola Merger Corp. (a) (b)		4.75%		05/15/29		1,274,704
1,445,000		NESCO Holdings II, Inc. (a) (b)		5.50%		04/15/29		1,315,673
1,915,000		Prime Security Services Borrower LLC/Prime Finance, Inc. (a) (b)		3.38%		08/31/27		1,692,491
1,800,000		Sotheby’s (a) (b)		7.38%		10/15/27		1,596,767
2,065,000		Sotheby’s/Bidfair Holdings, Inc. (a) (b)		5.88%		06/01/29		1,602,791
1,800,000		SRS Distribution, Inc. (b)		6.00%		12/01/29		1,563,957
1,683,000		Uber Technologies, Inc. (b)		4.50%		08/15/29		1,558,697
1,016,000		United Rentals North America, Inc. (b)		6.00%		12/15/29		1,015,825
2,165,000		United Rentals North America, Inc. (a)		3.75%		01/15/32		1,835,577
3,065,000		WASH Multifamily Acquisition, Inc. (a) (b)		5.75%		04/15/26		2,854,640
2,500,000		Waste Pro USA, Inc. (a) (b)		5.50%		02/15/26		2,371,137
880,000		WESCO Distribution, Inc. (b)		7.13%		06/15/25		890,894
1,045,000		WESCO Distribution, Inc. (b)		7.25%		06/15/28		1,066,626
225,000		White Cap Buyer LLC (b)		6.88%		10/15/28		202,971
1,725,000		Williams Scotsman International, Inc. (b)		4.63%		08/15/28		1,588,229
								42,149,747
		Technology & Electronics – 4.2%
900,000		Boxer Parent Co., Inc. (a) (b)		7.13%		10/02/25		905,928
1,760,000		Central Parent, Inc./CDK Global, Inc. (a) (b)		7.25%		06/15/29		1,742,196
850,000		Cloud Software Group, Inc. (b)		6.50%		03/31/29		765,797
875,000		CommScope Technologies LLC (b)		6.00%		06/15/25		794,597
820,000		CommScope, Inc. (b)		8.25%		03/01/27		621,670
2,450,000		CommScope, Inc. (a) (b)		4.75%		09/01/29		1,890,462
1,235,000		Dell International LLC/EMC Corp. (a)		8.35%		07/15/46		1,550,805
1,900,000		Entegris, Inc. (a) (b)		4.38%		04/15/28		1,730,294
1,425,000		Go Daddy Operating Co. LLC/GD Finance Co., Inc. (b)		3.50%		03/01/29		1,226,636
934,000		NCR Corp. (b)		5.13%		04/15/29		836,069
349,000		Newfold Digital Holdings Group, Inc. (b)		6.00%		02/15/29		257,745
779,000		Presidio Holdings, Inc. (b)		8.25%		02/01/28		756,405
580,000		PTC, Inc. (b)		3.63%		02/15/25		560,904
355,000		PTC, Inc. (b)		4.00%		02/15/28		326,127
690,000		SS&C Technologies, Inc. (b)		5.50%		09/30/27		667,223
1,250,000		Twilio, Inc.		3.63%		03/15/29		1,073,875
2,320,000		Viavi Solutions, Inc. (a) (b)		3.75%		10/01/29		1,992,975
								17,699,708
		Telecommunications – 3.2%
1,200,000		Cable One, Inc. (a) (b)		4.00%		11/15/30		949,080
2,200,000		Charter Communications Operating LLC/Charter Communications Operating Capital		2.80%		04/01/31		1,780,839
655,000		Cogent Communications Group, Inc. (a) (b)		3.50%		05/01/26		608,014
1,035,000		Cogent Communications Group, Inc. (b)		7.00%		06/15/27		999,845
1,765,000		Level 3 Financing, Inc. (a) (b)		3.63%		01/15/29		1,166,792
900,000		Level 3 Financing, Inc. (a) (b)		3.75%		07/15/29		590,972
3,685,000		Sprint LLC (a)		7.63%		03/01/26		3,838,856
1,350,000		T-Mobile USA, Inc. (a)		3.88%		04/15/30		1,241,023

First Trust High Income Long/Short Fund (FSD)

Portfolio of Investments (Continued)

July 31, 2023 (Unaudited)

Principal Value		Description		Stated Coupon		Stated Maturity		Value
CORPORATE BONDS AND NOTES (Continued)
		Telecommunications (Continued)
$2,500,000		T-Mobile USA, Inc. (a)		5.05%		07/15/33		$2,447,568
								13,622,989
		Transportation – 2.1%
555,000		Allegiant Travel Co. (b)		7.25%		08/15/27		548,159
1,540,000		American Airlines, Inc. (a) (b)		11.75%		07/15/25		1,698,688
714,000		First Student Bidco, Inc./First Transit Parent, Inc. (b)		4.00%		07/31/29		605,780
591,323		JetBlue 2020-1 Class B Pass Through Trust		7.75%		11/15/28		597,297
2,148,000		Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. (a) (b)		6.50%		06/20/27		2,149,814
685,000		United Airlines, Inc. (b)		4.38%		04/15/26		649,282
895,000		United Airlines, Inc. (a) (b)		4.63%		04/15/29		810,656
39,766		US Airways 2000-3C Pass Through Trust (e) (f)		8.39%		09/01/23		39,766
1,210,000		XPO, Inc. (b)		6.25%		06/01/28		1,199,276
525,000		XPO, Inc. (b)		7.13%		06/01/31		531,724
								8,830,442
		Utility – 3.6%
775,000		AmeriGas Partners L.P./AmeriGas Finance Corp. (b)		9.38%		06/01/28		790,949
2,900,000		Calpine Corp. (b)		4.63%		02/01/29		2,499,626
2,205,000		Calpine Corp. (a) (b)		3.75%		03/01/31		1,809,361
470,000		Clearway Energy Operating LLC (b)		3.75%		02/15/31		389,957
1,690,000		Clearway Energy Operating LLC (a) (b)		3.75%		01/15/32		1,382,783
2,600,000		Ferrellgas L.P./Ferrellgas Finance Corp. (a) (b)		5.88%		04/01/29		2,239,161
1,355,000		FirstEnergy Corp. (a) (d)		4.15%		07/15/27		1,284,805
2,515,000		PG&E Corp. (a)		5.00%		07/01/28		2,329,373
1,060,000		Vistra Operations Co. LLC (b)		5.63%		02/15/27		1,026,090
1,310,000		Vistra Operations Co. LLC (b)		4.38%		05/01/29		1,157,747
								14,909,852
		Total Corporate Bonds and Notes						409,017,023
		(Cost $436,712,298)
Principal Value (Local Currency)		Description		Stated Coupon		Stated Maturity		Value (US Dollars)
FOREIGN CORPORATE BONDS AND NOTES – 24.8%
		Automotive – 0.6%
918,000		Clarios Global L.P. (USD) (b)		6.75%		05/15/25		920,991
607,000		Clarios Global L.P./Clarios US Finance Co. (USD) (b)		6.25%		05/15/26		607,095
1,099,000		Clarios Global L.P./Clarios US Finance Co. (USD) (b)		8.50%		05/15/27		1,114,784
								2,642,870
		Banking – 0.8%
2,930,000		Barclays PLC (USD) (a) (c)		7.33%		11/02/26		3,008,653
500,000		Intesa Sanpaolo S.p.A. (USD) (b)		5.02%		06/26/24		488,642
								3,497,295
		Basic Industry – 1.9%
1,350,000		Ahlstrom Holding 3 Oy (USD) (b)		4.88%		02/04/28		1,124,192
350,000		First Quantum Minerals Ltd. (USD) (b)		8.63%		06/01/31		358,750
2,175,000		INEOS Finance PLC (USD) (a) (b)		6.75%		05/15/28		2,077,125
1,900,000		James Hardie International Finance DAC (USD) (a) (b)		5.00%		01/15/28		1,808,214
475,000		Nobian Finance B.V. (EUR) (g)		3.63%		07/15/26		449,908

First Trust High Income Long/Short Fund (FSD)

Portfolio of Investments (Continued)

July 31, 2023 (Unaudited)

Principal Value (Local Currency)		Description		Stated Coupon		Stated Maturity		Value (US Dollars)
FOREIGN CORPORATE BONDS AND NOTES (Continued)
		Basic Industry (Continued)
2,250,000		SPCM S.A. (USD) (a) (b)		3.38%		03/15/30		$1,865,876
755,000		Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. (USD) (b)		5.13%		04/01/29		444,665
								8,128,730
		Capital Goods – 4.5%
464,000		Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (USD) (b)		6.00%		06/15/27		458,359
1,815,000		Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (USD) (a) (b)		3.25%		09/01/28		1,569,600
1,475,000		Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (USD) (a) (b)		5.25%		08/15/27		1,267,867
2,224,000		Bombardier, Inc. (USD) (a) (b)		7.88%		04/15/27		2,218,964
715,000		Bombardier, Inc. (USD) (b)		6.00%		02/15/28		673,004
4,329,000		Bombardier, Inc. (USD) (b)		7.50%		02/01/29		4,292,750
2,240,000		Canpack S.A./Canpack US LLC (USD) (a) (b)		3.13%		11/01/25		2,077,894
450,000		Canpack S.A./Canpack US LLC (USD) (b)		3.88%		11/15/29		362,055
1,880,000		Cascades, Inc./Cascades USA, Inc. (USD) (a) (b)		5.38%		01/15/28		1,772,868
875,000		OI European Group B.V. (USD) (b)		4.75%		02/15/30		791,076
2,200,000		Stora Enso OYJ (USD) (a) (b)		7.25%		04/15/36		2,253,235
1,380,000		Titan Acquisition Ltd./Titan Co-Borrower LLC (USD) (b)		7.75%		04/15/26		1,283,416
								19,021,088
		Consumer Goods – 0.7%
1,000,000		JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc. (USD) (a) (b)		5.50%		01/15/30		968,120
2,500,000		Minerva Luxembourg S.A. (USD) (a) (b)		4.38%		03/18/31		2,042,500
								3,010,620
		Energy – 1.5%
1,775,000		Baytex Energy Corp. (USD) (a) (b)		8.50%		04/30/30		1,800,260
2,250,000		Petroleos Mexicanos (USD) (a)		6.50%		03/13/27		2,003,037
650,000		Transocean Titan Financing Ltd. (USD) (b)		8.38%		02/01/28		671,798
662,000		Transocean, Inc. (USD) (b)		8.75%		02/15/30		687,904
1,257,000		Valaris Ltd. (USD) (b)		8.38%		04/30/30		1,287,294
								6,450,293
		Financial Services – 0.5%
1,895,000		Credit Suisse AG/New York NY (USD)		7.95%		01/09/25		1,938,557
		Healthcare – 0.2%
475,000		Bausch Health Cos., Inc. (USD) (b)		5.50%		11/01/25		428,141
295,000		Bausch Health Cos., Inc. (USD) (b)		9.00%		12/15/25		270,448
								698,589
		Leisure – 4.8%
725,000		Carnival Corp. (USD) (b)		5.75%		03/01/27		671,285
3,135,000		Carnival Corp. (USD) (a) (b)		6.00%		05/01/29		2,820,839
700,000		Melco Resorts Finance Ltd. (USD) (b)		5.75%		07/21/28		626,582
1,624,000		NCL Corp Ltd. (USD) (b)		5.88%		03/15/26		1,538,184
2,220,000		NCL Corp Ltd. (USD) (a) (b)		5.88%		02/15/27		2,163,895
845,000		NCL Corp Ltd. (USD) (b)		8.38%		02/01/28		881,696
765,000		NCL Corp Ltd. (USD) (b)		7.75%		02/15/29		733,295
2,566,000		NCL Finance Ltd. (USD) (a) (b)		6.13%		03/15/28		2,337,369

First Trust High Income Long/Short Fund (FSD)

Portfolio of Investments (Continued)

July 31, 2023 (Unaudited)

Principal Value (Local Currency)		Description		Stated Coupon		Stated Maturity		Value (US Dollars)
FOREIGN CORPORATE BONDS AND NOTES (Continued)
		Leisure (Continued)
1,875,000		Royal Caribbean Cruises Ltd. (USD) (a) (b)		5.38%		07/15/27		$1,784,484
437,000		Royal Caribbean Cruises Ltd. (USD) (b)		8.25%		01/15/29		456,791
1,708,000		Royal Caribbean Cruises Ltd. (USD) (b)		9.25%		01/15/29		1,819,924
291,000		Royal Caribbean Cruises Ltd. (USD) (b)		7.25%		01/15/30		294,409
859,000		Viking Cruises Ltd. (USD) (b)		5.88%		09/15/27		804,015
2,180,000		Viking Cruises Ltd. (USD) (b)		9.13%		07/15/31		2,243,438
1,045,000		VOC Escrow Ltd. (USD) (b)		5.00%		02/15/28		971,910
								20,148,116
		Media – 0.6%
2,770,000		UPC Holding, B.V. (USD) (a) (b)		5.50%		01/15/28		2,467,862
		Retail – 0.9%
1,000,000		1011778 BC ULC/New Red Finance, Inc. (USD) (b)		3.50%		02/15/29		879,667
3,375,000		1011778 BC ULC/New Red Finance, Inc. (USD) (b)		4.00%		10/15/30		2,903,351
								3,783,018
		Services – 2.4%
2,330,000		Garda World Security Corp. (USD) (a) (b)		4.63%		02/15/27		2,154,561
3,410,000		Garda World Security Corp. (USD) (a) (b)		9.50%		11/01/27		3,342,005
2,765,000		GFL Environmental, Inc. (USD) (a) (b)		4.00%		08/01/28		2,477,432
1,650,000		GFL Environmental, Inc. (USD) (a) (b)		3.50%		09/01/28		1,470,031
655,000		GFL Environmental, Inc. (USD) (a) (b)		4.75%		06/15/29		598,092
								10,042,121
		Technology & Electronics – 0.7%
1,760,000		Open Text Corp. (USD) (a) (b)		3.88%		12/01/29		1,490,344
206,000		Seagate HDD Cayman (USD)		4.13%		01/15/31		169,950
165,000		Seagate HDD Cayman (USD) (b)		8.50%		07/15/31		172,447
725,000		Sensata Technologies B.V. (USD) (b)		4.00%		04/15/29		641,314
244,000		Sensata Technologies B.V. (USD) (b)		5.88%		09/01/30		235,357
								2,709,412
		Telecommunications – 3.2%
1,175,000		Altice Financing S.A. (USD) (b)		5.75%		08/15/29		882,360
630,000		Altice France Holding S.A. (USD) (b)		10.50%		05/15/27		267,346
1,635,000		Altice France S.A. (USD) (a) (b)		5.13%		07/15/29		1,146,585
2,000,000		Iliad Holding SAS (USD) (a) (b)		6.50%		10/15/26		1,918,523
1,340,000		Telecom Italia Capital S.A. (USD)		7.72%		06/04/38		1,192,249
1,100,000		Total Play Telecomunicaciones S.A. de C.V. (USD) (b)		6.38%		09/20/28		632,005
4,000,000		Virgin Media Finance PLC (EUR) (g)		3.75%		07/15/30		3,588,860
1,000,000		Vmed O2 UK Financing I PLC (GBP) (b)		4.50%		07/15/31		1,020,312
870,000		VZ Secured Financing B.V. (USD) (a) (b)		5.00%		01/15/32		707,786
2,700,000		Ziggo Bond Co. B.V. (USD) (a) (b)		5.13%		02/28/30		2,136,022
								13,492,048
		Transportation – 1.5%
850,000		Air Canada (USD) (a) (b)		3.88%		08/15/26		789,565
2,595,000		Air Canada 2020-1 Class C Pass Through Trust (USD) (a) (b)		10.50%		07/15/26		2,815,702
1,920,417		American Airlines, Inc./AAdvantage Loyalty IP Ltd. (USD) (a) (b)		5.50%		04/20/26		1,893,506

First Trust High Income Long/Short Fund (FSD)

Portfolio of Investments (Continued)

July 31, 2023 (Unaudited)

Principal Value (Local Currency)		Description		Stated Coupon		Stated Maturity		Value (US Dollars)
FOREIGN CORPORATE BONDS AND NOTES (Continued)
		Transportation (Continued)
575,000		Stena International S.A. (EUR) (b)		7.25%		02/15/28		$655,921
								6,154,694
		Total Foreign Corporate Bonds and Notes						104,185,313
		(Cost $109,616,270)
Par Amount (Local Currency)		Description		Stated Rate		Stated Maturity		Value (US Dollars)
CAPITAL PREFERRED SECURITIES – 6.9%
		Automotive – 1.2%
5,935,000		General Motors Financial Co., Inc., Series A (USD) (c)		5.75%		(h)		5,025,775
		Banking – 2.6%
3,000,000		Barclays Bank PLC, 3 Mo. EUR LIBOR + 0.71% (EUR) (g) (i)		4.24%		(h)		2,969,887
4,475,000		Citigroup, Inc., Series M (USD) (c)		6.30%		(h)		4,396,688
3,935,000		Citigroup, Inc., Series V (USD) (a) (c)		4.70%		(h)		3,503,724
								10,870,299
		Financial Services – 1.2%
3,175,000		American AgCredit Corp., Series QIB (USD) (a) (b) (c)		5.25%		(h)		2,821,781
3,210,000		Textron Financial Corp., 3 Mo. LIBOR + 1.74% (USD) (a) (b) (i)		7.06%		02/15/42		2,413,865
								5,235,646
		Utility – 1.9%
1,695,000		Edison International, Series B (USD) (a) (c)		5.00%		(h)		1,468,669
6,595,000		Vistra Corp. (USD) (a) (b) (c)		8.00%		(h)		6,317,021
								7,785,690
		Total Capital Preferred Securities						28,917,410
		(Cost $31,719,704)
Principal Value		Description		Rate (j)		Stated Maturity (k)		Value
SENIOR FLOATING-RATE LOAN INTERESTS – 2.5%
		Capital Goods – 1.1%
$2,662,500		ADS Tactical, Inc., Initial Term Loan, 1 Mo. LIBOR + 5.75%, 1.00% Floor		11.07%		03/19/26		2,567,103
750,000		Dexko Global, Inc., 2023 Incremental Term Loan (First Lien), 1 Mo. CME Term SOFR + 4.25%, 0.00% Floor		9.60%		10/04/28		731,407
1,252,294		Emerald Debt Merger Sub LLC, Initial Term Loan B, 1 Mo. CME Term SOFR + 3.00%, 0.00% Floor		8.26%		05/31/30		1,254,648
								4,553,158
		Retail – 0.2%
1,068,643		Michaels Cos (The), Inc., Term Loan B, 3 Mo. SOFR + 4.25%, 0.75% Floor		9.49%		04/15/28		988,228
		Services – 1.1%
1,000,000		Allied Universal Holdco LLC, Amendment No. 3 Term Loan, 1 Mo. CME Term SOFR + 4.75%, 0.50% Floor		9.78%		05/11/28		981,095

First Trust High Income Long/Short Fund (FSD)

Portfolio of Investments (Continued)

July 31, 2023 (Unaudited)

Principal Value		Description		Rate (j)		Stated Maturity (k)		Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
		Services (Continued)
$5,800,000		TruGreen L.P., Initial Term Loan (Second Lien), 1 Mo. LIBOR + 8.50%, 0.75% Floor		13.87%		11/02/28		$3,562,186
								4,543,281
		Technology & Electronics – 0.1%
600,000		Dcert Buyer, Inc., First Amendment Refinancing Loan (Second Lien), 1 Mo. LIBOR + 7.00%, 0.00% Floor		12.26%		02/16/29		561,939
		Total Senior Floating-Rate Loan Interests						10,646,606
		(Cost $12,884,398)
Principal Value		Description		Stated Coupon		Stated Maturity		Value
MORTGAGE-BACKED SECURITIES – 0.5%
		Collateralized Mortgage Obligations – 0.0%
		Washington Mutual Alternative Mortgage Pass-Through Certificates
10,684		Series 2007-5, Class A11, 1 Mo. CME Term SOFR x -6 + CSA + 39.48% (l)		7.01%		06/25/37		10,976
		Commercial Mortgage-Backed Securities – 0.5%
		Securitized Asset Backed Receivables LLC Trust
6,278,154		Series 2006-FR4, Class A2A, 1 Mo. CME Term SOFR + CSA + 0.16% (i)		2.94%		08/25/36		1,976,702
		Total Mortgage-Backed Securities						1,987,678
		(Cost $5,001,582)

    

Shares		Description		Value
COMMON STOCKS – 0.1%
		Energy – 0.0%
7		Thunderbird Resources Equity, Inc. (e) (f) (m) (n)		25,850
		Utility – 0.1%
13,918		Vistra Corp.		390,539
		Total Common Stocks		416,389
		(Cost $997,888)
RIGHTS – 0.0%
		Utility – 0.0%
13,918		Vistra Corp., no expiration date (m) (n)		15,540
		(Cost $22,917)

    

		Total Investments – 132.0%						555,185,959
		(Cost $596,955,057)
Principal Value		Description		Stated Coupon		Stated Maturity		Value
U.S. GOVERNMENT BONDS SOLD SHORT – (12.4)%
$(24,000,000)		United States Treasury Note		2.88%		05/31/25		(23,122,500)
(30,000,000)		United States Treasury Note		3.50%		04/30/28		(29,102,343)
		Total U.S. Government Bonds Sold Short						(52,224,843)
		(Proceeds $54,465,000)

First Trust High Income Long/Short Fund (FSD)

Portfolio of Investments (Continued)

July 31, 2023 (Unaudited)

Principal Value		Description		Stated Coupon		Stated Maturity		Value
CORPORATE BONDS SOLD SHORT – (1.0)%
		Energy – (0.3)%
(1,600,000)		Halliburton Co.		2.92%		03/01/30		(1,414,218)
		Technology & Electronics – (0.7)%
(2,930,000)		Amkor Technology, Inc. (b)		6.63%		09/15/27		(2,940,331)
		Total Corporate Bonds Sold Short						(4,354,549)
		(Proceeds $4,479,458)
		Total Investments Sold Short – (13.4)%						(56,579,392)
		(Proceeds $58,944,458)

	Outstanding Loan – (34.0)%		(143,009,346)
	Net Other Assets and Liabilities – 15.4%		65,124,587
	Net Assets – 100.0%		$420,721,808

    

Forward Foreign Currency Contracts

Settlement Date

Counterparty

Amount Purchased

Amount Sold

Purchase Value as of 7/31/2023

Sale Value as of 7/31/2023

Unrealized Appreciation/ (Depreciation)

11/07/23

JPM

USD

8,173,815

EUR

7,353,000

$ 8,173,815

$ 8,124,110

$ 49,705

11/07/23

JPM

USD

1,104,090

GBP

855,000

1,104,090

1,097,471

6,619

Net Unrealized Appreciation / (Depreciation)

$56,324

    

(a)	This security or a portion of this security is segregated as collateral for investments sold short and borrowings in the margin account. At July 31, 2023, the segregated value of these securities amounts to $344,641,005.
(b)	This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Fund Board of Trustees, this security has been determined to be liquid by MacKay Shields LLC, the Fund’s sub-advisor (the “Sub-Advisor”). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require subjective judgment. At July 31, 2023, securities noted as such amounted to $404,004,093 of total investments and $(2,940,331) of total investments sold short, or 96.0% and (0.7)% of net assets, respectively.
(c)	Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at July 31, 2023. At a predetermined date, the fixed rate will change to a floating rate or a variable rate.
(d)	Multi-Step Coupon Bond - Coupon steps up or down at a predetermined date. The interest rate shown reflects the rate in effect at July 31, 2023.
(e)	This security is fair valued by the Pricing Committee of the Fund’s investment advisor, First Trust Advisors L.P. (the “Advisor”), in accordance with procedures approved by the Fund’s Board of Trustees, and in accordance with the provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At July 31, 2023, securities noted as such are valued at $65,616 or 0.0% of net assets.
(f)	This security’s value was determined using significant unobservable inputs (see Valuation Inputs section).
(g)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act.
(h)	Perpetual maturity.
(i)	Floating or variable rate security.
(j)	Senior Floating-Rate Loan Interests (“Senior Loans”) in which the Fund invests pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the LIBOR, (ii) the SOFR obtained from the U.S. Department of the Treasury’s Office of Financial Research or another major financial institution, (iii) the prime rate offered by one or more United States banks or (iv) the certificate of deposit rate. Certain Senior Loans are subject to a LIBOR or SOFR floor that establishes a minimum LIBOR or SOFR rate.
(k)	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.
(l)	Inverse floating rate security.
(m)	Pursuant to procedures adopted by the Fund’s Board of Trustees, this security has been determined to be illiquid by the Sub-Advisor.
(n)	Non-income producing security.

    

First Trust High Income Long/Short Fund (FSD)

Portfolio of Investments (Continued)

July 31, 2023 (Unaudited)

Abbreviations throughout the Portfolio of Investments:
CME	Chicago Mercantile Exchange
CSA	Credit Spread Adjustment
EUR	Euro
GBP	British Pound Sterling
JPM	JPMorgan Chase
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
USD	United States Dollar

Valuation Inputs

The Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

•	Level 1 – Level 1 inputs are quoted prices in active markets for identical investments.
•	Level 2 – Level 2 inputs are observable inputs, either directly or indirectly. (Quoted prices for similar investments, valuations based on interest rates and yield curves, or valuations derived from observable market data.)
•	Level 3 – Level 3 inputs are unobservable inputs that may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

A summary of the inputs used to value the Fund’s investments as of July 31, 2023 is as follows:

ASSETS TABLE
	Total Value at 7/31/2023	Level 1 Quoted Prices	Level 2 Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Corporate Bonds and Notes:
Transportation	$ 8,830,442	$ —	$ 8,790,676	$ 39,766
Other Industry Categories*	400,186,581	—	400,186,581	—
Foreign Corporate Bonds and Notes*	104,185,313	—	104,185,313	—
Capital Preferred Securities*	28,917,410	—	28,917,410	—
Senior Floating-Rate Loan Interests*	10,646,606	—	10,646,606	—
Mortgage-Backed Securities	1,987,678	—	1,987,678	—
Common Stocks:
Energy	25,850	—	—	25,850
Utility	390,539	390,539	—	—
Rights*	15,540	—	15,540	—
Total Investments	555,185,959	390,539	554,729,804	65,616
Forward Foreign Currency Contracts	56,324	—	56,324	—
Total	$ 555,242,283	$ 390,539	$ 554,786,128	$ 65,616
LIABILITIES TABLE
	Total Value at 7/31/2023	Level 1 Quoted Prices	Level 2 Significant Observable Inputs	Level 3 Significant Unobservable Inputs
U.S. Government Bonds Sold Short	$ (52,224,843)	$ —	$ (52,224,843)	$ —
Corporate Bonds Sold Short*	(4,354,549)	—	(4,354,549)	—
Total Investments	$ (56,579,392)	$—	$ (56,579,392)	$—

    

*	See Portfolio of Investments for industry breakout.

Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.