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Duration High Income Fund FDHAX Class A This semi-annual shareholder report contains important information about the First Trust Short Duration High Income Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="color: rgb(0, 62, 135); text-decoration-line: underline;">www.ftportfolios.com/fund-documents/MF/FDHAX</span>. You can also request this information by contacting us at 1-800-621-1675 or <span style="text-decoration-line: underline; color: rgb(0, 62, 135); font-family: 'times new roman'; font-size: 9pt;">info@ftportfolios.com</span>. www.ftportfolios.com/fund-documents/MF/FDHAX 1-800-621-1675 info@ftportfolios.com <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">First Trust Short Duration High Income Fund - Class A</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>62</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span><sup style="font-size: 6pt;">(1)</sup></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; white-space: nowrap; width: 10pt; padding: 0 2px 4pt 0;">(1<span>)</span></td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; padding: 0 0 4pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: normal; margin-bottom: 0px;">Annualized.</div> </td> </tr> </table> 62 0.0125 <div style="font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135); margin-top: 10pt;">KEY FUND STATISTICS (As of<span style="white-space: nowrap;"> </span>April 30, 2026)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>55,587,337</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">264</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">38<span>%</span></td> </tr> </table> 55587337 264 0.38 <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">WHAT DID THE FUND INVEST IN? (As of April 30, 2026)</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing the percentage of net assets and total investments, respectively, of the Fund.</div> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;"><b>Fund Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds and Notes</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">57.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Senior Floating-Rate Loan Interests</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">27.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Foreign Corporate Bonds and Notes</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Money Market Funds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Net Other Assets and Liabilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(0.3<span>)</span><span>%</span></td> </tr> </table> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;">Credit Quality<sup style="font-size: 6pt;">(2)</sup></div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_696644.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 7.5pt;">Any amount shown as 0.0% represents less than 0.1%.</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: normal; padding-left: 1.5em; text-indent: -1.5em;">(2) The ratings are by S&amp;P Global Ratings. 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 only 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. "NR" indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.</div> 0.575 0.272 0.080 0.076 0.000 -0.003 The ratings are by S&amp;P Global Ratings. 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 only 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. "NR" indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. The ratings are by S&amp;P Global Ratings. 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 only privately rated. First Trust Short Duration High Income Fund FDHCX Class C This semi-annual shareholder report contains important information about the First Trust Short Duration High Income Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="color: rgb(0, 62, 135); text-decoration-line: underline;">www.ftportfolios.com/fund-documents/MF/FDHCX</span>. You can also request this information by contacting us at 1-800-621-1675 or <span style="text-decoration-line: underline; color: rgb(0, 62, 135); font-family: 'times new roman'; font-size: 9pt;">info@ftportfolios.com</span>. www.ftportfolios.com/fund-documents/MF/FDHCX 1-800-621-1675 info@ftportfolios.com <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">First Trust Short Duration High Income Fund - Class C</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>100</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.00<span>%</span><sup style="font-size: 6pt;">(1)</sup></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; white-space: nowrap; width: 10pt; padding: 0 2px 4pt 0;">(1<span>)</span></td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; padding: 0 0 4pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: normal; margin-bottom: 0px;">Annualized.</div> </td> </tr> </table> 100 0.0200 <div style="font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135); margin-top: 10pt;">KEY FUND STATISTICS (As of<span style="white-space: nowrap;"> </span>April 30, 2026)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>55,587,337</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">264</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">38<span>%</span></td> </tr> </table> 55587337 264 0.38 <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">WHAT DID THE FUND INVEST IN? (As of April 30, 2026)</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing the percentage of net assets and total investments, respectively, of the Fund.</div> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;"><b>Fund Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds and Notes</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">57.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Senior Floating-Rate Loan Interests</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">27.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Foreign Corporate Bonds and Notes</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Money Market Funds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Net Other Assets and Liabilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(0.3<span>)</span><span>%</span></td> </tr> </table> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;">Credit Quality<sup style="font-size: 6pt;">(2)</sup></div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_696652.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 7.5pt;">Any amount shown as 0.0% represents less than 0.1%.</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: normal; padding-left: 1.5em; text-indent: -1.5em;">(2) The ratings are by S&amp;P Global Ratings. 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 only 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. "NR" indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.</div> 0.575 0.272 0.080 0.076 0.000 -0.003 The ratings are by S&amp;P Global Ratings. 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 only 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. "NR" indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. The ratings are by S&amp;P Global Ratings. 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 only privately rated. First Trust Short Duration High Income Fund FDHIX Class I This semi-annual shareholder report contains important information about the First Trust Short Duration High Income Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="color: rgb(0, 62, 135); text-decoration-line: underline;">www.ftportfolios.com/fund-documents/MF/FDHIX</span>. You can also request this information by contacting us at 1-800-621-1675 or <span style="text-decoration-line: underline; color: rgb(0, 62, 135); font-family: 'times new roman'; font-size: 9pt;">info@ftportfolios.com</span>. www.ftportfolios.com/fund-documents/MF/FDHIX 1-800-621-1675 info@ftportfolios.com <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">First Trust Short Duration High Income Fund - Class I</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>50</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.00<span>%</span><sup style="font-size: 6pt;">(1)</sup></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; white-space: nowrap; width: 10pt; padding: 0 2px 4pt 0;">(1<span>)</span></td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; padding: 0 0 4pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: normal; margin-bottom: 0px;">Annualized.</div> </td> </tr> </table> 50 0.0100 <div style="font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135); margin-top: 10pt;">KEY FUND STATISTICS (As of<span style="white-space: nowrap;"> </span>April 30, 2026)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>55,587,337</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">264</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">38<span>%</span></td> </tr> </table> 55587337 264 0.38 <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">WHAT DID THE FUND INVEST IN? (As of April 30, 2026)</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing the percentage of net assets and total investments, respectively, of the Fund.</div> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;"><b>Fund Allocation</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Corporate Bonds and Notes</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">57.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Senior Floating-Rate Loan Interests</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">27.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Foreign Corporate Bonds and Notes</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Money Market Funds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Net Other Assets and Liabilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(0.3<span>)</span><span>%</span></td> </tr> </table> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;">Credit Quality<sup style="font-size: 6pt;">(2)</sup></div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_696664.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 7.5pt;">Any amount shown as 0.0% represents less than 0.1%.</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: normal; padding-left: 1.5em; text-indent: -1.5em;">(2) The ratings are by S&amp;P Global Ratings. 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 only 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. "NR" indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.</div> 0.575 0.272 0.080 0.076 0.000 -0.003 The ratings are by S&amp;P Global Ratings. 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 only 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. "NR" indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. The ratings are by S&amp;P Global Ratings. 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 only privately rated. First Trust Managed Municipal Fund CWAAX Class A This semi-annual shareholder report contains important information about the First Trust Managed Municipal Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="color: rgb(0, 62, 135); text-decoration-line: underline;">www.ftportfolios.com/fund-documents/MF/CWAAX</span>. You can also request this information by contacting us at 1-800-621-1675 or <span style="text-decoration-line: underline; color: rgb(0, 62, 135); font-family: 'times new roman'; font-size: 9pt;">info@ftportfolios.com</span>. www.ftportfolios.com/fund-documents/MF/CWAAX 1-800-621-1675 info@ftportfolios.com <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">First Trust Managed Municipal Fund - Class A</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>45</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.90<span>%</span><sup style="font-size: 6pt;">(1)</sup></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; white-space: nowrap; width: 10pt; padding: 0 2px 4pt 0;">(1<span>)</span></td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; padding: 0 0 4pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: normal; margin-bottom: 0px;">Annualized.</div> </td> </tr> </table> 45 0.0090 <div style="font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135); margin-top: 10pt;">KEY FUND STATISTICS (As of<span style="white-space: nowrap;"> </span>April 30, 2026)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>54,492,792</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">104</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">11<span>%</span></td> </tr> </table> 54492792 104 0.11 <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">WHAT DID THE FUND INVEST IN? (As of April 30, 2026)</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.</div> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;">Credit Quality<sup style="font-size: 6pt;">(1)</sup></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">AAA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">AA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">33.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">28.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">BBB</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">BB</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">NR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.9<span>%</span></td> </tr> </table> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;">Sector Allocation</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_696870.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: normal; padding-left: 1.5em; text-indent: -1.5em;">(1) The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including S&amp;P Global Ratings, Moody’s Investors Service, Inc., Fitch Ratings or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. “NR” indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.</div> 0.038 0.334 0.284 0.171 0.034 0.020 0.119 The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including S&amp;P Global Ratings, Moody’s Investors Service, Inc., Fitch Ratings or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. “NR” indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including S&amp;P Global Ratings, Moody’s Investors Service, Inc., Fitch Ratings or a comparably rated NRSRO. First Trust Managed Municipal Fund CWAIX Class I This semi-annual shareholder report contains important information about the First Trust Managed Municipal Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="color: rgb(0, 62, 135); text-decoration-line: underline;">www.ftportfolios.com/fund-documents/MF/CWAIX</span>. You can also request this information by contacting us at 1-800-621-1675 or <span style="text-decoration-line: underline; color: rgb(0, 62, 135); font-family: 'times new roman'; font-size: 9pt;">info@ftportfolios.com</span>. www.ftportfolios.com/fund-documents/MF/CWAIX 1-800-621-1675 info@ftportfolios.com <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">First Trust Managed Municipal Fund - Class I</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>32</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.65<span>%</span><sup style="font-size: 6pt;">(1)</sup></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; white-space: nowrap; width: 10pt; padding: 0 2px 4pt 0;">(1<span>)</span></td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; padding: 0 0 4pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: normal; margin-bottom: 0px;">Annualized.</div> </td> </tr> </table> 32 0.0065 <div style="font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135); margin-top: 10pt;">KEY FUND STATISTICS (As of<span style="white-space: nowrap;"> </span>April 30, 2026)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>54,492,792</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">104</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">11<span>%</span></td> </tr> </table> 54492792 104 0.11 <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">WHAT DID THE FUND INVEST IN? (As of April 30, 2026)</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.</div> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">AAA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">AA</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">33.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">28.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">BBB</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">BB</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">B</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">NR</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.9<span>%</span></td> </tr> </table> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;">Sector Allocation</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_696675.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: normal; padding-left: 1.5em; text-indent: -1.5em;">(1) The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including S&amp;P Global Ratings, Moody’s Investors Service, Inc., Fitch Ratings or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. “NR” indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.</div> 0.038 0.334 0.284 0.171 0.034 0.020 0.119 The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including S&amp;P Global Ratings, Moody’s Investors Service, Inc., Fitch Ratings or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. “NR” indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including S&amp;P Global Ratings, Moody’s Investors Service, Inc., Fitch Ratings or a comparably rated NRSRO. First Trust Preferred Securitiesand Income Fund FPEAX Class A This semi-annual shareholder report contains important information about the First Trust Preferred Securities and Income Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="color: rgb(0, 62, 135); text-decoration-line: underline;">www.ftportfolios.com/fund-documents/MF/FPEAX</span>. You can also request this information by contacting us at 1-800-621-1675 or <span style="text-decoration-line: underline; color: rgb(0, 62, 135); font-family: 'times new roman'; font-size: 9pt;">info@ftportfolios.com</span>. www.ftportfolios.com/fund-documents/MF/FPEAX 1-800-621-1675 info@ftportfolios.com <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">First Trust Preferred Securities and Income Fund - Class A</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>70</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.41<span>%</span><sup style="font-size: 6pt;">(1) (2)</sup></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; white-space: nowrap; width: 10pt; padding: 0 2px 4pt 0;">(1<span>)</span></td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; padding: 0 0 4pt 0;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: normal;">Annualized.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; white-space: nowrap; width: 10pt; padding: 0 2px 4pt 0;">(2<span>)</span></td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; padding: 0 0 4pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: normal; margin-bottom: 0px;">The ratio reflects excise tax and extraordinary expenses of 0.01%, which are not included in the expense cap.</div> </td> </tr> </table> 70 0.0141 The ratio reflects excise tax and extraordinary expenses of 0.01%, which are not included in the expense cap. 0.0001 <div style="font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135); margin-top: 10pt;">KEY FUND STATISTICS (As of<span style="white-space: nowrap;"> </span>April 30, 2026)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>207,760,088</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">215</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">13<span>%</span></td> </tr> </table> 207760088 215 0.13 <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">WHAT DID THE FUND INVEST IN? (As of April 30, 2026)</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.</div> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp., 6.63%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Wells Fargo &amp; Co., Series L, 7.50%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Barclays PLC, 8.00%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Credit Agricole S.A., 7.13%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Land O'Lakes, Inc., 8.00%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Hartford Insurance Group (The), Inc., 6.04%, 02/12/47</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">NextEra Energy Capital Holdings, Inc., Series U, 6.50%, 06/01/85</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">BNP Paribas S.A., 8.50%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">American AgCredit Corp., 5.25%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Xcel Energy, Inc., 6.25%, 10/15/85</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;">Sector Allocation</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_696804.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp., 6.63%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Wells Fargo &amp; Co., Series L, 7.50%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Barclays PLC, 8.00%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Credit Agricole S.A., 7.13%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Land O'Lakes, Inc., 8.00%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Hartford Insurance Group (The), Inc., 6.04%, 02/12/47</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">NextEra Energy Capital Holdings, Inc., Series U, 6.50%, 06/01/85</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">BNP Paribas S.A., 8.50%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">American AgCredit Corp., 5.25%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Xcel Energy, Inc., 6.25%, 10/15/85</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table> 0.026 0.021 0.019 0.015 0.014 0.013 0.013 0.013 0.012 0.012 First Trust Preferred Securitiesand Income Fund FPECX Class C This semi-annual shareholder report contains important information about the First Trust Preferred Securities and Income Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="color: rgb(0, 62, 135); text-decoration-line: underline;">www.ftportfolios.com/fund-documents/MF/FPECX</span>. You can also request this information by contacting us at 1-800-621-1675 or <span style="text-decoration-line: underline; color: rgb(0, 62, 135); font-family: 'times new roman'; font-size: 9pt;">info@ftportfolios.com</span>. www.ftportfolios.com/fund-documents/MF/FPECX 1-800-621-1675 info@ftportfolios.com <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">First Trust Preferred Securities and Income Fund - Class C</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>108</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.16<span>%</span><sup style="font-size: 6pt;">(1) (2)</sup></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; white-space: nowrap; width: 10pt; padding: 0 2px 4pt 0;">(1<span>)</span></td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; padding: 0 0 4pt 0;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: normal;">Annualized.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; white-space: nowrap; width: 10pt; padding: 0 2px 4pt 0;">(2<span>)</span></td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; padding: 0 0 4pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: normal; margin-bottom: 0px;">The ratio reflects excise tax and extraordinary expenses of 0.01%, which are not included in the expense cap.</div> </td> </tr> </table> 108 0.0216 The ratio reflects excise tax and extraordinary expenses of 0.01%, which are not included in the expense cap. 0.0001 <div style="font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135); margin-top: 10pt;">KEY FUND STATISTICS (As of<span style="white-space: nowrap;"> </span>April 30, 2026)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>207,760,088</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">215</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">13<span>%</span></td> </tr> </table> 207760088 215 0.13 <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">WHAT DID THE FUND INVEST IN? (As of April 30, 2026)</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.</div> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp., 6.63%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Wells Fargo &amp; Co., Series L, 7.50%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Barclays PLC, 8.00%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Credit Agricole S.A., 7.13%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Land O'Lakes, Inc., 8.00%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Hartford Insurance Group (The), Inc., 6.04%, 02/12/47</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">NextEra Energy Capital Holdings, Inc., Series U, 6.50%, 06/01/85</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">BNP Paribas S.A., 8.50%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">American AgCredit Corp., 5.25%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Xcel Energy, Inc., 6.25%, 10/15/85</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;">Sector Allocation</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_696819.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp., 6.63%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Wells Fargo &amp; Co., Series L, 7.50%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Barclays PLC, 8.00%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Credit Agricole S.A., 7.13%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Land O'Lakes, Inc., 8.00%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Hartford Insurance Group (The), Inc., 6.04%, 02/12/47</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">NextEra Energy Capital Holdings, Inc., Series U, 6.50%, 06/01/85</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">BNP Paribas S.A., 8.50%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">American AgCredit Corp., 5.25%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Xcel Energy, Inc., 6.25%, 10/15/85</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table> 0.026 0.021 0.019 0.015 0.014 0.013 0.013 0.013 0.012 0.012 First Trust Preferred Securitiesand Income Fund FPEFX Class F This semi-annual shareholder report contains important information about the First Trust Preferred Securities and Income Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="color: rgb(0, 62, 135); text-decoration-line: underline;">www.ftportfolios.com/fund-documents/MF/FPEFX</span>. You can also request this information by contacting us at 1-800-621-1675 or <span style="text-decoration-line: underline; color: rgb(0, 62, 135); font-family: 'times new roman'; font-size: 9pt;">info@ftportfolios.com</span>. www.ftportfolios.com/fund-documents/MF/FPEFX 1-800-621-1675 info@ftportfolios.com <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">First Trust Preferred Securities and Income Fund - Class F</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>65</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.31<span>%</span><sup style="font-size: 6pt;">(1) (2)</sup></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; white-space: nowrap; width: 10pt; padding: 0 2px 4pt 0;">(1<span>)</span></td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; padding: 0 0 4pt 0;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: normal;">Annualized.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; white-space: nowrap; width: 10pt; padding: 0 2px 4pt 0;">(2<span>)</span></td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; padding: 0 0 4pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: normal; margin-bottom: 0px;">The ratio reflects excise tax and extraordinary expenses of 0.01%, which are not included in the expense cap.</div> </td> </tr> </table> 65 0.0131 The ratio reflects excise tax and extraordinary expenses of 0.01%, which are not included in the expense cap. 0.0001 <div style="font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135); margin-top: 10pt;">KEY FUND STATISTICS (As of<span style="white-space: nowrap;"> </span>April 30, 2026)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>207,760,088</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">215</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">13<span>%</span></td> </tr> </table> 207760088 215 0.13 <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">WHAT DID THE FUND INVEST IN? (As of April 30, 2026)</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.</div> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp., 6.63%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Wells Fargo &amp; Co., Series L, 7.50%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Barclays PLC, 8.00%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Credit Agricole S.A., 7.13%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Land O'Lakes, Inc., 8.00%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Hartford Insurance Group (The), Inc., 6.04%, 02/12/47</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">NextEra Energy Capital Holdings, Inc., Series U, 6.50%, 06/01/85</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">BNP Paribas S.A., 8.50%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">American AgCredit Corp., 5.25%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Xcel Energy, Inc., 6.25%, 10/15/85</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;">Sector Allocation</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_696828.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp., 6.63%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Wells Fargo &amp; Co., Series L, 7.50%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Barclays PLC, 8.00%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Credit Agricole S.A., 7.13%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Land O'Lakes, Inc., 8.00%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Hartford Insurance Group (The), Inc., 6.04%, 02/12/47</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">NextEra Energy Capital Holdings, Inc., Series U, 6.50%, 06/01/85</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">BNP Paribas S.A., 8.50%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">American AgCredit Corp., 5.25%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Xcel Energy, Inc., 6.25%, 10/15/85</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table> 0.026 0.021 0.019 0.015 0.014 0.013 0.013 0.013 0.012 0.012 First Trust Preferred Securitiesand Income Fund FPEIX Class I This semi-annual shareholder report contains important information about the First Trust Preferred Securities and Income Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="color: rgb(0, 62, 135); text-decoration-line: underline;">www.ftportfolios.com/fund-documents/MF/FPEIX</span>. You can also request this information by contacting us at 1-800-621-1675 or <span style="text-decoration-line: underline; color: rgb(0, 62, 135); font-family: 'times new roman'; font-size: 9pt;">info@ftportfolios.com</span>. www.ftportfolios.com/fund-documents/MF/FPEIX 1-800-621-1675 info@ftportfolios.com <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">First Trust Preferred Securities and Income Fund - Class I</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>54</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.08<span>%</span><sup style="font-size: 6pt;">(1) (2)</sup></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; white-space: nowrap; width: 10pt; padding: 0 2px 4pt 0;">(1<span>)</span></td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; padding: 0 0 4pt 0;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: normal;">Annualized.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; white-space: nowrap; width: 10pt; padding: 0 2px 4pt 0;">(2<span>)</span></td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; padding: 0 0 4pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: normal; margin-bottom: 0px;">The ratio reflects excise tax and extraordinary expenses of 0.01%, which are not included in the expense cap.</div> </td> </tr> </table> 54 0.0108 The ratio reflects excise tax and extraordinary expenses of 0.01%, which are not included in the expense cap. 0.0001 <div style="font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135); margin-top: 10pt;">KEY FUND STATISTICS (As of<span style="white-space: nowrap;"> </span>April 30, 2026)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>207,760,088</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">215</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">13<span>%</span></td> </tr> </table> 207760088 215 0.13 <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">WHAT DID THE FUND INVEST IN? (As of April 30, 2026)</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.</div> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp., 6.63%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Wells Fargo &amp; Co., Series L, 7.50%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Barclays PLC, 8.00%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Credit Agricole S.A., 7.13%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Land O'Lakes, Inc., 8.00%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Hartford Insurance Group (The), Inc., 6.04%, 02/12/47</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">NextEra Energy Capital Holdings, Inc., Series U, 6.50%, 06/01/85</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">BNP Paribas S.A., 8.50%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">American AgCredit Corp., 5.25%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Xcel Energy, Inc., 6.25%, 10/15/85</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;">Sector Allocation</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_696843.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp., 6.63%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Wells Fargo &amp; Co., Series L, 7.50%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Barclays PLC, 8.00%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Credit Agricole S.A., 7.13%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Land O'Lakes, Inc., 8.00%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Hartford Insurance Group (The), Inc., 6.04%, 02/12/47</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">NextEra Energy Capital Holdings, Inc., Series U, 6.50%, 06/01/85</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">BNP Paribas S.A., 8.50%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">American AgCredit Corp., 5.25%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Xcel Energy, Inc., 6.25%, 10/15/85</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table> 0.026 0.021 0.019 0.015 0.014 0.013 0.013 0.013 0.012 0.012 First Trust Preferred Securitiesand Income Fund FPERX Class R3 This semi-annual shareholder report contains important information about the First Trust Preferred Securities and Income Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="color: rgb(0, 62, 135); text-decoration-line: underline;">www.ftportfolios.com/fund-documents/MF/FPERX</span>. You can also request this information by contacting us at 1-800-621-1675 or <span style="text-decoration-line: underline; color: rgb(0, 62, 135); font-family: 'times new roman'; font-size: 9pt;">info@ftportfolios.com</span>. www.ftportfolios.com/fund-documents/MF/FPERX 1-800-621-1675 info@ftportfolios.com <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; font-size: 9pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">First Trust Preferred Securities and Income Fund - Class R3</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>83</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.66<span>%</span><sup style="font-size: 6pt;">(1) (2)</sup></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; white-space: nowrap; width: 10pt; padding: 0 2px 4pt 0;">(1<span>)</span></td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; padding: 0 0 4pt 0;"> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: normal;">Annualized.</div> </td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; white-space: nowrap; width: 10pt; padding: 0 2px 4pt 0;">(2<span>)</span></td> <td style="break-inside: avoid-page; vertical-align: baseline; font-family: 'Times New Roman'; font-style: normal; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; padding: 0 0 4pt 0;"> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 7.5pt; font-style: normal; margin-bottom: 0px;">The ratio reflects excise tax and extraordinary expenses of 0.01%, which are not included in the expense cap.</div> </td> </tr> </table> 83 0.0166 The ratio reflects excise tax and extraordinary expenses of 0.01%, which are not included in the expense cap. 0.0001 <div style="font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135); margin-top: 10pt;">KEY FUND STATISTICS (As of<span style="white-space: nowrap;"> </span>April 30, 2026)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>207,760,088</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">215</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-size: 9pt; color: rgb(0, 0, 0); width: 80%; font-weight: bold; text-align: left; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); width: 20%; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">13<span>%</span></td> </tr> </table> 207760088 215 0.13 <div style="margin-top: 0px; font-family: 'times new roman'; font-weight: bold; font-size: 11.52pt; margin-bottom: 3pt; color: rgb(0, 62, 135);">WHAT DID THE FUND INVEST IN? (As of April 30, 2026)</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing the percentage of total investments of the Fund.</div> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp., 6.63%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Wells Fargo &amp; Co., Series L, 7.50%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Barclays PLC, 8.00%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Credit Agricole S.A., 7.13%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Land O'Lakes, Inc., 8.00%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Hartford Insurance Group (The), Inc., 6.04%, 02/12/47</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">NextEra Energy Capital Holdings, Inc., Series U, 6.50%, 06/01/85</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">BNP Paribas S.A., 8.50%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">American AgCredit Corp., 5.25%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Xcel Energy, Inc., 6.25%, 10/15/85</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;">Sector Allocation</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_696852.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; font-family: 'times new roman'; font-weight: bold; color: rgb(0, 0, 0); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Bank of America Corp., 6.63%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Wells Fargo &amp; Co., Series L, 7.50%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Barclays PLC, 8.00%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Credit Agricole S.A., 7.13%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Land O'Lakes, Inc., 8.00%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Hartford Insurance Group (The), Inc., 6.04%, 02/12/47</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">NextEra Energy Capital Holdings, Inc., Series U, 6.50%, 06/01/85</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">BNP Paribas S.A., 8.50%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">American AgCredit Corp., 5.25%</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6pt 3pt 3pt 3pt;">Xcel Energy, Inc., 6.25%, 10/15/85</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> </table> 0.026 0.021 0.019 0.015 0.014 0.013 0.013 0.013 0.012 0.012 Annualized. The ratio reflects excise tax and extraordinary expenses of 0.01%, which are not included in the expense cap. Annualized. The ratio reflects excise tax and extraordinary expenses of 0.01%, which are not included in the expense cap. Annualized. The ratings are by S&P Global Ratings. 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 only 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. "NR" indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. Annualized. Annualized. Annualized. The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including S&P Global Ratings, Moody’s Investors Service, Inc., Fitch Ratings or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest rating is used. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. “NR” indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. The ratings are by S&P Global Ratings. 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 only 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. "NR" indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. The ratings are by S&P Global Ratings. 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 only 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. "NR" indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. Annualized. Annualized. The ratio reflects excise tax and extraordinary expenses of 0.01%, which are not included in the expense cap. Annualized. The ratio reflects excise tax and extraordinary expenses of 0.01%, which are not included in the expense cap. Annualized. The ratio reflects excise tax and extraordinary expenses of 0.01%, which are not included in the expense cap.