First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2026 (Unaudited)

Principal Amount ($)			Value
		ASSET-BACKED SECURITIES — 7.7%
	1,222,781	ACM Auto Trust Series 2025-4A, Class A, 5.870%, 5/20/2030^1,2	$	1,224,011
	543,478	Barclays Mortgage Trust Series 2021-NPL1, Class A, 6.000%, 11/25/2051		544,283
	3,000,000	Basepoint Mca Securitization II LLC Series 2025-1A, Class B, 7.660%, 8/15/2031^1,2		2,995,302
		BHG Securitization Trust
	885,000	Series 2025-1CON, Class E, 8.620%, 4/17/2036^1,2		909,921
	500,000	Series 2026-1CON, Class E, 8.030%, 6/17/2037^1,2		502,832
	2,000,000	Carrington Mortgage Loan Trust Series Series 2006-NC2, Class M1, 4.168% (1-Month Term SOFR+52 basis points), 6/25/2036^2,3		1,678,698
	1,500,000	Channel EF LLC Series 2026-1A, Class E, 6.200%, 1/17/2034^1,2		1,402,504
		Cherry Securitization Trust
	3,262,000	Series 2024-1A, Class C, 9.310%, 4/15/2032^1,2		3,303,398
	2,000,000	Series 2025-1A, Class D, 12.690%, 11/15/2032^1,2		2,084,592
		Corevest American Finance Trust
	300,000	Series 2020-4, Class C, 2.250%, 12/15/2052		280,786
	100,000	Series 2021-1, Class C, 2.800%, 4/15/2053		88,828
	2,500,000	DataBank Issuer Series 2026-1A, Class A2, 5.811%, 2/25/2056^1,2		2,496,312
	1,316,442	Dividend Solar Loans LLC Series 2018-2, Class B, 4.250%, 12/20/2038^1,2		1,217,024
	1,872,155	EDGEX Trust Series 2026-PT2, Class PT, 16.979%, 5/15/2036^1,4		1,845,191
	2,000,000	Exeter Automobile Receivables Trust Series 2024-3A, Class E, 7.840%, 10/15/2031^1,2		2,082,818
		FIGRE Trust
	640,000	Series 2026-HE2, Class E, 7.060%, 1/25/2056		645,188
	1,171,957	Series 2026-HF3, Class C, 5.628% (30-Day SOFR Average+200 basis points), 3/25/2056		1,176,214
	2,000,000	Series 2026-HE5, Class E, 7.160%, 6/25/2056		2,021,046
	1,490,000	Series 2026-HE5, Class F, 8.125%, 6/25/2056		1,496,583
	2,083,265	Goodleap Sustainable Home Solutions Trust Series 2023-4C, Class A, 6.480%, 3/20/2057^1,2		2,050,318
	1,343,124	GreenSky Home Improvement Trust Series 2024-1, Class E, 9.000%, 6/25/2059^1,2		1,392,476
	4,443,173	GS Mortgage-Backed Securities Trust Series 2026-AH1, Class A1A, 5.128% (30-Day SOFR Average+150 basis points), 7/25/2056^1,2,3		4,453,441
		Huntington Bank Auto Credit-Linked Notes
	360,333	Series 2025-2, Class D, 6.859% (30-Day SOFR Average+325 basis points), 9/20/2033^1,2,3		350,642

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Principal Amount ($)			Value
		ASSET-BACKED SECURITIES (Continued)
	2,283,644	Series 2026-1, Class D, 8.109% (30-Day SOFR Average+450 basis points), 2/20/2034^1,2,3	$	2,306,616
	2,107,979	Series 2026-1, Class E, 12.259% (30-Day SOFR Average+865 basis points), 2/20/2034^1,2,3		2,111,120
	1,859,000	Kapitus Asset Securitization IV LLC Series 2024-1A, Class D, 9.900%, 9/10/2031^1,2		1,886,456
	2,500,000	Kapitus Asset Securitization VI LLC Series 2026-1A, Class D, 8.760%, 5/10/2033^1,2		2,501,960
	3,000,000	LMRE Trust Series 2025-SFR1, Class A, 4.500%, 12/17/2042¹		2,919,606
		Marlette Funding Trust
	1,352	Series 2023-1A, Class R, 0.000%, 4/15/2033^1,2,5		45,292
	3,806	Series 2023-2A, Class R, 0.000%, 6/15/2033^1,2,5		180,785
	275,464	Mosaic Solar Loan Trust Series 2022-1A, Class A, 2.640%, 1/20/2053^1,2		240,211
		Mulligan Asset Securitization III LLC
	1,000,000	Series 2026-1A, Class C, 6.984%, 5/15/2033^1,2		1,002,500
	1,275,000	Series 2026-1A, Class D, 10.170%, 5/15/2033^1,2		1,278,187
	1,552,816	NALP Business Loan Trust Series 2026-1, Class B, 7.180%, 6/26/2051^1,2		1,555,788
		NMEF Funding, LLC
	1,000,000	Series 2025-B, Class E, 7.660%, 1/18/2033^1,2		1,019,267
	1,350,000	Series 2026-A, Class E, 6.730%, 2/15/2034^1,2		1,330,077
	1,500,000	Pawneee Equipment Receivables Series LLC Series 2022-1, Class E, 9.500%, 9/17/2029^1,2		1,499,455
		Point Securitization Trust
	1,000,000	Series 2023-1, Class A2, 7.750%, 11/25/2053^1,2,6		1,014,924
	1,000,000	Series 2025-2, Class B1, 7.000%, 10/25/2055^1,2,6		887,438
	2,250,000	PowerPay Issuance Trust Series 2025-1A, Class D, 9.190%, 11/18/2041^1,2		2,023,373
		PRET LLC
	2,150,000	Series 2025-NPL8, Class A2, 7.991%, 8/25/2055		2,154,332
	2,100,000	Series 2025-NPL9, Class A2, 7.507%, 8/25/2055		2,096,711
	375,000	Series 2025-NPL11, Class A2, 7.021%, 10/25/2055		371,570
	1,000,000	Series 2025-NPL12, Class A2, 6.900%, 11/25/2055		991,765
	1,500,000	Series 2025-NPL13, Class A2, 6.778%, 12/25/2055		1,485,433
	1,425,000	Series 2026-NPL1, Class A2, 6.535%, 1/25/2056		1,413,590
	1,000,000	Series 2026-NPL4, Class A2, 7.143%, 4/25/2056		996,037
	491,258	Series 2026-NPL5, Class A1, 5.710%, 4/25/2056		490,875
	1,000,000	Series 2026-NPL5, Class A2, 7.046%, 4/25/2056		997,337
	2,000,000	QTS Issuer ABS II LLC Series 2026-6A, Class B, 7.142%, 7/5/2056^1,2		2,000,000

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Principal Amount ($)			Value
		ASSET-BACKED SECURITIES (Continued)
		RCO Mortgage LLC
	1,522,095	Series 2025-4, Class A1, 5.310%, 10/25/2030	$	1,512,127
	3,450,000	Series 2025-4, Class A2, 6.900%, 10/25/2030		3,433,785
	1,452,756	Series 2026-2, Class A1, 5.765%, 5/25/2031		1,449,589
	1,350,000	Series 2026-2, Class M1, 9.077%, 5/25/2031		1,348,545
	1,411,605	Santander Bank Auto Credit-Linked Notes Series 2023-B, Class F, 12.240%, 12/15/2033^1,2		1,472,346
		Truist Bank Auto Credit-Linked Notes
	481,152	Series 2025-1, Class D, 9.685%, 9/26/2033^1,2		481,982
	2,000,000	Series 2026-1, Class C, 7.196%, 6/26/2034^1,2		2,008,018
		Unlock HEA Trust
	2,745,309	Series 2023-1, Class B, 7.000%, 10/25/2038^1,2		2,709,543
	2,611,583	Series 2024-2, Class A, 6.500%, 10/25/2039^1,2		2,607,353
	1,000,000	Series 2025-2, Class C, 6.000%, 11/25/2041^1,2		804,602
	1,500,000	Series 2026-1, Class A, 5.750%, 6/25/2042^1,2		1,466,212
		UPG Trust
	1,000,000	Series 2025-2, Class C, 8.800%, 9/25/2047^1,2		1,005,362
	2,225,000	Series 2026-1, Class C, 8.430%, 2/25/2048^1,2		2,219,865
		Upgrade Master Pass-Thru Trust
	3,000,000	Series 2025-ST8, Class CRT1, 0.000%, 12/15/2033^1,2,5		1,983,060
	3,500,000	Series 2026-ST1, Class CERT, 0.000%, 3/15/2034^1,2,5		2,793,315
		VCAT LLC
	2,278,359	Series 2026-NPL2, Class A1, 5.062%, 2/25/2056		2,267,548
	821,051	Series 2026-NPL3, Class A1, 5.567%, 5/25/2056		820,225
	16,141	VOLT CII LLC Series 2021-NP11, Class A1, 5.868%, 8/25/2051		16,156
		TOTAL ASSET-BACKED SECURITIES
		(Cost $105,119,954)		103,442,746
		COLLATERALIZED LOAN OBLIGATIONS — 26.7%
	1,000,000	37 Capital CLO II Series 2022-1A, Class ER2, 9.891% (3-Month Term SOFR+620 basis points), 4/15/2037^1,2,3		947,486
		522 Funding CLO Ltd.
	1,000,000	Series 2017-1A, Class DR, 7.237% (3-Month Term SOFR+356 basis points), 10/20/2034^1,2,3,7		987,770
	1,250,000	Series 2020-6A, Class DR, 7.078% (3-Month Term SOFR+341 basis points), 10/23/2034^1,2,3		1,243,656
		720 East CLO Ltd.
	500,000	Series 2023-IA, Class DR, 7.673% (3-Month Term SOFR+400 basis points), 4/15/2038^1,2,3		502,337
	1,500,000	Series 2023-2A, Class D1R, 6.423% (3-Month Term SOFR+275 basis points), 10/15/2038^1,2,3		1,508,029

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Principal Amount ($)			Value
		COLLATERALIZED LOAN OBLIGATIONS (Continued)
	1,000,000	Series 2023-2A, Class ER, 9.173% (3-Month Term SOFR+550 basis points), 10/15/2038^1,2,3	$	989,040
	2,000,000	Series 2024-1A, Class D1R, 6.572% (3-Month Term SOFR+290 basis points), 7/15/2039^1,2,3		2,008,535
	1,000,000	AGL CLO Ltd. Series 2024-32A, Class D1, 6.572% (3-Month Term SOFR+290 basis points), 7/21/2037^1,2,3,7		992,960
		AIMCO CLO Ltd.
	1,500,000	Series 2020-11A, Class D2R2, 7.880% (3-Month Term SOFR+420 basis points), 7/17/2037^1,2,3		1,493,949
	2,500,000	Series 2026-27A, Class A1, 4.821% (3-Month Term SOFR+114 basis points), 4/20/2039^1,2,3		2,501,423
		Alinea CLO Ltd.
	1,500,000	Series 2018-1A, Class DR, 5.925% (3-Month Term SOFR+225 basis points), 7/20/2031^1,2,3		1,503,920
	1,250,000	Series 2018-1A, Class ER, 9.625% (3-Month Term SOFR+595 basis points), 7/20/2031^1,2,3,7		1,253,267
	1,000,000	Annisa CLO Ltd. Series 2016-2A, Class DRR, 6.475% (3-Month Term SOFR+280 basis points), 7/20/2031^1,2,3		1,002,606
		Apidos CLO Ltd.
	1,500,000	Series XXXA, Class CR, 6.675% (3-Month Term SOFR+300 basis points), 10/18/2031^1,2,3		1,504,500
	1,500,000	Series 2018-29A, Class D1R, 6.767% (3-Month Term SOFR+310 basis points), 7/25/2038^1,2,3		1,505,303
	1,350,000	Series 2017-28A, Class C1R, 6.525% (3-Month Term SOFR+285 basis points), 10/20/2038^1,2,3		1,358,780
	2,000,000	Series 2025-54A, Class A1, 4.975% (3-Month Term SOFR+130 basis points), 10/20/2038^1,2,3		2,003,837
	1,000,000	Series 2021-35A, Class A1R, 4.830% (3-Month Term SOFR+119 basis points), 7/20/2039^1,2,3		1,000,929
		Ares CLO Ltd.
	1,000,000	Series 2025-76A, Class E, 10.833% (3-Month Term SOFR+716 basis points), 5/27/2038^1,2,3		1,023,009
	1,000,000	Series 2019-54A, Class ER2, 9.673% (3-Month Term SOFR+600 basis points), 7/15/2038^1,2,3		978,135
	1,000,000	Series 2022-63A, Class D2R, 8.023% (3-Month Term SOFR+435 basis points), 10/15/2038^1,2,3		980,123
	500,000	Series 2026-80A, Class E, 9.404% (3-Month Term SOFR+575 basis points), 5/5/2039^1,2,3		502,996
	1,500,000	Ares Loan Funding Ltd. Series 2021-ALFA, Class D1R, 6.523% (3-Month Term SOFR+285 basis points), 4/15/2039^1,2,3		1,503,646

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Principal Amount ($)			Value
		COLLATERALIZED LOAN OBLIGATIONS (Continued)
		Arini U.S. CLO Ltd.
	1,950,000	Series 1A, Class D, 7.673% (3-Month Term SOFR+400 basis points), 4/15/2038^1,2,3	$	1,974,718
	1,000,000	Series 5A, Class D, 6.623% (3-Month Term SOFR+295 basis points), 4/15/2039^1,2,3		1,008,727
	1,000,000	Series 5A, Class E, 9.673% (3-Month Term SOFR+600 basis points), 4/15/2039^1,2,3		1,020,188
	1,000,000	Series 7A, Class D, 6.351% (3-Month Term SOFR+260 basis points), 7/15/2039^1,2,3		1,000,000
	1,000,000	Series 7A, Class E, 9.101% (3-Month Term SOFR+535 basis points), 7/15/2039^1,2,3		1,000,000
		Bain Capital Credit CLO Ltd.
	1,500,000	Series 2018-2A, Class DR, 6.625% (3-Month Term SOFR+295 basis points), 7/19/2031^1,2,3		1,508,387
	1,000,000	Series 2021-3A, Class D, 7.029% (3-Month Term SOFR+336 basis points), 7/24/2034^1,2,3		976,730
	1,500,000	Series 2022-2A, Class A1R, 4.814% (3-Month Term SOFR+115 basis points), 4/22/2035^1,2,3		1,501,360
	1,000,000	Series 2023-1A, Class D1R, 6.880% (3-Month Term SOFR+320 basis points), 7/16/2038^1,2,3		1,003,541
	1,500,000	Series 2023-1A, Class D2R, 7.630% (3-Month Term SOFR+395 basis points), 7/16/2038^1,2,3		1,492,688
	1,500,000	Series 2024-1A, Class D1R, 7.431% (3-Month Term SOFR+375 basis points), 4/16/2039^1,2,3		1,514,785
	1,000,000	Series 2024-2A, Class D1R, 6.494% (3-Month Term SOFR+275 basis points), 7/15/2039^1,2,3		1,000,000
	1,000,000	Series 2024-2A, Class D2R, 7.534% (3-Month Term SOFR+379 basis points), 7/15/2039^1,2,3		1,000,000
		Ballyrock CLO Ltd.
	1,250,000	Series 2023-24A, Class DR, 9.673% (3-Month Term SOFR+600 basis points), 7/15/2038^1,2,3		1,262,465
	2,000,000	Series 2021-17A, Class C1R, 6.375% (3-Month Term SOFR+270 basis points), 10/20/2038^1,2,3		2,008,085
	500,000	Series 2021-17A, Class C2R, 7.625% (3-Month Term SOFR+395 basis points), 10/20/2038^1,2,3		493,101
	750,000	Series 2021-17A, Class DR, 9.775% (3-Month Term SOFR+610 basis points), 10/20/2038^1,2,3		739,881
	1,500,000	Series 2019-2A, Class C1R3, 6.367% (3-Month Term SOFR+270 basis points), 10/25/2038^1,2,3		1,508,027
	1,000,000	Series 2019-2A, Class C2R3, 7.617% (3-Month Term SOFR+395 basis points), 10/25/2038^1,2,3		986,221
	1,750,000	Series 2024-22A, Class DR, 9.375% (3-Month Term SOFR+575 basis points), 7/15/2039^1,2,3		1,752,228
		Barings CLO Ltd.
	750,000	Series 2025-7A, Class D1, 6.373% (3-Month Term SOFR+270 basis points), 1/15/2038^1,2,3		753,103
	1,000,000	Series 2023-1A, Class D1R, 7.075% (3-Month Term SOFR+340 basis points), 4/20/2038^1,2,3		1,007,833

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Principal Amount ($)			Value
		COLLATERALIZED LOAN OBLIGATIONS (Continued)
	1,000,000	Series 2023-1A, Class D2R, 8.675% (3-Month Term SOFR+500 basis points), 4/20/2038^1,2,3	$	1,010,108
	1,000,000	Series 2023-3A, Class D1R, 6.373% (3-Month Term SOFR+270 basis points), 10/15/2038^1,2,3		1,000,644
	1,000,000	Series 2025-8A, Class E, 8.672% (3-Month Term SOFR+500 basis points), 1/15/2039^1,2,3		1,001,110
	1,000,000	Series 2024-1A, Class ER, 9.865% (3-Month Term SOFR+619 basis points), 1/20/2039^1,2,3		1,015,528
	1,250,000	Series 2026-2A, Class D1, 0.000% (3-Month Term SOFR+260 basis points), 7/20/2039^1,2,3		1,250,000
	2,000,000	Series 2026-2A, Class E, 0.000% (3-Month Term SOFR+525 basis points), 7/20/2039^1,2,3		2,000,000
	816,825	Battalion CLO Ltd. Series 2020-15A, Class A1RR, 4.660% (3-Month Term SOFR+98 basis points), 1/17/2033^1,2,3		817,355
	675,706	Bear Stearns Asset Backed Securities Trust Series 2004-HE5, Class M6, 9.388% (1-Month Term SOFR+574 basis points), 7/25/2034^2,3		625,801
		Benefit Street Partners CLO Ltd.
	1,000,000	Series 2024-36A, Class D1, 6.617% (3-Month Term SOFR+295 basis points), 1/25/2038^1,2,3		1,006,123
	2,000,000	Series 2024-37A, Class A, 5.017% (3-Month Term SOFR+135 basis points), 1/25/2038^1,2,3		2,004,432
	3,500,000	Series 2015-6BR, Class D1R, 6.375% (3-Month Term SOFR+270 basis points), 4/20/2038^1,2,3		3,493,598
	1,000,000	Series 2014-IVA, Class AR5, 4.925% (3-Month Term SOFR+125 basis points), 10/20/2038^1,2,3		1,002,490
	1,000,000	Series 2026-49A, Class D1, 6.581% (3-Month Term SOFR+290 basis points), 4/25/2039^1,2,3		1,005,547
	1,000,000	BlueMountain CLO Ltd. Series 2020-30A, Class DR, 6.973% (3-Month Term SOFR+330 basis points), 4/15/2035^1,2,3		992,038
	1,900,000	BlueMountain Fuji U.S. CLO Ltd. Series 2017-2A, Class C, 6.937% (3-Month Term SOFR+326 basis points), 10/20/2030^1,2,3		1,909,166
	4,000,000	Broad River Bsl Funding CLO Ltd. Series 2020-1A, Class AR, 5.107% (3-Month Term SOFR+143 basis points), 7/20/2034^1,2,3		4,000,000
		Bryant Park Funding Ltd.
	1,000,000	Series 2024-23A, Class ER, 9.551% (3-Month Term SOFR+590 basis points), 5/15/2037^1,2,3		999,888
	1,000,000	Series 2021-17RA, Class D1R, 6.925% (3-Month Term SOFR+325 basis points), 1/20/2038^1,2,3		1,001,334

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Principal Amount ($)			Value
		COLLATERALIZED LOAN OBLIGATIONS (Continued)
	1,500,000	Series 2021-17RA, Class ER, 10.605% (3-Month Term SOFR+693 basis points), 1/20/2038^1,2,3	$	1,435,947
	2,000,000	Series 2023-20A, Class DR, 7.073% (3-Month Term SOFR+340 basis points), 4/15/2038^1,2,3		2,011,515
	1,000,000	Series 2023-21A, Class ER, 8.925% (3-Month Term SOFR+525 basis points), 10/18/2038^1,2,3		992,281
	1,500,000	Series 2024-22A, Class ER, 9.534% (3-Month Term SOFR+590 basis points), 3/31/2039^1,2,3		1,501,893
		Carlyle U.S. CLO Ltd.
	1,250,000	Series 2022-1A, Class DR, 6.923% (3-Month Term SOFR+325 basis points), 4/15/2035^1,2,3		1,248,328
	1,000,000	Series 2026-2A, Class D, 6.813% (3-Month Term SOFR+315 basis points), 4/20/2039^1,2,3		1,005,576
	2,000,000	Series 2026-2A, Class E, 9.703% (3-Month Term SOFR+604 basis points), 4/20/2039^1,2,3		2,060,238
	1,500,000	Series 2019-4A, Class DR2, 6.637% (3-Month Term SOFR+300 basis points), 6/22/2039^1,2,3		1,501,430
		CBAMR Ltd.
	1,000,000	Series 2017-4A, Class BR, 5.473% (3-Month Term SOFR+180 basis points), 3/31/2038^1,2,3		1,004,643
	2,250,000	Series 2018-5A, Class D1R, 6.680% (3-Month Term SOFR+300 basis points), 10/17/2038^1,2,3		2,252,830
	2,000,000	Series 2017-3AR, Class ER2, 9.810% (3-Month Term SOFR+604 basis points), 7/17/2039^1,2,3		1,980,000
		Cedar Funding CLO Ltd.
	750,000	Series 2014-4A, Class DR3, 6.966% (3-Month Term SOFR+330 basis points), 1/23/2038^1,2,3		745,969
	1,500,000	Series 2024-19A, Class A1, 4.996% (3-Month Term SOFR+133 basis points), 1/23/2038^1,2,3		1,504,646
	2,000,000	Series 2023-17A, Class D1R, 6.725% (3-Month Term SOFR+305 basis points), 7/20/2038^1,2,3		2,015,920
		CIFC Funding Ltd.
	1,000,000	Series 2018-2A, Class D1R, 6.725% (3-Month Term SOFR+305 basis points), 10/20/2037^1,2,3		1,006,032
	1,500,000	Series 2020-2A, Class ER2, 8.930% (3-Month Term SOFR+525 basis points), 4/16/2039^1,2,3		1,487,554
	5,000,000	Columbia Cent CLO Ltd. Series 2025-35A, Class A1, 5.067% (3-Month Term SOFR+140 basis points), 7/25/2036^1,2,3		5,005,560
		Creeksource Dunes Creek CLO Ltd.
	1,500,000	Series 2024-1A, Class D, 6.773% (3-Month Term SOFR+310 basis points), 1/15/2038^1,2,3		1,511,611
	750,000	Series 2024-1A, Class E, 9.823% (3-Month Term SOFR+615 basis points), 1/15/2038^1,2,3		755,453

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Principal Amount ($)			Value
		COLLATERALIZED LOAN OBLIGATIONS (Continued)
	1,000,000	Crown Point CLO Ltd. Series 2020-9A, Class DR, 7.681% (3-Month Term SOFR+401 basis points), 7/14/2034^1,2,3	$	1,000,000
		Dryden CLO Ltd.
	2,000,000	Series 2019-75A, Class AR3, 4.713% (3-Month Term SOFR+104 basis points), 4/14/2034^1,2,3		2,000,952
	1,500,000	Series 2019-68A, Class DR, 7.285% (3-Month Term SOFR+361 basis points), 7/15/2035^1,2,3		1,481,124
	1,000,000	Series 2020-83A, Class D1R2, 6.740% (3-Month Term SOFR+310 basis points), 4/18/2037^1,2,3		1,001,567
	1,000,000	Series 2023-102A, Class D1R, 6.573% (3-Month Term SOFR+290 basis points), 10/15/2038^1,2,3		1,002,428
	1,000,000	Series 2023-102A, Class ER, 9.523% (3-Month Term SOFR+585 basis points), 10/15/2038^1,2,3		998,409
	1,000,000	Series 2025-120A, Class D2, 6.523% (3-Month Term SOFR+285 basis points), 1/15/2039^1,2,3		1,004,221
	1,000,000	Series 2025-120A, Class D3, 7.823% (3-Month Term SOFR+415 basis points), 1/15/2039^1,2,3		1,002,453
	2,000,000	Series 2025-120A, Class E, 9.123% (3-Month Term SOFR+545 basis points), 1/15/2039^1,2,3		1,996,296
	1,000,000	Series 2026-114A, Class D1, 6.633% (3-Month Term SOFR+300 basis points), 4/20/2039^1,2,3		1,005,459
	1,000,000	Series 2026-114A, Class E, 10.133% (3-Month Term SOFR+650 basis points), 4/20/2039^1,2,3		1,023,119
	1,500,000	Series 2024-119A, Class ER, 0.000% (3-Month Term SOFR+575 basis points), 7/15/2039^1,2,3		1,496,337
		Dryden Senior Loan Fund
	1,000,000	Series 2017-54A, Class D, 7.037% (3-Month Term SOFR+336 basis points), 10/19/2029^1,2,3		1,004,640
	1,000,000	Series 2015-41A, Class DR, 6.535% (3-Month Term SOFR+286 basis points), 4/15/2031^1,2,3		1,005,568
	500,000	Series 2015-40A, Class DR, 7.013% (3-Month Term SOFR+336 basis points), 8/15/2031^1,2,3		502,304
	1,200,000	Series 2018-61A, Class DR, 7.042% (3-Month Term SOFR+336 basis points), 1/17/2032^1,2,3		1,203,263
	1,000,000	Series 2019-80A, Class DR, 6.780% (3-Month Term SOFR+310 basis points), 1/17/2033^1,2,3		995,898
	2,900,000	Dwight LLC Series 2026-FL2, Class A, 5.000% (1-Month Term SOFR+140 basis points), 1/18/2044^1,2,3		2,903,625
		Eaton Vance CLO Ltd.
	1,000,000	Series 2015-1A, Class DR, 6.437% (3-Month Term SOFR+276 basis points), 1/20/2030^1,2,3		1,003,255

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Principal Amount ($)			Value
		COLLATERALIZED LOAN OBLIGATIONS (Continued)
	1,000,000	Series 2020-1A, Class ERR, 9.923% (3-Month Term SOFR+625 basis points), 10/15/2037^1,2,3	$	944,440
	1,000,000	Series 2013-1A, Class D1R4, 6.673% (3-Month Term SOFR+300 basis points), 10/15/2038^1,2,3		1,004,164
		Elmwood CLO Ltd.
	1,000,000	Series 2024-1A, Class DR, 6.440% (3-Month Term SOFR+280 basis points), 4/17/2037^1,2,3		1,004,964
	1,000,000	Series 2020-1A, Class ER, 9.825% (3-Month Term SOFR+615 basis points), 4/18/2037^1,2,3		961,539
	1,000,000	Series 2021-1A, Class DRR, 6.890% (3-Month Term SOFR+325 basis points), 4/20/2037^1,2,3		1,005,796
	1,000,000	Series 2022-3A, Class D1RR, 7.175% (3-Month Term SOFR+350 basis points), 4/20/2037^1,2,3		1,007,180
	1,000,000	Series 2022-4A, Class ER, 9.380% (3-Month Term SOFR+570 basis points), 7/17/2037^1,2,3		993,848
	3,000,000	Series 2021-5A, Class D1R, 6.773% (3-Month Term SOFR+310 basis points), 10/15/2037^1,2,3		2,994,621
	750,000	Series 2023-1A, Class D2R, 7.630% (3-Month Term SOFR+395 basis points), 4/17/2038^1,2,3		746,465
	2,500,000	Series 2021-2A, Class D1R, 6.325% (3-Month Term SOFR+265 basis points), 4/20/2038^1,2,3		2,512,943
	2,500,000	Series 2021-3A, Class DR2, 6.725% (3-Month Term SOFR+305 basis points), 7/20/2038^1,2,3		2,513,088
	1,500,000	Series 2021-3A, Class ER2, 9.625% (3-Month Term SOFR+595 basis points), 7/20/2038^1,2,3		1,516,305
	1,750,000	Series 2022-6A, Class D1R2, 6.380% (3-Month Term SOFR+270 basis points), 10/17/2038^1,2,3		1,759,375
	1,250,000	Series 2022-6A, Class ER2, 8.830% (3-Month Term SOFR+515 basis points), 10/17/2038^1,2,3		1,262,831
	1,500,000	Series 2023-2A, Class D1R2, 6.331% (3-Month Term SOFR+265 basis points), 7/16/2039^1,2,3		1,504,171
		Empower CLO Ltd.
	1,000,000	Series 2024-1A, Class D1R, 7.054% (3-Month Term SOFR+340 basis points), 4/25/2037^1,2,3		1,000,024
	1,500,000	Series 2022-1A, Class D1R, 6.675% (3-Month Term SOFR+300 basis points), 10/20/2037^1,2,3		1,502,047
	3,000,000	Series 2023-1A, Class D1R, 7.517% (3-Month Term SOFR+385 basis points), 4/25/2038^1,2,3		3,023,227
	1,000,000	Series 2023-1A, Class ER, 11.007% (3-Month Term SOFR+734 basis points), 4/25/2038^1,2,3		1,006,721
	2,000,000	Series 2025-1A, Class D1, 6.625% (3-Month Term SOFR+295 basis points), 7/20/2038^1,2,3		2,010,494
	1,000,000	Series 2025-1A, Class D2, 8.175% (3-Month Term SOFR+450 basis points), 7/20/2038^1,2,3		1,007,758

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Principal Amount ($)			Value
		COLLATERALIZED LOAN OBLIGATIONS (Continued)
	2,500,000	Series 2023-2A, Class AR, 4.993% (3-Month Term SOFR+132 basis points), 10/15/2038^1,2,3	$	2,505,009
	2,000,000	Series 2023-3A, Class D1R, 6.515% (3-Month Term SOFR+285 basis points), 1/20/2039^1,2,3		2,004,539
	1,000,000	Series 2023-3A, Class ER, 9.315% (3-Month Term SOFR+565 basis points), 1/20/2039^1,2,3		979,565
		Flatiron CLO Ltd.
	1,000,000	Series 2020-1A, Class D2R2, 7.592% (3-Month Term SOFR+395 basis points), 11/20/2038^1,2,3		986,040
	1,750,000	Series 2020-1A, Class ER2, 8.892% (3-Month Term SOFR+525 basis points), 11/20/2038^1,2,3		1,724,837
		Golub Capital CLO Ltd.
	2,000,000	Series 2026-88A, Class D1, 6.830% (3-Month Term SOFR+315 basis points), 4/17/2039^1,2,3		2,006,219
	1,000,000	Series 2026-88A, Class D2, 8.430% (3-Month Term SOFR+475 basis points), 4/17/2039^1,2,3		1,001,121
	2,000,000	Series 2026-88A, Class E, 9.710% (3-Month Term SOFR+603 basis points), 4/17/2039^1,2,3		2,042,635
	750,000	Invesco CLO Ltd. Series 2021-2A, Class D, 6.835% (3-Month Term SOFR+316 basis points), 7/15/2034^1,2,3		737,744
		Invesco U.S. CLO Ltd.
	750,000	Series 2024-4A, Class E, 8.773% (3-Month Term SOFR+510 basis points), 1/15/2038^1,2,3		734,300
	1,000,000	Series 2023-2A, Class ER, 11.552% (3-Month Term SOFR+788 basis points), 4/21/2038^1,2,3		1,001,940
	1,500,000	Series 2023-3A, Class D1R, 6.723% (3-Month Term SOFR+305 basis points), 7/15/2038^1,2,3		1,505,330
	2,000,000	Series 2025-1A, Class D, 6.773% (3-Month Term SOFR+310 basis points), 7/15/2038^1,2,3		2,008,223
	750,000	Series 2025-1A, Class E, 9.673% (3-Month Term SOFR+600 basis points), 7/15/2038^1,2,3		742,477
	1,000,000	Series 2025-2A, Class D, 6.673% (3-Month Term SOFR+300 basis points), 7/15/2038^1,2,3		1,002,813
	3,600,000	Series 2023-4A, Class ER, 9.425% (3-Month Term SOFR+575 basis points), 1/18/2039^1,2,3		3,527,604
	1,000,000	Series 2026-1A, Class D1A, 6.881% (3-Month Term SOFR+320 basis points), 4/15/2039^1,2,3		1,005,524
		KKR CLO Ltd.
	1,600,000	Series 25, Class AR2, 4.623% (3-Month Term SOFR+95 basis points), 7/15/2034^1,2,3		1,598,479
	1,269,898	Series 18, Class A1R2, 4.725% (3-Month Term SOFR+105 basis points), 10/18/2035^1,2,3		1,270,663
	1,500,000	Series 2013-1A, Class D1R3, 6.923% (3-Month Term SOFR+325 basis points), 10/15/2038^1,2,3		1,512,258

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Principal Amount ($)			Value
		COLLATERALIZED LOAN OBLIGATIONS (Continued)
		Madison Park Funding Ltd.
	750,000	Series 2014-14A, Class CR4, 5.614% (3-Month Term SOFR+195 basis points), 10/22/2030^1,2,3	$	751,471
	1,800,000	Series 2019-34A, Class D1RR, 7.030% (3-Month Term SOFR+335 basis points), 10/16/2037^1,2,3		1,767,848
	1,000,000	Series 2018-27A, Class A1R, 4.875% (3-Month Term SOFR+120 basis points), 4/20/2038^1,2,3		1,001,211
		Magnetite CLO Ltd.
	1,250,000	Series 2024-44A, Class D1, 6.523% (3-Month Term SOFR+285 basis points), 10/15/2037^1,2,3		1,259,524
	1,000,000	Series 2020-28A, Class D1RR, 6.373% (3-Month Term SOFR+270 basis points), 1/15/2038^1,2,3		1,001,320
	5,955,000	Series 2020-26A, Class D1R2, 6.167% (3-Month Term SOFR+250 basis points), 1/25/2038^1,2,3		5,926,938
	750,000	Series 2020-27A, Class D1RR, 6.325% (3-Month Term SOFR+265 basis points), 10/20/2038^1,2,3		754,021
		Magnetite Ltd.
	2,000,000	Series 2025-45A, Class A1, 4.823% (3-Month Term SOFR+115 basis points), 4/15/2038^1,2,3		1,998,024
	1,000,000	Series 2024-38A, Class ER, 0.000% (3-Month Term SOFR+520 basis points), 7/15/2039^1,2,3		1,008,119
	1,000,000	Marble Point CLO Ltd. Series 2019-1A, Class BR2, 5.266% (3-Month Term SOFR+160 basis points), 7/23/2032^1,2,3		1,002,795
		Menlo CLO Ltd.
	1,375,000	Series 2024-1A, Class D1, 6.925% (3-Month Term SOFR+325 basis points), 1/20/2038^1,2,3		1,384,869
	1,500,000	Series 2025-2A, Class D1, 6.975% (3-Month Term SOFR+330 basis points), 4/20/2038^1,2,3		1,515,029
	1,000,000	Series 2025-3A, Class D, 6.680% (3-Month Term SOFR+300 basis points), 10/16/2038^1,2,3		1,003,583
		Morgan Stanley Eaton Vance CLO Ltd.
	1,000,000	Series 2022-18A, Class D1R, 6.775% (3-Month Term SOFR+310 basis points), 10/20/2037^1,2,3		1,006,025
	1,000,000	Series 2021-1A, Class ER, 9.726% (3-Month Term SOFR+606 basis points), 10/23/2037^1,2,3		952,497
	1,000,000	Series 2023-19A, Class D1R, 6.673% (3-Month Term SOFR+300 basis points), 7/15/2038^1,2,3,7		1,002,994
	1,000,000	Series 2023-19A, Class D2R, 8.173% (3-Month Term SOFR+450 basis points), 7/15/2038^1,2,3		980,934
	2,000,000	Neuberger Berman CLO Ltd. Series 2019-32RA, Class D1, 6.625% (3-Month Term SOFR+295 basis points), 7/20/2039^1,2,3		2,007,000

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Principal Amount ($)			Value
		COLLATERALIZED LOAN OBLIGATIONS (Continued)
		Neuberger Berman Loan Advisers CLO Ltd.
	1,000,000	Series 2021-41A, Class DR, 6.473% (3-Month Term SOFR+280 basis points), 4/15/2034^1,2,3	$	1,000,585
	1,000,000	Series 2018-27A, Class D2R, 8.173% (3-Month Term SOFR+450 basis points), 7/15/2038^1,2,3		983,121
	1,000,000	Series 2018-28A, Class D1R, 6.875% (3-Month Term SOFR+320 basis points), 10/20/2038^1,2,3		1,007,557
	2,500,000	Series 2019-31A, Class AR2, 4.905% (3-Month Term SOFR+123 basis points), 1/20/2039^1,2,3		2,504,454
	1,000,000	Series 2019-33A, Class D2R2, 7.830% (3-Month Term SOFR+415 basis points), 4/16/2039^1,2,3		998,335
	1,000,000	Series 2025-60A, Class E, 10.144% (3-Month Term SOFR+648 basis points), 4/22/2039^1,2,3		1,014,689
	1,500,000	Series 2020-36RA, Class D, 6.425% (3-Month Term SOFR+275 basis points), 7/20/2039^1,2,3		1,501,743
		New Mountain CLO Ltd.
	1,000,000	Series CLO-1A, Class DRR, 6.523% (3-Month Term SOFR+285 basis points), 1/15/2038^1,2,3		1,001,331
	1,000,000	Series CLO-4A, Class ER, 10.585% (3-Month Term SOFR+691 basis points), 3/20/2038^1,2,3		1,007,370
	750,000	Series CLO-3A, Class ER, 9.025% (3-Month Term SOFR+535 basis points), 10/20/2038^1,2,3		709,578
	2,000,000	Series CLO-9A, Class D1, 6.509% (3-Month Term SOFR+280 basis points), 4/22/2039^1,2,3		1,995,150
	1,000,000	Series CLO-9A, Class E, 9.009% (3-Month Term SOFR+530 basis points), 4/22/2039^1,2,3		1,000,735
	2,000,000	Northwoods Capital XI-B Ltd. Series 2018-11BA, Class BR, 5.575% (3-Month Term SOFR+190 basis points), 7/19/2037^1,2,3,7		2,000,000
		Oaktree CLO Ltd.
	1,500,000	Series 2019-4AR, Class AR3, 0.000% (3-Month Term SOFR+123 basis points), 7/20/2037^1,2,3		1,500,000
	1,000,000	Series 2022-1A, Class DR, 6.773% (3-Month Term SOFR+310 basis points), 7/15/2038^1,2,3		1,001,196
	1,500,000	Series 2022-1A, Class ER, 9.673% (3-Month Term SOFR+600 basis points), 7/15/2038^1,2,3		1,493,698
	2,000,000	Series 2023-2A, Class A1R, 5.025% (3-Month Term SOFR+135 basis points), 7/20/2038^1,2,3		2,002,793
	2,000,000	Series 2023-2A, Class D1R, 6.725% (3-Month Term SOFR+305 basis points), 7/20/2038^1,2,3		2,007,091
	1,000,000	Series 2023-2A, Class ER, 9.675% (3-Month Term SOFR+600 basis points), 7/20/2038^1,2,3		1,010,708

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Principal Amount ($)			Value
		COLLATERALIZED LOAN OBLIGATIONS (Continued)
		OCP CLO Ltd.
	778,828	Series 2014-5A, Class BR, 5.728% (3-Month Term SOFR+206 basis points), 4/26/2031^1,2,3,7	$	780,321
	1,000,000	Series 2014-5A, Class CR, 6.828% (3-Month Term SOFR+316 basis points), 4/26/2031^1,2,3,7		1,005,625
	1,000,000	Series 2021-22A, Class D1R, 6.675% (3-Month Term SOFR+300 basis points), 10/20/2037^1,2,3		1,002,423
	1,250,000	Series 2022-25AR, Class AR2, 0.000% (3-Month Term SOFR+121 basis points), 7/22/2039^1,2,3		1,250,000
	750,000	Octagon Investment Partners Ltd. Series 2016-1A, Class ER2, 10.845% (3-Month Term SOFR+717 basis points), 7/18/2039^1,2,3		714,096
		Octagon Ltd.
	1,000,000	Series 2021-1A, Class D, 7.035% (3-Month Term SOFR+336 basis points), 10/15/2034^1,2,3		992,989
	2,000,000	Series 2022-1A, Class D, 7.351% (3-Month Term SOFR+370 basis points), 5/15/2035^1,2,3		1,982,122
	1,000,000	Series 2023-1A, Class D1R, 6.425% (3-Month Term SOFR+275 basis points), 10/20/2038^1,2,3		1,003,241
	1,250,000	Series 2023-1A, Class ER, 9.425% (3-Month Term SOFR+575 basis points), 10/20/2038^1,2,3		1,256,060
	2,000,000	OHA Credit Funding Ltd. Series 2021-8A, Class D1R, 6.325% (3-Month Term SOFR+265 basis points), 1/20/2038^1,2,3		1,996,729
	1,000,000	OHA Credit Partners Ltd. Series 2015-12AR, Class D1R3, 0.000% (3-Month Term SOFR+265 basis points), 7/23/2039^1,2,3		1,000,000
		OZLM Ltd.
	1,000,000	Series 2018-22A, Class C, 6.592% (3-Month Term SOFR+291 basis points), 1/17/2031^1,2,3		1,005,592
	1,000,000	Series 2018-18A, Class D, 6.785% (3-Month Term SOFR+311 basis points), 4/15/2031^1,2,3		1,005,569
	500,000	Palmer Square Loan Funding Ltd. Series 2020-1A, Class SUB, 0.000%, 2/20/2028^1,2,4,5,8		—
		Post CLO Ltd.
	750,000	Series 2021-1A, Class DR, 6.673% (3-Month Term SOFR+300 basis points), 10/15/2034^1,2,3		741,569
	2,000,000	Series 2022-1A, Class DR, 6.775% (3-Month Term SOFR+310 basis points), 4/20/2035^1,2,3		1,989,592
	750,000	Series 2023-1A, Class BR, 5.375% (3-Month Term SOFR+170 basis points), 10/20/2038^1,2,3		753,124
	1,500,000	Series 2023-1A, Class D1R, 6.525% (3-Month Term SOFR+285 basis points), 10/20/2038^1,2,3		1,509,756

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Principal Amount ($)			Value
		COLLATERALIZED LOAN OBLIGATIONS (Continued)
	675,000	Series 2023-1A, Class D2R, 7.625% (3-Month Term SOFR+395 basis points), 10/20/2038^1,2,3	$	673,659
	1,000,000	Series 2025-1A, Class E, 9.096% (3-Month Term SOFR+540 basis points), 1/20/2039^1,2,3		1,000,703
	1,000,000	Series 2024-1A, Class ER, 9.355% (3-Month Term SOFR+575 basis points), 3/30/2039^1,2,3		1,001,216
	2,375,000	Series 2026-1A, Class D1, 6.558% (3-Month Term SOFR+265 basis points), 7/20/2039^1,2,3		2,374,937
	1,125,000	Series 2026-1A, Class E, 9.158% (3-Month Term SOFR+525 basis points), 7/20/2039^1,2,3		1,122,456
		Regatta Funding Ltd.
	2,000,000	Series 2016-1A, Class A1R3, 4.747% (3-Month Term SOFR+107 basis points), 6/20/2034^1,2,3		2,001,264
	1,500,000	Series 2016-1A, Class ER3, 10.077% (3-Month Term SOFR+640 basis points), 6/20/2034^1,2,3		1,389,798
	500,000	Series 2017-1A, Class D2R, 8.680% (3-Month Term SOFR+500 basis points), 4/17/2037^1,2,3		490,476
	1,300,000	Series 2021-3A, Class D1R, 6.773% (3-Month Term SOFR+310 basis points), 10/15/2037^1,2,3		1,301,781
	750,000	Series 2021-5A, Class D2R, 7.675% (3-Month Term SOFR+400 basis points), 1/20/2038^1,2,3		736,292
	2,500,000	Series 2025-5A, Class D1, 6.473% (3-Month Term SOFR+280 basis points), 10/15/2038^1,2,3		2,502,766
	1,000,000	Series 2023-2A, Class D1R, 6.267% (3-Month Term SOFR+260 basis points), 1/25/2039^1,2,3		998,370
	1,500,000	Series 2019-2A, Class D1R2, 6.323% (3-Month Term SOFR+265 basis points), 4/15/2039^1,2,3		1,487,178
	1,000,000	Series 2019-2A, Class ER2, 9.323% (3-Month Term SOFR+565 basis points), 4/15/2039^1,2,3		965,642
	2,500,000	Riserva CLO Ltd. Series 2016-3A, Class DRR, 7.187% (3-Month Term SOFR+351 basis points), 1/18/2034^1,2,3		2,444,601
		RR Ltd.
	750,000	Series 2022-21A, Class DR, 9.523% (3-Month Term SOFR+585 basis points), 7/15/2039^1,2,3		743,522
	2,000,000	Series 2024-36RA, Class C1R, 6.423% (3-Month Term SOFR+275 basis points), 1/15/2040^1,2,3		2,010,233
		Sculptor CLO Ltd.
	750,000	Series 30A, Class ER, 10.495% (3-Month Term SOFR+682 basis points), 7/20/2038^1,2,3		726,153
	1,500,000	Series 29A, Class D1R, 7.064% (3-Month Term SOFR+340 basis points), 7/22/2038^1,2,3		1,508,624
	1,000,000	Series 29A, Class D2R, 8.014% (3-Month Term SOFR+435 basis points), 7/22/2038^1,2,3		989,577

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Principal Amount ($)			Value
		COLLATERALIZED LOAN OBLIGATIONS (Continued)
	1,000,000	Series 32A, Class D1R, 6.946% (3-Month Term SOFR+325 basis points), 4/30/2039^1,2,3	$	1,000,904
		Shackleton CLO Ltd.
	1,250,000	Series 2019-14A, Class DRR, 6.675% (3-Month Term SOFR+300 basis points), 7/20/2034^1,2,3		1,250,072
	1,250,000	Series 2019-14A, Class ERR, 9.575% (3-Month Term SOFR+590 basis points), 7/20/2034^1,2,3		1,185,257
		Signal Peak CLO Ltd.
	1,000,000	Series 2017-4A, Class BR2, 5.317% (3-Month Term SOFR+165 basis points), 10/26/2034^1,2,3		1,002,730
	1,500,000	Series 2018-5A, Class D1R2, 7.631% (3-Month Term SOFR+400 basis points), 4/25/2037^1,2,3		1,507,617
	2,000,000	Series 2016-3A, Class D1R4, 7.160% (3-Month Term SOFR+350 basis points), 4/23/2039^1,2,3		2,005,373
		Silver Point CLO Ltd.
	1,500,000	Series 2023-2A, Class D1R, 6.825% (3-Month Term SOFR+315 basis points), 4/20/2038^1,2,3		1,506,436
	1,500,000	Series 2025-12A, Class A1, 4.983% (3-Month Term SOFR+131 basis points), 10/15/2038^1,2,3		1,505,060
		Sixth Street CLO Ltd.
	2,350,000	Series 2023-22A, Class D1R, 6.322% (3-Month Term SOFR+265 basis points), 4/21/2038^1,2,3		2,338,452
	1,000,000	Series 2016-6AR, Class D1R3, 6.575% (3-Month Term SOFR+285 basis points), 7/1/2039^1,2,3		1,000,000
	1,000,000	Series 2016-6AR, Class ER3, 9.875% (3-Month Term SOFR+615 basis points), 7/1/2039^1,2,3		1,000,000
	1,350,000	Sound Point CLO Ltd. Series 2018-2A, Class D, 6.928% (3-Month Term SOFR+326 basis points), 7/26/2031^1,2,3		1,356,535
		Symphony CLO Ltd.
	1,000,000	Series 2023-39A, Class AR, 4.997% (3-Month Term SOFR+133 basis points), 1/25/2038^1,2,3		1,001,334
	750,000	Series 2023-39A, Class ER, 9.167% (3-Month Term SOFR+550 basis points), 1/25/2038^1,2,3		742,045
	1,000,000	THL Credit Wind River CLO Ltd. Series 2019-3A, Class AR3, 4.873% (3-Month Term SOFR+120 basis points), 1/15/2038^1,2,3		999,707
		Trestles CLO Ltd.
	2,250,000	Series 2023-6A, Class A1R, 4.847% (3-Month Term SOFR+118 basis points), 4/25/2038^1,2,3		2,250,648
	1,000,000	Series 2021-5AR, Class A1R2, 4.974% (3-Month Term SOFR+124 basis points), 7/20/2039^1,2,3		1,000,000

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Principal Amount ($)			Value
		COLLATERALIZED LOAN OBLIGATIONS (Continued)
		Trinitas CLO Ltd.
	1,000,000	Series 2021-15A, Class D, 7.675% (3-Month Term SOFR+401 basis points), 4/22/2034^1,2,3	$	991,970
	1,000,000	Series 2021-15A, Class E, 11.375% (3-Month Term SOFR+771 basis points), 4/22/2034^1,2,3		870,608
	1,000,000	Series 2022-21A, Class C1R, 5.625% (3-Month Term SOFR+195 basis points), 4/20/2038^1,2,3		1,002,960
	2,000,000	Series 2025-34A, Class D1, 7.664% (3-Month Term SOFR+400 basis points), 4/22/2038^1,2,3		2,026,136
	1,000,000	Series 2025-34A, Class E, 10.824% (3-Month Term SOFR+716 basis points), 4/22/2038^1,2,3		1,014,460
	1,000,000	Series 2023-23A, Class D1R, 6.575% (3-Month Term SOFR+290 basis points), 10/20/2038^1,2,3		1,002,423
	750,000	Series 2024-27A, Class ER, 10.265% (3-Month Term SOFR+659 basis points), 4/18/2039^1,2,3		761,698
	557,246	Venture CLO Ltd. Series 2019-38A, Class ARR, 4.663% (3-Month Term SOFR+100 basis points), 7/30/2032^1,2,3		557,827
	1,000,000	Verdelite Static CLO Ltd. Series 2024-1A, Class D, 6.525% (3-Month Term SOFR+285 basis points), 7/20/2032^1,2,3		1,003,967
		Voya CLO Ltd.
	750,000	Series 2017-1A, Class C, 7.272% (3-Month Term SOFR+359 basis points), 4/17/2030^1,2,3		753,939
	716,000	Series 2013-1A, Class CR, 6.885% (3-Month Term SOFR+321 basis points), 10/15/2030^1,2,3		719,340
	1,325,000	Series 2016-1A, Class CR, 6.587% (3-Month Term SOFR+291 basis points), 1/20/2031^1,2,3		1,332,417
	1,250,000	Series 2018-2A, Class D, 6.685% (3-Month Term SOFR+301 basis points), 7/15/2031^1,2,3,7		1,258,059
	1,000,000	Series 2013-3A, Class CRR, 7.186% (3-Month Term SOFR+351 basis points), 10/18/2031^1,2,3		1,003,262
	5,000,000	Series 2017-3A, Class CRR, 6.775% (3-Month Term SOFR+310 basis points), 4/20/2034^1,2,3		4,988,221
	1,000,000	Series 2022-4A, Class ER, 10.375% (3-Month Term SOFR+670 basis points), 4/20/2037^1,2,3,7		1,004,756
	1,000,000	Series 2019-1A, Class A1RR, 5.043% (3-Month Term SOFR+137 basis points), 10/15/2037^1,2,3		1,002,568
	1,000,000	Series 2019-1A, Class D1RR, 6.723% (3-Month Term SOFR+305 basis points), 10/15/2037^1,2,3		1,002,465
	1,000,000	Series 2020-2A, Class D2RR, 7.675% (3-Month Term SOFR+400 basis points), 1/20/2038^1,2,3		995,520
	1,500,000	Series 2020-3A, Class ARR, 4.922% (3-Month Term SOFR+125 basis points), 1/20/2038^1,2,3		1,503,999

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Principal Amount ($)			Value
		COLLATERALIZED LOAN OBLIGATIONS (Continued)
	1,000,000	Series 2020-3A, Class D1RR, 6.372% (3-Month Term SOFR+270 basis points), 1/20/2038^1,2,3	$	995,314
	1,000,000	Series 2020-3A, Class D2RR, 7.522% (3-Month Term SOFR+385 basis points), 1/20/2038^1,2,3		995,476
	1,000,000	Series 2024-1AR, Class ER, 9.010% (3-Month Term SOFR+525 basis points), 7/15/2039^1,2,3		1,000,000
	1,000,000	Warwick Capital CLO Ltd. Series 2024-5A, Class D1, 6.725% (3-Month Term SOFR+305 basis points), 1/20/2038^1,2,3		1,000,881
		Wellington Management CLO Ltd.
	600,000	Series 2023-1A, Class D2R, 7.675% (3-Month Term SOFR+400 basis points), 10/20/2038^1,2,3		596,951
	750,000	Series 2024-2A, Class ER, 10.099% (3-Month Term SOFR+643 basis points), 4/20/2039^1,2,3,7		760,938
		Whitebox CLO Ltd.
	1,500,000	Series 2023-4A, Class D1R, 7.575% (3-Month Term SOFR+390 basis points), 4/20/2036^1,2,3		1,512,720
	1,000,000	Series 2023-4A, Class ER, 10.155% (3-Month Term SOFR+648 basis points), 4/20/2036^1,2,3		995,587
	1,500,000	Series 2023-4AR, Class A1R2, 4.984% (3-Month Term SOFR+125 basis points), 7/20/2039^1,2,3		1,500,000
	1,750,000	Series 2023-4AR, Class D1R2, 6.284% (3-Month Term SOFR+255 basis points), 7/20/2039^1,2,3		1,750,000
	1,250,000	Series 2023-4AR, Class ER2, 8.884% (3-Month Term SOFR+515 basis points), 7/20/2039^1,2,3		1,250,000
	2,500,000	Wind River CLO Ltd. Series 2021-4A, Class AR, 4.902% (3-Month Term SOFR+123 basis points), 1/20/2035^1,2,3,7		2,502,671
		TOTAL COLLATERALIZED LOAN OBLIGATIONS
		(Cost $357,813,403)		358,612,826
		COLLATERALIZED MORTGAGE OBLIGATIONS — 15.6%
		Ajax Mortgage Loan Trust
	400,000	Series 2020-B, Class A2, 2.864%, 5/25/2059		367,223
	795,540	Series 2021-E, Class A2, 2.693%, 12/25/2060		622,487
	352,565	Series 2021-F, Class A, 5.875%, 6/25/2061		353,056
	3,489,457	Alternative Loan Trust Series 2006-HY10, Class 1X, 0.476%, 5/25/2036^2,4		67,354
	650,000	Bellemeade Re Ltd. Series 2025-1, Class M2, 7.528% (30-Day SOFR Average+390 basis points), 10/25/2035^1,2,3		663,563
		Chase Home Lending Mortgage Trust
	289,013	Series 2024-5, Class A4, 6.000%, 4/25/2055^1,2,4		288,671
	1,881,818	Series 2025-8, Class A4, 6.000%, 6/25/2056^1,2,4		1,884,985

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Principal Amount ($)			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
	2,375,721	Chase Mortgage Finance Trust Series 2007-A1, Class 1M, 5.975%, 2/25/2037^2,4	$	2,229,554
	1,371,441	CHL Mortgage Pass-Through Trust Series 2005-HYB2, Class M, 4.835%, 5/20/2035^2,4		1,219,912
	1,800,000	CIM Trust Series 2019-R5, Class B2, 4.998%, 9/25/2059		1,757,555
	2,140,000	Citigroup Mortgage Loan Trust Series 2020-EXP1, Class M1, 4.467%, 5/25/2060		1,960,692
		COLT Mortgage Loan Trust
	1,342,000	Series 2021-5, Class B2, 4.240%, 11/26/2066		1,141,762
	1,000,000	Series 2024-4, Class B2, 7.792%, 7/25/2069		1,010,836
	1,000,000	Series 2025-7, Class B1, 6.922%, 6/25/2070		1,000,296
		Connecticut Avenue Securities Trust
	1,950,000	Series 2021-R02, Class 2B2, 9.828% (30-Day SOFR Average+620 basis points), 11/25/2041		1,986,231
	1,920,000	Series 2021-R03, Class 1B2, 9.128% (30-Day SOFR Average+550 basis points), 12/25/2041		1,956,691
	1,700,000	Series 2022-R01, Class 1B2, 9.628% (30-Day SOFR Average+600 basis points), 12/25/2041		1,736,932
	1,610,000	Series 2022-R04, Class 1B2, 13.128% (30-Day SOFR Average+950 basis points), 3/25/2042		1,701,678
	2,450,000	Series 2022-R05, Class 2B2, 10.628% (30-Day SOFR Average+700 basis points), 4/25/2042		2,558,800
	1,646,000	Cross Mortgage Trust Series 2025-H6, Class B1B, 7.544%, 7/25/2070		1,636,718
		CSMC Trust
	2,400,000	Series 2019-RPL1, Class B2, 4.050%, 7/25/2058		1,796,877
	278,134	Series 2021-RPL4, Class A2, 7.559%, 12/27/2060		283,205
	2,500,850	Series 2021-NQM7, Class B2, 4.352%, 10/25/2066		1,851,369
	1,875,000	Series 2021-NQM8, Class B1, 4.211%, 10/25/2066		1,535,106
	2,010,000	Deephaven Residential Mortgage Trust Series 2021-1, Class B2, 3.955%, 5/25/2065		1,844,639
	1,243,907	Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA5, Class A1B, 4.203% (1-Month Term SOFR+55 basis points), 8/25/2047^2,3		1,093,351
	2,550,000	Easy Street Mortgage Loan Trust Series 2025-RTL2, Class A1, 5.606%, 10/25/2040		2,546,672
		EFMT
	2,027,000	Series 2025-RTL1, Class M1, 6.394%, 11/25/2040		2,022,295
	1,440,000	Series 2025-RTL1, Class M2, 8.334%, 11/25/2040		1,455,667
	1,800,000	Series 2024-NQM1, Class B1B, 7.453%, 11/25/2069		1,801,924
	655,000	Ellington Financial Mortgage Trust Series 2021-1, Class B2, 4.141%, 2/25/2066		500,121

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Principal Amount ($)			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
		Fannie Mae REMICS
	732,380	Series 2023-51, Class PO, 0.000%, 11/25/2053	$	623,268
	966,737	Series 2023-54, Class PO, 0.000%, 11/25/2053		811,216
	1,539,053	Series 2025-49, Class FA, 4.428% (30-Day SOFR Average+80 basis points), 6/25/2055		1,534,379
		FARM Mortgage Trust
	1,301,081	Series 2021-1, Class B, 3.226%, 7/25/2051		987,275
	2,802,144	Series 2023-1, Class B, 3.034%, 3/25/2052		2,156,292
	2,415,009	Series 2025-2, Class B, 5.704%, 9/25/2055		2,112,037
		Fidelis Mortgage Trust
	182,000	Series 2025-RTL1, Class B, 8.950%, 2/27/2040		182,566
	955,000	Series 2025-RTL2, Class A1, 5.570%, 7/25/2040		955,677
	353,755	Flagstar Mortgage Trust Series 2019-2, Class B3, 4.001%, 12/25/2049		321,232
		Freddie Mac REMICS
	1,970,621	Series 5266, Class FA, 4.448% (30-Day SOFR Average+82 basis points), 9/25/2052		1,957,483
	1,046,605	Series 5325, Class SA, 4.144% (30-Day SOFR Average+1,140 basis points), 11/25/2052		937,511
	1,202,037	Series 5435, Class BS, 4.669% (30-Day SOFR Average+1,193 basis points), 7/25/2054		1,073,419
	1,000,000	Freddie Mac Seasoned Credit Risk Transfer Trust Series 2022-1, Class M, 4.500%, 11/25/2061		932,001
		GCAT Trust
	2,177,170	Series 2025-INV5, Class A28, 5.128% (30-Day SOFR Average+150 basis points), 12/25/2055		2,200,834
	5,233,906	Series 2026-NQM1, Class A1, 4.789%, 12/25/2070^1,2,4		5,228,075
	973,199	Series 2026-NQM2, Class A1, 5.449%, 2/25/2071		973,222
		Government National Mortgage Association
	1,005,996	Series 2024-79, Class VB, 5.537% (30-Day SOFR Average+1,095 basis points), 5/20/2054		951,687
	346,455	Series 2025-4, Class FY, 5.209% (30-Day SOFR Average+160 basis points), 1/20/2055		350,202
		GS Mortgage-Backed Securities Trust
	2,500,000	Series 2022-LTV1, Class A14, 3.000%, 6/25/2052		1,819,087
	1,406,990	Series 2023-PJ6, Class A4, 6.500%, 4/25/2054^1,2,4		1,438,114
	1,854,074	Series 2025-PJ5, Class A2, 5.500%, 10/25/2055^1,2,4		1,845,523
	1,383,800	Series 2026-PJ1, Class A27, 4.878% (30-Day SOFR Average+125 basis points), 6/25/2056		1,387,268
	2,500,000	Series 2026-PJ8, Class A27, 5.209% (30-Day SOFR Average+160 basis points), 11/25/2056^1,2,3		2,506,077
	2,350,000	Series 2020-NQM1, Class B1, 5.143%, 9/27/2060		2,277,714

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Principal Amount ($)			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
	3,420,627	HarborView Mortgage Loan Trust Series 2006-10, Class 1A1A, 4.154% (1-Month Term SOFR+51 basis points), 11/19/2036^2,3	$	2,629,829
	443,161	HomeBanc Mortgage Trust Series 2006-1, Class 3A2, 4.303%, 4/25/2037^2,4		445,760
	1,700,000	HOMES Trust Series 2025-NQM3, Class B1, 7.391%, 2/25/2070		1,707,647
		Homeward Opportunities Fund Trust
	1,500,000	Series 2024-RRTL2, Class M1, 8.164%, 9/25/2039		1,504,035
	922,000	Series 2024-RRTL2, Class M2, 9.081%, 9/25/2039		925,756
	2,250,000	Series 2025-RRTL2, Class M1, 6.536%, 9/25/2040		2,255,983
	447,326	IndyMac INDX Mortgage Loan Trust Series 2005-AR15, Class A1, 3.805%, 9/25/2035^2,4		363,845
		J.P. Morgan Mortgage Trust
	2,083,381	Series 2021-12, Class B5, 3.157%, 2/25/2052		1,699,418
	4,029,387	Series 2023-2, Class A2, 5.500%, 7/25/2053^1,2,4		4,016,041
	2,204,637	Series 2023-6, Class A3, 5.500%, 12/26/2053^1,2,4		2,197,335
	1,758,950	Series 2024-CCM1, Class A3, 5.500%, 4/25/2055^1,2,4		1,753,124
	2,046,646	Series 2024-INV1, Class A3, 5.500%, 4/25/2055^1,2,4		2,050,101
	1,154,572	Series 2024-12, Class A2, 6.000%, 6/25/2055^1,2,4		1,167,816
	2,347,624	Series 2025-CCM1, Class A2, 5.500%, 6/25/2055^1,2,4		2,339,849
	1,000,000	Series 2025-5MPR, Class B1, 7.215%, 11/25/2055		1,016,639
	1,100,000	Series 2022-DSC1, Class M1, 4.924%, 1/25/2063		1,029,337
		LHOME Mortgage Trust
	1,800,000	Series 2024-RTL5, Class M2, 8.180%, 9/25/2039		1,805,652
	1,000,000	Series 2025-RTL1, Class M2, 8.379%, 1/25/2040		1,013,623
	2,100,000	Series 2025-RTL3, Class M1, 6.891%, 8/25/2040		2,100,433
	1,400,000	Series 2026-RTL1, Class M2, 7.694%, 1/25/2041		1,393,881
	2,000,000	MFA Trust Series 2024-RTL3, Class A2, 6.539%, 11/25/2039		2,008,448
	3,025,000	Mill City Mortgage Loan Trust Series 2019-GS2, Class B2, 3.250%, 8/25/2059		2,356,136
	1,768,354	Morgan Stanley Mortgage Loan Trust Series 2005-2AR, Class B1, 4.263% (1-Month Term SOFR+61 basis points), 4/25/2035^2,3		1,567,377
		Morgan Stanley Residential Mortgage Loan Trust
	1,593,002	Series 2024-INV3, Class A1, 6.500%, 6/25/2054^1,2,4		1,637,957
	1,635,147	Series 2025-1, Class A1, 6.000%, 3/25/2055^1,2,4		1,655,999
	620,000	Series 2025-SPL1, Class M1, 4.250%, 2/25/2065		582,810
	1,360,000	Series 2025-SPL1, Class B1, 4.250%, 2/25/2065		1,286,987
		New Residential Mortgage Loan Trust
	190,000	Series 2024-RTL1, Class M1, 9.298%, 3/25/2039		190,000
	478,813	Series 2014-3A, Class B4, 5.288%, 11/25/2054		472,637

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Principal Amount ($)			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
	1,292,000	Series 2021-NQ1R, Class B2, 4.328%, 7/25/2055	$	1,153,917
	488,321	Series 2016-4A, Class B5, 4.585%, 11/25/2056		467,747
	2,224,222	Series 2018-1A, Class B6, 5.535%, 12/25/2057^1,2,4		1,839,545
	500,000	Series 2019-RPL3, Class B3, 3.964%, 7/25/2059		420,691
	1,000,000	Series 2019-NQM5, Class B1, 4.044%, 11/25/2059		959,503
	3,120,000	Series 2023-NQM1, Class B2, 7.423%, 10/25/2063		3,136,009
	1,315,000	Series 2024-NQM1, Class B2, 7.900%, 3/25/2064		1,342,136
	2,800,000	NYMT Loan Trust Series 2025-INV1, Class B1, 6.991%, 4/25/2060		2,780,151
		OBX Trust
	927,752	Series 2025-R1, Class A3, 5.193%, 9/25/2062		920,732
	1,000,000	Series 2025-R1, Class M1, 5.754%, 9/25/2062		997,682
	1,943,357	PMT Loan Trust Series 2026-INV3, Class A36, 4.978% (30-Day SOFR Average+135 basis points), 2/25/2057		1,938,105
	2,000,000	PRET Trust Series 2025-RPL4, Class M2, 4.000%, 3/25/2065		1,826,014
		PRPM LLC
	2,989,000	Series 2025-6, Class A2, 8.326%, 8/25/2028^1,2,6		2,978,712
	866,827	Series 2025-7, Class A1, 5.503%, 8/25/2030		864,751
	1,250,000	Series 2025-7, Class A2, 7.449%, 8/25/2030^1,2,6		1,246,182
	2,139,000	Series 2025-7, Class M1, 10.551%, 8/25/2030		2,136,020
	1,500,000	Series 2026-4, Class A2, 6.824%, 6/25/2031		1,502,211
	800,000	Series 2023-RCF2, Class A3, 4.000%, 11/25/2053		754,612
	2,000,000	Series 2024-RCF1, Class M2, 4.000%, 1/25/2054^1,2,6		1,931,760
	1,000,000	Series 2024-RCF4, Class M1, 4.000%, 7/25/2054		966,040
	2,750,000	Series 2025-RPL3, Class M2, 3.250%, 4/25/2055		2,566,358
	1,145,000	Series 2025-RCF4, Class M2, 4.500%, 8/25/2055		1,081,992
	1,050,000	Series 2026-RCF2, Class M1, 5.500%, 3/25/2056		1,035,166
	1,050,000	Series 2026-RCF2, Class M2, 5.500%, 3/25/2056		1,002,306
	1,310,000	Series 2026-RCF3, Class M1, 5.250%, 5/25/2056		1,270,772
	560,000	Series 2026-RCF3, Class M2, 5.250%, 5/25/2056		525,631
		PRPM Trust
	1,055,000	Series 2026-RCF1, Class M2, 5.500%, 1/25/2056		1,010,233
	500,000	Series 2024-NQM3, Class B1, 7.307%, 8/25/2069		502,792
	1,666,909	RCO Mortgage LLC Series 2025-5, Class A1, 5.418%, 10/25/2030		1,664,658
		Redwood Funding Trust
	1,118,117	Series 2026-1, Class A, 5.934%, 9/27/2056		1,114,122
	2,201,250	Series 2026-2, Class A, 6.259%, 11/27/2056		2,200,001
	925,000	Series 2026-2, Class B, 7.996%, 11/27/2056		928,598
	1,136,604	Series 2025-3, Class A, 6.231%, 12/27/2056		1,151,406
	2,896,000	Series 2025-3, Class B, 7.749%, 12/27/2056		2,943,558

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Principal Amount ($)			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
		Saluds Grade Alternative Mortgage Trust
	750,000	Series 2025-RRTL1, Class A1, 5.320%, 10/25/2040	$	745,319
	2,000,000	Series 2025-RRTL1, Class M2, 8.417%, 10/25/2040		1,969,586
	1,297,593	Sequoia Mortgage Trust Series 2026-HYB1, Class A1B, 4.669%, 4/25/2056		1,260,340
		Splitero Trust
	750,000	Series 2025-1, Class B1, 7.000%, 12/25/2055^1,2,6		684,971
	250,000	Series 2026-1, Class B1, 6.750%, 6/25/2056^1,2,6		221,620
	1,155,000	Starwood Mortgage Residential Trust Series 2020-3, Class B2, 4.750%, 4/25/2065		1,013,392
	400,410	Structured Asset Mortgage Investments II Trust Series 2004-AR5, Class 1M, 4.429% (1-Month Term SOFR+79 basis points), 10/19/2034^2,3		355,511
		Toorak Mortgage Trust
	2,365,000	Series 2024-2, Class A2, 8.647%, 10/25/2031		2,377,660
	1,500,000	Series 2024-RRTL2, Class B1, 8.178%, 9/25/2039		1,507,381
		Towd Point Mortgage Trust
	2,000,000	Series 2017-4, Class B4, 3.631%, 6/25/2057		1,577,782
	1,287,812	Series 2021-R1, Class B1, 0.000%, 11/30/2060		674,278
	943,000	Series 2021-R1, Class B2, 0.000%, 11/30/2060		477,433
	2,060,405	Series 2021-R1, Class B3, 0.000%, 11/30/2060		999,006
	13,950,769	Series 2021-SJ2, Class XS3, 0.000%, 12/25/2061^1,2,4		155,202
	13,950,769	Series 2021-SJ2, Class X, 0.000%, 12/25/2061^1,2,4		254,546
	1,167,000	Series 2021-SJ2, Class B1, 4.218%, 12/25/2061^1,2,4		1,031,693
	1,218,620	Series 2021-SJ2, Class B3, 4.218%, 12/25/2061^1,2,4		964,370
	1,242,926	Series 2021-SJ2, Class B4, 4.218%, 12/25/2061^1,2,4		919,389
		TVC Mortgage Trust
	1,000,000	Series 2026-RRTL1, Class M1, 6.340%, 2/25/2041		996,284
	1,000,000	Series 2026-RRTL1, Class M2, 8.087%, 2/25/2041		1,001,025
		Verus Securitization Trust
	1,310,000	Series 2021-6, Class B2, 4.526%, 10/25/2066		1,000,336
	2,340,000	Series 2022-1, Class B2, 3.965%, 1/25/2067		1,770,311
	1,087,000	Series 2022-1, Class B1, 4.007%, 1/25/2067		871,554
	393,000	Series 2023-INV2, Class M1, 7.350%, 8/25/2068		391,980
	476,000	Series 2023-INV2, Class B1, 7.989%, 8/25/2068		474,676
	373,000	Series 2023-6, Class B1, 7.754%, 9/25/2068		373,665
	634,000	Series 2023-7, Class B1, 7.922%, 10/25/2068		636,100
	1,750,000	Series 2024-INV1, Class B2, 8.422%, 3/25/2069		1,763,323
	392,000	Series 2024-6, Class B1, 7.221%, 7/25/2069		396,497
	2,300,000	Series 2024-INV2, Class B2, 7.904%, 8/26/2069		2,321,450
	2,510,000	Series 2024-7, Class B2, 7.790%, 9/25/2069		2,524,571
	1,000,000	Series 2025-2, Class B1, 6.966%, 3/25/2070		1,005,068
	1,784,000	Series 2025-4, Class B2, 7.455%, 5/25/2070		1,790,135

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Principal Amount ($)			Value
		COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
	1,500,000	Series 2026-1, Class B1, 6.467%, 1/25/2071	$	1,506,985
	466,000	Visio Trust Series 2023-2, Class M1, 7.705%, 10/25/2058		465,758
		TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
		(Cost $209,052,933)		209,252,146
		COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.5%
	904,146	AG Trust Series 2024-NLP, Class D, 8.280% (1-Month Term SOFR+465 basis points), 8/15/2041^1,3		902,481
		Atrium Hotel Portfolio Trust
	2,000,000	Series 2025-ATRM, Class D, 6.925% (1-Month Term SOFR+330 basis points), 8/15/2042^1,3		2,022,700
	1,000,000	Series 2025-ATRM, Class G, 10.375% (1-Month Term SOFR+675 basis points), 8/15/2042^1,3		1,008,006
	779,307	BANK Series 2018-BN14, Class A2, 4.128%, 9/15/2060²		773,175
	1,765,000	BMO Mortgage Trust Series 2022-C2, Class XD, 2.470%, 7/15/2054^1,4		218,729
		BWAY Mortgage Trust
	985,163	Series 2013-1515, Class A2, 3.454%, 3/10/2033^1,2		951,218
	1,250,000	Series 2013-1515, Class B, 3.473%, 3/10/2033^1,2		1,164,110
	2,200,000	BX Commercial Mortgage Trust Series 2024-BIO2, Class D, 7.970%, 8/13/2041^1,4		2,078,333
		BXHPP Trust
	1,500,000	Series 2021-FILM, Class A, 4.389% (1-Month Term SOFR+76 basis points), 8/15/2036^1,3		1,430,610
	1,500,000	Series 2021-FILM, Class B, 4.639% (1-Month Term SOFR+101 basis points), 8/15/2036^1,3		1,390,392
	1,825,000	CEDR Commercial Mortgage Trust Series 2022-SNAI, Class E, 6.645% (1-Month Term SOFR+302 basis points), 2/15/2039^1,3		1,783,154
	1,000,000	Citigroup Commercial Mortgage Trust Series 2015-GC35, Class B, 4.346%, 11/10/2048^2,4		863,520
	2,044,174	COMM Mortgage Trust Series 2013-CR12, Class AM, 4.300%, 10/10/2046²		1,960,792
	2,930,000	DBC Mortgage Trust Series 2025-DBC, Class D, 6.226% (1-Month Term SOFR+260 basis points), 11/15/2042^1,2,3		2,945,130
	1,413,595	Government National Mortgage Association Series 2025-100, Class JS, 6.026% (30-Day SOFR Average+1,595 basis points), 6/20/2055		1,324,106

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Principal Amount ($)			Value
		COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
		GS Mortgage Securities Corp Trust
	280,000	Series 2020-DUNE, Class D, 5.790% (1-Month Term SOFR+216 basis points), 12/15/2036^1,3	$	273,066
	80,000	Series 2020-DUNE, Class E, 6.390% (1-Month Term SOFR+276 basis points), 12/15/2036^1,3		76,459
	1,954,972	Series 2015-GC30, Class B, 4.094%, 5/10/2050^2,4		1,908,548
		J.P. Morgan Chase Commercial Mortgage Securities Trust
	2,282,438	Series 2022-NLP, Class B, 4.982% (1-Month Term SOFR+136 basis points), 4/15/2037^1,3		2,249,569
	282,395	Series 2021-2NU, Class C, 2.146%, 1/5/2040^1,4		249,421
	3,000,000	Life Mortgage Trust Series 2022-BMR2, Class A1, 4.921% (1-Month Term SOFR+130 basis points), 5/15/2039^1,2,3		2,861,511
	1,645,000	Life Mortgage Trust Series 2021-BMR, Class F, 6.089% (1-Month Term SOFR+246 basis points), 3/15/2038^1,3		1,497,939
	2,000,000	LONG Trust Series 2026-ISL, Class D, 6.750% (1-Month Term SOFR+310 basis points), 6/15/2043^1,3		2,004,994
	4,930,000	Nomura Commercial Asset Depositor Co., LLC Series 2026-CGCTR, Class A, 5.425% (1-Month Term SOFR+180 basis points), 4/15/2041^1,3		4,934,962
	1,115,000	OWS Real Estate Finance LLC Series 2025-MARG2, Class A, 7.750% (1-Month Term SOFR+400 basis points), 8/15/2034^1,3		1,116,860
	1,300,000	PRM7 Trust Series 2025-PRM7, Class D, 5.850%, 11/10/2042^1,4		1,287,355
	497,700	SMR Mortgage Trust Series 2022-IND, Class B, 6.025% (1-Month Term SOFR+240 basis points), 2/15/2039^1,3		498,118
		VCC Trust
	3,000,000	Series 2026-MC2, Class A1, 7.600%, 6/25/2056^1,2,6		3,003,750
	1,500,000	Series 2026-MC2, Class A2, 9.517%, 6/25/2056^1,2,6		1,501,875
	2,000,000	VTR Commercial Mortgage Trust Series 2025-STEM, Class D, 6.709%, 10/13/2039^1,4		1,960,834
	250,000	WB Commercial Mortgage Trust Series 2024-HQ, Class D, 8.278%, 3/15/2040^1,4		247,715
		TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
		(Cost $46,819,659)		46,489,432

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Number of Shares			Value
		COMMON STOCKS — 18.6%
		COMMUNICATIONS — 0.5%
	33,080	Electronic Arts, Inc.⁹	$	6,782,723
		CONSUMER DISCRETIONARY — 2.5%
	55,760	Berto Acquisition Corp.*^,7		584,922
	55,318	Caesars Entertainment Corp.*		1,669,497
	271	Carnival Corp.⁷		7,743
	172,321	Global Business Travel Group I*		1,618,094
	415,733	Taylor Morrison Home Corp. - Class A*		29,824,686
				33,704,942
		CONSUMER STAPLES — 0.0%
	13,800	Kenvue, Inc.		263,718
		ENERGY — 1.2%
	734,720	ARC Resources Ltd.⁷		15,437,253
		FINANCIALS — 7.4%
	51,740	1RT Acquisition Corp. - Class A*^,7		529,818
	33,356	AA Mission Acquisition Corp. II - Class A*^,7		338,897
	42,436	ACP Holdings Acquisition Corp. - Class A*^,7		421,814
	26,254	Activate Energy Acquisition Corp. - Class A*^,7		262,540
	61,495	Agriculture & Natural Solutions Acquisition Corp. - Class A*^,7,9		697,968
	26,484	Aimei Health Technology Co., Ltd.⁷		269,327
	26,328	Alussa Energy Acquisition Corp. II - Class A*^,7		264,333
	6,676	American Exceptionalism Acquisition Corp. - Class A*^,7		78,910
	52,730	Andretti Acquisition Corp. II - Class A*^,7		566,847
	86,600	Apex Treasury Corp. - Class A*^,7		870,330
	66,959	Apogee Acquisition Corp. - Class A*^,7		666,242
	27,224	Archimedes Tech SPAC Partners III Co.*^,7		272,512
	73,517	Armada Acquisition Corp. II - Class A*^,7		766,047
	8,836	Art Technology Acquisition Corp. - Class A*^,7		87,830
	64,205	Artius II Acquisition, Inc. - Class A*^,7		672,868
	76,009	Axiom Intelligence Acquisition Corp. I - Class A*^,7		785,933
	20,965	Bain Capital GSS Investment Corp. - Class A*^,7		215,311
	46,804	Black Spade Acquisition III Co. - Class A*^,7		465,700
	42,218	Blue Water Acquisition Corp. - Class A*^,7		435,268
	44,193	Bluerock Acquisition Corp. - Class A*^,7		441,046
	98,562	BTC Development Corp. - Class A*^,7		991,534
	13,165	Bullpen Parlay Acquisition Co. - Class A*^,7		133,230
	62,898	Cal Redwood Acquisition Corp. - Class A*^,7		647,849
	41,145	Cambridge Acquisition Corp. - Class A*^,7		408,158
	43,197	Cantor Equity Partners I, Inc. - Class A⁷		458,752
	134,266	Cantor Equity Partners IV, Inc. - Class A*^,7,9		1,396,366
	79,943	Cantor Equity Partners V, Inc. - Class A*^,7		824,412

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		FINANCIALS (Continued)
	27,433	Cantor Equity Partners VI, Inc. - Class A*^,7	$	284,480
	34,634	Cantor Equity Partners VII, Inc. - Class A*^,7		349,457
	85,493	ChampionsGate Acquisition Corp. - Class A*^,7		889,982
	107,263	Charlton Aria Acquisition Corp. - Class A*^,7		1,155,222
	34,167	Cohen Circle Acquisition Corp. II - Class A*^,7		351,920
	111,160	Collective Acquisition Corp. - Class A*^,7		1,159,399
	97,970	Collective Acquisition Corp. II - Class A*^,7		969,903
	48,013	Colombier Acquisition Corp. II - Class A*^,7		492,133
	67,728	Columbus Circle Capital Corp. II - Class A*^,7		686,085
	79,620	Crane Harbor Acquisition Corp. II - Class A*^,7		807,347
	53,648	CSLM Digital Asset Acquisition Corp. III Ltd. - Class A*^,7		543,991
	—	CVB Financial Corp.		1
	51,949	D Boral Acquisition I Corp. - Class A*^,7		517,932
	50,467	D Boral ARC Acquisition I Corp. - Class A*^,7		526,371
	138,477	Digital Asset Acquisition Corp. - Class A*^,7,9		1,437,391
	187,673	DigitalBridge Group, Inc. - Class A		2,961,480
	105,083	Drugs Made In America Acquisition Corp.*^,7		1,119,134
	142,639	Drugs Made In America Acquisition II Corp.*^,7		1,434,948
	24,440	Duddell Street Acquisition Corp. - Class A*^,7		246,600
	46,563	Dynamix Corp. III - Class A*^,7		465,164
	108,144	EQV Ventures Acquisition Corp. II - Class A*^,7		1,100,906
	46,379	Evolution Global Acquisition Corp. - Class A*^,7		464,718
	75,045	Fifth Era Acquisition Corp. I - Class A*^,7		781,969
	39,098	FIGX Capital Acquisition Corp. - Class A*^,7		399,973
	84,374	Future Money Acquisition Corp. - Class A*^,7		841,209
	36,975	FutureCrest Acquisition Corp. - Class A*^,7		380,842
	74,894	Gesher Acquisition Corp. II - Class A*^,7		782,642
	8,198	GigCapital9 Corp. - Class A*^,7		81,406
	63,335	Globa Terra Acquisition Corp. - Class A*^,7		652,984
	61,953	Graf Global Corp. - Class A⁹		670,951
	47,064	GSR IV Acquisition Corp. - Class A*^,7		478,170
	65,666	Hall Chadwick Acquisition Corp. - Class A*^,7		659,287
	69,076	HCM IV Acquisition Corp. - Class A*^,7		694,214
	16,122	Helix Acquisition Corp. III - Class A*^,7		170,893
	33,650	Highview Merger Corp. - Class A*^,7		341,547
	69,438	Idea Acquisition Corp. - Class A*^,7		687,436
	66,458	Inflection Point Acquisition Corp. III - Class A*^,7		685,847
	58,225	Inflection Point Acquisition Corp. VI - Class A*^,7		602,046
	72,164	Insight Digital Partners II - Class A*^,7		725,970
	64,856	Invest Green Acquisition Corp. - Class A*^,7		649,209
	55,162	Iris Acquisition Corp. II - Class A*^,7		547,207

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		FINANCIALS (Continued)
	79,589	Iron Horse Acquisition II Corp.*^,7	$	798,278
	39,808	ITHAX Acquisition Corp. III - Class A*^,7		397,284
	80,351	Jackson Acquisition Co. II - Class A*^,7		854,935
	165,680	Janus Henderson Group PLC^7,9		8,607,076
	37,263	Jena Acquisition Corp. II - Class A*^,7		386,045
	16,167	K&F Growth Acquisition Corp. II - Class A*^,7		170,724
	48,015	K2 Capital Acquisition Corp. - Class A*^,7		477,749
	103,934	Keystone Acquisition Corp. - Class A*^,7		1,024,789
	34,132	KRAKacquisition Corp. - Class A*^,7		341,320
	39,769	LaFayette Acquisition Corp.*^,7		402,065
	66,336	Lafayette Digital Acquisition Corp. I - Class A*^,7		662,033
	191,384	Launch One Acquisition Corp. - Class A*^,7,9		2,078,430
	23,823	Legato Merger Corp. IV*^,7		236,324
	13,128	LF Capital Acquisition Corp. II - Class A*^,7		131,214
	76,883	Lionheart Holdings - Class A*^,7,9		828,030
	81,880	M Evo Global Acquisition Corp. II - Class A*^,7		812,250
	53,609	M3-Brigade Acquisition VI Corp. - Class A*^,7		543,059
	19,935	Melar Acquisition Corp. I - Class A*^,7		216,893
	99,573	Meshflow Acquisition Corp. - Class A*^,7		996,726
	49,215	Metals Acquisition Corp. - Class A*^,7		499,532
	81,546	Mountain Lake Acquisition Corp. II - Class A*^,7		809,752
	34,296	Muzero Acquisition Corp. - Class A*^,7		340,559
	4,056	New America Acquisition I Corp. - Class A*		41,168
	154,396	NewHold Investment Corp. II - Class A*^,7,9		1,681,372
	236,695	Open Lending Corp. - Class A*		736,121
	10,807	OTG Acquisition Corp. I - Class A*^,7		109,799
	24,044	Oyster Enterprises II Acquisition Corp. - Class A*^,7		247,894
	84,600	Pioneer Acquisition I Corp. - Class A*^,7		863,766
	40,035	Plum Acquisition Corp. IV⁷		427,173
	28,160	Pono Capital Four, Inc. - Class A*^,7		280,474
	43,429	ProCap Acquisition Corp.*^,7		447,319
	453	Prosperity Bancshares, Inc.		33,050
	47,818	PSB Holdings, Inc.		2,414,809
	33,936	Pyrophyte Acquisition Corp. II - Class A*^,7		346,147
	53,000	Renatus Tactical Acquisition Corp. I - Class A*^,7		555,440
	55,418	Republic Digital Acquisition Co. - Class A*^,7		571,914
	41,885	RF Acquisition Corp. II*^,7		461,573
	56,996	Rithm Acquisition Corp. - Class A*^,7		596,178
	72,229	Roman DBDR Acquisition Corp. II - Class A*^,7		761,294
	62,991	RRE Ventures Acquisition Corp. - Class A*^,7		622,981
	39,380	Safeguard Acquisition Corp. - Class A*^,7		396,163

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		FINANCIALS (Continued)
	88,538	SC II Acquisition Corp. - Class A*^,7	$	888,036
	206,171	Siddhi Acquisition Corp. - Class A*^,7,9		2,144,178
	46,622	Silicon Valley Acquisition Corp. - Class A*^,7		470,416
	69,880	Silverbox Corp. IV - Class A*^,7		755,403
	26,235	SilverBox Corp. V - Class A*^,7		263,924
	62,936	Sizzle Acquisition Corp. II*^,9		652,332
	13,594	Solarius Capital Acquisition Corp. - Class A*^,7		139,746
	155,576	Soulpower Acquisition Corp. - Class A*^,7		1,610,212
	27,306	Space Asset Acquisition Corp. - Class A*^,7		277,429
	20,544	Spartacus Acquisition Corp. - Class A*^,7		205,440
	68,484	Spring Valley Acquisition Corp. IV - Class A*^,7		698,537
	1,190	Stellar Bancorp, Inc.		46,791
	52,690	Tailwind 2.0 Acquisition Corp. - Class A*^,7		528,744
	53,006	TGE Value Creative Solutions Corp. - Class A*^,7		526,880
	55,680	Titan Acquisition Corp. - Class A*^,7		579,629
	26,712	Trailblazer Acquisition Corp. - Class A*^,7		270,325
	188,942	Vendome Acquisition Corp. I - Class A*^,7,9		1,930,987
	46,692	Vine Hill Capital Investment Corp. II - Class A*^,7		465,986
	117,629	Webster Financial Corp.		8,989,208
	76,154	Wen Acquisition Corp. - Class A*^,7		783,625
	48,993	West Enclave Merger Corp.*^,7		486,011
	15,200	Willow Lane Acquisition Corp. II - Class A*^,7		155,344
	48,371	Yorkville Acquisition Corp. - Class A*^,7		493,868
				99,340,961
		HEALTH CARE — 2.4%
	86,537	Apogee Therapeutics, Inc.*^,9		11,486,056
	165,743	Avanos Medical, Inc.*^,9		4,123,686
	57,590	Catalyst Pharmaceuticals, Inc.*		1,810,054
	115,852	Nuvalent, Inc. - Class A*^,9		14,307,722
	54,541	Organon & Co.		738,485
				32,466,003
		INDUSTRIALS — 2.6%
	121,105	Chart Industries, Inc.*^,9		25,303,678
	71,136	Information Services Corp. - Class A⁷		2,557,947
	15,217	TopBuild Corp.*		6,484,817
				34,346,442
		MATERIALS — 0.0%
	1	Coeur Mining, Inc.		14
		REAL ESTATE — 2.0%
	5,920	AvalonBay Communities, Inc. - REIT		1,117,045

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Number of Shares			Value
		COMMON STOCKS (Continued)
		REAL ESTATE (Continued)
	289,595	National Storage Affiliates Trust	$	12,878,290
	341,271	Sila Realty Trust, Inc.		10,360,987
	150,228	Whitestone REIT		2,848,323
				27,204,645
		TOTAL COMMON STOCKS
		(Cost $246,444,365)		249,546,701

Principal Amount ($)
		CORPORATE BONDS — 0.3%
		FINANCIALS — 0.3%
	1,000,000	Atlantic Union Bankshares Corp. 2.875% (3-Month Term SOFR+186 basis points), 12/15/2031^2,4	955,432
	1,000,000	Flushing Financial Corp. 3.125% (3-Month Term SOFR+204 basis points), 12/1/2031^2,4	968,749
	1,550,000	NexBank Capital, Inc. 4.000% (3-Month Term SOFR+339 basis points), 8/15/2031^2,4	1,504,940
			3,429,121
		TOTAL CORPORATE BONDS
		(Cost $3,270,931)	3,429,121

Number of Shares
		PRIVATE INVESTMENT VEHICLES — 0.7%
		INVESTMENT PARTNERSHIPS — 0.7%
	N/A	Residential Mortgage Loan Sponsor LLC - Class B⁵	1,670,966
	N/A	Residential Mortgage Loan Sponsor LLC - Class C⁵	1,667,644
	N/A	Residential Mortgage Loan Sponsor LLC - Class D⁵	2,570,397
	N/A	Residential Mortgage Loan Sponsor LLC - Class E⁵	2,420,908
	N/A	Residential Mortgage Loan Sponsor LLC - Class F⁵	1,411,850
			9,741,765
		TOTAL PRIVATE INVESTMENT VEHICLES
		(Cost $9,555,156)	9,741,765

Number of Contracts
		PURCHASED OPTIONS CONTRACTS — 27.8%
		CALL OPTIONS — 15.6%
		S&P 500 Index
	3,320	Exercise Price: $7,000.00, Notional Amount: $2,324,000,000, Expiration Date: September 30, 2026*	208,844,600
		TOTAL CALL OPTIONS
		(Cost $209,331,139)	208,844,600

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Number of Contracts			Value
		PUT OPTIONS — 12.2%
		S&P 500 Index
	306	Exercise Price: $7,125.00, Notional Amount: $218,025,000, Expiration Date: July 31, 2026*	$	1,000,620
	3,320	Exercise Price: $8,000.00, Notional Amount: $2,656,000,000, Expiration Date: September 30, 2026*		163,493,400
		TOTAL PUT OPTIONS
		(Cost $163,468,213)		164,494,020
		TOTAL PURCHASED OPTIONS CONTRACTS
		(Cost $372,799,352)		373,338,620

Number of Shares
		RIGHTS — 0.0%
	1,014	Abiomed, Inc., Expiration Date: December 30, 2029*^,5	1,035
	31,497	TPG, Inc., Expiration Date: February 12, 2027*	315
		TOTAL RIGHTS
		(Cost $1,034)	1,350

Number of Units
		SPECIAL PURPOSE ACQUISITION COMPANIES — 0.3%
		FINANCIALS — 0.3%
	26,465	Aeon Acquisition I Corp.*^,7	267,296
	87,422	AmperCap Acquisition Co.*^,7	876,843
	172,247	Ares Acquisition Corp.*^,7	1,731,082
	16,280	Centurion Acquisition Corp. - Class A^5,7	—
	20,349	Centurion Acquisition Corp. - Class B^5,7	—
	44	Energy Transition Special Opportunities*^,7	440
	13,765	GP-Act III Acquisition Corp. - Class A^5,7	—
	17,206	GP-Act III Acquisition Corp. - Class B^5,7	—
	55,384	JAB Acquisition Corp. I*^,7	555,502
	10,680	Kensington Capital Acquisition Corp. IV*^,7	106,907
	1	Keystone Acquisition Corp.*^,7	10
	9,908	Tribeca Strategic Acquisition Corp.*^,7	98,585
	83,108	Yorkville International Capital Corp.*^,7	835,235
			4,471,900
		TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES
		(Cost $4,489,538)	4,471,900

Number of Shares
		WARRANTS — 0.0%
	2,363	Black Spade Acquisition III Co., Expiration Date: January 26, 2031*^,7	851
	28,149	Collective Acquisition Corp. II, Expiration Date: June 22, 2031*^,7	7,040

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Number of Shares			Value
		WARRANTS (Continued)
	47,948	Keystone Acquisition Corp., Expiration Date: May 4, 2031*^,7	$	21,389
	6,938	KRAKacquisition Corp., Expiration Date: March 20, 2031*^,7		3,261
	13,115	Muzero Acquisition Corp., Expiration Date: December 10, 2030*^,7		3,672
	8,060	Yorkville Acquisition Corp., Expiration Date: June 6, 2030*^,7		2,066
		TOTAL WARRANTS
		(Cost $0)		38,279

Principal Amount ($)
		SHORT-TERM INVESTMENTS — 2.8%
	21,292	Morgan Stanley Institutional Liquidity Fund - Government Portfolio - Institutional Class, 3.49%^9,10		21,292
	38,181,726	UMB Bank, Money Market Special II Deposit Investment, 3.48%¹⁰		38,181,726
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $38,203,018)		38,203,018
		TOTAL INVESTMENTS — 104.0%
		(Cost $1,393,569,343)		1,396,567,904
		Liabilities in Excess of Other Assets — (4.0)%		(53,078,420	)
		TOTAL NET ASSETS — 100.0%	$	1,343,489,484

Number of Shares
			SECURITIES SOLD SHORT — (2.6)%
			COMMON STOCKS — (2.6)%
			CONSUMER DISCRETIONARY — (0.2)%
	(271	)	Carnival Corp.⁷	(7,742	)
	(155,381	)	QXO, Inc.*	(2,684,984	)
				(2,692,726	)
			CONSUMER STAPLES — (0.0)%
	(2,017	)	Kimberly-Clark Corp.	(221,406	)
			ENERGY — (0.9)%
	(295,704	)	Shell PLC⁷	(11,504,176	)
			FINANCIALS — (0.4)%
	(241,704	)	Banco Santander S.A. - ADR⁷	(3,335,515	)
	(16,593	)	Bank First Corp.	(2,461,572	)
	(452	)	Prosperity Bancshares, Inc.	(33,010	)
				(5,830,097	)

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Number of Shares				Value
			COMMON STOCKS (Continued)
			REAL ESTATE — (1.1)%
	(16,535	)	Equity Residential - REIT	$	(1,123,223	)
	(40,540	)	Public Storage		(12,904,287	)
					(14,027,510	)
			TOTAL COMMON STOCKS
			(Proceeds $33,813,555)		(34,275,915	)
			TOTAL SECURITIES SOLD SHORT
			(Proceeds $33,813,555)	$	(34,275,915	)

Number of Contracts
			WRITTEN OPTIONS CONTRACTS — (4.1)%
			CALL OPTIONS — (1.2)%
			Nuvalent, Inc. - Class A
	(249	)	Exercise Price: $125.00, Notional Amount: $(3,112,500), Expiration Date: July 17, 2026*		(1,868	)
			S&P 500 Index
	(3,320	)	Exercise Price: $8,000.00, Notional Amount: $(2,656,000,000), Expiration Date: September 30, 2026*		(15,471,200	)
			Taylor Morrison Home Corp.
	(329	)	Exercise Price: $75.00, Notional Amount: $(2,467,500), Expiration Date: July 17, 2026*		(1,645	)
			TOTAL CALL OPTIONS
			(Proceeds $15,439,100)		(15,474,713	)
			PUT OPTIONS — (2.9)%
			S&P 500 Index
	(306	)	Exercise Price: $7,875.00, Notional Amount: $(240,975,000), Expiration Date: July 31, 2026*		(11,355,660	)
	(3,320	)	Exercise Price: $7,000.00, Notional Amount: $(2,324,000,000), Expiration Date: September 30, 2026*		(28,087,200	)
			TOTAL PUT OPTIONS
			(Proceeds $39,260,987)		(39,442,860	)
			TOTAL WRITTEN OPTIONS CONTRACTS
			(Proceeds $54,700,087)	$	(54,917,573	)

ADR — American Depository Receipt

LLC — Limited Liability Company

PLC — Public Limited Company

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

Non-income producing security.

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $514,213,031, which represents 38.27% of the total net assets of the Fund.

Callable.

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

Floating rate security, upon which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

⁴

Variable rate security.

⁵

The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.

⁶

Step rate security.

⁷

Foreign security denominated in U.S. Dollars.

⁸

Affiliated company.

⁹

All or a portion of this security is segregated as collateral for securities sold short or written options contracts. The market value of the securities pledged as collateral is $62,498,563, which represents 4.65% of the total net assets of the Fund.

¹⁰

The rate is the annualized seven-day yield at period end.

First Trust Mult-Strategy Fund

	Shares/Principal Amount End of Period		Value Beginning of Period		Additions		Reductions		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value End of Period		Dividend Income*
Collateralized Loan Obligations - 0.0%
Palmer Square Loan Funding Ltd.	$	500,000	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Total		500,000	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Net of foreign withholding taxes.

First Trust Multi-Strategy Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

FUTURES CONTRACTS

Long Contracts	Expiration Date	Number of Contracts		Notional Value		Value/Unrealized Appreciation (Depreciation)
Interest Rate Futures
CBOT 5-Year U.S. Treasury Note	September 2026		144		15,414,750		20,706
CBOT 2-Year U.S. Treasury Note	September 2026		27		5,565,586		5,817
CBOT 10-Year U.S. Treasury Note	September 2026		5		549,453		1,628
CBOT Ultra Long-Term U.S. Treasury Bond	September 2026		5		580,781		10,643
			181		22,110,570		38,794

Short Contracts	Expiration Date	Number of Contracts			Notional Value			Value/Unrealized Appreciation (Depreciation)
Index Futures
CBOE Volatility Index	September 2026		(23	)		(2,586,781	)		(15,340	)

Interest Rate Futures
CBOT U.S. Long Bond	September 2026		(45	)		(5,107,500	)		(11,922	)
			(68	)		(7,694,281	)		(27,262	)

TOTAL FUTURES CONTRACTS					$	14,416,289		$	11,532