First Trust Merger Arbitrage Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2026 (Unaudited)

 

 

Number
of Shares		      Value 
     COMMON STOCKS — 94.1%     
     COMMUNICATIONS — 2.6%     
 205,713   Electronic Arts, Inc.1  $42,179,394 
     CONSUMER DISCRETIONARY — 12.8%     
 294,240   Berto Acquisition Corp.*,2   3,086,577 
 342,943   Caesars Entertainment Corp.*   10,350,020 
 1,647   Carnival Corp.2   47,055 
 1,063,120   Global Business Travel Group I*   9,982,697 
 2,570,972   Taylor Morrison Home Corp. - Class A*   184,441,531 
         207,907,880 
     CONSUMER STAPLES — 0.1%     
 84,966   Kenvue, Inc.   1,623,700 
     ENERGY — 5.8%     
 4,533,205   ARC Resources Ltd.2   95,247,486 
     FINANCIALS — 37.3%     
 246,528   1RT Acquisition Corp. - Class A*,2   2,524,447 
 215,174   AA Mission Acquisition Corp. II - Class A*,2   2,186,168 
 257,564   ACP Holdings Acquisition Corp. - Class A*,2   2,560,186 
 172,592   Activate Energy Acquisition Corp. - Class A*,2   1,725,920 
 635,226   Agriculture & Natural Solutions Acquisition Corp. - Class A*,2   7,209,815 
 649,911   Aimei Health Technology Co., Ltd.2,3   7,389,488 
 172,512   Alussa Energy Acquisition Corp. II - Class A*,2   1,732,020 
 43,030   American Exceptionalism Acquisition Corp. - Class A*,2   508,615 
 534,420   Andretti Acquisition Corp. II - Class A*,2   5,745,015 
 563,400   Apex Treasury Corp. - Class A*,2   5,662,170 
 406,225   Apogee Acquisition Corp. - Class A*,2   4,041,939 
 171,728   Archimedes Tech SPAC Partners III Co.*,2   1,718,997 
 382,749   Armada Acquisition Corp. II - Class A*,2   3,988,245 
 57,104   Art Technology Acquisition Corp. - Class A*,2   567,614 
 313,581   Artius II Acquisition, Inc. - Class A*,2   3,286,329 
 370,216   Axiom Intelligence Acquisition Corp. I - Class A*,2   3,828,033 
 128,245   Bain Capital GSS Investment Corp. - Class A*,2   1,317,076 
 303,196   Black Spade Acquisition III Co. - Class A*,2   3,016,800 
 206,326   Blue Water Acquisition Corp. - Class A*,2   2,127,221 
 286,905   Bluerock Acquisition Corp. - Class A*,2   2,863,312 
 635,939   BTC Development Corp. - Class A*,2   6,397,546 
 86,256   Bullpen Parlay Acquisition Co. - Class A*,2   872,911 
 327,136   Cal Redwood Acquisition Corp. - Class A*,2   3,369,501 
 257,280   Cambridge Acquisition Corp. - Class A*,2   2,552,218 
 283,414   Cantor Equity Partners I, Inc. - Class A2   3,009,857 
 859,811   Cantor Equity Partners IV, Inc. - Class A*,2   8,942,034 
 521,724   Cantor Equity Partners V, Inc. - Class A*,2   5,380,279 

   

 

First Trust Merger Arbitrage Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

 

 

Number
of Shares		      Value 
     COMMON STOCKS (Continued)     
     FINANCIALS (Continued)     
 171,517   Cantor Equity Partners VI, Inc. - Class A*,2  $1,778,631 
 214,090   Cantor Equity Partners VII, Inc. - Class A*,2   2,160,168 
 425,657   ChampionsGate Acquisition Corp. - Class A*,2   4,431,089 
 716,459   Charlton Aria Acquisition Corp. - Class A*,2,3   7,716,263 
 164,578   Cohen Circle Acquisition Corp. II - Class A*,2   1,695,153 
 584,860   Collective Acquisition Corp. - Class A*,2   6,100,090 
 602,030   Collective Acquisition Corp. II - Class A*,2   5,960,097 
 300,153   Colombier Acquisition Corp. II - Class A*,2   3,076,568 
 424,174   Columbus Circle Capital Corp. II - Class A*,2   4,296,883 
 516,883   Crane Harbor Acquisition Corp. II - Class A*,2   5,241,194 
 343,986   CSLM Digital Asset Acquisition Corp. III Ltd. - Class A*,2   3,488,018 
 321,502   D Boral Acquisition I Corp. - Class A*,2   3,205,375 
 306,738   D Boral ARC Acquisition I Corp. - Class A*,2   3,199,277 
 731,139   Digital Asset Acquisition Corp. - Class A*,2   7,589,223 
 1,147,836   DigitalBridge Group, Inc. - Class A   18,112,852 
 675,366   Drugs Made In America Acquisition Corp.*,2   7,192,648 
 913,211   Drugs Made In America Acquisition II Corp.*,2   9,186,903 
 149,484   Duddell Street Acquisition Corp. - Class A*,2   1,508,294 
 303,437   Dynamix Corp. III - Class A*,2   3,031,336 
 515,292   EQV Ventures Acquisition Corp. II - Class A*,2   5,245,673 
 303,621   Evolution Global Acquisition Corp. - Class A*,2   3,042,282 
 372,349   Fifth Era Acquisition Corp. I - Class A*,2   3,879,877 
 209,438   FIGX Capital Acquisition Corp. - Class A*,2   2,142,551 
 513,282   Future Money Acquisition Corp. - Class A*,2   5,117,422 
 238,025   FutureCrest Acquisition Corp. - Class A*,2   2,451,657 
 404,792   Gesher Acquisition Corp. II - Class A*,2   4,230,076 
 51,802   GigCapital9 Corp. - Class A*,2   514,394 
 407,455   Globa Terra Acquisition Corp. - Class A*,2   4,200,861 
 613,047   Graf Global Corp. - Class A   6,639,299 
 302,936   GSR IV Acquisition Corp. - Class A*,2   3,077,830 
 431,446   Hall Chadwick Acquisition Corp. - Class A*,2   4,331,718 
 428,312   HCM IV Acquisition Corp. - Class A*,2   4,304,536 
 101,878   Helix Acquisition Corp. III - Class A*,2   1,079,907 
 214,874   Highview Merger Corp. - Class A*,2   2,180,971 
 430,560   Idea Acquisition Corp. - Class A*,2   4,262,544 
 432,085   Inflection Point Acquisition Corp. III - Class A*,2   4,459,117 
 359,198   Inflection Point Acquisition Corp. VI - Class A*,2   3,714,107 
 469,164   Insight Digital Partners II - Class A*,2   4,719,790 
 427,056   Invest Green Acquisition Corp. - Class A*,2   4,274,831 
 344,836   Iris Acquisition Corp. II - Class A*,2   3,420,773 
 516,918   Iron Horse Acquisition II Corp.*,2   5,184,688 

   

 

First Trust Merger Arbitrage Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

 

 

Number
of Shares		      Value 
     COMMON STOCKS (Continued)     
     FINANCIALS (Continued)     
 258,442   ITHAX Acquisition Corp. III - Class A*,2  $2,579,251 
 477,663   Jackson Acquisition Co. II - Class A*,2   5,082,334 
 1,023,591   Janus Henderson Group PLC2   53,175,552 
 183,044   Jena Acquisition Corp. II - Class A*,2   1,896,336 
 85,590   K&F Growth Acquisition Corp. II - Class A*,2   903,830 
 301,985   K2 Capital Acquisition Corp. - Class A*,2   3,004,751 
 642,232   Keystone Acquisition Corp. - Class A*,2   6,332,407 
 214,556   KRAKacquisition Corp. - Class A*,2   2,145,560 
 258,482   LaFayette Acquisition Corp.*,2   2,613,253 
 429,464   Lafayette Digital Acquisition Corp. I - Class A*,2   4,286,051 
 1,866,241   Launch One Acquisition Corp. - Class A*,2,3   20,267,377 
 150,259   Legato Merger Corp. IV*,2   1,490,569 
 86,296   LF Capital Acquisition Corp. II - Class A*,2   862,528 
 768,054   Lionheart Holdings - Class A*,2   8,271,942 
 514,974   M Evo Global Acquisition Corp. II - Class A*,2   5,108,542 
 343,728   M3-Brigade Acquisition VI Corp. - Class A*,2   3,481,965 
 218,631   Melar Acquisition Corp. I - Class A*,2   2,378,705 
 646,050   Meshflow Acquisition Corp. - Class A*,2   6,466,960 
 299,964   Metals Acquisition Corp. - Class A*,2   3,044,635 
 515,308   Mountain Lake Acquisition Corp. II - Class A*,2   5,117,008 
 215,704   Muzero Acquisition Corp. - Class A*,2   2,141,941 
 26,666   New America Acquisition I Corp. - Class A*   270,660 
 755,459   NewHold Investment Corp. II - Class A*,2   8,226,948 
 1,463,170   Open Lending Corp. - Class A*   4,550,459 
 69,971   OTG Acquisition Corp. I - Class A*,2   710,905 
 125,106   Oyster Enterprises II Acquisition Corp. - Class A*,2   1,289,843 
 412,498   Pioneer Acquisition I Corp. - Class A*,2   4,211,605 
 254,968   Plum Acquisition Corp. IV2   2,720,509 
 171,840   Pono Capital Four, Inc. - Class A*,2   1,711,526 
 215,276   ProCap Acquisition Corp.*,2   2,217,343 
 2,802   Prosperity Bancshares, Inc.   204,606 
 214,568   Pyrophyte Acquisition Corp. II - Class A*,2   2,188,594 
 274,904   Renatus Tactical Acquisition Corp. I - Class A*,2   2,880,994 
 292,586   Republic Digital Acquisition Co. - Class A*,2   3,019,487 
 469,553   RF Acquisition Corp. II*,2,3   5,174,474 
 293,004   Rithm Acquisition Corp. - Class A*,2   3,064,822 
 375,130   Roman DBDR Acquisition Corp. II - Class A*,2   3,953,870 
 387,009   RRE Ventures Acquisition Corp. - Class A*,2   3,827,519 
 258,888   Safeguard Acquisition Corp. - Class A*,2   2,604,413 
 582,567   SC II Acquisition Corp. - Class A*,2   5,843,147 
 1,092,719   Siddhi Acquisition Corp. - Class A*,2   11,364,278 

   

 

First Trust Merger Arbitrage Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

 

 

Number
of Shares		      Value 
     COMMON STOCKS (Continued)     
     FINANCIALS (Continued)     
 303,378   Silicon Valley Acquisition Corp. - Class A*,2  $3,061,084 
 372,735   Silverbox Corp. IV - Class A*,2   4,029,265 
 172,638   SilverBox Corp. V - Class A*,2   1,736,738 
 333,100   Sizzle Acquisition Corp. II*   3,452,581 
 85,806   Solarius Capital Acquisition Corp. - Class A*,2   882,086 
 879,500   Soulpower Acquisition Corp. - Class A*,2   9,102,825 
 171,642   Space Asset Acquisition Corp. - Class A*,2   1,743,883 
 128,670   Spartacus Acquisition Corp. - Class A*,2   1,286,700 
 428,892   Spring Valley Acquisition Corp. IV - Class A*,2   4,374,698 
 7,367   Stellar Bancorp, Inc.   289,670 
 344,990   Tailwind 2.0 Acquisition Corp. - Class A*,2   3,461,975 
 344,668   TGE Value Creative Solutions Corp. - Class A*,2   3,426,000 
 294,320   Titan Acquisition Corp. - Class A*,2   3,063,871 
 172,110   Trailblazer Acquisition Corp. - Class A*,2   1,741,753 
 900,280   Vendome Acquisition Corp. I - Class A*,2   9,200,862 
 303,308   Vine Hill Capital Investment Corp. II - Class A*,2   3,027,014 
 727,240   Webster Financial Corp.   55,575,681 
 448,814   Wen Acquisition Corp. - Class A*,2   4,618,296 
 301,007   West Enclave Merger Corp.*,2   2,985,989 
 94,228   Willow Lane Acquisition Corp. II - Class A*,2   963,010 
 262,128   Yorkville Acquisition Corp. - Class A*,2   2,676,327 
         607,356,529 
     HEALTH CARE — 12.3%     
 535,455   Apogee Therapeutics, Inc.*,1   71,070,942 
 1,012,329   Avanos Medical, Inc.*,1   25,186,746 
 356,498   Catalyst Pharmaceuticals, Inc.*   11,204,732 
 717,017   Nuvalent, Inc. - Class A*,1   88,551,599 
 334,385   Organon & Co.   4,527,573 
         200,541,592 
     INDUSTRIALS — 12.9%     
 740,752   Chart Industries, Inc.*,1   154,772,723 
 440,023   Information Services Corp. - Class A2   15,822,586 
 94,222   TopBuild Corp.*   40,153,278 
         210,748,587 
     MATERIALS — 0.0%     
 1   Coeur Mining, Inc.   16 
     REAL ESTATE — 10.3%     
 36,629   AvalonBay Communities, Inc. - REIT   6,911,526 
 1,768,875   National Storage Affiliates Trust   78,661,871 
   

 

First Trust Merger Arbitrage Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

 

 

Number
of Shares		      Value 
     COMMON STOCKS (Continued)     
     REAL ESTATE (Continued)     
 2,102,764   Sila Realty Trust, Inc.  $63,839,915 
 929,512   Whitestone - REIT   17,623,548 
         167,036,860 
     TOTAL COMMON STOCKS     
     (Cost $1,512,924,844)   1,532,642,044 
     MASTER LIMITED PARTNERSHIPS — 0.0%     
 —   Western Midstream Partners LP   7 
     TOTAL MASTER LIMITED PARTNERSHIPS     
     (Cost $6)   7 
     RIGHTS — 0.0%     
 287,741   Abiomed, Inc., Expiration Date: December 30, 2029*,4   293,496 
 192,070   TPG, Inc., Expiration Date: February 12, 2027*   1,921 
     TOTAL RIGHTS     
     (Cost $293,496)   295,417 

 

Number
of Units		        
     SPECIAL PURPOSE ACQUISITION COMPANIES — 1.7%     
     FINANCIALS — 1.7%     
 163,535   Aeon Acquisition I Corp.*,2   1,651,704 
 540,212   AmperCap Acquisition Co.*,2   5,418,326 
 1,067,045   Ares Acquisition Corp.*,2   10,723,802 
 193,720   Centurion Acquisition Corp. - Class A2,4   2 
 242,151   Centurion Acquisition Corp. - Class B2,4   3 
 273   Energy Transition Special Opportunities*,2   2,727 
 196,235   GP-Act III Acquisition Corp. - Class A2,4   2 
 245,295   GP-Act III Acquisition Corp. - Class B2,4   3 
 342,579   JAB Acquisition Corp. I*,2   3,436,067 
 65,816   Kensington Capital Acquisition Corp. IV*,2   658,818 
 1   Keystone Acquisition Corp.*,2   10 
 61,392   Tribeca Strategic Acquisition Corp.*,2   610,850 
 513,827   Yorkville International Capital Corp.*,2   5,163,961 
         27,666,275 
     TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES     
     (Cost $28,031,293)   27,666,275 

 

Number
of Shares		        
     WARRANTS — 0.0%     
 15,305   Black Spade Acquisition III Co., Expiration Date: January 26, 2031*,2   5,510 
 172,981   Collective Acquisition Corp. II, Expiration Date: June 22, 2031*,2   43,262 
   

 

First Trust Merger Arbitrage Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

 

 

Number
of Shares		      Value 
     WARRANTS (Continued)     
 296,282   Keystone Acquisition Corp., Expiration Date: May 4, 2031*,2  $132,171 
 43,608   KRAKacquisition Corp., Expiration Date: March 20, 2031*,2   20,496 
 82,527   Muzero Acquisition Corp., Expiration Date: December 10, 2030*,2   23,108 
 38,823   Yorkville Acquisition Corp., Expiration Date: June 6, 2030*,2   9,950 
     TOTAL WARRANTS     
     (Cost $0)   234,497 

 

Principal
Amount ($)		        
     SHORT-TERM INVESTMENTS — 6.8%     
 47,247,717   Morgan Stanley Institutional Liquidity Fund - Government Portfolio - Institutional Class, 3.49%1,5   47,247,717 
 63,659,527   UMB Bank, Money Market Special II Deposit Investment, 3.48%5   63,659,527 
     TOTAL SHORT-TERM INVESTMENTS     
     (Cost $110,907,244)   110,907,244 
     TOTAL INVESTMENTS — 102.6%     
     (Cost $1,652,156,883)   1,671,745,484 
     Liabilities in Excess of Other Assets — (2.6)%   (42,826,857)
     TOTAL NET ASSETS — 100.0%  $1,628,918,627 

 

Number
of Shares		        
     SECURITIES SOLD SHORT — (12.0)%     
     COMMON STOCKS — (12.0)%     
     CONSUMER DISCRETIONARY — (1.0)%     
 (1,647)  Carnival Corp.2   (47,055)
 (962,100)  QXO, Inc.*   (16,625,088)
         (16,672,143)
     CONSUMER STAPLES — (0.1)%     
 (12,421)  Kimberly-Clark Corp.   (1,363,453)
     ENERGY — (4.3)%     
 (1,824,486)  Shell PLC2   (70,980,467)
     FINANCIALS — (1.3)%     
 (1,494,332)  Banco Santander S.A. - ADR2   (20,621,782)
 (2,802)  Prosperity Bancshares, Inc.   (204,630)
         (20,826,412)
   

 

First Trust Merger Arbitrage Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2026 (Unaudited)

 

 

Number
of Shares		      Value 
     COMMON STOCKS (Continued)     
     REAL ESTATE — (5.3)%     
 (102,304)  Equity Residential - REIT  $(6,949,511)
 (247,627)  Public Storage   (78,822,150)
         (85,771,661)
     TOTAL COMMON STOCKS     
     (Proceeds $193,516,114)   (195,614,136)
     TOTAL SECURITIES SOLD SHORT     
     (Proceeds $193,516,114)  $(195,614,136)

 

Number
of Contracts		        
     WRITTEN OPTIONS CONTRACTS — (0.0)%     
     CALL OPTIONS — (0.0)%     
     Nuvalent, Inc. - Class A     
 (1,546)  Exercise Price: $125.00, Notional Amount: $(19,325,000),
Expiration Date: July 17, 2026*		   (11,595)
     Organon & Co.     
 (1)  Exercise Price: $14.00, Notional Amount: $(1,400),
Expiration Date: September 18, 2026*		   (10)
     Taylor Morrison Home Corp.     
 (2,033)  Exercise Price: $75.00, Notional Amount: $(15,247,500),
Expiration Date: July 17, 2026*		   (10,165)
     TOTAL CALL OPTIONS     
     (Proceeds $38,710)   (21,770)
     TOTAL WRITTEN OPTIONS CONTRACTS     
     (Proceeds $38,710)  $(21,770)

 

ADR — American Depository Receipt

LP — Limited Partnership

PLC — Public Limited Company

REIT — Real Estate Investment Trust

 

*Non-income producing security.
1All 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 $302,920,626, which represents 18.60% of the total net assets of the Fund.
2Foreign security denominated in U.S. Dollars.
3Affiliated company.
4The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.
5The rate is the annualized seven-day yield at period end.

   

 

First Trust Merger Arbitrage Fund

 

Security Description  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* 
Common Stocks                                        
Specified Purpose Acquisitions - 2.5%                                        
AA Mission Acquisition Corp. - Class A(1)   -   $28,409,281   $4,804   $(27,032,121)  $-   $(1,381,964)  $-    - 
Agriculture & Natural Solutions Acquisition Corp. - Class A(1)   635,226    30,894,962    5,037    (31,173,133)   2,009,607    (1,736,473)   -    - 
AI Transportation Acquisition Corp.(1)   -    5,571,071    -    (5,589,932)   362,772    (343,911)   -    - 
Aimei Health Technology Co., Ltd.   649,911    7,356,992    -    -    -    32,496    7,389,488    - 
Bleichroeder Acquisition Corp. I - Class A(1)   -    18,647,504    -    (19,788,167)   1,826,889    (686,226)   -    - 
Centurion Acquisition Corp. - Class A(1)   -    26,157,744    -    (25,194,680)   337,878    (1,300,942)   -    - 
Charlton Aria Acquisition Corp. - Class A   716,459    7,436,844    -    -    -    279,419    7,716,263    - 
Drugs Made In America Acquisition Corp.(1)   675,366    19,813,788    -    (19,966,307)   626,034    (473,515)   -    - 
Embrace Change Acquistion Corp.(1)   -    2,174,400    -    (2,001,668)   -    (172,732)   -    - 
GP Act III Acquisition Corp. - Class A(1)   -    20,114,634    -    (18,978,348)   -    (1,136,286)   -    - 
Graf Global Corp. - Class A(1)   -    20,356,123    -    (19,305,153)   -    (1,050,970)   -    - 
Horizon Space Acquisition I Corp.(1)   -    3,454,651    -    (2,984,059)   -    (470,592)   -    - 
Launch One Acquisition Corp. - Class A   1,866,241    19,632,855    -    -    -    634,522    20,267,377    - 
Legato Merger Corp. III(1)   -    17,275,816    -    (16,724,764)   380,426    (931,478)   -    - 
Lionheart Holdings - Class A(1)   768,054    20,370,556    -    (20,386,840)   999,287    (983,003)   -    - 
Melar Acquisition Corp. I - Class A(1)   218,631    13,403,876    -    (12,746,753)   -    (657,123)   -    - 
Oak Woods Acquisition Corp. - Class A(1)   -    6,103,920    1    (6,134,181)   935,029    (904,769)   -    - 
RF Acquisition Corp. II   469,553    10,021,189    -    (5,041,008)   325,652    (131,359)   5,174,474    - 
SIM Acquisition Corp. I - Class A(1)   -    17,065,345    -    (16,537,133)   309,734    (837,946)   -    - 
Vendome Acquisition Corp. I - Class A(1)   900,280    15,096,301    -    (15,249,221)   46,501    106,419    -    - 
                                  40,547,602      
Units                                        
Specified Purpose Acquisitions - 0.0%                                        
Centurion Acquisition Corp. - Class A(1)   193,720    2    -    (775)   -    773    -    - 
Centurion Acquisition Corp. - Class B(1)   242,151    2    -    (242,151)   -    242,149    -    - 
GP-Act III Acquisition Corp. - Class A(1)   196,235    2    -    (785)   -    783    -    - 
GP-Act III Acquisition Corp. - Class B(1)   245,295    3    -    (245,295)   -    245,292    -    - 
                                  -      
Total   7,777,122   $309,357,861   $9,842   $(265,322,474)  $8,159,809   $(11,657,436)  $40,547,602   $- 

 

*Net of foreign withholding taxes.
(1)Not an affiliate at the end of the period.