First Trust Preferred Securities and Income Fund
Portfolio of Investments
July 31, 2026 (Unaudited)
 
Shares
Description
Stated
Rate
Stated
Maturity
Value
$25 PAR PREFERRED SECURITIES – 22.1%
Automobiles – 0.3%
10,144
Ford Motor Co.
6.20
%
06/01/59
$206,836
21,374
Ford Motor Co.
6.00
%
12/01/59
419,144
 
625,980
Banks – 1.1%
41,456
Bank of America Corp., Series KK
5.38
%
(a)
868,089
1,867
Bank of America Corp., Series LL
5.00
%
(a)
36,556
1,385
Bank of America Corp., Series NN
4.38
%
(a)
23,628
3,842
Bank of America Corp., Series SS
4.75
%
(a)
70,923
3,436
JPMorgan Chase & Co., Series GG
4.75
%
(a)
66,452
2,392
JPMorgan Chase & Co., Series JJ
4.55
%
(a)
43,869
23,384
JPMorgan Chase & Co., Series LL
4.63
%
(a)
437,047
4,959
Truist Financial Corp., Series R
4.75
%
(a)
90,948
3,844
Wells Fargo & Co., Series AA
4.70
%
(a)
69,730
4,880
Wells Fargo & Co., Series Z
4.75
%
(a)
89,451
17,154
Wintrust Financial Corp., Series F (b)
7.88
%
(a)
449,435
 
2,246,128
Capital Markets – 2.9%
11,934
Affiliated Managers Group, Inc.
5.88
%
03/30/59
240,709
22,386
Affiliated Managers Group, Inc.
4.20
%
09/30/61
336,238
44,054
Affiliated Managers Group, Inc.
6.75
%
03/30/64
1,011,039
23,596
Bank of New York Mellon (The) Corp., Series K (b)
6.15
%
(a)
589,192
9,510
Brookfield Oaktree Holdings LLC, Series A
6.63
%
(a)
199,139
496
Brookfield Oaktree Holdings LLC, Series B
6.55
%
(a)
10,366
65,593
Carlyle Finance LLC
4.63
%
05/15/61
1,063,919
5,114
DigitalBridge Group, Inc., Series H
7.13
%
(a)
78,960
19,912
DigitalBridge Group, Inc., Series I
7.15
%
(a)
306,247
12,065
DigitalBridge Group, Inc., Series J
7.13
%
(a)
190,506
34,217
KKR Group Finance Co., IX LLC
4.63
%
04/01/61
556,026
7,291
Morgan Stanley, Series K
5.85
%
(a)
169,005
13,003
Morgan Stanley, Series Q
6.63
%
(a)
330,666
10,599
State Street Corp., Series G
5.35
%
(a)
224,805
20,036
TPG Operating Group II, L.P.
6.95
%
03/15/64
458,825
 
5,765,642
Diversified Telecommunication Services – 0.4%
26,359
AT&T, Inc.
5.35
%
11/01/66
524,544
19,108
AT&T, Inc., Series C
4.75
%
(a)
327,702
 
852,246
Electric Utilities – 2.8%
104,549
NextEra Energy Capital Holdings, Inc., Series U
6.50
%
06/01/85
2,530,086
11,999
NextEra Energy Capital Holdings, Inc., Series Z
6.50
%
04/15/86
287,376
20,577
Southern (The) Co., Series 2020
4.95
%
01/30/80
386,848
2,287
Southern (The) Co.
6.50
%
03/15/85
57,747
101,730
Xcel Energy, Inc.
6.25
%
10/15/85
2,368,274
 
5,630,331
Financial Services – 1.6%
95,075
Corebridge Financial, Inc.
6.38
%
12/15/64
2,101,157
44,556
Equitable Holdings, Inc., Series A
5.25
%
(a)
862,159
6,983
Voya Financial, Inc., Series B (b)
5.35
%
(a)
165,567
 
3,128,883
First Trust Preferred Securities and Income Fund
Portfolio of Investments (Continued)
July 31, 2026 (Unaudited)
Shares
Description
Stated
Rate
Stated
Maturity
Value
$25 PAR PREFERRED SECURITIES (Continued)
Food Products – 0.1%
211
CHS, Inc., Series 2
7.10
%
(a)
$5,313
8,144
CHS, Inc., Series 3
6.75
%
(a)
200,261
 
205,574
Independent Power & Renewable Electricity Producers – 0.4%
35,878
Brookfield BRP Holdings Canada, Inc.
4.63
%
(a)
541,758
19,571
Brookfield Renewable Partners, L.P., Series 17
5.25
%
(a)
333,294
 
875,052
Insurance – 7.0%
79,782
AEGON Funding Co., LLC
5.10
%
12/15/49
1,448,043
4,098
Allstate (The) Corp., Series H
5.10
%
(a)
79,419
35,827
American National Group, Inc.
7.38
%
(a)
852,683
19,128
Arch Capital Group Ltd., Series G
4.55
%
(a)
314,656
2,697
Arch Capital Group Ltd., Series F
5.45
%
(a)
52,645
25,100
Aspen Insurance Holdings Ltd.
5.63
%
(a)
483,928
70,959
Aspen Insurance Holdings Ltd.
5.63
%
(a)
1,341,125
14,269
Assurant, Inc.
5.25
%
01/15/61
272,538
60,330
Athene Holding Ltd. (b)
7.25
%
03/30/64
1,489,548
29,758
Athene Holding Ltd., Series A (b)
6.35
%
(a)
711,216
41,092
Athene Holding Ltd., Series E (b)
7.75
%
(a)
1,032,231
14,000
Axis Capital Holdings Ltd., Series E
5.50
%
(a)
261,800
21,803
CNO Financial Group, Inc. (c)
5.13
%
11/25/60
359,532
88,547
Enstar Group Ltd., Series D (b)
7.00
%
(a)
2,019,757
40,725
F&G Annuities & Life, Inc.
7.95
%
12/15/53
1,003,057
89,148
F&G Annuities & Life, Inc.
7.30
%
01/15/65
1,849,821
1,781
MetLife, Inc., Series F
4.75
%
(a)
32,414
10,700
Phoenix (The) Cos., Inc.
7.45
%
01/15/32
192,600
651
Prudential Financial, Inc.
5.95
%
09/01/62
14,498
4,918
W.R. Berkley Corp.
5.10
%
12/30/59
91,032
 
13,902,543
Mortgage REITs – 0.9%
9,878
AGNC Investment Corp., Series E, 3 Mo. CME Term SOFR +
CSA + 4.99% (d)
9.07
%
(a)
252,086
17,256
AGNC Investment Corp., Series F, 3 Mo. CME Term SOFR +
CSA + 4.70% (d)
8.71
%
(a)
432,608
14,084
AGNC Investment Corp., Series H
8.75
%
(a)
358,297
13,602
Annaly Capital Management, Inc., Series F, 3 Mo. CME Term
SOFR + CSA + 4.99% (d)
9.07
%
(a)
351,340
19,768
Annaly Capital Management, Inc., Series J
8.88
%
(a)
515,549
 
1,909,880
Multi-Utilities – 2.2%
28,651
Brookfield Infrastructure Finance ULC
5.00
%
05/24/81
463,000
28,172
Brookfield Infrastructure Partners, L.P., Series 13 (c)
5.13
%
(a)
493,010
28,674
CMS Energy Corp.
5.88
%
10/15/78
626,240
20,357
CMS Energy Corp.
5.88
%
03/01/79
450,093
81,611
DTE Energy Co., Series H
6.25
%
10/01/85
1,932,549
16,875
Sempra
5.75
%
07/01/79
351,844
 
4,316,736
Oil, Gas & Consumable Fuels – 0.2%
18,820
TransCanada PipeLines Ltd.
6.25
%
11/01/85
432,484
First Trust Preferred Securities and Income Fund
Portfolio of Investments (Continued)
July 31, 2026 (Unaudited)
Shares
Description
Stated
Rate
Stated
Maturity
Value
$25 PAR PREFERRED SECURITIES (Continued)
Real Estate Management & Development – 0.2%
27,688
Brookfield Property Partners, L.P., Series A
5.75
%
(a)
$385,971
Specialized REITs – 0.1%
8,887
Public Storage, Series L
4.63
%
(a)
158,011
Wireless Telecommunication Services – 1.9%
2,458
T-Mobile USA, Inc.
6.25
%
09/01/69
56,681
102,759
T-Mobile USA, Inc.
5.50
%
03/01/70
2,098,339
74,851
T-Mobile USA, Inc.
5.50
%
06/01/70
1,553,158
 
3,708,178
Total $25 Par Preferred Securities
44,143,639
(Cost $49,569,817)
$1,000 PAR PREFERRED SECURITIES – 2.2%
Banks – 2.2%
3,681
Wells Fargo & Co., Series L
7.50
%
(a)
4,364,341
(Cost $4,868,350)
Par
Amount
Description
Stated
Rate
Stated
Maturity
Value
CAPITAL PREFERRED SECURITIES – 74.3%
Banks – 41.2%
$500,000
Banco Bilbao Vizcaya Argentaria S.A. (b) (e)
7.13
%
(a)
500,107
400,000
Banco Bilbao Vizcaya Argentaria S.A. (b) (e)
7.75
%
(a)
418,512
1,300,000
Banco Bilbao Vizcaya Argentaria S.A. (b) (e)
9.38
%
(a)
1,409,620
300,000
Banco de Credito e Inversiones S.A. (b) (e) (f)
8.75
%
(a)
316,398
200,000
Banco de Credito e Inversiones S.A. (b) (e) (g)
8.75
%
(a)
210,932
900,000
Banco Mercantil del Norte S.A. (b) (e) (f)
7.50
%
(a)
893,493
1,000,000
Banco Mercantil del Norte S.A. (b) (e) (f)
7.63
%
(a)
1,001,882
1,100,000
Banco Mercantil del Norte S.A. (b) (e) (f)
8.38
%
(a)
1,137,681
500,000
Banco Mercantil del Norte S.A. (b) (e) (f)
8.45
%
(a)
500,000
400,000
Banco Mercantil del Norte S.A. (b) (e) (f)
8.75
%
(a)
411,460
600,000
Banco Santander S.A. (b) (e)
7.25
%
(a)
601,941
1,100,000
Banco Santander S.A. (b) (e)
8.00
%
(a)
1,172,240
800,000
Banco Santander S.A. (b) (e)
9.63
%
(a)
868,904
1,800,000
Banco Santander S.A. (b) (e)
9.63
%
(a)
2,101,183
3,750,000
Bank of America Corp. (b)
6.63
%
(a)
3,830,546
2,200,000
Bank of Montreal (b)
7.70
%
05/26/84
2,283,208
1,100,000
Bank of Montreal (b)
7.30
%
11/26/84
1,138,744
510,000
Bank of Montreal, Series 6 (b)
6.88
%
11/26/85
513,393
1,500,000
Bank of Nova Scotia (The) (b)
8.00
%
01/27/84
1,574,241
1,200,000
Bank of Nova Scotia (The) (b)
7.35
%
04/27/85
1,238,449
800,000
Bank of Nova Scotia (The) (b)
6.88
%
10/27/85
794,761
200,000
Barclays PLC (b) (e)
7.63
%
(a)
206,834
3,800,000
Barclays PLC (b) (e)
8.00
%
(a)
4,000,119
1,100,000
Barclays PLC (b) (e)
9.63
%
(a)
1,215,053
650,000
BBVA Mexico S.A. (b) (e) (f)
5.88
%
09/13/34
635,585
500,000
BBVA Mexico S.A. (b) (e) (f)
7.63
%
02/11/35
512,500
1,300,000
BBVA Mexico S.A. (b) (e) (f)
8.45
%
06/29/38
1,394,143
1,800,000
BNP Paribas S.A. (b) (e) (f)
7.20
%
(a)
1,788,023
400,000
BNP Paribas S.A. (b) (e) (f)
7.38
%
(a)
409,245
1,340,000
BNP Paribas S.A. (b) (e) (f)
7.75
%
(a)
1,398,734
1,140,000
BNP Paribas S.A. (b) (e) (f)
8.00
%
(a)
1,210,046
2,450,000
BNP Paribas S.A. (b) (e) (f)
8.50
%
(a)
2,575,293
300,000
Canadian Imperial Bank of Commerce (b)
6.95
%
01/28/85
302,421
First Trust Preferred Securities and Income Fund
Portfolio of Investments (Continued)
July 31, 2026 (Unaudited)
Par
Amount
Description
Stated
Rate
Stated
Maturity
Value
CAPITAL PREFERRED SECURITIES (Continued)
Banks (Continued)
$1,500,000
Canadian Imperial Bank of Commerce (b)
7.00
%
10/28/85
$1,519,961
950,000
Citigroup, Inc. (b)
6.63
%
(a)
954,944
449,000
Citigroup, Inc., Series BB (b)
7.20
%
(a)
457,957
903,000
Citigroup, Inc., Series DD (b)
7.00
%
(a)
923,552
900,000
Citigroup, Inc., Series FF (b)
6.95
%
(a)
908,575
1,300,000
Citigroup, Inc., Series GG (b)
6.88
%
(a)
1,313,421
500,000
CoBank ACB (b)
7.25
%
(a)
504,522
500,000
CoBank ACB, Series N (b)
6.75
%
(a)
503,096
1,400,000
Commerzbank AG (b) (e) (g)
7.50
%
(a)
1,455,573
1,577,000
Credit Agricole S.A. (b) (e) (f)
6.70
%
(a)
1,567,911
2,923,000
Credit Agricole S.A. (b) (e) (f)
7.13
%
(a)
2,970,128
300,000
Farm Credit Bank of Texas (b)
7.75
%
(a)
311,489
600,000
Farm Credit Bank of Texas, Series 3 (b) (f)
6.20
%
(a)
602,487
260,000
Farm Credit Bank of Texas, Series 6 (b)
7.00
%
(a)
264,765
1,050,000
First Citizens BancShares, Inc., Series D (b)
7.00
%
(a)
1,055,670
600,000
HSBC Holdings PLC (b) (e)
6.75
%
(a)
603,579
1,600,000
HSBC Holdings PLC (b) (e)
6.95
%
(a)
1,641,003
600,000
HSBC Holdings PLC (b) (e)
7.00
%
(a)
610,216
1,660,000
HSBC Holdings PLC (b) (e)
7.05
%
(a)
1,698,436
1,200,000
HSBC Holdings PLC (b) (e)
8.00
%
(a)
1,243,141
1,499,000
Huntington Bancshares, Inc., Series K (b)
6.25
%
(a)
1,494,710
1,800,000
ING Groep N.V. (b) (e)
7.00
%
(a)
1,835,627
1,000,000
ING Groep N.V. (b) (e) (g)
7.25
%
(a)
1,039,588
1,457,000
ING Groep N.V. (b) (e) (g)
8.00
%
(a)
1,544,572
500,000
JPMorgan Chase & Co., Series NN (b)
6.88
%
(a)
516,603
700,000
JPMorgan Chase & Co., Series PP (b)
6.10
%
(a)
697,502
300,000
Lloyds Banking Group PLC (b) (e)
6.63
%
(a)
295,092
1,860,000
Lloyds Banking Group PLC (b) (e)
8.00
%
(a)
1,963,511
1,400,000
Mitsubishi UFJ Financial Group, Inc. (b) (e)
6.35
%
(a)
1,386,238
1,300,000
NatWest Group PLC (b) (e)
8.13
%
(a)
1,415,372
430,000
Nordea Bank Abp (b) (e) (f)
6.75
%
(a)
428,900
1,650,000
PNC Financial Services Group (The), Inc., Series W (b)
6.25
%
(a)
1,668,305
1,200,000
Royal Bank of Canada (b)
6.75
%
08/24/85
1,217,132
1,220,000
Royal Bank of Canada (b)
6.50
%
11/24/85
1,185,204
1,500,000
Societe Generale S.A. (b) (e) (f)
9.38
%
(a)
1,564,101
1,200,000
Societe Generale S.A. (b) (e) (f)
10.00
%
(a)
1,304,927
720,000
Sumitomo Mitsui Financial Group, Inc. (b) (e)
6.60
%
(a)
718,605
600,000
Swedbank AB (b) (e) (g)
7.75
%
(a)
629,430
700,000
Toronto-Dominion Bank (The) (b)
6.35
%
10/31/85
700,270
1,025,000
Wells Fargo & Co., Series GG (b)
6.13
%
(a)
1,024,956
 
82,306,762
Capital Markets – 5.8%
400,000
Bank of New York Mellon (The) Corp. (b)
5.95
%
(a)
401,438
800,000
Charles Schwab (The) Corp., Series L (b)
6.10
%
(a)
789,528
4,100,000
Credit Suisse Group AG, Claim (c) (h) (i) (j)
1,460,830
1,600,000
Credit Suisse Group AG, Claim (c) (h) (i) (j)
570,080
2,425,000
Credit Suisse Group AG, Claim (c) (h) (i) (j)
864,027
1,500,000
Credit Suisse Group AG, Claim (c) (h) (i) (j)
534,450
600,000
Deutsche Bank AG (b) (e) (g)
8.13
%
(a)
632,473
358,000
Goldman Sachs Group (The), Inc. (b)
6.85
%
(a)
362,555
500,000
Goldman Sachs Group (The), Inc., Series AA (b)
6.50
%
(a)
496,493
1,880,000
Goldman Sachs Group (The), Inc., Series X (b)
7.50
%
(a)
1,945,947
700,000
Goldman Sachs Group (The), Inc., Series Y (b)
6.13
%
(a)
690,595
1,100,000
Nomura Holdings, Inc. (b) (e)
7.00
%
(a)
1,119,183
First Trust Preferred Securities and Income Fund
Portfolio of Investments (Continued)
July 31, 2026 (Unaudited)
Par
Amount
Description
Stated
Rate
Stated
Maturity
Value
CAPITAL PREFERRED SECURITIES (Continued)
Capital Markets (Continued)
$513,000
State Street Corp., Series I (b)
6.70
%
(a)
$524,778
1,172,000
State Street Corp., Series J (b)
6.70
%
(a)
1,204,114
 
11,596,491
Diversified Telecommunication Services – 2.4%
1,835,000
Bell Canada (b)
7.00
%
09/15/55
1,850,625
806,000
TELUS Corp. (b)
7.00
%
10/15/55
812,857
686,000
TELUS Corp. (b)
6.63
%
06/09/56
670,582
708,000
Verizon Communications, Inc. (b)
6.20
%
05/14/56
693,217
708,000
Verizon Communications, Inc. (b)
6.05
%
05/14/58
696,548
 
4,723,829
Electric Utilities – 6.1%
1,980,000
American Electric Power Co., Inc. (b)
6.95
%
12/15/54
2,089,556
1,089,000
American Electric Power Co., Inc., Series D (b)
6.05
%
03/15/56
1,070,624
975,000
Duke Energy Corp. (b)
6.45
%
09/01/54
999,094
560,000
Emera US Finance LLC, Series A (b)
6.65
%
10/01/56
564,107
520,000
Emera US Finance LLC, Series B (b)
6.85
%
10/01/56
524,230
850,000
Entergy Corp. (b)
6.10
%
06/15/56
835,746
950,000
EUSHI Finance, Inc. (b)
7.63
%
12/15/54
987,373
488,000
EUSHI Finance, Inc. (b)
6.25
%
04/01/56
482,000
300,000
Eversource Energy, Series A (b)
6.10
%
08/15/56
298,470
1,045,000
Eversource Energy, Series B (b)
6.35
%
08/15/56
1,040,479
1,335,000
NextEra Energy Capital Holdings, Inc. (b)
6.75
%
06/15/54
1,371,140
590,000
NextEra Energy Capital Holdings, Inc. (b)
6.50
%
08/15/55
594,177
250,000
NextEra Energy Capital Holdings, Inc., Series BB (b)
6.20
%
10/01/56
244,418
1,100,000
Southern (The) Co., Series 2025 (b)
6.38
%
03/15/55
1,114,242
 
12,215,656
Financial Services – 2.6%
2,500,000
American AgCredit Corp. (b) (f)
8.75
%
(a)
2,499,675
1,500,000
Capital Farm Credit ACA, Series 1 (b) (f)
8.39
%
(a)
1,479,615
600,000
Compeer Financial ACA (b) (f)
4.88
%
(a)
594,129
530,000
Compeer Financial ACA (b) (f)
7.88
%
(a)
540,112
60,000
Corebridge Financial, Inc. (b)
6.88
%
(a)
61,589
 
5,175,120
Food Products – 3.4%
1,305,000
Land O’Lakes Capital Trust I (k)
7.45
%
03/15/28
1,337,370
1,400,000
Land O’Lakes, Inc. (f)
7.00
%
(a)
1,246,000
1,200,000
Land O’Lakes, Inc. (f)
7.25
%
(a)
1,104,000
3,000,000
Land O’Lakes, Inc. (f)
8.00
%
(a)
3,000,000
 
6,687,370
Gas Utilities – 0.8%
880,000
AltaGas Ltd. (b) (f)
7.20
%
10/15/54
910,761
635,000
Spire, Inc. (b)
6.45
%
06/01/56
633,128
 
1,543,889
Independent Power & Renewable Electricity Producers – 0.7%
1,404,000
AES (The) Corp. (b)
6.95
%
07/15/55
1,380,079
Insurance – 7.2%
400,000
Allianz SE (b) (e) (f)
6.50
%
(a)
397,094
800,000
Allianz SE (b) (e) (f)
6.55
%
(a)
806,328
640,000
American National Group, Inc. (b)
7.00
%
12/01/55
616,192
First Trust Preferred Securities and Income Fund
Portfolio of Investments (Continued)
July 31, 2026 (Unaudited)
Par
Amount
Description
Stated
Rate
Stated
Maturity
Value
CAPITAL PREFERRED SECURITIES (Continued)
Insurance (Continued)
$622,000
Assurant, Inc. (b)
7.00
%
03/27/48
$629,504
850,000
Assured Guaranty Municipal Holdings, Inc. (b) (f)
6.40
%
12/15/66
816,175
2,000,000
CNP Assurances S.A. (b) (e) (g)
4.88
%
(a)
1,867,553
1,000,000
Fortegra Financial Corp. (b) (k)
8.50
%
10/15/57
978,037
1,304,000
Global Atlantic Fin Co. (b) (f)
7.95
%
10/15/54
1,306,050
952,000
Global Atlantic Fin Co. (b) (f)
7.25
%
03/01/56
915,311
2,870,000
Hartford Insurance Group (The), Inc., 3 Mo. CME Term SOFR +
CSA + 2.13% (d) (f)
6.04
%
02/12/47
2,846,277
1,174,000
Kuvare US Holdings, Inc. (b) (f)
10.47
%
02/17/51
1,180,896
1,200,000
Meiji Yasuda Life Insurance Co. (b) (f)
6.10
%
06/11/55
1,200,340
561,000
Nippon Life Insurance Co. (b) (f)
6.50
%
04/30/55
578,338
300,000
Reinsurance Group of America, Inc. (b)
6.38
%
09/15/56
292,892
 
14,430,987
Multi-Utilities – 2.4%
75,000
CenterPoint Energy, Inc., Series B (b)
6.85
%
02/15/55
77,999
1,485,000
Dominion Energy, Inc. (b)
6.63
%
05/15/55
1,496,935
1,015,000
Dominion Energy, Inc. (b)
6.20
%
02/15/56
999,701
140,000
Dominion Energy, Inc., Series A (b)
6.88
%
02/01/55
143,243
543,000
Dominion Energy, Inc., Series B (b)
7.00
%
06/01/54
566,819
900,000
NiSource, Inc. (b)
6.38
%
03/31/55
914,090
500,000
Sempra (b)
6.40
%
10/01/54
497,781
 
4,696,568
Oil, Gas & Consumable Fuels – 1.2%
1,040,000
Enbridge, Inc. (b)
7.63
%
01/15/83
1,120,550
1,192,000
Enbridge, Inc. (b)
8.50
%
01/15/84
1,347,595
 
2,468,145
Wireless Telecommunication Services – 0.5%
1,014,000
Rogers Communications, Inc. (b)
7.13
%
04/15/55
1,023,845
Total Capital Preferred Securities
148,248,741
(Cost $151,058,404)
 
Shares
Description
Value
EXCHANGE-TRADED FUNDS – 0.2%
Capital Markets – 0.2%
29,676
Invesco Preferred ETF
318,424
(Cost $326,190)
Total Investments – 98.8%
197,075,145
(Cost $205,822,761)
Net Other Assets and Liabilities – 1.2%
2,468,748
Net Assets – 100.0%
$199,543,893
 
(a)
Perpetual maturity.
(b)
Fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at July 31, 2026. At a predetermined date,
the fixed rate will change to a variable rate.
(c)
Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by the Advisor.
(d)
Floating or variable rate security.
(e)
This security is a contingent convertible capital security which may be subject to conversion into common stock of the issuer
under certain circumstances. At July 31, 2026, securities noted as such amounted to $57,628,509 or 28.9% of net assets. Of these
securities, 5.3% originated in emerging markets, and 94.7% originated in foreign markets.
First Trust Preferred Securities and Income Fund
Portfolio of Investments (Continued)
July 31, 2026 (Unaudited)
(f)
This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under
Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from
registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this
security has been determined to be liquid by the First Trust Advisors L.P. (the “Advisor”). Although market instability can result in
periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and
assumptions, which require subjective judgment. At July 31, 2026, securities noted as such amounted to $44,044,038 or 22.1% of
net assets.
(g)
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act.
(h)
This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Trust’s Board of
Trustees, and in accordance with the provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At
July 31, 2026, securities noted as such are valued at $3,429,387 or 1.7% of net assets.
(i)
Claim pending with the administrative court of Switzerland.
(j)
This security’s value was determined using significant unobservable inputs (see Valuation Inputs section).
(k)
This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under
Rule 144A of the 1933 Act, and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(see Restricted Securities table).
 
Abbreviations throughout the Portfolio of Investments:
CME
– Chicago Mercantile Exchange
CSA
– Credit Spread Adjustment
REITs
– Real Estate Investment Trusts
SOFR
– Secured Overnight Financing Rate
First Trust Preferred Securities and Income Fund
Portfolio of Investments (Continued)
July 31, 2026 (Unaudited)
 
Country Allocation †
% of Net
Assets
United States
53.6%
Canada
10.8
France
8.3
United Kingdom
7.5
Spain
3.5
Bermuda
2.9
Japan
2.5
Netherlands
2.2
Cayman Islands
2.0
Switzerland
1.7
Germany
1.7
Mexico
1.3
Sweden
0.3
Chile
0.3
Finland
0.2
Total Investments
98.8
Net Other Assets and Liabilities
1.2
Total
100.0%
† Portfolio securities are categorized based upon their country of incorporation.
Valuation Inputs
The Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:
•
Level 1 – Level 1 inputs are quoted prices in active markets for identical investments.
•
Level 2 – Level 2 inputs are observable inputs, either directly or indirectly. (Quoted prices for similar investments, valuations based on interest rates and yield curves, or valuations derived from observable market data.)
•
Level 3 – Level 3 inputs are unobservable inputs that may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment.
The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.
First Trust Preferred Securities and Income Fund
Portfolio of Investments (Continued)
July 31, 2026 (Unaudited)
A summary of the inputs used to value the Fund’s investments as of July 31, 2026 is as follows: 
 
Total
Value at
7/31/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
$25 Par Preferred Securities:
Insurance
$13,902,543
$11,690,186
$2,212,357
$—
Other Industry Categories*
30,241,096
30,241,096
—
—
$1,000 Par Preferred Securities*
4,364,341
4,364,341
—
—
Capital Preferred Securities:
Capital Markets
11,596,491
—
8,167,104
3,429,387
Other Industry Categories*
136,652,250
—
136,652,250
—
Exchange-Traded Funds*
318,424
318,424
—
—
Total Investments
$197,075,145
$46,614,047
$147,031,711
$3,429,387
 
*
See Portfolio of Investments for industry breakout.
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs. As of July 31, 2026, Level 3 investments were valued using unadjusted pricing quotes obtained from dealers.
The following table presents the activity of the Fund’s investments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the period presented. 
Beginning Balance at October 31, 2025
Capital Preferred Securities
$3,301,375
Net Realized Gain (Loss)
—
Net Change in Unrealized Appreciation/Depreciation
Capital Preferred Securities
128,012
Purchases
—
Sales
—
Transfers In
—
Transfers Out
—
Ending Balance at July 31, 2026
Capital Preferred Securities
3,429,387
Total Level 3 holdings
$3,429,387
There was a net change of $128,012 in unrealized appreciation (depreciation) from Level 3 investments held as of July 31, 2026.
Restricted Securities
As of July 31, 2026, the Fund held restricted securities as shown in the following table that the Advisor deemed illiquid pursuant to procedures adopted by the Trust’s Board of Trustees: 
Security
Acquisition
Date
Par Amount
Current Price
Carrying
Cost
Value
% of
Net
Assets
Fortegra Financial Corp., 8.50%,
10/15/57
10/12/17
$ 1,000,000
$97.80
$1,000,000
$978,037
0.49
%
Land O’Lakes Capital Trust I, 7.45%,
03/15/28
07/23/14-03/20/15
1,305,000
102.48
1,317,262
1,337,370
0.67
 
$2,317,262
$2,315,407
1.16
%