NPORT-EX 2 FT32FTHighIncLongShrtFd.htm
First Trust High Income Long/Short Fund (FSD)
Portfolio of Investments
January 31, 2021 (Unaudited)
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
CORPORATE BONDS AND NOTES – 97.7%
    Automotive – 5.2%            
$1,930,000  
Allison Transmission, Inc. (a)
  3.75%   01/30/31   $1,930,000
2,070,000  
Ford Motor Co.
  8.50%   04/21/23   2,320,366
2,170,000  
Ford Motor Co. (b)
  9.00%   04/22/25   2,641,899
1,400,000  
Ford Motor Co.
  4.35%   12/08/26   1,498,882
1,528,000  
Ford Motor Co.
  7.45%   07/16/31   1,954,885
1,610,000  
Ford Motor Co.
  4.75%   01/15/43   1,626,992
2,222,000  
Ford Motor Credit Co., LLC
  2.98%   08/03/22   2,249,775
3,500,000  
Ford Motor Credit Co., LLC (b)
  4.25%   09/20/22   3,619,525
4,605,000  
Ford Motor Credit Co., LLC
  4.13%   08/17/27   4,852,519
5,000,000  
Ford Motor Credit Co., LLC (b)
  5.11%   05/03/29   5,509,437
660,000  
Real Hero Merger Sub 2, Inc. (a)
  6.25%   02/01/29   678,332
        28,882,612
    Basic Industry – 5.7%            
1,370,000  
BCPE Ulysses Intermediate, Inc. (a) (c)
  7.75%   04/01/27   1,366,575
645,000  
Brundage-Bone Concrete Pumping Holdings, Inc. (a)
  6.00%   02/01/26   657,497
3,911,000  
Builders FirstSource, Inc. (a) (b)
  6.75%   06/01/27   4,214,102
850,000  
Builders FirstSource, Inc. (a)
  5.00%   03/01/30   909,500
2,050,000  
Cornerstone Building Brands, Inc. (a) (b)
  8.00%   04/15/26   2,144,812
1,515,000  
Cornerstone Building Brands, Inc. (a)
  6.13%   01/15/29   1,586,016
2,445,000  
JELD-WEN, Inc. (a) (b)
  4.88%   12/15/27   2,573,362
2,979,000  
KB Home (b)
  7.50%   09/15/22   3,258,475
3,500,000  
LGI Homes, Inc. (a) (b)
  6.88%   07/15/26   3,705,625
1,855,000  
Meritage Homes Corp.
  6.00%   06/01/25   2,104,266
2,045,000  
Olin Corp. (b)
  5.13%   09/15/27   2,124,244
1,025,000  
Park River Holdings, Inc. (a)
  5.63%   02/01/29   1,020,516
3,765,000  
TRI Pointe Group, Inc./TRI Pointe Homes, Inc. (b)
  5.88%   06/15/24   4,120,322
770,000  
Weekley Homes LLC/Weekley Finance Corp. (a)
  4.88%   09/15/28   802,725
1,055,000  
White Cap Parent LLC (a) (d)
  8.25%   03/15/26   1,069,506
        31,657,543
    Capital Goods – 7.6%            
1,065,000  
Amsted Industries, Inc. (a)
  5.63%   07/01/27   1,127,366
2,675,000  
Berry Global, Inc. (a) (b)
  4.50%   02/15/26   2,733,382
1,470,000  
EnerSys (a)
  4.38%   12/15/27   1,567,828
2,245,000  
Graham Packaging Co., Inc. (a)
  7.13%   08/15/28   2,431,616
2,600,000  
Howmet Aerospace, Inc.
  6.88%   05/01/25   3,038,750
3,100,000  
Mauser Packaging Solutions Holding Co. (a) (b)
  5.50%   04/15/24   3,139,401
1,700,000  
Mauser Packaging Solutions Holding Co. (a) (b)
  7.25%   04/15/25   1,677,900
1,540,000  
Navistar International Corp. (a)
  9.50%   05/01/25   1,717,146
2,870,000  
Owens-Brockway Glass Container, Inc. (a) (b)
  6.63%   05/13/27   3,114,811
530,000  
Plastipak Holdings, Inc. (a)
  6.25%   10/15/25   542,919
2,462,000  
Spirit AeroSystems, Inc. (a)
  7.50%   04/15/25   2,645,640
625,000  
TransDigm, Inc. (a)
  8.00%   12/15/25   684,219
2,685,000  
TransDigm, Inc. (a)
  6.25%   03/15/26   2,835,078
3,055,000  
TransDigm, Inc. (b)
  5.50%   11/15/27   3,156,609
2,375,000  
Trident TPI Holdings, Inc. (a)
  9.25%   08/01/24   2,520,469
2,660,000  
Trident TPI Holdings, Inc. (a) (b)
  6.63%   11/01/25   2,722,896
200,000  
Triumph Group, Inc.
  5.25%   06/01/22   190,500
1,230,000  
Triumph Group, Inc. (a)
  8.88%   06/01/24   1,355,405
550,000  
Triumph Group, Inc. (a)
  6.25%   09/15/24   544,156
4,455,000  
Triumph Group, Inc.
  7.75%   08/15/25   4,193,269
        41,939,360
First Trust High Income Long/Short Fund (FSD)
Portfolio of Investments (Continued)
January 31, 2021 (Unaudited)
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
CORPORATE BONDS AND NOTES (Continued)
    Consumer Goods – 11.1%            
$1,945,000  
APX Group, Inc. (a) (b)
  6.75%   02/15/27   $2,073,856
320,000  
CD&R Smokey Buyer, Inc. (a)
  6.75%   07/15/25   343,600
750,000  
Chobani LLC/Chobani Finance Corp., Inc. (a)
  7.50%   04/15/25   776,711
600,000  
Chobani LLC/Chobani Finance Corp., Inc. (a)
  4.63%   11/15/28   613,500
3,545,000  
Darling Ingredients, Inc. (a) (b)
  5.25%   04/15/27   3,755,484
2,120,000  
Edgewell Personal Care Co. (a)
  5.50%   06/01/28   2,270,764
1,185,000  
Energizer Holdings, Inc. (a)
  4.38%   03/31/29   1,213,440
5,030,000  
Kraft Heinz Foods Co. (b)
  5.00%   07/15/35   5,954,811
3,585,000  
Kraft Heinz Foods Co. (b)
  5.00%   06/04/42   4,139,949
1,855,000  
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (a)
  5.00%   12/31/26   1,894,419
5,560,000  
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (a)
  7.00%   12/31/27   5,692,050
1,585,000  
Mattel, Inc. (a)
  5.88%   12/15/27   1,750,799
893,000  
Newell Brands, Inc.
  5.88%   04/01/36   1,098,390
3,965,000  
Performance Food Group, Inc. (a) (b)
  5.50%   06/01/24   3,999,892
2,000,000  
Pilgrim’s Pride Corp. (a)
  5.75%   03/15/25   2,047,700
3,610,000  
Post Holdings, Inc. (a) (b)
  5.00%   08/15/26   3,730,087
1,765,000  
Post Holdings, Inc. (a) (b)
  5.75%   03/01/27   1,854,353
2,760,000  
Post Holdings, Inc. (a) (b)
  4.63%   04/15/30   2,877,935
3,900,000  
Prestige Brands, Inc. (a) (b)
  6.38%   03/01/24   3,982,875
1,325,000  
Prestige Brands, Inc. (a) (b)
  5.13%   01/15/28   1,411,523
3,245,000  
Primo Water Holdings, Inc. (a) (b)
  5.50%   04/01/25   3,347,412
3,910,000  
Spectrum Brands, Inc. (b)
  5.75%   07/15/25   4,035,315
2,500,000  
US Foods, Inc. (a) (b)
  5.88%   06/15/24   2,541,688
        61,406,553
    Energy – 14.8%            
1,200,000  
Aethon United BR L.P./Aethon United Finance Corp. (a)
  8.25%   02/15/26   1,230,000
1,600,000  
Antero Midstream Partners L.P./Antero Midstream Finance Corp.
  5.38%   09/15/24   1,606,880
942,000  
Antero Resources Corp.
  5.13%   12/01/22   943,601
1,600,000  
Apache Corp.
  5.10%   09/01/40   1,623,096
2,170,000  
Archrock Partners L.P./Archrock Partners Finance Corp. (a)
  6.25%   04/01/28   2,220,203
1,560,000  
Ascent Resources Utica Holdings LLC/ARU Finance Corp. (a)
  7.00%   11/01/26   1,492,725
970,000  
Ascent Resources Utica Holdings LLC/ARU Finance Corp. (a)
  8.25%   12/31/28   988,997
1,919,000  
Centennial Resource Production LLC (a)
  6.88%   04/01/27   1,670,346
1,455,000  
Cheniere Energy Partners L.P.
  4.50%   10/01/29   1,561,957
1,020,000  
Cheniere Energy, Inc. (a)
  4.63%   10/15/28   1,064,839
2,080,000  
CNX Resources Corp. (a)
  7.25%   03/14/27   2,239,224
375,000  
CNX Resources Corp. (a)
  6.00%   01/15/29   388,247
960,000  
Continental Resources, Inc./OK
  3.80%   06/01/24   985,800
391,000  
Continental Resources, Inc./OK
  4.38%   01/15/28   401,264
1,960,000  
Continental Resources, Inc./OK (a)
  5.75%   01/15/31   2,124,248
980,000  
Continental Resources, Inc./OK
  4.90%   06/01/44   948,763
934,000  
DCP Midstream Operating L.P.
  5.13%   05/15/29   1,017,406
2,096,000  
Endeavor Energy Resources L.P./ EER Finance, Inc. (a)
  6.63%   07/15/25   2,242,060
610,000  
EnLink Midstream LLC (a)
  5.63%   01/15/28   610,000
5,435,000  
EnLink Midstream LLC (b)
  5.38%   06/01/29   5,200,616
1,825,000  
EQM Midstream Partners L.P. (a)
  6.50%   07/01/27   1,973,765
1,700,000  
EQM Midstream Partners L.P.
  5.50%   07/15/28   1,764,379
1,225,000  
EQM Midstream Partners L.P. (a)
  4.75%   01/15/31   1,184,122
400,000  
EQT Corp. (b)
  3.90%   10/01/27   416,000
390,000  
EQT Corp.
  5.00%   01/15/29   425,100
791,000  
Hess Midstream Operations L.P. (a)
  5.63%   02/15/26   819,251
1,845,000  
Hilcorp Energy I L.P./Hilcorp Finance Co. (a)
  5.75%   02/01/29   1,862,666
1,750,000  
Hilcorp Energy I L.P./Hilcorp Finance Co. (a)
  6.00%   02/01/31   1,779,531
First Trust High Income Long/Short Fund (FSD)
Portfolio of Investments (Continued)
January 31, 2021 (Unaudited)
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
CORPORATE BONDS AND NOTES (Continued)
    Energy (Continued)            
$2,665,000  
Laredo Petroleum, Inc. (b)
  9.50%   01/15/25   $2,298,083
1,510,000  
Laredo Petroleum, Inc.
  10.13%   01/15/28   1,316,720
4,280,000  
Occidental Petroleum Corp. (b)
  8.50%   07/15/27   5,058,425
3,070,000  
Occidental Petroleum Corp. (b)
  6.63%   09/01/30   3,450,680
1,225,000  
Occidental Petroleum Corp.
  6.13%   01/01/31   1,345,571
747,000  
Occidental Petroleum Corp.
  4.63%   06/15/45   653,167
2,053,000  
Occidental Petroleum Corp. (b)
  4.40%   04/15/46   1,808,087
3,695,000  
PBF Holding Co., LLC/PBF Finance Corp. (a)
  9.25%   05/15/25   3,569,647
1,445,000  
PBF Logistics LP / PBF Logistics Finance Corp.
  6.88%   05/15/23   1,362,816
3,285,000  
Southwestern Energy Co.
  7.50%   04/01/26   3,437,095
730,000  
Southwestern Energy Co.
  8.38%   09/15/28   782,545
770,000  
Sunoco L.P./Sunoco Finance Corp.
  6.00%   04/15/27   816,200
2,240,000  
Sunoco L.P./Sunoco Finance Corp. (a)
  4.50%   05/15/29   2,294,600
2,000,000  
Targa Pipeline Partners L.P./Targa Pipeline Finance Corp. (b)
  5.88%   08/01/23   2,002,500
2,000,000  
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.
  5.00%   01/15/28   2,068,750
1,645,000  
Targa Resources Partners L.P./Targa Resources Partners Finance Corp. (b)
  6.88%   01/15/29   1,818,753
730,000  
Targa Resources Partners L.P./Targa Resources Partners Finance Corp. (a)
  4.88%   02/01/31   765,770
1,500,000  
USA Compression Partners L.P./USA Compression Finance Corp.
  6.88%   04/01/26   1,570,612
1,830,000  
USA Compression Partners L.P./USA Compression Finance Corp.
  6.88%   09/01/27   1,956,325
909,000  
Western Midstream Operating L.P.
  4.50%   03/01/28   945,360
1,251,000  
Western Midstream Operating L.P.
  5.05%   02/01/30   1,377,770
        81,484,562
    Financial Services – 2.8%            
1,825,000  
Aviation Capital Group LLC (a)
  5.50%   12/15/24   2,062,415
1,755,000  
Freedom Mortgage Corp. (a)
  7.63%   05/01/26   1,861,967
785,000  
Home Point Capital, Inc. (a)
  5.00%   02/01/26   795,794
1,395,000  
LPL Holdings, Inc. (a) (b)
  4.63%   11/15/27   1,460,391
1,540,000  
OneMain Finance Corp.
  6.13%   03/15/24   1,684,837
765,000  
OneMain Finance Corp.
  8.88%   06/01/25   855,232
1,225,000  
OneMain Finance Corp. (b)
  6.63%   01/15/28   1,432,258
1,011,000  
OneMain Finance Corp.
  5.38%   11/15/29   1,114,627
1,225,000  
PennyMac Financial Services, Inc. (a)
  5.38%   10/15/25   1,284,719
2,640,000  
Quicken Loans, LLC/Quicken Loans Co-Issuer, Inc. (a)
  3.63%   03/01/29   2,646,138
        15,198,378
    Healthcare – 7.4%            
1,425,000  
Bausch Health Americas, Inc. (a)
  8.50%   01/31/27   1,583,339
780,000  
Carriage Services, Inc. (a)
  6.63%   06/01/26   828,220
2,500,000  
Catalent Pharma Solutions, Inc. (a) (b)
  4.88%   01/15/26   2,562,025
1,435,000  
CHS/Community Health Systems, Inc. (a)
  8.13%   06/30/24   1,510,337
875,000  
CHS/Community Health Systems, Inc. (a)
  6.63%   02/15/25   922,753
4,765,000  
CHS/Community Health Systems, Inc. (a)
  8.00%   03/15/26   5,127,140
765,000  
CHS/Community Health Systems, Inc. (a)
  5.63%   03/15/27   804,206
1,485,000  
CHS/Community Health Systems, Inc. (a)
  6.00%   01/15/29   1,579,669
1,930,000  
CHS/Community Health Systems, Inc. (a)
  6.88%   04/15/29   1,966,776
1,395,000  
Emergent BioSolutions, Inc. (a)
  3.88%   08/15/28   1,434,639
750,000  
Jaguar Holding Co. II/PPD Development L.P. (a)
  5.00%   06/15/28   797,813
1,220,000  
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics S.A. (a)
  7.38%   06/01/25   1,307,688
2,065,000  
Par Pharmaceutical, Inc. (a)
  7.50%   04/01/27   2,223,757
4,750,000  
Service Corp International (b)
  7.50%   04/01/27   5,788,160
615,000  
Syneos Health, Inc. (a)
  3.63%   01/15/29   615,384
First Trust High Income Long/Short Fund (FSD)
Portfolio of Investments (Continued)
January 31, 2021 (Unaudited)
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
CORPORATE BONDS AND NOTES (Continued)
    Healthcare (Continued)            
$1,730,000  
Teleflex, Inc. (a)
  4.25%   06/01/28   $1,820,479
7,000,000  
Tenet Healthcare Corp. (a) (b)
  6.13%   10/01/28   7,345,625
2,300,000  
Verscend Escrow Corp. (a)
  9.75%   08/15/26   2,485,322
        40,703,332
    Insurance – 1.0%            
990,000  
AmWINS Group, Inc. (a) (b)
  7.75%   07/01/26   1,064,685
2,695,000  
AssuredPartners, Inc. (a)
  5.63%   01/15/29   2,738,794
1,275,000  
MGIC Investment Corp.
  5.25%   08/15/28   1,366,641
505,000  
NMI Holdings, Inc. (a)
  7.38%   06/01/25   568,855
        5,738,975
    Leisure – 4.3%            
1,250,000  
Affinity Gaming (a)
  6.88%   12/15/27   1,314,844
500,000  
Boyd Gaming Corp. (a)
  8.63%   06/01/25   553,125
950,000  
Boyd Gaming Corp.
  6.38%   04/01/26   984,304
1,290,000  
Caesars Entertainment, Inc. (a)
  6.25%   07/01/25   1,366,478
3,280,000  
Caesars Entertainment, Inc. (a)
  8.13%   07/01/27   3,604,080
1,055,000  
Caesars Resort Collection LLC/CRC Finco, Inc. (a)
  5.75%   07/01/25   1,108,587
3,520,000  
Caesars Resort Collection LLC/CRC Finco, Inc. (a) (b)
  5.25%   10/15/25   3,517,694
2,980,000  
Mohegan Gaming & Entertainment (a)
  8.00%   02/01/26   2,988,210
3,900,000  
Scientific Games International, Inc. (a) (b)
  8.25%   03/15/26   4,130,451
3,175,000  
Scientific Games International, Inc. (a) (b)
  7.00%   05/15/28   3,370,866
775,000  
Station Casinos LLC (a)
  4.50%   02/15/28   760,953
        23,699,592
    Media – 7.2%            
1,235,000  
Arches Buyer, Inc. (a)
  4.25%   06/01/28   1,235,772
2,300,000  
Arches Buyer, Inc. (a) (b)
  6.13%   12/01/28   2,361,813
2,200,000  
CCO Holdings LLC/CCO Holdings Capital Corp. (a) (b)
  5.88%   05/01/27   2,288,550
3,330,000  
CCO Holdings LLC/CCO Holdings Capital Corp. (a) (b)
  4.75%   03/01/30   3,546,350
1,618,000  
Clear Channel Worldwide Holdings, Inc.
  9.25%   02/15/24   1,684,241
3,500,000  
CSC Holdings LLC (b)
  5.25%   06/01/24   3,773,437
2,325,000  
CSC Holdings LLC (a)
  5.50%   04/15/27   2,454,502
1,180,000  
CSC Holdings LLC (a)
  5.75%   01/15/30   1,272,931
900,000  
DISH DBS Corp.
  5.88%   11/15/24   933,962
1,200,000  
DISH DBS Corp.
  7.75%   07/01/26   1,312,518
2,820,000  
DISH DBS Corp.
  7.38%   07/01/28   2,939,850
2,100,000  
iHeartCommunications, Inc.
  8.38%   05/01/27   2,243,714
1,255,000  
iHeartCommunications, Inc. (a)
  5.25%   08/15/27   1,312,027
1,250,000  
iHeartCommunications, Inc. (a)
  4.75%   01/15/28   1,278,675
3,520,000  
Nexstar Broadcasting, Inc. (a)
  5.63%   07/15/27   3,741,848
3,150,000  
Sirius XM Radio, Inc. (a) (b)
  5.38%   07/15/26   3,279,150
2,205,000  
TEGNA, Inc. (a)
  4.63%   03/15/28   2,239,453
655,000  
TripAdvisor, Inc. (a)
  7.00%   07/15/25   708,713
1,235,000  
Urban One, Inc. (a)
  7.38%   02/01/28   1,259,342
        39,866,848
    Real Estate – 3.3%            
1,199,000  
Iron Mountain, Inc. (a)
  4.88%   09/15/27   1,259,688
1,845,000  
Iron Mountain, Inc. (a) (b)
  5.25%   03/15/28   1,945,322
1,575,000  
Iron Mountain, Inc. (a) (b)
  5.25%   07/15/30   1,675,406
1,375,000  
Iron Mountain, Inc. (a)
  4.50%   02/15/31   1,407,656
910,000  
Iron Mountain, Inc. (a)
  5.63%   07/15/32   984,042
First Trust High Income Long/Short Fund (FSD)
Portfolio of Investments (Continued)
January 31, 2021 (Unaudited)
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
CORPORATE BONDS AND NOTES (Continued)
    Real Estate (Continued)            
$1,845,000  
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc.
  5.63%   05/01/24   $1,992,148
2,820,000  
QualityTech L.P./QTS Finance Corp. (a) (b)
  3.88%   10/01/28   2,880,489
650,000  
Realogy Group LLC / Realogy Co-Issuer Corp. (a)
  5.75%   01/15/29   664,625
1,840,000  
SBA Communications Corp. (a)
  3.13%   02/01/29   1,843,450
3,134,000  
Service Properties Trust (b)
  7.50%   09/15/25   3,545,450
        18,198,276
    Retail – 7.4%            
4,290,000  
Albertsons Cos, Inc./Safeway Inc/New Albertsons L.P./Albertsons LLC (a) (b)
  3.50%   03/15/29   4,241,737
662,000  
Burlington Coat Factory Warehouse Corp. (a)
  6.25%   04/15/25   709,168
770,000  
CP Atlas Buyer, Inc. (a)
  7.00%   12/01/28   790,216
2,000,000  
Hanesbrands, Inc. (a)
  4.63%   05/15/24   2,114,560
3,300,000  
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC (a) (b)
  5.25%   06/01/26   3,429,938
1,615,000  
Kohl’s Corp. (b)
  9.50%   05/15/25   2,089,475
695,000  
L Brands, Inc. (a)
  6.88%   07/01/25   757,867
1,420,000  
L Brands, Inc. (a)
  9.38%   07/01/25   1,755,475
4,100,000  
L Brands, Inc.
  7.50%   06/15/29   4,598,929
1,200,000  
L Brands, Inc. (a)
  6.63%   10/01/30   1,352,244
275,000  
Macy’s Retail Holdings LLC
  2.88%   02/15/23   269,013
2,425,000  
Macy’s Retail Holdings LLC
  3.63%   06/01/24   2,361,344
3,770,000  
Macy’s, Inc. (a) (b)
  8.38%   06/15/25   4,180,704
1,820,000  
Michaels Stores, Inc. (a) (b)
  4.75%   10/01/27   1,868,230
1,690,000  
Penske Automotive Group, Inc.
  3.50%   09/01/25   1,730,222
4,550,000  
PetSmart, Inc. (a)
  5.88%   06/01/25   4,695,031
990,000  
PVH CORP
  4.63%   07/10/25   1,114,807
2,680,000  
QVC, Inc.
  4.38%   09/01/28   2,792,225
        40,851,185
    Services – 6.9%            
1,870,000  
Allied Universal Holdco LLC/Allied Universal Finance Corp. (a) (b)
  6.63%   07/15/26   2,005,481
3,505,000  
Allied Universal Holdco LLC/Allied Universal Finance Corp. (a) (b)
  9.75%   07/15/27   3,826,549
1,250,000  
Brink’s (The) Co. (a) (b)
  5.50%   07/15/25   1,330,469
2,420,000  
Clean Harbors, Inc. (a) (b)
  4.88%   07/15/27   2,552,035
1,100,000  
Diebold Nixdorf, Inc. (a)
  9.38%   07/15/25   1,218,937
1,300,000  
Endurance Acquisition Merger Sub (a)
  6.00%   02/15/29   1,283,750
3,045,000  
H&E Equipment Services, Inc. (a)
  3.88%   12/15/28   3,035,256
3,605,000  
Herc Holdings, Inc. (a) (b)
  5.50%   07/15/27   3,807,150
650,000  
LBM Acquisition LLC (a)
  6.25%   01/15/29   658,743
995,000  
Picasso Finance Sub, Inc. (a)
  6.13%   06/15/25   1,064,043
1,915,000  
Prime Security Services Borrower, LLC/Prime Finance, Inc. (a)
  3.38%   08/31/27   1,896,520
4,835,000  
Staples, Inc. (a) (b)
  7.50%   04/15/26   4,939,388
430,000  
Stericycle, Inc. (a)
  3.88%   01/15/29   442,793
462,000  
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. (a)
  6.75%   06/01/25   475,860
790,000  
Uber Technologies, Inc. (a)
  6.25%   01/15/28   850,237
3,650,000  
Waste Pro USA, Inc. (a)
  5.50%   02/15/26   3,779,228
880,000  
WESCO Distribution, Inc. (a)
  7.13%   06/15/25   960,366
1,045,000  
WESCO Distribution, Inc. (a)
  7.25%   06/15/28   1,175,385
1,050,000  
White Cap Buyer LLC (a)
  6.88%   10/15/28   1,089,139
855,000  
Williams Scotsman International, Inc. (a)
  4.63%   08/15/28   882,253
First Trust High Income Long/Short Fund (FSD)
Portfolio of Investments (Continued)
January 31, 2021 (Unaudited)
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
CORPORATE BONDS AND NOTES (Continued)
    Services (Continued)            
$640,000  
ZoomInfo Technologies LLC/ZoomInfo Finance Corp. (a)
  3.88%   02/01/29   $648,000
        37,921,582
    Technology & Electronics – 4.2%            
900,000  
Boxer Parent Co., Inc. (a)
  7.13%   10/02/25   974,520
2,380,000  
CommScope, Inc. (a)
  6.00%   03/01/26   2,522,955
3,150,000  
CommScope, Inc. (a) (b)
  8.25%   03/01/27   3,390,203
1,375,000  
CommScope, Inc. (a) (b)
  7.13%   07/01/28   1,464,823
4,996,000  
Dell International LLC/EMC Corp. (a) (b)
  8.35%   07/15/46   7,425,488
1,900,000  
Entegris, Inc. (a)
  4.38%   04/15/28   2,009,250
2,330,000  
Go Daddy Operating Co., LLC/GD Finance Co, Inc. (a) (b)
  5.25%   12/01/27   2,459,105
900,000  
NCR Corp. (a) (b)
  5.25%   10/01/30   942,187
585,000  
Presidio Holdings, Inc. (a)
  8.25%   02/01/28   649,716
1,535,000  
Veritas US, Inc./Veritas Bermuda Ltd. (a)
  7.50%   09/01/25   1,579,131
        23,417,378
    Telecommunications – 6.8%            
1,200,000  
Cable One, Inc. (a)
  4.00%   11/15/30   1,238,250
720,000  
Embarq Corp.
  8.00%   06/01/36   886,194
5,925,000  
Level 3 Financing, Inc. (b)
  5.38%   05/01/25   6,097,269
3,685,000  
Level 3 Financing, Inc. (a)
  3.63%   01/15/29   3,673,530
1,500,000  
Level 3 Financing, Inc. (a)
  3.75%   07/15/29   1,511,070
3,220,000  
Lumen Technologies, Inc., Series P
  7.60%   09/15/39   3,987,390
3,875,000  
Sprint Capital Corp. (b)
  6.88%   11/15/28   4,992,192
2,045,000  
Sprint Capital Corp.
  8.75%   03/15/32   3,125,783
3,685,000  
Sprint Corp. (b)
  7.63%   03/01/26   4,547,345
3,295,000  
T-Mobile USA, Inc. (b)
  6.00%   03/01/23   3,303,238
2,925,000  
T-Mobile USA, Inc. (b)
  6.00%   04/15/24   2,960,246
1,090,000  
T-Mobile USA, Inc.
  2.25%   02/15/26   1,102,263
        37,424,770
    Transportation – 1.4%            
1,496,824  
American Airlines 2013-2 Class A Pass Through Trust
  4.95%   01/15/23   1,468,936
1,540,000  
American Airlines, Inc. (a)
  11.75%   07/15/25   1,788,864
21,312  
Continental Airlines 2005-ERJ1 Pass Through Trust
  9.80%   04/01/21   21,363
800,000  
JetBlue 2020-1 Class B Pass Through Trust
  7.75%   11/15/28   914,672
1,300,000  
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. (a)
  6.50%   06/20/27   1,423,500
2,420,692  
US Airways 2000-3C Pass Through Trust
  8.39%   03/01/22   2,376,717
        7,994,052
    Utility – 0.6%            
655,000  
Calpine Corp. (a)
  3.75%   03/01/31   637,970
1,265,000  
PG&E Corp.
  5.00%   07/01/28   1,366,579
1,150,000  
PG&E Corp.
  5.25%   07/01/30   1,269,025
        3,273,574
   
Total Corporate Bonds and Notes
  539,658,572
    (Cost $509,415,050)            
First Trust High Income Long/Short Fund (FSD)
Portfolio of Investments (Continued)
January 31, 2021 (Unaudited)
Principal
Value
(Local
Currency) 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
(US Dollars)
FOREIGN CORPORATE BONDS AND NOTES – 26.3%
    Automotive – 1.4%            
2,975,000  
Adient Global Holdings Ltd. (USD) (a)
  4.88%   08/15/26   $3,015,014
1,020,000  
Clarios Global L.P. (USD) (a)
  6.75%   05/15/25   1,088,218
675,000  
Clarios Global L.P./Clarios US Finance Co. (USD) (a)
  6.25%   05/15/26   719,712
2,750,000  
Clarios Global L.P./Clarios US Finance Co. (USD) (a)
  8.50%   05/15/27   2,916,787
        7,739,731
    Basic Industry – 2.8%            
2,700,000  
Alcoa Nederland Holding B.V. (USD) (a) (b)
  7.00%   09/30/26   2,854,953
2,500,000  
Cemex S.A.B. de C.V. (USD) (a)
  7.38%   06/05/27   2,825,000
1,100,000  
Cemex S.A.B. de C.V. (USD) (a)
  5.20%   09/17/30   1,197,625
1,900,000  
James Hardie International Finance DAC (USD) (a) (b)
  5.00%   01/15/28   2,023,500
1,500,000  
Modulaire Global Finance PLC (USD) (a)
  8.00%   02/15/23   1,535,423
1,625,000  
SPCM S.A. (USD) (a)
  4.88%   09/15/25   1,675,781
2,200,000  
Stora Enso OYJ (USD) (a)
  7.25%   04/15/36   3,024,866
        15,137,148
    Capital Goods – 5.1%            
3,900,000  
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (USD) (a)
  5.25%   08/15/27   4,056,975
1,100,000  
Bombardier, Inc. (USD) (a)
  6.00%   10/15/22   1,093,813
3,305,000  
Bombardier, Inc. (USD) (a) (b)
  6.13%   01/15/23   3,333,092
3,605,000  
Bombardier, Inc. (USD) (a)
  7.88%   04/15/27   3,383,184
2,240,000  
CANPACK S.A./Eastern PA Land Investment Holding LLC (USD) (a)
  3.13%   11/01/25   2,279,200
1,880,000  
Cascades, Inc./Cascades USA, Inc. (USD) (a)
  5.38%   01/15/28   1,989,275
2,725,000  
Intertape Polymer Group, Inc. (USD) (a) (b)
  7.00%   10/15/26   2,885,067
4,330,000  
Titan Acquisition Ltd./Titan Co-Borrower LLC (USD) (a) (b)
  7.75%   04/15/26   4,416,600
4,425,000  
Vertical Holdco GmbH (USD) (a)
  7.63%   07/15/28   4,781,766
        28,218,972
    Consumer Goods – 1.4%            
2,600,000  
JBS Investments II GmbH (USD) (a)
  7.00%   01/15/26   2,783,950
2,725,000  
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc. (USD) (a) (b)
  6.50%   04/15/29   3,106,800
1,000,000  
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc. (USD) (a)
  5.50%   01/15/30   1,136,440
708,000  
Minerva Luxembourg S.A. (USD) (a)
  6.50%   09/20/26   746,055
        7,773,245
    Energy – 1.2%            
2,065,000  
MEG Energy Corp. (USD) (a) (b)
  7.13%   02/01/27   2,135,984
1,300,000  
MEG Energy Corp. (USD) (a)
  5.88%   02/01/29   1,293,500
1,100,000  
Petrobras Global Finance BV (USD)
  5.60%   01/03/31   1,227,875
2,055,000  
TechnipFMC PLC (USD) (a)
  6.50%   02/01/26   2,148,144
        6,805,503
    Financial Services – 0.9%            
3,256,000  
Fairstone Financial, Inc. (USD) (a) (b)
  7.88%   07/15/24   3,444,913
1,350,000  
Unifin Financiera SAB de CV (USD) (a)
  9.88%   01/28/29   1,360,800
        4,805,713
    Healthcare – 4.3%            
4,130,000  
Bausch Health Cos., Inc. (USD) (a) (b)
  9.00%   12/15/25   4,541,245
First Trust High Income Long/Short Fund (FSD)
Portfolio of Investments (Continued)
January 31, 2021 (Unaudited)
Principal
Value
(Local
Currency) 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
(US Dollars)
FOREIGN CORPORATE BONDS AND NOTES (Continued)
    Healthcare (Continued)            
4,600,000  
Bausch Health Cos., Inc. (USD) (a) (b)
  5.00%   01/30/28   $4,745,130
1,740,000  
Bausch Health Cos., Inc. (USD) (a)
  6.25%   02/15/29   1,875,181
7,380,000  
Bausch Health Cos., Inc. (USD) (a) (b)
  7.25%   05/30/29   8,241,135
3,850,000  
Teva Pharmaceutical Finance Netherlands III B.V. (USD) (b)
  7.13%   01/31/25   4,246,627
        23,649,318
    Leisure – 1.6%            
2,298,000  
International Game Technology PLC (USD) (a) (b)
  6.25%   02/15/22   2,345,396
1,253,000  
International Game Technology PLC (USD) (a)
  5.25%   01/15/29   1,339,589
700,000  
Melco Resorts Finance Ltd. (USD) (a)
  5.75%   07/21/28   744,852
4,385,000  
Stars Group Holdings B.V./Stars Group U.S. Co-Borrower LLC (USD) (a) (b)
  7.00%   07/15/26   4,606,991
        9,036,828
    Media – 3.3%            
6,797,000  
Altice France Holding S.A. (USD) (a) (b)
  10.50%   05/15/27   7,633,881
6,845,000  
Altice France Holding S.A. (USD) (a) (b)
  6.00%   02/15/28   6,909,035
1,521,000  
Clear Channel International B.V. (USD) (a)
  6.63%   08/01/25   1,606,556
1,820,000  
UPC Holding, B.V. (USD) (a)
  5.50%   01/15/28   1,905,312
        18,054,784
    Retail – 0.5%            
1,855,000  
1011778 BC ULC/New Red Finance, Inc. (USD) (a)
  5.75%   04/15/25   1,983,273
1,000,000  
1011778 BC ULC/New Red Finance, Inc. (USD) (a)
  3.50%   02/15/29   1,000,000
        2,983,273
    Services – 1.8%            
1,600,000  
Garda World Security Corp. (USD) (a)
  4.63%   02/15/27   1,628,000
1,525,000  
Garda World Security Corp. (USD) (a)
  9.50%   11/01/27   1,676,265
1,407,000  
GFL Environmental, Inc. (USD) (a)
  8.50%   05/01/27   1,562,227
1,050,000  
GFL Environmental, Inc. (USD) (a)
  4.00%   08/01/28   1,041,941
4,125,000  
Ritchie Bros. Auctioneers, Inc. (USD) (a) (b)
  5.38%   01/15/25   4,251,328
        10,159,761
    Telecommunications – 2.0%            
1,980,000  
Altice Financing S.A. (USD) (a) (b)
  5.00%   01/15/28   2,032,104
1,840,000  
Altice France S.A./France (USD) (a)
  7.38%   05/01/26   1,930,639
600,000  
DKT Finance ApS (EUR) (e)
  7.00%   06/17/23   749,094
1,116,000  
DKT Finance ApS (USD) (a)
  9.38%   06/17/23   1,160,863
3,540,000  
Telecom Italia Capital S.A. (USD) (b)
  7.72%   06/04/38   4,985,205
        10,857,905
   
Total Foreign Corporate Bonds and Notes
  145,222,181
    (Cost $137,146,538)            
Par
Amount
(Local Currency) 		  Description   Stated
Rate 		  Stated
Maturity 		  Value
(US Dollars)
CAPITAL PREFERRED SECURITIES – 6.5%
    Automotive – 1.1%            
5,935,000  
General Motors Financial Co., Inc., Series A (USD) (b) (f)
  5.75%   (g)   6,273,295
First Trust High Income Long/Short Fund (FSD)
Portfolio of Investments (Continued)
January 31, 2021 (Unaudited)
Par
Amount
(Local Currency) 		  Description   Stated
Rate 		  Stated
Maturity 		  Value
(US Dollars)
CAPITAL PREFERRED SECURITIES (Continued)
    Banking – 2.9%            
2,940,000  
Bank of America Corp., Series DD (USD) (f)
  6.30%   (g)   $3,434,287
3,000,000  
Barclays Bank PLC, 3 Mo. EUR LIBOR + 0.71% (EUR) (e) (h)
  0.17%   (g)   3,418,461
4,475,000  
Citigroup, Inc., Series M (USD) (f)
  6.30%   (g)   4,795,455
3,935,000  
Citigroup, Inc., Series V (USD) (f)
  4.70%   (g)   4,030,916
        15,679,119
    Financial Services – 1.1%            
3,500,000  
Goldman Sachs Group (The), Inc., Series P (USD) (f)
  5.00%   (g)   3,480,750
3,210,000  
Textron Financial Corp., 3 Mo. LIBOR + 1.74% (USD) (a) (b) (h)
  1.96%   02/15/42   2,576,025
        6,056,775
    Insurance – 1.4%            
5,400,000  
Hartford Financial Services Group (The), Inc., 3 Mo. LIBOR + 2.13% (USD) (a) (b) (h)
  2.32%   02/12/47   4,980,834
3,500,000  
Lincoln National Corp., 3 Mo. LIBOR + 2.36% (USD) (h)
  2.58%   05/17/66   2,961,875
        7,942,709
   
Total Capital Preferred Securities
  35,951,898
    (Cost $35,188,463)            
Principal
Value 		  Description   Rate (i)   Stated
Maturity (j) 		  Value
SENIOR FLOATING-RATE LOAN INTERESTS – 2.4%
    Capital Goods – 0.3%            
$1,800,000  
Pretium PKG Holdings, Inc., Initial Term Loan, 5 Mo. LIBOR + 8.25%, 0.75% Floor
  9.00%   11/06/28   1,809,000
    Energy – 0.2%            
946,417  
Crestwood Holdings LLC, Term Loan B, 1 Mo. LIBOR + 7.50%, 0.00% Floor
  7.63%   03/06/23   787,892
    Healthcare – 0.4%            
2,334,960  
Ortho-Clinical Diagnostics S.A., Term Loan B3, 1 Mo. LIBOR + 3.25%, 0.00% Floor
  3.39%   06/30/25   2,327,955
    Insurance – 0.2%            
990,000  
HUB International Ltd., Term Loan B, 3 Mo. LIBOR + 4.00%, 1.00% Floor
  5.00%   04/25/25   991,237
    Services – 1.3%            
7,000,000  
TruGreen L.P., Initial Term Loan, 1 Mo. LIBOR + 8.50%, 0.75% Floor
  9.25%   11/02/28   7,227,500
   
Total Senior Floating-Rate Loan Interests
  13,143,584
    (Cost $12,883,740)            
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MORTGAGE-BACKED SECURITIES – 0.5%
    Collateralized Mortgage Obligations – 0.0%            
    Washington Mutual Alternative Mortgage Pass-Through Certificates             
16,797  
Series 2007-5, Class A11, 1 Mo. LIBOR x -6 + 39.48% (k)
  38.59%   06/25/37   35,263
First Trust High Income Long/Short Fund (FSD)
Portfolio of Investments (Continued)
January 31, 2021 (Unaudited)
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
MORTGAGE-BACKED SECURITIES (Continued)
    Commercial Mortgage-Backed Securities – 0.5%            
    Securitized Asset Backed Receivables LLC Trust             
$7,034,881  
Series 2006-FR4, Class A2A, 1 Mo. LIBOR + 0.08% (h)
  0.23%   08/25/36   $3,090,936
   
Total Mortgage-Backed Securities
  3,126,199
    (Cost $5,146,751)            
ASSET-BACKED SECURITIES – 0.0%
    KeyCorp Student Loan Trust,             
10,753  
Series 2000-A, Class A2, 3 Mo. LIBOR + 0.32% (h)
  0.57%   05/25/29   10,749
    (Cost $10,359)            
    
Shares   Description   Value
COMMON STOCKS – 0.1%
    Energy – 0.0%    
7  
Thunderbird Resources Equity, Inc. (l) (m) (n) (o)
  73,622
    Utility – 0.1%    
13,918  
Vistra Corp.
  277,943
   
Total Common Stocks
  351,565
    (Cost $997,888)    
RIGHTS – 0.0%
    Utility – 0.0%    
13,918  
Vistra Corp., no expiration date (m) (o)
  16,214
    (Cost $22,917)    
    
   
Total Investments – 133.5%
  737,480,962
    (Cost $700,811,706) (p)            
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
U.S. GOVERNMENT BONDS SOLD SHORT - (10.4)%
$(30,000,000)  
United States Treasury Note
  1.38%   09/30/23   (30,973,828)
(24,000,000)  
United States Treasury Note
  2.88%   05/31/25   (26,609,063)
   
Total U.S. Government Bonds Sold Short
  (57,582,891)
    (Proceeds $52,553,860)            
CORPORATE BONDS SOLD SHORT – (0.9)%
    Energy – (0.3)%            
(1,600,000)  
Halliburton Co.
  2.92%   03/01/30   (1,655,168)
    Technology & Electronics – (0.6)%            
(2,930,000)  
Amkor Technology, Inc. (a)
  6.63%   09/15/27   (3,193,700)
   
Total Corporate Bonds Sold Short
  (4,848,868)
    (Proceeds $4,479,457)            
First Trust High Income Long/Short Fund (FSD)
Portfolio of Investments (Continued)
January 31, 2021 (Unaudited)
Principal
Value 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
FOREIGN CORPORATE BONDS SOLD SHORT – (0.6)%
    Basic Industry – (0.6)%            
$(2,900,000)  
FMG Resources (August 2006) Pty Ltd. (USD) (a)
  5.13%   05/15/24   $(3,156,650)
    (Proceeds $3,026,975)            
   
Total Investments Sold Short – (11.9)%
  (65,588,409)
    (Proceeds $60,060,292)            
    
 
Outstanding Loan – (22.6)%
  (124,910,967)
 
Net Other Assets and Liabilities – 1.0%
  5,343,577
 
Net Assets – 100.0%
  $552,325,163
    
Forward Foreign Currency Contracts
Settlement
Date 		  Counterparty   Amount
Purchased 		  Amount
Sold 		  Purchase
Value as of
1/31/2021 		  Sale
Value as of
1/31/2021 		  Unrealized
Appreciation/
(Depreciation)
05/04/21   JPM   USD 4,214,791   EUR 3,459,000   $ 4,214,791   $ 4,206,501   $ 8,290
    
Counterparty Abbreviations
JPM JPMorgan Chase
    
(a) This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Fund Board of Trustees, this security has been determined to be liquid by MacKay Shields LLC, the Fund’s sub-advisor (the “Sub-Advisor”). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require subjective judgment. At January 31, 2021, securities noted as such amounted to $481,548,704 of total investments and $(6,350,350) of total investments sold short, or 87.2% and (1.1)% of net assets, respectively.
(b) This security or a portion of this security is segregated as collateral for investments sold short.
(c) These notes are Senior Payment-in-kind (“PIK”) Toggle Notes whereby the issuer may, at its option, elect to pay interest on the notes (1) entirely in cash or (2) entirely in PIK interest. Interest paid in cash will accrue on the notes at a rate of 7.75% per annum (“Cash Interest Rate”) and PIK interest will accrue on the notes at a rate per annum equal to the Cash Interest Rate plus 75 basis points. There were no PIK interest distributions received during the fiscal year-to-date period (November 1, 2020 to January 31, 2021).
(d) These notes are Senior PIK Toggle Notes whereby the issuer may, at its option, elect to pay interest on the notes (1) entirely in cash or (2) entirely in PIK interest. Interest paid in cash will accrue on the notes at a rate of 8.25% per annum and PIK interest will accrue on the notes at a rate per annum equal to the Cash Interest Rate plus 75 basis points. There were no PIK interest distributions received during the fiscal year-to-date period (November 1, 2020 to January 31, 2021).
(e) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the 1933 Act.
(f) Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at January 31, 2021. At a predetermined date, the fixed rate will change to a floating rate or a variable rate.
(g) Perpetual maturity.
(h) Floating or variable rate security.
(i) Senior Floating-Rate Loan Interests (“Senior Loans”) in which the Fund invests pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the LIBOR, (ii) the prime rate offered by one or more United States banks or (iii) the certificate of deposit rate. Certain Senior Loans are subject to a LIBOR floor that establishes a minimum LIBOR rate.
(j) Senior Loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of Senior Loans may be substantially less than the stated maturities shown.
(k) Inverse floating rate security.
(l) This security is fair valued by the Pricing Committee of the Fund’s investment advisor, First Trust Advisors L.P. (the “Advisor”), in accordance with procedures adopted by the Fund’s Board of Trustees, and in accordance with the provisions of the Investment Company Act of 1940, as amended. At January 31, 2021, securities noted as such are valued at $73,622 or 0.0% of net assets.
(m) Pursuant to procedures adopted by the Fund’s Board of Trustees, this security has been determined to be illiquid by the Sub-Advisor.
First Trust High Income Long/Short Fund (FSD)
Portfolio of Investments (Continued)
January 31, 2021 (Unaudited)
(n) This security’s value was determined using significant unobservable inputs (see Valuation Inputs section).
(o) Non-income producing security.
(p) Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of January 31, 2021, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $41,757,654 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $10,608,225. The net unrealized appreciation was $31,149,429. The unrealized amounts presented are inclusive of investments sold short and derivative contracts.
    
EUR Euro
LIBOR London Interbank Offered Rate
USD United States Dollar
Valuation Inputs
The Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:
• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments.
• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly. (Quoted prices for similar investments, valuations based on interest rates and yield curves, or valuations derived from observable market data.)
• Level 3 – Level 3 inputs are unobservable inputs that may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment.
The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.
First Trust High Income Long/Short Fund (FSD)
Portfolio of Investments (Continued)
January 31, 2021 (Unaudited)
A summary of the inputs used to value the Fund’s investments as of January 31, 2021 is as follows:
ASSETS TABLE
  Total
Value at
1/31/2021 		Level 1
Quoted
Prices 		Level 2
Significant
Observable
Inputs 		Level 3
Significant
Unobservable
Inputs
Corporate Bonds and Notes*
$ 539,658,572 $ — $ 539,658,572 $ —
Foreign Corporate Bonds and Notes*
 145,222,181  —  145,222,181  —
Capital Preferred Securities*
 35,951,898  —  35,951,898  —
Senior Floating-Rate Loan Interests*
 13,143,584  —  13,143,584  —
Mortgage-Backed Securities
 3,126,199  —  3,126,199  —
Asset-Backed Securities
 10,749  —  10,749  —
Common Stocks:        
Energy
 73,622  —  —  73,622
Utility
 277,943  277,943  —  —
Rights*
 16,214  —  16,214  —
Total Investments
 737,480,962  277,943  737,129,397  73,622
Forward Foreign Currency Contracts
 8,290  —  8,290  —
Total
$ 737,489,252 $ 277,943 $ 737,137,687 $ 73,622

 

LIABILITIES TABLE

  Total
Value at
1/31/2021 		Level 1
Quoted
Prices 		Level 2
Significant
Observable
Inputs 		Level 3
Significant
Unobservable
Inputs
U.S. Government Bonds Sold Short
$ (57,582,891) $ — $ (57,582,891) $ —
Corporate Bonds Sold Short*
 (4,848,868)  —  (4,848,868)  —
Foreign Corporate Bonds Sold Short*
 (3,156,650)  —  (3,156,650)  —
Total Investments
$ (65,588,409) $— $ (65,588,409) $—
    
* See Portfolio of Investments for industry breakout.
Level 3 Common Stocks are fair valued by the Advisor’s Pricing Committee. These values are based on unobservable and non-quantitative inputs.