First Trust Dynamic Europe Equity Income Fund (FDEU)
Portfolio of Investments
September 30, 2023 (Unaudited)
Shares   Description   Value
COMMON STOCKS (a) – 121.0%
    Aerospace & Defense – 1.9%    
30,992  
Airbus SE
  $4,160,664
    Automobiles – 2.2%    
25,418  
Bayerische Motoren Werke AG
  2,590,037
32,839  
Mercedes-Benz Group AG
  2,287,637
        4,877,674
    Banks – 6.2%    
80,814  
BNP Paribas S.A.
  5,163,176
314,122  
HSBC Holdings PLC
  2,471,645
482,760  
ING Groep N.V.
  6,405,495
        14,040,316
    Beverages – 3.9%    
111,686  
Diageo PLC
  4,134,374
27,411  
Pernod Ricard S.A.
  4,574,537
        8,708,911
    Broadline Retail – 1.9%    
143,982  
Prosus N.V. (b)
  4,250,121
    Building Products – 2.0%    
74,344  
Cie de Saint-Gobain S.A.
  4,470,779
    Capital Markets – 7.1%    
189,935  
3i Group PLC
  4,803,964
56,728  
Amundi S.A. (c) (d)
  3,199,702
267,960  
IG Group Holdings PLC
  2,103,846
251,221  
Intermediate Capital Group PLC
  4,239,099
159,806  
St. James’s Place PLC
  1,622,618
        15,969,229
    Chemicals – 0.9%    
118,065  
Victrex PLC
  2,023,918
    Commercial Services & Supplies – 0.4%    
1,367,832  
Prosegur Cash S.A. (c) (d)
  851,777
    Construction Materials – 1.4%    
50,473  
Holcim Ltd.
  3,241,168
    Diversified REITs – 1.9%    
1,107,517  
British Land (The) Co., PLC
  4,282,211
    Diversified Telecommunication Services – 2.8%    
130,761  
Deutsche Telekom AG
  2,746,693
318,706  
Telenor ASA
  3,620,084
        6,366,777
    Electric Utilities – 6.0%    
710,843  
Enel S.p.A.
  4,373,956
437,264  
Iberdrola S.A.
  4,898,040
217,504  
SSE PLC
  4,272,564
        13,544,560
    Electrical Equipment – 2.5%    
34,436  
Schneider Electric SE
  5,715,243
First Trust Dynamic Europe Equity Income Fund (FDEU)
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Shares   Description   Value
COMMON STOCKS (a) (Continued)
    Financial Services – 1.3%    
1,228,449  
M&G PLC
  $2,957,193
    Food Products – 4.7%    
40,000  
Danone S.A.
  2,210,076
73,549  
Nestle S.A.
  8,335,580
        10,545,656
    Hotels, Restaurants & Leisure – 1.5%    
78,788  
Whitbread PLC
  3,329,917
    Household Durables – 2.0%    
140,111  
Persimmon PLC
  1,841,980
227,976  
Vistry Group PLC
  2,536,760
        4,378,740
    Insurance – 5.8%    
111,794  
ASR Nederland N.V.
  4,198,258
461,516  
Aviva PLC
  2,194,947
221,761  
AXA S.A.
  6,606,993
        13,000,198
    Machinery – 4.1%    
123,379  
Daimler Truck Holding AG
  4,281,121
262,424  
Sandvik AB
  4,842,290
        9,123,411
    Media – 0.2%    
1,110,771  
MFE-MediaForEurope N.V., Class A
  469,510
    Metals & Mining – 6.0%    
161,060  
Anglo American PLC
  4,451,918
157,890  
BHP Group Ltd.
  4,506,850
72,809  
Rio Tinto PLC
  4,596,285
        13,555,053
    Multi-Utilities – 2.9%    
356,889  
National Grid PLC
  4,267,315
76,166  
Veolia Environnement S.A.
  2,208,842
        6,476,157
    Oil, Gas & Consumable Fuels – 7.6%    
504,358  
BP PLC
  3,270,061
409,425  
Repsol S.A.
  6,739,702
101,865  
Shell PLC
  3,285,290
58,496  
TotalEnergies SE
  3,853,555
        17,148,608
    Paper & Forest Products – 1.0%    
62,392  
UPM-Kymmene Oyj
  2,141,849
    Personal Care Products – 3.6%    
164,481  
Unilever PLC
  8,153,186
    Pharmaceuticals – 20.0%    
70,258  
AstraZeneca PLC
  9,516,833
240,395  
GSK PLC
  4,376,124
78,869  
Novartis AG
  8,088,090
63,188  
Novo Nordisk A.S., Class B
  5,767,530
First Trust Dynamic Europe Equity Income Fund (FDEU)
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Shares   Description   Value
COMMON STOCKS (a) (Continued)
    Pharmaceuticals (Continued)    
23,279  
Roche Holding AG
  $6,369,395
100,605  
Sanofi
  10,793,883
        44,911,855
    Professional Services – 5.1%    
76,661  
Adecco Group AG
  3,162,418
247,788  
RELX PLC
  8,389,550
        11,551,968
    Semiconductors & Semiconductor Equipment – 0.9%    
63,007  
Infineon Technologies AG
  2,088,687
    Software – 3.0%    
51,567  
SAP SE
  6,696,050
    Textiles, Apparel & Luxury Goods – 2.7%    
50,291  
Cie Financiere Richemont S.A., Class A
  6,153,484
    Tobacco – 4.6%    
134,555  
British American Tobacco PLC
  4,230,675
304,771  
Imperial Brands PLC
  6,198,758
        10,429,433
    Wireless Telecommunication Services – 2.9%    
365,976  
Tele2 AB, Class B
  2,803,051
4,035,972  
Vodafone Group PLC
  3,782,839
        6,585,890
   
Total Investments – 121.0%
  272,200,193
    (Cost $297,155,700)    
    
Number of Contracts   Description   Counterparty   Notional Amount   Exercise Price
(Euro) 		  Expiration Date   Value
WRITTEN OPTIONS – (0.2)%
    Call Options Written – (0.2)%                    
(6,000)   EURO STOXX 50 Index   UBS   $(264,819,580)   €4,300.00   10/20/23   (108,474)
(6,000)   EURO STOXX 50 Index   SG   (264,819,580)   4,225.00   10/20/23   (266,427)
(6,000)   EURO STOXX 50 Index   SG   (264,819,580)   4,375.00   10/20/23   (37,427)
(6,000)   EURO STOXX 50 Index   SG   (264,819,580)   4,375.00   11/17/23   (145,266)
    Total Written Options                   (557,594)
    (Premiums received $1,768,754)                    
    
Outstanding Loans – (34.2)%
(76,894,294)
 
Net Other Assets and Liabilities – 13.4%
30,195,283
 
Net Assets – 100.0%
$224,943,588
    
(a) All or a portion of these securities are available to serve as collateral for the outstanding loans and call options written.
(b) Non-income producing security.
(c) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933, as amended (the “1933 Act”).
(d) This security 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. This security is not restricted on the foreign exchange where it trades freely without any additional registration. As such, it does not require the additional disclosure required of restricted securities.
    
First Trust Dynamic Europe Equity Income Fund (FDEU)
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
Abbreviations throughout the Portfolio of Investments:
CHF Swiss Franc
DKK Danish Krone
EUR Euro
GBP British Pound Sterling
NOK Norwegian Krone
SEK Swedish Krona
SG Societe Generale
UBS UBS
Currency Exposure
Diversification 		% of Total
Investments
EUR 43.9%
GBP 36.9
CHF 13.0
SEK 2.8
DKK 2.1
NOK 1.3
Total 100.0%
Country Allocation† % of Total
Investments
United Kingdom 39.4%
France 17.9
Switzerland 13.0
Germany 7.6
Netherlands 7.2
Spain 4.6
Sweden 2.8
Denmark 2.1
Australia 1.7
Italy 1.6
Norway 1.3
Finland 0.8
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 Dynamic Europe Equity Income Fund (FDEU)
Portfolio of Investments (Continued)
September 30, 2023 (Unaudited)
A summary of the inputs used to value the Fund’s investments as of September 30, 2023 is as follows:
ASSETS TABLE
  Total
Value at
9/30/2023 		Level 1
Quoted
Prices 		Level 2
Significant
Observable
Inputs 		Level 3
Significant
Unobservable
Inputs
Common Stocks*
$ 272,200,193 $ 272,200,193 $ — $ —
 
LIABILITIES TABLE
  Total
Value at
9/30/2023 		Level 1
Quoted
Prices 		Level 2
Significant
Observable
Inputs 		Level 3
Significant
Unobservable
Inputs
Written Options
$ (557,594) $ — $ (557,594) $ —
    
* See Portfolio of Investments for industry breakout.
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