First Trust Specialty Finance and Financial Opportunities Fund : Holdings as of 8/31/2020

First Trust Specialty Finance and Financial Opportunities Fund (FGB) Portfolio of Investments

August 31, 2020 (Unaudited)

Shares		Description			Value
COMMON STOCKS - BUSINESS DEVELOPMENT
COMPANIES - 96.5%
		Capital Markets - 96.5%
250,000		Ares Capital Corp. (a)	$	3,677,500
327,594		Barings BDC, Inc. (a)			2,666,615
412,427		BlackRock Capital Investment
		Corp. (a)			1,187,790
331,863		BlackRock TCP Capital
		Corp. (a)			3,272,169
20,238		Capital Southwest Corp. (a)			298,713
25,408		Crescent Capital BDC, Inc. (a)			313,789
108,063		Goldman Sachs BDC, Inc. (a)			1,720,363
250,000		Golub Capital BDC, Inc. (a)			3,295,000
350,000		Hercules Capital, Inc. (a)			3,927,000
130,340		Investcorp Credit Management
		BDC, Inc. (a)			420,998
10,107		Main Street Capital Corp. (a)			305,939
23,335		Medley Capital Corp. (b)			367,526
377,564		New Mountain Finance Corp. (a)			3,771,864
287,084		OFS Capital Corp. (a)			1,334,941
50,000		Owl Rock Capital Corp.			617,000
20,000		PennantPark Floating Rate
		Capital Ltd. (a)			170,200
655,081		PennantPark Investment
		Corp. (a)			2,312,436
340,472		Portman Ridge Finance Corp.			398,352
121,751		Sixth Street Specialty Lending,
		Inc. (a)			2,142,818
195,709		Solar Capital Ltd. (a)			3,297,697
286,126		Stellus Capital Investment
		Corp. (a)			2,346,233
238,845		TriplePoint Venture Growth BDC
		Corp. (a)			2,687,006
		Total Common Stocks -
		Business Development
		Companies			40,531,949
		(Cost $64,238,530)
REAL ESTATE INVESTMENT TRUSTS - 5.9%
		Mortgage Real Estate
		Investment Trusts - 5.9%
108,500		Capstead Mortgage Corp. (a)			669,445
334,949		Two Harbors Investment
		Corp. (a)			1,825,472
		Total Real Estate Investment
		Trusts			2,494,917
		(Cost $4,776,193)

Shares		Description			Value
COMMON STOCKS - 2.3%
		Diversified Financial Services -
	2.3%
4,500		Berkshire Hathaway, Inc.,
		Class B (b)	$	981,180
		(Cost $956,331)
		Total Investments - 104.7%			44,008,046
		(Cost $69,971,054) (c)
		Outstanding Loan - (14.0)%			(5,900,000)
		Net Other Assets and
		Liabilities - 9.3%			3,918,318
		Net Assets - 100.0%	$	42,026,364

1. All or a portion of this security serves as collateral on the outstanding loan.
2. Non-incomeproducing security.
3. Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of August 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $599,332 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $26,562,340. The net unrealized depreciation was $25,963,008.

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 Specialty Finance and Financial Opportunities Fund (FGB) Portfolio of Investments (Continued)

August 31, 2020 (Unaudited)

A summary of the inputs used to value the Fund's investments as of August 31, 2020 is as follows:

	Total		Level 2	Level 3
	Level 1	Significant	Significant
	Value at	Quoted	Observable	Unobservable
	8/31/2020	Prices	Inputs	Inputs
Common Stocks -
Business
Development
Companies*	$ 40,531,949	$ 40,531,949	$ -	$ -
Real Estate Investment
Trusts*	2,494,917	2,494,917	-	-
Common Stocks*	981,180	981,180	-	-
Total Investments	$ 44,008,046	$ 44,008,046	$ -	$ -

* See Portfolio of Investments for industry breakout.