FGB First Trust Specialty Finance and Financial Opportunities Fund

Shares		Description		Value
COMMON STOCKS – BUSINESS DEVELOPMENT COMPANIES – 97.8%
		Capital Markets – 97.8%
150,000		Ares Capital Corp. (a)		$2,923,500
50,000		Bain Capital Specialty Finance, Inc.		787,500
390,000		Barings BDC, Inc. (a)		3,619,200
332,000		BlackRock TCP Capital Corp. (a)		4,096,880
160,000		Blackstone Secured Lending Fund (a)		4,446,400
150,000		Blue Owl Capital Corp. (a)		2,088,000
71,000		Capital Southwest Corp. (a)		1,566,260
42,565		Crescent Capital BDC, Inc. (a)		697,215
38,500		FS KKR Capital Corp. (a)		787,710
135,000		Goldman Sachs BDC, Inc. (a)		1,946,700
280,000		Golub Capital BDC, Inc. (a)		4,026,400
340,000		Hercules Capital, Inc. (a)		5,593,000
111,000		Main Street Capital Corp. (a)		4,477,740
328,000		New Mountain Finance Corp. (a)		4,188,560
10,000		Oaktree Specialty Lending Corp.		200,600
129,657		OFS Capital Corp. (a)		1,389,923
600,000		PennantPark Investment Corp. (a)		3,972,000
44,000		Portman Ridge Finance Corp.		871,200
177,000		Sixth Street Specialty Lending, Inc. (a)		3,570,090
161,000		SLR Investment Corp. (a)		2,448,810
48,000		Trinity Capital, Inc.		703,200
105,000		TriplePoint Venture Growth BDC Corp. (a)		1,169,700
		Total Common Stocks - Business Development Companies		55,570,588
		(Cost $58,409,498)
COMMON STOCKS – 6.3%
		Banks – 1.0%
20,000		Bank of America Corp.		573,400
		Capital Markets – 2.1%
11,000		Blackstone, Inc.		1,170,070
		Financial Services – 2.8%
4,500		Berkshire Hathaway, Inc., Class B (a) (b)		1,620,900
		Insurance – 0.4%
150		Markel Group Inc. (b)		221,838
		Total Common Stocks		3,586,208
		(Cost $2,798,007)
REAL ESTATE INVESTMENT TRUSTS – 5.9%
		Mortgage Real Estate Investment Trusts – 5.9%
110,000		AGNC Investment Corp. (a)		1,090,100

Shares		Description		Value
		Mortgage Real Estate Investment Trusts (Continued)
110,000		Annaly Capital Management, Inc. (a)		$2,229,700
		Total Real Estate Investment Trusts		3,319,800
		(Cost $4,188,659)
		Total Investments – 110.0%		62,476,596
		(Cost $65,396,164)
		Outstanding Loan – (15.1)%		(8,600,000)
		Net Other Assets and Liabilities – 5.1%		2,940,702
		Net Assets – 100.0%		$56,817,298

    

(a)	All or a portion of this security serves as collateral on the outstanding loan. At August 31, 2023, the segregated value of these securities amounts to $40,529,461.
(b)	Non-income producing security.

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.