FIRST TRUST

First Trust Exchange-Traded Fund IV

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First Trust Senior Loan Fund (FTSL)

Annual Report
For the Year Ended
October 31, 2021

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TABLE OF CONTENTS
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FIRST TRUST SENIOR LOAN FUND (FTSL)
ANNUAL REPORT
OCTOBER 31, 2021

Shareholder Letter........................................................... 1
Fund Performance Overview.................................................... 2
Portfolio Commentary......................................................... 5
Understanding Your Fund Expenses............................................. 7
Portfolio of Investments..................................................... 8
Statement of Assets and Liabilities.......................................... 21
Statement of Operations...................................................... 22
Statements of Changes in Net Assets.......................................... 23
Financial Highlights......................................................... 24
Notes to Financial Statements................................................ 25
Report of Independent Registered Public Accounting Firm...................... 32
Additional Information....................................................... 33
Board of Trustees and Officers............................................... 39
Privacy Policy............................................................... 41

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This report contains certain forward-looking statements within the meaning of
the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934,
as amended. Forward-looking statements include statements regarding the goals,
beliefs, plans or current expectations of First Trust Advisors L.P. ("First
Trust" or the "Advisor") and its representatives, taking into account the
information currently available to them. Forward-looking statements include all
statements that do not relate solely to current or historical fact. For example,
forward-looking statements include the use of words such as "anticipate,"
"estimate," "intend," "expect," "believe," "plan," "may," "should," "would" or
other words that convey uncertainty of future events or outcomes.

Forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or achievements of
the series of First Trust Exchange-Traded Fund IV (the "Trust") described in
this report (First Trust Senior Loan Fund; hereinafter referred to as the
"Fund") to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. When
evaluating the information included in this report, you are cautioned not to
place undue reliance on these forward-looking statements, which reflect the
judgment of the Advisor and its representatives only as of the date hereof. We
undertake no obligation to publicly revise or update these forward-looking
statements to reflect events and circumstances that arise after the date hereof.

PERFORMANCE AND RISK DISCLOSURE

There is no assurance that the Fund will achieve its investment objectives. The
Fund is subject to market risk, which is the possibility that the market values
of securities owned by the Fund will decline and that the value of the Fund's
shares may therefore be less than what you paid for them. Accordingly, you can
lose money investing in the Fund. See "Risk Considerations" in the Additional
Information section of this report for a discussion of certain other risks of
investing in the Fund.

Performance data quoted represents past performance, which is no guarantee of
future results, and current performance may be lower or higher than the figures
shown. For the most recent month-end performance figures, please visit
www.ftportfolios.com or speak with your financial advisor. Investment returns,
net asset value and share price will fluctuate and Fund shares, when sold, may
be worth more or less than their original cost.

The Advisor may also periodically provide additional information on Fund
performance on the Fund's webpage at www.ftportfolios.com.

HOW TO READ THIS REPORT

This report contains information that may help you evaluate your investment in
the Fund. It includes details about the Fund and presents data and analysis that
provide insight into the Fund's performance and investment approach.

By reading the portfolio commentary from the portfolio management team of the
Fund, you may obtain an understanding of how the market environment affected the
Fund's performance. The statistical information that follows may help you
understand the Fund's performance compared to that of relevant market
benchmarks.

It is important to keep in mind that the opinions expressed by personnel of the
Advisor are just that: informed opinions. They should not be considered to be
promises or advice. The opinions, like the statistics, cover the period through
the date on the cover of this report. The material risks of investing in the
Fund are spelled out in the prospectus, the statement of additional information,
and other Fund regulatory filings.

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SHAREHOLDER LETTER
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FIRST TRUST SENIOR LOAN FUND (FTSL)
ANNUAL LETTER FROM THE CHAIRMAN AND CEO
OCTOBER 31, 2021

Dear Shareholders:

First Trust is pleased to provide you with the annual report for the First Trust
Senior Loan Fund (the "Fund"), which contains detailed information about the
Fund for the twelve months ended October 31, 2021.

Inflation has arrived, and its entrance was grand, to say the least. The
Consumer Price Index came in at 6.2% year-over-year in October 2021, according
to data from the U.S. Bureau of Labor Statistics. The last time it topped the
6.0% mark was in December 1990 (6.1%), over 30 years ago. As is often the case
with major shifts in the economy and markets, there is debate over what is truly
behind them. For many months, as inflation was trending higher, Federal Reserve
(the "Fed") Chairman Jerome Powell held the view that the rising inflationary
pressures largely stemmed from global supply chain bottlenecks induced by the
coronavirus ("COVID-19") pandemic. Perhaps the best example of this is the
unprecedented backlog of container ships that have dropped anchor outside the
California ports of Los Angeles and Long Beach. Together, these ports service
40% of all the container ships bound for the U.S. In normal times, no ships are
anchored waiting to unload their goods. Shortages of trucks and drivers have
also contributed to the slowdown at the ports.

The takeaway is that goods are not being delivered to warehouses and store
shelves in a timely fashion and that is helping to drive prices higher for
consumers. Simply put, inflation is the byproduct of too much money chasing too
few goods. We'll return to this axiom shortly. Chairman Powell originally
believed the bottlenecks would be remedied relatively quickly as the global
economy reopened and people went back to work. That, in turn, would allow
inflationary pressures to dissipate, which has not happened. Around the end of
October, Chairman Powell finally acknowledged that inflation will likely remain
elevated through mid-2022. This realization is what motivated the Fed to
announce that it would begin to taper its monthly bond buying program
(quantitative easing) starting in November 2021. It has been purchasing roughly
$80 billion of Treasuries and $40 billion of mortgage-backed securities in the
open market every month since June 2020. The Fed will shave $15 billion off that
combined total every month until the buying has ceased, which should be around
mid-2022. If all goes to plan, the next stage in the evolution of the Fed's
monetary policy would involve initiating interest rate hikes.

While the supply chain bottlenecks have clearly played a role in the spike in
inflation by limiting the amount of goods available to consume, the biggest
contributing factor is likely the surge in the U.S. money supply, according to
Brian Wesbury, Chief Economist at First Trust. M2 is a measure of the money
supply that includes cash, checking deposits and liquid assets easily
convertible to cash. The M2 measure of money has exploded by 36% since February
2020, well above the 6% pre-COVID-19 annualized norm. The trillions of dollars
of stimulus distributed by the U.S. government to help backstop the economy
during the pandemic has contributed to higher inflation. On Wednesday, November
10, 2021, President Joe Biden admitted that his $1.9 trillion COVID-19 stimulus
package has done just that. Remember, too much money chasing too few goods leads
to inflation. Keep in mind, President Biden has recently successfully navigated
a $1.2 trillion bipartisan infrastructure bill through Congress and has another
roughly $1.75 trillion Build Back Better Act (social spending) piece of
legislation pending. That means there is at least another $1.2 trillion dollars
flowing into the economy over the next few years, and maybe more.

Data from FactSet indicates that the number of S&P 500(R) Index companies
mentioning inflation on their 2021 third quarter earnings call hit a 10-year
high, according to Business Insider. To date, 285 of the 461 companies that have
reported their results have cited concerns over rising inflation. The Materials,
Consumer Staples and Energy sectors had the highest percentage of companies
mentioned on these earnings calls at 90%, 88% and 86%, respectively. Suffice it
to say, investors should add inflation to the list of criteria to assist them in
positioning their portfolios moving forward.

Thank you for giving First Trust the opportunity to play a role in your
financial future. We value our relationship with you and will report on the Fund
again in six months.

Sincerely,

/s/ James A. Bowen

James A. Bowen
Chairman of the Board of Trustees
Chief Executive Officer of First Trust Advisors L.P.

Page 1

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FUND PERFORMANCE OVERVIEW (UNAUDITED)
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FIRST TRUST SENIOR LOAN FUND (FTSL)

The First Trust Senior Loan Fund's (the "Fund") primary investment objective is
to provide high current income. The Fund's secondary investment objective is the
preservation of capital. Under normal market conditions, the Fund seeks to
outperform each of the S&P/LSTA U.S. Leveraged Loan 100 Index (the "LL 100") and
the Markit iBoxx USD Liquid Leveraged Loan Index (the "MI 100") by investing at
least 80% of its net assets (including investment borrowings) in first lien
senior floating rate bank loans ("Senior Loans"). The LL 100 is a market
value-weighted index designed to measure the performance of the largest segment
of the U.S. syndicated leveraged loan market. The LL 100 consists of 100 loan
facilities drawn from a larger benchmark, the S&P/LSTA Leveraged Loan Index. The
MI 100 selects the 100 most liquid Senior Loans in the market. The Fund does not
seek to track either the LL 100 or MI 100, but rather seeks to outperform each
of the Indices. It is anticipated that the Fund, in accordance with its
principal investment strategy, will invest approximately 50% to 75% of its net
assets in Senior Loans that are eligible for inclusion in and meet the liquidity
thresholds of the LL 100 and/or MI 100 at the time of investment.

The Fund invests primarily in Senior Loans that are below investment grade
quality at the time of investment. Securities rated below investment grade,
commonly referred to as "junk" or "high-yield" securities, include securities
that are rated Ba1/BB+/BB+ or below by Moody's Investors Service, Inc., Fitch,
Inc., or Standard & Poor's Ratings Group, respectively. The Fund invests in
Senior Loans made predominantly to businesses operating in North America, but
may also invest in Senior Loans made to businesses operating outside of North
America. The Senior Loans included in the Fund's portfolio often maintain a
duration of less than 90 days; however, the inclusion of LIBOR floors on certain
Senior Loans or other factors may cause interest rate duration to be longer than
90 days. The Fund may also invest up to 20% of its net assets in (1) non-Senior
Loan debt securities, which may be fixed-rate or floating-rate income-producing
securities (including, without limitation, U.S. government debt securities and
corporate debt securities which may include convertible bonds), (2) warrants,
U.S. and non U.S. equity and equity-like positions and interests and other
securities issued by or with respect to a borrower or its affiliates, and/or (3)
securities of other investment companies.

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PERFORMANCE
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AVERAGE ANNUAL CUMULATIVE
TOTAL RETURNS TOTAL RETURNS
1 Year Ended 5 Years Ended Inception (5/1/13) 5 Years Ended Inception (5/1/13)
10/31/21 10/31/21 to 10/31/21 10/31/21 to 10/31/21

FUND PERFORMANCE
NAV 7.60% 3.65% 3.32% 19.60% 31.98%
Market Price 7.96% 3.66% 3.34% 19.68% 32.17%

INDEX PERFORMANCE
S&P/LSTA Leveraged Loan Index(1) 8.46% 4.46% 4.01% 24.39% 39.69%
Markit iBoxx USD Liquid Leveraged Loan
Index 6.36% 2.99% 2.71% 15.89% 25.47%
S&P/LSTA U.S. Leveraged Loan 100 Index 7.07% 4.11% 3.52% 22.30% 34.14%
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Total returns for the period since inception are calculated from the inception
date of the Fund. "Average Annual Total Returns" represent the average annual
change in value of an investment over the periods indicated. "Cumulative Total
Returns" represent the total change in value of an investment over the periods
indicated.

The Fund's per share net asset value ("NAV") is the value of one share of the
Fund and is computed by dividing the value of all assets of the Fund (including
accrued interest and dividends), less all liabilities (including accrued
expenses and dividends declared but unpaid), by the total number of outstanding
shares. The price used to calculate market return ("Market Price") is determined
by using the midpoint of the national best bid and offer price ("NBBO") as of
the time that the Fund's NAV is calculated. Under SEC rules, the NBBO consists
of the highest displayed buy and lowest sell prices among the various exchanges
trading the Fund at the time the Fund's NAV is calculated. Prior to January 1,
2019, the price used was the midpoint between the highest bid and the lowest
offer on the stock exchange on which shares of the Fund were listed for trading
as of the time that the Fund's NAV was calculated. Since shares of the Fund did
not trade in the secondary market until after the Fund's inception, for the
period from inception to the first day of secondary market trading in shares of
the Fund, the NAV of the Fund is used as a proxy for the secondary market
trading price to calculate market returns. NAV and market returns assume that
all distributions have been reinvested in the Fund at NAV and Market Price,
respectively.

An index is a statistical composite that tracks a specified financial market or
sector. Unlike the Fund, the indices do not actually hold a portfolio of
securities and therefore do not incur the expenses incurred by the Fund. These
expenses negatively impact the performance of the Fund. Also, market returns do
not include brokerage commissions that may be payable on secondary market
transactions. If brokerage commissions were included, market returns would be
lower. The total returns presented reflect the reinvestment of dividends on
securities in the indices. The returns presented do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or the redemption or
sale of Fund shares. The investment return and principal value of shares of the
Fund will vary with changes in market conditions. Shares of the Fund may be
worth more or less than their original cost when they are redeemed or sold in
the market. The Fund's past performance is no guarantee of future performance.

(1) Prior to March 1, 2021, the Fund's primary benchmark was the S&P/LSTA U.S.
Leveraged Loan 100 Index ("LL 100"). Effective March 1, 2021, the Fund
selected the S&P/LSTA Leveraged Loan Index ("LLI") because LLI is more
representative of the Fund's portfolio. The Fund will continue to maintain
LL 100 and the Markit iBoxx USD Liquid Leveraged Loan Index ("MI 100") as
secondary benchmarks.

Page 2

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FUND PERFORMANCE OVERVIEW (UNAUDITED) (CONTINUED)
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FIRST TRUST SENIOR LOAN FUND (FTSL)

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% OF SENIOR LOANS
AND OTHER
INDUSTRY CLASSIFICATION SECURITIES(1)
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Software 20.1%
Health Care Providers & Services 13.8
Pharmaceuticals 8.9
Health Care Technology 8.5
Hotels, Restaurants & Leisure 8.2
Media 6.7
Insurance 6.1
Commercial Services & Supplies 3.1
Diversified Telecommunication Services 2.6
Specialty Retail 2.4
Professional Services 2.4
Containers & Packaging 2.0
Diversified Consumer Services 1.9
Health Care Equipment & Supplies 1.9
Machinery 1.6
Road & Rail 1.5
Entertainment 1.3
Auto Components 1.2
Electric Utilities 1.2
Aerospace & Defense 0.9
Trading Companies & Distributors 0.7
Electronic Equipment, Instruments &
Components 0.5
Diversified Financial Services 0.5
Construction & Engineering 0.4
Communications Equipment 0.3
Airlines 0.3
Food Products 0.2
IT Services 0.2
Oil, Gas & Consumable Fuels 0.2
Building Products 0.1
Household Durables 0.1
Chemicals 0.1
Textiles, Apparel & Luxury Goods 0.1
Real Estate Management & Development 0.0*
Life Sciences Tools & Services 0.0*
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Total 100.0%
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* Amount is less than 0.1%.

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% OF SENIOR LOANS
AND OTHER
ASSET CLASSIFICATION SECURITIES(1)
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Senior Floating-Rate Loan Interests 94.1%
Corporate Bonds and Notes 5.1
Foreign Corporate Bonds and Notes 0.7
Common Stocks 0.1
Warrants 0.0*
Rights 0.0*
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Total 100.0%
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% OF SENIOR LOANS
AND OTHER
CREDIT QUALITY (S&P RATINGS)(2) DEBT SECURITIES(1)
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BB 2.8%
BB- 5.5
B+ 22.3
B 42.5
B- 22.1
CCC+ 1.6
CCC 1.1
CCC- 0.1
D 1.2
NR 0.8
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Total 100.0%
========

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% OF SENIOR LOANS
AND OTHER
TOP 10 ISSUERS SECURITIES(1)
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HUB International Ltd. 2.4%
IRB Holding Corp. (Arby's/Inspire Brands) 2.2
Internet Brands, Inc. (WebMD/MH Sub I
LLC) 2.2
Change Healthcare Holdings LLC 2.1
Asurion LLC 1.9
Golden Nugget, Inc. 1.9
Caesars Resort Collection LLC 1.9
iHeartCommunications, Inc. 1.9
Univision Communications, Inc. 1.9
Verscend Technologies, Inc. (Cotiviti) 1.9
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Total 20.3%
========

(1) Percentages are based on long-term positions. Money market funds are
excluded.

(2) The ratings are by Standard & Poor's Ratings Group, a division of The
McGraw-Hill Companies, Inc. A credit rating is an assessment provided by a
nationally recognized statistical rating organization (NRSRO) of the
creditworthiness of an issuer with respect to debt obligations except for
those debt obligations that are privately rated. Ratings are measured on a
scale that generally ranges from AAA (highest) to D (lowest). Investment
grade is defined as those issuers that have a long-term credit rating of
BBB- or higher. The credit ratings shown relate to the credit worthiness
of the issuers of the underlying securities in the Fund, and not to the
Fund or its shares. Credit ratings are subject to change.

Page 3

PERFORMANCE OF A $10,000 INITIAL INVESTMENT
MAY 1, 2013 - OCTOBER 31, 2021

First Trust Senior S&P/LSTA Leveraged Markit iBoxx USD Liquid S&P/LSTA U.S. Leveraged
Loan Fund Loan Index Leveraged Loan Index Loan 100 Index

5/1/13 $10,000 $10,000 $10,000 $10,000
10/31/13 10,092 10,150 10,103 10,122
4/30/14 10,275 10,382 10,323 10,338
10/31/14 10,385 10,492 10,389 10,434
4/30/15 10,637 10,730 10,594 10,589
10/31/15 10,567 10,540 10,280 10,268
4/30/16 10,763 10,707 10,484 10,527
10/31/16 11,034 11,230 10,826 10,968
4/30/17 11,247 11,568 11,026 11,260
10/31/17 11,414 11,799 11,161 11,452
4/30/18 11,592 12,080 11,404 11,706
10/31/18 11,760 12,334 11,602 11,929
4/30/19 12,044 12,592 11,877 12,262
10/31/19 12,156 12,663 11,905 12,339
4/30/20 11,619 11,759 11,122 11,765
10/31/20 12,266 12,880 11,798 12,527
4/30/21 12,978 13,653 12,387 13,195
10/31/21 13,198 13,969 12,547 13,414

Performance figures assume reinvestment of all distributions and do not reflect
the deduction of taxes that a shareholder would pay on Fund distributions or the
redemption or sale of Fund shares. An index is a statistical composite that
tracks a specified financial market or sector. Unlike the Fund, the indices do
not actually hold a portfolio of securities and therefore do not incur the
expenses incurred by the Fund. These expenses negatively impact the performance
of the Fund. The Fund's past performance does not predict future performance.

FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS

Information showing the number of days the market price of the Fund's shares was
greater (at a premium) and less (at a discount) than the Fund's net asset value
for the most recently completed year, and the most recently completed calendar
quarters since that year (or life of the Fund, if shorter) is available at
https://www.ftportfolios.com/Retail/etf/home.aspx.

Page 4

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PORTFOLIO COMMENTARY
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FIRST TRUST SENIOR LOAN FUND (FTSL)
ANNUAL REPORT
OCTOBER 31, 2021 (UNAUDITED)

ADVISOR

The First Trust Advisors L.P. ("First Trust") Leveraged Finance Investment Team
is comprised of 17 experienced investment professionals specializing in below
investment grade securities. The team is comprised of portfolio management,
research, trading and operations personnel. As of October 31, 2021, the First
Trust Leveraged Finance Investment Team managed or supervised approximately
$7.21 billion in senior secured bank loans and high-yield bonds. These assets
are managed across various strategies, including three closed-end funds, an
open-end fund, three exchange-traded funds, and a series of unit investment
trusts on behalf of retail and institutional clients.

PORTFOLIO MANAGEMENT TEAM

WILLIAM HOUSEY, CFA - MANAGING DIRECTOR OF FIXED INCOME, SENIOR PORTFOLIO
MANAGER

JEFFREY SCOTT, CFA - SENIOR VICE PRESIDENT AND PORTFOLIO MANAGER

COMMENTARY

The First Trust Senior Loan Fund (the "Fund") is an actively managed
exchange-traded fund ("ETF"). The Fund's primary investment objective is to
provide high current income, with a secondary objective of preservation of
capital.

MARKET RECAP

As we ended 2020, the coronavirus ("COVID-19") vaccine rollout was underway, and
a $900 billion stimulus package was signed into law supporting equity markets
into year-end. At the beginning of 2021, investor optimism around stronger
economic growth expectations, an additional $2 trillion of federal stimulus, a
strong uptake in the vaccination rate, and higher inflation expectations
resulted in a significant move higher in interest rates. The 10-Year U.S.
Treasury yield increased 83 basis points ("bps") during the first quarter of
2021 to a peak of 1.74% on March 31, 2021, after which rates temporally
consolidated before finishing the 12-month period ended October 31, 2021, at
1.55%. In October 2021, despite significantly higher inflation given strong
global demand, supply chain bottlenecks and labor shortages, the Federal Reserve
(the "Fed") has maintained its quantitative easing program and has kept the
target range for the Federal Funds rate at 0.00 - 0.25%. U.S. Equities reached
all-time highs in October 2021 as strong earnings outweighed concerns over
higher inflation. The S&P 500(R) Index returned 42.91% during the last
twelve-month ("LTM") period ended October 31, 2021.

Senior Loan Market

Senior loan spreads over the 3-month London Interbank Offered Rate ("LIBOR")
decreased 169 bps during the 12-month period ended October 31, 2021, to L+416
bps. The current spread is 99 bps below the senior loan market's long-term
average spread of L+515 bps (December 1997 - October 2021). Retail senior loan
funds experienced their 11th consecutive monthly inflow in October 2021, and
inflows for loan funds totaled $38.1 billion over the LTM period. We believe the
strong demand for senior loans was driven by rising U.S. Treasury rates and an
increasing possibility of interest rate hikes late next year.

During the LTM period, lower quality CCC rated senior loans returned 21.83%,
outperforming single-B rated senior loans' return of 8.33% and BB rated senior
loans' return of 5.52%. The average price of senior loans in the market
increased from $93.17 in the beginning of the period to $98.55 at the end of the
period.

Default Rates

During the 12-month period ended October 31, 2021, default rates decreased
within the senior loan market, as measured by the S&P/LSTA Leveraged Loan Index.
The senior loan market LTM default rate ended the period at 0.20% compared to
the 4.11% rate at the beginning of the period. The default rate in the senior
loan market is well below the long-term average default rate of 2.86%.

FUND PERFORMANCE

The Fund returned 7.60% on a net asset value ("NAV") basis and 7.96% on a market
price basis over the 12-month period ended October 31, 2021. The S&P/LSTA
Leveraged Loan Index ("the Benchmark") returned 8.46% over the same period.

The Fund held 233 individual positions diversified across 35 industries at the
end of the reporting period. Software (20.50%), Health Care Providers & Services
(13.78%), and Pharmaceuticals (8.87%) were the Fund's top three industry
exposures at the end of the period. By comparison, the Fund held 149 individual
positions across 29 industries on October 31, 2020. The Fund modestly decreased
its allocation to high-yield bonds from 8.03% to 5.74% throughout the period, a
decrease of 229 bps. The Fund's duration remained low throughout the period and
modestly decreased from 0.43 years at the beginning of the period to 0.39 years
at the end of the period.

Page 5

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PORTFOLIO COMMENTARY (CONTINUED)
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FIRST TRUST SENIOR LOAN FUND (FTSL)
ANNUAL REPORT
OCTOBER 31, 2021 (UNAUDITED)

During the LTM period, the Fund benefitted from strong security selection within
the leisure, nonferrous metals/minerals, and broadcasting industries. Within
leisure, the Fund benefitted from its overweight position in movie theaters as
positive vaccine news drove a strong recovery in prices during the LTM period.
Within nonferrous metals/mining, the Fund's overweight position in a company
that mines and produces coal significantly outperformed during the LTM period as
the company's securities prices benefitted from an increase in metallurgical and
thermal coal prices. Within the broadcasting industry, the Fund's overweight
positions in sports and media broadcasters outperformed during the LTM period as
broadcasters benefitted from the recovery in advertising spend.

The Fund's cash was the primary headwind to performance as risk asset prices
generated positive returns during the period. The Fund's cash position was
elevated because of net inflows of nearly $1.6 billion during the LTM period.
Security selection within the business equipment & services industry also
detracted from performance during the LTM period. Within business equipment &
services, the primary drivers of underperformance were the Fund's underweight
position in a travel media company, which outperformed during the LTM period and
the Fund's overweight position in a data analytics company which underperformed
during the LTM period. In addition, the Fund not having an allocation to the oil
& gas industry, which outperformed the overall Benchmark return during the LTM
period as crude oil prices increased 133.50% to $83.57, detracted from
performance. The average weight of the energy industry in the Benchmark during
the LTM period was 2.42%.

The Fund's most recent monthly distribution of $0.1250 per share is $0.002 per
share lower than the distribution paid in October 2020. At the end of the
period, the effective yield based on the distributions for the trailing twelve
months was 3.20% based on NAV.

The Fund experienced zero defaults during the LTM period. This is compared to 4
defaults within the Benchmark during the LTM period. Since inception, the Fund
has experienced nine defaults, which compares to 143 within the Benchmark during
the same period. The Benchmark default rate ended the period at 0.20%.

MARKET AND FUND OUTLOOK

We believe that continued economic growth and persistently high inflation are
likely to result in higher interest rates across the U.S. Treasury yield curve.
As such, we expect long-duration fixed income asset class returns to be
pressured as rates increase. We believe senior loans, given their senior secured
position in the capital structure, floating rate coupon and strong fundamental
tailwinds, as evidenced by the low corporate default rate, continue to offer an
attractive solution to generate income and avoid interest rate risk in this
environment. As we evaluate existing and new investment opportunities in this
environment, our decisions will continue to be rooted in our rigorous bottom-up
credit analysis process and our focus will remain on identifying the
opportunities that we believe offer the best risk and reward balance.

Page 6

FIRST TRUST SENIOR LOAN FUND (FTSL)

UNDERSTANDING YOUR FUND EXPENSES
OCTOBER 31, 2021 (UNAUDITED)

As a shareholder of First Trust Senior Loan Fund (the "Fund"), you incur two
types of costs: (1) transaction costs; and (2) ongoing costs, including
management fees, distribution and/or service (12b-1) fees, if any, and other
Fund expenses. This Example is intended to help you understand your ongoing
costs of investing in the Fund and to compare these costs with the ongoing costs
of investing in other funds.

The Example is based on an investment of $1,000 invested at the beginning of the
period and held through the six-month period ended October 31, 2021.

ACTUAL EXPENSES

The first line in the following table provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the first line under the heading entitled "Expenses Paid During the Six-Month
Period" to estimate the expenses you paid on your account during this six-month
period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the following table provides information about hypothetical
account values and hypothetical expenses based on the Fund's actual expense
ratio and an assumed rate of return of 5% per year before expenses, which is not
the Fund's actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses you paid for
the period. You may use this information to compare the ongoing costs of
investing in the Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of the other funds.

Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs such as brokerage
commissions. Therefore, the second line in the table is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of
owning different funds. In addition, if these transactional costs were included,
your costs would have been higher.

-----------------------------------------------------------------------------------------------------------------------
ANNUALIZED
EXPENSE RATIO EXPENSES PAID
BEGINNING ENDING BASED ON THE DURING THE
ACCOUNT VALUE ACCOUNT VALUE SIX-MONTH SIX-MONTH
MAY 1, 2021 OCTOBER 31, 2021 PERIOD (a) PERIOD (a) (b)
-----------------------------------------------------------------------------------------------------------------------

FIRST TRUST SENIOR LOAN FUND (FTSL)
Actual $1,000.00 $1,017.00 0.85% $4.32
Hypothetical (5% return before expenses) $1,000.00 $1,020.92 0.85% $4.33

(a) Annualized expense ratio and expenses paid during the six-month period do
not include fees and expenses of the underlying funds in which the Fund
invests.

(b) Expenses are equal to the annualized expense ratio as indicated in the
table multiplied by the average account value over the period (May 1, 2021
through October 31, 2021), multiplied by 184/365 (to reflect the six-month
period).

Page 7

FIRST TRUST SENIOR LOAN FUND (FTSL)

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2021

PRINCIPAL STATED
VALUE DESCRIPTION RATE (a) MATURITY (b) VALUE
---------------- ---------------------------------------------------------------- ------------- ------------ ---------------

SENIOR FLOATING-RATE LOAN INTERESTS -- 89.7%

AEROSPACE & DEFENSE -- 0.9%
$ 3,974,312 Atlantic Aviation FBO, Inc. (KKR Apple Bidco LLC), Term Loan
(First Lien), 1 Mo. LIBOR + 3.00%, 0.50% Floor............... 3.50% 07/31/28 $ 3,964,377
2,452,573 BBA Aviation (Signature Aviation US Holdings, Inc./Brown
Group Holding LLC), Term Loan B, 3 Mo. LIBOR + 2.75%,
0.50% Floor.................................................. 3.25% 04/30/28 2,444,921
4,214,118 Peraton Corp., Term Loan B, 1 Mo. LIBOR + 3.75%, 0.75%
Floor........................................................ 4.50% 02/01/28 4,218,711
3,487,682 Spirit Aerosystems, Inc., New Term Loan B, 1 Mo. LIBOR +
3.75%, 0.50% Floor........................................... 4.25% 01/15/25 3,496,401
11,525,302 Transdigm, Inc., Tranche G Refinancing Term Loan, 1 Mo.
LIBOR + 2.25%, 0.00% Floor................................... 2.34% 08/22/24 11,402,327
---------------
25,526,737
---------------
AIRLINES -- 0.2%
5,723,987 American Airlines, Inc. (AAdvantage Loyalty IP Ltd.), 1st Lien
Term Loan, 3 Mo. LIBOR + 4.75%, 0.75% Floor.................. 5.50% 03/24/28 5,958,327
1,000,000 American Airlines, Inc., 2017 Class B Term Loan B-2, 1 Mo.
LIBOR + 2.00%, 0.00% Floor................................... 2.09% 12/14/23 984,380
---------------
6,942,707
---------------
APPAREL, ACCESSORIES & LUXURY GOODS -- 0.1%
2,673,146 Careismatic Brands/New Trojan, Inc. (fka Strategic Partners),
Term Loan B, 3 Mo. LIBOR + 3.25%, 0.50% Floor................ 3.75% 01/31/28 2,663,122
---------------
APPLICATION SOFTWARE -- 14.7%
8,223,363 AppLovin Corp., Amendment No. 6 New Term Loan, 1 Mo.
LIBOR + 3.00%, 0.50% Floor................................... 3.50% 10/25/28 8,202,804
1,756,732 AppLovin Corp., Term Loan B, 1 Mo. LIBOR + 3.25%, 0.00%
Floor........................................................ 3.34% 08/15/25 1,750,145
2,809,145 CCC Intelligent Solutions, Inc., Term Loan B, 3 Mo. LIBOR +
2.50%, 0.50% Floor........................................... 3.00% 09/21/28 2,800,015
11,855,060 ConnectWise LLC, Term Loan B, 3 Mo. LIBOR + 3.50%, 0.50%
Floor........................................................ 4.00% 09/30/28 11,838,107
31,851,963 Epicor Software Corp., First Lien Term Loan C, 1 Mo. LIBOR +
3.25%, 0.75% Floor........................................... 4.00% 07/30/27 31,809,600
6,285,139 Flexera Software LLC, 2020 Term Loan B, 3 Mo. LIBOR +
3.75%, 0.75% Floor........................................... 4.50% 01/26/28 6,288,533
18,685,866 Gainwell Acquisition Corp. (fka Milano), Term Loan B, 3 Mo.
LIBOR + 4.00%, 0.75% Floor................................... 4.75% 10/01/27 18,717,632
33,879,774 Greeneden U.S. Holdings II LLC (Genesys Telecommunications
Laboratories, Inc.), Initial Dollar Term Loan, 1 Mo. LIBOR +
4.00%, 0.75% Floor........................................... 4.75% 12/01/27 33,948,549
46,870,555 Hyland Software, Inc., 2018 Refinancing Term Loan, 1 Mo.
LIBOR + 3.50%, 0.75% Floor................................... 4.25% 07/01/24 46,885,085
2,113,807 Hyland Software, Inc., 2021 Incremental Term Facility, 1 Mo.
LIBOR + 6.25%, 0.75% Floor................................... 7.00% 07/10/25 2,132,303
13,663,624 Imprivata, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50%
Floor........................................................ 4.00% 11/30/27 13,667,859
3,845,449 Inmar, Inc., Initial Term Loan, 3 Mo. LIBOR + 4.00%, 1.00%
Floor........................................................ 5.00% 05/01/24 3,831,029
20,745,589 Internet Brands, Inc. (WebMD/MH Sub I LLC), 2020 June New
Term Loan, 1 Mo. LIBOR + 3.75%, 1.00% Floor.................. 4.75% 09/15/24 20,780,234
30,802,797 Internet Brands, Inc. (WebMD/MH Sub I LLC), Initial Term
Loan, 1 Mo. LIBOR + 3.50%, 0.00% Floor....................... 3.59% 09/13/24 30,678,353

Page 8 See Notes to Financial Statements

FIRST TRUST SENIOR LOAN FUND (FTSL)

PORTFOLIO OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2021

PRINCIPAL STATED
VALUE DESCRIPTION RATE (a) MATURITY (b) VALUE
---------------- ---------------------------------------------------------------- ------------- ------------ ---------------

SENIOR FLOATING-RATE LOAN INTERESTS (CONTINUED)

APPLICATION SOFTWARE (CONTINUED)
$ 7,935,420 Internet Brands, Inc. (WebMD/MH Sub I LLC), Term Loan
(Second Lien), 1 Mo. LIBOR + 6.25%, 0.00% Floor.............. 6.34% 02/23/29 $ 8,037,072
3,107,673 ION Trading Technologies, Term Loan B, 1 Mo. LIBOR + 4.75%,
0.00% Floor.................................................. 4.84% 04/01/28 3,113,516
29,506,060 LogMeIn, Inc. (Logan), Term Loan B, 1 Mo. LIBOR + 4.75%,
0.00% Floor.................................................. 4.83% 08/31/27 29,457,670
40,914,503 McAfee LLC, Term Loan B, 1 Mo. LIBOR + 3.75%, 0.00%
Floor........................................................ 3.84% 09/30/24 40,940,279
2,060,039 MeridianLink, Inc., Term Loan B, 1 Mo. LIBOR + 3.00%, 0.50%
Floor........................................................ 3.50% 11/09/28 2,057,464
64,504 Micro Focus International (MA Financeco LLC), Miami Escrow
Term Loan B3, 1 Mo. LIBOR + 2.84%, 0.00% Floor............... 2.92% 06/21/24 63,799
435,496 Micro Focus International (MA Financeco LLC), Seattle Spinco
Term Loan B, 1 Mo. LIBOR + 2.75%, 0.00% Floor................ 2.84% 06/21/24 430,731
4,254,822 Micro Focus International (MA Financeco LLC), Term Loan B4,
3 Mo. LIBOR + 4.25%, 1.00% Floor............................. 5.25% 06/05/25 4,285,414
2,995,013 N-Able, Inc., Term Loan B, 3 Mo. LIBOR + 3.00%, 0.50%
Floor........................................................ 3.50% 07/19/28 2,991,269
4,258,204 PowerSchool Holdings, Inc., (Severin), Term Loan B, 1 Mo.
LIBOR + 3.25%, 0.00% Floor................................... 3.34% 08/01/25 4,244,024
3,984,466 RealPage, Inc., Term Loan (Second Lien), 1 Mo. LIBOR +
6.50%, 0.75% Floor........................................... 7.25% 04/22/29 4,064,155
32,106,571 RealPage, Inc., Term Loan B, 1 Mo. LIBOR + 3.25%, 0.50%
Floor........................................................ 3.75% 04/24/28 32,029,515
48,873,492 SolarWinds Holdings, Inc., Initial Term Loan, 1 Mo. LIBOR +
2.75%, 0.00% Floor........................................... 2.84% 02/05/24 48,183,398
3,317,978 Solera Holdings, Inc. (Polaris Newco), Term Loan B, 6 Mo.
LIBOR + 4.00%, 0.50% Floor................................... 4.50% 06/04/28 3,324,349
1,880,163 Tenable, Inc., Term Loan B, 3 Mo. LIBOR + 2.75%, 0.50%
Floor........................................................ 3.25% 07/07/28 1,875,462
769,629 TIBCO Software, Inc., Term Loan B-3, 1 Mo. LIBOR + 3.75%,
0.00% Floor.................................................. 3.84% 06/30/26 756,399
686,881 Ultimate Kronos Group (UKG, Inc.), 2021 Incremental Term
Loan, 3 Mo. LIBOR + 3.25%, 0.75% Floor....................... 4.00% 05/03/26 687,657
1,068,862 Veeam Software Holdings Ltd. (VS Buyer LLC), Term Loan B,
1 Mo. LIBOR + 3.00%, 0.00% Floor............................. 3.09% 02/28/27 1,063,068
---------------
420,935,489
---------------
AUTO PARTS & EQUIPMENT -- 1.1%
6,186,973 Clarios Global L.P. (Power Solutions), Term Loan B, 1 Mo.
LIBOR + 3.25%, 0.00% Floor................................... 3.34% 04/30/26 6,145,706
8,085,181 Dexko Global (Dornoch Debt Merger Sub, Inc.), Initial Dollar
Term Loan, 3 Mo. LIBOR + 3.75%, 0.50% Floor.................. 4.25% 10/04/28 8,076,530
17,453,130 Truck Hero, Inc., Term Loan B, 1 Mo. LIBOR + 3.25%, 0.75%
Floor........................................................ 4.00% 01/31/28 17,369,879
---------------
31,592,115
---------------
BROADCASTING -- 3.7%
2,763,174 E.W. Scripps Co., B-3 Term Loan, 1 Mo. LIBOR + 3.00%, 0.75%
Floor........................................................ 3.75% 01/07/28 2,764,473
38,313,064 iHeartCommunications, Inc., Second Amendment Incremental
Term Loan B, 1 Mo. LIBOR + 3.25%, 0.50% Floor................ 3.75% 05/01/26 38,372,832

See Notes to Financial Statements Page 9

FIRST TRUST SENIOR LOAN FUND (FTSL)

PORTFOLIO OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2021

PRINCIPAL STATED
VALUE DESCRIPTION RATE (a) MATURITY (b) VALUE
---------------- ---------------------------------------------------------------- ------------- ------------ ---------------

SENIOR FLOATING-RATE LOAN INTERESTS (CONTINUED)

BROADCASTING (CONTINUED)
$ 13,502,712 iHeartCommunications, Inc., Term Loan B, 1 Mo. LIBOR +
3.00%, 0.00% Floor........................................... 3.09% 05/01/26 $ 13,399,011
48,418,794 Univision Communications, Inc., 2017 Replacement Repriced
Term Loan C-5 (First Lien), 1 Mo. LIBOR + 2.75%, 1.00%
Floor........................................................ 3.75% 03/15/24 48,368,438
4,098,579 Univision Communications, Inc., 2021 Replacement New Term
Loan (First Lien), 1 Mo. LIBOR + 3.25%, 0.75% Floor.......... 4.00% 03/24/26 4,095,505
---------------
107,000,259
---------------
BUILDING PRODUCTS -- 0.1%
2,098,820 Hillman (The) Group, Inc., Term Loan B1, 1 Mo. LIBOR +
2.75%, 0.50% Floor........................................... 3.25% 05/31/28 2,092,272
1,373,665 Quikrete Holdings, Inc., B-1 Fourth Amendment Loan, 1 Mo.
LIBOR + 3.00%, 0.00% Floor................................... 3.09% 06/30/28 1,368,170
---------------
3,460,442
---------------
CABLE & SATELLITE -- 1.1%
6,573,855 DIRECTV Holdings LLC, Closing Date Term Loan, 3 Mo.
LIBOR + 5.00%, 0.75% Floor................................... 5.75% 07/31/27 6,577,010
19,005,634 Radiate Holdco LLC (RCN), New Term Loan B, 1 Mo. LIBOR +
3.50%, 0.75% Floor........................................... 4.25% 09/25/26 18,949,568
6,158,084 WideOpenWest Finance LLC, Term Loan B, 1 Mo. LIBOR +
3.25%, 1.00% Floor........................................... 4.25% 08/19/23 6,148,169
---------------
31,674,747
---------------
CASINOS & GAMING -- 4.4%
8,312,442 Caesars Resort Collection LLC, New Term Loan B, 1 Mo.
LIBOR + 3.50%, 0.00% Floor................................... 3.59% 07/20/25 8,317,264
44,570,852 Caesars Resort Collection LLC, Term Loan B, 1 Mo. LIBOR +
2.75%, 0.00% Floor........................................... 2.84% 12/22/24 44,343,540
53,122,533 Golden Nugget, Inc., Term Loan B, 3 Mo. LIBOR + 2.50%,
0.75% Floor.................................................. 3.25% 10/04/23 52,828,234
19,916,400 Scientific Games International, Inc., Term Loan B5, 1 Mo.
LIBOR + 2.75%, 0.00% Floor................................... 2.84% 08/14/24 19,823,589
---------------
125,312,627
---------------
COMMUNICATIONS EQUIPMENT -- 0.3%
7,161,725 Commscope, Inc., Term Loan B, 1 Mo. LIBOR + 3.25%, 0.00%
Floor........................................................ 3.34% 04/06/26 7,061,031
---------------
CONSTRUCTION & ENGINEERING -- 0.4%
6,577,219 USIC, Inc., Term Loan (First Lien), 1 Mo. LIBOR + 3.50%,
0.75% Floor.................................................. 4.25% 05/15/28 6,566,959
5,501,347 Westinghouse Electric (Brookfield WEC Holdings, Inc.),
Refinancing No. 2 Term Loan, 1 Mo. LIBOR + 2.75%,
0.50% Floor.................................................. 3.25% 08/01/25 5,460,086
---------------
12,027,045
---------------
DATA PROCESSING & OUTSOURCED SERVICES -- 0.1%
1,219,416 Paysafe Holdings (US) Corp., New Term Loan B, 1 Mo. LIBOR
+ 2.75%, 0.50% Floor......................................... 3.25% 06/24/28 1,212,173
---------------
DIVERSIFIED CHEMICALS -- 0.1%
2,755,981 Ineos US Petrochem LLC (Ineos Quattro), Term Loan B, 1 Mo.
LIBOR + 2.75%, 0.50% Floor................................... 3.25% 01/31/26 2,755,981
---------------

Page 10 See Notes to Financial Statements

FIRST TRUST SENIOR LOAN FUND (FTSL)

PORTFOLIO OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2021

PRINCIPAL STATED
VALUE DESCRIPTION RATE (a) MATURITY (b) VALUE
---------------- ---------------------------------------------------------------- ------------- ------------ ---------------

SENIOR FLOATING-RATE LOAN INTERESTS (CONTINUED)

ELECTRIC UTILITIES -- 1.0%
$ 29,684,022 PG&E Corp., Term Loan B, 3 Mo. LIBOR + 3.00%, 0.50%
Floor........................................................ 3.50% 06/23/25 $ 29,340,875
---------------
ELECTRONIC EQUIPMENT & INSTRUMENTS -- 0.5%
500,000 MKS Instruments, Inc., Initial Dollar Term Loan, 1 Mo. LIBOR +
2.25%, 0.50% Floor........................................... 2.75% 10/22/28 499,375
14,363,937 Verifone Systems, Inc., Initial Term Loan, 3 Mo. LIBOR + 4.00%,
0.00% Floor.................................................. 4.13% 08/20/25 14,058,704
---------------
14,558,079
---------------
ENVIRONMENTAL & FACILITIES SERVICES -- 1.4%
12,226,407 Allied Universal Holdco LLC, Initial Term Loan, 3 Mo. LIBOR
+ 3.75%, 0.50% Floor......................................... 4.25% 05/14/28 12,218,826
4,270,122 GFL Environmental, Inc., Refinancing Term Loan, 3 Mo. LIBOR
+ 3.00%, 0.50% Floor......................................... 3.50% 05/31/25 4,275,460
19,161,544 Packers Holdings LLC (PSSI), Term Loan B, 6 Mo. LIBOR +
3.25%, 0.75% Floor........................................... 4.00% 03/15/28 19,077,808
4,997,863 TruGreen L.P., Second Refinancing Term Loan B, 1 Mo. LIBOR
+ 4.00%, 0.75% Floor......................................... 4.75% 11/02/27 4,997,863
---------------
40,569,957
---------------
HEALTH CARE DISTRIBUTORS -- 0.2%
6,632,744 Radiology Partners, Inc., Term Loan B, 1 Mo. LIBOR + 4.25%,
0.00% Floor.................................................. 4.33% 07/09/25 6,621,667
---------------
HEALTH CARE EQUIPMENT -- 0.5%
15,212,237 Chamberlain Group, Inc. (Chariot), Initial Term Loan, 1 Mo.
LIBOR + 3.50%, 0.50% Floor................................... 4.00% 10/22/28 15,180,595
---------------
HEALTH CARE FACILITIES -- 0.3%
7,887,432 Ardent Health Services, Inc., (AHP Health Partners, Inc.), Term
Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor..................... 4.00% 08/24/28 7,909,596
---------------
HEALTH CARE SERVICES -- 10.9%
6,635,135 AccentCare (Pluto Acquisition I, Inc.), New Term Loan B, 3 Mo.
LIBOR + 4.00%, 0.00% Floor................................... 4.12% 06/20/26 6,629,627
19,986,804 ADMI Corp. (Aspen Dental), 2020 Incremental Term Loan B2,
1 Mo. LIBOR + 3.13%, 0.50% Floor............................. 3.63% 12/23/27 19,830,707
11,617,262 ADMI Corp. (Aspen Dental), 2021 Incremental Term Loan B3,
1 Mo. LIBOR + 3.50%, 0.50% Floor............................. 4.00% 12/23/27 11,604,831
5,953,418 Air Methods Corp., Term Loan B, 3 Mo. LIBOR + 3.50%, 1.00%
Floor........................................................ 4.50% 04/21/24 5,670,630
32,536,577 Athenahealth, Inc. (VVC Holding Corp.), Term Loan B-1, 3 Mo.
LIBOR + 4.25%, 0.00% Floor................................... 4.38% 02/11/26 32,617,919
14,420,758 Aveanna Healthcare LLC, 2021 Term Loan, 1 Mo. LIBOR +
3.75%, 0.50% Floor........................................... 4.25% 07/15/28 14,382,399
3,353,665 Aveanna Healthcare LLC, Delayed Draw Term Loan, 1 Mo.
LIBOR + 3.75%, 0.50% Floor................................... 4.25% 07/15/28 3,344,744
15,419,640 Brightspring Health (Phoenix Guarantor, Inc.), Incremental Term
Loan B-3, 1 Mo. LIBOR + 3.50%, 0.00% Floor................... 3.59% 03/05/26 15,352,256
21,330,057 CHG Healthcare Services, Inc., Term Loan B, 3 Mo. LIBOR +
3.50%, 0.50% Floor........................................... 4.00% 09/30/28 21,330,057
14,573,015 Civitas Solutions (National Mentor Holdings, Inc.), Term Loan B,
3 Mo. LIBOR + 3.75%, 0.75% Floor............................. 4.50% 03/31/28 14,475,814
476,007 Civitas Solutions (National Mentor Holdings, Inc.), Term Loan C,
3 Mo. LIBOR + 3.75%, 0.75% Floor............................. 4.50% 03/31/28 472,832

See Notes to Financial Statements Page 11

FIRST TRUST SENIOR LOAN FUND (FTSL)

PORTFOLIO OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2021

PRINCIPAL STATED
VALUE DESCRIPTION RATE (a) MATURITY (b) VALUE
---------------- ---------------------------------------------------------------- ------------- ------------ ---------------

SENIOR FLOATING-RATE LOAN INTERESTS (CONTINUED)

HEALTH CARE SERVICES (CONTINUED)
$ 2,438,896 DuPage Medical Group (Midwest Physician Admin. Services
LLC), Initial Term Loan, 3 Mo. LIBOR + 3.25%, 0.75%
Floor........................................................ 4.00% 03/15/28 $ 2,426,701
23,316,985 Envision Healthcare Corp., Initial Term Loan, 1 Mo. LIBOR +
3.75%, 0.00% Floor........................................... 3.84% 10/10/25 19,246,306
32,598,386 ExamWorks Group, Inc. (Electron Bidco), Initial Term Loan,
3 Mo. LIBOR + 3.25%, 0.50% Floor............................. 3.75% 10/07/28 32,557,638
4,484,432 Global Medical Response, Inc. (fka Air Medical), 2018 New
Term Loan, 2 Mo. LIBOR + 4.25%, 1.00% Floor.................. 5.25% 03/14/25 4,460,754
1,169,312 Global Medical Response, Inc. (fka Air Medical), 2020 New
Refinancing Term Loan, 3 Mo. LIBOR + 4.25%, 1.00%
Floor........................................................ 5.25% 10/02/25 1,163,676
251,840 Global Medical Response, Inc. (fka Air Medical), 2020 New
Refinancing Term Loan, 6 Mo. LIBOR + 4.25%, 1.00%
Floor........................................................ 5.25% 10/02/25 250,626
1,127,139 Help at Home (HAH Group Holding Co. LLC), Delayed Draw
Term Loan, 3 Mo. LIBOR + 5.00%, 1.00% Floor.................. 6.00% 10/29/27 1,127,139
8,884,686 Help at Home (HAH Group Holding Co. LLC), Initial Term
Loan B, 3 Mo. LIBOR + 5.00%, 1.00% Floor..................... 6.00% 10/29/27 8,884,686
16,384,089 Packaging Coordinators, Inc. (PCI Pharma), Term Loan B, 3 Mo.
LIBOR + 3.50%, 0.75% Floor................................... 4.25% 11/30/27 16,401,129
5,960,403 Radnet Management, Inc., Term Loan B, 3 Mo. LIBOR + 3.00%,
0.75% Floor.................................................. 3.75% 04/22/28 5,946,754
14,976 Radnet Management, Inc., Term Loan B, Prime Rate + 2.00%,
3.25% Floor.................................................. 5.25% 04/22/28 14,942
1,343,340 SCP Health (Onex TSG Intermediate Corp.), Initial Term Loan,
3 Mo. LIBOR + 4.75%, 0.75% Floor............................. 5.50% 02/28/28 1,341,245
8,657,631 Surgery Centers Holdings, Inc., 2021 Term Loan B, 1 Mo.
LIBOR + 3.75%, 0.75% Floor................................... 4.50% 08/31/26 8,673,301
23,125,142 Team Health, Inc., Term Loan B, 1 Mo. LIBOR + 2.75%, 1.00%
Floor........................................................ 3.75% 02/06/24 22,026,698
17,761,591 U.S. Anesthesia Partners Intermediate Holdings, Inc., New Term
Loan B, 6 Mo. LIBOR + 4.25%, 0.50% Floor..................... 4.75% 09/30/28 17,741,698
20,394,666 U.S. Renal Care, Inc., Term Loan B, 1 Mo. LIBOR + 5.00%,
0.00% Floor.................................................. 5.13% 06/28/26 20,246,804
3,204,970 US Radiology Specialists, Inc., Closing Date Term Loan, 3 Mo.
LIBOR + 5.50%, 0.75% Floor................................... 6.25% 12/31/27 3,212,982
---------------
311,434,895
---------------
HEALTH CARE SUPPLIES -- 1.2%
35,344,982 Medline Borrower, L.P. (Mozart), Term Loan B, 1 Mo. LIBOR +
3.25%, 0.50% Floor........................................... 3.75% 10/15/28 35,379,974
---------------
HEALTH CARE TECHNOLOGY -- 7.8%
49,579,835 Change Healthcare Holdings LLC, Closing Date Term Loan,
1 Mo. LIBOR + 2.50%, 1.00% Floor............................. 3.50% 03/01/24 49,523,314
16,663,730 Ciox Health (Healthport/CT Technologies Intermediate Holdings,
Inc.), Term Loan 2021 Reprice, 1 Mo. LIBOR + 4.25%, 0.75%
Floor........................................................ 5.00% 12/16/25 16,696,391
16,649,494 Ensemble RCM LLC (Ensemble Health), Term Loan B, 3 Mo.
LIBOR + 3.75%, 0.00% Floor................................... 3.88% 08/01/26 16,664,312
4,536,835 eResearch Technology, Inc. (ERT), Incremental Term Loan B,
1 Mo. LIBOR + 4.50%, 1.00% Floor............................. 5.50% 02/04/27 4,555,119

Page 12 See Notes to Financial Statements

FIRST TRUST SENIOR LOAN FUND (FTSL)

PORTFOLIO OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2021

PRINCIPAL STATED
VALUE DESCRIPTION RATE (a) MATURITY (b) VALUE
---------------- ---------------------------------------------------------------- ------------- ------------ ---------------

SENIOR FLOATING-RATE LOAN INTERESTS (CONTINUED)

HEALTH CARE TECHNOLOGY (CONTINUED)
$ 13,984,939 Mediware (Wellsky/Project Ruby Ultimate Parent Corp.), Term
Loan B, 1 Mo. LIBOR + 3.25%, 0.75% Floor..................... 4.00% 03/10/28 $ 13,963,542
9,091,684 Navicure, Inc. (Waystar Technologies, Inc.), Term Loan B, 1 Mo.
LIBOR + 4.00%, 0.00% Floor.................................. 4.09% 10/23/26 9,097,411
5,848,332 Press Ganey (Azalea TopCo, Inc.), 2021 Term Loan, 3 Mo.
LIBOR + 3.50%, 0.75% Floor................................... 4.25% 07/25/26 5,855,642
10,120,674 Press Ganey (Azalea TopCo, Inc.), Term Loan B, 1 Mo. LIBOR +
3.50%, 0.00% Floor........................................... 3.59% 07/25/26 10,042,239
51,461,186 Verscend Technologies, Inc. (Cotiviti), New Term Loan B-1,
1 Mo. LIBOR + 4.00%, 0.00% Floor............................. 4.09% 08/27/25 51,525,513
2,032,731 Zelis Payments Buyer, Inc., New Term Loan B, 1 Mo. LIBOR +
3.50%, 0.00% Floor........................................... 3.58% 09/30/26 2,015,799
43,575,176 Zelis Payments Buyer, Inc., Term Loan B, 1 Mo. LIBOR +
3.50%, 0.00% Floor........................................... 3.58% 09/30/26 43,367,322
---------------
223,306,604
---------------
HOMEFURNISHING RETAIL -- 0.6%
11,787,356 At Home Holding III, Inc. (Ambience), Term Loan B, 3 Mo.
LIBOR + 4.25%, 0.50% Floor................................... 4.75% 07/30/28 11,733,370
4,173,367 Rent-A-Center, Inc., New Term Loan B, 1 Mo. LIBOR + 3.25%,
0.50% Floor.................................................. 3.75% 02/15/28 4,181,213
---------------
15,914,583
---------------
HOTELS, RESORTS & CRUISE LINES -- 0.4%
9,999,240 Alterra Mountain Co., Term Loan B-1, 1 Mo. LIBOR + 3.50%,
0.50% Floor.................................................. 4.00% 08/17/28 9,971,742
---------------
HOUSEHOLD APPLIANCES -- 0.1%
2,932,183 Weber-Stephen Products LLC, Term Loan B, 1 Mo. LIBOR +
3.25%, 0.75% Floor........................................... 4.00% 10/31/27 2,937,080
88,502 Weber-Stephen Products LLC, Term Loan B, 6 Mo. LIBOR +
3.25%, 0.75% Floor........................................... 4.00% 10/31/27 88,650
---------------
3,025,730
---------------
HUMAN RESOURCE & EMPLOYMENT SERVICES -- 0.3%
9,563,516 Alight, Inc., (fka Tempo Acq.), Extended Term Loan B, 1 Mo.
LIBOR + 3.25%, 0.50% Floor................................... 3.75% 10/31/26 9,583,409
---------------
INDUSTRIAL MACHINERY -- 1.5%
1,642,232 Filtration Group Corp., Incremental Term Loan B, 1 Mo. LIBOR
+ 3.50%, 0.50% Floor......................................... 4.00% 10/19/28 1,639,359
27,076,852 Gates Global LLC, Term Loan B-3, 1 Mo. LIBOR + 2.50%,
0.75% Floor.................................................. 3.25% 03/31/27 26,997,788
14,415,666 TK Elevator Newco GMBH (Vertical U.S. Newco, Inc.), New
Term Loan B1 (USD), 6 Mo. LIBOR + 3.50%, 0.50% Floor......... 4.00% 07/31/27 14,433,685
---------------
43,070,832
---------------
INSURANCE BROKERS -- 5.7%
1,628,665 Alliant Holdings I LLC, 2019 New Term Loan, 1 Mo. LIBOR +
3.25%, 0.00% Floor........................................... 3.34% 05/10/25 1,614,040
4,703,746 Alliant Holdings I LLC, 2021 Term Loan B, 1 Mo. LIBOR +
3.50%, 0.50% Floor........................................... 4.00% 11/05/27 4,691,987
32,699,900 Alliant Holdings I LLC, Initial Term Loan, 1 Mo. LIBOR +
3.25%, 0.00% Floor........................................... 3.34% 05/09/25 32,403,639
574,155 AmWINS Group, Inc., Term Loan B, 1 Mo. LIBOR + 2.25%,
0.75% Floor.................................................. 3.00% 02/28/28 569,814

See Notes to Financial Statements Page 13

FIRST TRUST SENIOR LOAN FUND (FTSL)

PORTFOLIO OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2021

PRINCIPAL STATED
VALUE DESCRIPTION RATE (a) MATURITY (b) VALUE
---------------- ---------------------------------------------------------------- ------------- ------------ ---------------

SENIOR FLOATING-RATE LOAN INTERESTS (CONTINUED)

INSURANCE BROKERS (CONTINUED)
$ 5,125,534 AssuredPartners, Inc., 2021 Term Loan B, 1 Mo. LIBOR +
3.50%, 0.50% Floor........................................... 4.00% 02/13/27 $ 5,107,594
37,808,811 AssuredPartners, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%,
0.00% Floor.................................................. 3.59% 02/12/27 37,535,831
9,073,323 BroadStreet Partners, Inc., Term Loan B, 1 Mo. LIBOR + 3.00%,
0.00% Floor.................................................. 3.08% 01/27/27 8,953,283
3,533,258 Cross Financial Corp., Term Loan B, 1 Mo. LIBOR + 4.00%,
0.75% Floor.................................................. 4.75% 09/15/27 3,549,441
81,295 HUB International Ltd., Initial Term Loan B, 2 Mo. LIBOR +
2.75%, 0.00% Floor........................................... 2.85% 04/25/25 80,353
31,379,119 HUB International Ltd., Initial Term Loan B, 3 Mo. LIBOR +
2.75%, 0.00% Floor........................................... 2.87% 04/25/25 31,015,436
32,748,070 HUB International Ltd., New Term Loan B-3, 2 Mo. LIBOR +
3.25%, 0.75% Floor........................................... 4.00% 04/25/25 32,707,135
5,542,208 USI, Inc. (fka Compass Investors, Inc.), Term Loan B, 3 Mo.
LIBOR + 3.00%, 0.00% Floor................................... 3.13% 05/15/24 5,497,648
---------------
163,726,201
---------------
INTEGRATED TELECOMMUNICATION SERVICES -- 1.9%
25,372,538 Frontier Communications Corp., Term Loan B, 3 Mo. LIBOR +
3.75%, 0.75% Floor........................................... 4.50% 05/01/28 25,321,793
11,695,252 Numericable (Altice France S.A. or SFR), Term Loan B-11,
3 Mo. LIBOR + 2.75%, 0.00% Floor............................. 2.88% 07/31/25 11,488,129
1,935,819 Numericable (Altice France S.A. or SFR), Term Loan B-12,
3 Mo. LIBOR + 3.69%, 0.00% Floor............................. 3.81% 01/31/26 1,913,557
12,866,574 Numericable (Altice France S.A. or SFR), Term Loan B-13,
3 Mo. LIBOR + 4.00%, 0.00% Floor............................. 4.12% 08/14/26 12,796,838
2,389,219 Zayo Group Holdings, Inc., Initial Dollar Term Loan, 1 Mo.
LIBOR + 3.00%, 0.00% Floor................................... 3.09% 03/09/27 2,350,203
---------------
53,870,520
---------------
LEISURE FACILITIES -- 0.2%
6,018,856 SeaWorld Parks and Entertainment, Term Loan B, 1 Mo.
LIBOR + 3.00%, 0.50% Floor................................... 3.50% 08/25/28 5,996,285
---------------
MANAGED HEALTH CARE -- 0.8%
22,799,471 Multiplan, Inc. (MPH), Term Loan B, 3 Mo. LIBOR + 4.25%,
0.50% Floor.................................................. 4.75% 08/31/28 22,210,560
---------------
METAL & GLASS CONTAINERS -- 0.5%
4,702,693 Altium Packaging LLC (FKA Consolidated Container), Term
Loan B, 1 Mo. LIBOR + 2.75%, 0.50% Floor..................... 3.25% 02/03/28 4,654,678
10,738,139 PODS LLC, Term Loan B, 1 Mo. LIBOR + 3.00%, 0.75%
Floor........................................................ 3.75% 03/31/28 10,718,059
---------------
15,372,737
---------------
MOVIES & ENTERTAINMENT -- 1.2%
1,848,603 Cineworld Group PLC (Crown), New Priority Term Loan, 3 Mo.
LIBOR + 8.25%, 1.00% Floor................................... 9.25% 05/23/24 1,982,626
3,253,968 Cineworld Group PLC (Crown), Priority Term Loan B-1, Fixed
Rate at 15.25% (c)........................................... 15.25% 05/23/24 3,924,285
22,815,389 Cineworld Group PLC (Crown), Term Loan B, 6 Mo. LIBOR +
2.50%, 1.00% Floor........................................... 3.50% 02/28/25 18,777,065
2,211,458 PUG LLC (Stubhub/Viagogo), Incremental Term Loan B-2,
1 Mo. LIBOR + 4.25%, 0.50% Floor............................. 4.75% 02/13/27 2,211,458

Page 14 See Notes to Financial Statements

FIRST TRUST SENIOR LOAN FUND (FTSL)

PORTFOLIO OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2021

PRINCIPAL STATED
VALUE DESCRIPTION RATE (a) MATURITY (b) VALUE
---------------- ---------------------------------------------------------------- ------------- ------------ ---------------

SENIOR FLOATING-RATE LOAN INTERESTS (CONTINUED)

MOVIES & ENTERTAINMENT (CONTINUED)
$ 8,018,212 PUG LLC (Stubhub/Viagogo), Term Loan B, 1 Mo. LIBOR +
3.50%, 0.00% Floor........................................... 3.59% 02/12/27 $ 7,874,526
---------------
34,769,960
---------------
OFFICE SERVICES & SUPPLIES -- 1.1%
32,217,060 Dun & Bradstreet Corp., Refinancing Term Loan, 1 Mo. LIBOR
+ 3.25%, 0.00% Floor......................................... 3.34% 02/08/26 32,073,372
---------------
OTHER DIVERSIFIED FINANCIAL SERVICES -- 0.0%
966,135 AlixPartners, LLP, Term Loan B, 1 Mo. LIBOR + 2.75%, 0.50%
Floor........................................................ 3.25% 02/04/28 962,512
---------------
PACKAGED FOODS & MEATS -- 0.2%
4,000,981 BellRing Brands LLC, 2021 Refinancing Term Loan, 1 Mo.
LIBOR + 4.00%, 0.75% Floor................................... 4.75% 10/21/24 4,013,984
2,151,080 Simply Good Foods (Atkins Nutritionals, Inc.), New Term Loan,
1 Mo. LIBOR + 3.75%, 1.00% Floor............................. 4.75% 07/07/24 2,160,502
---------------
6,174,486
---------------
PAPER PACKAGING -- 1.3%
15,439,680 Graham Packaging Company, L.P., New Term Loan, 1 Mo.
LIBOR + 3.00%, 0.75% Floor................................... 3.75% 08/04/27 15,397,530
22,310,547 Pactiv LLC/Evergreen Packaging LLC (fka Reynolds Group
Holdings), Tranche B-3 U.S. Term Loan, 1 Mo. LIBOR +
3.50%, 0.50% Floor........................................... 4.00% 09/20/28 22,261,018
---------------
37,658,548
---------------
PHARMACEUTICALS -- 7.3%
2,928,475 Akorn, Inc., Exit Take Back Term Loan, 3 Mo. LIBOR + 7.50%,
1.00% Floor (d).............................................. 8.50% 09/30/25 2,946,045
18,942,842 Bausch Health Cos., Inc. (Valeant), Term Loan B, 1 Mo. LIBOR
+ 3.00%, 0.00% Floor......................................... 3.08% 06/01/25 18,894,348
37,134,801 Endo LLC, 2021 Term Loan B, 3 Mo. LIBOR + 5.00%, 0.75%
Floor........................................................ 5.75% 03/27/28 36,154,814
43,880,569 Jazz Pharmaceuticals, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%,
0.50% Floor.................................................. 4.00% 05/05/28 43,935,420
28,401,586 Mallinckrodt International Finance S.A., 2017 Term Loan B,
3 Mo. LIBOR + 5.25%, 0.75% Floor (e)......................... 6.00% 09/24/24 26,385,926
5,559,586 Mallinckrodt International Finance S.A., 2018 Incremental Term
Loan, 1 Mo. LIBOR + 5.50%, 0.75% Floor (e)................... 6.25% 02/24/25 5,164,633
36,643,314 Nestle Skin Health (Sunshine Lux VII S.A.R.L./Galderma), 2021
Term Loan B-3, 3 Mo. LIBOR + 3.75%, 0.75% Floor.............. 4.50% 10/02/26 36,703,042
38,420,012 Parexel International Corp. (Phoenix Newco), Term Loan (First
Lien), 1 Mo. LIBOR + 3.50%, 0.50% Floor...................... 4.00% 11/15/28 38,446,522
1,387,744 Perrigo Rx (Padagis LLC), Term Loan B, 3 Mo. LIBOR + 4.75%,
0.50% Floor.................................................. 5.25% 07/06/28 1,389,478
---------------
210,020,228
---------------
PUBLISHING -- 0.1%
1,728,537 Meredith Corp., Tranche B-3 Term Loan, 3 Mo. LIBOR + 4.25%,
1.00% Floor.................................................. 5.25% 01/31/25 1,762,745
---------------
RESEARCH & CONSULTING SERVICES -- 1.9%
25,597,020 Clarivate Analytics PLC (Camelot), Amendment No. 2
Incremental Term Loan, 1 Mo. LIBOR + 3.00%, 1.00% Floor...... 4.00% 10/31/26 25,635,416
9,734,451 Corelogic, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50%
Floor........................................................ 4.00% 06/02/28 9,727,150

See Notes to Financial Statements Page 15

FIRST TRUST SENIOR LOAN FUND (FTSL)

PORTFOLIO OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2021

PRINCIPAL STATED
VALUE DESCRIPTION RATE (a) MATURITY (b) VALUE
---------------- ---------------------------------------------------------------- ------------- ------------ ---------------

SENIOR FLOATING-RATE LOAN INTERESTS (CONTINUED)

RESEARCH & CONSULTING SERVICES (CONTINUED)
$ 9,392,943 J.D. Power (Project Boost Purchaser LLC), 2021 Incremental
Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor................ 4.00% 05/26/26 $ 9,383,175
3,309,163 Nielsen Consumer, Inc. (Indy US Holdco LLC), Term Loan B-1,
1 Mo. LIBOR + 4.00%, 0.00% Floor............................. 4.08% 03/05/28 3,315,384
4,403,593 Nielsen Consumer, Inc. (Indy US Holdco LLC), Term Loan B-1,
3 Mo. LIBOR + 4.00%, 0.00% Floor............................. 4.08% 03/05/28 4,411,872
1,877,263 Veritext Corp. (VT TopCo, Inc.), Non-Fungible Term Loan (First
Lien), 1 Mo. LIBOR + 3.75%, 0.75% Floor...................... 4.50% 08/10/25 1,874,917
---------------
54,347,914
---------------
RESTAURANTS -- 2.6%
20,735,169 IRB Holding Corp. (Arby's/Inspire Brands), Fourth Amendment
Incremental Term Loan B, 3 Mo. LIBOR + 3.25%, 1.00%
Floor........................................................ 4.25% 12/31/27 20,720,447
40,348,310 IRB Holding Corp. (Arby's/Inspire Brands), Term Loan B, 3 Mo.
LIBOR + 2.75%, 1.00% Floor................................... 3.75% 02/05/25 40,230,492
3,845,067 Portillo's Holdings LLC, Term Loan B-3, 1 Mo. LIBOR + 5.50%,
1.00% Floor.................................................. 6.50% 08/30/24 3,845,067
9,174,176 Whatabrands LLC, Term Loan B, 1 Mo. LIBOR + 3.25%, 0.50%
Floor........................................................ 3.75% 07/31/28 9,164,452
---------------
73,960,458
---------------
SECURITY & ALARM SERVICES -- 0.3%
8,629,846 Garda World Security Corp., Term Loan B, 1 Mo. LIBOR +
4.25%, 0.00% Floor........................................... 4.34% 10/30/26 8,633,470
---------------
SPECIALIZED CONSUMER SERVICES -- 1.9%
9,452,552 Asurion LLC, New B-8 Term Loan, 1 Mo. LIBOR + 3.25%,
0.00% Floor.................................................. 3.34% 12/23/26 9,353,584
9,880,834 Asurion LLC, Term Loan B-3 (Second Lien), 1 Mo. LIBOR +
5.25%, 0.00% Floor........................................... 5.34% 01/31/28 9,840,223
4,395,044 Asurion LLC, Term Loan B-4 (Second Lien), 1 Mo. LIBOR +
5.25%, 0.00% Floor........................................... 5.34% 01/20/29 4,373,992
25,175,778 Asurion LLC, Term Loan B-6, 1 Mo. LIBOR + 3.13%, 0.00%
Floor........................................................ 3.21% 11/03/23 25,107,552
4,430,337 Asurion LLC, Term Loan B-7, 1 Mo. LIBOR + 3.00%, 0.00%
Floor........................................................ 3.09% 11/03/24 4,395,736
---------------
53,071,087
---------------
SPECIALIZED FINANCE -- 0.5%
13,198,222 WCG Purchaser Corp. (WIRB-Copernicus Group), Term Loan B,
2 Mo. LIBOR + 4.00%, 1.00% Floor............................. 5.00% 01/08/27 13,256,030
---------------
SPECIALTY STORES -- 1.7%
9,552,043 Bass Pro Group LLC (Great Outdoors Group LLC), Term Loan
B-1, 3 Mo. LIBOR + 4.25%, 0.75% Floor........................ 5.00% 03/05/28 9,573,917
28,654,583 Petco Animal Supplies, Inc., Initial Term Loan B, 3 Mo. LIBOR
+ 3.25%, 0.75% Floor......................................... 4.00% 03/03/28 28,634,238
11,657,859 Petsmart, Inc., Initial Term Loan B, 3 Mo. LIBOR + 3.75%,
0.75% Floor.................................................. 4.50% 02/12/28 11,662,056
---------------
49,870,211
---------------
SYSTEMS SOFTWARE -- 4.4%
48,202,731 Applied Systems, Inc., Term Loan (First Lien), 3 Mo. LIBOR +
3.25%, 0.50% Floor........................................... 3.75% 09/19/24 48,131,391

Page 16 See Notes to Financial Statements

FIRST TRUST SENIOR LOAN FUND (FTSL)

PORTFOLIO OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2021

PRINCIPAL STATED
VALUE DESCRIPTION RATE (a) MATURITY (b) VALUE
---------------- ---------------------------------------------------------------- ------------- ------------ ---------------

SENIOR FLOATING-RATE LOAN INTERESTS (CONTINUED)

SYSTEMS SOFTWARE (CONTINUED)
$ 2,292,052 Applied Systems, Inc., Term Loan (Second Lien), 3 Mo. LIBOR
+ 5.50%, 0.75% Floor......................................... 6.25% 09/19/25 $ 2,318,250
6,395,356 BeyondTrust (Brave Parent Holdings, Inc.), Term Loan B, 1 Mo.
LIBOR + 4.00%, 0.00% Floor................................... 4.09% 04/19/25 6,393,053
13,525,773 BMC Software Finance, Inc. (Boxer Parent), 2021 Replacement
Dollar Term Loan, 3 Mo. LIBOR + 3.75%, 0.00% Floor........... 3.88% 10/02/25 13,425,412
4,163,131 Idera, Inc., Initial Term Loan, 6 Mo. LIBOR + 3.75%, 0.75%
Floor........................................................ 4.50% 02/15/28 4,154,471
18,406,033 Misys Financial Software Ltd. (Almonde, Inc.) (Finastra), Term
Loan B, 6 Mo. LIBOR + 3.50%, 1.00% Floor..................... 4.50% 06/13/24 18,300,199
22,794,992 Proofpoint, Inc., Term Loan B, 3 Mo. LIBOR + 3.25%, 0.50%
Floor........................................................ 3.75% 08/31/28 22,691,275
10,429,534 Sophos Group PLC (Surf), Term Loan B, 3 Mo. LIBOR + 3.50%,
0.00% Floor.................................................. 3.62% 03/05/27 10,357,257
987,342 SUSE (Marcel Lux IV S.A.R.L.), Facility Term Loan B1 USD,
1 Mo. LIBOR + 3.25%, 0.00% Floor............................. 3.34% 03/15/26 987,342
---------------
126,758,650
---------------
TRADING COMPANIES & DISTRIBUTORS -- 0.7%
19,761,656 SRS Distribution, Inc., 2021 Refinancing Term Loan, 3 Mo.
LIBOR + 3.75%, 0.50% Floor................................... 4.25% 06/04/28 19,756,123
---------------
TRUCKING -- 1.5%
34,797,250 Hertz (The) Corp., Exit Term Loan B, 1 Mo. LIBOR + 3.50%,
0.50% Floor.................................................. 4.00% 06/30/28 34,829,263
6,557,163 Hertz (The) Corp., Exit Term Loan C, 1 Mo. LIBOR + 3.50%,
0.50% Floor.................................................. 4.00% 06/30/28 6,563,195
---------------
41,392,458
---------------
TOTAL SENIOR FLOATING-RATE LOAN INTERESTS.................................................... 2,569,677,568
(Cost $2,574,056,777) ---------------

PRINCIPAL STATED STATED
VALUE DESCRIPTION COUPON MATURITY VALUE
---------------- ---------------------------------------------------------------- ------------- ------------ ---------------

CORPORATE BONDS AND NOTES -- 4.8%

ALTERNATIVE CARRIERS -- 0.1%
2,760,000 Cogent Communications Group, Inc. (f)........................... 3.50% 05/01/26 2,791,147
---------------
BROADCASTING -- 0.6%
8,109,000 Cumulus Media New Holdings, Inc. (f)............................ 6.75% 07/01/26 8,443,496
10,208,000 Diamond Sports Group LLC / Diamond Sports Finance Co. (f)....... 5.38% 08/15/26 5,787,987
2,148,000 Gray Television, Inc. (f)....................................... 5.88% 07/15/26 2,217,810
675,000 iHeartCommunications, Inc....................................... 8.38% 05/01/27 719,719
---------------
17,169,012
---------------
CABLE & SATELLITE -- 0.9%
24,655,000 CSC Holdings LLC (f)............................................ 7.50% 04/01/28 26,288,394
---------------
CASINOS & GAMING -- 0.3%
7,968,000 Caesars Entertainment, Inc. (f)................................. 6.25% 07/01/25 8,391,101
---------------
COAL & CONSUMABLE FUELS -- 0.1%
2,136,167 Peabody Energy Corp. (f) (g).................................... 8.50% 12/31/24 2,011,340
2,384,000 PIC AU Holdings LLC / PIC AU Holdings Corp. (f)................. 10.00% 12/31/24 2,441,478
---------------
4,452,818
---------------

See Notes to Financial Statements Page 17

FIRST TRUST SENIOR LOAN FUND (FTSL)

PORTFOLIO OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2021

PRINCIPAL STATED STATED
VALUE DESCRIPTION COUPON MATURITY VALUE
---------------- ---------------------------------------------------------------- ------------- ------------ ---------------

CORPORATE BONDS AND NOTES (CONTINUED)

ELECTRIC UTILITIES -- 0.1%
$ 2,000,000 PG&E Corp....................................................... 5.00% 07/01/28 $ 2,082,500
---------------
HEALTH CARE FACILITIES -- 0.9%
2,000,000 HCA, Inc........................................................ 5.88% 05/01/23 2,140,000
10,530,000 Tenet Healthcare Corp. (f)...................................... 4.63% 09/01/24 10,766,925
8,764,000 Tenet Healthcare Corp. (f)...................................... 4.88% 01/01/26 8,994,055
3,008,000 Tenet Healthcare Corp. (f)...................................... 5.13% 11/01/27 3,147,120
---------------
25,048,100
---------------
HEALTH CARE SERVICES -- 0.7%
21,443,000 Global Medical Response, Inc. (f)............................... 6.50% 10/01/25 21,267,600
---------------
HEALTH CARE TECHNOLOGY -- 0.3%
8,996,000 Change Healthcare Holdings LLC / Change Healthcare Finance,
Inc. (f)..................................................... 5.75% 03/01/25 9,074,715
---------------
INSURANCE BROKERS -- 0.1%
1,191,000 AmWINS Group, Inc. (f).......................................... 4.88% 06/30/29 1,190,464
893,000 HUB International Ltd. (f)...................................... 7.00% 05/01/26 922,022
---------------
2,112,486
---------------
INTEGRATED TELECOMMUNICATION SERVICES -- 0.5%
1,430,000 Frontier Communications Holdings LLC (f)........................ 5.88% 10/15/27 1,499,712
2,619,000 Frontier Communications Holdings LLC (f)........................ 5.00% 05/01/28 2,664,833
5,600,000 Frontier Communications Holdings LLC (f)........................ 6.75% 05/01/29 5,803,000
4,564,000 Zayo Group Holdings, Inc. (f)................................... 4.00% 03/01/27 4,438,490
---------------
14,406,035
---------------
PAPER PACKAGING -- 0.1%
2,533,000 Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group
Issuer LLC / Reynolds Gro (f)................................ 4.00% 10/15/27 2,481,707
---------------
PHARMACEUTICALS -- 0.1%
1,604,000 Organon & Co. / Organon Foreign Debt Co-Issuer B.V. (f)......... 4.13% 04/30/28 1,628,060
---------------
RESEARCH & CONSULTING SERVICES -- 0.0%
1,000,000 Clarivate Science Holdings Corp. (f)............................ 3.88% 07/01/28 990,000
---------------
TOTAL CORPORATE BONDS AND NOTES.............................................................. 138,183,675
(Cost $138,527,401) ---------------

FOREIGN CORPORATE BONDS AND NOTES -- 0.7%
DATA PROCESSING & OUTSOURCED SERVICES -- 0.1%
4,303,000 Paysafe Finance PLC / Paysafe Holdings US Corp. (f)............. 4.00% 06/15/29 4,082,471
---------------
ENVIRONMENTAL & FACILITIES SERVICES -- 0.1%
1,323,000 Allied Universal Holdco LLC / Allied Universal Finance Corp. /
Atlas Luxco IV S.A.R.L. (f).................................. 4.63% 06/01/28 1,313,964
882,000 Allied Universal Holdco LLC / Allied Universal Finance Corp. /
Atlas Luxco IV S.A.R.L. (f).................................. 4.63% 06/01/28 875,120
---------------
2,189,084
---------------
PHARMACEUTICALS -- 0.5%
9,875,000 Bausch Health Cos., Inc. (f).................................... 6.13% 04/15/25 10,070,229
2,939,000 Endo Dac / Endo Finance LLC / Endo Finco, Inc. (f).............. 9.50% 07/31/27 2,921,616
214,000 Jazz Securities DAC (f)......................................... 4.38% 01/15/29 220,152
250,000 Mallinckrodt International Finance S.A. / Mallinckrodt CB
LLC (e) (f) (h).............................................. 5.63% 10/15/23 112,813
---------------
13,324,810
---------------

Page 18 See Notes to Financial Statements

FIRST TRUST SENIOR LOAN FUND (FTSL)

PORTFOLIO OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2021

PRINCIPAL STATED STATED
VALUE DESCRIPTION COUPON MATURITY VALUE
---------------- ---------------------------------------------------------------- ------------- ------------ ---------------

FOREIGN CORPORATE BONDS AND NOTES (CONTINUED)

REAL ESTATE SERVICES -- 0.0%
$ 250,000 Taylor Morrison Communities, Inc. / Taylor Morrison
Holdings II, Inc. (f)........................................ 5.88% 04/15/23 $ 261,875
---------------
TOTAL FOREIGN CORPORATE BONDS AND NOTES...................................................... 19,858,240
(Cost $20,334,281) ---------------

SHARES DESCRIPTION VALUE
---------------- --------------------------------------------------------------------------------------------- ---------------

COMMON STOCKS -- 0.1%

PHARMACEUTICALS -- 0.1%
249,316 Akorn, Inc. (i) (j).......................................................................... 2,695,854
(Cost $2,858,880) ---------------

WARRANTS -- 0.0%
MOVIES & ENTERTAINMENT -- 0.0%
972,355 Cineworld Group PLC, expiring 11/23/25 (i) (k)............................................... 578,862
(Cost $0) ---------------

RIGHTS -- 0.0%
ELECTRIC UTILITIES -- 0.0%
4,887 Vista Energy Corp., no expiration date (i) (k)............................................... 6,793
---------------
LIFE SCIENCES TOOLS & SERVICES -- 0.0%
1 New Millennium Holdco, Inc., Corporate Claim Trust, no expiration date (i) (k) (l) (m)....... 0
1 New Millennium Holdco, Inc., Lender Claim Trust, no expiration date (i) (k) (l) (m).......... 0
---------------
0
---------------
TOTAL RIGHTS................................................................................. 6,793
(Cost $8,491) ---------------

MONEY MARKET FUNDS -- 11.1%
318,050,696 Morgan Stanley Institutional Liquidity Funds - Treasury
Portfolio - Institutional Class - 0.01% (n)............................................... 318,050,696
(Cost $318,050,696) ---------------

TOTAL INVESTMENTS -- 106.4%.................................................................. 3,049,051,688
(Cost $3,053,836,526) (o)
NET OTHER ASSETS AND LIABILITIES -- (6.4)%................................................... (182,400,170)
---------------
NET ASSETS -- 100.0%......................................................................... $ 2,866,651,518
===============

-----------------------------

(a) Senior Floating-Rate Loan Interests ("Senior Loans") in which the Fund
invests generally 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. When a range of rates is disclosed, the Fund holds
more than one contract within the same tranche with identical LIBOR
period, spread and floor, but different LIBOR reset dates.

(b) 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.

(c) The issuer will pay interest on the loans in cash and in Payment-In-Kind
("PIK") interest. Interest paid in cash will accrue at the rate of 7.00%
per annum ("Cash Interest Rate") and PIK interest will accrue on the loan
at the rate of 8.25% per annum. For the fiscal year ended October 31,
2021, the Fund received a portion of the interest in cash and PIK interest
with a principal value of $432,635 for Cineworld Group PLC.

See Notes to Financial Statements Page 19

FIRST TRUST SENIOR LOAN FUND (FTSL)

PORTFOLIO OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2021

(d) The issuer may pay interest on the loans (1) entirely in cash or (2) in
the event that both the PIK Toggle Condition has been satisfied and the
issuer elects to exercise the PIK interest, 2.50% payable in cash and
7.00% payable as PIK interest. For the fiscal year ended October 31, 2021,
this security paid all of its interest in cash.

(e) The issuer has filed for protection in bankruptcy court.

(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 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 October 31, 2021, securities noted as such
amounted to $153,099,696 or 5.3% of net assets.

(g) The issuer will pay interest on the bonds in cash and in PIK interest.
Interest paid in cash will accrue at the rate of 6.00% per annum ("Cash
Interest Rate") and PIK interest will accrue on the bond at the rate of
2.50% per annum. For the fiscal year ended October 31, 2021, the Fund
received a portion of the interest in cash and PIK interest with a
principal value of $22,667 for Peabody Energy Corp.

(h) This issuer is in default and interest is not being accrued by the Fund
nor paid by the issuer.

(i) Non-income producing security.

(j) Security received in a transaction exempt from registration under the 1933
Act. The security may be resold pursuant to an exemption from registration
under the 1933 Act, typically to qualified institutional buyers. Pursuant
to procedures adopted by the Trust's Board of Trustees, this security has
been determined to be illiquid by the Advisor. Although market instability
can result in periods of increased overall market illiquidity, liquidity
for the security is determined based on security-specific factors and
assumptions, which require subjective judgment. At October 31, 2021,
securities noted as such amounted to $2,695,854 or 0.1% of net assets.

(k) Pursuant to procedures adopted by the Trust's Board of Trustees, this
security has been determined to be illiquid by the Advisor.

(l) This security's value was determined using significant unobservable inputs
(see Note 2A - Portfolio Valuation in the Notes to Financial Statements).

(m) This security is fair valued by the Advisor's Pricing Committee in
accordance with procedures adopted by the Trust's Board of Trustees, and
in accordance with provisions of the Investment Company Act of 1940, as
amended. At October 31, 2021, securities noted as such are valued at $0 or
0.0% of net assets.

(n) Rate shown reflects yield as of October 31, 2021.

(o) Aggregate cost for federal income tax purposes is $3,054,291,531. As of
October 31, 2021, the aggregate gross unrealized appreciation for all
investments in which there was an excess of value over tax cost was
$13,398,348 and the aggregate gross unrealized depreciation for all
investments in which there was an excess of tax cost over value was
$18,638,191. The net unrealized depreciation was $5,239,843.

LIBOR - London Interbank Offered Rate

-----------------------------

VALUATION INPUTS

A summary of the inputs used to value the Fund's investments as of October 31,
2021 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
10/31/2021 PRICES INPUTS INPUTS
-------------- -------------- -------------- --------------

Senior Floating-Rate Loan Interests*.............. $2,569,677,568 $ -- $2,569,677,568 $ --
Corporate Bonds and Notes*........................ 138,183,675 -- 138,183,675 --
Foreign Corporate Bonds and Notes*................ 19,858,240 -- 19,858,240 --
Common Stocks*.................................... 2,695,854 -- 2,695,854 --
Warrants*......................................... 578,862 -- 578,862 --
Rights:
Electric Utilities............................. 6,793 -- 6,793 --
Life Sciences Tools & Services................. --** -- -- --**
Money Market Funds................................ 318,050,696 318,050,696 -- --
-------------- -------------- -------------- --------------
Total Investments................................. $3,049,051,688 $ 318,050,696 $2,731,000,992 $ --**
============== ============== ============== ==============

* See Portfolio of Investments for industry breakout.
** Investment is valued at $0.

Level 3 Rights are fair valued by the Advisor's Pricing Committee and are
footnoted in the Portfolio of Investments. These values are based on
unobservable and non-quantitative inputs.

Page 20 See Notes to Financial Statements

FIRST TRUST SENIOR LOAN FUND (FTSL)

STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 2021

ASSETS:

Investments, at value..................................................... $3,049,051,688
Cash...................................................................... 134,386
Receivables:
Investment securities sold............................................. 179,845,846
Capital shares sold.................................................... 16,713,925
Interest............................................................... 7,542,138
Dividends.............................................................. 2,903
--------------
Total Assets........................................................ 3,253,290,886
--------------
LIABILITIES:
Payables:
Investment securities purchased........................................ 384,635,192
Investment advisory fees............................................... 1,997,932
Unrealized depreciation on unfunded loan commitments...................... 6,244
--------------
Total Liabilities................................................... 386,639,368
--------------
NET ASSETS................................................................ $2,866,651,518
==============
NET ASSETS CONSIST OF:
Paid-in capital........................................................... $2,942,912,436
Par value................................................................. 600,000
Accumulated distributable earnings (loss)................................. (76,860,918)
--------------
NET ASSETS................................................................ $2,866,651,518
==============
NET ASSET VALUE, per share................................................ $ 47.78
==============
Number of shares outstanding (unlimited number of shares
authorized, par value $0.01 per share)................................. 60,000,002
==============
Investments, at cost...................................................... $3,053,836,526
==============

See Notes to Financial Statements Page 21

FIRST TRUST SENIOR LOAN FUND (FTSL)

STATEMENT OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2021

INVESTMENT INCOME:
Interest.................................................................. $ 81,623,428
Dividends................................................................. 50,505
--------------
Total investment income................................................ 81,673,933
--------------
EXPENSES:
Investment advisory fees.................................................. 16,834,517
--------------
Total expenses......................................................... 16,834,517
--------------
NET INVESTMENT INCOME (LOSS).............................................. 64,839,416
--------------
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments................................... 2,082,051
--------------
Net change in unrealized appreciation (depreciation) on:
Investments............................................................ 48,545,490
Unfunded loan commitments.............................................. (5,208)
--------------
Net change in unrealized appreciation (depreciation)...................... 48,540,282
--------------
NET REALIZED AND UNREALIZED GAIN (LOSS)................................... 50,622,333
--------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS........................................................ $ 115,461,749
==============

Page 22 See Notes to Financial Statements

FIRST TRUST SENIOR LOAN FUND (FTSL)

STATEMENTS OF CHANGES IN NET ASSETS

YEAR ENDED YEAR ENDED
10/31/2021 10/31/2020
-------------- --------------

OPERATIONS:
Net investment income (loss).............................................. $ 64,839,416 $ 53,316,540
Net realized gain (loss).................................................. 2,082,051 (47,713,489)
Net change in unrealized appreciation (depreciation)...................... 48,540,282 (24,620,680)
-------------- --------------
Net increase (decrease) in net assets resulting from operations........... 115,461,749 (19,017,629)
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations..................................................... (64,316,388) (53,352,275)
Return of capital......................................................... -- (984,628)
-------------- --------------
Total distributions to shareholders....................................... (64,316,388) (54,336,903)
-------------- --------------
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold................................................. 1,550,254,032 198,707,465
Cost of shares redeemed................................................... (11,712,176) (451,536,565)
-------------- --------------
Net increase (decrease) in net assets resulting
from shareholder transactions.......................................... 1,538,541,856 (252,829,100)
-------------- --------------
Total increase (decrease) in net assets................................... 1,589,687,217 (326,183,632)

NET ASSETS:
Beginning of period....................................................... 1,276,964,301 1,603,147,933
-------------- --------------
End of period............................................................. $2,866,651,518 $1,276,964,301
============== ==============
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period................................... 27,850,002 34,000,002
Shares sold............................................................... 32,400,000 4,200,000
Shares redeemed........................................................... (250,000) (10,350,000)
-------------- --------------
Shares outstanding, end of period......................................... 60,000,002 27,850,002
============== ==============

See Notes to Financial Statements Page 23

FIRST TRUST SENIOR LOAN FUND (FTSL)

FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

YEAR ENDED OCTOBER 31,
------------------------------------------------------------------------
2021 2020 2019 2018 2017
------------ ------------ ------------ ------------ ------------

Net asset value, beginning of period.................. $ 45.85 $ 47.15 $ 47.75 $ 48.26 $ 48.32
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss).......................... 1.54 1.67 2.13 1.87 1.68
Net realized and unrealized gain (loss)............... 1.92 (1.27) (0.57) (0.43) (0.04)
---------- ---------- ---------- ---------- ----------
Total from investment operations...................... 3.46 0.40 1.56 1.44 1.64
---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income................................. (1.53) (1.67) (2.15) (1.92) (1.70)
Return of capital..................................... -- (0.03) (0.01) (0.03) --
---------- ---------- ---------- ---------- ----------
Total distributions................................... (1.53) (1.70) (2.16) (1.95) (1.70)
---------- ---------- ---------- ---------- ----------
Net asset value, end of period........................ $ 47.78 $ 45.85 $ 47.15 $ 47.75 $ 48.26
========== ========== ========== ========== ==========
TOTAL RETURN (a)...................................... 7.60% 0.90% 3.37% 3.03% 3.43%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's).................. $2,866,652 $1,276,964 $1,603,148 $1,883,903 $1,341,599
RATIOS TO AVERAGE NET ASSETS:
Ratio of total expenses to average net assets (b)..... 0.85% 0.85% 0.85% 0.85% 0.85%
Ratio of net investment income (loss) to
average net assets................................. 3.27% 3.63% 4.50% 3.94% 3.53%
Portfolio turnover rate (c)........................... 92% 76% 44% 88% 110%

(a) Total return is calculated assuming an initial investment made at the net
asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period, and redemption at net
asset value on the last day of the period. The returns presented do not
reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption or sale of Fund shares. Total return is
calculated for the time period presented and is not annualized for periods
of less than a year.

(b) The Fund indirectly bears its proportionate share of fees and expenses
incurred by the underlying funds in which the Fund invests. This ratio
does not include these indirect fees and expenses.

(c) Portfolio turnover is calculated for the time period presented and is not
annualized for periods of less than a year and does not include securities
received or delivered from processing creations or redemptions and in-kind
transactions.

Page 24 See Notes to Financial Statements

--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2021

1. ORGANIZATION

First Trust Exchange-Traded Fund IV (the "Trust") is an open-end management
investment company organized as a Massachusetts business trust on September 15,
2010, and is registered with the Securities and Exchange Commission under the
Investment Company Act of 1940, as amended (the "1940 Act").

The Trust currently consists of ten funds that are offering shares. This report
covers the First Trust Senior Loan Fund (the "Fund"), a diversified series of
the Trust, which trades under the ticker "FTSL" on The Nasdaq Stock Market LLC
("Nasdaq"). The Fund represents a separate series of shares of beneficial
interest in the Trust. Unlike conventional mutual funds, the Fund issues and
redeems shares on a continuous basis, at net asset value ("NAV"), only in large
blocks of shares known as "Creation Units."

The Fund's primary investment objective is to provide high current income. The
Fund's secondary investment objective is the preservation of capital. Under
normal market conditions, the Fund seeks to outperform each of the S&P/LSTA U.S.
Leveraged Loan 100 Index (the "LL 100") and the Markit iBoxx USD Liquid
Leveraged Loan Index (the "MI 100") by investing at least 80% of its net assets
(including investment borrowings) in first lien senior floating rate bank loans
("Senior Loans")(1). The LL 100 is a market value-weighted index designed to
measure the performance of the largest segment of the U.S. syndicated leveraged
loan market. The LL 100 consists of 100 loan facilities drawn from a larger
benchmark, the S&P/LSTA Leveraged Loan Index. The MI 100 selects the 100 most
liquid Senior Loans in the market. The Fund does not seek to track either the LL
100 or MI 100, but rather seeks to outperform each of the Indices. It is
anticipated that the Fund, in accordance with its principal investment strategy,
will invest approximately 50% to 75% of its net assets in Senior Loans that are
eligible for inclusion in and meet the liquidity thresholds of the LL 100 and/or
MI 100 at the time of investment.

A Senior Loan is an advance or commitment of funds made by one or more banks or
similar financial institutions to one or more corporations, partnerships or
other business entities and typically pays interest at a floating or adjusting
rate that is determined periodically at a designated premium above a base
lending rate, most commonly the London Interbank Offered Rate. The Fund invests
primarily in Senior Loans that are below investment grade quality at the time of
investment. The Fund invests in Senior Loans made predominantly to businesses
operating in North America, but may also invest in Senior Loans made to
businesses operating outside of North America.

2. SIGNIFICANT ACCOUNTING POLICIES

The Fund is considered an investment company and follows accounting and
reporting guidance under Financial Accounting Standards Board Accounting
Standards Codification Topic 946, "Financial Services-Investment Companies." The
following is a summary of significant accounting policies consistently followed
by the Fund in the preparation of the financial statements. The preparation of
the financial statements in accordance with accounting principles generally
accepted in the United States of America ("U.S. GAAP") requires management to
make estimates and assumptions that affect the reported amounts and disclosures
in the financial statements. Actual results could differ from those estimates.

A. PORTFOLIO VALUATION

The Fund's NAV is determined daily as of the close of regular trading on the New
York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, on each day the
NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV
is determined as of that time. Domestic debt securities and foreign securities
are priced using data reflecting the earlier closing of the principal markets
for those securities. The Fund's NAV is calculated by dividing the value of all
assets of the Fund (including accrued interest and dividends), less all
liabilities (including accrued expenses and dividends declared but unpaid), by
the total number of shares outstanding.

The Fund's investments are valued daily at market value or, in the absence of
market value with respect to any portfolio securities, at fair value. Market
value prices represent last sale or official closing prices from a national or
foreign exchange (i.e., a regulated market) and are primarily obtained from
third-party pricing services. Fair value prices represent any prices not
considered market value prices and are either obtained from a third-party
pricing service or are determined by the Pricing Committee of the Fund's
investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"),
in accordance with valuation procedures adopted by the Trust's Board of
Trustees, and in accordance with provisions of the 1940 Act. Investments valued
by the Advisor's Pricing Committee, if any, are footnoted as such in the
footnotes to the Portfolio of Investments. The Fund's investments are valued as
follows:

-----------------------------
(1) The terms "security" and "securities" used throughout the Notes to
Financial Statements include Senior Loans.

Page 25

--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------

FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2021

Senior Loans in which the Fund invests are not listed on any securities
exchange or board of trade. Senior Loans are typically bought and sold by
institutional investors in individually negotiated private transactions
that function in many respects like an over-the-counter secondary market,
although typically no formal market-makers exist. This market, while
having grown substantially since its inception, generally has fewer trades
and less liquidity than the secondary market for other types of
securities. Some Senior Loans have few or no trades, or trade
infrequently, and information regarding a specific Senior Loan may not be
widely available or may be incomplete. Accordingly, determinations of the
market value of Senior Loans may be based on infrequent and dated
information. Because there is less reliable, objective data available,
elements of judgment may play a greater role in valuation of Senior Loans
than for other types of securities. Typically, Senior Loans are valued
using information provided by a third-party pricing service. The
third-party pricing service primarily uses over-the-counter pricing from
dealer runs and broker quotes from indicative sheets to value the Senior
Loans.

Corporate bonds, corporate notes and other debt securities are fair valued
on the basis of valuations provided by dealers who make markets in such
securities or by a third-party pricing service approved by the Trust's
Board of Trustees, which may use the following valuation inputs when
available:

1) benchmark yields;
2) reported trades;
3) broker/dealer quotes;
4) issuer spreads;
5) benchmark securities;
6) bids and offers; and
7) reference data including market research publications.

Common stocks and other equity securities listed on any national or
foreign exchange (excluding Nasdaq and the London Stock Exchange
Alternative Investment Market ("AIM")) are valued at the last sale price
on the exchange on which they are principally traded or, for Nasdaq and
AIM securities, the official closing price. Securities traded on more than
one securities exchange are valued at the last sale price or official
closing price, as applicable, at the close of the securities exchange
representing the principal market for such securities.

Shares of open-end funds are valued at fair value which is based on NAV
per share.

Securities traded in an over-the-counter market are fair valued at the
mean of their most recent bid and asked price, if available, and otherwise
at their closing bid price.

Fixed income and other debt securities having a remaining maturity of
sixty days or less when purchased are fair valued at cost adjusted for
amortization of premiums and accretion of discounts (amortized cost),
provided the Advisor's Pricing Committee has determined that the use of
amortized cost is an appropriate reflection of fair value given market and
issuer-specific conditions existing at the time of the determination.
Factors that may be considered in determining the appropriateness of the
use of amortized cost include, but are not limited to, the following:

1) the credit conditions in the relevant market and changes
thereto;
2) the liquidity conditions in the relevant market and changes
thereto;
3) the interest rate conditions in the relevant market and
changes thereto (such as significant changes in interest
rates);
4) issuer-specific conditions (such as significant credit
deterioration); and
5) any other market-based data the Advisor's Pricing Committee
considers relevant. In this regard, the Advisor's Pricing
Committee may use last-obtained market-based data to assist it
when valuing portfolio securities using amortized cost.

Certain securities may not be able to be priced by pre-established pricing
methods. Such securities may be valued by the Trust's Board of Trustees or its
delegate, the Advisor's Pricing Committee, at fair value. These securities
generally include, but are not limited to, restricted securities (securities
which may not be publicly sold without registration under the Securities Act of
1933, as amended) for which a third-party pricing service is unable to provide a
market price; securities whose trading has been formally suspended; a security
whose market or fair value price is not available from a pre-established pricing
source; a security with respect to which an event has occurred that is likely to
materially affect the value of the security after the market has closed but
before the calculation of the Fund's NAV or make it difficult or impossible to
obtain a reliable market quotation; and a security whose price, as provided by
the third-party pricing service, does not reflect the security's fair value. As
a general principle, the current fair value of a security would appear to be the

Page 26

FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2021

amount which the owner might reasonably expect to receive for the security upon
its current sale. When fair value prices are used, generally they will differ
from market quotations or official closing prices on the applicable exchanges. A
variety of factors may be considered in determining the fair value of such
securities, including, but not limited to, the following:

1) the fundamental business data relating to the borrower/issuer;

2) an evaluation of the forces which influence the market in
which these securities are purchased and sold;

3) the type, size and cost of a security;

4) the financial statements of the borrower/issuer;

5) the credit quality and cash flow of the borrower/issuer, based
on the Advisor's or external analysis;

6) the information as to any transactions in or offers for the
security;

7) the price and extent of public trading in similar securities
(or equity securities) of the borrower/issuer, or comparable
companies;

8) the coupon payments;

9) the quality, value and salability of collateral, if any,
securing the security;

10) the business prospects of the borrower/issuer, including any
ability to obtain money or resources from a parent or
affiliate and an assessment of the borrower's/issuer's
management;

11) the prospects for the borrower's/issuer's industry, and
multiples (of earnings and/or cash flows) being paid for
similar businesses in that industry;

12) borrower's/issuer's competitive position within the industry;

13) borrower's/issuer's ability to access additional liquidity
through public and/or private markets; and

14) other relevant factors.

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:

o Level 1 - Level 1 inputs are quoted prices in active markets for
identical investments. An active market is a market in which
transactions for the investment occur with sufficient frequency and
volume to provide pricing information on an ongoing basis.

o Level 2 - Level 2 inputs are observable inputs, either directly or
indirectly, and include the following:

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets
that are non-active. A non-active market is a market where
there are few transactions for the investment, the prices are
not current, or price quotations vary substantially either
over time or among market makers, or in which little
information is released publicly.

o Inputs other than quoted prices that are observable for the
investment (for example, interest rates and yield curves
observable at commonly quoted intervals, volatilities,
prepayment speeds, loss severities, credit risks, and default
rates).

o Inputs that are derived principally from or corroborated by
observable market data by correlation or other means.

o Level 3 - Level 3 inputs are unobservable inputs. Unobservable
inputs 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. A summary
of the inputs used to value the Fund's investments as of October 31, 2021, is
included with the Fund's Portfolio of Investments.

B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME

Securities transactions are recorded as of the trade date. Realized gains and
losses from securities transactions are recorded on the identified cost basis.
Dividend income is recorded on the ex-dividend date. Interest income is recorded
daily on the accrual basis. Amortization of premiums and accretion of discounts
are recorded using the effective interest method.

The United Kingdom's Financial Conduct Authority, which regulates the London
Interbank Offered Rates ("LIBOR"), announced on March 5, 2021 that all non-USD
LIBOR reference rates and the 1-week and 2-month USD LIBOR reference rates will
cease to be provided or no longer be representative immediately after December
31, 2021 and the remaining USD LIBOR settings will cease to be provided or no
longer be representative immediately after June 30, 2023. The International
Swaps and Derivatives Association, Inc. ("ISDA") confirmed that the March 5,
2021 announcement constituted an index cessation event under the Interbank
Offered Rates ("IBOR") Fallbacks Supplement and the ISDA 2020 IBOR Fallbacks
Protocol for all 35 LIBOR settings and confirmed that the spread adjustment to
be used in ISDA fallbacks was fixed as of the date of the announcement.

Page 27

FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2021

In the United States, the Alternative Reference Rates Committee (the "ARRC"), a
group of market participants convened by the Board of Governors of the Federal
Reserve System and the Federal Reserve Bank of New York in cooperation with
other federal and state government agencies, has since 2014 undertaken efforts
to identify U.S. dollar reference interest rates as alternatives to LIBOR and to
facilitate the mitigation of LIBOR-related risks. In June 2017, the ARRC
identified the Secured Overnight Financing Rate ("SOFR"), a broad measure of the
cost of cash overnight borrowing collateralized by U.S. Treasury securities, as
the preferred alternative for U.S. dollar LIBOR. The Federal Reserve Bank of New
York began daily publishing of SOFR in April 2018.

At this time, it is not possible to predict the full impact of the elimination
of LIBOR and the establishment of an alternative reference rate on the Fund or
its investments.

Securities purchased or sold on a when-issued, delayed-delivery or forward
purchase commitment basis may have extended settlement periods. The value of the
security so purchased is subject to market fluctuations during this period. Due
to the nature of the Senior Loan market, the actual settlement date may not be
certain at the time of the purchase or sale for some of the Senior Loans.
Interest income on such Senior Loans is not accrued until settlement date. The
Fund maintains liquid assets with a current value at least equal to the amount
of its when-issued, delayed delivery or forward purchase commitments. The Fund
had no when-issued, delayed-delivery, or forward purchase commitments (other
than unfunded loan commitments discussed below) as of October 31, 2021.

C. UNFUNDED LOAN COMMITMENTS

The Fund may enter into certain credit agreements, all or a portion of which may
be unfunded. The Fund is obligated to fund these loan commitments at the
borrower's discretion. Unfunded loan commitments are marked-to-market daily, and
any unrealized appreciation (depreciation) is included in the Statement of
Assets and Liabilities and Statement of Operations. In connection with these
commitments, the Fund earns a commitment fee typically set as a percentage of
the commitment amount. The commitment fees are included in "Interest" on the
Statement of Operations. As of October 31, 2021, the Fund had the following
unfunded loan commitments:

UNREALIZED
PRINCIPAL COMMITMENT APPRECIATION
BORROWER VALUE AMOUNT VALUE (DEPRECIATION)
-----------------------------------------------------------------------------------------------------------------------

Civitas Solutions (National Mentor Holdings, Inc.), Term Loan $ 1,208,268 $ 1,205,114 $ 1,200,208 $ (4,906)
Dexko Global (Dornoch Debt Merger Sub, Inc.), Term Loan 1,540,035 1,539,730 1,538,387 (1,343)
Hillman (The) Group, Inc., Term Loan 502,711 501,609 501,143 (466)
Veritext Corp. (VT TopCo, Inc.), Term Loan 328,521 326,878 328,110 1,232
Zelis Payments Buyer, Inc., Term Loan 739,175 733,779 733,018 (761)
------------ ------------ ------------
$ 4,307,110 $ 4,300,866 $ (6,244)
============ ============ ============

D. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS

Dividends from net investment income, if any, are declared and paid monthly by
the Fund, or as the Board of Trustees may determine from time to time.
Distributions of net realized gains earned by the Fund, if any, are distributed
at least annually.

Distributions in cash may be reinvested automatically in additional whole shares
only if the broker through whom the shares were purchased makes such option
available. Such shares will generally be reinvested by the broker based upon the
market price of those shares and investors may be subject to customary brokerage
commissions charged by the broker. Distributions from net investment income and
realized capital gains are determined in accordance with federal income tax
regulations, which may differ from U.S. GAAP. Certain capital accounts in the
financial statements are periodically adjusted for permanent differences in
order to reflect their tax character. These permanent differences are primarily
due to the varying treatment of income and gain/loss on portfolio securities
held by the Fund and have no impact on net assets or NAV per share. Temporary
differences, which arise from recognizing certain items of income, expense and
gain/loss in different periods for financial statement and tax purposes, will
reverse at some time in the future.

The tax character of distributions paid during the fiscal years ended October
31, 2021 and 2020 was as follows:

Distributions paid from: 2021 2020
Ordinary income................................. $ 64,316,388 $ 53,352,275
Capital gains................................... -- --
Return of capital............................... -- 984,628

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FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2021

As of October 31, 2021, the components of distributable earnings on a tax basis
for the Fund were as follows:

Undistributed ordinary income................... $ 636,225
Accumulated capital and other gain (loss)....... (72,251,056)
Net unrealized appreciation (depreciation)...... (5,246,087)

E. INCOME TAXES

The Fund intends to continue to qualify as a regulated investment company by
complying with the requirements under Subchapter M of the Internal Revenue Code
of 1986, as amended, which includes distributing substantially all of its net
investment income and net realized gains to shareholders. Accordingly, no
provision has been made for federal and state income taxes. However, due to the
timing and amount of distributions, the Fund may be subject to an excise tax of
4% of the amount by which approximately 98% of the Fund's taxable income exceeds
the distributions from such taxable income for the calendar year.

The Fund is subject to accounting standards that establish a minimum threshold
for recognizing, and a system for measuring, the benefits of a tax position
taken or expected to be taken in a tax return. The taxable years ended 2018,
2019, 2020, and 2021 remain open to federal and state audit. As of October 31,
2021, management has evaluated the application of these standards to the Fund
and has determined that no provision for income tax is required in the Fund's
financial statements for uncertain tax positions.

The Fund intends to utilize provisions of the federal income tax laws, which
allow it to carry a realized capital loss forward indefinitely following the
year of the loss and offset such loss against any future realized capital gains.
The Fund is subject to certain limitations under U.S. tax rules on the use of
capital loss carryforwards and net unrealized built-in losses. These limitations
apply when there has been a 50% change in ownership. As of October 31, 2021, the
Fund had non-expiring capital loss carryforwards available for federal income
tax purposes of $72,251,056.

During the taxable year ended October 31, 2021, the Fund utilized non-expiring
capital loss carryforwards in the amount of $1,710,608.

Certain losses realized during the current fiscal year may be deferred and
treated as occurring on the first day of the following fiscal year for federal
income tax purposes. For the fiscal year ended October 31, 2021, the Fund had no
net late year ordinary or capital losses.

In order to present paid-in capital and accumulated distributable earnings
(loss) (which consists of accumulated net investment income (loss), accumulated
net realized gain (loss) on investments and net unrealized appreciation
(depreciation) on investments) on the Statement of Assets and Liabilities that
more closely represent their tax character, certain adjustments have been made
to paid-in capital, accumulated net investment income (loss) and accumulated net
realized gain (loss) on investments. These adjustments are primarily due to the
difference between book and tax treatments of income and gains on various
investment securities held by the Fund. The results of operations and net assets
were not affected by these adjustments. For the fiscal year ended October 31,
2021, the adjustments for the Fund were as follows:

ACCUMULATED
ACCUMULATED NET REALIZED
NET INVESTMENT GAIN (LOSS)
INCOME (LOSS) ON INVESTMENTS PAID-IN CAPITAL
-------------- -------------- ---------------
$ (450,359) $ 445,843 $ 4,516

F. EXPENSES

Expenses, other than the investment advisory fee and other excluded expenses,
are paid by the Advisor (see Note 3).

3. INVESTMENT ADVISORY FEE, AFFILIATED TRANSACTIONS AND OTHER FEE ARRANGEMENTS

First Trust, the investment advisor to the Fund, is a limited partnership with
one limited partner, Grace Partners of DuPage L.P., and one general partner, The
Charger Corporation. The Charger Corporation is an Illinois corporation
controlled by James A. Bowen, Chief Executive Officer of First Trust. First
Trust is responsible for the selection and ongoing monitoring of the securities
in the Fund's portfolio, managing the Fund's business affairs and providing
certain administrative services necessary for the management of the Fund.

Pursuant to the Investment Management Agreement between the Trust and the
Advisor, First Trust manages the investment of the Fund's assets and is
responsible for the Fund's expenses, including the cost of transfer agency,
custody, fund administration, legal, audit and other services, but excluding fee
payments under the Investment Management Agreement, interest, taxes, pro rata

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FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2021

share of fees and expenses attributable to investments in other investment
companies ("acquired fund fees and expenses"), brokerage commissions and other
expenses connected with the execution of portfolio transactions, distribution
and service fees payable pursuant to a Rule 12b-1 plan, if any, and
extraordinary expenses. The Fund has agreed to pay First Trust an annual unitary
management fee equal to 0.85% of its average daily net assets. In addition, the
Fund incurs acquired fund fees and expenses. The total of the unitary management
fee and acquired fund fees and expenses represents the Fund's total annual
operating expenses.

The Trust has multiple service agreements with The Bank of New York Mellon
("BNYM"). Under the service agreements, BNYM performs custodial, fund
accounting, certain administrative services, and transfer agency services for
the Fund. As custodian, BNYM is responsible for custody of the Fund's assets. As
fund accountant and administrator, BNYM is responsible for maintaining the books
and records of the Fund's securities and cash. As transfer agent, BNYM is
responsible for maintaining shareholder records for the Fund. BNYM is a
subsidiary of The Bank of New York Mellon Corporation, a financial holding
company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor
or any of their affiliates ("Independent Trustees") is paid a fixed annual
retainer that is allocated equally among each fund in the First Trust Fund
Complex. Each Independent Trustee is also paid an annual per fund fee that
varies based on whether the fund is a closed-end or other actively managed fund,
defined-outcome fund or is an index fund.

Additionally, the Lead Independent Trustee and the Chairs of the Audit
Committee, Nominating and Governance Committee and the Valuation Committee are
paid annual fees to serve in such capacities, with such compensation allocated
pro rata among each fund in the First Trust Fund Complex based on net assets.
Independent Trustees are reimbursed for travel and out-of-pocket expenses in
connection with all meetings. The Lead Independent Trustee and Committee Chairs
rotate every three years. The officers and "Interested" Trustee receive no
compensation from the Trust for acting in such capacities.

4. PURCHASES AND SALES OF SECURITIES

For the fiscal year ended October 31, 2021, the cost of purchases and proceeds
from sales of investments, excluding short-term investments and in-kind
transactions, were $3,219,793,172 and $1,756,856,200, respectively.

For the fiscal year ended October 31, 2021, there were no in-kind transactions.

5. BORROWINGS

The Trust, on behalf of the Fund, along with First Trust Exchange-Traded Fund
III and First Trust Series Fund have a $355 million Credit Agreement with The
Bank of Nova Scotia ("Scotia") as administrative agent for a group of lenders.
Between March 3, 2021 and October 28, 2021, the commitment amount was $330
million, and prior to March 3, 2021, the commitment amount was $410 million.
Scotia charges a commitment fee of 0.25% of the daily amount of the excess of
the commitment amount over the outstanding principal balance of the loans and an
agency fee. First Trust allocates the commitment fee and agency fee amongst the
funds that have access to the credit line. To the extent that the Fund accesses
the credit line, there would also be an interest fee charged. The Fund did not
have any borrowings outstanding during the fiscal year ended October 31, 2021.

6. CREATIONS, REDEMPTIONS AND TRANSACTION FEES

The Fund generally issues and redeems its shares in primary market transactions
through a creation and redemption mechanism and does not sell or redeem
individual shares. Instead, financial entities known as "Authorized
Participants" have contractual arrangements with the Fund's service providers to
purchase and redeem Fund shares directly with the Fund in large blocks of shares
known as "Creation Units." Prior to the start of trading on every business day,
the Fund publishes through the National Securities Clearing Corporation ("NSCC")
the "basket" of securities, cash or other assets that it will accept in exchange
for a Creation Unit of the Fund's shares. An Authorized Participant that wishes
to effectuate a creation of the Fund's shares deposits with the Fund the
"basket" of securities, cash or other assets identified by the Fund that day,
and then receives the Creation Unit of the Fund's shares in return for those
assets. After purchasing a Creation Unit, the Authorized Participant may
continue to hold the Fund's shares or sell them in the secondary market. The
redemption process is the reverse of the purchase process: the Authorized
Participant redeems a Creation Unit of the Fund's shares for a basket of
securities, cash or other assets. The combination of the creation and redemption
process with secondary market trading in the Fund's shares and underlying
securities provides arbitrage opportunities that are designed to help keep the
market price of the Fund's shares at or close to the NAV per share of the Fund.

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FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2021

The Fund imposes fees in connection with the purchase of Creation Units. These
fees may vary based upon various fact-based circumstances, including, but not
limited to, the composition of the securities included in the Creation Unit or
the countries in which the transactions are settled. The price for each Creation
Unit will equal the daily NAV per share of the Fund times the number of shares
in a Creation Unit, plus the fees described above and, if applicable, any
operational processing and brokerage costs, transfer fees, stamp taxes and part
or all of the spread between the expected bid and offer side of the market
related to the securities comprising the creation basket.

The Fund also imposes fees in connection with the redemption of Creation Units.
These fees may vary based upon various fact-based circumstances, including, but
not limited to, the composition of the securities included in the Creation Unit
or the countries in which the transactions are settled. The price received for
each Creation Unit will equal the daily NAV per share of the Fund times the
number of shares in a Creation Unit, minus the fees described above and, if
applicable, any operational processing and brokerage costs, transfer fees, stamp
taxes and part or all of the spread between the expected bid and offer side of
the market related to the securities comprising the redemption basket. Investors
who use the services of a broker or other such intermediary in addition to an
Authorized Participant to effect a redemption of a Creation Unit may also be
assessed an amount to cover the cost of such services. The redemption fee
charged by the Fund will comply with Rule 22c-2 of the 1940 Act which limits
redemption fees to no more than 2% of the value of the shares redeemed.

7. DISTRIBUTION PLAN

The Board of Trustees adopted a Distribution and Service Plan pursuant to Rule
12b-1 under the 1940 Act. In accordance with the Rule 12b-1 plan, the Fund is
authorized to pay an amount up to 0.25% of its average daily net assets each
year to reimburse First Trust Portfolios L.P. ("FTP"), the distributor of the
Fund, for amounts expended to finance activities primarily intended to result in
the sale of Creation Units or the provision of investor services. FTP may also
use this amount to compensate securities dealers or other persons that are
Authorized Participants for providing distribution assistance, including
broker-dealer and shareholder support and educational and promotional services.

No 12b-1 fees are currently paid by the Fund, and pursuant to a contractual
arrangement, no 12b-1 fees will be paid any time before March 31, 2023.

8. INDEMNIFICATION

The Trust, on behalf of the Fund, has a variety of indemnification obligations
under contracts with its service providers. The Trust's maximum exposure under
these arrangements is unknown. However, the Trust has not had prior claims or
losses pursuant to these contracts and expects the risk of loss to be remote.

9. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund through
the date the financial statements were issued, and has determined that there was
the following subsequent event:

On November 18, 2021, First Trust Limited Duration Investment Grade Corporate
ETF, an additional series of the Trust, began trading under the symbol "FSIG" on
NYSE Arca, Inc.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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TO THE SHAREHOLDERS AND THE BOARD OF TRUSTEES OF FIRST TRUST EXCHANGE-TRADED
FUND IV:

OPINION ON THE FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS

We have audited the accompanying statement of assets and liabilities of First
Trust Senior Loan Fund (the "Fund"), a series of the First Trust Exchange-Traded
Fund IV, including the portfolio of investments, as of October 31, 2021, the
related statement of operations for the year then ended, the statements of
changes in net assets for each of the two years in the period then ended, the
financial highlights for each of the five years in the period then ended, and
the related notes. In our opinion, the financial statements and financial
highlights present fairly, in all material respects, the financial position of
the Fund as of October 31, 2021, and the results of its operations for the year
then ended, the changes in its net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended in conformity with accounting principles generally
accepted in the United States of America.

BASIS FOR OPINION

These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on the Fund's
financial statements and financial highlights based on our audits. We are a
public accounting firm registered with the Public Company Accounting Oversight
Board (United States) (PCAOB) and are required to be independent with respect to
the Fund in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and financial highlights are
free of material misstatement, whether due to error or fraud. The Fund is not
required to have, nor were we engaged to perform, an audit of its internal
control over financial reporting. As part of our audits we are required to
obtain an understanding of internal control over financial reporting but not for
the purpose of expressing an opinion on the effectiveness of the Fund's internal
control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material
misstatement of the financial statements and financial highlights, whether due
to error or fraud, and performing procedures that respond to those risks. Such
procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements and financial highlights. Our audits
also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of October 31, 2021, by correspondence with
the custodian, agent banks and brokers; when replies were not received from
agent banks and brokers, we performed other auditing procedures. We believe that
our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Chicago, Illinois
December 23, 2021

We have served as the auditor of one or more First Trust investment companies
since 2001.

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FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2021 (UNAUDITED)

PROXY VOTING POLICIES AND PROCEDURES

A description of the policies and procedures that the Trust uses to determine
how to vote proxies and information on how the Fund voted proxies relating to
its portfolio securities during the most recent 12-month period ended June 30 is
available (1) without charge, upon request, by calling (800) 988-5891; (2) on
the Fund's website at www.ftportfolios.com; and (3) on the Securities and
Exchange Commission's ("SEC") website at www.sec.gov.

PORTFOLIO HOLDINGS

The Fund files portfolio holdings information for each month in a fiscal quarter
within 60 days after the end of the relevant fiscal quarter on Form N-PORT.
Portfolio holdings information for the third month of each fiscal quarter will
be publicly available on the SEC's website at www.sec.gov. The Fund's complete
schedule of portfolio holdings for the second and fourth quarters of each fiscal
year is included in the semi-annual and annual reports to shareholders,
respectively, and is filed with the SEC on Form N-CSR. The semi-annual and
annual report for the Fund is available to investors within 60 days after the
period to which it relates. The Fund's Forms N-PORT and Forms N-CSR are
available on the SEC's website listed above.

FEDERAL TAX INFORMATION

Distributions paid to the foreign shareholders during the Fund's fiscal year
ended October 31, 2021 that were properly designated by the Fund as
"interest-related dividends" or "short-term capital gain dividends," may not be
subject to federal income tax provided that the income was earned directly by
such foreign shareholders.

Of the ordinary income (including short-term capital gain) distributions made by
the Fund during the fiscal year ended October 31, 2021, none qualify for the
corporate dividends received deduction available to corporate shareholders or as
qualified dividend income.

RISK CONSIDERATIONS

RISKS ARE INHERENT IN ALL INVESTING. CERTAIN GENERAL RISKS THAT MAY BE
APPLICABLE TO A FUND ARE IDENTIFIED BELOW, BUT NOT ALL OF THE MATERIAL RISKS
RELEVANT TO EACH FUND ARE INCLUDED IN THIS REPORT AND NOT ALL OF THE RISKS BELOW
APPLY TO EACH FUND. THE MATERIAL RISKS OF INVESTING IN EACH FUND ARE SPELLED OUT
IN ITS PROSPECTUS, STATEMENT OF ADDITIONAL INFORMATION AND OTHER REGULATORY
FILINGS. BEFORE INVESTING, YOU SHOULD CONSIDER EACH FUND'S INVESTMENT OBJECTIVE,
RISKS, CHARGES AND EXPENSES, AND READ EACH FUND'S PROSPECTUS AND STATEMENT OF
ADDITIONAL INFORMATION CAREFULLY. YOU CAN DOWNLOAD EACH FUND'S PROSPECTUS AT
WWW.FTPORTFOLIOS.COM OR CONTACT FIRST TRUST PORTFOLIOS L.P. AT (800) 621-1675 TO
REQUEST A PROSPECTUS, WHICH CONTAINS THIS AND OTHER INFORMATION ABOUT EACH FUND.

CONCENTRATION RISK. To the extent that a fund is able to invest a significant
percentage of its assets in a single asset class or the securities of issuers
within the same country, state, region, industry or sector, an adverse economic,
business or political development may affect the value of the fund's investments
more than if the fund were more broadly diversified. A fund that tracks an index
will be concentrated to the extent the fund's corresponding index is
concentrated. A concentration makes a fund more susceptible to any single
occurrence and may subject the fund to greater market risk than a fund that is
more broadly diversified.

CREDIT RISK. Credit risk is the risk that an issuer of a security will be unable
or unwilling to make dividend, interest and/or principal payments when due and
the related risk that the value of a security may decline because of concerns
about the issuer's ability to make such payments.

CYBER SECURITY RISK. The funds are susceptible to potential operational risks
through breaches in cyber security. A breach in cyber security refers to both
intentional and unintentional events that may cause a fund to lose proprietary
information, suffer data corruption or lose operational capacity. Such events
could cause a fund to incur regulatory penalties, reputational damage,
additional compliance costs associated with corrective measures and/or financial
loss. In addition, cyber security breaches of a fund's third-party service
providers, such as its administrator, transfer agent, custodian, or sub-advisor,
as applicable, or issuers in which the fund invests, can also subject a fund to
many of the same risks associated with direct cyber security breaches.

DEFINED OUTCOME FUNDS RISK. To the extent a fund's investment strategy is
designed to deliver returns tied to the price performance of an underlying ETF,
an investor may not realize the returns the fund seeks to achieve if that
investor does not hold shares for the entire target outcome period. In the event
an investor purchases shares after the first day of the target outcome period or
sells shares prior to the end of the target outcome period, the buffer that the
fund seeks to provide against a decline in the value of the underlying ETF may
not be available, the enhanced returns that the fund seeks to provide (if any)
may not be available and the investor may not participate in a gain in the value
of the underlying ETF up to the cap for the investor's investment period.
Additionally, the fund will not participate in gains of the underlying ETF above

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FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2021 (UNAUDITED)

the cap and a shareholder may lose their entire investment. If the fund seeks
enhanced returns, there are certain time periods when the value of the fund may
fall faster than the value of the underlying ETF, and it is very unlikely that,
on any given day during which the underlying ETF share price increases in value,
the fund's share price will increase at the same rate as the enhanced returns
sought by the fund, which is designed for an entire target outcome period.
Trading flexible exchange options involves risks different from, or possibly
greater than, the risks associated with investing directly in securities, such
as less liquidity and correlation and valuation risks. A fund may experience
substantial downside from specific flexible exchange option positions and
certain positions may expire worthless.

DERIVATIVES RISK. To the extent a fund uses derivative instruments such as
futures contracts, options contracts and swaps, the fund may experience losses
because of adverse movements in the price or value of the underlying asset,
index or rate, which may be magnified by certain features of the derivative.
These risks are heightened when a fund's portfolio managers use derivatives to
enhance the fund's return or as a substitute for a position or security, rather
than solely to hedge (or offset) the risk of a position or security held by the
fund.

EQUITY SECURITIES RISK. To the extent a fund invests in equity securities, the
value of the fund's shares will fluctuate with changes in the value of the
equity securities. Equity securities prices fluctuate for several reasons,
including changes in investors' perceptions of the financial condition of an
issuer or the general condition of the relevant stock market, such as market
volatility, or when political or economic events affecting the issuers occur. In
addition, common stock prices may be particularly sensitive to rising interest
rates, as the cost of capital rises and borrowing costs increase. Equity
securities may decline significantly in price over short or extended periods of
time, and such declines may occur in the equity market as a whole, or they may
occur in only a particular country, company, industry or sector of the market.

ETF RISK. The shares of an ETF trade like common stock and represent an interest
in a portfolio of securities. The risks of owning an ETF generally reflect the
risks of owning the underlying securities, although lack of liquidity in an ETF
could result in it being more volatile and ETFs have management fees that
increase their costs. Shares of an ETF trade on an exchange at market prices
rather than net asset value, which may cause the shares to trade at a price
greater than net asset value (premium) or less than net asset value (discount).
In times of market stress, decisions by market makers to reduce or step away
from their role of providing a market for an ETF's shares, or decisions by an
ETF's authorized participants that they are unable or unwilling to proceed with
creation and/or redemption orders of an ETF's shares, could result in shares of
the ETF trading at a discount to net asset value and in greater than normal
intraday bid-ask spreads.

FIXED INCOME SECURITIES RISK. To the extent a fund invests in fixed income
securities, the fund will be subject to credit risk, income risk, interest rate
risk, liquidity risk and prepayment risk. Income risk is the risk that income
from a fund's fixed income investments could decline during periods of falling
interest rates. Interest rate risk is the risk that the value of a fund's fixed
income securities will decline because of rising interest rates. Liquidity risk
is the risk that a security cannot be purchased or sold at the time desired, or
cannot be purchased or sold without adversely affecting the price. Prepayment
risk is the risk that the securities will be redeemed or prepaid by the issuer,
resulting in lower interest payments received by the fund. In addition to these
risks, high yield securities, or "junk" bonds, are subject to greater market
fluctuations and risk of loss than securities with higher ratings, and the
market for high yield securities is generally smaller and less liquid than that
for investment grade securities.

INDEX OR MODEL CONSTITUENT RISK. Certain funds may be a constituent of one or
more indices or ETF models. As a result, such a fund may be included in one or
more index-tracking exchange-traded funds or mutual funds. Being a component
security of such a vehicle could greatly affect the trading activity involving a
fund, the size of the fund and the market volatility of the fund. Inclusion in
an index could increase demand for the fund and removal from an index could
result in outsized selling activity in a relatively short period of time. As a
result, a fund's net asset value could be negatively impacted and the fund's
market price may be significantly below its net asset value during certain
periods. In addition, index rebalances may potentially result in increased
trading activity in a fund's shares.

INDEX PROVIDER RISK. To the extent a fund seeks to track an index, it is subject
to Index Provider Risk. There is no assurance that the Index Provider will
compile the Index accurately, or that the Index will be determined, maintained,
constructed, reconstituted, rebalanced, composed, calculated or disseminated
accurately. To correct any such error, the Index Provider may carry out an
unscheduled rebalance or other modification of the Index constituents or
weightings, which may increase the fund's costs. The Index Provider does not
provide any representation or warranty in relation to the quality, accuracy or
completeness of data in the Index, and it does not guarantee that the Index will
be calculated in accordance with its stated methodology. Losses or costs
associated with any Index Provider errors generally will be borne by the fund
and its shareholders.

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FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2021 (UNAUDITED)

INVESTMENT COMPANIES RISK. To the extent a fund invests in the securities of
other investment vehicles, the fund will incur additional fees and expenses that
would not be present in a direct investment in those investment vehicles.
Furthermore, the fund's investment performance and risks are directly related to
the investment performance and risks of the investment vehicles in which the
fund invests.

LIBOR RISK. To the extent a fund invests in floating or variable rate
obligations that use the London Interbank Offered Rate ("LIBOR") as a reference
interest rate, it is subject to LIBOR Risk. The United Kingdom's Financial
Conduct Authority, which regulates LIBOR, will cease making LIBOR available as a
reference rate over a phase-out period that will begin immediately after
December 31, 2021. The unavailability or replacement of LIBOR may affect the
value, liquidity or return on certain fund investments and may result in costs
incurred in connection with closing out positions and entering into new trades.
Any potential effects of the transition away from LIBOR on the fund or on
certain instruments in which the fund invests can be difficult to ascertain, and
they may vary depending on a variety of factors, and they could result in losses
to the fund.

MANAGEMENT RISK. To the extent that a fund is actively managed, it is subject to
management risk. In managing an actively-managed fund's investment portfolio,
the fund's portfolio managers will apply investment techniques and risk analyses
that may not have the desired result. There can be no guarantee that a fund will
meet its investment objective.

MARKET RISK. Securities held by a fund, as well as shares of a fund itself, are
subject to market fluctuations caused by factors such as general economic
conditions, political events, regulatory or market developments, changes in
interest rates and perceived trends in securities prices. Shares of a fund could
decline in value or underperform other investments as a result of the risk of
loss associated with these market fluctuations. In addition, local, regional or
global events such as war, acts of terrorism, spread of infectious diseases or
other public health issues, recessions, or other events could have a significant
negative impact on a fund and its investments. Such events may affect certain
geographic regions, countries, sectors and industries more significantly than
others. The outbreak of the respiratory disease designated as COVID-19 in
December 2019 has caused significant volatility and declines in global financial
markets, which have caused losses for investors. While the development of
vaccines has slowed the spread of the virus and allowed for the resumption of
"reasonably" normal business activity in the United States, many countries
continue to impose lockdown measures in an attempt to slow the spread.
Additionally, there is no guarantee that vaccines will be effective against
emerging variants of the disease.

NON-U.S. SECURITIES RISK. To the extent a fund invests in non-U.S. securities,
it is subject to additional risks not associated with securities of domestic
issuers. Non-U.S. securities are subject to higher volatility than securities of
domestic issuers due to: possible adverse political, social or economic
developments; restrictions on foreign investment or exchange of securities;
capital controls; lack of liquidity; currency exchange rates; excessive
taxation; government seizure of assets; the imposition of sanctions by foreign
governments; different legal or accounting standards; and less government
supervision and regulation of exchanges in foreign countries. Investments in
non-U.S. securities may involve higher costs than investments in U.S.
securities, including higher transaction and custody costs, as well as
additional taxes imposed by non-U.S. governments. These risks may be heightened
for securities of companies located, or with significant operations, in emerging
market countries.

OPERATIONAL RISK. Each fund is subject to risks arising from various operational
factors, including, but not limited to, human error, processing and
communication errors, errors of a fund's service providers, counterparties or
other third-parties, failed or inadequate processes and technology or systems
failures. Each fund relies on third-parties for a range of services, including
custody. Any delay or failure relating to engaging or maintaining such service
providers may affect a fund's ability to meet its investment objective. Although
the funds and the funds' investment advisor seek to reduce these operational
risks through controls and procedures, there is no way to completely protect
against such risks.

PASSIVE INVESTMENT RISK. To the extent a fund seeks to track an index, the fund
will invest in the securities included in, or representative of, the index
regardless of their investment merit. A fund generally will not attempt to take
defensive positions in declining markets.

NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE

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FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2021 (UNAUDITED)

ADVISORY AGREEMENT

BOARD CONSIDERATIONS REGARDING APPROVAL OF CONTINUATION OF INVESTMENT MANAGEMENT
AGREEMENT

The Board of Trustees of First Trust Exchange-Traded Fund IV (the "Trust"),
including the Independent Trustees, unanimously approved the continuation of the
Investment Management Agreement (the "Agreement") with First Trust Advisors L.P.
(the "Advisor") on behalf of the First Trust Senior Loan Fund (the "Fund"). The
Board approved the continuation of the Agreement for a one-year period ending
June 30, 2022 at a meeting held on June 6-7, 2021. The Board determined that the
continuation of the Agreement is in the best interests of the Fund in light of
the nature, extent and quality of the services provided and such other matters
as the Board considered to be relevant in the exercise of its business judgment.

To reach this determination, the Board considered its duties under the
Investment Company Act of 1940, as amended (the "1940 Act"), as well as under
the general principles of state law, in reviewing and approving advisory
contracts; the requirements of the 1940 Act in such matters; the fiduciary duty
of investment advisors with respect to advisory agreements and compensation; the
standards used by courts in determining whether investment company boards have
fulfilled their duties; and the factors to be considered by the Board in voting
on such agreements. At meetings held on April 26, 2021 and June 6-7, 2021, the
Board, including the Independent Trustees, reviewed materials provided by the
Advisor responding to requests for information from counsel to the Independent
Trustees, submitted on behalf of the Independent Trustees, that, among other
things, outlined: the services provided by the Advisor to the Fund (including
the relevant personnel responsible for these services and their experience); the
unitary fee rate payable by the Fund as compared to fees charged to a peer group
of funds (the "Expense Group") and a broad peer universe of funds (the "Expense
Universe"), each assembled by Broadridge Financial Solutions, Inc.
("Broadridge"), an independent source, and as compared to fees charged to other
clients of the Advisor, including other exchange-traded funds ("ETFs") managed
by the Advisor; the expense ratio of the Fund as compared to expense ratios of
the funds in the Fund's Expense Group and Expense Universe; performance
information for the Fund, including comparisons of the Fund's performance to
that of one or more relevant benchmark indexes and to that of a performance
group of funds and a broad performance universe of funds (the "Performance
Universe"), each assembled by Broadridge; the nature of expenses incurred in
providing services to the Fund and the potential for the Advisor to realize
economies of scale, if any; profitability and other financial data for the
Advisor; any fall-out benefits to the Advisor and its affiliate, First Trust
Portfolios L.P. ("FTP"); and information on the Advisor's compliance program.
The Board reviewed initial materials with the Advisor at the meeting held on
April 26, 2021, prior to which the Independent Trustees and their counsel met
separately to discuss the information provided by the Advisor. Following the
April meeting, counsel to the Independent Trustees, on behalf of the Independent
Trustees, requested certain clarifications and supplements to the materials
provided, and the information provided in response to those requests was
considered at an executive session of the Independent Trustees and their counsel
held prior to the June 6-7, 2021 meeting, as well as at the June meeting. The
Board applied its business judgment to determine whether the arrangement between
the Trust and the Advisor continues to be a reasonable business arrangement from
the Fund's perspective. The Board determined that, given the totality of the
information provided with respect to the Agreement, the Board had received
sufficient information to renew the Agreement. The Board considered that
shareholders chose to invest or remain invested in the Fund knowing that the
Advisor manages the Fund and knowing the Fund's unitary fee.

In reviewing the Agreement, the Board considered the nature, extent and quality
of the services provided by the Advisor under the Agreement. The Board
considered that the Advisor is responsible for the overall management and
administration of the Trust and the Fund and reviewed all of the services
provided by the Advisor to the Fund, as well as the background and experience of
the persons responsible for such services. The Board noted that the Fund is an
actively-managed ETF and noted that the Advisor's Leveraged Finance Investment
Team is responsible for the day-to-day management of the Fund's investments. The
Board considered the background and experience of the members of the Leveraged
Finance Investment Team. The Board considered the Advisor's statement that it
applies the same oversight model internally with its Leveraged Finance
Investment Team as it uses for overseeing external sub-advisors, including
portfolio risk monitoring and performance review. In reviewing the services
provided, the Board noted the compliance program that had been developed by the
Advisor and considered that it includes a robust program for monitoring the
Advisor's and the Fund's compliance with the 1940 Act, as well as the Fund's
compliance with its investment objectives, policies and restrictions. The Board
also considered a report from the Advisor with respect to its risk management
functions related to the operation of the Fund. Finally, as part of the Board's
consideration of the Advisor's services, the Advisor, in its written materials
and at the April 26, 2021 meeting, described to the Board the scope of its
ongoing investment in additional personnel and infrastructure to maintain and
improve the quality of services provided to the Fund and the other funds in the
First Trust Fund Complex. In addition to the written materials provided by the
Advisor, at the April 26, 2021 meeting, the Board also received a presentation
from representatives of the Advisor's Leveraged Finance Investment Team
discussing the services that the Team provides to the Fund, including the Team's
day-to-day management of the Fund's investments. In light of the information

Page 36

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ADDITIONAL INFORMATION (CONTINUED)
--------------------------------------------------------------------------------

FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2021 (UNAUDITED)

presented and the considerations made, the Board concluded that the nature,
extent and quality of the services provided to the Trust and the Fund by the
Advisor under the Agreement have been and are expected to remain satisfactory
and that the Advisor has managed the Fund consistent with its investment
objectives, policies and restrictions.

The Board considered the unitary fee rate payable by the Fund under the
Agreement for the services provided. The Board considered that as part of the
unitary fee the Advisor is responsible for the Fund's expenses, including the
cost of transfer agency, custody, fund administration, legal, audit and other
services and license fees, if any, but excluding the fee payment under the
Agreement and interest, taxes, brokerage commissions and other expenses
connected with the execution of portfolio transactions, distribution and service
fees pursuant to a Rule 12b-1 plan, if any, and extraordinary expenses, if any.
The Board received and reviewed information showing the advisory or unitary fee
rates and expense ratios of the peer funds in the Expense Group, as well as
advisory and unitary fee rates charged by the Advisor to other fund (including
ETFs) and non-fund clients, as applicable. Because the Fund pays a unitary fee,
the Board determined that expense ratios were the most relevant comparative data
point. Based on the information provided, the Board noted that the unitary fee
rate for the Fund was above the median total (net) expense ratio of the peer
funds in the Expense Group. With respect to the Expense Group, the Board, at the
April 26, 2021 meeting, discussed with the Advisor limitations in creating peer
groups for actively-managed ETFs, including that the Expense Group contained
both actively-managed ETFs and open-end mutual funds, and different business
models that may affect the pricing of services among ETF sponsors. The Board
took these limitations and differences into account in considering the peer
data. With respect to fees charged to other non-ETF clients, the Board
considered differences between the Fund and other non-ETF clients that limited
their comparability. In considering the unitary fee rate overall, the Board also
considered the Advisor's statement that it seeks to meet investor needs through
innovative and value-added investment solutions and the Advisor's demonstrated
long-term commitment to the Fund and the other funds in the First Trust Fund
Complex.

The Board considered performance information for the Fund. The Board noted the
process it has established for monitoring the Fund's performance and portfolio
risk on an ongoing basis, which includes quarterly performance reporting from
the Advisor for the Fund. The Board determined that this process continues to be
effective for reviewing the Fund's performance. The Board received and reviewed
information comparing the Fund's performance for periods ended December 31, 2020
to the performance of the funds in the Performance Universe and to that of a
benchmark index. Based on the information provided, the Board noted that the
Fund outperformed the Performance Universe median for the one-, three- and
five-year periods ended December 31, 2020. The Board also noted that the Fund
underperformed the benchmark index for the one , three- and five-year periods
ended December 31, 2020. The Board noted the Leveraged Finance Investment Team's
discussion of the Fund's performance at the April 26, 2021 meeting.

On the basis of all the information provided on the unitary fee and performance
of the Fund and the ongoing oversight by the Board, the Board concluded that the
unitary fee for the Fund continues to be reasonable and appropriate in light of
the nature, extent and quality of the services provided by the Advisor to the
Fund under the Agreement.

The Board considered information and discussed with the Advisor whether there
were any economies of scale in connection with providing advisory services to
the Fund and noted the Advisor's statement that it believes its expenses will
likely increase during the next twelve months as the Advisor continues to hire
personnel and build infrastructure, including technology, to improve the
services to the Fund. The Board noted that any reduction in fixed costs
associated with the management of the Fund would benefit the Advisor, but that
the unitary fee structure provides a level of certainty in expenses for the
Fund. The Board considered the revenues and allocated costs (including the
allocation methodology) of the Advisor in serving as investment advisor to the
Fund for the twelve months ended December 31, 2020 and the estimated
profitability level for the Fund calculated by the Advisor based on such data,
as well as complex-wide and product-line profitability data, for the same
period. The Board noted the inherent limitations in the profitability analysis
and concluded that, based on the information provided, the Advisor's
profitability level for the Fund was not unreasonable. In addition, the Board
considered fall-out benefits described by the Advisor that may be realized from
its relationship with the Fund. The Board considered that the Advisor had
identified as a fall-out benefit to the Advisor and FTP their exposure to
investors and brokers who, absent their exposure to the Fund, may have had no
dealings with the Advisor or FTP, and noted that the Advisor does not utilize
soft dollars in connection with the Fund. The Board concluded that the character
and amount of potential fall-out benefits to the Advisor were not unreasonable.

Based on all of the information considered and the conclusions reached, the
Board, including the Independent Trustees, unanimously determined that the terms
of the Agreement continue to be fair and reasonable and that the continuation of
the Agreement is in the best interests of the Fund. No single factor was
determinative in the Board's analysis.

Page 37

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ADDITIONAL INFORMATION (CONTINUED)
--------------------------------------------------------------------------------

FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2021 (UNAUDITED)

REMUNERATION

First Trust Advisors L.P. ("First Trust") is authorised and regulated by the
U.S. Securities and Exchange Commission and is entitled to market shares of
certain funds it manages, including First Trust Senior Loan Fund (the "Fund"),
in certain member states in the European Economic Area in accordance with the
cooperation arrangements in Article 42 of the Alternative Investment Fund
Managers Directive (the "Directive"). First Trust is required under the
Directive to make disclosures in respect of remuneration. The following
disclosures are made in line with First Trust's interpretation of currently
available regulatory guidance on remuneration disclosures.

During the year ended December 31, 2020, the amount of remuneration paid (or to
be paid) by First Trust in respect of the Fund is $4,973,649. This figure is
comprised of $597,084 paid (or to be paid) in fixed compensation and $4,376,565
paid (or to be paid) in variable compensation. There were a total of 31
beneficiaries of the remuneration described above. Those amounts include
$382,281 paid (or to be paid) to senior management of First Trust and $4,591,368
paid (or to be paid) to other employees whose professional activities have a
material impact on the risk profiles of First Trust or the Fund (collectively,
"Code Staff").

Code Staff included in the aggregated figures disclosed above are rewarded in
line with First Trust's remuneration policy (the "Remuneration Policy") which is
determined and implemented by First Trust's senior management. The Remuneration
Policy reflects First Trust's ethos of good governance and encapsulates the
following principal objectives:

i. to provide a clear link between remuneration and performance of
First Trust and to avoid rewarding for failure;

ii. to promote sound and effective risk management consistent with the
risk profiles of the funds managed by First Trust; and

iii. to remunerate staff in line with the business strategy, objectives,
values and interests of First Trust and the funds managed by First
Trust in a manner that avoids conflicts of interest.

First Trust assesses various risk factors which it is exposed to when
considering and implementing remuneration for Code Staff and considers whether
any potential award to such person(s) would give rise to a conflict of interest.
First Trust does not reward failure, or consider the taking of risk or failure
to take risk in its remuneration of Code Staff.

First Trust assesses performance for the purposes of determining payments in
respect of performance-related remuneration of Code Staff by reference to a
broad range of measures including (i) individual performance (using financial
and non-financial criteria), and (ii) the overall performance of First Trust.
Remuneration is not based upon the performance of the Fund.

The elements of remuneration are balanced between fixed and variable and the
senior management sets fixed salaries at a level sufficient to ensure that
variable remuneration incentivises and rewards strong individual performance but
does not encourage excessive risk taking.

No individual is involved in setting his or her own remuneration.

BOARD OF TRUSTEES

Effective November 1, 2021, Denise M. Keefe was appointed as a Trustee of the
Trust. Ms. Keefe is Executive Vice President of Advocate Aurora Health and
President of Advocate Aurora Continuing Health Division (together, "Advocate"),
one of the largest integrated healthcare systems in the U.S. serving Illinois
and Wisconsin. Ms. Keefe has been employed by Advocate since 1993 and is
responsible for the Continuing Health Division's strategic direction, fiscal
management, business development, revenue enhancement, operational efficiencies,
and human resource management of 4,000 employees. Ms. Keefe also currently
serves on the boards of several organizations within the Advocate Aurora
Continuing Health Division and other health care organizations, including RML
Long Term Acute Care Hospitals (since 2014) and Senior Helpers (since 2021).
Prior thereto, Ms. Keefe was Corporate Vice President, Marketing and Business
Development for the Visiting Nurse Association of Chicago (1989 - 1992) and a
former Board Member of Sherman West Court Skilled Nursing Facility.

Page 38

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BOARD OF TRUSTEES AND OFFICERS
--------------------------------------------------------------------------------

FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2021 (UNAUDITED)

The following tables identify the Trustees and Officers of the Trust. Unless
otherwise indicated, the address of all persons is 120 East Liberty Drive, Suite
400, Wheaton, IL 60187.

The Trust's statement of additional information includes additional information
about the Trustees and is available, without charge, upon request, by calling
(800) 988-5891.

NUMBER OF OTHER
PORTFOLIOS IN TRUSTEESHIPS OR
THE FIRST TRUST DIRECTORSHIPS
NAME, TERM OF OFFICE AND FUND COMPLEX HELD BY TRUSTEE
YEAR OF BIRTH AND YEAR FIRST ELECTED PRINCIPAL OCCUPATIONS OVERSEEN BY DURING PAST
POSITION WITH THE TRUST OR APPOINTED DURING PAST 5 YEARS TRUSTEE 5 YEARS
------------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT TRUSTEES
------------------------------------------------------------------------------------------------------------------------------------

Richard E. Erickson, Trustee o Indefinite Term Physician, Officer, Wheaton Orthopedics; 215 None
(1951) Limited Partner, Gundersen Real Estate
o Since Inception Limited Partnership (June 1992 to
December 2016)

Thomas R. Kadlec, Trustee o Indefinite Term President, ADM Investors Services, Inc. 215 Director of ADM
(1957) (Futures Commission Merchant) Investor Services,
o Since Inception Inc., ADM
Investor Services
International,
Futures Industry
Association, and
National Futures
Association

Robert F. Keith, Trustee o Indefinite Term President, Hibs Enterprises (Financial 215 Director of Trust
(1956) and Management Consulting) Company of
o Since Inception Illinois

Niel B. Nielson, Trustee o Indefinite Term Senior Advisor (August 2018 to Present), 215 None
(1954) Managing Director and Chief Operating
o Since Inception Officer (January 2015 to August 2018),
Pelita Harapan Educational Foundation
(Educational Products and Services)

------------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE
------------------------------------------------------------------------------------------------------------------------------------
James A. Bowen(1), Trustee, o Indefinite Term Chief Executive Officer, First Trust 215 None
Chairman of the Board Advisors L.P. and First Trust (1955)
o Since Inception Portfolios L.P.; Chairman of the Board
of Directors, BondWave LLC (Software
Development Company) and Stonebridge
Advisors LLC (Investment Advisor)

-----------------------------

(1) Mr. Bowen is deemed an "interested person" of the Trust due to his
position as Chief Executive Officer of First Trust Advisors L.P.,
investment advisor of the Trust.

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BOARD OF TRUSTEES AND OFFICERS (CONTINUED)
--------------------------------------------------------------------------------

FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2021 (UNAUDITED)

NAME AND POSITION AND OFFICES TERM OF OFFICE AND PRINCIPAL OCCUPATIONS
YEAR OF BIRTH WITH TRUST LENGTH OF SERVICE DURING PAST 5 YEARS
------------------------------------------------------------------------------------------------------------------------------------
OFFICERS(2)
------------------------------------------------------------------------------------------------------------------------------------

James M. Dykas President and Chief o Indefinite Term Managing Director and Chief Financial Officer
(1966) Executive Officer (January 2016 to Present), Controller (January 2011
o Since January 2016 to January 2016), Senior Vice President (April 2007
to January 2016), First Trust Advisors L.P. and First
Trust Portfolios L.P.; Chief Financial Officer
(January 2016 to Present), BondWave LLC
(Software Development Company) and Stonebridge
Advisors LLC (Investment Advisor)

Donald P. Swade Treasurer, Chief Financial o Indefinite Term Senior Vice President (July 2016 to Present), Vice
(1972) Officer and Chief Accounting President (April 2012 to July 2016), First Trust
Officer o Since January 2016 Advisors L.P. and First Trust Portfolios L.P.

W. Scott Jardine Secretary and Chief o Indefinite Term General Counsel, First Trust Advisors L.P. and First
(1960) Legal Officer Trust Portfolios L.P.; Secretary and General
o Since Inception Counsel, BondWave LLC; Secretary, Stonebridge
Advisors LLC

Daniel J. Lindquist Vice President o Indefinite Term Managing Director, First Trust Advisors L.P. and
(1970) First Trust Portfolios L.P.
o Since Inception

Kristi A. Maher Chief Compliance Officer o Indefinite Term Deputy General Counsel, First Trust Advisors L.P.
(1966) and Assistant Secretary and First Trust Portfolios L.P.
o Since Inception

Roger F. Testin Vice President o Indefinite Term Senior Vice President, First Trust Advisors L.P. and
(1966) First Trust Portfolios L.P.
o Since Inception

Stan Ueland Vice President o Indefinite Term Senior Vice President, First Trust Advisors L.P. and
(1970) First Trust Portfolios L.P.
o Since Inception

-----------------------------

(2) The term "officer" means the president, vice president, secretary,
treasurer, controller or any other officer who performs a policy making
function.

Page 40

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PRIVACY POLICY
--------------------------------------------------------------------------------

FIRST TRUST SENIOR LOAN FUND (FTSL)
OCTOBER 31, 2021 (UNAUDITED)

First Trust values our relationship with you and considers your privacy an
important priority in maintaining that relationship. We are committed to
protecting the security and confidentiality of your personal information.

SOURCES OF INFORMATION

We collect nonpublic personal information about you from the following sources:

o Information we receive from you and your broker-dealer, investment
professional or financial representative through interviews,
applications, agreements or other forms;

o Information about your transactions with us, our affiliates or
others;

o Information we receive from your inquiries by mail, e-mail or
telephone; and

o Information we collect on our website through the use of "cookies".
For example, we may identify the pages on our website that your
browser requests or visits.

INFORMATION COLLECTED

The type of data we collect may include your name, address, social security
number, age, financial status, assets, income, tax information, retirement and
estate plan information, transaction history, account balance, payment history,
investment objectives, marital status, family relationships and other personal
information.

DISCLOSURE OF INFORMATION

We do not disclose any nonpublic personal information about our customers or
former customers to anyone, except as permitted by law. In addition to using
this information to verify your identity (as required under law), the permitted
uses may also include the disclosure of such information to unaffiliated
companies for the following reasons:

o In order to provide you with products and services and to effect
transactions that you request or authorize, we may disclose your
personal information as described above to unaffiliated financial
service providers and other companies that perform administrative or
other services on our behalf, such as transfer agents, custodians
and trustees, or that assist us in the distribution of investor
materials such as trustees, banks, financial representatives, proxy
services, solicitors and printers.

o We may release information we have about you if you direct us to do
so, if we are compelled by law to do so, or in other legally limited
circumstances (for example to protect your account from fraud).

In addition, in order to alert you to our other financial products and services,
we may share your personal information within First Trust.

USE OF WEBSITE ANALYTICS

We currently use third party analytics tools, Google Analytics and AddThis to
gather information for purposes of improving First Trust's website and marketing
our products and services to you. These tools employ cookies, which are small
pieces of text stored in a file by your web browser and sent to websites that
you visit, to collect information, track website usage and viewing trends such
as the number of hits, pages visited, videos and PDFs viewed and the length of
user sessions in order to evaluate website performance and enhance navigation of
the website. We may also collect other anonymous information, which is generally
limited to technical and web navigation information such as the IP address of
your device, internet browser type and operating system for purposes of
analyzing the data to make First Trust's website better and more useful to our
users. The information collected does not include any personal identifiable
information such as your name, address, phone number or email address unless you
provide that information through the website for us to contact you in order to
answer your questions or respond to your requests. To find out how to opt-out of
these services click on: Google Analytics and AddThis.

CONFIDENTIALITY AND SECURITY

With regard to our internal security procedures, First Trust restricts access to
your nonpublic personal information to those First Trust employees who need to
know that information to provide products or services to you. We maintain
physical, electronic and procedural safeguards to protect your nonpublic
personal information.

POLICY UPDATES AND INQUIRIES

As required by federal law, we will notify you of our privacy policy annually.
We reserve the right to modify this policy at any time, however, if we do change
it, we will tell you promptly. For questions about our policy, or for additional
copies of this notice, please go to www.ftportfolios.com, or contact us at
1-800-621-1675 (First Trust Portfolios) or 1-800-222-6822 (First Trust
Advisors).

March 2021

Page 41

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FIRST TRUST

First Trust Exchange-Traded Fund IV

INVESTMENT ADVISOR
First Trust Advisors L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187

ADMINISTRATOR, CUSTODIAN,
FUND ACCOUNTANT &
TRANSFER AGENT
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP
111 S. Wacker Drive
Chicago, IL 60606

LEGAL COUNSEL
Chapman and Cutler LLP
111 W. Monroe Street
Chicago, IL 60603

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