FIV First Trust Senior Floating Rate 2022 Target Term Fund

First Trust Senior Floating Rate 2022 Target Term Fund (FIV)

Semi-Annual Report

November 30, 2021

Shareholder Letter	1
At a Glance	2
Portfolio Management	4
Portfolio of Investments	5
Statement of Assets and Liabilities	8
Statement of Operations	9
Statements of Changes in Net Assets	10
Statement of Cash Flows	11
Financial Highlights	12
Notes to Financial Statements	13
Additional Information	17

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 First Trust Senior Floating Rate 2022 Target Term Fund (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 by 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 common 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 web page 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.

The statistical information that follows may help you understand the Fund’s performance compared to that of a relevant market benchmark.

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.

First Trust Senior Floating Rate 2022 Target Term Fund (FIV)

Semi-Annual Letter from the Chairman and CEO

November 30, 2021

Dear Shareholders,

First Trust is pleased to provide you with the semi-annual report for the First Trust Senior Floating Rate 2022 Target Term Fund (the “Fund”), which contains detailed information about the Fund for the six months ended November 30, 2021.

Inflation is not going away anytime soon. Federal Reserve (the “Fed”) Chairman Jerome Powell has changed his expectations on inflation from characterizing it as transitory to it being more persistent in nature. In the hopes of keeping inflation from becoming entrenched, the Fed announced it will expedite the tapering of its monthly bond buying program as of December 2021. This program has been successful at pushing down intermediate and longer maturity bond yields and keeping them artificially low to help stimulate economic activity. The Fed will reduce its purchases of Treasuries and mortgage-backed securities by $30 billion per month, up from the original target of $15 billion per month set in November 2021. At that pace, it should be done buying bonds in the open market by the end of March 2022. The Fed also foresees hiking short-term interest rates three times in 2022. The Federal Funds target rate (upper bound) is currently at 0.25%. The trailing 12-month Consumer Price Index (“CPI”) rate stood at 6.8% in November 2021, according to the U.S. Bureau of Labor Statistics. That is up significantly from 1.4% in December 2020 and well above its 2.3% average rate over the past 30 years.

The U.S. has not experienced this type of inflationary pressure, as measured by the CPI, since the early 1980s. Industry pundits, including First Trust Portfolios L.P., have been talking about how artificially low bond yields have been for at least the past decade. Until 2021, bond investors could rationalize accepting less return on their bonds because inflation was also artificially low, but that is no longer the case. As of mid-December 2021, the yield on the benchmark 10-Year Treasury Note (“T-Note”) was fluctuating between 1.40% to 1.50%. That puts the current real rate of return (bond yield minus inflation rate) on the 10-Year T-Note at around -5.3%, according to data from Bloomberg. Suffice it to say, that is not an attractive investment. From November 30, 1971 through November 30, 2021, a period which captures the last 50 years, the average real rate of return on the 10-Year T-Note was 2.2%. Something has got to give, and if inflation remains elevated, then bond yields are likely going higher, in my opinion.

For the record, we have seen bond yields attempt to normalize on a couple of occasions over the past decade. In both 2013 and 2018, the yield on the 10-Year T-Note peaked at 3.03% and 3.24%, respectively, but was not able to hold the 3.00% mark for long. Over the past decade, the Fed has expanded its balance sheet of assets from $2.90 trillion to $8.76 trillion. The Fed’s quantitative easing (bond buying) has everything to do with why bond yields have been so depressed for so long, and it is time to let investors and the markets determine where yields and prices should trade. Let the fundamentals drive the process. The low interest rate climate has been a boon for equity investors. Corporate earnings have been strong even in the face of the coronavirus pandemic. If bond yields trend higher in the months ahead, investors should anticipate higher levels of volatility in both the stock and bond markets. Considering the guidance that we have been given by the Fed, I believe that investors should use this time to assess their holdings and adjust accordingly, if necessary, to the new higher-rate climate that is likely heading our way.

Thank you for giving First Trust the opportunity to play a role in your financial future. We value our relationship with you.

Sincerely,

James A. Bowen

Chairman of the Board of Trustees

Chief Executive Officer of First Trust Advisors L.P.

Page 1

First Trust Senior Floating Rate 2022 Target Term Fund (FIV)

“AT A GLANCE”

As of November 30, 2021 (Unaudited)

(1)	Most recent distribution paid or declared through November 30, 2021. The most recent distribution was paid on November 15, 2021.

(2)	Distribution rates are calculated by annualizing the most recent distribution paid or declared through the report date and then dividing by Common Share Price or NAV, as applicable, as of November 30, 2021. Subject to change in the future.

(3)

Total return is based on the combination of reinvested dividend, capital gain, and return of capital distributions, if any, at prices obtained by the Dividend Reinvestment Plan and changes in NAV per share for NAV returns and changes in Common Share Price for market value returns. Total returns do not reflect sales load and are not annualized for periods of less than one year. Past performance is not indicative of future results.

Page 2

First Trust Senior Floating Rate 2022 Target Term Fund (FIV)

“AT A GLANCE” (Continued)

As of November 30, 2021 (Unaudited)

Page 3

Portfolio Management

First Trust Senior Floating Rate 2022 Target Term Fund (FIV)

Semi-Annual Report

November 30, 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 November 30, 2021, the First Trust Leveraged Finance Investment Team managed or supervised approximately $7.30 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

Page 4

First Trust Senior Floating Rate 2022 Target Term Fund (FIV)

Portfolio of Investments

November 30, 2021 (Unaudited)

Principal Value		Description		Annualized Yield on Date of Purchase		Stated Maturity		Value
COMMERCIAL PAPER – 90.9%
		Automobiles – 10.9%
$3,000,000		General Motors Financial Co., Inc.		0.30%		12/02/21		$2,999,959
13,500,000		Harley-Davidson Financial Services, Inc.		0.26%		12/09/21		13,499,213
7,500,000		Hyundai Capital America		0.17%		12/10/21		7,499,794
2,000,000		VW Credit, Inc.		0.20%		12/02/21		1,999,986
6,800,000		VW Credit, Inc.		0.19%		12/03/21		6,799,929
5,200,000		VW Credit, Inc.		0.17%		12/09/21		5,199,835
								37,998,716
		Beverages – 4.0%
5,200,000		Constellation Brands, Inc.		0.19%		12/03/21		5,199,870
8,800,000		Constellation Brands, Inc.		0.22%		12/10/21		8,799,218
								13,999,088
		Capital Markets – 3.4%
11,800,000		Intercontinental Exchange, Inc.		0.18%		12/10/21		11,799,410
		Chemicals – 4.0%
8,700,000		Cabot Corp.		0.13%		12/07/21		8,699,788
5,300,000		Cabot Corp.		0.20%		12/08/21		5,299,852
								13,999,640
		Diversified Telecommunication Services – 0.5%
1,750,000		AT&T, Inc.		0.13%		12/14/21		1,749,909
		Electric Utilities – 13.4%
1,500,000		CenterPoint Energy, Inc.		0.18%		12/06/21		1,499,969
7,500,000		CenterPoint Energy, Inc.		0.19%		12/08/21		7,499,790
5,000,000		CenterPoint Energy Resources Corp.		0.19%		12/08/21		4,999,860
3,000,000		Dominion Energy, Inc.		0.20%		12/06/21		2,999,938
3,900,000		Electricite de France S.A.		0.15%		12/03/21		3,899,966
8,400,000		Ontario Power Generation, Inc.		0.16%		12/01/21		8,399,973
3,650,000		Sempra Energy		0.16%		12/15/21		3,649,764
14,000,000		WEC Energy Group, Inc.		0.17%		12/15/21		13,999,212
								46,948,472
		Electronic Equipment, Instruments & Components – 8.0%
12,000,000		Arrow Electronics, Inc.		0.24%		12/03/21		11,999,701
2,000,000		Arrow Electronics, Inc.		0.28%		12/08/21		1,999,862
14,000,000		Flex Ltd.		0.38%		12/08/21		13,998,754
								27,998,317
		Equity Real Estate Investment Trusts – 12.0%
14,000,000		Alexandria Real Estate Equities, Inc.		0.20%		12/01/21		13,999,939
3,800,000		Crown Castle International Corp.		0.26%		12/02/21		3,799,937
3,500,000		Crown Castle International Corp.		0.28%		12/08/21		3,499,759
6,700,000		Crown Castle International Corp.		0.27%		12/15/21		6,699,297
10,000,000		Welltower, Inc.		0.18%		12/01/21		9,999,965
4,000,000		Welltower, Inc.		0.19%		12/10/21		3,999,857
								41,998,754
		Food & Staples Retailing – 2.1%
7,300,000		Walgreens Boots Alliance, Inc.		0.19%		12/03/21		7,299,906
		Health Care Providers & Services – 1.5%
5,100,000		Cigna Corp.		0.17%		12/01/21		5,099,982

See Notes to Financial Statements

Page 5

First Trust Senior Floating Rate 2022 Target Term Fund (FIV)

Portfolio of Investments (Continued)

November 30, 2021 (Unaudited)

Principal Value		Description		Annualized Yield on Date of Purchase		Stated Maturity		Value
COMMERCIAL PAPER (Continued)
		Industrial Conglomerates – 1.6%
$5,700,000		Hitachi America Capital Ltd.		0.18%		12/08/21		$5,699,840
		IT Services – 5.4%
4,900,000		Fidelity National Information Services, Inc.		0.21%		12/03/21		4,899,949
8,400,000		Fiserv, Inc.		0.16%		12/07/21		8,399,763
5,600,000		Fiserv, Inc.		0.15%		12/15/21		5,599,638
								18,899,350
		Machinery – 2.2%
7,700,000		Parker-Hannifin Corp.		0.25%		12/07/21		7,699,678
		Oil, Gas & Consumable Fuels – 12.2%
8,200,000		CNPC Finance HK Ltd.		0.30%		12/01/21		8,199,985
5,800,000		CNPC Finance HK Ltd.		0.30%		12/03/21		5,799,969
11,400,000		Enbridge US, Inc.		0.20%		12/02/21		11,399,921
12,200,000		Energy Transfer L.P.		0.40%		12/09/21		12,199,039
5,000,000		ONEOK, Inc.		0.20%		12/07/21		4,999,733
								42,598,647
		Real Estate Management & Development – 3.3%
11,400,000		Healthpeak Properties, Inc.		0.17%		12/01/21		11,399,951
		Tobacco – 4.0%
9,000,000		BAT International Finance PLC		0.20%		12/08/21		8,999,310
5,000,000		BAT International Finance PLC		0.20%		12/09/21		4,999,841
								13,999,151
		Trading Companies & Distributors – 2.4%
8,300,000		Mitsubishi HC Capital America, Inc.		0.17%		12/10/21		8,299,703
		Total Commercial Paper						317,488,514
		(Cost $317,489,326)

    

    

	Total Investments – 91.0%(b)		317,888,720
	(Cost $317,889,532)

Page 6

See Notes to Financial Statements

See Notes to Financial Statements

Page 9

First Trust Senior Floating Rate 2022 Target Term Fund (FIV)

Statements of Changes in Net Assets

	Six Months Ended 11/30/2021 (Unaudited)		Year Ended 5/31/2021
OPERATIONS:
Net investment income (loss)	$ 5,412,417		$ 11,956,805
Net realized gain (loss)	(298,464)		(1,333,220)
Net change in unrealized appreciation (depreciation)	(349,989)		22,994,485
Net increase (decrease) in net assets resulting from operations	4,763,964		33,618,070
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment operations	(1,856,075)		(6,757,834)
Total increase (decrease) in net assets	2,907,889		26,860,236
NET ASSETS:
Beginning of period	346,589,900		319,729,664
End of period	$ 349,497,789		$ 346,589,900
COMMON SHARES:
Common Shares at end of period	35,831,569		35,831,569

Page 10

See Notes to Financial Statements

First Trust Senior Floating Rate 2022 Target Term Fund (FIV)

Statement of Cash Flows

For the Six Months Ended November 30, 2021 (Unaudited)

Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$4,763,964
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
Purchases of investments	(734,474,624)
Sales, maturities and paydown of investments	869,883,794
Net amortization/accretion of premiums/discounts on investments	(689,604)
Net realized gain/loss on investments	298,464
Net change in unrealized appreciation/depreciation on investments	348,042
Changes in assets and liabilities:
Decrease in interest receivable	700,913
Decrease in prepaid expenses	23,450
Increase in due to custodian	3,766
Decrease in interest and fees payable on loans	(43,823)
Decrease in investment advisory fees payable	(348,814)
Decrease in audit and tax fees payable	(62,693)
Decrease in legal fees payable	(10,956)
Decrease in shareholder reporting fees payable	(4,700)
Decrease in administrative fees payable	(10,294)
Increase in custodian fees payable	1,209
Decrease in transfer agent fees payable	(1,297)
Increase in trustees’ fees and expenses payable	627
Decrease in excise tax payable	(165,440)
Increase in other liabilities payable	1,162
Cash provided by operating activities		$140,213,146
Cash flows from financing activities:
Distributions to Common Shareholders from investment operations	(1,856,075)
Repayment of borrowings	(139,000,000)
Cash used in financing activities		(140,856,075)
Decrease in cash		(642,929)
Cash at beginning of period		642,929
Cash at end of period		$—
Supplemental disclosure of cash flow information:
Cash paid during the period for interest and fees		$326,825

See Notes to Financial Statements

Page 11

Notes to Financial Statements (Continued)

First Trust Senior Floating Rate 2022 Target Term Fund (FIV)

November 30, 2021 (Unaudited)

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 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 type of security;
2)	the size of the holding;
3)	the initial cost of the security;
4)	transactions in comparable securities;
5)	price quotes from dealers and/or third-party pricing services;
6)	relationships among various securities;
7)	information obtained by contacting the issuer, analysts, or the appropriate stock exchange;
8)	an analysis of the issuer’s financial statements; and
9)	the existence of merger proposals or tender offers that might affect the value of the security.

The Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

•	Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. 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.
•	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.

•	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 November 30, 2021, is included with the Fund’s Portfolio of Investments.

B. Security Transactions and Investment Income

Security transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Interest income is recorded on the accrual basis. Market premiums and discounts are amortized to the earliest call date of each respective borrowing.

C. Dividends and Distributions to Shareholders

The Fund will distribute to holders of its Common Shares monthly dividends of all or a portion of its net income after the payment of interest and dividends in connection with leverage, if any. Distributions of any net long-term capital gains earned by the Fund are distributed at least annually. Distributions will automatically be reinvested into additional Common Shares pursuant to the Fund’s Dividend Reinvestment Plan unless cash distributions are elected by the shareholder.

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

Page 14

Notes to Financial Statements (Continued)

First Trust Senior Floating Rate 2022 Target Term Fund (FIV)

November 30, 2021 (Unaudited)

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 point in the future.

The tax character of distributions paid by the Fund during the fiscal year ended May 31, 2021, was as follows:

As of May 31, 2021, the components of distributable earnings and net assets on a tax basis were as follows:

D. 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 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. At May 31, 2021, the Fund had $13,804,621 of non-expiring capital loss carryforwards for federal income tax purposes.

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 May 31, 2021, the Fund incurred $1,115,821 of late year capital losses.

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. Taxable years ended 2018, 2019, 2020, and 2021 remain open to federal and state audit. As of November 30, 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.

E. Expenses

The Fund will pay all expenses directly related to its operations.

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 Fund’s investment portfolio, managing the Fund’s business affairs and providing certain administrative services necessary for the management of the

Page 15

Notes to Financial Statements (Continued)

First Trust Senior Floating Rate 2022 Target Term Fund (FIV)

November 30, 2021 (Unaudited)

Fund. For these investment management services, First Trust is entitled to a monthly fee calculated at an annual rate of 0.85% of the Fund’s Managed Assets. First Trust also provides fund reporting services to the Fund for a flat annual fee in the amount of $9,250.

The Fund and First Trust have entered into an agreement whereby First Trust has agreed to waive the management fee payable by the Fund for the period beginning September 1, 2021 through the termination date. During the six months ended November 30, 2021, the Advisor waived fees of $764,726.

BNY Mellon Investment Servicing (US) Inc. (“BNYM IS”) serves as the Fund’s transfer agent in accordance with certain fee arrangements. As transfer agent, BNYM IS is responsible for maintaining shareholder records for the Fund. The Bank of New York Mellon (“BNYM”) serves as the Fund’s administrator, fund accountant, and custodian in accordance with certain fee arrangements. As administrator and fund accountant, BNYM is responsible for providing certain administrative and accounting services to the Fund, including maintaining the Fund’s books of account, records of the Fund’s securities transactions, and certain other books and records. As custodian, BNYM is responsible for custody of the Fund’s assets. BNYM IS and BNYM are subsidiaries 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, a defined-outcome fund or an index fund.

Additionally, the Lead Independent Trustee and the Chairs of the Audit Committee, Nominating and Governance Committee and 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 Fund for acting in such capacities.

4. Purchases and Sales of Securities

The cost of purchases and proceeds from sales of securities, excluding short-term investments, for the six months ended November 30, 2021, were $3,225,154 and $492,118,012, respectively.

5. Borrowings

During the six-months ended November 30, 2021, the Fund had a committed facility agreement (the “agreement”) with The Bank of Nova Scotia (“Scotia”). As the Fund approached its termination date, the Fund reduced the maximum commitment amount of its Scotia agreement from $151,000,000 down to $0. The Scotia agreement was terminated on September 24, 2021. During the six-months ended November 30, 2021, the borrowing rate under facility was equal to the 1-month LIBOR plus 0.775%. When LIBOR loans were not available, the Fund requested alternate base rate loans in which case the exact interest rate was determined at the time of borrowing. In addition, under the facility, the Fund paid a commitment fee of 0.25% on the undrawn amount of such facility when the utilization was below 75% of the maximum commitment amount, and 0.15% in all other events. For the six months ended November 30, 2021, the average amount outstanding was $89,858,407 with a weighted average interest rate of 0.94%. As of November 30, 2021, the Fund had no outstanding borrowings. The high and low annual interest rates for the six months ended November 30, 2021 were 0.96% and 0.93%, respectively.

6. Indemnification

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

7. Subsequent Events

Management has identified the following event that occurred subsequent to the end of the period covered by this report:

As planned, the Fund completed its termination and liquidation following the close of business on December 15, 2021. The termination and liquidation were performed in accordance with the Fund’s investment objectives and governing documents, consistent with the Fund’s previously announced liquidation plans.

Page 16

Additional Information

First Trust Senior Floating Rate 2022 Target Term Fund (FIV)

November 30, 2021 (Unaudited)

Dividend Reinvestment Plan

If your Common Shares are registered directly with the Fund or if you hold your Common Shares with a brokerage firm that participates in the Fund’s Dividend Reinvestment Plan (the “Plan”), unless you elect, by written notice to the Fund, to receive cash distributions, all dividends, including any capital gain distributions, on your Common Shares will be automatically reinvested by BNY Mellon Investment Servicing (US) Inc. (the “Plan Agent”), in additional Common Shares under the Plan. If you elect to receive cash distributions, you will receive all distributions in cash paid by check mailed directly to you by the Plan Agent, as the dividend paying agent.

If you decide to participate in the Plan, the number of Common Shares you will receive will be determined as follows:

(1)

If Common Shares are trading at or above net asset value (“NAV”) at the time of valuation, the Fund will issue new shares at a price equal to the greater of (i) NAV per Common Share on that date or (ii) 95% of the market price on that date.

(2)

If Common Shares are trading below NAV at the time of valuation, the Plan Agent will receive the dividend or distribution in cash and will purchase Common Shares in the open market, on the NYSE or elsewhere, for the participants’ accounts. It is possible that the market price for the Common Shares may increase before the Plan Agent has completed its purchases. Therefore, the average purchase price per share paid by the Plan Agent may exceed the market price at the time of valuation, resulting in the purchase of fewer shares than if the dividend or distribution had been paid in Common Shares issued by the Fund. The Plan Agent will use all dividends and distributions received in cash to purchase Common Shares in the open market within 30 days of the valuation date except where temporary curtailment or suspension of purchases is necessary to comply with federal securities laws. Interest will not be paid on any uninvested cash payments.

You may elect to opt-out of or withdraw from the Plan at any time by giving written notice to the Plan Agent, or by telephone at (866) 340-1104, in accordance with such reasonable requirements as the Plan Agent and the Fund may agree upon. If you withdraw or the Plan is terminated, you will receive a certificate for each whole share in your account under the Plan, and you will receive a cash payment for any fraction of a share in your account. If you wish, the Plan Agent will sell your shares and send you the proceeds, minus brokerage commissions.

The Plan Agent maintains all Common Shareholders’ accounts in the Plan and gives written confirmation of all transactions in the accounts, including information you may need for tax records. Common Shares in your account will be held by the Plan Agent in non-certificated form. The Plan Agent will forward to each participant any proxy solicitation material and will vote any shares so held only in accordance with proxies returned to the Fund. Any proxy you receive will include all Common Shares you have received under the Plan.

There is no brokerage charge for reinvestment of your dividends or distributions in Common Shares. However, all participants will pay a pro rata share of brokerage commissions incurred by the Plan Agent when it makes open market purchases.

Automatically reinvesting dividends and distributions does not mean that you do not have to pay income taxes due upon receiving dividends and distributions. Capital gains and income are realized although cash is not received by you. Consult your financial advisor for more information.

If you hold your Common Shares with a brokerage firm that does not participate in the Plan, you will not be able to participate in the Plan and any dividend reinvestment may be effected on different terms than those described above.

The Fund reserves the right to amend or terminate the Plan if in the judgment of the Board of Trustees the change is warranted. There is no direct service charge to participants in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants. Additional information about the Plan may be obtained by writing BNY Mellon Investment Servicing (US) Inc., 301 Bellevue Parkway, Wilmington, Delaware 19809.

Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund uses to determine how to vote proxies and information on how the Fund voted proxies relating to portfolio investments 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

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November 30, 2021 (Unaudited)

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.

Submission of Matters to a Vote of Shareholders

The Fund held its Annual Meeting of Shareholders (the “Annual Meeting”) on September 13, 2021. At the Annual Meeting, Richard E. Erickson and Thomas R. Kadlec were elected by the Common Shareholders of the First Trust Senior Floating Rate 2022 Target Term Fund as Class I Trustees for a three-year term expiring at the Fund’s annual meeting of shareholders in 2024. The number of votes cast in favor of Mr. Erickson was 17,595,286 and the number of votes withheld was 13,571,438. The number of votes cast in favor of Mr. Kadlec was 17,488,182 and the number of votes withheld was 13,678,542. James A. Bowen, Denise M. Keefe, Robert F. Keith and Niel B. Nielson are the other current and continuing Trustees.

Investment Management Agreement

Board Considerations Regarding Approval of Continuation of Investment Management Agreement

The Board of Trustees of First Trust Senior Floating Rate 2022 Target Term Fund (the “Fund”), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement (the “Agreement”) between the Fund and First Trust Advisors L.P. (the “Advisor”). 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 advisory 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; 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 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 Fund 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.

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 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 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

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November 30, 2021 (Unaudited)

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 presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to 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 advisory fee rate payable under the Agreement for the services provided. The Board received and reviewed information showing the advisory 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 and non-fund clients, as applicable. With respect to the Expense Group, the Board, at the April 26, 2021 meeting, discussed with the Advisor limitations in creating a relevant peer group for the Fund, including that (i) the Fund is unique in its composition, which makes assembling peers with similar strategies and asset mix difficult, and (ii) not all peer funds are target term funds. The Board took these limitations into account in considering the peer data, and noted that the contractual advisory fee rate payable by the Fund, based on average managed assets, was below the median contractual advisory fee of the peer funds in the Expense Group. With respect to fees charged to other clients, the Board considered differences between the Fund and other clients that limited their comparability. In considering the advisory 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. In reviewing the Fund’s performance as compared to the performance of the Performance Universe, the Board took into account the limitations described above with respect to creating a relevant peer group for the Fund. Based on the information provided on net asset value performance, the Board noted that the Fund underperformed the Performance Universe median for the one-year period ended December 31, 2020 and outperformed the Performance Universe median for the three-year period ended December 31, 2020. The Board also noted that the Fund underperformed the benchmark index for the one- and three-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. In addition, the Board considered information provided by the Advisor on the impact of leverage on the Fund’s returns. The Board also received information on the Fund’s annual distribution rate as of December 31, 2020 and the Fund’s average trading discount for various periods and comparable information for a peer group.

On the basis of all the information provided on the fees, expenses and performance of the Fund, and the ongoing oversight by the Board, the Board concluded that the advisory fees continue 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 determined that due to the Fund’s closed-end structure, the potential for realization of economies of scale as Fund assets grow was not a material factor to be considered. 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, including the Advisor’s compensation for fund reporting services pursuant to a separate Fund Reporting Services Agreement. The Board also 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.

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November 30, 2021 (Unaudited)

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.

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INVESTMENT ADVISOR

First Trust Advisors L.P.

120 East Liberty Drive, Suite 400

Wheaton, IL 60187

TRANSFER AGENT

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

ADMINISTRATOR,
FUND ACCOUNTANT, AND
CUSTODIAN

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

320 South Canal Street

Chicago, IL 60606