First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments
February 28, 2023 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
SENIOR FLOATING-RATE LOAN INTERESTS (c) – 106.6% | ||||||||
Application Software – 19.6% | ||||||||
$4,412,589 | Applied Systems, Inc., 1st Lien Term Loan, 3 Mo. LIBOR + 3.00%, 0.50% Floor | 7.73% | 09/19/24 | $4,419,230 | ||||
1,523,561 | ConnectWise, LLC, Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor | 8.13% | 09/30/28 | 1,452,464 | ||||
3,105,078 | Epicor Software Corp., First Lien Term Loan C, 1 Mo. LIBOR + 3.25%, 0.75% Floor | 7.88% | 07/30/27 | 3,047,292 | ||||
82,247 | Flexera Software LLC, 2020 Term Loan B, 1 Mo. LIBOR + 3.75%, 0.75% Floor | 8.39% | 01/26/28 | 81,194 | ||||
4,374,694 | Gainwell Acquisition Corp. (fka Milano), Term Loan B, 3 Mo. LIBOR + 4.00%, 0.75% Floor | 8.73% | 10/01/27 | 4,224,861 | ||||
3,335,021 | Greeneden U.S. Holdings II, LLC (Genesys Telecommunications Laboratories, Inc.,), Initial Dollar Term Loan, 1 Mo. LIBOR + 4.00%, 0.75% Floor | 8.63% | 12/01/27 | 3,312,693 | ||||
611,678 | Hyland Software, Inc., 2nd Lien Term Loan, 1 Mo. LIBOR + 6.25%, 0.75% Floor | 10.88% | 07/10/25 | 589,942 | ||||
2,000,426 | Hyland Software, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%, 0.75% Floor | 8.13% | 07/01/24 | 1,998,065 | ||||
1,612,471 | Informatica Corporation, Term Loan B, 1 Mo. LIBOR + 2.75%, 0.00% Floor | 7.44% | 10/29/28 | 1,611,665 | ||||
4,485,466 | Internet Brands, Inc. (Web MD/MH Sub I. LLC), 2020 June New Term Loan, 1 Mo. LIBOR + 3.75%, 1.00% Floor | 8.38% | 09/15/24 | 4,460,236 | ||||
1,265,863 | Internet Brands, Inc. (Web MD/MH Sub I. LLC), 2nd Lien Term Loan, 1 Mo. SOFR + 6.25%, 0.00% Floor | 10.87% | 02/23/29 | 1,175,145 | ||||
8,443,470 | Internet Brands, Inc. (Web MD/MH Sub I. LLC), Initial Term Loan, 1 Mo. LIBOR + 3.75%, 0.00% Floor | 8.38% | 09/13/24 | 8,396,524 | ||||
279,177 | ION Trading Technologies Limited, Term Loan B, 3 Mo. LIBOR + 4.75%, 0.00% Floor | 9.48% | 04/01/28 | 262,776 | ||||
4,792,903 | LogMeIn, Inc. (GoTo Group, Inc.), Term Loan B, 1 Mo. LIBOR + 4.75%, 0.00% Floor | 9.38% | 08/31/27 | 2,659,127 | ||||
2,172,114 | McAfee Corp. (Condor Merger Sub, Inc.), Tranche B-1 Term Loan, 1 Mo. SOFR + 3.75%, 0.50% Floor | 8.42% | 02/28/29 | 2,040,973 | ||||
360,262 | N-Able, Inc., Term Loan B, 3 Mo. LIBOR + 3.00%, 0.50% Floor | 7.95% | 07/19/28 | 359,361 | ||||
2,092,956 | Open Text Corporation (GXS), New Term Loan B, 1 Mo. SOFR + 3.50%, 0.50% Floor | 8.22% | 12/31/29 | 2,092,799 | ||||
4,503,471 | Open Text Corporation (GXS), Term Loan B, 1 Mo. LIBOR + 1.75%, 0.00% Floor | 6.38% | 05/30/25 | 4,500,093 | ||||
912,941 | RealPage, Inc., Second Lien Term Loan, 1 Mo. LIBOR + 6.50%, 0.75% Floor | 11.13% | 04/22/29 | 884,033 | ||||
5,717,014 | RealPage, Inc., Term Loan B, 1 Mo. LIBOR + 3.00%, 0.50% Floor | 7.63% | 04/24/28 | 5,548,019 | ||||
3,073,448 | SolarWinds Holdings, Inc., Extended Term Loan B, 1 Mo. SOFR + 4.00%, 0.00% Floor | 8.62% | 02/17/27 | 3,070,328 | ||||
487,560 | Solera Holdings, Inc. (Polaris Newco), Term Loan B, 3 Mo. LIBOR + 4.00%, 0.50% Floor | 8.73% | 06/04/28 | 452,414 | ||||
231,966 | Ultimate Kronos Group (UKG, Inc.), 2021 Term Loan, 3 Mo. LIBOR + 3.25%, 0.50% Floor | 8.03% | 05/03/26 | 227,761 | ||||
56,866,995 | ||||||||
Asset Management & Custody Banks – 2.4% | ||||||||
3,779,818 | Edelman Financial Engines Center, LLC, Term Loan B, 1 Mo. LIBOR + 3.50%, 0.75% Floor | 8.13% | 04/07/28 | 3,689,462 | ||||
3,248,900 | Edelman Financial Engines Center, LLC, Term Loan Second Lien, 1 Mo. LIBOR + 6.75%, 0.00% Floor | 11.38% | 07/20/26 | 3,173,103 | ||||
6,862,565 |
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
February 28, 2023 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued) | ||||||||
Auto Parts & Equipment – 0.7% | ||||||||
$1,511,373 | Clarios Global LP (Power Solutions), Term Loan B, 1 Mo. LIBOR + 3.25%, 0.00% Floor | 7.88% | 04/30/26 | $1,507,836 | ||||
518,055 | Truck Hero, Inc., Term Loan B, 1 Mo. LIBOR + 3.75%, 0.75% Floor | 8.38% | 01/31/28 | 471,135 | ||||
1,978,971 | ||||||||
Broadcasting – 4.9% | ||||||||
314,438 | E.W. Scripps Company, Tranche B-3 Term Loan, 1 Mo. LIBOR + 2.75%, 0.75% Floor | 7.38% | 01/07/28 | 310,586 | ||||
1,719,808 | Gray Television, Inc., Term C Loan, 1 Mo. LIBOR + 2.50%, 0.00% Floor | 7.07% | 01/02/26 | 1,699,859 | ||||
1,117,388 | Gray Television, Inc., Term Loan B2, 1 Mo. LIBOR + 2.50%, 0.00% Floor | 7.07% | 02/07/24 | 1,117,851 | ||||
3,101,009 | iHeartCommunications, Inc., Second Amendment Incremental Term Loan B, 1 Mo. LIBOR + 3.25%, 0.50% Floor | 7.88% | 05/01/26 | 3,023,484 | ||||
1,199,070 | iHeartCommunications, Inc., Term Loan B, 1 Mo. LIBOR + 3.00%, 0.00% Floor | 7.63% | 05/01/26 | 1,163,943 | ||||
6,811,673 | Nexstar Broadcasting, Inc., Incremental Term Loan B-4, 1 Mo. LIBOR + 2.50%, 0.00% Floor | 7.13% | 09/19/26 | 6,806,803 | ||||
21,120 | Univision Communications, Inc., 2017 Replacement Repriced First Lien Term Loan C-5, 1 Mo. LIBOR + 2.75%, 1.00% Floor | 7.38% | 03/15/24 | 21,137 | ||||
11,587 | Univision Communications, Inc., 2021 Replacement New First Lien Term Loan, 1 Mo. LIBOR + 3.25%, 0.75% Floor | 7.88% | 03/15/26 | 11,523 | ||||
14,155,186 | ||||||||
Building Products – 0.1% | ||||||||
264,159 | Hunter Douglas, Inc. (Solis), Term Loan B, 3 Mo. SOFR + 3.50%, 0.50% Floor | 8.37% | 02/28/29 | 243,828 | ||||
Cable & Satellite – 2.8% | ||||||||
4,636,127 | Cablevision (aka CSC Holdings, LLC), March 2017 Term Loan B-1, 1 Mo. LIBOR + 2.25%, 0.00% Floor | 6.84% | 07/17/25 | 4,488,003 | ||||
3,528,389 | Charter Communications Operating, LLC, Term Loan B1, 1 Mo. LIBOR + 1.75%, 0.00% Floor | 6.37% | 04/30/25 | 3,528,618 | ||||
8,016,621 | ||||||||
Casinos & Gaming – 1.6% | ||||||||
4,422,799 | Golden Nugget, Inc. (Fertitta Entertainment LLC), Initial Term Loan B, 1 Mo. SOFR + 4.00%, 0.50% Floor | 8.62% | 01/27/29 | 4,310,858 | ||||
216,866 | Scientific Games Holdings LP (Scientific Games Lottery), Initial Dollar Term Loan, 3 Mo. SOFR + 3.50%, 0.50% Floor | 8.10% | 04/04/29 | 213,578 | ||||
4,524,436 | ||||||||
Coal & Consumable Fuels – 0.0% | ||||||||
32,499 | Arch Coal, Inc., Term Loan B, 1 Mo. LIBOR + 2.75%, 1.00% Floor | 7.38% | 03/07/24 | 32,276 | ||||
Commercial Printing – 0.8% | ||||||||
2,507,887 | Multi-Color Corp. (LABL, Inc.), Term Loan B, 1 Mo. LIBOR + 5.00%, 0.50% Floor | 9.63% | 10/29/28 | 2,453,717 | ||||
Communications Equipment – 0.3% | ||||||||
852,865 | Commscope, Inc., Term Loan B, 1 Mo. LIBOR + 3.25%, 0.00% Floor | 7.88% | 04/06/26 | 829,838 |
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
February 28, 2023 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued) | ||||||||
Education Services – 0.5% | ||||||||
$1,468,220 | Ascensus Holdings, Inc. (Mercury), First Lien Term Loan, 3 Mo. LIBOR + 3.50%, 0.50% Floor | 8.25% | 08/02/28 | $1,427,227 | ||||
Electric Utilities – 3.1% | ||||||||
9,157,203 | PG&E Corp., Term Loan B, 1 Mo. LIBOR + 3.00%, 0.50% Floor | 7.69% | 06/23/25 | 9,140,033 | ||||
Electronic Equipment & Instruments – 0.7% | ||||||||
1,364,596 | Chamberlain Group, Inc. (Chariot), Term Loan B, 1 Mo. LIBOR + 3.25%, 0.50% Floor | 7.88% | 11/03/28 | 1,317,156 | ||||
867,824 | Verifone Systems, Inc., Term Loan B, 3 Mo. LIBOR + 4.00%, 0.00% Floor | 8.95% | 08/20/25 | 809,897 | ||||
2,127,053 | ||||||||
Environmental & Facilities Services – 2.6% | ||||||||
5,711,053 | GFL Environmental, Inc., Extended Term Loan B, 1 Mo. LIBOR + 3.00%, 0.50% Floor | 7.66% | 05/31/27 | 5,727,330 | ||||
2,084,075 | Packers Holdings, LLC (PSSI), Term Loan B, 1 Mo. LIBOR + 3.25%, 0.75% Floor | 7.85% | 03/15/28 | 1,914,369 | ||||
7,641,699 | ||||||||
Food Distributors – 0.3% | ||||||||
909,230 | US Foods, Inc., Incremental B-2019 Term Loan, 1 Mo. LIBOR + 2.00%, 0.00% Floor | 6.63% | 08/31/26 | 908,138 | ||||
Health Care Equipment – 0.0% | ||||||||
86,182 | Embecta Corp., Initial Term Loan, 6 Mo. SOFR + 3.00%, 0.50% Floor | 7.79% | 03/31/29 | 84,984 | ||||
Health Care Facilities – 1.2% | ||||||||
494,022 | Ardent Health Services, Inc. (AHP Health Partners, Inc.), Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor | 8.13% | 08/24/28 | 491,305 | ||||
2,966,136 | Select Medical Corporation, Term Loan B, 1 Mo. LIBOR + 2.50%, 0.00% Floor | 7.14% | 03/06/25 | 2,957,801 | ||||
3,449,106 | ||||||||
Health Care Services – 4.9% | ||||||||
2,621,189 | ADMI Corp. (Aspen Dental), 2020 Incremental Term Loan B2, 1 Mo. LIBOR + 3.38%, 0.50% Floor | 8.01% | 12/23/27 | 2,434,429 | ||||
1,069,413 | ADMI Corp. (Aspen Dental), 2021 Incremental Term Loan B3, 1 Mo. LIBOR + 3.75%, 0.50% Floor | 8.38% | 12/23/27 | 995,356 | ||||
767,727 | Aveanna Healthcare LLC, 2021 Term Loan B, 3 Mo. LIBOR + 3.75%, 0.50% Floor | 8.70% | 07/15/28 | 654,487 | ||||
54,266 | Aveanna Healthcare LLC, Delayed Draw Term Loan, 3 Mo. LIBOR + 3.75%, 0.50% Floor | 8.70% | 07/15/28 | 46,262 | ||||
3,281,332 | CHG Healthcare Services, Inc., Term Loan B, 1 Mo. LIBOR + 3.25%, 0.50% Floor | 7.88% | 09/30/28 | 3,267,419 | ||||
2,683,509 | DaVita, Inc., Term Loan B, 1 Mo. LIBOR + 1.75%, 0.00% Floor | 6.38% | 08/12/26 | 2,644,384 | ||||
2,615,450 | ExamWorks Group, Inc. (Electron Bidco), Term Loan B, 1 Mo. LIBOR + 3.00%, 0.50% Floor | 7.63% | 10/29/28 | 2,596,031 | ||||
1,985,230 | Global Medical Response, Inc. (fka Air Medical), 2021 Refinancing Term Loan, 1 Mo. LIBOR + 4.25%, 1.00% Floor | 8.83% | 10/02/25 | 1,583,578 | ||||
14,221,946 | ||||||||
Health Care Supplies – 1.8% | ||||||||
5,287,638 | Medline Borrower, LP (Mozart), Initial Dollar Term Loan, 1 Mo. LIBOR + 3.25%, 0.50% Floor | 7.88% | 10/21/28 | 5,106,589 |
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
February 28, 2023 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued) | ||||||||
Health Care Technology – 12.3% | ||||||||
$4,862,461 | athenahealth, Inc. (Minerva Merger Sub, Inc.), Term Loan B, 1 Mo. SOFR + 3.50%, 0.50% Floor | 8.06% | 02/15/29 | $4,511,950 | ||||
1,322,227 | Ciox Health (Healthport/CT Technologies Intermediate Holdings, Inc.), New Term Loan B, 1 Mo. LIBOR + 4.25%, 0.75% Floor | 8.88% | 12/16/25 | 1,286,144 | ||||
1,803,723 | Ensemble RCM, LLC (Ensemble Health), Term Loan B, 3 Mo. SOFR + 3.75%, 0.00% Floor | 8.53% | 08/01/26 | 1,805,653 | ||||
4,260,789 | Mediware (Wellsky/Project Ruby Ultimate Parent Corp.), Term Loan B, 1 Mo. LIBOR + 3.25%, 0.75% Floor | 7.88% | 03/10/28 | 4,151,009 | ||||
4,206,680 | Navicure, Inc. (Waystar Technologies, Inc.), Term Loan B, 1 Mo. LIBOR + 4.00%, 0.00% Floor | 8.63% | 10/23/26 | 4,204,051 | ||||
12,312,645 | Verscend Technologies, Inc. (Cotiviti), New Term Loan B-1, 1 Mo. LIBOR + 4.00%, 0.00% Floor | 8.63% | 08/27/25 | 12,323,665 | ||||
7,628,223 | Zelis Payments Buyer, Inc., New Term Loan B-1, 1 Mo. LIBOR + 3.50%, 0.00% Floor | 8.13% | 09/30/26 | 7,605,568 | ||||
35,888,040 | ||||||||
Hotels, Resorts & Cruise Lines – 2.4% | ||||||||
459,501 | Alterra Mountain Company, Term Loan B-2, 1 Mo. LIBOR + 3.50%, 0.50% Floor | 8.13% | 08/17/28 | 459,214 | ||||
5,926,464 | Four Seasons Holdings, Inc., New Term Loan B, 1 Mo. SOFR + 3.25%, 0.50% Floor | 7.87% | 11/30/29 | 5,960,215 | ||||
443,489 | Wyndham Hotels & Resorts, Inc., Term Loan B, 1 Mo. LIBOR + 1.75%, 0.00% Floor | 6.38% | 05/30/25 | 443,609 | ||||
6,863,038 | ||||||||
Industrial Machinery – 0.9% | ||||||||
254,683 | Filtration Group Corporation, 2021 Incremental Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor | 8.13% | 10/21/28 | 251,605 | ||||
1,779,925 | Filtration Group Corporation, Initial Term Loan, 1 Mo. LIBOR + 3.00%, 0.00% Floor | 7.63% | 03/29/25 | 1,777,922 | ||||
617,127 | TK Elevator Newco GMBH (Vertical U.S. Newco, Inc.), New Term Loan B1 (USD), 6 Mo. LIBOR + 3.50%, 0.50% Floor | 8.60% | 07/31/27 | 604,544 | ||||
2,634,071 | ||||||||
Insurance Brokers – 12.8% | ||||||||
5,859,459 | Alliant Holdings I, LLC, ALIANT TL B5 1L, 1 Mo. SOFR + 3.50%, 0.50% Floor | 8.06% | 02/08/27 | 5,794,917 | ||||
2,540,867 | Alliant Holdings I, LLC, TLB-4 New Term Loan, 1 Mo. LIBOR + 3.50%, 0.50% Floor | 8.09% | 11/06/27 | 2,514,976 | ||||
737,576 | Amwins Group, Inc., AMWINS INCR TLB 1L, 1 Mo. SOFR + 2.75%, 0.75% Floor | 7.41% | 02/19/28 | 735,503 | ||||
474,251 | AssuredPartners, Inc., 2021 Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor | 8.13% | 02/13/27 | 464,766 | ||||
107,902 | AssuredPartners, Inc., 2022 Incremental Term Loan B4, 1 Mo. SOFR + 4.25%, 0.50% Floor | 8.87% | 02/13/27 | 107,834 | ||||
1,813,929 | AssuredPartners, Inc., Incremental Term Loan 2022, 1 Mo. SOFR + 3.50%, 0.50% Floor | 8.12% | 02/13/27 | 1,778,222 | ||||
6,428,901 | AssuredPartners, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%, 0.00% Floor | 8.13% | 02/12/27 | 6,301,931 | ||||
2,779,488 | BroadStreet Partners, Inc., Term Loan B, 1 Mo. LIBOR + 3.00%, 0.00% Floor | 7.63% | 01/27/27 | 2,746,495 | ||||
35,901 | HUB International Limited, Initial Term Loan B, 2 Mo. LIBOR + 3.00%, 0.00% Floor | 7.68% | 04/25/25 | 35,853 | ||||
13,678,184 | HUB International Limited, Initial Term Loan B, 3 Mo. LIBOR + 3.00%, 0.00% Floor | 7.82% | 04/25/25 | 13,659,924 |
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
February 28, 2023 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued) | ||||||||
Insurance Brokers (Continued) | ||||||||
$2,451 | HUB International Limited, New Term Loan B-3, 2 Mo. LIBOR + 3.25%, 0.75% Floor | 7.95% | 04/25/25 | $2,451 | ||||
958,149 | HUB International Limited, New Term Loan B-3, 3 Mo. LIBOR + 3.25%, 0.75% Floor | 8.06% | 04/25/25 | 957,961 | ||||
452,593 | Ryan Specialty Group, LLC, Term Loan B, 1 Mo. SOFR + 3.00%, 0.75% Floor | 7.72% | 09/01/27 | 452,736 | ||||
1,725,436 | USI, Inc. (fka Compass Investors, Inc.), 2022 New Term Loan, 3 Mo. SOFR + 3.75%, 0.50% Floor | 8.33% | 11/30/29 | 1,724,539 | ||||
37,278,108 | ||||||||
Integrated Telecommunication Services – 2.4% | ||||||||
3,369,892 | Numericable (Altice France SA or SFR), Term Loan B-11, 3 Mo. LIBOR + 2.75%, 0.00% Floor | 7.58% | 07/31/25 | 3,337,254 | ||||
749,144 | Zayo Group Holdings, Inc., Incremental Term Loan B-2, 1 Mo. SOFR + 4.25%, 0.50% Floor | 8.87% | 03/09/27 | 641,185 | ||||
3,740,009 | Zayo Group Holdings, Inc., Initial Dollar Term Loan, 1 Mo. LIBOR + 3.00%, 0.00% Floor | 7.63% | 03/09/27 | 3,122,403 | ||||
7,100,842 | ||||||||
Managed Health Care – 0.7% | ||||||||
2,287,332 | Multiplan, Inc. (MPH), Term Loan B, 3 Mo. LIBOR + 4.25%, 0.50% Floor | 9.20% | 08/31/28 | 1,932,224 | ||||
Metal & Glass Containers – 0.2% | ||||||||
490,440 | Berry Global, Inc., Term Loan Z, 1 Mo. LIBOR + 1.75%, 0.00% Floor | 6.33% | 07/01/26 | 489,854 | ||||
Office Services & Supplies – 0.9% | ||||||||
2,607,302 | Dun & Bradstreet Corp., Refinancing Term Loan, 1 Mo. LIBOR + 3.25%, 0.00% Floor | 7.87% | 02/08/26 | 2,604,499 | ||||
Packaged Foods & Meats – 2.0% | ||||||||
5,902,411 | Hostess Brands, LLC (HB Holdings), Term Loan B, 3 Mo. LIBOR + 2.25%, 0.75% Floor | 7.08% | 08/03/25 | 5,901,820 | ||||
Paper Packaging – 3.2% | ||||||||
4,657,698 | Graham Packaging Company, L.P., Term Loan B, 1 Mo. LIBOR + 3.00%, 0.75% Floor | 7.63% | 08/04/27 | 4,641,117 | ||||
1,780,222 | Pactiv LLC/Evergreen Packaging LLC (fka Reynolds Group Holdings), Term Loan B-2, 1 Mo. LIBOR + 3.25%, 0.00% Floor | 7.88% | 02/05/26 | 1,778,273 | ||||
2,980,489 | Pactiv LLC/Evergreen Packaging LLC (fka Reynolds Group Holdings), Tranche B-3 U.S. Term Loan, 1 Mo. LIBOR + 3.25%, 0.50% Floor | 7.88% | 09/20/28 | 2,971,934 | ||||
9,391,324 | ||||||||
Pharmaceuticals – 1.7% | ||||||||
969,761 | Jazz Pharmaceuticals, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor | 8.13% | 05/05/28 | 969,330 | ||||
5,030 | Mallinckrodt International Finance S.A., 2017 Replacement Term Loan, 3 Mo. LIBOR + 5.25%, 0.75% Floor | 9.99% | 09/30/27 | 4,004 | ||||
249,365 | Nestle Skin Health (Sunshine Lux VII SARL/Galderma), 2021 Term Loan B-3, 3 Mo. LIBOR + 3.75%, 0.75% Floor | 8.48% | 10/02/26 | 243,131 | ||||
3,801,971 | Parexel International Corp. (Phoenix Newco), First Lien Term Loan, 1 Mo. LIBOR + 3.25%, 0.50% Floor | 7.88% | 11/15/28 | 3,728,783 | ||||
4,945,248 |
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
February 28, 2023 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued) | ||||||||
Property & Casualty Insurance – 0.1% | ||||||||
$210,004 | Sedgwick Claims Management Services, Inc., Term Loan B, 1 Mo. LIBOR + 3.75%, 0.00% Floor | 8.32% | 02/17/28 | $207,860 | ||||
Research & Consulting Services – 2.3% | ||||||||
4,173,517 | Clarivate Analytics PLC (Camelot), Amendment No. 2 Incremental Term Loan, 1 Mo. LIBOR + 3.00%, 1.00% Floor | 7.63% | 10/31/26 | 4,165,692 | ||||
973,343 | Corelogic, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor | 8.19% | 06/02/28 | 838,112 | ||||
385,856 | J.D. Power (Project Boost Purchaser LLC), 2021 Incremental Term Loan B, 1 Mo. LIBOR + 3.50%, 0.50% Floor | 8.13% | 05/26/26 | 381,997 | ||||
1,000,000 | J.D. Power (Project Boost Purchaser LLC), Term Loan B, 1 Mo. LIBOR + 3.50%, 0.00% Floor | 8.13% | 05/30/26 | 990,235 | ||||
333,191 | Veritext Corporation (VT TopCo, Inc.), Non-Fungible 1st Lien Term Loan, 1 Mo. LIBOR + 3.75%, 0.75% Floor | 8.38% | 08/10/25 | 333,191 | ||||
6,709,227 | ||||||||
Restaurants – 3.7% | ||||||||
5,317,412 | 1011778 B.C. Unlimited Liability Company (Restaurant Brands) (aka Burger King/Tim Horton’s), Term Loan B-4, 1 Mo. LIBOR + 1.75%, 0.00% Floor | 6.38% | 11/14/26 | 5,282,769 | ||||
5,596,366 | IRB Holding Corp. (Arby’s/Inspire Brands), New Term Loan B 2022, 1 Mo. SOFR + 3.00%, 0.75% Floor | 7.69% | 12/15/27 | 5,530,917 | ||||
10,813,686 | ||||||||
Security & Alarm Services – 0.2% | ||||||||
549,406 | Garda World Security Corporation, Term Loan B, 1 Mo. LIBOR + 4.25%, 0.00% Floor | 8.85% | 10/30/26 | 549,579 | ||||
Specialized Consumer Services – 0.6% | ||||||||
924,043 | Asurion, LLC, New B-8 Term Loan, 1 Mo. LIBOR + 3.25%, 0.00% Floor | 7.88% | 12/23/26 | 881,306 | ||||
1,093,344 | Asurion, LLC, Second Lien Term Loan B-3, 1 Mo. LIBOR + 5.25%, 0.00% Floor | 9.88% | 01/31/28 | 936,449 | ||||
1,817,755 | ||||||||
Specialized Finance – 0.9% | ||||||||
848,164 | Radiate Holdco, LLC (Astound), Amendment No. 6 Term Loan, 1 Mo. LIBOR + 3.25%, 0.75% Floor | 7.88% | 09/25/26 | 706,405 | ||||
1,937,955 | WCG Purchaser Corp. (WIRB- Copernicus Group), Term Loan B, 3 Mo. LIBOR + 4.00%, 1.00% Floor | 8.95% | 01/08/27 | 1,853,170 | ||||
2,559,575 | ||||||||
Specialty Stores – 1.3% | ||||||||
2,763,742 | Petco Health and Wellness Company, Inc., Initial Term Loan B, 3 Mo. SOFR + 3.25%, 0.75% Floor | 8.09% | 03/03/28 | 2,739,560 | ||||
1,071,908 | Petsmart, Inc., Initial Term Loan B, 1 Mo. SOFR + 3.75%, 0.75% Floor | 8.47% | 02/12/28 | 1,070,455 | ||||
3,810,015 | ||||||||
Systems Software – 6.4% | ||||||||
2,681,330 | BMC Software Finance, Inc. (Boxer Parent), 2021 Replacement Dollar Term Loan, 1 Mo. LIBOR + 3.75%, 0.00% Floor | 8.38% | 10/02/25 | 2,652,599 | ||||
881,030 | Idera, Inc., Initial Term Loan, 3 Mo. LIBOR + 3.75%, 0.75% Floor | 8.51% | 02/15/28 | 853,864 | ||||
1,545,496 | Misys Financial Software Ltd. (Almonde, Inc.) (Finastra), Term Loan B, 3 Mo. LIBOR + 3.50%, 1.00% Floor | 8.33% | 06/13/24 | 1,461,545 |
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
February 28, 2023 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued) | ||||||||
Systems Software (Continued) | ||||||||
$883,639 | Proofpoint, Inc., Term Loan B, 1 Mo. LIBOR + 3.25%, 0.50% Floor | 7.88% | 08/31/28 | $860,443 | ||||
2,011,746 | SS&C Technologies Holdings, Inc., Term Loan B-3, 1 Mo. LIBOR + 1.75%, 0.00% Floor | 6.38% | 04/16/25 | 2,011,122 | ||||
1,668,411 | SS&C Technologies Holdings, Inc., Term Loan B-4, 1 Mo. LIBOR + 1.75%, 0.00% Floor | 6.38% | 04/16/25 | 1,667,894 | ||||
5,855,547 | SS&C Technologies Holdings, Inc., Term Loan B-5, 1 Mo. LIBOR + 1.75%, 0.00% Floor | 6.38% | 04/16/25 | 5,853,117 | ||||
3,279,241 | SUSE (Marcel Lux IV SARL), Facility B1 USD, 1 Mo. SOFR + 3.25%, 0.00% Floor | 7.67% | 03/15/26 | 3,271,043 | ||||
18,631,627 | ||||||||
Trading Companies & Distributors – 0.8% | ||||||||
2,320,184 | SRS Distribution, Inc., 2021 Refinancing Term Loan, 1 Mo. LIBOR + 3.50%, 0.50% Floor | 8.13% | 06/04/28 | 2,252,028 | ||||
113,028 | SRS Distribution, Inc., 2022 Refinancing Term Loan, 1 Mo. SOFR + 3.25%, 0.50% Floor | 7.87% | 06/04/28 | 109,397 | ||||
2,361,425 | ||||||||
Wireless Telecommunication Services – 2.5% | ||||||||
7,253,845 | SBA Senior Finance II LLC, Term Loan B, 1 Mo. LIBOR + 1.75%, 0.00% Floor | 6.41% | 04/11/25 | 7,253,119 | ||||
Total Senior Floating-Rate Loan Interests | 309,814,144 | |||||||
(Cost $314,978,320) | ||||||||
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
CORPORATE BONDS AND NOTES (c) – 8.5% | ||||||||
Application Software – 0.1% | ||||||||
560,000 | GoTo Group, Inc. (d) | 5.50% | 09/01/27 | 268,800 | ||||
Broadcasting – 2.6% | ||||||||
1,000,000 | Gray Television, Inc. (d) | 5.88% | 07/15/26 | 904,180 | ||||
2,000,000 | Gray Television, Inc. (d) | 7.00% | 05/15/27 | 1,813,700 | ||||
3,043,000 | Nexstar Media, Inc. (d) | 5.63% | 07/15/27 | 2,829,039 | ||||
2,395,000 | Sirius XM Radio, Inc. (d) | 3.13% | 09/01/26 | 2,119,880 | ||||
7,666,799 | ||||||||
Cable & Satellite – 2.7% | ||||||||
7,000,000 | CCO Holdings, LLC / CCO Holdings Capital Corp. (d) | 5.13% | 05/01/27 | 6,484,135 | ||||
2,000,000 | CSC Holdings, LLC (d) | 7.50% | 04/01/28 | 1,341,250 | ||||
7,825,385 | ||||||||
Casinos & Gaming – 0.4% | ||||||||
572,000 | Fertitta Entertainment, LLC / Fertitta Entertainment Finance Co., Inc. (d) | 4.63% | 01/15/29 | 495,237 | ||||
572,000 | VICI Properties, L.P. / VICI Note Co., Inc. (d) | 4.25% | 12/01/26 | 531,005 | ||||
1,026,242 | ||||||||
Health Care Facilities – 1.6% | ||||||||
2,500,000 | Tenet Healthcare Corp. (d) | 6.25% | 02/01/27 | 2,437,069 | ||||
2,500,000 | Tenet Healthcare Corp. (d) | 5.13% | 11/01/27 | 2,352,575 | ||||
4,789,644 |
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
February 28, 2023 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
CORPORATE BONDS AND NOTES (c) (Continued) | ||||||||
Health Care Services – 0.3% | ||||||||
$376,000 | DaVita, Inc. (d) | 4.63% | 06/01/30 | $310,284 | ||||
226,000 | DaVita, Inc. (d) | 3.75% | 02/15/31 | 170,887 | ||||
324,000 | Global Medical Response, Inc. (d) | 6.50% | 10/01/25 | 243,363 | ||||
724,534 | ||||||||
Insurance Brokers – 0.3% | ||||||||
359,000 | AmWINS Group, Inc. (d) | 4.88% | 06/30/29 | 305,264 | ||||
500,000 | AssuredPartners, Inc. (d) | 7.00% | 08/15/25 | 490,185 | ||||
795,449 | ||||||||
Integrated Telecommunication Services – 0.2% | ||||||||
769,000 | Zayo Group Holdings, Inc. (d) | 4.00% | 03/01/27 | 590,688 | ||||
Systems Software – 0.3% | ||||||||
1,007,000 | SS&C Technologies, Inc. (d) | 5.50% | 09/30/27 | 948,634 | ||||
Total Corporate Bonds and Notes | 24,636,175 | |||||||
(Cost $26,357,870) | ||||||||
FOREIGN CORPORATE BONDS AND NOTES (c) – 0.6% | ||||||||
Application Software – 0.0% | ||||||||
22,000 | Open Text Corp. (d) | 3.88% | 02/15/28 | 18,988 | ||||
Environmental & Facilities Services – 0.6% | ||||||||
1,554,000 | GFL Environmental, Inc. (d) | 3.75% | 08/01/25 | 1,464,389 | ||||
305,000 | GFL Environmental, Inc. (d) | 4.00% | 08/01/28 | 265,702 | ||||
1,730,091 | ||||||||
Total Foreign Corporate Bonds and Notes | 1,749,079 | |||||||
(Cost $1,774,622) |
Shares | Description | Value | ||
RIGHTS (c) – 0.1% | ||||
Electric Utilities – 0.1% | ||||
106,607 | Vistra Energy Corp., no expiration date (e) (f) | 131,500 | ||
Life Sciences Tools & Services – 0.0% | ||||
1 | New Millennium Holdco, Inc., Corporate Claim Trust, no expiration date (e) (f) (g) (h) | 0 | ||
1 | New Millennium Holdco, Inc., Lender Claim Trust, no expiration date (e) (f) (g) (h) | 0 | ||
0 | ||||
Total Rights | 131,500 | |||
(Cost $174,207) | ||||
COMMON STOCKS (c) – 0.0% | ||||
Pharmaceuticals – 0.0% | ||||
150,392 | Akorn, Inc. (f) (i) (j) | 112,794 | ||
(Cost $1,724,086) |
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
February 28, 2023 (Unaudited)
Shares | Description | Value | ||
WARRANTS (c) – 0.0% | ||||
Movies & Entertainment – 0.0% | ||||
315,514 | Cineworld Group PLC, expiring 11/23/25 (e) (f) (i) | $10,437 | ||
(Cost $0) | ||||
Total Investments – 115.8% | 336,454,129 | |||
(Cost $345,009,105) | ||||
Outstanding Loans – (12.7)% | (37,000,000) | |||
Net Other Assets and Liabilities – (3.1)% | (8,887,554) | |||
Net Assets – 100.0% | $290,566,575 |
(a) | Senior Floating-Rate Loan Interests (“Senior Loans”) in which the Fund invests 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 SOFR obtained from the U.S. Department of the Treasury’s Office of Financial Research, (iii) the prime rate offered by one or more United States banks or (iv) the certificate of deposit rate. Certain Senior Loans are subject to a LIBOR or SOFR floor that establishes a minimum LIBOR or SOFR rate. When a range of rates is disclosed, the Fund holds more than one contract within the same tranche with identical LIBOR or SOFR period, spread and floor, but different LIBOR or SOFR 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) | All of these securities are available to serve as collateral for the outstanding loans. |
(d) | 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 Fund’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 February 28, 2023, securities noted as such amounted to $26,385,254 or 9.1% of net assets. |
(e) | Pursuant to procedures adopted by the Fund’s Board of Trustees, this security has been determined to be illiquid by the Advisor. |
(f) | Non-income producing security. |
(g) | This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Fund’s Board of Trustees, and in accordance with the provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At February 28, 2023, securities noted as such are valued at $0 or 0.0% of net assets. |
(h) | This security’s value was determined using significant unobservable inputs (see Valuation Inputs section). |
(i) | This issuer has filed for protection in bankruptcy court. |
(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 (see Restricted Securities table). |
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
Valuation Inputs
The Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:
• | Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. |
• | Level 2 – Level 2 inputs are observable inputs, either directly or indirectly. (Quoted prices for similar investments, valuations based on interest rates and yield curves, or valuations derived from observable market data.) |
• | Level 3 – Level 3 inputs are unobservable inputs that may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment. |
The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
February 28, 2023 (Unaudited)
A summary of the inputs used to value the Fund’s investments as of February 28, 2023 is as follows:
Total Value at 2/28/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Senior Floating-Rate Loan Interests* | $ 309,814,144 | $ — | $ 309,814,144 | $ — |
Corporate Bonds and Notes* | 24,636,175 | — | 24,636,175 | — |
Foreign Corporate Bonds and Notes* | 1,749,079 | — | 1,749,079 | — |
Rights: | ||||
Electric Utilities | 131,500 | — | 131,500 | — |
Life Sciences Tools & Services | —** | — | — | —** |
Common Stocks* | 112,794 | — | 112,794 | — |
Warrants* | 10,437 | — | 10,437 | — |
Total Investments | $ 336,454,129 | $— | $ 336,454,129 | $—** |
* | See Portfolio of Investments for industry breakout. |
** | Investment is valued at $0. |
Level 3 Investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. Level 3 investments values are based on unobservable and non-quantitative inputs.
Unfunded Loan Commitments
As of February 28, 2023, the Fund had the following unfunded loan commitments:
Borrower | Principal Value | Commitment Amount | Value | Unrealized Appreciation (Depreciation) | ||||
athenahealth, Inc. (Minerva Merger Sub, Inc.), Term Loan | $ 595,841 | $ 592,658 | $ 552,890 | $ (39,768) | ||||
Veritext Corporation (VT TopCo, Inc.), Term Loan | 22,247 | 22,247 | 22,247 | 0 | ||||
$614,905 | $575,137 | $(39,768) |
Restricted Securities
As of February 28, 2023, the Fund held restricted securities as shown in the following table that the Advisor has deemed illiquid.
Security | Acquisition Date | Principal Value/Shares | Current Price | Carrying Cost | Value | % of Net Assets |
Akorn, Inc. | 10/15/2020 | 150,392 | $0.75 | $1,724,086 | $112,794 | 0.04% |