First Trust Senior Loan Fund (FTSL)Portfolio of InvestmentsJanuary 31, 2024 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | |
SENIOR FLOATING-RATE LOAN INTERESTS — 86.5% | |||||
Aerospace & Defense — 0.3% | |||||
$3,969,925 | TransDigm, Inc., Term Loan H, 3 Mo. CME Term SOFR + 3.25%, 0.00% Floor | 8.60% | 02/22/27 | $3,979,333 | |
2,500,114 | TransDigm, Inc., Term Loan J, 3 Mo. CME Term SOFR + 3.25%, 0.00% Floor | 8.60% | 02/28/31 | 2,506,127 | |
6,485,460 | |||||
Application Software — 14.0% | |||||
2,644,686 | Applied Systems, Inc., 2026 Term Loan, 3 Mo. CME Term SOFR + 4.50%, 0.50% Floor | 9.85% | 09/19/26 | 2,655,265 | |
25,713,609 | CCC Intelligent Solutions, Inc., Term Loan B, 1 Mo. CME Term SOFR + CSA + 2.25%, 0.50% Floor | 7.70% | 09/21/28 | 25,691,109 | |
12,174,374 | ConnectWise LLC, Term Loan B, 3 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor | 8.96% | 09/30/28 | 12,178,940 | |
14,016,554 | Epicor Software Corp., Term Loan C (First Lien), 1 Mo. CME Term SOFR + CSA + 3.25%, 0.75% Floor | 8.70% | 07/30/27 | 14,042,134 | |
30,568,131 | Gainwell Acquisition Corp. (fka Milano), Term Loan B, 3 Mo. CME Term SOFR + CSA + 4.00%, 0.75% Floor | 9.45% | 10/01/27 | 29,788,644 | |
15,540,303 | Greeneden U.S. Holdings II LLC (Genesys Telecommunications Laboratories, Inc.), Initial Dollar Term Loan, 1 Mo. CME Term SOFR + CSA + 4.00%, 0.75% Floor | 9.45% | 12/01/27 | 15,574,336 | |
14,784,578 | Informatica Corp., Initial Term Loan B, 1 Mo. CME Term SOFR + CSA + 2.75%, 0.00% Floor | 8.20% | 10/29/28 | 14,786,426 | |
4,987,310 | Instructure Holdings, Inc., Term Loan B, 6 Mo. CME Term SOFR + CSA + 2.75%, 0.50% Floor | 8.68% | 10/30/28 | 4,990,452 | |
11,729,668 | Internet Brands, Inc. (WebMD/MH Sub I LLC), 2023 New Term Loan B, 1 Mo. CME Term SOFR + 4.25%, 0.50% Floor | 9.58% | 04/20/28 | 11,506,981 | |
11,578,646 | Internet Brands, Inc. (WebMD/MH Sub I LLC), Term Loan (Second Lien), 1 Mo. CME Term SOFR + 6.25%, 0.00% Floor | 11.58% | 02/23/29 | 11,142,015 | |
1,442,263 | ION Trading Technologies Ltd., Term Loan B, 3 Mo. CME Term SOFR + CSA + 4.75%, 0.00% Floor | 10.20% | 04/01/28 | 1,422,281 | |
30,445,537 | LogMeIn, Inc. (GoTo Group, Inc.), Term Loan B, 1 Mo. CME Term SOFR + CSA + 4.75%, 0.00% Floor | 10.18% | 08/31/27 | 13,903,411 | |
16,034,736 | McAfee Corp. (Condor Merger Sub, Inc.), Tranche B-1 Term Loan, 1 Mo. CME Term SOFR + CSA + 3.75%, 0.50% Floor | 9.20% | 02/28/29 | 15,922,493 | |
16,134,364 | Open Text Corp. (GXS), 2023 Replacement Term Loan, 1 Mo. CME Term SOFR + CSA + 2.75%, 0.50% Floor | 8.18% | 01/31/30 | 16,158,646 | |
27,016,672 | Open Text Corp. (GXS), Term Loan B, 1 Mo. CME Term SOFR + CSA + 1.75%, 0.00% Floor | 7.18% | 05/30/25 | 27,065,167 | |
2,577,778 | PowerSchool Holdings, Inc. (Severin), Extended Term Loan, 3 Mo. CME Term SOFR + 3.25%, 0.00% Floor | 8.56% | 08/01/27 | 2,583,900 | |
2,491,794 | Qlik Technologies (Project Alpha Intermediate Holding, Inc.), Term Loan B, 3 Mo. CME Term SOFR + 4.75%, 0.50% Floor | 10.06% | 10/31/30 | 2,500,104 | |
14,335,603 | RealPage, Inc., Term Loan (Second Lien), 1 Mo. CME Term SOFR + CSA + 6.50%, 0.75% Floor | 11.95% | 04/22/29 | 14,358,898 | |
12,664,442 | RealPage, Inc., Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.50% Floor | 8.45% | 04/24/28 | 12,414,763 | |
3,466,667 | Shearer’s Foods LLC (Fiesta Purchaser, Inc.), Initial Term Loan, 1 Mo. CME Term SOFR + 4.00%, 0.00% Floor (c) | 9.32% | 02/12/31 | 3,432,000 | |
25,558,792 | SolarWinds Holdings, Inc., 2024 Refi Term Loan, 1 Mo. CME Term SOFR + 3.25%, 0.00% Floor | 8.59% | 02/05/27 | 25,617,449 | |
315,522 | Solera Holdings, Inc. (Polaris Newco), Term Loan B, 3 Mo. CME Term SOFR + CSA + 4.00%, 0.50% Floor | 9.57% | 06/04/28 | 308,423 |
First Trust Senior Loan Fund (FTSL)Portfolio of Investments (Continued)January 31, 2024 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | |
SENIOR FLOATING-RATE LOAN INTERESTS (Continued) | |||||
Application Software (Continued) | |||||
$368,875 | Tenable, Inc., Term Loan B, 1 Mo. CME Term SOFR + CSA + 2.75%, 0.50% Floor | 8.20% | 07/07/28 | $369,336 | |
13,272,608 | Ultimate Kronos Group (UKG, Inc.), 2024 Term Loan B, 3 Mo. CME Term SOFR + CSA + 3.50%, 0.00% Floor | 8.81% | 02/15/31 | 13,305,790 | |
8,881,946 | Veeam Software Holdings Ltd. (VS Buyer LLC), Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.00% Floor | 8.68% | 02/28/27 | 8,898,644 | |
300,617,607 | |||||
Asset Management & Custody Banks — 1.6% | |||||
17,171,216 | Edelman Financial Engines Center LLC, Term Loan (Second Lien), 1 Mo. CME Term SOFR + CSA + 6.75%, 0.00% Floor | 12.20% | 07/20/26 | 17,227,022 | |
17,879,464 | Edelman Financial Engines Center LLC, Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.75% Floor | 8.95% | 04/07/28 | 17,788,815 | |
35,015,837 | |||||
Auto Parts & Equipment — 0.7% | |||||
12,976,317 | Caliber Collision (Wand NewCo 3, Inc.), Term Loan B, 1 Mo. CME Term SOFR + 3.75%, 0.00% Floor | 9.09% | 01/31/31 | 12,998,637 | |
1,995,000 | Clarios Global, L.P. (Power Solutions), 2024 Refi Term Loan B, 1 Mo. CME Term SOFR + 3.00%, 0.00% Floor | 8.33% | 05/06/30 | 1,998,740 | |
14,997,377 | |||||
Automotive Retail — 0.8% | |||||
17,223,088 | Mavis Tire Express Services Topco Corp., 2024 Term Loan B, 1 Mo. CME Term SOFR + 3.75%, 0.75% Floor | 9.08% | 05/04/28 | 17,250,559 | |
Broadcasting — 3.8% | |||||
949,052 | E.W. Scripps Co., Tranche B-3 Term Loan, 1 Mo. CME Term SOFR + 3.00%, 0.75% Floor | 8.45% | 01/07/28 | 943,823 | |
11,492,774 | Gray Television, Inc., Term Loan E, 1 Mo. CME Term SOFR + CSA + 2.50%, 0.00% Floor | 7.97% | 01/02/26 | 11,494,038 | |
24,939,453 | iHeartCommunications, Inc., Second Amendment Incremental Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.50% Floor | 8.70% | 05/01/26 | 21,905,069 | |
6,502,712 | iHeartCommunications, Inc., Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.00% Floor | 8.45% | 05/01/26 | 5,728,662 | |
17,030,209 | Nexstar Broadcasting, Inc., Incremental Term Loan B-4, 1 Mo. CME Term SOFR + CSA + 2.50%, 0.00% Floor | 7.95% | 09/19/26 | 17,034,382 | |
15,898,673 | Sinclair Television Group, Inc., Term Loan B-2, 1 Mo. CME Term SOFR + CSA + 2.50%, 0.00% Floor | 7.95% | 09/30/26 | 15,554,864 | |
9,280,997 | Univision Communications, Inc., 2021 Replacement New Term Loan (First Lien), 1 Mo. CME Term SOFR + CSA + 3.25%, 0.75% Floor | 8.70% | 03/15/26 | 9,285,080 | |
81,945,918 | |||||
Building Products — 0.2% | |||||
1,959,369 | American Builders & Contractors Supply Co., Inc., 2024 Refi Term Loan, 1 Mo. CME Term SOFR + 2.00%, 0.00% Floor | 7.33% | 01/31/31 | 1,960,594 | |
2,100,777 | Hunter Douglas, Inc. (Solis), Term Loan B, 3 Mo. CME Term SOFR + 3.50%, 0.50% Floor | 8.88% | 02/25/29 | 2,070,390 | |
367,126 | Quikrete Holdings, Inc., 2023 Term Loan, 1 Mo. CME Term SOFR + 2.75%, 0.00% Floor | 8.20% | 03/18/29 | 367,546 | |
4,398,530 |
First Trust Senior Loan Fund (FTSL)Portfolio of Investments (Continued)January 31, 2024 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | |
SENIOR FLOATING-RATE LOAN INTERESTS (Continued) | |||||
Cable & Satellite — 1.6% | |||||
$22,366,768 | Charter Communications Operating LLC, Term Loan B2, 1 Mo. CME Term SOFR + 1.75%, 0.00% Floor | 7.08% | 02/01/27 | $22,322,035 | |
12,342,307 | Charter Communications Operating LLC, Term Loan B4, 3 Mo. CME Term SOFR + 2.00%, 0.00% Floor | 7.33% | 12/07/30 | 12,167,972 | |
34,490,007 | |||||
Casinos & Gaming — 1.7% | |||||
4,322,503 | Caesars Entertainment, Inc. (f/k/a Eldorado Resorts), 2024 Term Loan, 3 Mo. CME Term SOFR + 2.75%, 0.50% Floor | 8.04% | 01/24/31 | 4,319,801 | |
17,593,741 | Golden Nugget, Inc. (Fertitta Entertainment LLC), Initial Term Loan B, 1 Mo. CME Term SOFR + 4.00%, 0.50% Floor | 9.33% | 01/27/29 | 17,566,647 | |
492,500 | Light & Wonder, Inc. (FKA Scientific Games International, Inc), Term Loan B-1, 1 Mo. CME Term SOFR + 2.75%, 0.50% Floor | 8.08% | 04/16/29 | 493,680 | |
1,678,433 | Scientific Games Holdings, L.P. (Scientific Games Lottery), Initial Dollar Term Loan, 3 Mo. CME Term SOFR + 3.25%, 0.50% Floor | 8.58% | 04/04/29 | 1,667,246 | |
13,000,000 | Stars Group Holdings B.V. (Flutter Entertainment PLC), Term Loan B, 3 Mo. CME Term SOFR + 2.25%, 0.50% Floor | 7.60% | 11/30/30 | 12,967,500 | |
37,014,874 | |||||
Commercial Printing — 0.7% | |||||
15,970,621 | Multi-Color Corp. (LABL, Inc.), Initial Dollar Term Loan, 1 Mo. CME Term SOFR + CSA + 5.00%, 0.50% Floor | 10.43% | 10/29/28 | 15,202,913 | |
Construction & Engineering — 0.2% | |||||
3,176,147 | APi Group DE, Inc., Initial Term Loan, 1 Mo. CME Term SOFR + CSA + 2.25%, 0.00% Floor | 7.70% | 10/01/26 | 3,182,436 | |
Construction Materials — 0.1% | |||||
1,000,000 | Summit Materials LLC, Term Loan B-2, 3 Mo. CME Term SOFR + 2.50%, 0.00% Floor | 7.83% | 11/30/28 | 1,004,065 | |
Education Services — 0.6% | |||||
12,473,153 | Ascensus Holdings, Inc. (Mercury), Term Loan (First Lien), 1 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor | 8.95% | 08/02/28 | 12,445,899 | |
Electric Utilities — 0.2% | |||||
4,000,000 | Vistra Operations Company LLC (TEX/TXU), Term Loan B, 1 Mo. CME Term SOFR + 2.00%, 0.00% Floor | 7.33% | 12/20/30 | 3,971,860 | |
Electronic Equipment & Instruments — 0.6% | |||||
718,425 | Chamberlain Group, Inc. (Chariot), Term Loan B, 1 Mo. CME Term SOFR + 3.25%, 0.50% Floor | 8.68% | 11/03/28 | 711,493 | |
12,783,020 | Verifone Systems, Inc., Term Loan B, 3 Mo. CME Term SOFR + 4.00%, 0.00% Floor | 9.64% | 08/20/25 | 12,284,546 | |
12,996,039 | |||||
Environmental & Facilities Services — 0.3% | |||||
6,088,762 | GFL Environmental, Inc., 2023 Refinancing Term Loan, 3 Mo. CME Term SOFR + 2.50%, 0.50% Floor | 7.82% | 05/31/27 | 6,100,209 | |
Food Distributors — 0.3% | |||||
6,759,550 | US Foods, Inc., Incremental B-2019 Term Loan, 1 Mo. CME Term SOFR + CSA + 2.00%, 0.00% Floor | 7.45% | 09/13/26 | 6,769,419 | |
Food Retail — 0.1% | |||||
1,000,000 | BJ’s Wholesale Club, Inc., Term Loan B, 1 Mo. CME Term SOFR + 2.00%, 0.00% Floor | 7.33% | 02/03/29 | 1,006,045 |
First Trust Senior Loan Fund (FTSL)Portfolio of Investments (Continued)January 31, 2024 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | |
SENIOR FLOATING-RATE LOAN INTERESTS (Continued) | |||||
Health Care Facilities — 1.7% | |||||
$13,533,750 | Ardent Health Services, Inc. (AHP Health Partners, Inc.), Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor | 8.95% | 08/24/28 | $13,565,893 | |
3,948,395 | Gentiva Health Services, Inc. (Kindred at Home/Charlotte Buyer), Initial Term B Loan, 1 Mo. CME Term SOFR + 5.25%, 0.50% Floor | 10.59% | 02/11/28 | 3,958,937 | |
18,164,782 | Select Medical Corp., Tranche B-1, 1 Mo. CME Term SOFR + 3.00%, 0.00% Floor | 8.33% | 03/06/27 | 18,176,226 | |
35,701,056 | |||||
Health Care Services — 2.2% | |||||
9,225,328 | CHG Healthcare Services, Inc., Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.50% Floor | 8.70% | 09/30/28 | 9,207,384 | |
25,866,970 | DaVita, Inc., Tranche B-1 Term Loan, 1 Mo. CME Term SOFR + 1.75%, 0.00% Floor | 7.20% | 08/12/26 | 25,839,034 | |
3,336,984 | ExamWorks Group, Inc. (Electron Bidco), Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.50% Floor | 8.45% | 11/01/28 | 3,337,435 | |
8,850,000 | Surgery Centers Holdings, Inc., Term Loan B, 1 Mo. CME Term SOFR + 3.50%, 0.00% Floor | 8.83% | 12/19/30 | 8,877,656 | |
47,261,509 | |||||
Health Care Supplies — 1.9% | |||||
40,246,168 | Medline Borrower, L.P. (Mozart), Initial Dollar Term Loan, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.50% Floor | 8.45% | 10/21/28 | 40,223,027 | |
Health Care Technology — 10.6% | |||||
36,981,387 | athenahealth, Inc. (Minerva Merger Sub, Inc.), Term Loan B, 1 Mo. CME Term SOFR + 3.25%, 0.50% Floor | 8.58% | 02/15/29 | 36,542,233 | |
7,406,997 | Ciox Health (Healthport/CT Technologies Intermediate Holdings, Inc.), New Term Loan B, 1 Mo. CME Term SOFR + 4.25%, 0.75% Floor | 9.70% | 12/16/25 | 7,288,596 | |
7,159,677 | Ensemble RCM LLC (Ensemble Health), 2024 Refi Loan, 3 Mo. CME Term SOFR + 3.00%, 0.00% Floor | 8.32% | 08/20/29 | 7,160,787 | |
2,508,063 | Mediware (Wellsky/Project Ruby Ultimate Parent Corp.), 2024 Incremental Term Loan, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.00% Floor | 8.95% | 03/10/28 | 2,501,793 | |
30,576,036 | Mediware (Wellsky/Project Ruby Ultimate Parent Corp.), Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.75% Floor | 8.70% | 03/10/28 | 30,453,732 | |
29,489,765 | Navicure, Inc. (Waystar Technologies, Inc.), Term Loan B, 1 Mo. CME Term SOFR + CSA + 4.00%, 0.00% Floor | 9.45% | 10/23/26 | 29,545,206 | |
5,183,009 | R1 RCM Holdco, Inc., 2023 Add on TL, 1 Mo. CME Term SOFR + 3.00%, 0.50% Floor | 8.33% | 06/21/29 | 5,198,118 | |
4,308,396 | R1 RCM Holdco, Inc., Term Loan B, 1 Mo. CME Term SOFR + 3.00%, 0.50% Floor | 8.33% | 06/21/29 | 4,320,955 | |
71,196,730 | Verscend Technologies, Inc. (Cotiviti), New Term Loan B-1, 1 Mo. CME Term SOFR + CSA + 4.00%, 0.00% Floor | 9.45% | 08/27/25 | 71,361,906 | |
32,754,723 | Zelis Payments Buyer, Inc., Term Loan B-2, 3 Mo. CME Term SOFR + 2.75%, 0.00% Floor | 8.07% | 09/28/29 | 32,761,601 | |
227,134,927 | |||||
Hotels, Resorts & Cruise Lines — 0.1% | |||||
1,747,882 | Alterra Mountain Co., Term Loan B-2, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor | 8.95% | 08/17/28 | 1,750,940 | |
834,161 | Four Seasons Holdings, Inc., 2023 Repricing Term Loan, 1 Mo. CME Term SOFR + CSA + 2.50%, 0.50% Floor | 7.93% | 11/30/29 | 835,417 | |
2,586,357 |
First Trust Senior Loan Fund (FTSL)Portfolio of Investments (Continued)January 31, 2024 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | |
SENIOR FLOATING-RATE LOAN INTERESTS (Continued) | |||||
Household Appliances — 0.0% | |||||
$1,045,977 | Weber-Stephen Products LLC, Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.75% Floor | 8.70% | 10/31/27 | $951,091 | |
Household Products — 0.1% | |||||
3,000,000 | Energizer Spinco, Inc., 2020 Term Loan B, 1 Mo. CME Term SOFR + CSA + 2.25%, 0.50% Floor | 7.70% | 12/22/27 | 2,994,375 | |
Human Resource & Employment Services — 0.0% | |||||
886,134 | Alight, Inc. (fka Tempo Acq.), Fifth Incremental Term Loan 2023, 1 Mo. CME Term SOFR + 2.75%, 0.50% Floor | 8.08% | 08/31/28 | 887,007 | |
Independent Power Producers & Energy Traders — 0.4% | |||||
5,985,000 | Calpine Construction Finance Co., L.P., Term Loan B, 1 Mo. CME Term SOFR + 2.25%, 0.00% Floor | 7.58% | 07/31/30 | 5,958,277 | |
2,135,897 | Calpine Corp., 2024 Refi Term Loan B5, 1 Mo. CME Term SOFR + 2.00%, 0.00% Floor | 7.33% | 12/16/27 | 2,133,783 | |
8,092,060 | |||||
Industrial Machinery & Supplies & Components — 1.3% | |||||
6,980,672 | Copeland (Emerald Debt Merger Sub LLC/EMRLD), Initial Term Loan, 3 Mo. CME Term SOFR + 3.00%, 0.00% Floor | 8.31% | 05/31/30 | 6,990,725 | |
15,955,192 | Filtration Group Corp., 2021 Incremental Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor | 8.95% | 10/21/28 | 15,972,184 | |
4,716,944 | Filtration Group Corp., 2023 Extended Term Loan, 1 Mo. CME Term SOFR + CSA + 4.25%, 0.50% Floor | 9.70% | 10/21/28 | 4,729,042 | |
57,670 | Gates Global LLC, Term Loan B-3, 1 Mo. CME Term SOFR + 2.50%, 0.75% Floor | 7.93% | 03/31/27 | 57,680 | |
512,162 | TK Elevator Newco GMBH (Vertical US Newco, Inc.), New Term Loan B1 (USD), 6 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor | 9.08% | 07/31/27 | 512,882 | |
28,262,513 | |||||
Insurance Brokers — 14.1% | |||||
34,255,542 | Alliant Holdings I LLC, Term Loan B-6, 1 Mo. CME Term SOFR + 3.50%, 0.50% Floor | 8.83% | 11/06/30 | 34,365,845 | |
4,964,918 | AmWINS Group, Inc., Feb. 2023 Incremental Term Loan, 1 Mo. CME Term SOFR + CSA + 2.75%, 0.75% Floor | 8.20% | 02/19/28 | 4,957,372 | |
26,724,604 | AmWINS Group, Inc., Term Loan B, 1 Mo. CME Term SOFR + CSA + 2.25%, 0.75% Floor | 7.70% | 02/19/28 | 26,641,090 | |
12,692,850 | AssuredPartners, Inc., 2021 Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor | 8.95% | 02/12/27 | 12,665,877 | |
12,965,468 | AssuredPartners, Inc., Incremental Term Loan 2022, 1 Mo. CME Term SOFR + 3.50%, 0.50% Floor | 8.83% | 02/12/27 | 12,938,435 | |
43,168,014 | AssuredPartners, Inc., Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.00% Floor | 8.95% | 02/12/27 | 43,097,866 | |
880,702 | AssuredPartners, Inc., Term Loan B-4, 1 Mo. CME Term SOFR + 3.75%, 0.50% Floor | 9.08% | 02/13/27 | 880,795 | |
10,268,227 | BroadStreet Partners, Inc., 2023 Term B Loan, 1 Mo. CME Term SOFR + 3.75%, 0.00% Floor | 9.08% | 01/26/29 | 10,274,644 | |
27,746,109 | BroadStreet Partners, Inc., Initial Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.00% Floor | 8.45% | 01/27/27 | 27,706,154 | |
39,855,587 | HUB International Ltd., 2024 Refi Term Loan B, 3 Mo. CME Term SOFR + 3.25%, 0.75% Floor | 8.57% | 06/20/30 | 39,924,139 | |
832,838 | Hyperion Insurance Group Ltd. (aka - Howden Group), 2023 USD Term Loan, 1 Mo. CME Term SOFR + 4.00%, 0.50% Floor | 9.33% | 04/18/30 | 833,433 |
First Trust Senior Loan Fund (FTSL)Portfolio of Investments (Continued)January 31, 2024 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | |
SENIOR FLOATING-RATE LOAN INTERESTS (Continued) | |||||
Insurance Brokers (Continued) | |||||
$9,974,555 | IMA Financial Group, Inc., Term Loan B-1, 1 Mo. CME Term SOFR + CSA + 3.75%, 0.50% Floor | 9.20% | 11/01/28 | $9,980,789 | |
8,599,450 | National Financial Partners Corp. (NFP), Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.00% Floor | 8.70% | 02/13/27 | 8,623,872 | |
25,829,745 | OneDigital Borrower LLC, Term Loan B, 1 Mo. CME Term SOFR + CSA + 4.25%, 0.50% Floor | 9.68% | 11/16/27 | 25,846,017 | |
9,102,462 | Ryan Specialty Group LLC, 2024 Term Loan, 1 Mo. CME Term SOFR + 2.75%, 0.75% Floor | 8.08% | 09/01/27 | 9,117,253 | |
12,302,285 | USI, Inc., 2023 Refi Tranche, 3 Mo. CME Term SOFR + 3.25%, 0.00% Floor | 8.60% | 09/29/30 | 12,303,577 | |
22,809,118 | USI, Inc., 2023-B New Term Loan, 3 Mo. CME Term SOFR + 3.00%, 0.00% Floor | 8.35% | 11/22/29 | 22,815,163 | |
302,972,321 | |||||
Integrated Telecommunication Services — 2.0% | |||||
8,456,751 | Numericable (Altice France S.A. or SFR), Term Loan B-11, 3 Mo. LIBOR + 2.75%, 0.00% Floor | 8.32% | 07/31/25 | 8,356,327 | |
1,914,337 | Numericable (Altice France S.A. or SFR), Term Loan B-12, 3 Mo. LIBOR + 3.69%, 0.00% Floor | 9.26% | 01/31/26 | 1,879,639 | |
12,550,927 | Numericable (Altice France S.A. or SFR), Term Loan B-13, 3 Mo. LIBOR + 4.00%, 0.00% Floor | 9.64% | 08/14/26 | 12,248,136 | |
8,776,793 | Zayo Group Holdings, Inc., Incremental Term Loan B-2, 1 Mo. CME Term SOFR + 4.33%, 0.50% Floor | 9.66% | 03/09/27 | 7,473,045 | |
14,799,979 | Zayo Group Holdings, Inc., Initial Dollar Term Loan, 1 Mo. CME Term SOFR + 3.00%, 0.00% Floor | 8.45% | 03/09/27 | 12,580,648 | |
42,537,795 | |||||
Internet Services & Infrastructure — 0.4% | |||||
8,979,487 | Go Daddy Operating Co. LLC, Term Loan B4, 1 Mo. CME Term SOFR + CSA + 2.00%, 0.00% Floor | 7.45% | 08/10/27 | 8,988,197 | |
Investment Banking & Brokerage — 0.1% | |||||
2,963,957 | LPL Holdings, Inc., Term Loan B, 1 Mo. CME Term SOFR + CSA + 1.75%, 0.00% Floor | 7.21% | 11/12/26 | 2,966,077 | |
IT Consulting & Other Services — 0.3% | |||||
5,687,878 | CDK Global, Inc. (Central Parent, Inc.), Term Loan B, 3 Mo. CME Term SOFR + 4.00%, 0.00% Floor | 9.35% | 07/06/29 | 5,705,653 | |
Life Sciences Tools & Services — 0.1% | |||||
2,901,918 | WCG Purchaser Corp. (WIRB-Copernicus Group), Term Loan B, 1 Mo. CME Term SOFR + CSA + 4.00%, 1.00% Floor | 9.45% | 01/08/27 | 2,898,319 | |
Managed Health Care — 0.2% | |||||
4,701,045 | Multiplan, Inc. (MPH), Term Loan B, 3 Mo. CME Term SOFR + CSA + 4.25%, 0.50% Floor | 9.90% | 08/31/28 | 4,507,127 | |
Metal & Glass Containers — 1.2% | |||||
13,159,897 | Berry Global, Inc., Term Loan Z, 1 Mo. CME Term SOFR + CSA + 1.75%, 0.00% Floor | 7.20% | 07/01/26 | 13,164,503 | |
12,554,977 | ProAmpac PG Borrower LLC, Term Loan (First Lien), 3 Mo. CME Term SOFR + 4.50%, 0.75% Floor | 9.80%-9.87% | 09/15/28 | 12,598,166 | |
25,762,669 | |||||
Other Diversified Financial Services — 0.2% | |||||
4,851,000 | Worldpay (GTCR W Merger Sub LLC/Boost Newco LLC), Initial USD Term Loan, 1 Mo. CME Term SOFR + 3.00%, 0.50% Floor | 8.33% | 12/31/30 | 4,857,573 |
First Trust Senior Loan Fund (FTSL)Portfolio of Investments (Continued)January 31, 2024 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | |
SENIOR FLOATING-RATE LOAN INTERESTS (Continued) | |||||
Packaged Foods & Meats — 0.5% | |||||
$10,650,073 | Utz Quality Foods LLC, 2021 New Term Loan, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.00% Floor | 8.45% | 01/20/28 | $10,660,936 | |
Paper Packaging — 2.7% | |||||
34,534,732 | Graham Packaging Co., L.P., Term Loan B, 1 Mo. CME Term SOFR + 3.00%, 0.75% Floor | 8.45% | 08/04/27 | 34,526,444 | |
9,170,105 | Pactiv LLC/Evergreen Packaging LLC (fka Reynolds Group Holdings), Term Loan B-2, 1 Mo. CME Term SOFR + 3.25%, 0.00% Floor | 8.70% | 02/05/26 | 9,187,298 | |
1,774,221 | Pactiv LLC/Evergreen Packaging LLC (fka Reynolds Group Holdings), Tranche B-3 U.S. Term Loan, 1 Mo. CME Term SOFR + 3.25%, 0.50% Floor | 8.70% | 09/24/28 | 1,777,228 | |
12,992,708 | Reynolds Consumer Products LLC, Initial Term Loan, 1 Mo. CME Term SOFR + 1.75%, 0.00% Floor | 7.18% | 02/04/27 | 12,988,031 | |
58,479,001 | |||||
Pharmaceuticals — 2.1% | |||||
6,706,693 | ICON Clinical Investments LLC (PRA Health Sciences, Inc.), Lux Term Loan B, 3 Mo. CME Term SOFR + CSA + 2.25%, 0.50% Floor | 7.86% | 07/01/28 | 6,721,347 | |
1,670,977 | ICON Clinical Investments LLC (PRA Health Sciences, Inc.), US Term Loan B, 3 Mo. CME Term SOFR + CSA + 2.25%, 0.50% Floor | 7.86% | 07/01/28 | 1,674,627 | |
23,700,000 | IQVIA, Inc., Incremental Term Loan B-4, 3 Mo. CME Term SOFR + 2.00%, 0.00% Floor | 7.35% | 01/02/31 | 23,775,603 | |
12,380,219 | Parexel International Corp. (Phoenix Newco), Term Loan (First Lien), 1 Mo. CME Term SOFR + CSA + 3.25%, 0.50% Floor | 8.70% | 11/15/28 | 12,362,144 | |
44,533,721 | |||||
Property & Casualty Insurance — 0.8% | |||||
17,725,157 | Sedgwick Claims Management Services, Inc., 2023 Term Loan B, 1 Mo. CME Term SOFR + 3.75%, 0.00% Floor | 9.08% | 02/24/28 | 17,751,834 | |
Research & Consulting Services — 3.8% | |||||
1,764,654 | AlixPartners, LLP, Term Loan B, 1 Mo. CME Term SOFR + CSA + 2.75%, 0.50% Floor | 8.20% | 02/04/28 | 1,765,871 | |
37,237,224 | Clarivate Analytics PLC (Camelot), 2024 Term Loan B, 1 Mo. CME Term SOFR + 2.75%, 0.00% Floor | 8.08% | 01/31/31 | 37,237,224 | |
29,733,183 | Dun & Bradstreet Corp., 2024 Refi Term Loan, 1 Mo. CME Term SOFR + 2.75%, 0.00% Floor | 8.09% | 01/18/29 | 29,759,200 | |
10,839,353 | J.D. Power (Project Boost Purchaser LLC), 2021 Incremental Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor | 8.95% | 05/30/26 | 10,856,317 | |
861,000 | Veritext Corp. (VT TopCo, Inc.), Initial Term Loan B, 1 Mo. CME Term SOFR + 4.25%, 0.50% Floor | 9.58% | 08/10/30 | 865,370 | |
80,483,982 | |||||
Restaurants — 4.2% | |||||
34,563,376 | 1011778 B.C. Unlimited Liability Co. (Restaurant Brands) (aka Burger King/Tim Horton’s), Term B-5 Loan, 1 Mo. CME Term SOFR + 2.25%, 0.00% Floor | 7.58% | 09/21/30 | 34,433,763 | |
38,866,801 | IRB Holding Corp. (Arby’s/Inspire Brands), 2024 Replacement Term Loan B, 1 Mo. CME Term SOFR + CSA + 2.75%, 0.75% Floor | 8.21% | 12/15/27 | 38,831,627 | |
17,169,199 | Whatabrands LLC, Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.50% Floor | 8.45% | 08/03/28 | 17,153,661 | |
90,419,051 |
First Trust Senior Loan Fund (FTSL)Portfolio of Investments (Continued)January 31, 2024 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | |
SENIOR FLOATING-RATE LOAN INTERESTS (Continued) | |||||
Security & Alarm Services — 0.9% | |||||
$19,852,157 | Garda World Security Corp., 2024 Refi Term Loan, 3 Mo. CME Term SOFR + 4.25%, 0.00% Floor | 9.62% | 02/01/29 | $19,892,457 | |
Specialized Consumer Services — 0.3% | |||||
4,355,132 | Asurion LLC, New B-8 Term Loan, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.00% Floor | 8.70% | 12/23/26 | 4,342,632 | |
1,984,496 | Belron Finance US LLC, Dollar Second Incremental Facility Term Loan, 3 Mo. CME Term SOFR + CSA + 2.25%, 0.00% Floor | 7.83% | 10/30/26 | 1,984,913 | |
6,327,545 | |||||
Specialized Finance — 0.2% | |||||
5,555,976 | Radiate Holdco LLC (Astound), Amendment No. 6 Term Loan, 1 Mo. CME Term SOFR + 3.25%, 0.75% Floor | 8.70% | 09/25/26 | 4,520,704 | |
Specialty Chemicals — 0.2% | |||||
3,618,791 | Avantor, Inc., Term Loan B5, 1 Mo. CME Term SOFR + CSA + 2.25%, 0.50% Floor | 7.68% | 11/06/27 | 3,620,600 | |
Specialty Stores — 0.2% | |||||
3,871,982 | Petco Health and Wellness Co., Inc., Initial Term Loan B, 3 Mo. CME Term SOFR + CSA + 3.25%, 0.75% Floor | 8.86% | 03/04/28 | 3,644,949 | |
Systems Software — 4.0% | |||||
13,769,203 | Gen Digital, Inc. (fka NortonLifeLock, Inc.), Term Loan B, 1 Mo. CME Term SOFR + CSA + 2.00%, 0.50% Floor | 7.43% | 09/12/29 | 13,744,350 | |
13,402,133 | Idera, Inc., Initial Term Loan, 3 Mo. CME Term SOFR + CSA + 3.75%, 0.75% Floor | 9.28% | 03/02/28 | 13,372,783 | |
10,395,000 | Proofpoint, Inc., Term Loan (Second Lien), 1 Mo. CME Term SOFR + CSA + 6.25%, 0.50% Floor | 11.70% | 08/31/29 | 10,459,969 | |
2,564,009 | Proofpoint, Inc., Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.50% Floor | 8.70% | 08/31/28 | 2,550,214 | |
989,750 | Sophos Group PLC (Surf), Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.00% Floor | 8.95% | 03/05/27 | 990,710 | |
8,023,531 | SS&C Technologies Holdings, Inc., Term Loan B-3, 1 Mo. CME Term SOFR + CSA + 1.75%, 0.00% Floor | 7.20% | 04/16/25 | 8,027,382 | |
7,546,770 | SS&C Technologies Holdings, Inc., Term Loan B-4, 1 Mo. CME Term SOFR + CSA + 1.75%, 0.00% Floor | 7.20% | 04/16/25 | 7,550,393 | |
25,584,883 | SS&C Technologies Holdings, Inc., Term Loan B-5, 1 Mo. CME Term SOFR + CSA + 1.75%, 0.00% Floor | 7.20% | 04/16/25 | 25,596,908 | |
2,488,264 | SUSE (Marcel Bidco LLC), New Term Loan B3, Daily CME Term SOFR + 4.50%, 0.50% Floor | 9.82%-9.91% | 10/31/30 | 2,501,228 | |
84,793,937 | |||||
Trading Companies & Distributors — 0.9% | |||||
19,240,039 | SRS Distribution, Inc., 2021 Refinancing Term Loan, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor | 8.95% | 06/04/28 | 19,163,849 | |
825,596 | SRS Distribution, Inc., 2022 Refinancing Term Loan, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.50% Floor | 8.68% | 06/04/28 | 822,244 | |
19,986,093 | |||||
Wireless Telecommunication Services — 1.0% | |||||
21,432,477 | SBA Senior Finance II LLC, 2024 Refi Term Loan B, 1 Mo. CME Term SOFR + 2.00%, 0.00% Floor | 7.34% | 01/20/31 | 21,419,082 | |
Total Senior Floating-Rate Loan Interests | 1,856,718,599 | ||||
(Cost $1,875,581,353) |
First Trust Senior Loan Fund (FTSL)Portfolio of Investments (Continued)January 31, 2024 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
CORPORATE BONDS AND NOTES — 9.6% | |||||
Aerospace & Defense — 0.5% | |||||
$11,082,000 | TransDigm, Inc. (d) | 6.25% | 03/15/26 | $11,015,605 | |
Application Software — 0.1% | |||||
3,598,000 | GoTo Group, Inc. (d) | 5.50% | 09/01/27 | 1,484,198 | |
Broadcasting — 1.0% | |||||
2,148,000 | Gray Television, Inc. (d) | 5.88% | 07/15/26 | 2,106,941 | |
18,561,000 | Nexstar Media, Inc. (d) | 5.63% | 07/15/27 | 18,090,568 | |
2,000,000 | Sirius XM Radio, Inc. (d) | 3.13% | 09/01/26 | 1,868,390 | |
22,065,899 | |||||
Cable & Satellite — 3.1% | |||||
26,771,000 | CCO Holdings LLC / CCO Holdings Capital Corp. (d) | 5.13% | 05/01/27 | 25,840,204 | |
21,129,000 | CSC Holdings LLC (d) | 7.50% | 04/01/28 | 14,089,823 | |
2,278,000 | CSC Holdings LLC (d) | 11.25% | 05/15/28 | 2,309,917 | |
28,542,000 | CSC Holdings LLC (d) | 6.50% | 02/01/29 | 24,292,764 | |
66,532,708 | |||||
Casinos & Gaming — 0.7% | |||||
5,325,000 | VICI Properties, L.P. / VICI Note Co., Inc. (d) | 4.25% | 12/01/26 | 5,130,221 | |
10,000,000 | VICI Properties, L.P. / VICI Note Co., Inc. (d) | 5.75% | 02/01/27 | 9,982,550 | |
15,112,771 | |||||
Health Care Facilities — 0.2% | |||||
3,798,000 | Select Medical Corp. (d) | 6.25% | 08/15/26 | 3,800,138 | |
Health Care Services — 0.6% | |||||
14,939,000 | Global Medical Response, Inc. (d) | 6.50% | 10/01/25 | 12,820,650 | |
Independent Power Producers & Energy Traders — 0.1% | |||||
1,250,000 | Calpine Corp. (d) | 5.25% | 06/01/26 | 1,230,513 | |
Insurance Brokers — 0.5% | |||||
2,181,000 | AmWINS Group, Inc. (d) | 4.88% | 06/30/29 | 2,037,583 | |
9,728,000 | AssuredPartners, Inc. (d) | 7.00% | 08/15/25 | 9,730,222 | |
11,767,805 | |||||
Integrated Telecommunication Services — 0.1% | |||||
2,291,000 | Zayo Group Holdings, Inc. (d) | 4.00% | 03/01/27 | 1,744,752 | |
Internet Services & Infrastructure — 0.0% | |||||
763,000 | Go Daddy Operating Co. LLC / GD Finance Co., Inc. (d) | 5.25% | 12/01/27 | 749,747 | |
Metal & Glass Containers — 0.2% | |||||
3,095,000 | Berry Global, Inc. (d) | 5.63% | 07/15/27 | 3,071,409 | |
583,000 | Berry Global, Inc. (d) | 5.65% | 01/15/34 | 589,833 | |
3,661,242 | |||||
Paper Packaging — 0.4% | |||||
9,535,000 | Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC (d) | 4.00% | 10/15/27 | 8,899,158 | |
Restaurants — 0.1% | |||||
3,185,000 | IRB Holding Corp. (d) | 7.00% | 06/15/25 | 3,168,422 | |
Specialized Finance — 0.1% | |||||
2,882,000 | Radiate Holdco LLC / Radiate Finance, Inc. (d) | 4.50% | 09/15/26 | 2,231,461 | |
Systems Software — 0.9% | |||||
788,000 | Oracle Corp. | 5.80% | 11/10/25 | 800,073 | |
18,639,000 | SS&C Technologies, Inc. (d) | 5.50% | 09/30/27 | 18,314,648 | |
19,114,721 |
First Trust Senior Loan Fund (FTSL)Portfolio of Investments (Continued)January 31, 2024 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
CORPORATE BONDS AND NOTES (Continued) | |||||
Trading Companies & Distributors — 0.7% | |||||
$14,349,000 | United Rentals North America, Inc. (d) | 6.00% | 12/15/29 | $14,560,655 | |
Wireless Telecommunication Services — 0.3% | |||||
6,000,000 | T-Mobile USA, Inc. | 2.25% | 02/15/26 | 5,692,286 | |
Total Corporate Bonds and Notes | 205,652,731 | ||||
(Cost $217,143,357) | |||||
FOREIGN CORPORATE BONDS AND NOTES — 1.2% | |||||
Application Software — 0.7% | |||||
3,910,000 | Open Text Corp. (d) | 6.90% | 12/01/27 | 4,059,205 | |
12,478,000 | Open Text Corp. (d) | 3.88% | 02/15/28 | 11,600,794 | |
15,659,999 | |||||
Data Processing & Outsourced Services — 0.4% | |||||
10,187,000 | Paysafe Finance PLC / Paysafe Holdings US Corp. (d) | 4.00% | 06/15/29 | 9,096,253 | |
Environmental & Facilities Services — 0.1% | |||||
1,323,000 | GFL Environmental, Inc. (d) | 4.00% | 08/01/28 | 1,214,756 | |
Total Foreign Corporate Bonds and Notes | 25,971,008 | ||||
(Cost $25,908,109) |
Shares | Description | Value | |||
COMMON STOCKS — 0.0% | |||||
Pharmaceuticals — 0.0% | |||||
249,316 | Akorn, Inc. (e) (f) (g) | 13,712 | |||
(Cost $2,858,880) | |||||
RIGHTS — 0.0% | |||||
Life Sciences Tools & Services — 0.0% | |||||
1 | New Millennium Holdco, Inc., Corporate Claim Trust, no expiration date (c) (f) (h) (i) | 0 | |||
1 | New Millennium Holdco, Inc., Lender Claim Trust, no expiration date (c) (f) (h) (i) | 0 | |||
Total Rights | 0 | ||||
(Cost $0) | |||||
MONEY MARKET FUNDS — 7.8% | |||||
166,839,564 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.18% (j) | 166,839,564 | |||
(Cost $166,839,564) | |||||
Total Investments — 105.1% | 2,255,195,614 | ||||
(Cost $2,288,331,263) | |||||
Net Other Assets and Liabilities — (5.1)% | (110,191,986 ) | ||||
Net Assets — 100.0% | $2,145,003,628 |
(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 SOFR obtained from the U.S. Department of the Treasury’s Office of Financial Research or another major financial institution, (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. |
First Trust Senior Loan Fund (FTSL)Portfolio of Investments (Continued)January 31, 2024 (Unaudited)
(c) | This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Trust’s Board of Trustees, and in accordance with provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At January 31, 2024, securities noted as such are valued at $3,432,000 or 0.2% of net assets. |
(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 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 January 31, 2024, securities noted as such amounted to $225,131,380 or 10.5% of net assets. |
(e) | This issuer has filed for protection in bankruptcy court. |
(f) | Non-income producing security. |
(g) | 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). |
(h) | Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by the Advisor. |
(i) | This security’s value was determined using significant unobservable inputs (see Valuation Inputs section). |
(j) | Rate shown reflects yield as of January 31, 2024. |
Abbreviations throughout the Portfolio of Investments: | |
CME | – Chicago Mercantile Exchange |
CSA | – Credit Spread Adjustment |
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 Loan Fund (FTSL)Portfolio of Investments (Continued)January 31, 2024 (Unaudited)
A summary of the inputs used to value the Fund’s investments as of January 31, 2024 is as follows:
Total Value at 1/31/2024 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Senior Floating-Rate Loan Interests* | $1,856,718,599 | $— | $1,856,718,599 | $— |
Corporate Bonds and Notes* | 205,652,731 | — | 205,652,731 | — |
Foreign Corporate Bonds and Notes* | 25,971,008 | — | 25,971,008 | — |
Common Stocks* | 13,712 | — | 13,712 | — |
Rights* | — ** | — | — | — ** |
Money Market Funds | 166,839,564 | 166,839,564 | — | — |
Total Investments | $2,255,195,614 | $166,839,564 | $2,088,356,050 | $— ** |
* | See Portfolio of Investments for industry breakout. |
** | Investments are valued at $0. |
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.
Restricted Securities
As of January 31, 2024, the Fund held restricted securities as shown in the following table that the Advisor deemed illiquid pursuant to procedures adopted by the Trust’s Board of Trustees:
Security | Acquisition Date | Shares | Current Price | Carrying Cost | Value | % of Net Assets |
Akorn, Inc. | 10/15/20 | 249,316 | $0.06 | $2,858,880 | $13,712 | 0.00 %† |
† | Amount is less than 0.01%. |