First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments
February 28, 2022 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
CORPORATE BONDS AND NOTES – 84.2% | ||||||||
Aerospace & Defense – 1.2% | ||||||||
$158,000 | Booz Allen Hamilton, Inc. (a) (b) | 3.88% | 09/01/28 | $154,926 | ||||
491,000 | Science Applications International Corp. (a) (b) | 4.88% | 04/01/28 | 479,805 | ||||
667,000 | Spirit AeroSystems, Inc. (a) (b) | 5.50% | 01/15/25 | 686,259 | ||||
6,000,000 | Spirit AeroSystems, Inc. (a) (b) | 7.50% | 04/15/25 | 6,231,000 | ||||
1,000,000 | TransDigm, Inc. (a) (b) | 6.25% | 03/15/26 | 1,032,295 | ||||
8,584,285 | ||||||||
Airlines – 0.9% | ||||||||
6,000,000 | Mileage Plus Holdings, LLC/Mileage Plus Intellectual Property Assets Ltd. (a) (b) | 6.50% | 06/20/27 | 6,336,780 | ||||
Apparel Retail – 0.8% | ||||||||
5,040,000 | Nordstrom, Inc. (b) | 4.00% | 03/15/27 | 4,821,819 | ||||
1,146,000 | Nordstrom, Inc. (b) | 4.38% | 04/01/30 | 1,045,954 | ||||
5,867,773 | ||||||||
Application Software – 1.2% | ||||||||
3,000,000 | Condor Merger Sub, Inc. (a) (b) | 7.38% | 02/15/30 | 2,900,655 | ||||
935,000 | Go Daddy Operating Co., LLC/GD Finance Co., Inc. (a) (b) | 5.25% | 12/01/27 | 952,601 | ||||
5,072,000 | LogMeIn, Inc. (a) (b) | 5.50% | 09/01/27 | 4,830,243 | ||||
8,683,499 | ||||||||
Automobile Manufacturers – 0.8% | ||||||||
4,043,000 | Ford Motor Co. (b) | 9.63% | 04/22/30 | 5,562,541 | ||||
333,000 | Penske Automotive Group, Inc. (b) | 3.50% | 09/01/25 | 330,100 | ||||
5,892,641 | ||||||||
Automotive Retail – 1.2% | ||||||||
83,000 | Group 1 Automotive, Inc. (a) (b) | 4.00% | 08/15/28 | 80,134 | ||||
7,902,000 | KAR Auction Services, Inc. (a) (b) | 5.13% | 06/01/25 | 8,020,056 | ||||
649,000 | Lithia Motors, Inc. (a) (b) | 4.38% | 01/15/31 | 654,932 | ||||
8,755,122 | ||||||||
Broadcasting – 10.6% | ||||||||
4,418,000 | Cumulus Media New Holdings, Inc. (a) (b) | 6.75% | 07/01/26 | 4,499,777 | ||||
1,657,000 | Diamond Sports Group, LLC/Diamond Sports Finance Co. (a) | 5.38% | 08/15/26 | 682,220 | ||||
9,524,000 | Diamond Sports Group, LLC/Diamond Sports Finance Co. (a) | 6.63% | 08/15/27 | 2,309,570 | ||||
5,708,000 | Gray Television, Inc. (a) (b) | 5.88% | 07/15/26 | 5,843,365 | ||||
8,201,000 | Gray Television, Inc. (a) (b) | 7.00% | 05/15/27 | 8,641,312 | ||||
10,966,000 | iHeartCommunications, Inc. (b) | 8.38% | 05/01/27 | 11,434,468 | ||||
8,224,000 | Nexstar Media, Inc. (a) (b) | 5.63% | 07/15/27 | 8,414,180 | ||||
3,150,000 | Nexstar Media, Inc. (a) (b) | 4.75% | 11/01/28 | 3,067,470 | ||||
611,000 | Scripps Escrow II, Inc. (a) (b) | 3.88% | 01/15/29 | 574,722 | ||||
3,540,000 | Sinclair Television Group, Inc. (a) (b) | 5.88% | 03/15/26 | 3,499,290 | ||||
17,974,000 | Sinclair Television Group, Inc. (a) (b) | 5.13% | 02/15/27 | 16,376,831 | ||||
163,000 | TEGNA, Inc. (a) (b) | 4.75% | 03/15/26 | 164,276 | ||||
2,087,000 | Univision Communications, Inc. (a) (b) | 5.13% | 02/15/25 | 2,103,120 | ||||
8,048,000 | Univision Communications, Inc. (a) (b) | 6.63% | 06/01/27 | 8,359,055 | ||||
75,969,656 | ||||||||
Building Products – 0.2% | ||||||||
574,000 | Standard Industries, Inc. (a) (b) | 4.75% | 01/15/28 | 563,490 | ||||
858,000 | Standard Industries, Inc. (a) (b) | 4.38% | 07/15/30 | 813,680 | ||||
1,377,170 |
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
February 28, 2022 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
CORPORATE BONDS AND NOTES (Continued) | ||||||||
Cable & Satellite – 4.8% | ||||||||
$143,000 | CCO Holdings LLC/CCO Holdings Capital Corp. (a) (b) | 5.00% | 02/01/28 | $143,526 | ||||
1,933,000 | CCO Holdings LLC/CCO Holdings Capital Corp. (a) (b) | 5.38% | 06/01/29 | 1,960,468 | ||||
5,942,000 | CCO Holdings LLC/CCO Holdings Capital Corp. (a) (b) | 4.75% | 03/01/30 | 5,833,648 | ||||
1,579,000 | CCO Holdings LLC/CCO Holdings Capital Corp. (a) (b) | 4.50% | 08/15/30 | 1,514,561 | ||||
2,155,000 | CSC Holdings, LLC (a) (b) | 7.50% | 04/01/28 | 2,154,504 | ||||
19,036,000 | CSC Holdings, LLC (a) (b) | 5.75% | 01/15/30 | 16,811,405 | ||||
3,000,000 | CSC Holdings, LLC (a) (b) | 4.63% | 12/01/30 | 2,503,463 | ||||
250,000 | CSC Holdings, LLC (a) (b) | 3.38% | 02/15/31 | 213,313 | ||||
143,000 | Directv Financing, LLC/Directv Financing Co-Obligor, Inc. (a) (b) | 5.88% | 08/15/27 | 143,227 | ||||
1,149,000 | Radiate HoldCo, LLC/Radiate Finance, Inc. (a) (b) | 4.50% | 09/15/26 | 1,099,214 | ||||
2,284,000 | Radiate HoldCo, LLC/Radiate Finance, Inc. (a) (b) | 6.50% | 09/15/28 | 2,147,908 | ||||
34,525,237 | ||||||||
Casinos & Gaming – 6.4% | ||||||||
153,000 | Boyd Gaming Corp. (a) (b) | 8.63% | 06/01/25 | 161,212 | ||||
1,438,000 | Boyd Gaming Corp. (a) (b) | 4.75% | 06/15/31 | 1,414,215 | ||||
8,377,000 | Caesars Entertainment, Inc. (a) (b) | 6.25% | 07/01/25 | 8,692,520 | ||||
1,195,000 | Caesars Entertainment, Inc. (a) (b) | 8.13% | 07/01/27 | 1,285,904 | ||||
1,999,000 | Caesars Entertainment, Inc. (a) (b) | 4.63% | 10/15/29 | 1,904,647 | ||||
7,500,000 | Caesars Resort Collection, LLC/CRC Finco, Inc. (a) (b) | 5.75% | 07/01/25 | 7,699,125 | ||||
10,774,000 | Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc. (a) (b) | 6.75% | 01/15/30 | 10,248,714 | ||||
1,000,000 | MGM Resorts International (b) | 7.75% | 03/15/22 | 1,003,235 | ||||
170,000 | MGM Resorts International (b) | 6.75% | 05/01/25 | 176,139 | ||||
284,000 | Scientific Games Holdings L.P./Scientific Games US FinCo, Inc. (a) (b) | 6.63% | 03/01/30 | 281,961 | ||||
6,000,000 | Scientific Games International, Inc. (a) (b) | 8.63% | 07/01/25 | 6,366,000 | ||||
2,694,000 | Station Casinos, LLC (a) (b) | 4.50% | 02/15/28 | 2,592,975 | ||||
4,431,000 | Station Casinos, LLC (a) (b) | 4.63% | 12/01/31 | 4,181,446 | ||||
46,008,093 | ||||||||
Communications Equipment – 1.8% | ||||||||
13,190,000 | CommScope Technologies, LLC (a) (b) | 6.00% | 06/15/25 | 12,945,260 | ||||
Construction & Engineering – 0.8% | ||||||||
5,605,000 | Pike Corp. (a) (b) | 5.50% | 09/01/28 | 5,401,791 | ||||
Construction Materials – 1.0% | ||||||||
74,000 | GYP Holdings III Corp. (a) (b) | 4.63% | 05/01/29 | 69,123 | ||||
1,718,000 | New Enterprise Stone & Lime Co., Inc. (a) (b) | 5.25% | 07/15/28 | 1,672,782 | ||||
5,167,000 | Summit Materials, LLC/Summit Materials Finance Corp. (a) (b) | 5.25% | 01/15/29 | 5,193,119 | ||||
6,935,024 | ||||||||
Consumer Finance – 0.6% | ||||||||
214,000 | Black Knight InfoServ, LLC (a) (b) | 3.63% | 09/01/28 | 203,125 | ||||
3,056,000 | FirstCash, Inc. (a) (b) | 4.63% | 09/01/28 | 2,888,990 | ||||
619,000 | FirstCash, Inc. (a) (b) | 5.63% | 01/01/30 | 615,679 | ||||
856,000 | PROG Holdings, Inc. (a) (b) | 6.00% | 11/15/29 | 823,408 | ||||
4,531,202 | ||||||||
Electric Utilities – 3.1% | ||||||||
11,882,000 | PG&E Corp. (b) | 5.00% | 07/01/28 | 11,782,785 | ||||
8,923,000 | PG&E Corp. (b) | 5.25% | 07/01/30 | 8,878,028 | ||||
1,588,000 | Vistra Operations Co., LLC (a) (b) | 5.00% | 07/31/27 | 1,601,641 | ||||
22,262,454 |
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
February 28, 2022 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
CORPORATE BONDS AND NOTES (Continued) | ||||||||
Electrical Components & Equipment – 0.0% | ||||||||
$333,000 | Sensata Technologies, Inc. (a) (b) | 3.75% | 02/15/31 | $310,226 | ||||
Environmental & Facilities Services – 0.5% | ||||||||
1,820,000 | Allied Universal Holdco LLC/Allied Universal Finance Corp. (a) (b) | 9.75% | 07/15/27 | 1,903,720 | ||||
1,975,000 | Allied Universal Holdco, LLC/Allied Universal Finance Corp. (a) (b) | 6.00% | 06/01/29 | 1,839,199 | ||||
3,742,919 | ||||||||
Food Distributors – 0.2% | ||||||||
512,000 | US Foods, Inc. (a) (b) | 6.25% | 04/15/25 | 530,550 | ||||
603,000 | US Foods, Inc. (a) (b) | 4.75% | 02/15/29 | 597,250 | ||||
1,127,800 | ||||||||
Food Retail – 0.9% | ||||||||
4,372,000 | Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons, LLC (a) (b) | 7.50% | 03/15/26 | 4,639,632 | ||||
628,000 | Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons, LLC (a) (b) | 5.88% | 02/15/28 | 650,062 | ||||
954,000 | Safeway, Inc. (b) | 7.25% | 02/01/31 | 1,060,347 | ||||
6,350,041 | ||||||||
Health Care Distributors – 0.5% | ||||||||
579,000 | AdaptHealth, LLC (a) (b) | 6.13% | 08/01/28 | 573,835 | ||||
2,967,000 | AdaptHealth, LLC (a) (b) | 5.13% | 03/01/30 | 2,740,855 | ||||
309,000 | RP Escrow Issuer, LLC (a) (b) | 5.25% | 12/15/25 | 302,357 | ||||
3,617,047 | ||||||||
Health Care Equipment – 0.1% | ||||||||
565,000 | Embecta Corp. (a) (b) | 5.00% | 02/15/30 | 558,175 | ||||
Health Care Facilities – 4.8% | ||||||||
1,312,000 | Acadia Healthcare Co., Inc. (a) (b) | 5.00% | 04/15/29 | 1,297,260 | ||||
1,467,000 | CHS/Community Health Systems, Inc. (a) (b) | 5.25% | 05/15/30 | 1,423,782 | ||||
74,000 | Encompass Health Corp. (b) | 5.13% | 03/15/23 | 74,046 | ||||
1,000,000 | Encompass Health Corp. (b) | 4.75% | 02/01/30 | 948,800 | ||||
8,285,000 | Select Medical Corp. (a) (b) | 6.25% | 08/15/26 | 8,324,354 | ||||
19,000,000 | Tenet Healthcare Corp. (a) (b) | 6.25% | 02/01/27 | 19,561,260 | ||||
1,358,000 | Tenet Healthcare Corp. (a) (b) | 5.13% | 11/01/27 | 1,371,444 | ||||
1,017,000 | Tenet Healthcare Corp. (a) (b) | 4.63% | 06/15/28 | 995,480 | ||||
182,000 | Tenet Healthcare Corp. (a) (b) | 6.13% | 10/01/28 | 183,187 | ||||
34,179,613 | ||||||||
Health Care Services – 4.9% | ||||||||
7,794,000 | DaVita, Inc. (a) (b) | 4.63% | 06/01/30 | 7,495,061 | ||||
10,490,000 | Global Medical Response, Inc. (a) (b) | 6.50% | 10/01/25 | 10,303,645 | ||||
1,978,000 | MEDNAX, Inc. (a) (b) | 5.38% | 02/15/30 | 1,971,502 | ||||
9,210,000 | Minerva Merger Sub, Inc. (a) (b) | 6.50% | 02/15/30 | 8,879,729 | ||||
282,000 | ModivCare Escrow Issuer, Inc. (a) (b) | 5.00% | 10/01/29 | 265,870 | ||||
905,000 | ModivCare, Inc. (a) (b) | 5.88% | 11/15/25 | 909,335 | ||||
409,000 | Team Health Holdings, Inc. (a) (b) | 6.38% | 02/01/25 | 370,863 | ||||
5,000,000 | US Renal Care, Inc. (a) (b) | 10.63% | 07/15/27 | 4,983,175 | ||||
207,000 | Vizient, Inc. (a) (b) | 6.25% | 05/15/27 | 214,753 | ||||
35,393,933 |
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
February 28, 2022 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
CORPORATE BONDS AND NOTES (Continued) | ||||||||
Health Care Supplies – 1.3% | ||||||||
$9,518,000 | Mozart Debt Merger Sub, Inc. (a) (b) | 5.25% | 10/01/29 | $9,103,015 | ||||
330,000 | Owens & Minor, Inc. (a) (b) | 4.50% | 03/31/29 | 311,378 | ||||
9,414,393 | ||||||||
Health Care Technology – 3.1% | ||||||||
15,800,000 | Change Healthcare Holdings, LLC/Change Healthcare Finance, Inc. (a) (b) | 5.75% | 03/01/25 | 15,724,950 | ||||
228,000 | HealthEquity, Inc. (a) (b) | 4.50% | 10/01/29 | 217,307 | ||||
6,150,000 | Verscend Escrow Corp. (a) (b) | 9.75% | 08/15/26 | 6,418,201 | ||||
22,360,458 | ||||||||
Homefurnishing Retail – 0.8% | ||||||||
1,426,000 | At Home Group, Inc. (a) (b) | 7.13% | 07/15/29 | 1,275,101 | ||||
4,298,000 | Rent-A-Center, Inc. (a) (b) | 6.38% | 02/15/29 | 4,120,729 | ||||
5,395,830 | ||||||||
Hotels, Resorts & Cruise Lines – 0.3% | ||||||||
294,000 | Boyne USA, Inc. (a) (b) | 4.75% | 05/15/29 | 291,385 | ||||
1,202,000 | Midwest Gaming Borrower, LLC/Midwest Gaming Finance Corp. (a) (b) | 4.88% | 05/01/29 | 1,173,453 | ||||
289,000 | Wyndham Hotels & Resorts, Inc. (a) (b) | 4.38% | 08/15/28 | 286,646 | ||||
575,000 | XHR L.P. (a) (b) | 4.88% | 06/01/29 | 557,655 | ||||
2,309,139 | ||||||||
Household Products – 0.1% | ||||||||
650,000 | Energizer Holdings, Inc. (a) (b) | 4.38% | 03/31/29 | 587,438 | ||||
Independent Power Producers & Energy Traders – 1.5% | ||||||||
8,770,000 | Calpine Corp. (a) (b) | 5.13% | 03/15/28 | 8,457,744 | ||||
333,000 | Calpine Corp. (a) (b) | 4.63% | 02/01/29 | 309,340 | ||||
2,083,000 | Calpine Corp. (a) (b) | 5.00% | 02/01/31 | 1,931,566 | ||||
10,698,650 | ||||||||
Industrial Machinery – 1.6% | ||||||||
6,315,000 | Gates Global, LLC/Gates Corp. (a) (b) | 6.25% | 01/15/26 | 6,465,234 | ||||
5,000,000 | TK Elevator U.S. Newco, Inc. (a) (b) | 5.25% | 07/15/27 | 4,956,075 | ||||
11,421,309 | ||||||||
Insurance Brokers – 9.1% | ||||||||
16,846,000 | Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer (a) (b) | 6.75% | 10/15/27 | 16,486,001 | ||||
210,000 | Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer (a) (b) | 5.88% | 11/01/29 | 198,513 | ||||
15,548,000 | AmWINS Group, Inc. (a) (b) | 4.88% | 06/30/29 | 14,828,983 | ||||
10,310,000 | AssuredPartners, Inc. (a) (b) | 7.00% | 08/15/25 | 10,217,210 | ||||
12,562,000 | AssuredPartners, Inc. (a) (b) | 5.63% | 01/15/29 | 11,575,632 | ||||
2,092,000 | BroadStreet Partners, Inc. (a) (b) | 5.88% | 04/15/29 | 1,948,353 | ||||
496,000 | GTCR AP Finance, Inc. (a) (b) | 8.00% | 05/15/27 | 496,496 | ||||
5,353,000 | HUB International Ltd. (a) (b) | 7.00% | 05/01/26 | 5,394,218 | ||||
4,109,000 | HUB International Ltd. (a) (b) | 5.63% | 12/01/29 | 3,908,686 | ||||
65,054,092 | ||||||||
Integrated Telecommunication Services – 3.1% | ||||||||
1,425,000 | Frontier Communications Holdings, LLC (a) (b) | 5.88% | 10/15/27 | 1,446,653 | ||||
2,175,000 | Frontier Communications Holdings, LLC (a) (b) | 5.00% | 05/01/28 | 2,114,644 | ||||
10,783,000 | Frontier Communications Holdings, LLC (a) (b) | 6.75% | 05/01/29 | 10,486,467 |
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
February 28, 2022 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
CORPORATE BONDS AND NOTES (Continued) | ||||||||
Integrated Telecommunication Services (Continued) | ||||||||
$571,000 | Frontier Communications Holdings, LLC (a) (b) | 6.00% | 01/15/30 | $527,036 | ||||
8,161,000 | Zayo Group Holdings, Inc. (a) (b) | 6.13% | 03/01/28 | 7,599,197 | ||||
22,173,997 | ||||||||
Interactive Home Entertainment – 0.2% | ||||||||
1,899,000 | Playtika Holding Corp. (a) (b) | 4.25% | 03/15/29 | 1,768,719 | ||||
Internet & Direct Marketing Retail – 0.8% | ||||||||
6,008,000 | Cars.com, Inc. (a) (b) | 6.38% | 11/01/28 | 6,076,431 | ||||
Investment Banking & Brokerage – 0.1% | ||||||||
500,000 | LPL Holdings, Inc. (a) (b) | 4.63% | 11/15/27 | 498,360 | ||||
Leisure Facilities – 0.2% | ||||||||
283,000 | SeaWorld Parks & Entertainment, Inc. (a) (b) | 5.25% | 08/15/29 | 275,656 | ||||
1,107,000 | Six Flags Entertainment Corp. (a) (b) | 4.88% | 07/31/24 | 1,108,262 | ||||
1,383,918 | ||||||||
Managed Health Care – 2.0% | ||||||||
2,832,000 | MPH Acquisition Holdings, LLC (a) (b) | 5.50% | 09/01/28 | 2,752,038 | ||||
12,978,000 | MPH Acquisition Holdings, LLC (a) (b) | 5.75% | 11/01/28 | 11,727,051 | ||||
14,479,089 | ||||||||
Metal & Glass Containers – 0.6% | ||||||||
1,163,000 | Owens-Brockway Glass Container, Inc. (a) (b) | 5.38% | 01/15/25 | 1,186,167 | ||||
3,183,000 | Owens-Brockway Glass Container, Inc. (a) (b) | 6.63% | 05/13/27 | 3,305,736 | ||||
4,491,903 | ||||||||
Movies & Entertainment – 1.5% | ||||||||
4,000,000 | Live Nation Entertainment, Inc. (a) (b) | 4.88% | 11/01/24 | 4,047,120 | ||||
4,380,000 | Live Nation Entertainment, Inc. (a) (b) | 5.63% | 03/15/26 | 4,461,468 | ||||
2,620,000 | Live Nation Entertainment, Inc. (a) (b) | 4.75% | 10/15/27 | 2,577,451 | ||||
11,086,039 | ||||||||
Oil & Gas Exploration & Production – 0.0% | ||||||||
75,000 | Chesapeake Energy Corp. (a) (b) | 5.50% | 02/01/26 | 77,163 | ||||
Paper Packaging – 1.4% | ||||||||
10,037,000 | Graham Packaging Co., Inc. (a) (b) | 7.13% | 08/15/28 | 9,670,649 | ||||
377,000 | Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer, LLC/Reynolds Gro (a) (b) | 4.00% | 10/15/27 | 349,270 | ||||
10,019,919 | ||||||||
Personal Products – 0.2% | ||||||||
1,389,000 | Prestige Brands, Inc. (a) (b) | 5.13% | 01/15/28 | 1,392,507 | ||||
Pharmaceuticals – 2.2% | ||||||||
1,530,000 | Bausch Health Americas, Inc. (a) (b) | 9.25% | 04/01/26 | 1,584,667 | ||||
3,975,000 | Bausch Health Americas, Inc. (a) (b) | 8.50% | 01/31/27 | 4,032,558 | ||||
667,000 | Emergent BioSolutions, Inc. (a) (b) | 3.88% | 08/15/28 | 597,735 | ||||
1,000,000 | Horizon Therapeutics USA, Inc. (a) (b) | 5.50% | 08/01/27 | 1,020,135 | ||||
1,161,000 | Organon & Co./Organon Foreign Debt Co-Issuer B.V. (a) (b) | 5.13% | 04/30/31 | 1,153,442 | ||||
7,350,000 | Par Pharmaceutical, Inc. (a) (b) | 7.50% | 04/01/27 | 7,358,489 | ||||
15,747,026 | ||||||||
Research & Consulting Services – 1.4% | ||||||||
1,124,000 | Clarivate Science Holdings Corp. (a) (b) | 4.88% | 07/01/29 | 1,059,775 |
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
February 28, 2022 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
CORPORATE BONDS AND NOTES (Continued) | ||||||||
Research & Consulting Services (Continued) | ||||||||
$6,126,000 | CoreLogic, Inc. (a) (b) | 4.50% | 05/01/28 | $5,824,141 | ||||
2,128,000 | Nielsen Finance, LLC/Nielsen Finance Co. (a) (b) | 5.63% | 10/01/28 | 2,041,295 | ||||
1,334,000 | Nielsen Finance, LLC/Nielsen Finance Co. (a) (b) | 5.88% | 10/01/30 | 1,283,188 | ||||
10,208,399 | ||||||||
Restaurants – 0.7% | ||||||||
5,088,000 | IRB Holding Corp. (a) (b) | 7.00% | 06/15/25 | 5,321,997 | ||||
Security & Alarm Services – 0.3% | ||||||||
2,000,000 | Brink’s (The) Co. (a) (b) | 4.63% | 10/15/27 | 1,955,380 | ||||
Specialized Consumer Services – 1.1% | ||||||||
2,794,000 | Aramark Services, Inc. (a) (b) | 6.38% | 05/01/25 | 2,888,563 | ||||
4,932,000 | Aramark Services, Inc. (a) (b) | 5.00% | 02/01/28 | 4,946,253 | ||||
7,834,816 | ||||||||
Specialized Finance – 0.2% | ||||||||
1,448,000 | Park Intermediate Holdings, LLC/PK Domestic Property, LLC/PK Finance Co-Issuer (a) (b) | 4.88% | 05/15/29 | 1,397,320 | ||||
Specialty Chemicals – 0.2% | ||||||||
1,274,000 | Avantor Funding, Inc. (a) (b) | 4.63% | 07/15/28 | 1,294,639 | ||||
Specialty Stores – 0.0% | ||||||||
150,000 | PetSmart, Inc./PetSmart Finance Corp. (a) (b) | 4.75% | 02/15/28 | 149,839 | ||||
150,000 | PetSmart, Inc./PetSmart Finance Corp. (a) (b) | 7.75% | 02/15/29 | 157,840 | ||||
307,679 | ||||||||
Steel – 0.0% | ||||||||
150,000 | United States Steel Corp. (b) | 6.88% | 03/01/29 | 154,316 | ||||
Systems Software – 1.1% | ||||||||
2,724,000 | Boxer Parent Co., Inc. (a) (b) | 9.13% | 03/01/26 | 2,828,874 | ||||
4,917,000 | SS&C Technologies, Inc. (a) (b) | 5.50% | 09/30/27 | 5,057,725 | ||||
7,886,599 | ||||||||
Technology Hardware, Storage & Peripherals – 0.1% | ||||||||
833,000 | Xerox Holdings Corp. (a) (b) | 5.00% | 08/15/25 | 849,660 | ||||
Tires & Rubber – 0.2% | �� | |||||||
1,155,000 | Goodyear Tire & Rubber (The) Co. (a) (b) | 5.25% | 07/15/31 | 1,126,472 | ||||
Trading Companies & Distributors – 0.6% | ||||||||
1,035,000 | SRS Distribution, Inc. (a) (b) | 6.13% | 07/01/29 | 990,195 | ||||
3,686,000 | SRS Distribution, Inc. (a) (b) | 6.00% | 12/01/29 | 3,492,669 | ||||
4,482,864 | ||||||||
Trucking – 0.9% | ||||||||
2,804,000 | Hertz (The) Corp. (a) (b) | 4.63% | 12/01/26 | 2,673,796 | ||||
4,156,000 | Hertz (The) Corp. (a) (b) | 5.00% | 12/01/29 | 3,881,974 | ||||
6,555,770 | ||||||||
Total Corporate Bonds and Notes | 605,168,032 | |||||||
(Cost $620,806,703) |
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
February 28, 2022 (Unaudited)
Principal Value | Description | Rate (c) | Stated Maturity (d) | Value | ||||
SENIOR FLOATING-RATE LOAN INTERESTS – 38.4% | ||||||||
Aerospace & Defense – 0.4% | ||||||||
$213,940 | Atlantic Aviation FBO, Inc. (KKR Apple Bidco, LLC), 2nd Lien Term Loan, 1 Mo. LIBOR + 5.75%, 0.50% Floor (b) | 6.25% | 07/31/29 | $214,297 | ||||
2,802,353 | Peraton Corp., Term Loan B, 1 Mo. LIBOR + 3.75%, 0.75% Floor (b) | 4.50% | 02/01/28 | 2,784,838 | ||||
2,999,135 | ||||||||
Application Software – 13.9% | ||||||||
7,518,339 | Epicor Software Corp., First Lien Term Loan C, 1 Mo. LIBOR + 3.25%, 0.75% Floor (b) | 4.00% | 07/30/27 | 7,439,773 | ||||
3,500,000 | Epicor Software Corp., Second Lien Term Loan, 1 Mo. LIBOR + 7.75%, 1.00% Floor (b) | 8.75% | 07/30/28 | 3,563,000 | ||||
502 | Flexera Software, LLC, 2020 Term Loan B, 3 Mo. LIBOR + 3.75%, 0.75% Floor (b) | 4.50% | 01/26/28 | 498 | ||||
198,166 | Flexera Software, LLC, 2020 Term Loan B, 6 Mo. LIBOR + 3.75%, 0.75% Floor (b) | 4.50% | 01/26/28 | 196,618 | ||||
8,764,551 | Gainwell Acquisition Corp. (fka Milano), Term Loan B, 3 Mo. LIBOR + 4.00%, 0.75% Floor (b) | 4.75% | 10/01/27 | 8,713,454 | ||||
10,692,140 | Greeneden U.S. Holdings II, LLC (Genesys Telecommunications Laboratories, Inc.), Initial Dollar Term Loan, 1 Mo. LIBOR + 4.00%, 0.75% Floor (b) | 4.75% | 12/01/27 | 10,669,258 | ||||
2,358,728 | Hyland Software, Inc., 2nd Lien Term Loan, 1 Mo. LIBOR + 6.25%, 0.75% Floor (b) | 7.00% | 07/10/25 | 2,364,625 | ||||
8,963,650 | Hyland Software, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%, 0.75% Floor (b) | 4.25% | 07/01/24 | 8,916,053 | ||||
10,954,947 | Internet Brands, Inc. (WebMD/MH Sub I, LLC), 2020 June New Term Loan, 1 Mo. LIBOR + 3.75%, 1.00% Floor (b) | 4.75% | 09/15/24 | 10,868,184 | ||||
9,551,587 | Internet Brands, Inc. (WebMD/MH Sub I, LLC), 2nd Lien Term Loan, 1 Mo. LIBOR + 6.25%, 0.00% Floor (b) | 6.46% | 02/23/29 | 9,488,929 | ||||
6,566,359 | Internet Brands, Inc. (WebMD/MH Sub I, LLC), Initial Term Loan, 1 Mo. LIBOR + 3.50%, 0.00% Floor (b) | 3.71% | 09/13/24 | 6,476,072 | ||||
453,692 | ION Trading Technologies, Term Loan B, 3 Mo. LIBOR + 4.75%, 0.00% Floor (b) | 4.97% | 04/01/28 | 451,142 | ||||
6,587,846 | LogMeIn, Inc. (Logan), Term Loan B, 1 Mo. LIBOR + 4.75%, 0.00% Floor (b) | 4.89% | 08/31/27 | 6,468,869 | ||||
4,177,704 | Micro Focus International (MA Financeco, LLC), Term Loan B4, 3 Mo. LIBOR + 4.25%, 1.00% Floor (b) | 5.25% | 06/05/25 | 4,128,950 | ||||
2,875,593 | RealPage, Inc., Second Lien Term Loan, 1 Mo. LIBOR + 6.50%, 0.75% Floor (b) | 7.25% | 04/22/29 | 2,898,972 | ||||
14,327,909 | SolarWinds Holdings, Inc., Initial Term Loan, 1 Mo. LIBOR + 2.75%, 0.00% Floor (b) | 2.96% | 02/05/24 | 14,090,209 | ||||
2,885,419 | Solera Holdings, Inc. (Polaris Newco), Term Loan B, 3 Mo. LIBOR + 4.00%, 0.50% Floor (b) | 4.50% | 06/04/28 | 2,865,423 | ||||
99,600,029 | ||||||||
Casinos & Gaming – 1.2% | ||||||||
8,873,115 | Golden Nugget, Inc. (Fertitta Entertainment, LLC), Initial Term Loan B, 1 Mo. SOFR + 4.00%, 0.50% Floor (b) | 4.50% | 01/27/29 | 8,825,732 | ||||
Education Services – 0.0% | ||||||||
142,291 | Ascensus Holdings, Inc. (Mercury), Incremental 2nd Lien Term Loan, 1 Mo. LIBOR + 6.50%, 0.50% Floor | 7.00% | 08/02/29 | 141,936 | ||||
Electronic Equipment & Instruments – 0.4% | ||||||||
2,975,152 | Verifone Systems, Inc., Term Loan B, 3 Mo. LIBOR + 4.00%, 0.00% Floor (b) | 4.50% | 08/20/25 | 2,915,649 |
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
February 28, 2022 (Unaudited)
Principal Value | Description | Rate (c) | Stated Maturity (d) | Value | ||||
SENIOR FLOATING-RATE LOAN INTERESTS (Continued) | ||||||||
Environmental & Facilities Services – 1.0% | ||||||||
$7,668,882 | Packers Holdings, LLC (PSSI), Term Loan B, 6 Mo. LIBOR + 3.25%, 0.75% Floor (b) | 4.00% | 03/15/28 | $7,525,090 | ||||
Health Care Distributors – 0.3% | ||||||||
2,056,119 | Radiology Partners, Inc., Term Loan B, 1 Mo. LIBOR + 4.25%, 0.00% Floor (b) | 4.39%-4.41% | 07/09/25 | 2,018,862 | ||||
Health Care Services – 5.7% | ||||||||
4,601,532 | CHG Healthcare Services, Inc., Term Loan B, 3 Mo. LIBOR + 3.50%, 0.50% Floor (b) | 4.00% | 09/30/28 | 4,562,833 | ||||
977,982 | Civitas Solutions (National Mentor Holdings, Inc.), Term Loan B, 1 Mo. LIBOR + 3.75%, 0.75% Floor (b) | 4.50% | 03/01/28 | 957,063 | ||||
1,225,012 | Civitas Solutions (National Mentor Holdings, Inc.), Term Loan B, 3 Mo. LIBOR + 3.75%, 0.75% Floor (b) | 4.50% | 03/01/28 | 1,198,809 | ||||
69,714 | Civitas Solutions (National Mentor Holdings, Inc.), Term Loan C, 3 Mo. LIBOR + 3.75%, 0.75% Floor | 4.50% | 03/01/28 | 68,223 | ||||
2,951,822 | Envision Healthcare Corporation, Initial Term Loan, 1 Mo. LIBOR + 3.75%, 0.00% Floor (b) | 3.96% | 10/10/25 | 2,140,307 | ||||
2,710,686 | Help at Home (HAH Group Holding Company, LLC), Initial Term Loan, 3 Mo. LIBOR + 5.00%, 1.00% Floor (b) | 6.00% | 10/29/27 | 2,692,904 | ||||
488,541 | SCP Health (Onex TSG Intermediate Corp.), Term Loan B, 3 Mo. LIBOR + 4.75%, 0.75% Floor (b) | 5.50% | 02/28/28 | 486,098 | ||||
1,300,844 | Surgery Centers Holdings, Inc., 2021 Term Loan B, 1 Mo. LIBOR + 3.75%, 0.75% Floor (b) | 4.50% | 08/31/26 | 1,287,835 | ||||
8,690,329 | Team Health, Inc., Term Loan B, 1 Mo. LIBOR + 2.75%, 1.00% Floor (b) | 3.75% | 02/06/24 | 8,277,539 | ||||
5,395,396 | U.S. Anesthesia Partners Intermediate Holdings, Inc., New Term Loan B, 6 Mo. LIBOR + 4.25%, 0.50% Floor (b) | 4.75% | 09/30/28 | 5,325,957 | ||||
14,266,194 | U.S. Renal Care, Inc., Term Loan B, 1 Mo. LIBOR + 5.00%, 0.00% Floor (b) | 5.13% | 06/28/26 | 13,677,714 | ||||
40,675,282 | ||||||||
Health Care Technology – 3.2% | ||||||||
3,348,250 | Ciox Health (Healthport/CT Technologies Intermediate Holdings, Inc.), New Term Loan B, 1 Mo. LIBOR + 4.25%, 0.75% Floor (b) | 5.00% | 12/16/25 | 3,315,806 | ||||
2,867,705 | Clario (fka eResearch Technology, Inc.), Incremental Term Loan B, 1 Mo. LIBOR + 4.50%, 1.00% Floor (b) | 5.50% | 02/04/27 | 2,861,568 | ||||
5,144 | Press Ganey (Azalea TopCo, Inc.), 2021 Term Loan, 1 Mo. LIBOR + 3.75%, 0.75% Floor (b) | 4.50% | 07/25/26 | 5,105 | ||||
2,041,947 | Press Ganey (Azalea TopCo, Inc.), 2021 Term Loan, 3 Mo. LIBOR + 3.75%, 0.75% Floor (b) | 4.50% | 07/25/26 | 2,026,633 | ||||
14,998,084 | Verscend Technologies, Inc. (Cotiviti), New Term Loan B-1, 1 Mo. LIBOR + 4.00%, 0.00% Floor (b) | 4.21% | 08/27/25 | 14,937,191 | ||||
23,146,303 | ||||||||
Insurance Brokers – 1.2% | ||||||||
22,123 | HUB International Limited, New Term Loan B-3, 2 Mo. LIBOR + 3.25%, 0.75% Floor (b) | 4.00% | 04/25/25 | 21,947 | ||||
8,738,689 | HUB International Limited, New Term Loan B-3, 3 Mo. LIBOR + 3.25%, 0.75% Floor (b) | 4.00% | 04/25/25 | 8,668,954 | ||||
8,690,901 | ||||||||
Integrated Telecommunication Services – 0.6% | ||||||||
3,617,824 | Frontier Communications Corp., Term Loan B, 3 Mo. LIBOR + 3.75%, 0.75% Floor (b) | 4.50% | 05/01/28 | 3,585,047 |
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
February 28, 2022 (Unaudited)
Principal Value | Description | Rate (c) | Stated Maturity (d) | Value | ||||
SENIOR FLOATING-RATE LOAN INTERESTS (Continued) | ||||||||
Integrated Telecommunication Services (Continued) | ||||||||
$826,883 | Numericable (Altice France S.A. or SFR), Term Loan B-13, 3 Mo. LIBOR + 4.00%, 0.00% Floor (b) | 4.51% | 08/14/26 | $818,168 | ||||
4,403,215 | ||||||||
Movies & Entertainment – 1.6% | ||||||||
5,924,593 | Cineworld Group PLC (Crown), Incremental Term Loan B, 3 Mo. LIBOR + 2.75%, 1.00% Floor (b) | 3.75% | 09/30/26 | 4,435,328 | ||||
668,912 | Cineworld Group PLC (Crown), New Priority Term Loan, 6 Mo. LIBOR + 8.25%, 1.00% Floor | 9.25% | 05/23/24 | 709,046 | ||||
1,258,461 | Cineworld Group PLC (Crown), Priority Term Loan B-1, Fixed Rate at 15.25% (b) (e) | 15.25% | 05/23/24 | 1,485,248 | ||||
2,017,853 | Cineworld Group PLC (Crown), Term Loan B, 3 Mo. LIBOR + 2.50%, 1.00% Floor (b) | 3.50% | 02/28/25 | 1,557,440 | ||||
917,203 | PUG, LLC (Stubhub/Viagogo), Incremental Term Loan B-2, 1 Mo. LIBOR + 4.25%, 0.50% Floor (b) | 4.75% | 02/13/27 | 908,031 | ||||
2,308,790 | PUG, LLC (Stubhub/Viagogo), Term Loan B, 1 Mo. LIBOR + 3.50%, 0.00% Floor (b) | 3.71% | 02/12/27 | 2,262,615 | ||||
11,357,708 | ||||||||
Packaged Foods & Meats – 0.6% | ||||||||
4,536,641 | BellRing Brands, LLC, 2021 Refinancing Term Loan, 3 Mo. LIBOR + 4.00%, 0.75% Floor (b) | 4.75% | 10/21/24 | 4,521,534 | ||||
Pharmaceuticals – 1.4% | ||||||||
1,894,191 | Akorn, Inc., Exit Take Back Term Loan, 3 Mo. LIBOR + 7.50%, 1.00% Floor (b) (f) | 8.50% | 09/30/25 | 1,907,924 | ||||
1,850,839 | Mallinckrodt International Finance S.A., 2017 Term Loan B, 3 Mo. LIBOR + 5.25%, 0.75% Floor (g) | 6.00% | 09/24/24 | 1,703,697 | ||||
119,232 | Mallinckrodt International Finance S.A., 2018 Incremental Term Loan, 3 Mo. LIBOR + 5.50%, 0.75% Floor (g) | 6.25% | 02/24/25 | 109,515 | ||||
6,005,173 | Nestle Skin Health (Sunshine Lux VII S.A.R.L./Galderma), 2021 Term Loan B-3, 3 Mo. LIBOR + 3.75%, 0.75% Floor (b) | 4.50% | 10/02/26 | 5,968,421 | ||||
602,471 | Perrigo Rx (Padagis, LLC), Term Loan B, 3 Mo. LIBOR + 4.75%, 0.50% Floor (b) | 5.25% | 07/06/28 | 597,952 | ||||
10,287,509 | ||||||||
Research & Consulting Services – 0.1% | ||||||||
782,623 | Veritext Corporation (VT TopCo, Inc.), Non-Fungible 1st Lien Term Loan, 1 Mo. LIBOR + 3.75%, 0.75% Floor (b) | 4.50% | 08/10/25 | 777,731 | ||||
Restaurants – 1.1% | ||||||||
7,904,027 | Portillo’s Holdings, LLC, Term Loan B-3, 1 Mo. LIBOR + 5.50%, 1.00% Floor (b) | 6.50% | 08/30/24 | 7,877,707 | ||||
Soft Drinks – 0.1% | ||||||||
403,269 | Tropicana (Naked Juice, LLC/Bengal Debt Merger Sub, LLC), 2nd Lien Term Loan, 2 Mo. SOFR + 6.00%, 0.50% Floor (b) | 6.50% | 01/24/30 | 404,531 | ||||
Specialized Consumer Services – 2.9% | ||||||||
1,939,082 | Asurion, LLC, 2nd Lien Term Loan B-4, 1 Mo. LIBOR + 5.25%, 0.00% Floor (b) | 5.46% | 01/20/29 | 1,914,843 | ||||
19,029,860 | Asurion, LLC, Second Lien Term Loan B-3, 1 Mo. LIBOR + 5.25%, 0.00% Floor (b) | 5.46% | 01/31/28 | 18,787,230 | ||||
20,702,073 |
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
February 28, 2022 (Unaudited)
Principal Value | Description | Rate (c) | Stated Maturity (d) | Value | ||||
SENIOR FLOATING-RATE LOAN INTERESTS (Continued) | ||||||||
Specialized Finance – 0.4% | ||||||||
$2,747,138 | WCG Purchaser Corp. (WIRB-Copernicus Group), Term Loan B, 3 Mo. LIBOR + 4.00%, 1.00% Floor (b) | 5.00% | 01/08/27 | $2,731,699 | ||||
Specialty Stores – 0.6% | ||||||||
3,125,788 | Bass Pro Group, LLC (Great Outdoors Group, LLC), Term Loan B, 3 Mo. LIBOR + 3.75%, 0.75% Floor (b) | 4.50% | 03/05/28 | 3,107,034 | ||||
917,021 | PetSmart, Inc., Initial Term Loan B, 6 Mo. LIBOR + 3.75%, 0.75% Floor (b) | 4.50% | 02/12/28 | 911,867 | ||||
4,018,901 | ||||||||
Systems Software – 1.7% | ||||||||
5,888,265 | Applied Systems, Inc., 2nd Lien Term Loan, 3 Mo. LIBOR + 5.50%, 0.75% Floor (b) | 6.25% | 09/19/25 | 5,876,017 | ||||
1,844,686 | BMC Software Finance, Inc. (Boxer Parent), 2021 Replacement Dollar Term Loan, 3 Mo. LIBOR + 3.75%, 0.00% Floor (b) | 3.97% | 10/02/25 | 1,821,628 | ||||
4,274,866 | Misys Financial Software Ltd. (Almonde, Inc.) (Finastra), Term Loan B, 6 Mo. LIBOR + 3.50%, 1.00% Floor (b) | 4.50% | 06/13/24 | 4,209,204 | ||||
11,906,849 | ||||||||
Total Senior Floating-Rate Loan Interests | 275,528,376 | |||||||
(Cost $275,678,149) | ||||||||
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
FOREIGN CORPORATE BONDS AND NOTES – 14.3% | ||||||||
Application Software – 0.2% | ||||||||
1,721,000 | ION Trading Technologies S.A.R.L. (a) (b) | 5.75% | 05/15/28 | 1,692,922 | ||||
Auto Parts & Equipment – 0.1% | ||||||||
676,000 | Clarios Global L.P./Clarios US Finance Co. (a) (b) | 8.50% | 05/15/27 | 704,561 | ||||
Building Products – 3.0% | ||||||||
16,450,000 | Cemex S.A.B. de C.V. (a) | 7.38% | 06/05/27 | 17,663,845 | ||||
3,505,000 | Cemex S.A.B. de C.V. (a) | 5.45% | 11/19/29 | 3,484,321 | ||||
21,148,166 | ||||||||
Data Processing & Outsourced Services – 0.7% | ||||||||
5,748,000 | Paysafe Finance PLC/Paysafe Holdings US Corp. (a) (b) | 4.00% | 06/15/29 | 5,008,606 | ||||
Environmental & Facilities Services – 0.4% | ||||||||
715,000 | Allied Universal Holdco, LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.A.R.L. (a) (b) | 4.63% | 06/01/28 | 679,840 | ||||
477,000 | Allied Universal Holdco, LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.A.R.L. (a) (b) | 4.63% | 06/01/28 | 446,978 | ||||
473,000 | GFL Environmental, Inc. (a) (b) | 3.75% | 08/01/25 | 468,842 | ||||
585,000 | GFL Environmental, Inc. (a) (b) | 4.00% | 08/01/28 | 541,751 | ||||
716,000 | GFL Environmental, Inc. (a) (b) | 4.75% | 06/15/29 | 677,515 | ||||
2,814,926 | ||||||||
Integrated Telecommunication Services – 1.4% | ||||||||
2,143,000 | Altice France S.A. (a) (b) | 5.50% | 01/15/28 | 2,006,298 | ||||
1,000,000 | Altice France S.A. (a) (b) | 5.13% | 01/15/29 | 908,630 | ||||
4,590,000 | Altice France S.A. (a) (b) | 5.13% | 07/15/29 | 4,159,619 | ||||
3,069,000 | Altice France S.A. (a) (b) | 5.50% | 10/15/29 | 2,816,314 | ||||
9,890,861 |
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
February 28, 2022 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
FOREIGN CORPORATE BONDS AND NOTES (Continued) | ||||||||
Life Sciences Tools & Services – 0.1% | ||||||||
$861,000 | Grifols Escrow Issuer S.A. (a) | 4.75% | 10/15/28 | $812,547 | ||||
Pharmaceuticals – 7.7% | ||||||||
9,316,000 | Bausch Health Cos., Inc. (a) (b) | 6.13% | 04/15/25 | 9,368,402 | ||||
2,357,000 | Bausch Health Cos., Inc. (a) (b) | 6.13% | 02/01/27 | 2,379,498 | ||||
3,000,000 | Bausch Health Cos., Inc. (a) (b) | 5.00% | 01/30/28 | 2,517,615 | ||||
732,000 | Bausch Health Cos., Inc. (a) (b) | 4.88% | 06/01/28 | 704,448 | ||||
616,000 | Bausch Health Cos., Inc. (a) (b) | 5.00% | 02/15/29 | 498,507 | ||||
8,150,000 | Bausch Health Cos., Inc. (a) (b) | 7.25% | 05/30/29 | 7,146,613 | ||||
7,500,000 | Bausch Health Cos., Inc. (a) (b) | 5.25% | 01/30/30 | 6,059,475 | ||||
770,000 | Bausch Health Cos., Inc. (a) (b) | 5.25% | 02/15/31 | 613,409 | ||||
81,000 | Cheplapharm Arzneimittel GmbH (a) (b) | 5.50% | 01/15/28 | 81,053 | ||||
17,584,000 | Endo Dac/Endo Finance, LLC/Endo Finco, Inc. (a) (b) | 9.50% | 07/31/27 | 17,172,974 | ||||
5,442,000 | Endo Dac/Endo Finance, LLC/Endo Finco, Inc. (a) (b) | 6.00% | 06/30/28 | 3,600,835 | ||||
5,600,000 | Mallinckrodt International Finance S.A./Mallinckrodt CB, LLC (a) (b) (g) | 10.00% | 04/15/25 | 5,325,656 | ||||
55,468,485 | ||||||||
Research & Consulting Services – 0.1% | ||||||||
977,000 | Nielsen Co. Luxembourg (The) S.A.R.L. (a) (b) | 5.00% | 02/01/25 | 985,622 | ||||
Restaurants – 0.3% | ||||||||
2,114,000 | 1011778 BC ULC/New Red Finance, Inc. (a) (b) | 4.00% | 10/15/30 | 1,960,074 | ||||
Trading Companies & Distributors – 0.3% | ||||||||
2,583,000 | VistaJet Malta Finance PLC/XO Management Holding, Inc. (a) (b) | 6.38% | 02/01/30 | 2,462,942 | ||||
Total Foreign Corporate Bonds and Notes | 102,949,712 | |||||||
(Cost $109,878,733) |
Shares | Description | Value | ||
COMMON STOCKS – 0.3% | ||||
Pharmaceuticals – 0.3% | ||||
220,989 | Akorn, Inc. (h) (i) | 1,998,182 | ||
(Cost $2,534,056) | ||||
WARRANTS – 0.0% | ||||
Movies & Entertainment – 0.0% | ||||
367,144 | Cineworld Group PLC (Crown), expiring 11/23/25 (i) (j) | 90,132 | ||
(Cost $0) | ||||
MONEY MARKET FUNDS – 1.2% | ||||
8,440,154 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 0.01% (b) (k) | 8,440,154 | ||
(Cost $8,440,154) | ||||
Total Investments – 138.4% | 994,174,588 | |||
(Cost $1,017,337,795) | ||||
Outstanding Loan – (42.2)% | (303,000,000) | |||
Net Other Assets and Liabilities – 3.8% | 27,057,186 | |||
Net Assets – 100.0% | $718,231,774 |
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
February 28, 2022 (Unaudited)
(a) | 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, 2022, securities noted as such amounted to $660,845,166 or 92.0% of net assets. |
(b) | All or a portion of this security serves as collateral on the outstanding loan. |
(c) | 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 Secured Overnight Financing Rate (“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. |
(d) | 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. |
(e) | The issuer may pay interest on the loans in cash and in Payment-In-Kind (“PIK”) interest. Interest paid in cash will accrue at the rate of 7.00% per annum (“Cash Interest Rate”) and PIK interest will accrue on the loan at the rate of 8.25% per annum. For the fiscal year-to-date period (June 1, 2021 through February 28, 2022), the Fund received a portion of the interest in cash and PIK interest with a principal value of $76,090 for Cineworld Group PLC (Crown). |
(f) | The issuer may pay interest on the loans (1) entirely in cash or (2) in the event that both the PIK Toggle Condition has been satisfied and the issuer elects to exercise the PIK interest, 2.50% payable in cash and 7.00% payable as PIK interest. For the fiscal year-to-date period (June 1, 2021 through February 28, 2022), this security paid all of its interest in cash. |
(g) | This issuer has filed for protection in bankruptcy court. |
(h) | Security received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by the Advisor. Although market instability can result in periods of increased overall market illiquidity, liquidity for the security is determined based on security-specific factors and assumptions, which require subjective judgment. At February 28, 2022, securities noted as such amounted to $1,998,182 or 0.3% of net assets. |
(i) | Non-income producing security. |
(j) | Pursuant to procedures adopted by the Fund’s Board of Trustees, this security has been determined to be illiquid by the Advisor. |
(k) | Rate shown reflects yield as of February 28, 2022. |
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 High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
February 28, 2022 (Unaudited)
A summary of the inputs used to value the Fund’s investments as of February 28, 2022 is as follows:
Total Value at 2/28/2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Corporate Bonds and Notes* | $ 605,168,032 | $ — | $ 605,168,032 | $ — |
Senior Floating-Rate Loan Interests* | 275,528,376 | — | 275,528,376 | — |
Foreign Corporate Bonds and Notes* | 102,949,712 | — | 102,949,712 | — |
Common Stocks* | 1,998,182 | — | 1,998,182 | — |
Warrants* | 90,132 | — | 90,132 | — |
Money Market Funds | 8,440,154 | 8,440,154 | — | — |
Total Investments | $ 994,174,588 | $ 8,440,154 | $ 985,734,434 | $— |
* | See Portfolio of Investments for industry breakout. |
Unfunded Loan Commitments
As of February 28, 2022, the Fund had the following unfunded loan commitments:
Borrower | Principal Value | Commitment Amount | Value | Unrealized Appreciation (Depreciation) | ||||
Civitas Solutions (National Mentor Holdings, Inc.), Term Loan | $ 102,758 | $ 102,758 | $ 100,560 | $ (2,198) | ||||
Help at Home (HAH Group Holding Company, LLC), Term Loan | 342,699 | 342,133 | 340,451 | (1,682) | ||||
Veritext Corporation (VT TopCo, Inc.), Term Loan | 137,302 | 137,302 | 136,444 | (858) | ||||
$582,193 | $577,455 | $(4,738) |