First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments
August 31, 2024 (Unaudited)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (a) – 85.2%
Aerospace & Defense – 1.6%
$316,000
Amentum Escrow Corp. (b)
7.25
%
08/01/32
$330,671
158,000
Booz Allen Hamilton, Inc. (b)
3.88
%
09/01/28
152,029
4,311,000
TransDigm, Inc. (b)
6.75
%
08/15/28
4,437,735
1,552,000
TransDigm, Inc. (b)
6.38
%
03/01/29
1,601,371
2,281,000
TransDigm, Inc. (b)
6.63
%
03/01/32
2,375,023
 
8,896,829
Agricultural Products & Services – 0.8%
623,000
Lamb Weston Holdings, Inc. (b)
4.88
%
05/15/28
613,721
4,297,000
Lamb Weston Holdings, Inc. (b)
4.38
%
01/31/32
3,960,873
 
4,574,594
Alternative Carriers – 0.9%
4,662,000
Level 3 Financing, Inc. (b)
11.00
%
11/15/29
5,116,811
Apparel Retail – 0.9%
4,040,000
Nordstrom, Inc.
4.00
%
03/15/27
3,904,418
1,146,000
Nordstrom, Inc.
4.38
%
04/01/30
1,056,637
 
4,961,055
Application Software – 3.5%
2,892,000
Alteryx, Inc. (b)
8.75
%
03/15/28
2,968,922
2,445,875
GoTo Group, Inc. (b)
5.50
%
05/01/28
1,899,584
2,445,875
GoTo Group, Inc. (b) (c)
5.50
%
05/01/28
892,744
3,000,000
McAfee Corp. (b)
7.38
%
02/15/30
2,880,368
1,513,000
Open Text Holdings, Inc. (b)
4.13
%
12/01/31
1,378,871
3,092,000
RingCentral, Inc. (b)
8.50
%
08/15/30
3,306,220
6,521,000
UKG, Inc. (b)
6.88
%
02/01/31
6,750,878
 
20,077,587
Automobile Manufacturers – 0.7%
3,369,000
Ford Motor Co.
9.63
%
04/22/30
4,000,941
Automotive Parts & Equipment – 0.2%
1,298,000
Wand NewCo 3, Inc. (b)
7.63
%
01/30/32
1,360,959
Automotive Retail – 0.1%
635,000
Mavis Tire Express Services Topco Corp. (b)
6.50
%
05/15/29
613,184
Broadcasting – 7.3%
13,053,000
iHeartCommunications, Inc.
8.38
%
05/01/27
5,956,271
6,045,000
Nexstar Media, Inc. (b)
5.63
%
07/15/27
5,912,474
611,000
Scripps Escrow II, Inc. (b)
3.88
%
01/15/29
394,605
16,304,000
Sinclair Television Group, Inc. (b)
5.13
%
02/15/27
14,053,966
7,069,000
Sirius XM Radio, Inc. (b)
3.13
%
09/01/26
6,767,493
343,000
Sirius XM Radio, Inc. (b)
5.50
%
07/01/29
334,138
8,987,000
TEGNA, Inc.
4.63
%
03/15/28
8,480,716
 
41,899,663
Building Products – 1.7%
3,647,000
American Builders & Contractors Supply Co., Inc. (b)
4.00
%
01/15/28
3,517,066
588,000
Beacon Roofing Supply, Inc. (b)
6.50
%
08/01/30
604,417
2,241,000
Builders FirstSource, Inc. (b)
6.38
%
03/01/34
2,303,539
971,000
Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC (b)
6.75
%
04/01/32
998,456
612,000
Standard Building Solutions, Inc. (b)
6.50
%
07/30/32
631,077
574,000
Standard Industries, Inc. (b)
4.75
%
01/15/28
558,744
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
August 31, 2024 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (a) (Continued)
Building Products (Continued)
$858,000
Standard Industries, Inc. (b)
4.38
%
07/15/30
$803,062
 
9,416,361
Cable & Satellite – 3.0%
1,567,000
CCO Holdings LLC / CCO Holdings Capital Corp. (b)
6.38
%
09/01/29
1,549,090
1,184,000
CCO Holdings LLC / CCO Holdings Capital Corp. (b)
4.75
%
03/01/30
1,080,333
1,953,000
CCO Holdings LLC / CCO Holdings Capital Corp. (b)
4.50
%
08/15/30
1,743,535
3,219,000
CCO Holdings LLC / CCO Holdings Capital Corp. (b)
7.38
%
03/03/31
3,278,535
1,736,000
CSC Holdings LLC (b)
7.50
%
04/01/28
898,194
667,000
CSC Holdings LLC (b)
11.25
%
05/15/28
593,402
5,113,000
CSC Holdings LLC (b) (c)
5.75
%
01/15/30
2,046,578
250,000
CSC Holdings LLC (b)
3.38
%
02/15/31
161,693
8,320,000
CSC Holdings LLC (b)
4.50
%
11/15/31
5,541,517
 
16,892,877
Casinos & Gaming – 3.3%
1,438,000
Boyd Gaming Corp. (b)
4.75
%
06/15/31
1,353,972
1,999,000
Caesars Entertainment, Inc. (b)
4.63
%
10/15/29
1,892,122
77,000
Caesars Entertainment, Inc. (b)
7.00
%
02/15/30
79,797
71,000
Churchill Downs, Inc. (b)
5.75
%
04/01/30
70,618
3,891,000
Fertitta Entertainment, LLC / Fertitta Entertainment Finance Co.,
Inc. (b)
6.75
%
01/15/30
3,503,838
930,000
Light & Wonder International, Inc. (b)
7.50
%
09/01/31
979,890
582,000
MGM Resorts International
5.75
%
06/15/25
582,354
643,000
MGM Resorts International
6.50
%
04/15/32
648,063
284,000
Scientific Games Holdings, L.P. / Scientific Games US FinCo,
Inc. (b)
6.63
%
03/01/30
282,073
2,694,000
Station Casinos LLC (b)
4.50
%
02/15/28
2,587,303
3,155,000
VICI Properties, L.P.
5.75
%
04/01/34
3,252,162
1,624,000
VICI Properties, L.P. / VICI Note Co., Inc. (b)
3.50
%
02/15/25
1,607,448
60,000
VICI Properties, L.P. / VICI Note Co., Inc. (b)
3.75
%
02/15/27
58,232
2,000,000
VICI Properties, L.P. / VICI Note Co., Inc. (b)
4.63
%
12/01/29
1,947,285
 
18,845,157
Commercial Printing – 0.9%
2,000,000
LABL, Inc. (b)
6.75
%
07/15/26
1,991,684
471,000
LABL, Inc. (b)
10.50
%
07/15/27
465,681
2,612,000
LABL, Inc. (b)
9.50
%
11/01/28
2,672,766
 
5,130,131
Construction & Engineering – 1.1%
2,445,000
Advanced Drainage Systems, Inc. (b)
6.38
%
06/15/30
2,487,653
3,855,000
Pike Corp. (b)
5.50
%
09/01/28
3,758,311
 
6,245,964
Construction Materials – 0.9%
74,000
GYP Holdings III Corp. (b)
4.63
%
05/01/29
69,144
5,167,000
Summit Materials LLC / Summit Materials Finance Corp. (b)
5.25
%
01/15/29
5,119,181
160,000
Summit Materials LLC / Summit Materials Finance Corp. (b)
7.25
%
01/15/31
169,179
 
5,357,504
Consumer Finance – 1.0%
3,056,000
FirstCash, Inc. (b)
4.63
%
09/01/28
2,930,531
2,904,000
FirstCash, Inc. (b)
6.88
%
03/01/32
2,986,947
 
5,917,478
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
August 31, 2024 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (a) (Continued)
Diversified Support Services – 0.3%
$901,000
Ritchie Bros Holdings, Inc. (b)
6.75
%
03/15/28
$928,092
625,000
Ritchie Bros Holdings, Inc. (b)
7.75
%
03/15/31
665,130
 
1,593,222
Electric Utilities – 0.4%
1,588,000
Vistra Operations Co. LLC (b)
5.00
%
07/31/27
1,572,899
641,000
Vistra Operations Co. LLC (b)
7.75
%
10/15/31
682,508
 
2,255,407
Electrical Components & Equipment – 0.1%
333,000
Sensata Technologies, Inc. (b)
3.75
%
02/15/31
301,012
Environmental & Facilities Services – 1.1%
933,000
Allied Universal Holdco LLC (b)
7.88
%
02/15/31
948,057
4,419,000
Waste Pro USA, Inc. (b)
5.50
%
02/15/26
4,417,508
618,000
Wrangler Holdco Corp. (b)
6.63
%
04/01/32
638,495
 
6,004,060
Fertilizers & Agricultural Chemicals – 0.3%
2,000,000
Scotts Miracle-Gro Co. (The)
4.50
%
10/15/29
1,896,367
Financial Exchanges & Data – 0.4%
2,550,000
MSCI, Inc. (b)
3.25
%
08/15/33
2,214,078
Food Distributors – 1.4%
603,000
US Foods, Inc. (b)
4.75
%
02/15/29
588,652
5,250,000
US Foods, Inc. (b)
4.63
%
06/01/30
5,028,516
2,078,000
US Foods, Inc. (b)
7.25
%
01/15/32
2,196,058
 
7,813,226
Health Care Facilities – 2.2%
1,510,000
Acadia Healthcare Co., Inc. (b)
5.00
%
04/15/29
1,472,732
309,000
Concentra Escrow Issuer Corp. (b)
6.88
%
07/15/32
323,629
2,218,000
HCA, Inc.
5.88
%
02/15/26
2,236,752
569,000
HCA, Inc.
5.38
%
09/01/26
573,054
7,842,000
Select Medical Corp. (b)
6.25
%
08/15/26
7,886,362
 
12,492,529
Health Care Supplies – 2.6%
9,847,000
Medline Borrower, L.P. (b)
3.88
%
04/01/29
9,309,090
4,833,000
Medline Borrower, L.P. (b)
5.25
%
10/01/29
4,750,364
737,000
Medline Borrower, L.P. / Medline Co-Issuer, Inc. (b)
6.25
%
04/01/29
760,639
 
14,820,093
Health Care Technology – 1.3%
6,527,000
AthenaHealth Group, Inc. (b)
6.50
%
02/15/30
6,249,364
1,515,000
HealthEquity, Inc. (b)
4.50
%
10/01/29
1,447,692
 
7,697,056
Hotels, Resorts & Cruise Lines – 0.2%
937,000
Vail Resorts, Inc. (b)
6.50
%
05/15/32
974,597
289,000
Wyndham Hotels & Resorts, Inc. (b)
4.38
%
08/15/28
276,843
 
1,251,440
Household Products – 1.3%
2,733,000
Energizer Holdings, Inc. (b)
6.50
%
12/31/27
2,773,241
1,746,000
Energizer Holdings, Inc. (b)
4.75
%
06/15/28
1,684,580
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
August 31, 2024 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (a) (Continued)
Household Products (Continued)
$3,149,000
Energizer Holdings, Inc. (b)
4.38
%
03/31/29
$2,963,683
 
7,421,504
Human Resource & Employment Services – 0.7%
1,913,000
TriNet Group, Inc. (b)
7.13
%
08/15/31
1,985,508
2,077,000
ZipRecruiter, Inc. (b)
5.00
%
01/15/30
1,862,241
 
3,847,749
Independent Power Producers & Energy Traders – 0.6%
3,627,000
Calpine Corp. (b)
5.13
%
03/15/28
3,541,768
Industrial Conglomerates – 0.2%
1,116,000
Hillenbrand, Inc.
6.25
%
02/15/29
1,131,553
Industrial Machinery & Supplies & Components – 0.1%
561,000
EMRLD Borrower, L.P. / Emerald Co-Issuer, Inc. (b)
6.63
%
12/15/30
575,184
158,000
Gates Corp. (The) (b)
6.88
%
07/01/29
162,265
 
737,449
Insurance Brokers – 10.3%
7,065,000
Alliant Holdings Intermediate LLC / Alliant Holdings
Co-Issuer (b)
6.75
%
10/15/27
7,039,886
7,588,000
Alliant Holdings Intermediate LLC / Alliant Holdings
Co-Issuer (b)
6.75
%
04/15/28
7,736,065
210,000
Alliant Holdings Intermediate LLC / Alliant Holdings
Co-Issuer (b)
5.88
%
11/01/29
204,999
3,710,000
AmWINS Group, Inc. (b)
6.38
%
02/15/29
3,806,263
7,828,000
AmWINS Group, Inc. (b)
4.88
%
06/30/29
7,485,302
5,946,000
AssuredPartners, Inc. (b)
5.63
%
01/15/29
5,702,450
1,996,000
AssuredPartners, Inc. (b)
7.50
%
02/15/32
2,037,555
1,247,000
Baldwin Insurance Group Holdings LLC / Baldwin Insurance
Group Holdings Finance (b)
7.13
%
05/15/31
1,305,822
2,092,000
BroadStreet Partners, Inc. (b)
5.88
%
04/15/29
1,993,070
675,000
Brown & Brown, Inc.
2.38
%
03/15/31
576,031
2,101,000
GTCR AP Finance, Inc. (b)
8.00
%
05/15/27
2,111,747
4,934,000
HUB International Ltd. (b)
5.63
%
12/01/29
4,841,075
925,000
HUB International Ltd. (b)
7.25
%
06/15/30
966,775
4,625,000
HUB International Ltd. (b)
7.38
%
01/31/32
4,797,799
4,606,000
Panther Escrow Issuer LLC (b)
7.13
%
06/01/31
4,801,304
3,801,000
Ryan Specialty LLC (b)
4.38
%
02/01/30
3,646,205
 
59,052,348
Integrated Telecommunication Services – 1.0%
1,221,000
Radiate Holdco LLC / Radiate Finance, Inc. (b)
4.50
%
09/15/26
968,759
5,814,000
Zayo Group Holdings, Inc. (b)
6.13
%
03/01/28
4,500,705
 
5,469,464
Interactive Media & Services – 0.4%
2,101,000
Cars.com, Inc. (b)
6.38
%
11/01/28
2,090,384
Internet Services & Infrastructure – 2.3%
6,210,000
Go Daddy Operating Co. LLC / GD Finance Co., Inc. (b)
5.25
%
12/01/27
6,195,261
7,217,000
Go Daddy Operating Co. LLC / GD Finance Co., Inc. (b)
3.50
%
03/01/29
6,716,636
 
12,911,897
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
August 31, 2024 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (a) (Continued)
Investment Banking & Brokerage – 0.2%
$1,045,000
LPL Holdings, Inc. (b)
4.63
%
11/15/27
$1,027,552
IT Consulting & Other Services – 0.5%
613,000
Central Parent, Inc. / CDK Global, Inc. (b)
7.25
%
06/15/29
616,518
2,000,000
Gartner, Inc. (b)
4.50
%
07/01/28
1,965,504
 
2,582,022
Leisure Facilities – 0.1%
283,000
SeaWorld Parks & Entertainment, Inc. (b)
5.25
%
08/15/29
273,998
313,000
Six Flags Entertainment Corp. / Six Flags Theme Parks, Inc. (b)
6.63
%
05/01/32
322,375
 
596,373
Leisure Products – 0.4%
1,413,000
Acushnet Co. (b)
7.38
%
10/15/28
1,486,344
611,000
Amer Sports Co. (b)
6.75
%
02/16/31
621,519
 
2,107,863
Life Sciences Tools & Services – 1.5%
8,153,000
Avantor Funding, Inc. (b)
4.63
%
07/15/28
7,942,563
648,000
Star Parent, Inc. (b)
9.00
%
10/01/30
692,568
 
8,635,131
Managed Health Care – 2.7%
6,806,000
Centene Corp.
4.25
%
12/15/27
6,659,569
968,000
Molina Healthcare, Inc. (b)
4.38
%
06/15/28
932,123
4,000,000
Molina Healthcare, Inc. (b)
3.88
%
11/15/30
3,681,068
4,576,000
Molina Healthcare, Inc. (b)
3.88
%
05/15/32
4,109,633
 
15,382,393
Metal, Glass & Plastic Containers – 2.9%
903,000
Ball Corp.
6.88
%
03/15/28
935,557
4,227,000
Ball Corp.
2.88
%
08/15/30
3,739,360
5,419,000
Berry Global, Inc. (b)
5.63
%
07/15/27
5,425,437
1,460,000
Berry Global, Inc. (b)
5.65
%
01/15/34
1,486,482
75,000
Crown Americas LLC
5.25
%
04/01/30
75,018
4,321,000
Owens-Brockway Glass Container, Inc. (b)
7.25
%
05/15/31
4,377,709
650,000
Owens-Brockway Glass Container, Inc. (b)
7.38
%
06/01/32
653,750
 
16,693,313
Movies & Entertainment – 0.1%
394,000
WMG Acquisition Corp. (b)
3.00
%
02/15/31
350,719
Office Services & Supplies – 0.2%
906,000
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. (b)
6.75
%
08/15/32
935,291
Packaged Foods & Meats – 2.1%
1,198,000
Fiesta Purchaser, Inc. (b)
7.88
%
03/01/31
1,264,185
7,308,000
Post Holdings, Inc. (b)
6.25
%
02/15/32
7,503,569
3,018,000
Post Holdings, Inc. (b)
6.38
%
03/01/33
3,047,577
 
11,815,331
Paper & Plastic Packaging Products & Materials – 5.1%
12,810,000
Graham Packaging Co., Inc. (b)
7.13
%
08/15/28
12,669,555
3,239,000
Graphic Packaging International LLC (b)
3.75
%
02/01/30
2,998,102
936,000
Graphic Packaging International LLC (b)
6.38
%
07/15/32
958,164
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
August 31, 2024 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (a) (Continued)
Paper & Plastic Packaging Products & Materials (Continued)
$6,990,000
Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group
Issuer LLC (b)
4.00
%
10/15/27
$6,680,847
180,000
Pactiv LLC
7.95
%
12/15/25
186,784
566,000
Sealed Air Corp. (b)
5.00
%
04/15/29
557,940
4,070,000
Sealed Air Corp. / Sealed Air Corp. US (b)
6.13
%
02/01/28
4,138,238
774,000
Verde Purchaser LLC (b)
10.50
%
11/30/30
834,515
 
29,024,145
Personal Care Products – 0.2%
1,389,000
Prestige Brands, Inc. (b)
5.13
%
01/15/28
1,370,065
Pharmaceuticals – 1.2%
3,000,000
Charles River Laboratories International, Inc. (b)
3.75
%
03/15/29
2,813,310
1,483,000
Charles River Laboratories International, Inc. (b)
4.00
%
03/15/31
1,366,007
2,802,000
IQVIA, Inc. (b)
6.50
%
05/15/30
2,914,951
 
7,094,268
Rail Transportation – 0.4%
2,466,000
Genesee & Wyoming, Inc. (b)
6.25
%
04/15/32
2,523,505
Real Estate Services – 0.3%
2,219,000
CoStar Group, Inc. (b)
2.80
%
07/15/30
1,952,257
Research & Consulting Services – 1.4%
3,973,000
Clarivate Science Holdings Corp. (b)
3.88
%
07/01/28
3,779,962
3,114,000
Clarivate Science Holdings Corp. (b)
4.88
%
07/01/29
3,002,658
342,000
CoreLogic, Inc. (b)
4.50
%
05/01/28
320,365
900,000
Dun & Bradstreet Corp. (The) (b)
5.00
%
12/15/29
891,908
 
7,994,893
Restaurants – 1.0%
5,088,000
IRB Holding Corp. (b)
7.00
%
06/15/25
5,093,397
812,000
Raising Cane’s Restaurants LLC (b)
9.38
%
05/01/29
877,430
 
5,970,827
Security & Alarm Services – 0.6%
2,000,000
Brink’s Co. (The) (b)
4.63
%
10/15/27
1,960,127
618,000
Brink’s Co. (The) (b)
6.50
%
06/15/29
640,041
618,000
Brink’s Co. (The) (b)
6.75
%
06/15/32
643,353
 
3,243,521
Specialized Consumer Services – 0.8%
4,932,000
Aramark Services, Inc. (b)
5.00
%
02/01/28
4,842,569
Systems Software – 5.8%
1,078,000
Crowdstrike Holdings, Inc.
3.00
%
02/15/29
988,756
3,484,000
Gen Digital, Inc. (b)
7.13
%
09/30/30
3,642,149
1,000,000
Oracle Corp.
6.15
%
11/09/29
1,072,080
1,000,000
Oracle Corp.
6.25
%
11/09/32
1,090,123
1,796,000
Oracle Corp.
6.50
%
04/15/38
2,002,976
22,859,000
SS&C Technologies, Inc. (b)
5.50
%
09/30/27
22,855,167
1,643,000
SS&C Technologies, Inc. (b)
6.50
%
06/01/32
1,697,175
 
33,348,426
Trading Companies & Distributors – 2.5%
1,794,000
Herc Holdings, Inc. (b)
5.50
%
07/15/27
1,782,461
3,140,000
Herc Holdings, Inc. (b)
6.63
%
06/15/29
3,231,691
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
August 31, 2024 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (a) (Continued)
Trading Companies & Distributors (Continued)
$8,786,000
United Rentals North America, Inc. (b)
6.00
%
12/15/29
$8,992,717
 
14,006,869
Transaction & Payment Processing Services – 0.1%
638,000
Boost Newco Borrower LLC (b)
7.50
%
01/15/31
680,864
Total Corporate Bonds and Notes
486,027,898
(Cost $490,865,153)
Principal
Value
Description
Rate (d)
Stated
Maturity (e)
Value
SENIOR FLOATING-RATE LOAN INTERESTS (a) – 19.3%
Application Software – 7.7%
704,012
Applied Systems, Inc., Term Loan B, 1 Mo. CME Term SOFR +
3.00%, 0.00% Floor
8.29
%
02/24/31
708,060
6,177,416
Darktrace PLC (Leia Finco US LLC), Second Lien Term Loan , 1
Mo. CME Term SOFR + 5.25%, 0.00% Floor
10.45
%
09/30/32
6,087,318
8,543,224
Gainwell Acquisition Corp. (f/k/a Milano), Term Loan B, 3 Mo.
CME Term SOFR + CSA + 4.00%, 0.75% Floor
9.43
%
10/01/27
7,795,692
4,363,685
Genesys Cloud Services Holding II LLC (f/k/a Greeneden), Term
Loan B, 1 Mo. CME Term SOFR + 3.50%, 0.75% Floor
8.75
%
12/01/27
4,387,619
6,349,368
Informatica LLC, 2024 Refi Term Loan B, 1 Mo. CME Term
SOFR + 2.25%, 0.00% Floor
7.50
%
10/30/28
6,376,162
8,220,663
Internet Brands, Inc. (Web MD/MH Sub I. LLC), Second Lien
Term Loan, 3 Mo. CME Term SOFR + 6.25%, 0.00% Floor
11.50
%
02/23/29
8,108,493
283,602
Ivanti Software, Inc., Term Loan B, 3 Mo. CME Term SOFR +
CSA + 4.25%, 0.75% Floor
9.83
%
12/01/27
246,144
2,985,626
LogMeIn, Inc. (GoTo Group, Inc.), First Lien First Out TL, 1 Mo.
CME Term SOFR + CSA + 4.75%, 0.00% Floor
10.14
%
04/30/28
2,547,127
2,451,837
LogMeIn, Inc. (GoTo Group, Inc.), First Lien Second Out TL, 1
Mo. CME Term SOFR + CSA + 4.75%, 0.00% Floor (c)
10.14
%
04/30/28
991,241
2,984,655
Solera Holdings, Inc. (Polaris Newco), Term Loan B, 3 Mo. CME
Term SOFR + CSA + 4.00%, 0.50% Floor
9.51
%
06/04/28
2,966,568
3,745,039
Ultimate Kronos Group (UKG, Inc.), 2024 Term Loan B, 3 Mo.
CME Term SOFR + 3.25%, 0.00% Floor
8.55
%
02/10/31
3,757,997
 
43,972,421
Diversified Support Services – 0.5%
2,984,655
Consilio (Skopima Consilio Parent LLC), Initial Term Loan, 1 Mo.
CME Term SOFR + CSA + 4.00%, 0.50% Floor
9.36
%
05/17/28
2,986,714
Electronic Equipment & Instruments – 0.5%
2,898,275
Verifone Systems, Inc., Term Loan B, 3 Mo. CME Term SOFR +
CSA + 4.00%, 0.00% Floor
9.33
%
08/20/25
2,631,996
Health Care Facilities – 0.4%
1,714,142
IVC Evidensia (VetStrategy Canada/IVC Acquisition Midco Ltd.),
Facility B10, 3 Mo. CME Term SOFR + 4.75%, 0.50% Floor
10.08
%
12/06/28
1,715,933
432,195
Select Medical Corp., Tranche B-1, 1 Mo. CME Term SOFR +
3.00%, 0.00% Floor
8.25
%
03/06/27
434,897
 
2,150,830
Health Care Technology – 2.1%
6,800,000
Cotiviti, Inc. (Verscend Technologies, Inc.), Fixed Rate Term Loan,
1 Mo. Fixed + 0.00%, 0.00% Floor
7.63
%
05/01/31
6,800,000
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
August 31, 2024 (Unaudited)
Principal
Value
Description
Rate (d)
Stated
Maturity (e)
Value
SENIOR FLOATING-RATE LOAN INTERESTS (a) (Continued)
Health Care Technology (Continued)
$4,985,913
Waystar Technologies, Inc., Term Loan B, 1 Mo. CME Term SOFR
+ 2.75%, 0.00% Floor
8.00
%
10/22/29
$5,010,868
92,242
WS Audiology (Auris Lux III SARL), USD Term Loan B4, 6 Mo.
CME Term SOFR + CSA + 4.25%, 0.00% Floor
9.56
%
02/28/29
92,905
 
11,903,773
Industrial Machinery & Supplies & Components – 0.8%
4,290,993
Filtration Group Corp., 2021 Incremental Term Loan B, 1 Mo.
CME Term SOFR + CSA + 3.50%, 0.50% Floor
8.86
%
10/21/28
4,310,066
Insurance Brokers – 5.8%
439,683
Alliant Holdings I LLC, Term Loan B-6, 1 Mo. CME Term SOFR
+ 3.50%, 0.50% Floor
8.81
%
11/06/30
441,534
6,291,631
BroadStreet Partners, Inc., Term Loan B-4, 1 Mo. CME Term
SOFR + 3.25%, 0.00% Floor
8.50
%
06/14/31
6,297,387
7,967
HUB International Ltd., Term Loan B, 2 Mo. CME Term SOFR +
3.00%, 0.75% Floor
8.26
%
06/20/30
7,981
3,179,018
HUB International Ltd., Term Loan B, 3 Mo. CME Term SOFR +
3.00%, 0.75% Floor
8.26
%
06/20/30
3,184,582
7,047,526
OneDigital Borrower, LLC, First Lien Term Loan B, 1 Mo. CME
Term SOFR + 3.25%, 0.50% Floor
8.50
%
07/02/31
7,029,907
5,301,150
OneDigital Borrower, LLC, Second Lien Term Loan, 1 Mo. CME
Term SOFR + 5.25%, 0.50% Floor
10.50
%
07/02/32
5,272,418
5,294,673
Ryan Specialty Group LLC, 2024 Term Loan, 1 Mo. CME Term
SOFR + 2.75%, 0.75% Floor
8.00
%
09/01/27
5,327,765
2,101,934
Truist Insurance Holdings LLC (McGriff/Panther Escrow), Second
Lien Term Loan, 3 Mo. CME Term SOFR + 4.75%, 0.00% Floor
10.08
%
05/06/32
2,140,221
3,250,502
USI, Inc., 2030 Term Loan B, 3 Mo. CME Term SOFR + 2.75%,
0.00% Floor
8.08
%
09/29/30
3,254,565
 
32,956,360
Integrated Telecommunication Services – 0.1%
447,427
Numericable (Altice France SA or SFR), Term Loan B-13, 3 Mo.
Synthetic USD LIBOR + 4.00%, 0.00% Floor
9.38
%
08/14/26
359,060
462,378
Radiate Holdco LLC (Astound), Amendment No. 6 Term Loan, 1
Mo. CME Term SOFR + CSA + 3.25%, 0.75% Floor
8.61
%
09/25/26
372,908
 
731,968
Life Sciences Tools & Services – 0.3%
1,600,000
Syneos Health, Inc. (Star Parent, Inc.), Term Loan B, 3 Mo. CME
Term SOFR + 3.75%, 0.00% Floor
9.08
%
09/30/30
1,593,544
Metal, Glass & Plastic Containers – 0.5%
3,011,599
ProAmpac PG Borrower LLC, 2024 Refi Term Loan B, 3 Mo.
CME Term SOFR + 4.00%, 0.75% Floor
9.12
% -
9.30
%
09/15/28
3,025,407
Paper & Plastic Packaging Products & Materials – 0.2%
1,232,023
Veritiv Corp. (Verde Purchaser, LLC), 2024 Refi Term Loan B, 3
Mo. CME Term SOFR + 4.50%, 0.00% Floor
9.83
%
12/02/30
1,234,592
Security & Alarm Services – 0.1%
723,190
Garda World Security Corp., Term Loan B, 1 Mo. CME Term
SOFR + 3.50%, 0.00% Floor
8.83
%
02/01/29
725,088
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
August 31, 2024 (Unaudited)
Principal
Value
Description
Rate (d)
Stated
Maturity (e)
Value
SENIOR FLOATING-RATE LOAN INTERESTS (a) (Continued)
Systems Software – 0.3%
$1,821,938
Idera, Inc. (Flash Charm), Second Lien Term Loan, 3 Mo. CME
Term SOFR + CSA + 6.75%, 0.75% Floor
12.15
%
03/02/29
$1,786,638
Total Senior Floating-Rate Loan Interests
110,009,397
(Cost $111,895,175)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN CORPORATE BONDS AND NOTES (a) – 13.9%
Application Software – 3.9%
1,721,000
ION Trading Technologies Sarl (b)
5.75
%
05/15/28
1,627,817
11,666,000
Open Text Corp. (b)
6.90
%
12/01/27
12,259,286
6,881,000
Open Text Corp. (b)
3.88
%
02/15/28
6,528,633
2,108,000
Open Text Corp. (b)
3.88
%
12/01/29
1,945,266
 
22,361,002
Automotive Parts & Equipment – 1.5%
8,691,000
Clarios Global, L.P. / Clarios US Finance Co. (b)
8.50
%
05/15/27
8,792,572
Building Products – 0.2%
973,000
Cemex SAB de CV (b) (c)
5.45
%
11/19/29
977,537
Casinos & Gaming – 0.0%
140,000
Flutter Treasury Designated Activity Co. (b)
6.38
%
04/29/29
144,708
Environmental & Facilities Services – 1.1%
473,000
GFL Environmental, Inc. (b)
3.75
%
08/01/25
468,217
1,300,000
GFL Environmental, Inc. (b)
4.00
%
08/01/28
1,240,426
1,686,000
GFL Environmental, Inc. (b)
4.75
%
06/15/29
1,632,846
2,750,000
GFL Environmental, Inc. (b)
6.75
%
01/15/31
2,876,027
 
6,217,516
Integrated Telecommunication Services – 1.2%
2,542,000
Altice France Holding SA (b) (c)
10.50
%
05/15/27
1,008,495
2,511,000
Altice France SA (b)
5.50
%
01/15/28
1,790,000
1,000,000
Altice France SA (b)
5.13
%
01/15/29
695,545
5,117,000
Altice France SA (b)
5.13
%
07/15/29
3,576,386
 
7,070,426
IT Consulting & Other Services – 0.7%
4,073,000
Elastic NV (b)
4.13
%
07/15/29
3,797,986
Metal, Glass & Plastic Containers – 1.2%
7,245,000
Trivium Packaging Finance BV (b)
5.50
%
08/15/26
7,160,621
Restaurants – 2.4%
309,000
1011778 BC ULC / New Red Finance, Inc. (b)
6.13
%
06/15/29
315,806
14,344,000
1011778 BC ULC / New Red Finance, Inc. (b)
4.00
%
10/15/30
13,150,598
 
13,466,404
Security & Alarm Services – 1.3%
2,903,000
Garda World Security Corp. (b)
9.50
%
11/01/27
2,931,818
4,034,000
Garda World Security Corp. (b)
7.75
%
02/15/28
4,234,801
158,000
Garda World Security Corp. (b)
8.25
%
08/01/32
160,712
 
7,327,331
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
August 31, 2024 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN CORPORATE BONDS AND NOTES (a) (Continued)
Transaction & Payment Processing Services – 0.4%
$2,498,000
Paysafe Finance PLC / Paysafe Holdings US Corp. (b)
4.00
%
06/15/29
$2,352,522
Total Foreign Corporate Bonds and Notes
79,668,625
(Cost $80,073,315)
 
Shares
Description
Value
COMMON STOCKS – 0.0%
Pharmaceuticals – 0.0%
220,989
Akorn, Inc. (f) (g) (h)
16,574
(Cost $2,534,056)
MONEY MARKET FUNDS (a) – 0.5%
2,611,463
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.12% (i)
2,611,463
(Cost $2,611,463)
Total Investments – 118.9%
678,333,957
(Cost $687,979,162)
Outstanding Loan – (19.3)%
(110,000,000
)
Net Other Assets and Liabilities – 0.4%
2,317,183
Net Assets – 100.0%
$570,651,140
 
(a)
All or a portion of these securities serve as collateral for the outstanding loan unless otherwise indicated. At August 31, 2024, the
segregated value of these securities amounts to $672,400,788.
(b)
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 August 31, 2024, securities noted as such amounted to $514,650,981 or
90.2% of net assets.
(c)
This security does not serve as collateral for the outstanding loan.
(d)
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 SOFR obtained
from the U.S. Department of the Treasury’s Office of Financial Research or another major financial institution, (ii) the lending
rate offered by one or more major European banks, such as the synthetic LIBOR, (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 SOFR or synthetic LIBOR floor
that establishes a minimum SOFR or synthetic LIBOR rate. When a range of rates is disclosed, the Fund holds more than one
contract within the same tranche with identical SOFR or synthetic LIBOR period, spread and floor, but different SOFR or
synthetic LIBOR reset dates.
(e)
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.
(f)
This issuer has filed for protection in bankruptcy court.
(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)
Non-income producing security.
(i)
Rate shown reflects yield as of August 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
USD
– United States Dollar
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
August 31, 2024 (Unaudited)
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.
A summary of the inputs used to value the Fund’s investments as of August 31, 2024 is as follows: 
 
Total
Value at
8/31/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Corporate Bonds and Notes*
$486,027,898
$—
$486,027,898
$—
Senior Floating-Rate Loan Interests*
110,009,397
—
110,009,397
—
Foreign Corporate Bonds and Notes*
79,668,625
—
79,668,625
—
Common Stocks*
16,574
—
16,574
—
Money Market Funds
2,611,463
2,611,463
—
—
Total Investments
$678,333,957
$2,611,463
$675,722,494
$—
 
*
See Portfolio of Investments for industry breakout.
Restricted Securities
As of August 31, 2024, the Fund held restricted securities as shown in the following table that the Advisor deemed illiquid pursuant to procedures adopted by the Fund’s Board of Trustees. 
Security
Acquisition
Date
Shares
Current Price
Carrying
Cost
Value
% of
Net
Assets
Akorn, Inc.
10/15/20
220,989
$0.08
$2,534,056
$16,574
0.00
%†
†  Amount is less than 0.01%
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