FTHY First Trust High Yield Opportunities 2027 Term Fund

First Trust High Yield Opportunities 2027 Term Fund (FTHY)

Portfolio of Investments

August 31, 2023 (Unaudited)

Principal Value		Description		Stated Coupon		Stated Maturity		Value
CORPORATE BONDS AND NOTES – 89.1%
		Aerospace & Defense – 0.9%
$158,000		Booz Allen Hamilton, Inc. (a) (b)		3.88%		09/01/28		$143,610
2,598,000		TransDigm, Inc. (a) (b)		6.25%		03/15/26		2,575,773
2,579,000		TransDigm, Inc. (a) (b)		6.75%		08/15/28		2,591,264
								5,310,647
		Agricultural Products & Services – 0.1%
623,000		Lamb Weston Holdings, Inc. (a) (b)		4.88%		05/15/28		588,941
		Apparel Retail – 0.8%
4,040,000		Nordstrom, Inc. (b)		4.00%		03/15/27		3,528,698
1,146,000		Nordstrom, Inc. (b)		4.38%		04/01/30		916,800
								4,445,498
		Application Software – 1.9%
2,239,000		Alteryx, Inc. (a) (b)		8.75%		03/15/28		2,162,650
5,755,000		GoTo Group, Inc. (a) (b)		5.50%		09/01/27		3,374,240
3,000,000		McAfee Corp. (a) (b)		7.38%		02/15/30		2,627,439
1,513,000		Open Text Holdings, Inc. (a) (b)		4.13%		12/01/31		1,257,352
1,576,000		RingCentral, Inc. (a) (b)		8.50%		08/15/30		1,553,834
								10,975,515
		Automobile Manufacturers – 0.7%
3,369,000		Ford Motor Co. (b)		9.63%		04/22/30		3,899,621
		Automotive Retail – 0.1%
83,000		Group 1 Automotive, Inc. (a) (b)		4.00%		08/15/28		73,774
333,000		Penske Automotive Group, Inc. (b)		3.50%		09/01/25		317,380
								391,154
		Broadcasting – 13.8%
5,708,000		Gray Television, Inc. (a) (b)		5.88%		07/15/26		5,227,918
8,201,000		Gray Television, Inc. (a) (b)		7.00%		05/15/27		7,369,496
3,409,000		Gray Television, Inc. (a) (b)		4.75%		10/15/30		2,383,706
13,053,000		iHeartCommunications, Inc. (b)		8.38%		05/01/27		9,051,907
22,177,000		Nexstar Media, Inc. (a) (b)		5.63%		07/15/27		20,865,073
3,150,000		Nexstar Media, Inc. (a) (b)		4.75%		11/01/28		2,766,728
611,000		Scripps Escrow II, Inc. (a) (b)		3.88%		01/15/29		491,198
17,974,000		Sinclair Television Group, Inc. (a) (b)		5.63%		02/15/27		14,757,835
7,069,000		Sirius XM Radio, Inc. (a) (b)		3.13%		09/01/26		6,387,548
343,000		Sirius XM Radio, Inc. (a) (b)		5.50%		07/01/29		309,169
8,350,000		Tegna Inc. (b)		4.63%		03/15/28		7,489,225
2,027,000		Univision Communications, Inc. (a) (b)		6.63%		06/01/27		1,964,432
								79,064,235
		Building Products – 0.3%
588,000		Beacon Roofing Supply, Inc (a) (b)		6.50%		08/01/30		581,532
574,000		Standard Industries, Inc. (a) (b)		4.75%		01/15/28		529,230
858,000		Standard Industries, Inc. (a) (b)		4.38%		07/15/30		736,340
								1,847,102
		Cable & Satellite – 6.8%
323,000		CCO Holdings, LLC/CCO Holdings Capital Corp. (a) (b)		5.00%		02/01/28		297,934
9,088,000		CCO Holdings, LLC/CCO Holdings Capital Corp. (a) (b)		5.38%		06/01/29		8,279,836
4,567,000		CCO Holdings, LLC/CCO Holdings Capital Corp. (a) (b)		6.38%		09/01/29		4,327,858
5,048,000		CCO Holdings, LLC/CCO Holdings Capital Corp. (a) (b)		4.75%		03/01/30		4,344,776
3,993,000		CCO Holdings, LLC/CCO Holdings Capital Corp. (a) (b)		4.50%		08/15/30		3,363,572

First Trust High Yield Opportunities 2027 Term Fund (FTHY)

Portfolio of Investments (Continued)

August 31, 2023 (Unaudited)

Principal Value		Description		Stated Coupon		Stated Maturity		Value
CORPORATE BONDS AND NOTES (Continued)
		Cable & Satellite (Continued)
$1,155,000		CCO Holdings, LLC/CCO Holdings Capital Corp. (a) (b)		4.25%		02/01/31		$948,468
1,544,000		CCO Holdings, LLC/CCO Holdings Capital Corp. (a) (b)		7.38%		03/03/31		1,536,079
2,370,000		CSC Holdings, LLC (a) (b)		7.50%		04/01/28		1,508,897
667,000		CSC Holdings, LLC (a) (b)		11.25%		05/15/28		658,478
20,875,000		CSC Holdings, LLC (a) (b)		5.75%		01/15/30		11,566,316
3,000,000		CSC Holdings, LLC (a) (b)		4.63%		12/01/30		1,572,454
250,000		CSC Holdings, LLC (a) (b)		3.38%		02/15/31		171,927
143,000		Directv Financing, LLC/Directv Financing Co-Obligor, Inc. (a) (b)		5.88%		08/15/27		126,858
								38,703,453
		Casinos & Gaming – 4.2%
1,438,000		Boyd Gaming Corp. (a) (b)		4.75%		06/15/31		1,267,862
1,999,000		Caesars Entertainment, Inc. (a) (b)		4.63%		10/15/29		1,751,589
77,000		Caesars Entertainment, Inc. (a) (b)		7.00%		02/15/30		77,370
71,000		CDI Escrow Issuer, Inc. (a) (b)		5.75%		04/01/30		66,094
9,182,000		Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc. (a) (b)		6.75%		01/15/30		7,590,531
930,000		Light & Wonder (FKA Scientific Games International Inc) (a) (b)		7.50%		09/01/31		943,860
170,000		MGM Resorts International (b)		6.75%		05/01/25		170,435
582,000		MGM Resorts International (b)		5.75%		06/15/25		574,450
284,000		Scientific Games Holdings L.P./Scientific Games US FinCo, Inc. (a) (b)		6.63%		03/01/30		250,604
2,694,000		Station Casinos, LLC (a) (b)		4.50%		02/15/28		2,413,555
1,624,000		VICI Properties L.P./VICI Note Co., Inc. (a) (b)		3.50%		02/15/25		1,557,168
7,698,000		VICI Properties L.P./VICI Note Co., Inc. (a) (b)		4.25%		12/01/26		7,259,011
60,000		VICI Properties L.P./VICI Note Co., Inc. (a) (b)		3.75%		02/15/27		55,135
								23,977,664
		Commercial Printing – 0.2%
471,000		Multi-Color Corp. (LABL, Inc.) (a) (b)		10.50%		07/15/27		451,327
612,000		Multi-Color Corp. (LABL, Inc.) (a) (b)		9.50%		11/01/28		630,678
								1,082,005
		Construction & Engineering – 0.6%
3,855,000		Pike Corp. (a) (b)		5.50%		09/01/28		3,473,168
		Construction Materials – 0.9%
74,000		GYP Holdings III Corp. (a) (b)		4.63%		05/01/29		65,256
5,167,000		Summit Materials, LLC/Summit Materials Finance Corp. (a) (b)		5.25%		01/15/29		4,845,457
								4,910,713
		Consumer Finance – 0.6%
811,000		Black Knight InfoServ, LLC (a) (b)		3.63%		09/01/28		748,148
3,056,000		FirstCash, Inc. (a) (b)		4.63%		09/01/28		2,721,079
								3,469,227
		Diversified Support Services – 0.1%
300,000		Ritchie Bros. Auctioneers, Inc. (a) (b)		6.75%		03/15/28		304,050
300,000		Ritchie Bros. Auctioneers, Inc. (a) (b)		7.75%		03/15/31		310,656
								614,706
		Electric Utilities – 1.1%
5,275,000		PG&E Corp. (b)		5.00%		07/01/28		4,857,392
1,588,000		Vistra Operations Co., LLC (a) (b)		5.00%		07/31/27		1,494,957
								6,352,349

First Trust High Yield Opportunities 2027 Term Fund (FTHY)

Portfolio of Investments (Continued)

August 31, 2023 (Unaudited)

Principal Value		Description		Stated Coupon		Stated Maturity		Value
CORPORATE BONDS AND NOTES (Continued)
		Electrical Components & Equipment – 0.1%
$333,000		Sensata Technologies, Inc. (a) (b)		3.75%		02/15/31		$279,355
		Environmental & Facilities Services – 0.3%
1,907,000		Waste Pro USA, Inc. (a) (b)		5.50%		02/15/26		1,799,477
		Financial Exchanges & Data – 0.2%
1,538,000		MSCI, Inc. (a) (b)		3.25%		08/15/33		1,239,117
		Food Distributors – 0.1%
603,000		US Foods, Inc. (a) (b)		4.75%		02/15/29		550,914
		Health Care Equipment – 0.1%
652,000		Baxter International, Inc. (b)		1.32%		11/29/24		617,954
		Health Care Facilities – 6.7%
1,510,000		Acadia Healthcare Co., Inc. (a) (b)		5.00%		04/15/29		1,390,569
7,218,000		HCA, Inc. (b)		5.88%		02/15/26		7,232,880
569,000		HCA, Inc. (b)		5.38%		09/01/26		565,027
7,842,000		Select Medical Corp. (a) (b)		6.25%		08/15/26		7,775,236
302,000		Tenet Healthcare Corp. (b)		4.88%		01/01/26		293,074
19,000,000		Tenet Healthcare Corp. (b)		6.25%		02/01/27		18,728,792
1,358,000		Tenet Healthcare Corp. (b)		5.13%		11/01/27		1,292,654
1,329,000		Tenet Healthcare Corp. (b)		4.63%		06/15/28		1,225,183
								38,503,415
		Health Care Services – 1.6%
1,994,000		DaVita, Inc. (a) (b)		4.63%		06/01/30		1,712,155
551,000		DaVita, Inc. (a) (b)		3.75%		02/15/31		439,281
10,403,000		Global Medical Response, Inc. (a) (b)		6.50%		10/01/25		7,199,495
								9,350,931
		Health Care Supplies – 2.3%
9,847,000		Medline Borrower L.P. (a) (b)		3.88%		04/01/29		8,605,543
4,833,000		Medline Borrower L.P. (a) (b)		5.25%		10/01/29		4,296,614
								12,902,157
		Health Care Technology – 2.4%
6,527,000		AthenaHealth Group, Inc. (a) (b)		6.50%		02/15/30		5,674,580
397,000		HealthEquity, Inc. (a) (b)		4.50%		10/01/29		352,546
7,520,000		Verscend Escrow Corp. (a) (b)		9.75%		08/15/26		7,489,218
								13,516,344
		Hotels, Resorts & Cruise Lines – 0.0%
289,000		Wyndham Hotels & Resorts, Inc. (a) (b)		4.38%		08/15/28		263,828
		Household Products – 0.6%
1,121,000		Energizer Holdings, Inc. (a) (b)		6.50%		12/31/27		1,084,130
1,746,000		Energizer Holdings, Inc. (a) (b)		4.75%		06/15/28		1,543,563
650,000		Energizer Holdings, Inc. (a) (b)		4.38%		03/31/29		557,453
								3,185,146
		Human Resource & Employment Services – 0.1%
314,000		TriNet Group, Inc. (a) (b)		7.13%		08/15/31		316,091
		Independent Power Producers & Energy Traders – 0.4%
2,770,000		Calpine Corp. (a) (b)		5.13%		03/15/28		2,526,185

First Trust High Yield Opportunities 2027 Term Fund (FTHY)

Portfolio of Investments (Continued)

August 31, 2023 (Unaudited)

Principal Value		Description		Stated Coupon		Stated Maturity		Value
CORPORATE BONDS AND NOTES (Continued)
		Industrial Machinery & Supplies & Components – 1.1%
$6,597,000		Gates Global, LLC/Gates Corp. (a) (b)		6.25%		01/15/26		$6,537,204
		Insurance Brokers – 14.3%
17,071,000		Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer (a) (b)		6.75%		10/15/27		16,154,202
7,588,000		Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer (a) (b)		6.75%		04/15/28		7,482,861
210,000		Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer (a) (b)		5.88%		11/01/29		184,117
19,462,000		AmWINS Group, Inc. (a) (b)		4.88%		06/30/29		17,483,061
8,980,000		AssuredPartners, Inc. (a) (b)		7.00%		08/15/25		8,898,953
13,689,000		AssuredPartners, Inc. (a) (b)		5.63%		01/15/29		11,908,143
2,092,000		BroadStreet Partners, Inc. (a) (b)		5.88%		04/15/29		1,843,081
1,211,000		GTCR AP Finance, Inc. (a) (b)		8.00%		05/15/27		1,198,339
7,908,000		HUB International Ltd. (a) (b)		7.00%		05/01/26		7,900,299
4,934,000		HUB International Ltd. (a) (b)		5.63%		12/01/29		4,368,683
800,000		National Financial Partners Corp. (NFP) (a) (b)		6.88%		08/15/28		705,339
3,801,000		Ryan Specialty Group, LLC (a) (b)		4.38%		02/01/30		3,402,050
								81,529,128
		Integrated Telecommunication Services – 0.9%
61,000		Zayo Group Holdings, Inc. (a) (b)		4.00%		03/01/27		45,770
8,267,000		Zayo Group Holdings, Inc. (a) (b)		6.13%		03/01/28		5,381,150
								5,426,920
		Interactive Media & Services – 1.3%
8,270,000		Cars.com, Inc. (a) (b)		6.38%		11/01/28		7,655,787
		Internet Services & Infrastructure – 1.5%
6,210,000		Go Daddy Operating Co., LLC/GD Finance Co., Inc. (a) (b)		5.25%		12/01/27		5,952,130
2,785,000		Go Daddy Operating Co., LLC/GD Finance Co., Inc. (a) (b)		3.50%		03/01/29		2,396,417
								8,348,547
		Investment Banking & Brokerage – 0.2%
1,045,000		LPL Holdings, Inc. (a) (b)		4.63%		11/15/27		977,764
		IT Consulting & Other Services – 0.4%
613,000		CDK Global Inc. (Central Parent, Inc.) (a) (b)		7.25%		06/15/29		605,220
2,000,000		Gartner, Inc. (a) (b)		4.50%		07/01/28		1,867,033
								2,472,253
		Leisure Facilities – 0.0%
283,000		SeaWorld Parks & Entertainment, Inc. (a) (b)		5.25%		08/15/29		254,347
		Managed Health Care – 1.7%
6,806,000		Centene Corp. (b)		4.25%		12/15/27		6,373,058
2,577,000		MPH Acquisition Holdings, LLC (a) (b)		5.50%		09/01/28		2,190,796
1,296,000		MPH Acquisition Holdings, LLC (a) (b)		5.75%		11/01/28		972,227
								9,536,081
		Metal, Glass & Plastic Containers – 2.5%
903,000		Ball Corp. (b)		6.88%		03/15/28		917,479
4,227,000		Ball Corp. (b)		2.88%		08/15/30		3,461,776
5,419,000		Berry Global, Inc. (a) (b)		5.63%		07/15/27		5,316,980
75,000		Crown Americas, LLC (b)		5.25%		04/01/30		70,747

First Trust High Yield Opportunities 2027 Term Fund (FTHY)

Portfolio of Investments (Continued)

August 31, 2023 (Unaudited)

Principal Value		Description		Stated Coupon		Stated Maturity		Value
CORPORATE BONDS AND NOTES (Continued)
		Metal, Glass & Plastic Containers (Continued)
$4,222,000		Owens-Brockway Glass Container, Inc. (a) (b)		7.25%		05/15/31		$4,265,064
								14,032,046
		Movies & Entertainment – 1.2%
4,380,000		Live Nation Entertainment, Inc. (a) (b)		5.63%		03/15/26		4,252,287
2,620,000		Live Nation Entertainment, Inc. (a) (b)		4.75%		10/15/27		2,443,150
394,000		WMG Acquisition Corp. (a) (b)		3.00%		02/15/31		321,626
								7,017,063
		Office Services & Supplies – 0.0%
163,000		Dun & Bradstreet Corp. (a) (b)		5.00%		12/15/29		146,438
		Paper & Plastic Packaging Products & Materials – 3.2%
12,810,000		Graham Packaging Co., Inc. (a) (b)		7.13%		08/15/28		11,185,052
6,200,000		Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer, LLC (a) (b)		4.00%		10/15/27		5,581,984
180,000		Pactiv, LLC (b)		7.95%		12/15/25		182,180
617,000		Sealed Air Corp. (a) (b)		6.13%		02/01/28		606,907
566,000		Sealed Air Corp. (a) (b)		5.00%		04/15/29		525,738
								18,081,861
		Personal Care Products – 0.2%
1,389,000		Prestige Brands, Inc. (a) (b)		5.13%		01/15/28		1,317,791
		Research & Consulting Services – 1.0%
973,000		Clarivate Analytics PLC (Camelot) (a) (b)		3.88%		07/01/28		858,352
6,126,000		CoreLogic, Inc. (a) (b)		4.50%		05/01/28		5,013,518
								5,871,870
		Restaurants – 0.9%
5,088,000		IRB Holding Corp. (a) (b)		7.00%		06/15/25		5,092,579
		Security & Alarm Services – 0.3%
2,000,000		Brink’s (The) Co. (a) (b)		4.63%		10/15/27		1,861,640
		Specialized Consumer Services – 1.3%
2,794,000		Aramark Services, Inc. (a) (b)		6.38%		05/01/25		2,801,222
4,932,000		Aramark Services, Inc. (a) (b)		5.00%		02/01/28		4,605,580
								7,406,802
		Specialized Finance – 0.2%
1,149,000		Radiate HoldCo, LLC/Radiate Finance, Inc. (a) (b)		4.50%		09/15/26		896,670
		Specialty Chemicals – 1.6%
9,754,000		Avantor Funding, Inc. (a) (b)		4.63%		07/15/28		9,063,796
		Systems Software – 5.5%
2,724,000		Boxer Parent Co., Inc. (a) (b)		9.13%		03/01/26		2,728,765
1,931,000		Gen Digital, Inc. (a) (b)		7.13%		09/30/30		1,946,159
1,000,000		Oracle Corp. (b)		6.15%		11/09/29		1,041,497
1,000,000		Oracle Corp. (b)		6.25%		11/09/32		1,047,024
1,796,000		Oracle Corp. (b)		6.50%		04/15/38		1,895,808
22,995,000		SS&C Technologies, Inc. (a) (b)		5.50%		09/30/27		22,157,984
652,000		VMware, Inc. (b)		1.00%		08/15/24		623,357
								31,440,594
		Trading Companies & Distributors – 1.8%
1,035,000		SRS Distribution, Inc. (a) (b)		6.13%		07/01/29		900,920

First Trust High Yield Opportunities 2027 Term Fund (FTHY)

Portfolio of Investments (Continued)

August 31, 2023 (Unaudited)

Principal Value		Description		Stated Coupon		Stated Maturity		Value
CORPORATE BONDS AND NOTES (Continued)
		Trading Companies & Distributors (Continued)
$3,884,000		SRS Distribution, Inc. (a) (b)		6.00%		12/01/29		$3,324,976
5,952,000		United Rentals, Inc. (a) (b)		6.00%		12/15/29		5,920,890
								10,146,786
		Total Corporate Bonds and Notes						509,270,879
		(Cost $557,875,693)
Principal Value		Description		Rate (c)		Stated Maturity (d)		Value
SENIOR FLOATING-RATE LOAN INTERESTS – 21.8%
		Application Software – 8.6%
707,558		Applied Systems, Inc., 2026 Term Loan, 3 Mo. CME Term SOFR + 4.50%, 0.50% Floor (b)		9.74%		09/18/26		711,149
3,500,000		Epicor Software Corp., Second Lien Term Loan, 1 Mo. CME Term SOFR + CSA + 7.75%, 1.00% Floor (b)		13.18%		07/30/28		3,527,615
8,631,755		Gainwell Acquisition Corp. (fka Milano), Term Loan B, 3 Mo. CME Term SOFR + CSA + 4.00%, 0.75% Floor (b)		9.34%		10/01/27		8,513,068
4,408,904		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 (b)		9.45%		12/01/27		4,414,437
6,414,323		Informatica Corporation, Initial Term Loan B, 1 Mo. CME Term SOFR + CSA + 2.75%, 0.00% Floor (b)		8.20%		10/29/28		6,417,338
3,131,932		Internet Brands, Inc. (Web MD/MH Sub I. LLC), 2020 June New Term Loan, 1 Mo. CME Term SOFR + CSA + 3.75%, 1.00% Floor (b)		9.20%		09/15/24		3,137,146
8,877,441		Internet Brands, Inc. (Web MD/MH Sub I. LLC), 2nd Lien Term Loan, 1 Mo. CME Term SOFR + 6.25%, 0.00% Floor (b)		11.58%		02/23/29		7,785,516
1,876,576		Internet Brands, Inc. (Web MD/MH Sub I. LLC), Initial Term Loan, 1 Mo. CME Term SOFR + CSA + 3.75%, 0.00% Floor (b)		9.20%		09/13/24		1,879,982
111,260		ION Trading Technologies Limited, Term Loan B, 3 Mo. CME Term SOFR + CSA + 4.75%, 0.00% Floor (b)		10.09%		04/01/28		109,208
5,813,300		LogMeIn, Inc. (GoTo Group, Inc.), Term Loan B, 3 Mo. CME Term SOFR + CSA + 4.75%, 0.00% Floor (b)		10.27%		08/31/27		3,776,843
1,334,014		Open Text Corp. (GXS), Term Loan B, 1 Mo. CME Term SOFR + CSA + 1.75%, 0.00% Floor (b)		7.18%		05/30/25		1,337,162
3,538,182		RealPage, Inc., Second Lien Term Loan, 1 Mo. CME Term SOFR + CSA + 6.50%, 0.75% Floor (b)		11.95%		04/22/29		3,563,233
1,196,962		Ultimate Kronos Group (UKG, Inc.), 2021 Term Loan, 3 Mo. CME Term SOFR + CSA + 3.25%, 0.50% Floor (b)		8.62%		05/03/26		1,198,632
2,675,976		Ultimate Kronos Group (UKG, Inc.), Initial Term Loan B, 3 Mo. CME Term SOFR + CSA + 3.75%, 0.00% Floor (b)		9.22%		05/03/26		2,680,017
								49,051,346
		Cable & Satellite – 0.3%
1,546,450		Cablevision (aka CSC Holdings, LLC), March 2017 Term Loan B-1, 1 Mo. LIBOR + 2.25%, 0.00% Floor (b)		7.67%		07/17/25		1,494,257
		Education Services – 0.0%
142,291		Ascensus Holdings, Inc. (Mercury), Second Lien Term Loan, 3 Mo. CME Term SOFR + CSA + 6.50%, 0.50% Floor		12.03%		08/02/29		134,999
		Electric Utilities – 0.5%
2,984,616		PG&E Corp., Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.50% Floor (b)		8.45%		06/23/25		2,986,899

First Trust High Yield Opportunities 2027 Term Fund (FTHY)

Portfolio of Investments (Continued)

August 31, 2023 (Unaudited)

Principal Value		Description		Rate (c)		Stated Maturity (d)		Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
		Electronic Equipment & Instruments – 0.5%
$2,929,026		Verifone Systems, Inc., Term Loan B, 3 Mo. CME Term SOFR + CSA + 4.00%, 0.00% Floor (b)		9.65%		08/20/25		$2,721,021
		Health Care Facilities – 0.4%
2,436,864		Select Medical Corp., Tranche B-1, 1 Mo. CME Term SOFR + 3.00%, 0.00% Floor (b)		8.33%		03/08/27		2,440,922
		Health Care Technology – 6.6%
2,551,979		Ciox Health (Healthport/CT Technologies Intermediate Holdings, Inc.), New Term Loan B, 1 Mo. CME Term SOFR + CSA + 4.25%, 0.75% Floor (b)		9.70%		12/16/25		2,418,919
9,344,060		Navicure, Inc. (Waystar Technologies, Inc.), Term Loan B, 1 Mo. CME Term SOFR + CSA + 4.00%, 0.00% Floor (b)		9.45%		10/23/26		9,359,664
17,740,413		Verscend Technologies, Inc. (Cotiviti), New Term Loan B-1, 1 Mo. CME Term SOFR + CSA + 4.00%, 0.00% Floor (b)		9.45%		08/27/25		17,759,395
7,971,906		Zelis Payments Buyer, Inc., New Term Loan B-1, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.00% Floor (b)		8.95%		09/30/26		7,987,252
								37,525,230
		Hotels, Resorts & Cruise Lines – 0.2%
875,033		Four Seasons Holdings, Inc., 2023 Repricing Term Loan, 1 Mo. CME Term SOFR + CSA + 2.50%, 0.50% Floor (b)		7.93%		11/30/29		877,312
		Industrial Machinery & Supplies & Components – 0.2%
1,327,077		Filtration Group Corporation, 2023 Extended Term Loan, 1 Mo. CME Term SOFR + CSA + 4.25%, 0.50% Floor (b)		9.70%		10/21/28		1,332,465
		Insurance Brokers – 3.1%
6,486,925		HUB International Ltd., 2023 Refinancing Term Loan B-5, 3 Mo. CME Term SOFR + 4.25%, 0.75% Floor (b)		9.58%		06/20/30		6,515,662
941,423		HUB International Ltd., Term Loan B4, 3 Mo. CME Term SOFR + 4.00%, 0.75% Floor (b)		9.37%		11/10/29		944,276
5,349,683		Ryan Specialty Group, LLC, Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.75% Floor (b)		8.43%		09/01/27		5,361,398
5,164,108		USI, Inc. (fka Compass Investors Inc.), 2021 New Term Loans, 3 Mo. LIBOR + 3.25%, 0.00% Floor (b)		8.79%		12/02/26		5,173,791
								17,995,127
		Integrated Telecommunication Services – 0.1%
451,969		Altice France S.A., Term Loan B-13, 3 Mo. LIBOR + 4.00%, 0.00% Floor (b)		9.63%		08/14/26		426,546
61,000		Zayo Group Holdings, Inc., Initial Dollar Term Loan, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.00% Floor (b)		8.45%		03/09/27		49,041
								475,587
		Security & Alarm Services – 0.1%
726,880		Garda World Security Corp., Term Loan B-2, 1 Mo. CME Term SOFR + CSA + 4.25%, 0.00% Floor (b)		9.67%		10/30/26		727,465
		Specialized Finance – 0.3%
1,651,014		WCG Purchaser Corp. (WIRB-Copernicus Group), Term Loan B, 1 Mo. CME Term SOFR + 4.00%, 1.00% Floor (b)		9.45%		01/08/27		1,638,632
		Systems Software – 0.3%
1,812,658		BMC Software Finance, Inc. (Boxer Parent), 2021 Replacement Dollar Term Loan, 1 Mo. CME Term SOFR + CSA + 3.75%, 0.00% Floor (b)		9.20%		10/02/25		1,814,326

First Trust High Yield Opportunities 2027 Term Fund (FTHY)

Portfolio of Investments (Continued)

August 31, 2023 (Unaudited)

Principal Value		Description		Rate (c)		Stated Maturity (d)		Value
SENIOR FLOATING-RATE LOAN INTERESTS (Continued)
		Wireless Telecommunication Services – 0.6%
$3,528,457		SBA Senior Finance II LLC, Term Loan B, 1 Mo. CME Term SOFR + CSA + 1.75%, 0.00% Floor (b)		7.19%		04/11/25		$3,533,573
		Total Senior Floating-Rate Loan Interests						124,749,161
		(Cost $127,646,307)
Principal Value		Description		Stated Coupon		Stated Maturity		Value
FOREIGN CORPORATE BONDS AND NOTES – 9.0%
		Application Software – 1.9%
1,721,000		ION Trading Technologies S.A.R.L. (a) (b)		5.75%		05/15/28		1,512,005
1,162,000		Open Text Corp. (a) (b)		6.90%		12/01/27		1,178,390
6,881,000		Open Text Corp. (a) (b)		3.88%		02/15/28		6,129,902
2,108,000		Open Text Corp. (a) (b)		3.88%		12/01/29		1,789,769
								10,610,066
		Automotive Parts & Equipment – 0.3%
1,971,000		Clarios Global LP (Power Solutions) (a) (b)		8.50%		05/15/27		1,994,538
		Building Products – 0.2%
973,000		Cemex S.A.B. de C.V. (a)		5.45%		11/19/29		935,441
		Data Processing & Outsourced Services – 0.8%
5,748,000		Paysafe Finance PLC/Paysafe Holdings US Corp. (a) (b)		4.00%		06/15/29		4,877,552
		Environmental & Facilities Services – 1.1%
473,000		GFL Environmental, Inc. (a) (b)		3.75%		08/01/25		450,783
3,000,000		GFL Environmental, Inc. (a) (b)		5.13%		12/15/26		2,905,681
1,300,000		GFL Environmental, Inc. (a) (b)		4.00%		08/01/28		1,161,703
1,686,000		GFL Environmental, Inc. (a) (b)		4.75%		06/15/29		1,528,960
								6,047,127
		Integrated Telecommunication Services – 1.4%
1,110,000		Altice France S.A. (a) (b)		10.50%		05/15/27		603,291
2,511,000		Altice France S.A. (a) (b)		5.50%		01/15/28		1,883,994
1,000,000		Altice France S.A. (a) (b)		5.13%		01/15/29		713,893
4,590,000		Altice France S.A. (a) (b)		5.13%		07/15/29		3,248,925
1,959,000		Altice France S.A. (a) (b)		5.50%		10/15/29		1,416,789
								7,866,892
		Metal, Glass & Plastic Containers – 0.2%
1,404,000		Trivium Packaging Finance B.V. (a) (b)		5.50%		08/15/26		1,325,803
		Restaurants – 2.1%
14,344,000		1011778 BC ULC/New Red Finance, Inc. (a) (b)		4.00%		10/15/30		12,164,446
		Security & Alarm Services – 0.0%
93,000		Garda World Security Corp. (a) (b)		7.75%		02/15/28		92,402
		Trading Companies & Distributors – 1.0%
2,721,000		VistaJet Malta Finance PLC/XO Management Holding, Inc. (a) (b)		7.88%		05/01/27		2,465,267
3,858,000		VistaJet Malta Finance PLC/XO Management Holding, Inc. (a) (b)		6.38%		02/01/30		3,168,970
								5,634,237
		Total Foreign Corporate Bonds and Notes						51,548,504
		(Cost $56,069,002)

    

First Trust High Yield Opportunities 2027 Term Fund (FTHY)

Portfolio of Investments (Continued)

August 31, 2023 (Unaudited)

Shares		Description		Value
COMMON STOCKS – 0.0%
		Pharmaceuticals – 0.0%
220,989		Akorn, Inc. (e) (f) (g)		$149,167
		(Cost $2,534,056)
MONEY MARKET FUNDS – 0.5%
2,990,266		Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.21% (b) (h)		2,990,266
		(Cost $2,990,266)
		Total Investments – 120.4%		688,707,977
		(Cost $747,115,324)
		Outstanding Loan – (21.9)%		(125,000,000)
		Net Other Assets and Liabilities – 1.5%		8,328,769
		Net Assets – 100.0%		$572,036,746

    

(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 August 31, 2023, securities noted as such amounted to $484,444,985 or 84.7% 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 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.
(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)	This issuer has filed for protection in bankruptcy court.
(f)	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).
(g)	Non-income producing security.
(h)	Rate shown reflects yield as of August 31, 2023.

    

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 High Yield Opportunities 2027 Term Fund (FTHY)

Portfolio of Investments (Continued)

August 31, 2023 (Unaudited)

A summary of the inputs used to value the Fund’s investments as of August 31, 2023 is as follows:

	Total Value at 8/31/2023	Level 1 Quoted Prices	Level 2 Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Corporate Bonds and Notes*	$ 509,270,879	$ —	$ 509,270,879	$ —
Senior Floating-Rate Loan Interests*	124,749,161	—	124,749,161	—
Foreign Corporate Bonds and Notes*	51,548,504	—	51,548,504	—
Common Stocks*	149,167	—	149,167	—
Money Market Funds	2,990,266	2,990,266	—	—
Total Investments	$ 688,707,977	$ 2,990,266	$ 685,717,711	$—

    

*	See Portfolio of Investments for industry breakout.

Restricted Securities

As of August 31, 2023, the Fund held restricted securities as shown in the following table that the Advisor has deemed illiquid:

Security	Acquisition Date	Shares	Current Price	Carrying Cost	Value	% of Net Assets
Akorn, Inc.	10/15/2020	220,989	$0.68	$2,534,056	$149,167	0.03%