First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments
February 28, 2021 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
SENIOR FLOATING-RATE LOAN INTERESTS (c) – 137.4% | ||||||||
Aerospace & Defense – 0.7% | ||||||||
$900,239 | Peraton Corp., Delayed Funding Term Loan, 1 Mo. LIBOR + 3.75%, 0.75% Floor | 4.50% | 02/28/28 | $903,614 | ||||
511,526 | Peraton Corp., Term Loan B, 1 Mo. LIBOR + 3.75%, 0.75% Floor | 4.50% | 02/28/28 | 513,445 | ||||
952,601 | Spirit Aerosystems, Inc., Term Loan B, 1 Mo. LIBOR + 5.25%, 0.75% Floor | 6.00% | 01/30/25 | 956,174 | ||||
2,373,233 | ||||||||
Apparel, Accessories & Luxury Goods – 0.1% | ||||||||
463,837 | Careismatic Brands/New Trojan, Inc. (fka Strategic Partners), Term Loan B, 1 Mo. LIBOR + 3.25%, 0.50% Floor | 3.75% | 01/31/28 | 464,129 | ||||
Application Software – 20.7% | ||||||||
1,919,548 | CCC Information Services, Inc. (Cypress), Term Loan B, 1 Mo. LIBOR + 3.00%, 1.00% Floor | 4.00% | 04/26/24 | 1,922,255 | ||||
3,194,378 | Epicor Software Corp., New Term Loan B, 1 Mo. LIBOR + 3.25%, 0.75% Floor | 4.00% | 07/30/27 | 3,209,424 | ||||
644,361 | Flexera Software, LLC, 2020 Term Loan B, 1 Mo. LIBOR + 3.75%, 0.75% Floor | 4.50% | 01/26/28 | 645,282 | ||||
420,392 | Flexera Software, LLC, Incremental Term Loan, 1 Mo. LIBOR + 3.75%, 0.75% Floor | 4.50% | 01/26/28 | 422,494 | ||||
3,230,708 | Gainwell Acquisition Corp. (fka Milano), Term Loan B, 3 Mo. LIBOR + 4.00%, 0.75% Floor | 4.75% | 10/01/27 | 3,219,950 | ||||
4,734,692 | Greeneden U.S. Holdings II, LLC (Genesys Telecommunications Laboratories, Inc.), Initial Dollar Term Loan, 1 Mo. LIBOR + 4.00%, 0.75% Floor | 4.75% | 12/01/27 | 4,752,447 | ||||
271,856 | Hyland Software, Inc., 2ND Lien TL, 1 Mo. LIBOR + 7.00%, 0.75% Floor | 7.75% | 07/10/25 | 273,669 | ||||
8,886,720 | Hyland Software, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%, 0.75% Floor | 4.25% | 07/01/24 | 8,914,536 | ||||
2,101,007 | Imprivata, Inc., Term Loan B, 1 Mo. LIBOR + 3.75%, 0.50% Floor | 4.25% | 11/30/27 | 2,109,769 | ||||
1,444,721 | Inmar, Inc., Term Loan B, 1 Mo. LIBOR + 4.00%, 1.00% Floor | 5.00% | 05/01/24 | 1,435,994 | ||||
5,960,318 | Internet Brands, Inc. (Web MD/MH Sub I., LLC), 2020 June New Term Loan, 1 Mo. LIBOR + 3.75%, 1.00% Floor | 4.75% | 09/15/24 | 5,971,524 | ||||
765,863 | Internet Brands, Inc. (Web MD/MH Sub I., LLC), 2nd Lien Term Loan, 1 Mo. LIBOR + 6.25%, 0.00% Floor | 6.36% | 02/15/29 | 772,565 | ||||
6,617,372 | Internet Brands, Inc. (Web MD/MH Sub I., LLC), Initial Term Loan, 1 Mo. LIBOR + 3.50%, 0.00% Floor | 3.61% | 09/13/24 | 6,591,631 | ||||
5,458,366 | LogMeIn, Inc. (Logan), Term Loan B, 1 Mo. LIBOR + 4.75%, 0.00% Floor | 4.87% | 08/31/27 | 5,453,835 | ||||
8,338,044 | McAfee, LLC, Term Loan B, 1 Mo. LIBOR + 3.75%, 0.00% Floor | 3.86% | 09/30/24 | 8,354,136 | ||||
1,444,582 | Micro Focus International (MA Financeco, LLC), Term Loan B4, 3 Mo. LIBOR + 4.25%, 1.00% Floor | 5.25% | 06/05/25 | 1,460,834 | ||||
1,600,000 | RealPage, Inc., Term Loan B, 1 Mo. LIBOR + 3.25%, 0.50% Floor | 3.75% | 03/31/28 | 1,600,672 | ||||
6,500,047 | SolarWinds Holdings, Inc., Initial Term Loan, 1 Mo. LIBOR + 2.75%, 0.00% Floor | 2.86% | 02/05/24 | 6,393,056 | ||||
2,296,888 | Solera Holdings, Inc., Term Loan B, 1 Mo. LIBOR + 2.75%, 0.00% Floor | 2.86% | 03/03/23 | 2,293,281 | ||||
218,974 | TIBCO Software, Inc., Term Loan B-3, 1 Mo. LIBOR + 3.75%, 0.00% Floor | 3.87% | 06/30/26 | 218,372 | ||||
236,080 | Ultimate Kronos Group (UKG, Inc.), New Term Loan, 1 Mo. LIBOR + 3.25%, 0.75% Floor | 4.00% | 05/03/26 | 237,423 | ||||
3,015,014 | Veeam Software Holdings Limited (VS Buyer, LLC), Term Loan B, 1 Mo. LIBOR + 3.00%, 0.00% Floor | 3.11% | 02/28/27 | 3,011,245 | ||||
69,264,394 |
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
February 28, 2021 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued) | ||||||||
Auto Parts & Equipment – 3.5% | ||||||||
$627,822 | Clarios Global, L.P. (Power Solutions), Term Loan B, 1 Mo. LIBOR + 3.25%, 0.00% Floor | 3.35% | 04/30/26 | $628,217 | ||||
8,206,317 | Gates Global, LLC, Term Loan B, 1 Mo. LIBOR + 2.75%, 0.75% Floor | 3.50% | 03/31/27 | 8,201,230 | ||||
2,874,242 | Lumileds (Bright Bidco B.V.), Term Loan B, 6 Mo. LIBOR + 3.50%, 1.00% Floor | 4.50% | 06/30/24 | 2,190,574 | ||||
700,276 | Truck Hero, Inc., Term Loan B, 1 Mo. LIBOR + 3.75%, 0.75% Floor | 4.50% | 01/31/28 | 700,774 | ||||
11,720,795 | ||||||||
Automotive Retail – 0.3% | ||||||||
1,000,000 | Les Schwab Tire Centers (LS Group OpCo Acq., LLC), Term Loan B, 3 Mo. LIBOR + 3.50%, 0.75% Floor | 4.25% | 10/31/27 | 1,001,250 | ||||
Broadcasting – 5.6% | ||||||||
450,000 | E.W. Scripps Company, Incremental Term Loan, 1 Mo. LIBOR + 3.00%, 0.75% Floor | 3.75% | 12/31/27 | 450,351 | ||||
4,804,169 | iHeartCommunications, Inc., Incremental Term Loan B, 1 Mo. LIBOR + 4.00%, 0.75% Floor | 4.75% | 05/01/26 | 4,814,691 | ||||
6,918,158 | iHeartCommunications, Inc., Term Loan B, 1 Mo. LIBOR + 3.00%, 0.00% Floor | 3.11% | 04/29/26 | 6,847,246 | ||||
6,201,397 | Nexstar Broadcasting, Inc, Incremental Term Loan B-4, 1 Mo. LIBOR + 2.75%, 0.00% Floor | 2.87% | 09/19/26 | 6,207,226 | ||||
533,136 | Univision Communications, Inc., Extended Term Loan B, 1 Mo. LIBOR + 3.75%, 1.00% Floor | 4.75% | 03/24/26 | 535,338 | ||||
18,854,852 | ||||||||
Building Products – 0.2% | ||||||||
109,595 | Hillman Group, Inc., The, Delayed Draw Term Loan, 1 Mo. LIBOR + 2.75%, 0.50% Floor | 3.25% | 02/28/28 | 109,595 | ||||
457,559 | Hillman Group, Inc., The, Term Loan B1, 1 Mo. LIBOR + 2.75%, 0.50% Floor | 3.25% | 02/28/28 | 457,559 | ||||
82,196 | Hillman Group, Inc., The, Term Loan B2, 1 Mo. LIBOR + 2.75%, 0.50% Floor | 3.25% | 02/28/28 | 82,196 | ||||
649,350 | ||||||||
Casinos & Gaming – 7.6% | ||||||||
730,279 | Bally’s Corp. (fka Twin River), Term Loan B, 3 Mo. LIBOR + 2.75%, 0.00% Floor | 3.00% | 05/10/26 | 723,524 | ||||
987,663 | Boyd Gaming Corp., Term Loan B, 1 Mo. LIBOR + 2.25%, 0.00% Floor | 2.34% | 09/15/23 | 985,915 | ||||
448,189 | Caesars Resort Collection, LLC, Term B-1 Loans, 1 Mo. LIBOR + 4.50%, 0.00% Floor | 4.61% | 06/30/25 | 449,265 | ||||
7,208,679 | Caesars Resort Collection, LLC, Term Loan B, 1 Mo. LIBOR + 2.75%, 0.00% Floor | 2.86% | 12/22/24 | 7,141,133 | ||||
3,914,228 | CityCenter Holdings, LLC, Term Loan B, 1 Mo. LIBOR + 2.25%, 0.75% Floor | 3.00% | 04/18/24 | 3,879,235 | ||||
4,572,899 | Golden Nugget, Inc., Term Loan B, 2 Mo. LIBOR + 2.50%, 0.75% Floor | 3.25% | 10/04/23 | 4,529,091 | ||||
2,987,555 | Scientific Games International, Inc., Term Loan B5, 1 Mo. LIBOR + 2.75%, 0.00% Floor | 2.86% | 08/14/24 | 2,937,932 | ||||
4,745,809 | Stars Group Holdings B.V. (Amaya), Term Loan B, 3 Mo. LIBOR + 3.50%, 0.00% Floor | 3.75% | 07/10/25 | 4,762,609 | ||||
25,408,704 |
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
February 28, 2021 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued) | ||||||||
Coal & Consumable Fuels – 0.3% | ||||||||
$1,007,663 | Arch Coal, Inc., Term Loan B, 1 Mo. LIBOR + 2.75%, 1.00% Floor | 3.75% | 03/07/24 | $937,127 | ||||
Communications Equipment – 0.7% | ||||||||
2,375,435 | Commscope, Inc., Term Loan B, 1 Mo. LIBOR + 3.25%, 0.00% Floor | 3.36% | 04/06/26 | 2,369,876 | ||||
Construction & Engineering – 0.1% | ||||||||
101,114 | Pike Corp., Delayed Draw Term Loan B, 1 Mo. LIBOR + 3.00%, 0.00% Floor | 3.12% | 01/20/28 | 101,082 | ||||
133,213 | Pike Corp., Term Loan B, 1 Mo. LIBOR + 3.00%, 0.00% Floor | 3.12% | 01/20/28 | 133,172 | ||||
234,254 | ||||||||
Diversified Chemicals – 0.3% | ||||||||
927,985 | Ineos US Petrochem, LLC (Ineos Quattro), Term Loan B, 1 Mo. LIBOR + 2.75%, 0.50% Floor | 3.25% | 01/31/26 | 931,465 | ||||
Electric Utilities – 1.8% | ||||||||
5,873,405 | PG&E Corp., Term Loan B, 1 Mo. LIBOR + 3.00%, 0.50% Floor | 3.50% | 06/23/25 | 5,889,909 | ||||
Electrical Components & Equipment – 0.7% | ||||||||
2,192,071 | Array Technologies, Inc., Term Loan B, 1 Mo. LIBOR + 3.25%, 0.50% Floor | 3.75% | 10/14/27 | 2,196,631 | ||||
Environmental & Facilities Services – 2.2% | ||||||||
2,232,558 | Packers Holdings, LLC, Incremental Term Loan B, 1 Mo. LIBOR + 4.00%, 0.75% Floor | 4.75% | 12/04/24 | 2,232,558 | ||||
2,921,880 | Packers Holdings, LLC, Term Loan B, 1 Mo. LIBOR + 3.00%, 1.00% Floor | 4.00% | 12/04/24 | 2,921,266 | ||||
2,078,836 | TruGreen, L.P., Second Refinancing Term Loan B, 1 Mo. LIBOR + 4.00%, 0.75% Floor | 4.75% | 11/02/27 | 2,091,829 | ||||
7,245,653 | ||||||||
Health Care Distributors – 0.5% | ||||||||
839,140 | Radiology Partners, Inc., Term Loan B, 1 Mo. LIBOR + 4.25%, 0.00% Floor | 4.37% | 07/09/25 | 835,473 | ||||
719,478 | Radiology Partners, Inc., Term Loan B, 3 Mo. LIBOR + 4.25%, 0.00% Floor | 5.29% | 07/09/25 | 716,334 | ||||
1,551,807 | ||||||||
Health Care Facilities – 0.1% | ||||||||
415,180 | Select Medical Corp., Term Loan B, 3 Mo. LIBOR + 2.25%, 0.00% Floor | 2.53% | 03/06/25 | 413,885 | ||||
Health Care Services – 20.2% | ||||||||
714,667 | AccentCare (Pluto Acquisition I, Inc.), Incremental Term Loan, 1 Mo. LIBOR + 5.00%, 0.50% Floor | 5.50% | 06/20/26 | 720,027 | ||||
2,545,866 | ADMI Corp. (Aspen Dental), Term Loan B2, 1 Mo. LIBOR + 3.25%, 0.50% Floor | 3.75% | 12/23/27 | 2,533,595 | ||||
2,785,850 | Air Methods Corp. (a/k/a ASP AMC Intermediate Holdings, Inc.), Term Loan B, 3 Mo. LIBOR + 3.50%, 1.00% Floor | 4.50% | 04/21/24 | 2,702,275 | ||||
7,943,098 | athenahealth, Inc. (VVC Holding Corp.), Term Loan B-1, 3 Mo. LIBOR + 4.25%, 0.00% Floor | 4.45% | 02/11/26 | 7,986,309 | ||||
1,900,244 | Aveanna Healthcare, LLC, Term Loan B, 1 Mo. LIBOR + 4.25%, 1.00% Floor | 5.25% | 03/16/24 | 1,885,194 | ||||
1,082,249 | Brightspring Health (Phoenix Guarantor, Inc.), New Incremental Term Loan, 1 Mo. LIBOR + 3.50%, 0.00% Floor | 3.62% | 03/05/26 | 1,083,018 |
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
February 28, 2021 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued) | ||||||||
Health Care Services (Continued) | ||||||||
$11,334,478 | CHG Healthcare Services, Inc., Term Loan, 3 Mo. LIBOR + 3.00%, 1.00% Floor | 4.00% | 06/07/23 | $11,330,397 | ||||
87,049 | Civitas Solutions (National Mentor Holdings, Inc.), Delayed Draw Term Loan, 1 Mo. LIBOR + 3.75%, 0.75% Floor | 4.50% | 03/31/28 | 86,875 | ||||
791,353 | Civitas Solutions (National Mentor Holdings, Inc.), Term Loan B, 1 Mo. LIBOR + 3.75%, 0.75% Floor | 4.50% | 03/31/28 | 789,770 | ||||
26,378 | Civitas Solutions (National Mentor Holdings, Inc.), Term Loan C, 1 Mo. LIBOR + 3.75%, 0.75% Floor | 4.50% | 03/31/28 | 26,326 | ||||
3,575,459 | DuPage Medical Group (Midwest Physician Admin. Services, LLC), Repricing Term Loan, 1 Mo. LIBOR + 2.75%, 0.75% Floor | 3.50% | 08/15/24 | 3,573,671 | ||||
5,509,482 | Envision Healthcare Corp., Initial Term Loan, 1 Mo. LIBOR + 3.75%, 0.00% Floor | 3.86% | 10/10/25 | 4,727,135 | ||||
4,056,202 | Global Medical Response, Inc. (fka Air Medical), 2020 Refinancing Term Loan, 3 Mo. LIBOR + 4.75%, 1.00% Floor | 5.75% | 10/15/25 | 4,056,202 | ||||
1,181,524 | Help at Home (HAH Group Holding Company, LLC), Initial Term Loan, 3 Mo. LIBOR + 5.00%, 1.00% Floor | 6.00% | 10/29/27 | 1,183,001 | ||||
2,255,225 | Packaging Coordinators, Inc. (PCI Pharma), Term Loan B, 6 Mo. LIBOR + 3.75%, 0.75% Floor | 4.50% | 11/30/27 | 2,261,990 | ||||
405,934 | SCP Health (Onex TSG Intermediate Corp.), Term Loan B, 1 Mo. LIBOR + 4.75%, 0.75% Floor | 5.50% | 02/28/28 | 399,593 | ||||
4,542,586 | Surgery Centers Holdings, Inc., Term Loan B, 1 Mo. LIBOR + 3.25%, 1.00% Floor | 4.25% | 08/31/24 | 4,523,098 | ||||
3,046,935 | Team Health, Inc., Term Loan B, 1 Mo. LIBOR + 2.75%, 1.00% Floor | 3.75% | 02/06/24 | 2,841,267 | ||||
5,903,729 | U.S. Renal Care, Inc., Term Loan B, 1 Mo. LIBOR + 5.00%, 0.00% Floor | 5.13% | 06/28/26 | 5,877,516 | ||||
250,491 | US Radiology Specialists, Inc., Term Loan B, 3 Mo. LIBOR + 5.50%, 0.75% Floor | 6.25% | 12/31/27 | 252,162 | ||||
8,681,533 | Verscend Technologies, Inc. (Cotiviti), New Term Loan B, 1 Mo. LIBOR + 4.50%, 0.00% Floor | 4.61% | 08/27/25 | 8,722,336 | ||||
67,561,757 | ||||||||
Health Care Technology – 5.6% | ||||||||
6,692,136 | Change Healthcare Holdings, LLC, Closing Date Term Loan, 1 Mo. LIBOR + 2.50%, 1.00% Floor | 3.50% | 03/01/24 | 6,695,951 | ||||
2,370,944 | Ciox Health (Healthport/CT Technologies Intermediate Holdings, Inc.), Initial Term Loan, 1 Mo. LIBOR + 5.00%, 1.00% Floor | 6.00% | 12/31/25 | 2,379,835 | ||||
2,259,092 | Ensemble RCM, LLC (Ensemble Health), Term Loan B, 2 Mo. LIBOR + 3.75%, 0.00% Floor | 3.96% | 08/01/26 | 2,262,277 | ||||
167,271 | eResearch Technology, Inc. (ERT), Incremental Term Loan B, 1 Mo. LIBOR + 4.50%, 1.00% Floor | 5.50% | 02/04/27 | 167,852 | ||||
6,846 | Press Ganey (Azalea TopCo, Inc.), Term Loan B, 1 Mo. LIBOR + 3.50%, 0.00% Floor | 3.61% | 07/25/26 | 6,837 | ||||
2,697,216 | Press Ganey (Azalea TopCo, Inc.), Term Loan B, 3 Mo. LIBOR + 3.50%, 0.00% Floor | 3.71% | 07/25/26 | 2,693,845 | ||||
4,583,735 | Zelis Payments Buyer, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%, 0.00% Floor | 3.50% | 09/30/26 | 4,588,181 | ||||
18,794,778 | ||||||||
Homefurnishing Retail – 0.4% | ||||||||
1,340,833 | Rent-A-Center, Inc., Term Loan B, 1 Mo. LIBOR + 4.00%, 0.75% Floor | 4.75% | 02/15/28 | 1,349,213 |
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
February 28, 2021 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued) | ||||||||
Household Appliances – 0.4% | ||||||||
$1,436,063 | Traeger Grills (TGP Holdings III, LLC), 2018 Refinancing Term Loan, 3 Mo. LIBOR + 4.00%, 1.00% Floor | 5.00% | 09/25/24 | $1,436,063 | ||||
Human Resource & Employment Services – 1.2% | ||||||||
4,162,520 | Alight, Inc. (fka Tempo Acq.), Non Extended Term Loan, 1 Mo. LIBOR + 2.75%, 0.00% Floor | 2.86% | 05/01/24 | 4,155,235 | ||||
Industrial Machinery – 1.2% | ||||||||
3,970,393 | Thyssenkrupp Elevator (Vertical U.S. Newco, Inc.), Term Loan B, 6 Mo. LIBOR + 4.25%, 0.00% Floor | 4.48% | 07/31/27 | 4,001,164 | ||||
Insurance Brokers – 13.7% | ||||||||
4,591,524 | Alliant Holdings I, LLC, 2019 New Term Loan, 1 Mo. LIBOR + 3.25%, 0.00% Floor | 3.36% | 05/10/25 | 4,559,016 | ||||
6,570,113 | Alliant Holdings I, LLC, Initial Term Loan, 1 Mo. LIBOR + 3.25%, 0.00% Floor | 3.36% | 05/09/25 | 6,520,377 | ||||
3,322,436 | Alliant Holdings I, LLC, Term Loan B3, 1 Mo. LIBOR + 3.75%, 0.50% Floor | 4.25% | 10/08/27 | 3,325,891 | ||||
3,275,467 | Amwins Group, Inc., Term Loan B, 1 Mo. LIBOR + 2.25%, 0.75% Floor | 3.00% | 02/28/28 | 3,274,091 | ||||
6,255,678 | AssuredPartners, Inc., Term Loan B, 1 Mo. LIBOR + 3.50%, 0.00% Floor | 3.62% | 02/12/27 | 6,234,158 | ||||
1,006,372 | BroadStreet Partners, Inc., Incremental Term Loan B-1, 1 Mo. LIBOR + 3.75%, 1.00% Floor | 4.75% | 01/27/27 | 1,010,779 | ||||
2,836,649 | BroadStreet Partners, Inc., Term Loan B, 1 Mo. LIBOR + 3.25%, 0.00% Floor | 3.36% | 01/27/27 | 2,817,984 | ||||
950,766 | Cross Financial Corp., Term Loan B, 1 Mo. LIBOR + 4.50%, 1.00% Floor | 5.50% | 09/15/27 | 953,143 | ||||
35,876 | HUB International Ltd., Initial Term Loan B, 2 Mo. LIBOR + 2.75%, 0.00% Floor | 2.91% | 04/25/25 | 35,481 | ||||
13,955,284 | HUB International Ltd., Initial Term Loan B, 3 Mo. LIBOR + 2.75%, 0.00% Floor | 2.97% | 04/25/25 | 13,801,358 | ||||
778,424 | HUB International Ltd., New Term Loan B, 6 Mo. LIBOR + 3.25%, 0.75% Floor | 4.00% | 04/25/25 | 780,954 | ||||
461,854 | Ryan Specialty Group, LLC, Term Loan B, 1 Mo. LIBOR + 3.25%, 0.75% Floor | 4.00% | 09/01/27 | 462,431 | ||||
2,221,103 | USI, Inc. (fka Compass Investors, Inc.), Term Loan B, 3 Mo. LIBOR + 3.00%, 0.00% Floor | 3.25% | 05/15/24 | 2,203,246 | ||||
45,978,909 | ||||||||
Integrated Telecommunication Services – 7.2% | ||||||||
6,218,866 | Frontier Communications Corp., DIP-to-Exit Term Loan B, 1 Mo. LIBOR + 4.75%, 1.00% Floor (d) | 5.75% | 10/08/27 | 6,261,652 | ||||
3,441,401 | Numericable (Altice France SA or SFR), Term Loan B-11, 1 Mo. LIBOR + 2.75%, 0.00% Floor | 2.86% | 07/31/25 | 3,395,321 | ||||
5,364,088 | Numericable (Altice France SA or SFR), Term Loan B-13, 3 Mo. LIBOR + 4.00%, 0.00% Floor | 4.20% | 08/14/26 | 5,353,681 | ||||
3,968,655 | Playtika Holding Corp., Term Loan B, 3 Mo. LIBOR + 6.00%, 1.00% Floor | 7.00% | 12/10/24 | 3,986,514 | ||||
5,207,412 | Zayo Group Holdings, Inc., Initial Dollar Term Loan, 1 Mo. LIBOR + 3.00%, 0.00% Floor | 3.11% | 03/09/27 | 5,197,466 | ||||
24,194,634 | ||||||||
Leisure Facilities – 0.3% | ||||||||
1,156,252 | ClubCorp Holdings, Inc., Term Loan B, 3 Mo. LIBOR + 2.75%, 0.00% Floor | 3.00% | 09/18/24 | 1,089,918 |
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
February 28, 2021 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued) | ||||||||
Managed Health Care – 3.6% | ||||||||
$12,141,153 | Multiplan, Inc. (MPH), Term Loan B, 3 Mo. LIBOR + 2.75%, 1.00% Floor | 3.75% | 06/07/23 | $12,123,184 | ||||
Metal & Glass Containers – 0.3% | ||||||||
944,639 | Altium Packaging (FKA Consolidated Container), Term Loan B, 1 Mo. LIBOR + 2.75%, 0.50% Floor | 3.25% | 02/15/28 | 942,750 | ||||
Movies & Entertainment – 2.5% | ||||||||
984,791 | Cineworld Group PLC (Crown), Fixed Rate at 15.25% (e) | 15.25% | 05/23/24 | 1,253,147 | ||||
7,425,532 | Cineworld Group PLC (Crown), Term Loan B, 6 Mo. LIBOR + 2.50%, 1.00% Floor | 3.50% | 02/28/25 | 6,418,035 | ||||
569,487 | PUG, LLC (Stubhub), Term Loan B, 1 Mo. LIBOR + 3.50%, 0.00% Floor | 3.61% | 02/12/27 | 552,402 | ||||
8,223,584 | ||||||||
Office Services & Supplies – 0.4% | ||||||||
1,314,527 | Dun & Bradstreet Corp., Refinancing Term Loan, 1 Mo. LIBOR + 3.25%, 0.00% Floor | 3.36% | 02/08/26 | 1,316,170 | ||||
Other Diversified Financial Services – 2.1% | ||||||||
7,077,914 | AlixPartners, LLP, Term Loan B, 1 Mo. LIBOR + 2.75%, 0.50% Floor | 3.25% | 01/31/28 | 7,074,729 | ||||
Packaged Foods & Meats – 2.7% | ||||||||
377,977 | BellRing Brands, LLC, New Term Loan B, 1 Mo. LIBOR + 4.00%, 0.75% Floor | 4.75% | 10/21/24 | 381,050 | ||||
1,994,006 | Hostess Brands, LLC (HB Holdings), Term Loan B, 1 Mo. LIBOR + 2.25%, 0.75% Floor | 3.00% | 08/03/25 | 1,990,277 | ||||
18,556 | Hostess Brands, LLC (HB Holdings), Term Loan B, 2 Mo. LIBOR + 2.25%, 0.75% Floor | 3.00% | 08/03/25 | 18,522 | ||||
5,317,161 | Hostess Brands, LLC (HB Holdings), Term Loan B, 3 Mo. LIBOR + 2.25%, 0.75% Floor | 3.00% | 08/03/25 | 5,307,218 | ||||
663,757 | Simply Good Foods (Atkins Nutritionals, Inc.), Term Loan B, 1 Mo. LIBOR + 3.75%, 1.00% Floor | 4.75% | 07/07/24 | 667,905 | ||||
707,482 | Utz Quality Foods, LLC, Term Loan B, 1 Mo. LIBOR + 3.00%, 0.00% Floor | 3.11% | 01/20/28 | 710,764 | ||||
9,075,736 | ||||||||
Paper Packaging – 3.2% | ||||||||
10,681,305 | Graham Packaging Company, L.P., Term Loan B, 1 Mo. LIBOR + 3.00%, 0.75% Floor | 3.75% | 08/04/27 | 10,692,200 | ||||
Pharmaceuticals – 11.2% | ||||||||
1,766,509 | Akorn, Inc., Exit Take Back Term Loan , 3 Mo. LIBOR + 7.50%, 1.00% Floor (f) (g) | 8.50% | 09/30/25 | 1,775,342 | ||||
14,882,680 | Bausch Health Companies, Inc. (Valeant), Term Loan B, 1 Mo. LIBOR + 3.00%, 0.00% Floor | 3.11% | 06/01/25 | 14,895,777 | ||||
9,549,781 | Endo, LLC, Term Loan B, 3 Mo. LIBOR + 4.25%, 0.75% Floor | 5.00% | 04/29/24 | 9,482,169 | ||||
5,041,048 | Mallinckrodt International Finance S.A., 2017 Term Loan B, 3 Mo. LIBOR + 4.75%, 0.75% Floor (d) | 5.50% | 09/24/24 | 4,863,451 | ||||
1,069,198 | Mallinckrodt International Finance S.A., 2018 Incremental Term Loan, 6 Mo. LIBOR + 5.00%, 0.75% Floor (d) | 5.75% | 02/24/25 | 1,034,449 | ||||
1,732,324 | Nestle Skin Health (Sunshine Lux VII SARL), Term Loan B, 1 Mo. LIBOR + 4.00%, 1.00% Floor | 5.00% | 10/02/26 | 1,737,954 |
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
February 28, 2021 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued) | ||||||||
Pharmaceuticals (Continued) | ||||||||
$3,668,107 | Parexel International Corp., Term Loan B, 1 Mo. LIBOR + 2.75%, 0.00% Floor | 2.86% | 09/27/24 | $3,646,501 | ||||
37,435,643 | ||||||||
Publishing – 0.2% | ||||||||
601,590 | Meredith Corp., Tranche B-3 Term Loan, 3 Mo. LIBOR + 4.25%, 1.00% Floor | 5.25% | 01/31/25 | 611,492 | ||||
Research & Consulting Services – 1.1% | ||||||||
1,173,959 | Clarivate Analytics PLC (Camelot), Amendment No. 2 Incremental Term Loan, 1 Mo. LIBOR + 3.00%, 1.00% Floor | 4.00% | 10/31/26 | 1,177,869 | ||||
186,160 | Nielsen Finance, LLC (VNU, Inc.), Term Loan B5, 1 Mo. LIBOR + 3.75%, 1.00% Floor | 4.75% | 06/30/25 | 187,688 | ||||
2,265,864 | NielsenIQ (Indy US Bidco), Term Loan B, 1 Mo. LIBOR + 4.00%, 0.00% Floor | 4.10% | 03/01/28 | 2,268,696 | ||||
3,634,253 | ||||||||
Restaurants – 3.8% | ||||||||
2,000,000 | IRB Holding Corp. (Arby’s/Inspire Brands), Fourth Amendment Incremental Term Loan B, 6 Mo. LIBOR + 3.25%, 1.00% Floor | 4.25% | 12/31/27 | 2,006,780 | ||||
5,443,456 | IRB Holding Corp. (Arby’s/Inspire Brands), Term Loan B, 3 Mo. LIBOR + 2.75%, 1.00% Floor | 3.75% | 02/05/25 | 5,470,673 | ||||
3,950,000 | Portillo’s Holdings, LLC, Term Loan B-3, 3 Mo. LIBOR + 5.50%, 1.00% Floor | 6.50% | 08/30/24 | 3,941,350 | ||||
1,422,579 | Zaxby’s Operating Company, L.P., 1st Lien Term Loan, 1 Mo. LIBOR + 3.75%, 0.75% Floor | 4.50% | 12/30/27 | 1,430,872 | ||||
12,849,675 | ||||||||
Security & Alarm Services – 0.2% | ||||||||
549,406 | Garda World Security Corp., Term Loan B, 3 Mo. LIBOR + 4.75%, 0.00% Floor | 4.99% | 10/30/26 | 549,978 | ||||
Specialized Consumer Services – 3.0% | ||||||||
2,000,117 | Asurion, LLC, New B-8 Term Loan, 1 Mo. LIBOR + 3.25%, 0.00% Floor | 3.36% | 12/23/26 | 1,993,556 | ||||
1,698,479 | Asurion, LLC, Second Lien Term Loan B-3, 1 Mo. LIBOR + 5.25%, 0.00% Floor | 5.36% | 02/05/28 | 1,744,660 | ||||
2,168,104 | Asurion, LLC, Term Loan B7, 1 Mo. LIBOR + 3.00%, 0.00% Floor | 3.11% | 11/03/24 | 2,161,340 | ||||
4,245,524 | Asurion, LLC, Term Loan B6, 1 Mo. LIBOR + 3.00%, 0.00% Floor | 3.11% | 11/03/23 | 4,236,694 | ||||
10,136,250 | ||||||||
Specialty Stores – 0.8% | ||||||||
625,168 | Bass Pro Group, LLC, Term Loan B, 1 Mo. LIBOR + 4.25%, 0.75% Floor | 5.00% | 03/15/28 | 625,656 | ||||
1,236,385 | Petco Animal Supplies, Inc., Term Loan B, 1 Mo. LIBOR + 3.25%, 0.75% Floor | 4.00% | 03/03/28 | 1,234,839 | ||||
687,560 | Petsmart, Inc., Term Loan B, 1 Mo. LIBOR + 3.75%, 0.75% Floor | 4.50% | 02/15/28 | 692,071 | ||||
2,552,566 | ||||||||
Systems Software – 6.7% | ||||||||
5,120,832 | Applied Systems, Inc., 1st Lien Term Loan, 3 Mo. LIBOR + 3.00%, 1.00% Floor | 4.00% | 09/19/24 | 5,126,362 | ||||
1,511,161 | Applied Systems, Inc., 2nd Lien Term Loan, 3 Mo. LIBOR + 7.00%, 1.00% Floor | 8.00% | 09/19/25 | 1,520,228 |
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
February 28, 2021 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued) | ||||||||
Systems Software (Continued) | ||||||||
$8,254,032 | BMC Software Finance, Inc. (Boxer Parent), Term Loan B, 1 Mo. LIBOR + 3.75%, 0.00% Floor | 3.90% | 10/02/25 | $8,252,959 | ||||
1,123,727 | Idera, Inc., Incremental First Lien Term Loan, 1 Mo. LIBOR + 3.75%, 0.75% Floor | 4.50% | 02/15/28 | 1,123,727 | ||||
1,339,459 | Misys Financial Software Ltd. (Almonde, Inc.) (Finastra), Term Loan B, 6 Mo. LIBOR + 3.50%, 1.00% Floor | 4.50% | 06/13/24 | 1,324,953 | ||||
2,136 | Riverbed Technology, Inc., New Term Loan B, 2 Mo. LIBOR + 6.00%, 1.00% Floor | 7.00% | 12/30/25 | 2,073 | ||||
852,131 | Riverbed Technology, Inc., New Term Loan B, 3 Mo. LIBOR + 6.00%, 1.00% Floor | 7.00% | 12/30/25 | 827,275 | ||||
3,140,624 | Sophos Group PLC (Surf), Term Loan B, 3 Mo. LIBOR + 3.50%, 0.00% Floor | 3.73% | 03/05/27 | 3,124,701 | ||||
1,305,823 | SUSE (Marcel Lux IV SARL), Facility B1 USD, 1 Mo. LIBOR + 3.25%, 0.00% Floor | 3.36% | 03/15/26 | 1,296,029 | ||||
22,598,307 | ||||||||
Total Senior Floating-Rate Loan Interests | 459,885,502 | |||||||
(Cost $458,900,839) | ||||||||
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
CORPORATE BONDS AND NOTES (c) – 2.6% | ||||||||
Airlines – 0.2% | ||||||||
605,000 | Mileage Plus Holdings, LLC / Mileage Plus Intellectual Property Assets Ltd. (h) | 6.50% | 06/20/27 | 661,719 | ||||
Broadcasting – 1.3% | ||||||||
1,119,000 | Cumulus Media New Holdings, Inc. (h) | 6.75% | 07/01/26 | 1,144,698 | ||||
2,269,000 | Diamond Sports Group, LLC / Diamond Sports Finance Co. (h) | 5.38% | 08/15/26 | 1,607,473 | ||||
464,000 | Univision Communications, Inc. (h) | 5.13% | 02/15/25 | 465,311 | ||||
1,000,000 | Univision Communications, Inc. (h) | 9.50% | 05/01/25 | 1,094,700 | ||||
4,312,182 | ||||||||
Casinos & Gaming – 0.8% | ||||||||
2,462,000 | Caesars Entertainment, Inc. (h) | 6.25% | 07/01/25 | 2,609,720 | ||||
Coal & Consumable Fuels – 0.0% | ||||||||
301,000 | Peabody Energy Corp. (h) | 6.38% | 03/31/25 | 145,985 | ||||
Health Care Services – 0.1% | ||||||||
306,000 | Global Medical Response, Inc. (h) | 6.50% | 10/01/25 | 318,622 | ||||
Integrated Telecommunication Services – 0.2% | ||||||||
823,000 | Zayo Group Holdings, Inc. (h) | 4.00% | 03/01/27 | 820,560 | ||||
Total Corporate Bonds and Notes | 8,868,788 | |||||||
(Cost $8,711,891) |
Shares | Description | Value | ||
COMMON STOCKS (c) – 1.4% | ||||
Broadcasting – 0.1% | ||||
25,815 | Cumulus Media, Inc., Class A (i) | 250,147 | ||
Electric Utilities – 0.6% | ||||
106,607 | Vistra Energy Corp. | 1,838,971 |
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
February 28, 2021 (Unaudited)
Shares | Description | Value | ||
COMMON STOCKS (c) (Continued) | ||||
Oil & Gas Exploration & Production – 0.0% | ||||
119,734 | Ascent Resources - Marcellus, LLC Class A Common Shares (i) (j) | $75,433 | ||
3,699 | Fieldwood Energy, LLC (d) (i) (j) | 0 | ||
75,433 | ||||
Pharmaceuticals – 0.7% | ||||
150,392 | Akorn, Inc. (f) (i) (j) | 2,387,548 | ||
Total Common Stocks | 4,552,099 | |||
(Cost $5,081,425) | ||||
WARRANTS (c) – 0.1% | ||||
Movies & Entertainment – 0.1% | ||||
315,514 | Cineworld Group PLC, expiring 11/23/25 (i) (k) | 275,393 | ||
Oil & Gas Exploration & Production – 0.0% | ||||
31,000 | Ascent Resources - Marcellus, LLC First Lien Warrants, expiring 3/30/23 (i) (k) | 775 | ||
Total Warrants | 276,168 | |||
(Cost $3,100) | ||||
RIGHTS (c) – 0.0% | ||||
Electric Utilities – 0.0% | ||||
106,607 | Vistra Energy Corp., no expiration date (i) (k) | 126,596 | ||
Life Sciences Tools & Services – 0.0% | ||||
1 | New Millennium Holdco, Inc., Corporate Claim Trust, no expiration date (i) (k) (l) (m) | 0 | ||
1 | New Millennium Holdco, Inc., Lender Claim Trust, no expiration date (i) (k) (l) (m) | 0 | ||
0 | ||||
Total Rights | 126,596 | |||
(Cost $174,207) | ||||
MONEY MARKET FUNDS (c) – 1.1% | ||||
3,493,239 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 0.01% (n) | 3,493,239 | ||
(Cost $3,493,239) | ||||
Total Investments – 142.6% | 477,202,392 | |||
(Cost $476,364,701) (o) | ||||
Outstanding Loans – (35.3)% | (118,000,000) | |||
Net Other Assets and Liabilities – (7.3)% | (24,451,603) | |||
Net Assets – 100.0% | $334,750,789 |
(a) | Senior Floating-Rate Loan Interests (“Senior Loans”) in which the Fund invests pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the LIBOR, (ii) the prime rate offered by one or more United States banks or (iii) the certificate of deposit rate. Certain Senior Loans are subject to a LIBOR floor that establishes a minimum LIBOR rate. When a range of rates is disclosed, the Fund holds more than one contract within the same tranche with identical LIBOR period, spread and floor, but different LIBOR reset dates. |
(b) | Senior Loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of Senior Loans may be substantially less than the stated maturities shown. |
(c) | All of these securities are available to serve as collateral for the outstanding loans. |
(d) | This issuer has filed for protection in bankruptcy court. |
(e) | The issuer will 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. The first interest payment is scheduled for March 31, 2021. |
(f) | On October 1, 2020, Akorn Holding Company LLC completed a Bankruptcy Plan of Reorganization. In connection with the Plan of Reorganization, the Fund received a portion of a new exit term loan and a share of the newly issued common equity shares in the re-organized company. |
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
February 28, 2021 (Unaudited)
(g) | 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, 2020 through February 28, 2021), this security paid all of its interest in cash. |
(h) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A under 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, 2021, securities noted as such amounted to $8,868,788 or 2.6% of net assets. |
(i) | Non-income producing security. |
(j) | Security received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. 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, 2021, securities noted as such amounted to $2,462,981 or 0.7% of net assets. |
(k) | Pursuant to procedures adopted by the Fund’s Board of Trustees, this security has been determined to be illiquid by the Advisor. |
(l) | This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures adopted by the Fund’s Board of Trustees, and in accordance with the provisions of the Investment Company Act of 1940, as amended. At February 28, 2021, securities noted as such are valued at $0 or 0.0% of net assets. |
(m) | This security’s value was determined using significant unobservable inputs (see Valuation Inputs section). |
(n) | Rate shown reflects yield as of February 28, 2021. |
(o) | Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of February 28, 2021, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $5,671,787 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $4,834,096. The net unrealized appreciation was $837,691. |
LIBOR | London Interbank Offered Rate |
Valuation Inputs
The Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:
• | Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. |
• | Level 2 – Level 2 inputs are observable inputs, either directly or indirectly. (Quoted prices for similar investments, valuations based on interest rates and yield curves, or valuations derived from observable market data.) |
• | Level 3 – Level 3 inputs are unobservable inputs that may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment. |
The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
February 28, 2021 (Unaudited)
A summary of the inputs used to value the Fund’s investments as of February 28, 2021 is as follows:
Total Value at 2/28/2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Senior Floating-Rate Loan Interests* | $ 459,885,502 | $ — | $ 459,885,502 | $ — |
Corporate Bonds and Notes* | 8,868,788 | — | 8,868,788 | — |
Common Stocks: | ||||
Oil & Gas Exploration & Production | 75,433 | — | 75,433 | — |
Pharmaceuticals | 2,387,548 | — | 2,387,548 | — |
Other industry categories* | 2,089,118 | 2,089,118 | — | — |
Warrants* | 276,168 | — | 276,168 | — |
Rights: | ||||
Electric Utilities | 126,596 | — | 126,596 | — |
Life Sciences Tools & Services | —** | — | — | —** |
Money Market Funds | 3,493,239 | 3,493,239 | — | — |
Total Investments | $ 477,202,392 | $ 5,582,357 | $ 471,620,035 | $—** |
* | See Portfolio of Investments for industry breakout. |
** | Investment is valued at $0. |
Level 3 Investments that are fair valued by the Advisor’s Pricing Committee are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.
Unfunded Loan Commitments
As of February 28, 2021, the Fund had the following unfunded loan commitment:
Borrower | Principal Value | Commitment Amount | Value | Unrealized Appreciation (Depreciation) | ||||
Help at Home (HAH Group Holding Company, LLC), Term Loan | $149,124 | $146,992 | $149,311 | $2,319 |