First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments
August 31, 2023 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
SENIOR FLOATING-RATE LOAN INTERESTS (c) – 112.8% | ||||||||
Application Software – 16.6% | ||||||||
$624,433 | Applied Systems, Inc., 2026 Term Loan, 3 Mo. CME Term SOFR + 4.50%, 0.50% Floor | 9.74% | 09/19/26 | $627,602 | ||||
1,515,866 | ConnectWise, LLC, Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor | 8.95% | 09/30/28 | 1,492,650 | ||||
3,089,195 | Epicor Software Corp., First Lien Term Loan C, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.75% Floor | 8.70% | 07/30/27 | 3,089,720 | ||||
4,352,374 | Gainwell Acquisition Corp. (fka Milano), Term Loan B, 3 Mo. CME Term SOFR + CSA + 4.00%, 0.75% Floor | 9.34% | 10/01/27 | 4,292,529 | ||||
2,678,894 | Greeneden U.S. Holdings II, LLC (Genesys Telecommunications Laboratories, Inc.), Initial Dollar Term Loan, 1 Mo. CME Term SOFR + CSA + 4.00%, 0.75% Floor | 9.45% | 12/01/27 | 2,682,256 | ||||
167,338 | Hyland Software, Inc., 2nd Lien Term Loan, 1 Mo. CME Term SOFR + 6.25%, 0.75% Floor | 11.70% | 07/10/25 | 166,690 | ||||
4,107,844 | Informatica Corp., Initial Term Loan B, 1 Mo. CME Term SOFR + CSA + 2.75%, 0.00% Floor | 8.20% | 10/29/28 | 4,109,775 | ||||
1,295,511 | 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 | 9.20% | 09/15/24 | 1,297,668 | ||||
1,265,863 | Internet Brands, Inc. (Web MD/MH Sub I. LLC), 2nd Lien Term Loan, 1 Mo. CME Term SOFR + 6.25%, 0.00% Floor | 11.58% | 02/23/29 | 1,110,162 | ||||
2,438,496 | Internet Brands, Inc. (Web MD/MH Sub I. LLC), Initial Term Loan, 1 Mo. CME Term SOFR + CSA + 3.75%, 0.00% Floor | 9.20% | 09/15/24 | 2,442,922 | ||||
69,158 | ION Trading Technologies Limited, Term Loan B, 3 Mo. CME Term SOFR + CSA + 4.75%, 0.00% Floor | 10.09% | 04/01/28 | 67,883 | ||||
4,768,449 | LogMeIn, Inc. (GoTo Group, Inc.), Term Loan B, 3 Mo. CME Term SOFR + CSA + 4.75%, 0.00% Floor | 10.27% | 08/31/27 | 3,098,014 | ||||
1,930,430 | McAfee Corp. (Condor Merger Sub, Inc.), Tranche B-1 Term Loan, 1 Mo. CME Term SOFR + CSA + 3.75%, 0.50% Floor | 9.17% | 02/28/29 | 1,899,061 | ||||
358,438 | N-Able, Inc., Term Loan B, 3 Mo. CME Term SOFR + CSA + 2.75%, 0.50% Floor | 8.43% | 07/19/28 | 357,990 | ||||
2,082,491 | Open Text Corporation (GXS), 2023 Replacement Term Loan, 1 Mo. CME Term SOFR + CSA + 2.75%, 0.50% Floor | 8.18% | 01/31/30 | 2,087,270 | ||||
5,135,318 | Open Text Corporation (GXS), Term Loan B, 1 Mo. CME Term SOFR + CSA + 1.75%, 0.00% Floor | 7.18% | 05/30/25 | 5,147,437 | ||||
280,112 | PowerSchool Holdings, Inc. (Severin), Term Loan B, 3 Mo. CME Term SOFR + 3.00%, 0.00% Floor | 8.37% | 08/01/25 | 280,228 | ||||
912,941 | RealPage, Inc., Second Lien Term Loan, 1 Mo. CME Term SOFR + CSA + 6.50%, 0.75% Floor | 11.95% | 04/22/29 | 919,405 | ||||
5,688,068 | RealPage, Inc., Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.50% Floor | 8.45% | 04/24/28 | 5,634,088 | ||||
3,065,764 | SolarWinds Holdings, Inc., Extended Term Loan B, 1 Mo. CME Term SOFR + 3.75%, 0.00% Floor | 9.08% | 02/17/27 | 3,072,555 | ||||
485,091 | Solera Holdings, Inc. (Polaris Newco), Term Loan B, 3 Mo. CME Term SOFR + 4.00%, 0.50% Floor | 9.54% | 06/04/28 | 471,853 | ||||
380,415 | Ultimate Kronos Group (UKG, Inc.), 2021 Term Loan, 3 Mo. CME Term SOFR + CSA + 3.25%, 0.50% Floor | 8.62% | 05/03/26 | 380,945 | ||||
1,284,992 | Ultimate Kronos Group (UKG, Inc.), Initial Term Loan B, 3 Mo. CME Term SOFR + CSA + 3.75%, 0.00% Floor | 9.22% | 05/03/26 | 1,286,932 | ||||
2,000,000 | Veeam Software Holdings Limited (VS Buyer, LLC), Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.00% Floor | 8.68% | 02/28/27 | 1,984,380 | ||||
48,000,015 | ||||||||
Asset Management & Custody Banks – 2.3% | ||||||||
3,306,086 | Edelman Financial Engines Center, LLC, Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.75% Floor | 8.95% | 04/07/28 | 3,273,207 |
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
August 31, 2023 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued) | ||||||||
Asset Management & Custody Banks (Continued) | ||||||||
$3,529,299 | Edelman Financial Engines Center, LLC, Term Loan Second Lien, 1 Mo. CME Term SOFR + CSA + 6.75%, 0.00% Floor | 12.20% | 07/20/26 | $3,470,183 | ||||
6,743,390 | ||||||||
Broadcasting – 4.8% | ||||||||
312,188 | E.W. Scripps Company, Tranche B-3 Term Loan, 1 Mo. CME Term SOFR + 3.00%, 0.75% Floor | 8.45% | 01/07/28 | 310,236 | ||||
2,376,766 | Gray Television, Inc., Term Loan E, 1 Mo. CME Term SOFR + CSA + 2.50%, 0.00% Floor | 7.93% | 01/02/26 | 2,366,855 | ||||
3,101,009 | iHeartCommunications, Inc., Second Amendment Incremental Term Loan B, 1 Mo. CME Term SOFR + 3.00%, 0.50% Floor | 8.33% | 05/01/26 | 2,777,357 | ||||
1,199,070 | iHeartCommunications, Inc., Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.00% Floor | 8.45% | 05/01/26 | 1,073,359 | ||||
6,811,673 | Nexstar Broadcasting, Inc., Incremental Term Loan B-4, 1 Mo. CME Term SOFR + CSA + 2.50%, 0.00% Floor | 7.95% | 09/19/26 | 6,832,040 | ||||
594,059 | Sinclair Television Group, Inc., Term Loan B-2, 1 Mo. CME Term SOFR + CSA + 2.50%, 0.00% Floor | 7.95% | 09/30/26 | 536,014 | ||||
11,528 | Univision Communications, Inc., 2021 Replacement New First Lien Term Loan, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.75% Floor | 8.70% | 03/15/26 | 11,559 | ||||
13,907,420 | ||||||||
Building Products – 0.1% | ||||||||
262,831 | Hunter Douglas, Inc. (Solis), Term Loan B, 3 Mo. CME Term SOFR + 3.50%, 0.50% Floor | 8.89% | 02/28/29 | 256,098 | ||||
Cable & Satellite – 3.4% | ||||||||
6,607,863 | Cablevision (aka CSC Holdings, LLC), March 2017 Term Loan B-1, 1 Mo. LIBOR + 2.25%, 0.00% Floor | 7.67% | 07/17/25 | 6,384,848 | ||||
9,408 | Charter Communications Operating, LLC, Term Loan B-1, 1 Mo. CME Term SOFR + 1.75%, 0.00% Floor | 7.08% | 04/30/25 | 9,421 | ||||
3,546,699 | Charter Communications Operating, LLC, Term Loan B-1, 3 Mo. CME Term SOFR + 1.75%, 0.00% Floor | 7.12% | 04/30/25 | 3,551,948 | ||||
9,946,217 | ||||||||
Casinos & Gaming – 0.9% | ||||||||
2,400,518 | Golden Nugget, Inc. (Fertitta Entertainment, LLC), Initial Term Loan B, 1 Mo. CME Term SOFR + 4.00%, 0.50% Floor | 9.33% | 01/27/29 | 2,381,014 | ||||
215,778 | Scientific Games Holdings L.P. (Scientific Games Lottery), Initial Dollar Term Loan, 3 Mo. CME Term SOFR + 3.50%, 0.50% Floor | 8.77% | 04/04/29 | 215,003 | ||||
2,596,017 | ||||||||
Coal & Consumable Fuels – 0.0% | ||||||||
25,002 | Arch Coal, Inc., Term Loan B, 1 Mo. LIBOR + 2.75%, 1.00% Floor | 8.19% | 03/07/24 | 24,908 | ||||
Commercial Printing – 1.2% | ||||||||
3,492,689 | Multi-Color Corp. (LABL, Inc.), Initial Dollar Term Loan, 1 Mo. CME Term SOFR + CSA + 5.00%, 0.50% Floor | 10.43% | 10/29/28 | 3,487,538 | ||||
Education Services – 0.5% | ||||||||
1,460,823 | Ascensus Holdings, Inc. (Mercury), First Lien Term Loan, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor | 8.95% | 08/02/28 | 1,445,309 |
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
August 31, 2023 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued) | ||||||||
Electric Utilities – 2.6% | ||||||||
$7,511,250 | PG&E Corp., Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.50% Floor | 8.45% | 06/23/25 | $7,516,996 | ||||
Electronic Equipment & Instruments – 0.7% | ||||||||
1,357,704 | Chamberlain Group, Inc. (Chariot), Term Loan B, 1 Mo. CME Term SOFR + 3.25%, 0.50% Floor | 8.68% | 11/03/28 | 1,345,967 | ||||
863,292 | Verifone Systems, Inc., Term Loan B, 3 Mo. CME Term SOFR + CSA + 4.00%, 0.00% Floor | 9.65% | 08/20/25 | 801,985 | ||||
2,147,952 | ||||||||
Environmental & Facilities Services – 1.1% | ||||||||
3,235,582 | GFL Environmental, Inc., Extended Term Loan B, 3 Mo. CME Term SOFR + CSA + 3.00%, 0.50% Floor | 8.47% | 05/31/27 | 3,249,754 | ||||
Food Distributors – 0.3% | ||||||||
860,180 | US Foods, Inc., Incremental B-2019 Term Loan, 1 Mo. CME Term SOFR + CSA + 2.00%, 0.00% Floor | 7.45% | 08/31/26 | 861,793 | ||||
Health Care Facilities – 1.2% | ||||||||
491,521 | Ardent Health Services, Inc. (AHP Health Partners, Inc.), Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor | 8.95% | 08/24/28 | 492,689 | ||||
2,966,136 | Select Medical Corp., Tranche B-1, 1 Mo. CME Term SOFR + 3.00%, 0.00% Floor | 8.33% | 03/06/27 | 2,971,074 | ||||
3,463,763 | ||||||||
Health Care Services – 3.7% | ||||||||
395,032 | ADMI Corp. (Aspen Dental), 2020 Incremental Term Loan B2, 3 Mo. CME Term SOFR + CSA + 3.38%, 0.50% Floor | 8.82% | 12/23/27 | 361,373 | ||||
1,063,998 | ADMI Corp. (Aspen Dental), 2021 Incremental Term Loan B3, 1 Mo. CME Term SOFR + CSA + 3.75%, 0.50% Floor | 9.20% | 12/23/27 | 982,421 | ||||
2,616,855 | CHG Healthcare Services, Inc., Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.50% Floor | 8.70% | 09/30/28 | 2,604,190 | ||||
2,636,909 | DaVita, Inc., Term Loan B, 1 Mo. CME Term SOFR + 1.75%, 0.00% Floor | 7.20% | 08/12/26 | 2,615,602 | ||||
2,602,274 | ExamWorks Group, Inc. (Electron Bidco), Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.50% Floor | 8.45% | 10/29/28 | 2,598,826 | ||||
1,975,101 | Global Medical Response, Inc. (fka Air Medical), 2021 Refinancing Term Loan, 1 Mo. CME Term SOFR + 4.25%, 1.00% Floor | 9.78% | 10/02/25 | 1,400,841 | ||||
10,563,253 | ||||||||
Health Care Supplies – 1.8% | ||||||||
5,261,000 | Medline Borrower L.P. (Mozart), Initial Dollar Term Loan, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.50% Floor | 8.70% | 10/21/28 | 5,263,735 | ||||
Health Care Technology – 13.4% | ||||||||
4,838,026 | athenahealth, Inc. (Minerva Merger Sub, Inc.), Term Loan B, 1 Mo. CME Term SOFR + 3.50%, 0.50% Floor | 8.82% | 02/15/29 | 4,787,614 | ||||
1,315,498 | Ciox Health (Healthport/CT Technologies Intermediate Holdings, Inc.), New Term Loan B, 1 Mo. CME Term SOFR + CSA + 4.25%, 0.75% Floor | 9.70% | 12/16/25 | 1,246,908 | ||||
1,794,401 | Ensemble RCM, LLC (Ensemble Health), Term Loan B, 3 Mo. CME Term SOFR + CSA + 3.75%, 0.00% Floor | 9.22% | 08/01/26 | 1,798,251 | ||||
4,239,105 | Mediware (Wellsky/Project Ruby Ultimate Parent Corp.), Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.75% Floor | 8.70% | 03/10/28 | 4,169,838 | ||||
4,998,435 | Navicure, Inc. (Waystar Technologies, Inc.), Term Loan B, 1 Mo. CME Term SOFR + CSA + 4.00%, 0.00% Floor | 9.45% | 10/23/26 | 5,006,782 |
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
August 31, 2023 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued) | ||||||||
Health Care Technology (Continued) | ||||||||
$12,250,145 | Verscend Technologies, Inc. (Cotiviti), New Term Loan B-1, 1 Mo. CME Term SOFR + CSA + 4.00%, 0.00% Floor | 9.45% | 08/27/25 | $12,263,252 | ||||
9,584,189 | Zelis Payments Buyer, Inc., New Term Loan B-1, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.00% Floor | 8.95% | 09/30/26 | 9,602,638 | ||||
38,875,283 | ||||||||
Hotels, Resorts & Cruise Lines – 2.3% | ||||||||
457,175 | Alterra Mountain Co., Term Loan B-2, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor | 8.95% | 08/17/28 | 458,606 | ||||
5,896,831 | Four Seasons Holdings, Inc., 2023 Repricing Term Loan, 1 Mo. CME Term SOFR + CSA + 2.50%, 0.50% Floor | 7.93% | 11/30/29 | 5,912,192 | ||||
396,956 | Wyndham Hotels & Resorts, Inc., Extended Term Loan B, 1 Mo. CME Term SOFR + 2.25%, 0.00% Floor | 7.68% | 05/30/30 | 397,673 | ||||
6,768,471 | ||||||||
Industrial Machinery & Supplies & Components – 1.3% | ||||||||
1,042,204 | Copeland (Emerald Debt Merger Sub LLC/EMRLD), Inital Term Loan, 1 Mo. CME Term SOFR + 3.00%, 0.00% Floor | 8.33% | 05/31/30 | 1,044,569 | ||||
253,393 | Filtration Group Corp., 2021 Incremental Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor | 8.95% | 10/21/28 | 252,523 | ||||
1,770,626 | Filtration Group Corp., 2023 Extended Term Loan, 1 Mo. CME Term SOFR + CSA + 4.25%, 0.50% Floor | 9.70% | 10/21/28 | 1,777,814 | ||||
614,045 | TK Elevator Newco GMBH (Vertical U.S. Newco, Inc.), New Term Loan B-1, 6 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor | 9.38% | 07/31/27 | 614,006 | ||||
3,688,912 | ||||||||
Insurance Brokers – 19.2% | ||||||||
2,528,002 | Alliant Holdings I, LLC, Term Loan B-4, 1 Mo. LIBOR + 3.50%, 0.50% Floor | 8.93% | 11/06/27 | 2,529,418 | ||||
5,830,161 | Alliant Holdings I, LLC, Term Loan B-5, 1 Mo. CME Term SOFR + 3.50%, 0.50% Floor | 8.81% | 11/06/27 | 5,834,330 | ||||
3,721,382 | Amwins Group, Inc., Feb. 2023 Incremental Term Loan, 1 Mo. CME Term SOFR + CSA + 2.75%, 0.75% Floor | 8.20% | 02/19/28 | 3,724,098 | ||||
1,989,802 | Amwins Group, Inc., Term Loan B, 1 Mo. CME Term SOFR + CSA + 2.25%, 0.75% Floor | 7.70% | 02/19/28 | 1,992,289 | ||||
471,844 | AssuredPartners, Inc., 2021 Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor | 8.95% | 02/12/27 | 470,171 | ||||
107,361 | AssuredPartners, Inc., 2022 Incremental Term Loan B-4, 1 Mo. CME Term SOFR + 4.25%, 0.50% Floor | 9.58% | 02/12/27 | 107,764 | ||||
1,804,791 | AssuredPartners, Inc., Incremental Term Loan 2022, 1 Mo. CME Term SOFR + 3.50%, 0.50% Floor | 8.83% | 02/12/27 | 1,802,905 | ||||
6,395,762 | AssuredPartners, Inc., Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.00% Floor | 8.95% | 02/12/27 | 6,386,265 | ||||
3,762,620 | BroadStreet Partners, Inc., Initial Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.00% Floor | 8.45% | 01/27/27 | 3,736,545 | ||||
363,037 | BroadStreet Partners, Inc., Term Loan B-3, 1 Mo. CME Term SOFR + 4.00%, 0.00% Floor | 9.33% | 01/26/29 | 363,529 | ||||
10,103,714 | HUB International Limited, 2023 Refinancing Term Loan B-5, 3 Mo. CME Term SOFR + 4.25%, 0.75% Floor | 9.58% | 06/15/30 | 10,148,473 | ||||
2,517,380 | IMA Financial Group, Inc., Incremental Term Loan B-2, 1 Mo. CME Term SOFR + CSA + 4.25%, 0.50% Floor | 9.67% | 11/01/28 | 2,518,953 | ||||
2,748,355 | National Financial Partners Corp. (NFP), Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.00% Floor | 8.70% | 02/13/27 | 2,716,062 |
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
August 31, 2023 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued) | ||||||||
Insurance Brokers (Continued) | ||||||||
$1,419,446 | OneDigital Borrower, LLC, Term Loan B, 1 Mo. CME Term SOFR + CSA + 4.25%, 0.50% Floor | 9.68% | 11/16/27 | $1,419,446 | ||||
3,059,675 | Ryan Specialty Group, LLC, Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.75% Floor | 8.43% | 09/01/27 | 3,066,376 | ||||
6,925,148 | USI, Inc. (fka Compass Investors, Inc.), 2021 New Term Loan, 3 Mo. LIBOR + 3.25%, 0.00% Floor | 8.79% | 12/02/26 | 6,938,133 | ||||
1,716,787 | USI, Inc. (fka Compass Investors, Inc.), 2022 New Term Loan, 3 Mo. CME Term SOFR + 3.75%, 0.50% Floor | 8.99% | 11/30/29 | 1,720,332 | ||||
55,475,089 | ||||||||
Integrated Telecommunication Services – 2.7% | ||||||||
3,353,042 | Numericable (Altice France SA or SFR), Term Loan B-11, 3 Mo. LIBOR + 2.75%, 0.00% Floor | 8.38% | 07/31/25 | 3,240,481 | ||||
1,000,000 | Numericable (Altice France SA or SFR), Term Loan B-12, 3 Mo. LIBOR + 3.69%, 0.00% Floor | 9.26% | 01/31/26 | 945,830 | ||||
745,370 | Zayo Group Holdings, Inc., Incremental Term Loan B-2, 1 Mo. CME Term SOFR + 4.33%, 0.50% Floor | 9.66% | 03/09/27 | 601,606 | ||||
3,740,009 | Zayo Group Holdings, Inc., Initial Dollar Term Loan, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.00% Floor | 8.45% | 03/09/27 | 3,006,762 | ||||
7,794,679 | ||||||||
IT Consulting & Other Services – 0.2% | ||||||||
576,980 | CDK Global, Inc.(Central Parent, Inc.), Term Loan B, 3 Mo. CME Term SOFR + 4.25%, 0.50% Floor | 9.49% | 07/06/29 | 578,050 | ||||
Life Sciences Tools & Services – 0.5% | ||||||||
1,472,849 | WCG Purchaser Corp. (WIRB- Copernicus Group), Term Loan B, 1 Mo. CME Term SOFR + 4.00%, 1.00% Floor | 9.45% | 01/08/27 | 1,461,802 | ||||
Managed Health Care – 0.3% | ||||||||
825,751 | Multiplan, Inc. (MPH), Term Loan B, 3 Mo. CME Term SOFR + CSA + 4.25%, 0.50% Floor | 9.92% | 08/31/28 | 778,852 | ||||
Metal, Glass & Plastic Containers – 0.2% | ||||||||
447,043 | Berry Global, Inc., Term Loan Z, 3 Mo. CME Term SOFR + 1.75%, 0.00% Floor | 7.29% | 07/01/26 | 447,441 | ||||
Office Services & Supplies – 2.4% | ||||||||
6,933,119 | Dun & Bradstreet Corp., New Term Loan B, 1 Mo. CME Term SOFR + CSA + 2.75%, 0.00% Floor | 8.17% | 02/08/26 | 6,947,227 | ||||
Other Specialty Retail – 0.8% | ||||||||
2,189,725 | Petco Health and Wellness Company, Inc., Initial Term Loan B, 3 Mo. CME Term SOFR + CSA + 3.25%, 0.75% Floor | 8.75% | 03/03/28 | 2,180,430 | ||||
Packaged Foods & Meats – 1.9% | ||||||||
5,366,662 | Hostess Brands, LLC (HB Holdings), Term Loan B 2030, 3 Mo. CME Term SOFR + 2.50%, 0.00% Floor | 7.74% | 06/30/30 | 5,368,352 | ||||
Paper & Plastic Packaging Products & Materials – 3.0% | ||||||||
4,590,074 | Graham Packaging Company L.P., Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.75% Floor | 8.45% | 08/04/27 | 4,585,782 | ||||
1,253,340 | Pactiv, LLC/Evergreen Packaging, LLC (fka Reynolds Group Holdings), Term Loan B-2, 1 Mo. CME Term SOFR + 3.25%, 0.00% Floor | 8.70% | 02/05/26 | 1,254,788 |
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
August 31, 2023 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued) | ||||||||
Paper & Plastic Packaging Products & Materials (Continued) | ||||||||
$2,965,398 | Pactiv, LLC/Evergreen Packaging, LLC (fka Reynolds Group Holdings), Tranche B-3 U.S. Term Loan, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.50% Floor | 8.70% | 09/20/28 | $2,968,541 | ||||
8,809,111 | ||||||||
Pharmaceuticals – 0.7% | ||||||||
248,096 | Nestle Skin Health (Sunshine Lux VII SARL/Galderma), 2021 Term Loan B-3, 3 Mo. CME Term SOFR + CSA + 3.75%, 0.75% Floor | 9.09% | 10/02/26 | 248,596 | ||||
1,787,868 | Parexel International Corp. (Phoenix Newco), First Lien Term Loan, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.50% Floor | 8.70% | 11/15/28 | 1,785,079 | ||||
2,033,675 | ||||||||
Property & Casualty Insurance – 1.3% | ||||||||
3,831,334 | Sedgwick Claims Management Services, Inc., 2023 Term Loan B, 1 Mo. CME Term SOFR + 3.75%, 0.00% Floor | 9.08% | 02/24/28 | 3,842,962 | ||||
Research & Consulting Services – 3.4% | ||||||||
131,393 | AlixPartners, LLP, Term Loan B, 1 Mo. CME Term SOFR + CSA + 2.75%, 0.50% Floor | 8.20% | 02/04/28 | 131,448 | ||||
5,922,821 | Clarivate Analytics PLC (Camelot), Amendment No. 2 Incremental Term Loan, 1 Mo. CME Term SOFR + CSA + 3.00%, 1.00% Floor | 8.45% | 10/31/26 | 5,928,922 | ||||
2,004,396 | Clarivate Analytics PLC (Camelot), Initial Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.00% Floor | 8.45% | 10/31/26 | 2,007,011 | ||||
288,945 | Corelogic, Inc., Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor | 8.95% | 06/02/28 | 270,215 | ||||
383,897 | J.D. Power (Project Boost Purchaser, LLC), 2021 Incremental Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor | 8.95% | 05/30/26 | 383,298 | ||||
994,832 | J.D. Power (Project Boost Purchaser, LLC), Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.00% Floor | 8.95% | 05/30/26 | 994,708 | ||||
139,000 | Veritext Corporation (VT TopCo, Inc.), Initial Term Loan B, 1 Mo. CME Term SOFR + 4.25%, 0.50% Floor | 9.56% | 08/15/30 | 139,897 | ||||
9,855,499 | ||||||||
Restaurants – 4.5% | ||||||||
7,279,693 | 1011778 B.C. Unlimited Liability Company (Restaurant Brands) (aka Burger King/Tim Horton’s), Term Loan B-4, 1 Mo. LIBOR + 1.75%, 0.00% Floor | 7.20% | 11/14/26 | 7,248,354 | ||||
5,568,171 | IRB Holding Corp. (Arby’s/Inspire Brands), 2022 Replacement Term B Loan, 1 Mo. CME Term SOFR + CSA + 3.00%, 0.75% Floor | 8.43% | 12/15/27 | 5,545,843 | ||||
280,112 | Whatabrands, LLC, Term Loan B, 1 Mo. LIBOR + 3.00%, 0.50% Floor | 8.45% | 07/31/28 | 280,393 | ||||
13,074,590 | ||||||||
Security & Alarm Services – 1.6% | ||||||||
4,549,406 | Garda World Security Corp., Term Loan B-2, 1 Mo. CME Term SOFR + CSA + 4.25%, 0.00% Floor | 9.67% | 10/30/26 | 4,553,069 | ||||
Specialized Consumer Services – 0.3% | ||||||||
919,329 | Asurion, LLC, New B-8 Term Loan, 3 Mo. CME Term SOFR + 3.25%, 0.00% Floor | 8.79% | 12/23/26 | 895,362 |
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
August 31, 2023 (Unaudited)
Principal Value | Description | Rate (a) | Stated Maturity (b) | Value | ||||
SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued) | ||||||||
Specialized Finance – 0.2% | ||||||||
$843,880 | Radiate Holdco, LLC (Astound), Amendment No. 6 Term Loan, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.75% Floor | 8.70% | 09/25/26 | $695,024 | ||||
Systems Software – 8.1% | ||||||||
6,167,737 | BMC Software Finance, Inc. (Boxer Parent), 2021 Replacement Dollar Term Loan, 1 Mo. CME Term SOFR + CSA + 3.75%, 0.00% Floor | 9.20% | 10/02/25 | 6,173,411 | ||||
2,000,000 | Gen Digital, Inc. (fka NortonLifeLock Inc), Term Loan B, 1 Mo. CME Term SOFR + CSA + 2.00%, 0.50% Floor | 7.43% | 09/12/29 | 1,999,500 | ||||
1,958,374 | Idera, Inc., Initial Term Loan, 3 Mo. CME Term SOFR + 3.75%, 0.75% Floor | 9.27% | 02/15/28 | 1,940,259 | ||||
879,176 | Proofpoint, Inc., Term Loan B, 1 Mo. CME Term SOFR + CSA + 3.25%, 0.50% Floor | 8.70% | 08/31/28 | 871,848 | ||||
2,089,040 | SS&C Technologies Holdings, Inc., Term Loan B-3, 1 Mo. CME Term SOFR + 1.75%, 0.00% Floor | 7.20% | 04/16/25 | 2,091,651 | ||||
1,967,395 | SS&C Technologies Holdings, Inc., Term Loan B-4, 1 Mo. CME Term SOFR + CSA + 1.75%, 0.00% Floor | 7.20% | 04/16/25 | 1,969,854 | ||||
5,042,246 | SS&C Technologies Holdings, Inc., Term Loan B-5, 1 Mo. CME Term SOFR + 1.75%, 0.00% Floor | 7.20% | 04/16/25 | 5,047,289 | ||||
3,262,206 | SUSE (Marcel Lux IV SARL), Facility B1 USD, Daily SOFR + CSA + 3.25%, 0.00% Floor | 8.42%-8.69% | 03/15/26 | 3,263,234 | ||||
23,357,046 | ||||||||
Trading Companies & Distributors – 0.8% | ||||||||
2,308,406 | SRS Distribution, Inc., 2021 Refinancing Term Loan, 1 Mo. CME Term SOFR + CSA + 3.50%, 0.50% Floor | 8.95% | 06/04/28 | 2,281,236 | ||||
112,457 | SRS Distribution, Inc., 2022 Refinancing Term Loan, 1 Mo. CME Term SOFR + 3.50%, 0.50% Floor | 8.83% | 06/04/28 | 111,192 | ||||
2,392,428 | ||||||||
Wireless Telecommunication Services – 2.5% | ||||||||
7,215,867 | SBA Senior Finance II, LLC, Term Loan B, 1 Mo. CME Term SOFR + CSA + 1.75%, 0.00% Floor | 7.19% | 04/11/25 | 7,226,330 | ||||
Total Senior Floating-Rate Loan Interests | 326,573,842 | |||||||
(Cost $328,834,605) | ||||||||
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
CORPORATE BONDS AND NOTES (c) – 9.4% | ||||||||
Application Software – 0.1% | ||||||||
560,000 | GoTo Group, Inc. (d) | 5.50% | 09/01/27 | 328,336 | ||||
Broadcasting – 2.7% | ||||||||
1,000,000 | Gray Television, Inc. (d) | 5.88% | 07/15/26 | 915,893 | ||||
2,000,000 | Gray Television, Inc. (d) | 7.00% | 05/15/27 | 1,797,219 | ||||
3,043,000 | Nexstar Media, Inc. (d) | 5.63% | 07/15/27 | 2,862,985 | ||||
2,395,000 | Sirius XM Radio, Inc. (d) | 3.13% | 09/01/26 | 2,164,122 | ||||
7,740,219 | ||||||||
Cable & Satellite – 2.8% | ||||||||
7,000,000 | CCO Holdings, LLC / CCO Holdings Capital Corp. (d) | 5.13% | 05/01/27 | 6,586,964 | ||||
2,000,000 | CSC Holdings, LLC (d) | 7.50% | 04/01/28 | 1,273,331 | ||||
374,000 | CSC Holdings, LLC (d) | 11.25% | 05/15/28 | 369,222 | ||||
8,229,517 |
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
August 31, 2023 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value | ||||
CORPORATE BONDS AND NOTES (c) (Continued) | ||||||||
Casinos & Gaming – 0.4% | ||||||||
$572,000 | Fertitta Entertainment, LLC / Fertitta Entertainment Finance Co., Inc. (d) | 4.63% | 01/15/29 | $495,335 | ||||
572,000 | VICI Properties, L.P. / VICI Note Co., Inc. (d) | 4.25% | 12/01/26 | 539,381 | ||||
1,034,716 | ||||||||
Health Care Facilities – 1.7% | ||||||||
2,500,000 | Tenet Healthcare Corp. | 6.25% | 02/01/27 | 2,464,315 | ||||
2,500,000 | Tenet Healthcare Corp. | 5.13% | 11/01/27 | 2,379,701 | ||||
4,844,016 | ||||||||
Health Care Services – 0.2% | ||||||||
376,000 | DaVita, Inc. (d) | 4.63% | 06/01/30 | 322,854 | ||||
226,000 | DaVita, Inc. (d) | 3.75% | 02/15/31 | 180,177 | ||||
324,000 | Global Medical Response, Inc. (d) | 6.50% | 10/01/25 | 224,227 | ||||
727,258 | ||||||||
Insurance Brokers – 0.3% | ||||||||
359,000 | AmWINS Group, Inc. (d) | 4.88% | 06/30/29 | 322,496 | ||||
500,000 | AssuredPartners, Inc. (d) | 7.00% | 08/15/25 | 495,487 | ||||
817,983 | ||||||||
Integrated Telecommunication Services – 0.2% | ||||||||
769,000 | Zayo Group Holdings, Inc. (d) | 4.00% | 03/01/27 | 577,009 | ||||
Systems Software – 1.0% | ||||||||
2,000,000 | Boxer Parent Co., Inc. (d) | 9.13% | 03/01/26 | 2,003,499 | ||||
1,007,000 | SS&C Technologies, Inc. (d) | 5.50% | 09/30/27 | 970,345 | ||||
2,973,844 | ||||||||
Total Corporate Bonds and Notes | 27,272,898 | |||||||
(Cost $28,860,451) | ||||||||
FOREIGN CORPORATE BONDS AND NOTES (c) – 0.6% | ||||||||
Application Software – 0.0% | ||||||||
22,000 | Open Text Corp. (d) | 3.88% | 02/15/28 | 19,598 | ||||
Environmental & Facilities Services – 0.6% | ||||||||
1,554,000 | GFL Environmental, Inc. (d) | 3.75% | 08/01/25 | 1,481,008 | ||||
305,000 | GFL Environmental, Inc. (d) | 4.00% | 08/01/28 | 272,554 | ||||
1,753,562 | ||||||||
Total Foreign Corporate Bonds and Notes | 1,773,160 | |||||||
(Cost $1,791,608) |
Shares | Description | Value | ||
COMMON STOCKS (c) – 0.0% | ||||
Pharmaceuticals – 0.0% | ||||
150,392 | Akorn, Inc. (e) (f) (g) | 101,515 | ||
(Cost $1,724,086) | ||||
RIGHTS (c) – 0.0% | ||||
Life Sciences Tools & Services – 0.0% | ||||
1 | New Millennium Holdco, Inc., Corporate Claim Trust, no expiration date (g) (h) (i) (j) | 0 |
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
August 31, 2023 (Unaudited)
Shares | Description | Value | ||
RIGHTS (c) (Continued) | ||||
Life Sciences Tools & Services (Continued) | ||||
1 | New Millennium Holdco, Inc., Lender Claim Trust, no expiration date (g) (h) (i) (j) | $0 | ||
Total Rights | 0 | |||
(Cost $0) | ||||
Total Investments – 122.8% | 355,721,415 | |||
(Cost $361,210,750) | ||||
Outstanding Loans – (21.1)% | (61,000,000) | |||
Net Other Assets and Liabilities – (1.7)% | (5,030,940) | |||
Net Assets – 100.0% | $289,690,475 |
(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 SOFR obtained from the U.S. Department of the Treasury’s Office of Financial Research or another major financial institution, (iii) the prime rate offered by one or more United States banks or (iv) the certificate of deposit rate. Certain Senior Loans are subject to a LIBOR or SOFR floor that establishes a minimum LIBOR or SOFR rate. When a range of rates is disclosed, the Fund holds more than one contract within the same tranche with identical LIBOR or SOFR period, spread and floor, but different LIBOR or SOFR reset dates. |
(b) | Senior Loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of Senior Loans may be substantially less than the stated maturities shown. |
(c) | All of these securities are available to serve as collateral for the outstanding loans. |
(d) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the 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 $24,202,042 or 8.4% of net assets. |
(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) | This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Fund’s Board of Trustees, and in accordance with the provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At August 31, 2023, securities noted as such are valued at $0 or 0.0% of net assets. |
(i) | Pursuant to procedures adopted by the Fund’s Board of Trustees, this security has been determined to be illiquid by the Advisor. |
(j) | This security’s value was determined using significant unobservable inputs (see Valuation Inputs section). |
Abbreviations throughout the Portfolio of Investments: | |
CME | Chicago Mercantile Exchange |
CSA | Credit Spread Adjustment |
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
First Trust Senior Floating Rate Income Fund II (FCT)
Portfolio of Investments (Continued)
August 31, 2023 (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, 2023 is as follows:
Total Value at 8/31/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Senior Floating-Rate Loan Interests* | $ 326,573,842 | $ — | $ 326,573,842 | $ — |
Corporate Bonds and Notes* | 27,272,898 | — | 27,272,898 | — |
Foreign Corporate Bonds and Notes* | 1,773,160 | — | 1,773,160 | — |
Common Stocks* | 101,515 | — | 101,515 | — |
Rights* | —** | — | — | —** |
Total Investments | $ 355,721,415 | $— | $ 355,721,415 | $—** |
* | See Portfolio of Investments for industry breakout. |
** | Investments are valued at $0. |
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. Level 3 investments values are based on unobservable and non-quantitative inputs.
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 | 150,392 | $0.68 | $1,724,086 | $101,515 | 0.04% |