First Trust Specialty Finance and Financial Opportunities Fund (FGB)
Portfolio of Investments
February 28, 2023 (Unaudited)
Shares | Description | Value | ||
COMMON STOCKS – BUSINESS DEVELOPMENT COMPANIES - 103.8% | ||||
Capital Markets – 103.8% | ||||
250,000 | Ares Capital Corp. (a) | $4,840,000 | ||
390,000 | Barings BDC, Inc. (a) | 3,381,300 | ||
332,000 | BlackRock TCP Capital Corp. (a) | 3,837,920 | ||
160,000 | Blackstone Secured Lending Fund (a) | 4,144,000 | ||
71,000 | Capital Southwest Corp. (a) | 1,334,090 | ||
26,000 | Crescent Capital BDC, Inc. (a) | 408,460 | ||
75,000 | First Eagle Alternative Capital BDC, Inc. | 365,625 | ||
38,500 | FS KKR Capital Corp. (a) | 758,835 | ||
135,000 | Goldman Sachs BDC, Inc. (a) | 2,155,950 | ||
250,000 | Golub Capital BDC, Inc. (a) | 3,522,500 | ||
340,000 | Hercules Capital, Inc. (a) | 5,355,000 | ||
111,000 | Main Street Capital Corp. (a) | 4,716,390 | ||
328,000 | New Mountain Finance Corp. (a) | 4,152,480 | ||
268,000 | OFS Capital Corp. (a) | 2,645,160 | ||
150,000 | Owl Rock Capital Corp. (a) | 2,055,000 | ||
656,000 | PennantPark Investment Corp. (a) | 3,712,960 | ||
14,551 | PhenixFIN Corp. | 567,198 | ||
44,000 | Portman Ridge Finance Corp. | 1,017,280 | ||
147,000 | Sixth Street Specialty Lending, Inc. (a) | 2,793,000 | ||
161,000 | SLR Investment Corp. (a) | 2,376,360 | ||
48,000 | Trinity Capital, Inc. | 640,800 | ||
105,000 | TriplePoint Venture Growth BDC Corp. (a) | 1,246,350 | ||
Total Common Stocks - Business Development Companies | 56,026,658 | |||
(Cost $63,701,367) | ||||
COMMON STOCKS – 4.7% | ||||
Capital Markets – 1.8% | ||||
11,000 | Blackstone, Inc. (a) | 998,800 | ||
Diversified Financial Services – 2.5% | ||||
4,500 | Berkshire Hathaway, Inc., Class B (a) (b) | 1,373,310 | ||
Insurance – 0.4% | ||||
150 | Markel Corp. (b) | 199,479 | ||
Total Common Stocks | 2,571,589 | |||
(Cost $2,188,993) | ||||
REAL ESTATE INVESTMENT TRUSTS – 3.8% | ||||
Mortgage Real Estate Investment Trusts – 3.8% | ||||
110,000 | AGNC Investment Corp. (a) | 1,195,700 |
Shares | Description | Value | ||
Mortgage Real Estate Investment Trusts (Continued) | ||||
41,250 | Annaly Capital Management, Inc. (a) | $853,050 | ||
Total Real Estate Investment Trusts | 2,048,750 | |||
(Cost $2,812,871) | ||||
Total Investments – 112.3% | 60,646,997 | |||
(Cost $68,703,231) | ||||
Outstanding Loan – (15.9)% | (8,600,000) | |||
Net Other Assets and Liabilities – 3.6% | 1,936,553 | |||
Net Assets – 100.0% | $53,983,550 |
(a) | All or a portion of this security serves as collateral on the outstanding loan. At February 28, 2023, the segregated value of these securities amounts to $39,116,249. |
(b) | Non-income producing security. |
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 Specialty Finance and Financial Opportunities Fund (FGB)
Portfolio of Investments (Continued)
February 28, 2023 (Unaudited)
A summary of the inputs used to value the Fund’s investments as of February 28, 2023 is as follows:
Total Value at 2/28/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks - Business Development Companies* | $ 56,026,658 | $ 56,026,658 | $ — | $ — |
Common Stocks* | 2,571,589 | 2,571,589 | — | — |
Real Estate Investment Trusts* | 2,048,750 | 2,048,750 | — | — |
Total Investments | $ 60,646,997 | $ 60,646,997 | $— | $— |
* | See Portfolio of Investments for industry breakout. |