First Trust Tactical High Yield ETF (HYLS)Portfolio of InvestmentsJanuary 31, 2024 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
CORPORATE BONDS AND NOTES — 79.2% | |||||
Aerospace & Defense — 0.9% | |||||
$342,000 | Booz Allen Hamilton, Inc. (a) | 3.88% | 09/01/28 | $323,947 | |
3,412,000 | TransDigm, Inc. (a) | 6.25% | 03/15/26 | 3,391,558 | |
9,399,000 | TransDigm, Inc. (a) | 6.75% | 08/15/28 | 9,564,545 | |
13,280,050 | |||||
Agricultural Products — 0.1% | |||||
1,877,000 | Lamb Weston Holdings, Inc. (a) | 4.88% | 05/15/28 | 1,828,537 | |
Alternative Carriers — 0.1% | |||||
2,000,000 | Level 3 Financing, Inc. (a) | 4.25% | 07/01/28 | 680,000 | |
2,000,000 | Level 3 Financing, Inc. (a) | 3.63% | 01/15/29 | 600,000 | |
1,280,000 | |||||
Apparel Retail — 0.7% | |||||
8,080,000 | Nordstrom, Inc. | 4.00% | 03/15/27 | 7,575,848 | |
2,854,000 | Nordstrom, Inc. | 4.38% | 04/01/30 | 2,479,013 | |
10,054,861 | |||||
Application Software — 2.3% | |||||
6,328,000 | Alteryx, Inc. (a) | 8.75% | 03/15/28 | 6,782,129 | |
13,254,000 | GoTo Group, Inc. (a) | 5.50% | 09/01/27 | 5,467,360 | |
12,000,000 | McAfee Corp. (a) | 7.38% | 02/15/30 | 10,887,569 | |
3,487,000 | Open Text Holdings, Inc. (a) | 4.13% | 12/01/31 | 3,100,665 | |
3,424,000 | RingCentral, Inc. (a) | 8.50% | 08/15/30 | 3,533,140 | |
3,259,000 | UKG, Inc. (a) (b) | 6.88% | 02/01/31 | 3,299,738 | |
33,070,601 | |||||
Auto Parts & Equipment — 0.1% | |||||
1,298,000 | Wand NewCo 3, Inc. (a) | 7.63% | 01/30/32 | 1,341,392 | |
Automobile Manufacturers — 0.6% | |||||
6,631,000 | Ford Motor Co. | 9.63% | 04/22/30 | 7,781,466 | |
250,000 | General Motors Co. | 6.60% | 04/01/36 | 269,616 | |
8,051,082 | |||||
Broadcasting — 9.4% | |||||
28,294,000 | Gray Television, Inc. (a) (c) | 5.88% | 07/15/26 | 27,753,160 | |
12,429,000 | Gray Television, Inc. (a) | 7.00% | 05/15/27 | 12,163,206 | |
28,936,000 | iHeartCommunications, Inc. | 8.38% | 05/01/27 | 17,961,174 | |
40,562,000 | Nexstar Media, Inc. (a) (c) | 5.63% | 07/15/27 | 39,533,948 | |
1,389,000 | Scripps Escrow II, Inc. (a) | 3.88% | 01/15/29 | 1,195,644 | |
8,355,000 | Scripps Escrow, Inc. (a) | 5.88% | 07/15/27 | 7,540,555 | |
13,895,000 | Sinclair Television Group, Inc. (a) (c) | 5.13% | 02/15/27 | 13,078,201 | |
1,000,000 | Sinclair Television Group, Inc. (a) | 4.13% | 12/01/30 | 773,475 | |
1,185,000 | Sirius XM Radio, Inc. (a) | 3.13% | 09/01/26 | 1,107,021 | |
857,000 | Sirius XM Radio, Inc. (a) | 5.50% | 07/01/29 | 814,818 | |
2,000,000 | Sirius XM Radio, Inc. (a) | 4.13% | 07/01/30 | 1,751,600 | |
5,000,000 | Sirius XM Radio, Inc. (a) | 3.88% | 09/01/31 | 4,171,870 | |
9,863,000 | TEGNA, Inc. | 4.63% | 03/15/28 | 9,211,549 | |
137,056,221 | |||||
Building Products — 0.7% | |||||
1,000,000 | American Builders & Contractors Supply Co., Inc. (a) | 4.00% | 01/15/28 | 938,204 | |
500,000 | American Builders & Contractors Supply Co., Inc. (a) | 3.88% | 11/15/29 | 446,025 | |
100,000 | Beacon Roofing Supply, Inc. (a) | 4.13% | 05/15/29 | 90,608 | |
1,314,000 | Beacon Roofing Supply, Inc. (a) | 6.50% | 08/01/30 | 1,334,582 |
First Trust Tactical High Yield ETF (HYLS)Portfolio of Investments (Continued)January 31, 2024 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
CORPORATE BONDS AND NOTES (Continued) | |||||
Building Products (Continued) | |||||
$100,000 | Builders FirstSource, Inc. (a) | 4.25% | 02/01/32 | $89,531 | |
1,392,000 | Standard Industries, Inc. (a) | 5.00% | 02/15/27 | 1,353,442 | |
1,426,000 | Standard Industries, Inc. (a) | 4.75% | 01/15/28 | 1,365,214 | |
2,492,000 | Standard Industries, Inc. (a) | 4.38% | 07/15/30 | 2,266,841 | |
1,000,000 | Standard Industries, Inc. (a) | 3.38% | 01/15/31 | 851,240 | |
1,000,000 | TopBuild Corp. (a) | 3.63% | 03/15/29 | 905,632 | |
9,641,319 | |||||
Cable & Satellite — 6.0% | |||||
19,141,000 | CCO Holdings LLC / CCO Holdings Capital Corp. (a) (c) | 5.38% | 06/01/29 | 17,811,932 | |
4,139,000 | CCO Holdings LLC / CCO Holdings Capital Corp. (a) | 4.75% | 03/01/30 | 3,680,905 | |
9,707,000 | CCO Holdings LLC / CCO Holdings Capital Corp. (a) | 4.50% | 08/15/30 | 8,448,489 | |
2,445,000 | CCO Holdings LLC / CCO Holdings Capital Corp. (a) | 4.25% | 02/01/31 | 2,068,974 | |
7,781,000 | CCO Holdings LLC / CCO Holdings Capital Corp. (a) | 7.38% | 03/01/31 | 7,868,536 | |
1,000,000 | CCO Holdings LLC / CCO Holdings Capital Corp. (a) | 4.50% | 05/01/32 | 834,890 | |
3,379,000 | CCO Holdings LLC / CCO Holdings Capital Corp. (a) | 4.50% | 06/01/33 | 2,774,366 | |
819,000 | CSC Holdings LLC (a) | 5.50% | 04/15/27 | 736,645 | |
5,343,000 | CSC Holdings LLC (a) | 7.50% | 04/01/28 | 3,562,967 | |
1,481,000 | CSC Holdings LLC (a) | 11.25% | 05/15/28 | 1,501,750 | |
7,458,000 | CSC Holdings LLC (a) | 6.50% | 02/01/29 | 6,347,678 | |
20,250,000 | CSC Holdings LLC (a) | 5.75% | 01/15/30 | 10,739,790 | |
4,167,000 | CSC Holdings LLC (a) | 4.63% | 12/01/30 | 2,132,924 | |
26,014,000 | CSC Holdings LLC (a) (c) | 4.50% | 11/15/31 | 18,692,521 | |
1,000,000 | CSC Holdings LLC (a) | 5.00% | 11/15/31 | 504,017 | |
87,706,384 | |||||
Casinos & Gaming — 3.1% | |||||
500,000 | Boyd Gaming Corp. | 4.75% | 12/01/27 | 483,937 | |
6,062,000 | Boyd Gaming Corp. (a) | 4.75% | 06/15/31 | 5,574,276 | |
1,426,000 | Caesars Entertainment, Inc. (a) | 8.13% | 07/01/27 | 1,464,318 | |
5,662,000 | Caesars Entertainment, Inc. (a) | 4.63% | 10/15/29 | 5,180,208 | |
173,000 | Caesars Entertainment, Inc. (a) | 7.00% | 02/15/30 | 177,891 | |
179,000 | Churchill Downs, Inc. (a) | 5.75% | 04/01/30 | 173,310 | |
19,458,000 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. (a) | 6.75% | 01/15/30 | 17,515,547 | |
2,070,000 | Light & Wonder International, Inc. (a) | 7.50% | 09/01/31 | 2,155,247 | |
430,000 | MGM Resorts International | 6.75% | 05/01/25 | 431,330 | |
2,440,000 | MGM Resorts International | 5.75% | 06/15/25 | 2,442,457 | |
716,000 | Scientific Games Holdings, L.P. / Scientific Games US FinCo, Inc. (a) | 6.63% | 03/01/30 | 673,541 | |
3,903,000 | Station Casinos LLC (a) | 4.50% | 02/15/28 | 3,671,635 | |
140,000 | VICI Properties, L.P. / VICI Note Co., Inc. (a) | 3.75% | 02/15/27 | 132,545 | |
100,000 | VICI Properties, L.P. / VICI Note Co., Inc. (a) | 3.88% | 02/15/29 | 92,021 | |
5,952,000 | VICI Properties, L.P. / VICI Note Co., Inc. (a) | 4.63% | 12/01/29 | 5,636,990 | |
45,805,253 | |||||
Commercial Printing — 0.1% | |||||
629,000 | LABL, Inc. (a) | 10.50% | 07/15/27 | 602,373 | |
1,388,000 | LABL, Inc. (a) | 9.50% | 11/01/28 | 1,386,137 | |
1,988,510 |
First Trust Tactical High Yield ETF (HYLS)Portfolio of Investments (Continued)January 31, 2024 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
CORPORATE BONDS AND NOTES (Continued) | |||||
Construction & Engineering — 0.6% | |||||
$500,000 | Atkore, Inc. (a) | 4.25% | 06/01/31 | $441,385 | |
8,615,000 | Pike Corp. (a) | 5.50% | 09/01/28 | 8,232,968 | |
8,674,353 | |||||
Construction Materials — 0.3% | |||||
176,000 | GYP Holdings III Corp. (a) | 4.63% | 05/01/29 | 163,218 | |
3,623,000 | Summit Materials LLC / Summit Materials Finance Corp. (a) | 5.25% | 01/15/29 | 3,512,861 | |
340,000 | Summit Materials LLC / Summit Materials Finance Corp. (a) | 7.25% | 01/15/31 | 353,555 | |
4,029,634 | |||||
Consumer Finance — 0.2% | |||||
3,000,000 | FirstCash, Inc. (a) | 4.63% | 09/01/28 | 2,806,790 | |
Data Processing & Outsourced Services — 0.0% | |||||
500,000 | Block, Inc. | 2.75% | 06/01/26 | 468,436 | |
250,000 | Block, Inc. | 3.50% | 06/01/31 | 215,666 | |
684,102 | |||||
Diversified Banks — 1.3% | |||||
4,000,000 | Bank of America Corp. | 6.11% | 01/29/37 | 4,322,081 | |
1,000,000 | Bank of America Corp. (d) | 4.24% | 04/24/38 | 912,556 | |
3,000,000 | Bank of America Corp. | 5.88% | 02/07/42 | 3,286,631 | |
500,000 | Bank of America Corp. (d) | 4.08% | 03/20/51 | 417,791 | |
2,000,000 | JPMorgan Chase & Co. (d) | 5.72% | 09/14/33 | 2,062,091 | |
4,000,000 | JPMorgan Chase & Co. | 6.40% | 05/15/38 | 4,596,632 | |
1,000,000 | JPMorgan Chase & Co. | 5.60% | 07/15/41 | 1,062,566 | |
1,000,000 | JPMorgan Chase & Co. | 5.40% | 01/06/42 | 1,038,926 | |
1,000,000 | JPMorgan Chase & Co. | 5.63% | 08/16/43 | 1,050,039 | |
500,000 | Wells Fargo & Co. (d) | 5.01% | 04/04/51 | 477,988 | |
250,000 | Wells Fargo Bank N.A. | 6.60% | 01/15/38 | 279,766 | |
19,507,067 | |||||
Diversified Support Services — 0.2% | |||||
1,945,000 | Ritchie Bros Holdings, Inc. (a) | 6.75% | 03/15/28 | 1,986,468 | |
1,375,000 | Ritchie Bros Holdings, Inc. (a) | 7.75% | 03/15/31 | 1,450,721 | |
3,437,189 | |||||
Electric Utilities — 0.6% | |||||
5,000,000 | Vistra Operations Co. LLC (a) | 5.63% | 02/15/27 | 4,930,170 | |
3,189,000 | Vistra Operations Co. LLC (a) | 5.00% | 07/31/27 | 3,092,351 | |
1,359,000 | Vistra Operations Co. LLC (a) | 7.75% | 10/15/31 | 1,412,728 | |
9,435,249 | |||||
Electrical Components & Equipment — 0.0% | |||||
667,000 | Sensata Technologies, Inc. (a) | 3.75% | 02/15/31 | 579,758 | |
Environmental & Facilities Services — 0.5% | |||||
7,429,000 | Waste Pro USA, Inc. (a) | 5.50% | 02/15/26 | 7,203,901 | |
Fertilizers & Agricultural Chemicals — 0.1% | |||||
250,000 | Scotts Miracle-Gro (The) Co. | 4.50% | 10/15/29 | 221,446 | |
1,000,000 | Scotts Miracle-Gro (The) Co. | 4.00% | 04/01/31 | 837,222 | |
1,058,668 | |||||
Financial Exchanges & Data — 0.8% | |||||
2,750,000 | MSCI, Inc. (a) | 4.00% | 11/15/29 | 2,557,322 | |
1,000,000 | MSCI, Inc. (a) | 3.88% | 02/15/31 | 903,716 |
First Trust Tactical High Yield ETF (HYLS)Portfolio of Investments (Continued)January 31, 2024 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
CORPORATE BONDS AND NOTES (Continued) | |||||
Financial Exchanges & Data (Continued) | |||||
$1,000,000 | MSCI, Inc. (a) | 3.63% | 11/01/31 | $879,057 | |
8,900,000 | MSCI, Inc. (a) | 3.25% | 08/15/33 | 7,451,843 | |
11,791,938 | |||||
Food Distributors — 0.1% | |||||
1,397,000 | US Foods, Inc. (a) | 4.75% | 02/15/29 | 1,326,539 | |
Health Care Equipment — 0.0% | |||||
300,000 | Teleflex, Inc. (a) | 4.25% | 06/01/28 | 284,879 | |
Health Care Facilities — 2.7% | |||||
1,000,000 | Acadia Healthcare Co., Inc. (a) | 5.50% | 07/01/28 | 978,477 | |
1,290,000 | Acadia Healthcare Co., Inc. (a) | 5.00% | 04/15/29 | 1,231,402 | |
273,000 | AHP Health Partners, Inc. (a) | 5.75% | 07/15/29 | 244,927 | |
1,000,000 | HCA, Inc. | 5.13% | 06/15/39 | 958,369 | |
2,000,000 | HCA, Inc. | 5.50% | 06/15/47 | 1,930,998 | |
5,000,000 | HCA, Inc. | 5.25% | 06/15/49 | 4,632,191 | |
26,514,000 | Select Medical Corp. (a) (c) | 6.25% | 08/15/26 | 26,528,925 | |
3,197,000 | Tenet Healthcare Corp. | 6.13% | 10/01/28 | 3,187,936 | |
39,693,225 | |||||
Health Care Services — 1.7% | |||||
5,000,000 | Cigna Group (The) | 6.13% | 11/15/41 | 5,446,592 | |
500,000 | Cigna Group (The) | 4.90% | 12/15/48 | 466,028 | |
4,464,000 | DaVita, Inc. (a) | 4.63% | 06/01/30 | 3,953,111 | |
908,000 | DaVita, Inc. (a) | 3.75% | 02/15/31 | 749,339 | |
16,028,000 | Global Medical Response, Inc. (a) | 6.50% | 10/01/25 | 13,755,230 | |
100,000 | Service Corp. International | 3.38% | 08/15/30 | 87,276 | |
24,457,576 | |||||
Health Care Supplies — 1.6% | |||||
200,000 | 180 Medical, Inc. (a) | 3.88% | 10/15/29 | 178,945 | |
13,953,000 | Medline Borrower, L.P. (a) (c) | 3.88% | 04/01/29 | 12,645,304 | |
10,908,000 | Medline Borrower, L.P. (a) | 5.25% | 10/01/29 | 10,180,427 | |
23,004,676 | |||||
Health Care Technology — 3.5% | |||||
15,722,000 | AthenaHealth Group, Inc. (a) | 6.50% | 02/15/30 | 14,060,469 | |
6,535,000 | HealthEquity, Inc. (a) | 4.50% | 10/01/29 | 6,109,570 | |
31,085,000 | Verscend Escrow Corp. (a) (c) | 9.75% | 08/15/26 | 31,232,654 | |
51,402,693 | |||||
Hotels, Resorts & Cruise Lines — 0.0% | |||||
711,000 | Wyndham Hotels & Resorts, Inc. (a) | 4.38% | 08/15/28 | 664,393 | |
Household Products — 0.2% | |||||
2,154,000 | Energizer Holdings, Inc. (a) | 6.50% | 12/31/27 | 2,146,407 | |
1,350,000 | Energizer Holdings, Inc. (a) | 4.38% | 03/31/29 | 1,223,107 | |
3,369,514 | |||||
Human Resource & Employment Services — 0.0% | |||||
686,000 | TriNet Group, Inc. (a) | 7.13% | 08/15/31 | 701,015 | |
Independent Power Producers & Energy Traders — 0.6% | |||||
9,570,000 | Calpine Corp. (a) | 5.13% | 03/15/28 | 9,140,509 |
First Trust Tactical High Yield ETF (HYLS)Portfolio of Investments (Continued)January 31, 2024 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
CORPORATE BONDS AND NOTES (Continued) | |||||
Industrial Machinery & Supplies & Components — 0.7% | |||||
$4,338,000 | Emerald Debt Merger Sub LLC (a) | 6.63% | 12/15/30 | $4,387,106 | |
5,573,000 | Gates Global LLC / Gates Corp. (a) | 6.25% | 01/15/26 | 5,578,963 | |
9,966,069 | |||||
Insurance Brokers — 12.8% | |||||
38,556,000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co- Issuer (a) (c) | 6.75% | 10/15/27 | 37,674,610 | |
17,412,000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co- Issuer (a) (c) | 6.75% | 04/15/28 | 17,586,573 | |
1,790,000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer (a) | 5.88% | 11/01/29 | 1,696,777 | |
17,006,000 | AmWINS Group, Inc. (a) (c) | 4.88% | 06/30/29 | 15,887,729 | |
2,000,000 | Arthur J Gallagher & Co. | 5.50% | 03/02/33 | 2,033,268 | |
7,000,000 | Arthur J Gallagher & Co. | 5.75% | 03/02/53 | 7,155,082 | |
25,001,000 | AssuredPartners, Inc. (a) | 7.00% | 08/15/25 | 25,006,710 | |
36,774,000 | AssuredPartners, Inc. (a) (c) | 5.63% | 01/15/29 | 34,761,226 | |
8,120,000 | BroadStreet Partners, Inc. (a) | 5.88% | 04/15/29 | 7,706,699 | |
1,325,000 | Brown & Brown, Inc. | 2.38% | 03/15/31 | 1,099,689 | |
3,761,000 | GTCR AP Finance, Inc. (a) | 8.00% | 05/15/27 | 3,771,339 | |
8,230,000 | HUB International Ltd. (a) | 5.63% | 12/01/29 | 7,773,479 | |
1,950,000 | HUB International Ltd. (a) | 7.25% | 06/15/30 | 2,007,334 | |
9,750,000 | HUB International Ltd. (a) | 7.38% | 01/31/32 | 9,991,028 | |
2,200,000 | NFP Corp. (a) | 6.88% | 08/15/28 | 2,214,168 | |
9,355,000 | Ryan Specialty LLC (a) | 4.38% | 02/01/30 | 8,679,545 | |
2,000,000 | USI, Inc. (a) | 7.50% | 01/15/32 | 2,030,000 | |
187,075,256 | |||||
Integrated Telecommunication Services — 1.4% | |||||
500,000 | Ciena Corp. (a) | 4.00% | 01/31/30 | 461,088 | |
3,559,000 | Zayo Group Holdings, Inc. (a) | 4.00% | 03/01/27 | 2,710,419 | |
25,891,000 | Zayo Group Holdings, Inc. (a) | 6.13% | 03/01/28 | 17,261,400 | |
20,432,907 | |||||
Interactive Media & Services — 1.4% | |||||
20,909,000 | Cars.com, Inc. (a) (c) | 6.38% | 11/01/28 | 20,429,766 | |
Internet Services & Infrastructure — 1.2% | |||||
5,500,000 | Go Daddy Operating Co. LLC / GD Finance Co., Inc. (a) | 5.25% | 12/01/27 | 5,404,465 | |
13,728,000 | Go Daddy Operating Co. LLC / GD Finance Co., Inc. (a) | 3.50% | 03/01/29 | 12,440,724 | |
17,845,189 | |||||
Investment Banking & Brokerage — 0.7% | |||||
6,000,000 | Goldman Sachs Group, (The), Inc. | 6.75% | 10/01/37 | 6,677,261 | |
1,500,000 | Goldman Sachs Group, (The), Inc. | 6.25% | 02/01/41 | 1,671,830 | |
1,455,000 | LPL Holdings, Inc. (a) | 4.63% | 11/15/27 | 1,402,082 | |
250,000 | Morgan Stanley | 6.38% | 07/24/42 | 286,493 | |
250,000 | Morgan Stanley (d) | 5.60% | 03/24/51 | 268,653 | |
10,306,319 | |||||
IT Consulting & Other Services — 0.1% | |||||
1,387,000 | Central Parent, Inc. / CDK Global, Inc. (a) | 7.25% | 06/15/29 | 1,414,433 | |
250,000 | Gartner, Inc. (a) | 4.50% | 07/01/28 | 238,787 | |
250,000 | Gartner, Inc. (a) | 3.75% | 10/01/30 | 223,882 | |
1,877,102 |
First Trust Tactical High Yield ETF (HYLS)Portfolio of Investments (Continued)January 31, 2024 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
CORPORATE BONDS AND NOTES (Continued) | |||||
Leisure Facilities — 0.1% | |||||
$250,000 | Cedar Fair, L.P. | 5.25% | 07/15/29 | $239,182 | |
850,000 | Cedar Fair, L.P. / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op | 5.38% | 04/15/27 | 842,200 | |
717,000 | SeaWorld Parks & Entertainment, Inc. (a) | 5.25% | 08/15/29 | 668,373 | |
1,749,755 | |||||
Leisure Products — 0.2% | |||||
2,947,000 | Acushnet Co. (a) | 7.38% | 10/15/28 | 3,067,680 | |
Managed Health Care — 1.4% | |||||
5,269,000 | Centene Corp. | 4.25% | 12/15/27 | 5,069,151 | |
3,032,000 | Molina Healthcare, Inc. (a) | 4.38% | 06/15/28 | 2,844,904 | |
100,000 | Molina Healthcare, Inc. (a) | 3.88% | 11/15/30 | 87,740 | |
6,523,000 | MPH Acquisition Holdings LLC (a) | 5.50% | 09/01/28 | 5,797,349 | |
1,995,000 | MPH Acquisition Holdings LLC (a) | 5.75% | 11/01/28 | 1,589,187 | |
1,000,000 | UnitedHealth Group, Inc. | 6.50% | 06/15/37 | 1,157,637 | |
1,000,000 | UnitedHealth Group, Inc. | 6.63% | 11/15/37 | 1,173,484 | |
2,000,000 | UnitedHealth Group, Inc. | 6.88% | 02/15/38 | 2,399,465 | |
1,000,000 | UnitedHealth Group, Inc. | 5.70% | 10/15/40 | 1,077,635 | |
21,196,552 | |||||
Metal & Glass Containers — 2.4% | |||||
697,000 | Ball Corp. | 6.88% | 03/15/28 | 720,373 | |
10,648,000 | Ball Corp. | 2.88% | 08/15/30 | 9,086,605 | |
1,000,000 | Ball Corp. | 3.13% | 09/15/31 | 847,800 | |
3,864,000 | Berry Global, Inc. (a) | 4.50% | 02/15/26 | 3,757,517 | |
981,000 | Berry Global, Inc. (a) | 5.63% | 07/15/27 | 973,522 | |
786,000 | Berry Global, Inc. (a) | 5.65% | 01/15/34 | 795,213 | |
175,000 | Crown Americas LLC | 5.25% | 04/01/30 | 169,271 | |
6,050,000 | Owens-Brockway Glass Container, Inc. (a) | 6.38% | 08/15/25 | 6,055,028 | |
10,984,000 | Owens-Brockway Glass Container, Inc. (a) | 7.25% | 05/15/31 | 11,053,419 | |
2,200,000 | Silgan Holdings, Inc. | 4.13% | 02/01/28 | 2,062,126 | |
35,520,874 | |||||
Movies & Entertainment — 0.6% | |||||
5,494,000 | Live Nation Entertainment, Inc. (a) | 5.63% | 03/15/26 | 5,438,875 | |
523,000 | Live Nation Entertainment, Inc. (a) | 6.50% | 05/15/27 | 528,797 | |
2,606,000 | WMG Acquisition Corp. (a) | 3.00% | 02/15/31 | 2,210,318 | |
8,177,990 | |||||
Other Diversified Financial Services — 0.1% | |||||
1,362,000 | GTCR W-2 Merger Sub LLC (a) | 7.50% | 01/15/31 | 1,415,853 | |
Packaged Foods & Meats — 0.9% | |||||
648,000 | Fiesta Purchaser, Inc. (a) (b) | 7.88% | 03/01/31 | 648,000 | |
2,000,000 | Kraft Heinz Foods Co. | 6.88% | 01/26/39 | 2,326,345 | |
2,000,000 | Kraft Heinz Foods Co. (a) | 7.13% | 08/01/39 | 2,364,333 | |
500,000 | Kraft Heinz Foods Co. | 5.20% | 07/15/45 | 485,139 | |
500,000 | Kraft Heinz Foods Co. | 4.38% | 06/01/46 | 432,997 | |
2,116,000 | Post Holdings, Inc. (a) | 5.75% | 03/01/27 | 2,107,939 | |
4,434,000 | Post Holdings, Inc. (a) | 5.63% | 01/15/28 | 4,367,168 | |
12,731,921 | |||||
Paper Packaging — 3.4% | |||||
32,166,000 | Graham Packaging Co., Inc. (a) (c) | 7.13% | 08/15/28 | 28,740,643 |
First Trust Tactical High Yield ETF (HYLS)Portfolio of Investments (Continued)January 31, 2024 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
CORPORATE BONDS AND NOTES (Continued) | |||||
Paper Packaging (Continued) | |||||
$2,000,000 | Graphic Packaging International LLC (a) | 3.50% | 03/15/28 | $1,848,367 | |
1,000,000 | Graphic Packaging International LLC (a) | 3.50% | 03/01/29 | 901,176 | |
14,255,000 | Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC (a) (c) | 4.00% | 10/15/27 | 13,304,405 | |
420,000 | Pactiv LLC | 7.95% | 12/15/25 | 428,478 | |
376,000 | Sealed Air Corp. (a) | 5.50% | 09/15/25 | 376,850 | |
1,434,000 | Sealed Air Corp. (a) | 5.00% | 04/15/29 | 1,376,756 | |
2,351,000 | Sealed Air Corp. / Sealed Air Corp. U.S. (a) | 6.13% | 02/01/28 | 2,361,449 | |
338,000 | Sealed Air Corp. / Sealed Air Corp. U.S. (a) | 7.25% | 02/15/31 | 353,781 | |
49,691,905 | |||||
Personal Products — 0.1% | |||||
250,000 | Prestige Brands, Inc. (a) | 5.13% | 01/15/28 | 244,931 | |
750,000 | Prestige Brands, Inc. (a) | 3.75% | 04/01/31 | 651,050 | |
895,981 | |||||
Pharmaceuticals — 0.5% | |||||
950,000 | Charles River Laboratories International, Inc. (a) | 4.25% | 05/01/28 | 898,320 | |
1,000,000 | Charles River Laboratories International, Inc. (a) | 3.75% | 03/15/29 | 910,346 | |
1,000,000 | Charles River Laboratories International, Inc. (a) | 4.00% | 03/15/31 | 889,365 | |
800,000 | IQVIA, Inc. (a) | 5.00% | 10/15/26 | 783,156 | |
1,278,000 | IQVIA, Inc. (a) | 5.00% | 05/15/27 | 1,250,184 | |
2,670,000 | IQVIA, Inc. (a) | 6.50% | 05/15/30 | 2,726,924 | |
7,458,295 | |||||
Real Estate Services — 0.1% | |||||
1,000,000 | PulteGroup, Inc. | 6.38% | 05/15/33 | 1,082,169 | |
290,000 | Tri Pointe Homes, Inc. | 5.25% | 06/01/27 | 285,447 | |
500,000 | Tri Pointe Homes, Inc. | 5.70% | 06/15/28 | 492,285 | |
1,859,901 | |||||
Research & Consulting Services — 0.7% | |||||
2,027,000 | Clarivate Science Holdings Corp. (a) | 3.88% | 07/01/28 | 1,869,748 | |
6,770,000 | Clarivate Science Holdings Corp. (a) | 4.88% | 07/01/29 | 6,325,828 | |
696,000 | CoreLogic, Inc. (a) | 4.50% | 05/01/28 | 617,561 | |
1,097,000 | Dun & Bradstreet (The) Corp. (a) | 5.00% | 12/15/29 | 1,020,686 | |
9,833,823 | |||||
Restaurants — 1.3% | |||||
661,000 | Brinker International, Inc. (a) | 5.00% | 10/01/24 | 656,224 | |
9,310,000 | IRB Holding Corp. (a) | 7.00% | 06/15/25 | 9,261,542 | |
3,000,000 | McDonald’s Corp. | 6.30% | 10/15/37 | 3,380,493 | |
2,000,000 | McDonald’s Corp. | 6.30% | 03/01/38 | 2,262,087 | |
1,000,000 | McDonald’s Corp. | 5.70% | 02/01/39 | 1,072,878 | |
1,688,000 | Raising Cane’s Restaurants LLC (a) | 9.38% | 05/01/29 | 1,810,815 | |
18,444,039 | |||||
Security & Alarm Services — 0.2% | |||||
1,200,000 | Brink’s (The) Co. (a) | 5.50% | 07/15/25 | 1,194,472 | |
2,061,000 | Brink’s (The) Co. (a) | 4.63% | 10/15/27 | 1,959,038 | |
3,153,510 |
First Trust Tactical High Yield ETF (HYLS)Portfolio of Investments (Continued)January 31, 2024 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
CORPORATE BONDS AND NOTES (Continued) | |||||
Semiconductors — 0.0% | |||||
$250,000 | Broadcom, Inc. (a) | 3.14% | 11/15/35 | $205,613 | |
250,000 | Broadcom, Inc. (a) | 4.93% | 05/15/37 | 241,288 | |
446,901 | |||||
Specialized Consumer Services — 0.1% | |||||
1,055,000 | Aramark Services, Inc. (a) | 5.00% | 02/01/28 | 1,020,348 | |
Specialized Finance — 0.2% | |||||
2,851,000 | Radiate Holdco LLC / Radiate Finance, Inc. (a) | 4.50% | 09/15/26 | 2,207,458 | |
Specialty Chemicals — 0.5% | |||||
6,815,000 | Avantor Funding, Inc. (a) | 4.63% | 07/15/28 | 6,494,531 | |
500,000 | Axalta Coating Systems LLC (a) | 3.38% | 02/15/29 | 444,745 | |
250,000 | HB Fuller Co. | 4.25% | 10/15/28 | 232,405 | |
7,171,681 | |||||
Systems Software — 5.4% | |||||
8,407,000 | Boxer Parent Co., Inc. (a) | 9.13% | 03/01/26 | 8,435,332 | |
3,000,000 | Crowdstrike Holdings, Inc. | 3.00% | 02/15/29 | 2,683,686 | |
7,746,000 | Gen Digital, Inc. (a) | 7.13% | 09/30/30 | 8,041,541 | |
7,500,000 | Oracle Corp. | 6.25% | 11/09/32 | 8,092,588 | |
8,204,000 | Oracle Corp. | 6.50% | 04/15/38 | 9,065,314 | |
2,000,000 | Oracle Corp. | 6.13% | 07/08/39 | 2,144,892 | |
1,000,000 | Oracle Corp. | 3.60% | 04/01/50 | 736,527 | |
1,500,000 | Oracle Corp. | 6.90% | 11/09/52 | 1,763,074 | |
39,012,000 | SS&C Technologies, Inc. (a) (c) | 5.50% | 09/30/27 | 38,333,121 | |
79,296,075 | |||||
Technology Distributors — 0.0% | |||||
750,000 | CDW LLC / CDW Finance Corp. | 3.25% | 02/15/29 | 678,677 | |
Trading Companies & Distributors — 2.7% | |||||
3,906,000 | Herc Holdings, Inc. (a) | 5.50% | 07/15/27 | 3,838,640 | |
2,715,000 | SRS Distribution, Inc. (a) | 6.13% | 07/01/29 | 2,571,784 | |
1,112,000 | SRS Distribution, Inc. (a) | 6.00% | 12/01/29 | 1,040,737 | |
127,000 | United Rentals North America, Inc. | 5.50% | 05/15/27 | 126,789 | |
31,195,000 | United Rentals North America, Inc. (a) (c) | 6.00% | 12/15/29 | 31,655,142 | |
39,233,092 | |||||
Wireless Telecommunication Services — 0.9% | |||||
500,000 | SBA Communications Corp. | 3.88% | 02/15/27 | 477,490 | |
1,000,000 | T-Mobile USA, Inc. | 2.70% | 03/15/32 | 850,254 | |
3,000,000 | T-Mobile USA, Inc. | 5.20% | 01/15/33 | 3,058,799 | |
5,000,000 | T-Mobile USA, Inc. | 5.05% | 07/15/33 | 5,007,643 | |
2,000,000 | T-Mobile USA, Inc. | 4.38% | 04/15/40 | 1,806,112 | |
1,000,000 | T-Mobile USA, Inc. | 3.40% | 10/15/52 | 718,974 | |
1,000,000 | T-Mobile USA, Inc. | 5.65% | 01/15/53 | 1,033,029 | |
12,952,301 | |||||
Total Corporate Bonds and Notes | 1,160,495,098 | ||||
(Cost $1,213,726,519) | |||||
FOREIGN CORPORATE BONDS AND NOTES — 11.7% | |||||
Application Software — 3.3% | |||||
4,318,000 | ION Trading Technologies S.A.R.L. (a) | 5.75% | 05/15/28 | 3,960,124 | |
22,558,000 | Open Text Corp. (a) (c) | 6.90% | 12/01/27 | 23,418,811 |
First Trust Tactical High Yield ETF (HYLS)Portfolio of Investments (Continued)January 31, 2024 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
FOREIGN CORPORATE BONDS AND NOTES (Continued) | |||||
Application Software (Continued) | |||||
$11,860,000 | Open Text Corp. (a) | 3.88% | 02/15/28 | $11,026,239 | |
10,577,000 | Open Text Corp. (a) | 3.88% | 12/01/29 | 9,548,572 | |
47,953,746 | |||||
Auto Parts & Equipment — 1.3% | |||||
19,208,000 | Clarios Global, L.P. / Clarios US Finance Co. (a) (c) | 8.50% | 05/15/27 | 19,191,367 | |
Building Products — 0.3% | |||||
1,304,000 | Cemex SAB de C.V. (a) | 5.45% | 11/19/29 | 1,296,141 | |
2,000,000 | Cemex SAB de C.V. (a) | 5.20% | 09/17/30 | 1,949,922 | |
1,000,000 | Masonite International Corp. (a) | 5.38% | 02/01/28 | 976,105 | |
4,222,168 | |||||
Cable & Satellite — 0.0% | |||||
250,000 | Virgin Media Finance PLC (a) | 5.00% | 07/15/30 | 223,445 | |
Casinos & Gaming — 0.0% | |||||
500,000 | International Game Technology PLC (a) | 5.25% | 01/15/29 | 488,321 | |
Data Processing & Outsourced Services — 0.9% | |||||
14,357,000 | Paysafe Finance PLC / Paysafe Holdings US Corp. (a) (c) | 4.00% | 06/15/29 | 12,819,761 | |
Electrical Components & Equipment — 0.0% | |||||
500,000 | Sensata Technologies B.V. (a) | 4.00% | 04/15/29 | 458,214 | |
Environmental & Facilities Services — 1.1% | |||||
500,000 | GFL Environmental, Inc. (a) | 5.13% | 12/15/26 | 488,648 | |
9,173,000 | GFL Environmental, Inc. (a) | 4.00% | 08/01/28 | 8,422,490 | |
3,814,000 | GFL Environmental, Inc. (a) | 4.75% | 06/15/29 | 3,584,367 | |
1,000,000 | GFL Environmental, Inc. (a) | 4.38% | 08/15/29 | 918,299 | |
2,500,000 | GFL Environmental, Inc. (a) | 6.75% | 01/15/31 | 2,560,071 | |
15,973,875 | |||||
Integrated Telecommunication Services — 0.9% | |||||
14,391,000 | Altice France Holding S.A. (a) | 10.50% | 05/15/27 | 8,285,831 | |
2,989,000 | Altice France S.A. (a) | 5.50% | 01/15/28 | 2,336,060 | |
500,000 | Altice France S.A. (a) | 5.13% | 07/15/29 | 365,990 | |
2,996,000 | Altice France S.A. (a) | 5.50% | 10/15/29 | 2,211,060 | |
13,198,941 | |||||
Metal & Glass Containers — 0.8% | |||||
11,561,000 | Trivium Packaging Finance B.V. (a) | 5.50% | 08/15/26 | 11,298,115 | |
Research & Consulting Services — 0.0% | |||||
774,000 | Camelot Finance S.A. (a) | 4.50% | 11/01/26 | 746,955 | |
Restaurants — 1.9% | |||||
31,510,000 | 1011778 BC ULC / New Red Finance, Inc. (a) (c) | 4.00% | 10/15/30 | 28,189,466 | |
Security & Alarm Services — 0.2% | |||||
3,128,000 | Garda World Security Corp. (a) | 7.75% | 02/15/28 | 3,185,674 | |
Specialty Chemicals — 0.1% | |||||
1,000,000 | Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B B.V. (a) | 4.75% | 06/15/27 | 963,715 |
First Trust Tactical High Yield ETF (HYLS)Portfolio of Investments (Continued)January 31, 2024 (Unaudited)
Principal Value | Description | Stated Coupon | Stated Maturity | Value | |
FOREIGN CORPORATE BONDS AND NOTES (Continued) | |||||
Trading Companies & Distributors — 0.9% | |||||
$6,779,000 | VistaJet Malta Finance PLC / Vista Management Holding, Inc. (a) | 7.88% | 05/01/27 | $5,668,532 | |
9,742,000 | VistaJet Malta Finance PLC / Vista Management Holding, Inc. (a) | 6.38% | 02/01/30 | 7,062,268 | |
12,730,800 | |||||
Total Foreign Corporate Bonds and Notes | 171,644,563 | ||||
(Cost $175,043,980) |
Principal Value | Description | Rate (e) | Stated Maturity (f) | Value | |
SENIOR FLOATING-RATE LOAN INTERESTS — 8.4% | |||||
Application Software — 4.3% | |||||
21,068,907 | Gainwell Acquisition Corp. (fka Milano), Term Loan B, 3 Mo. CME Term SOFR + CSA + 4.00%, 0.75% Floor | 9.45% | 10/01/27 | 20,531,650 | |
9,928,141 | 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 | 9,949,884 | |
17,762,992 | Internet Brands, Inc. (WebMD/MH Sub I LLC), Term Loan (Second Lien), 1 Mo. CME Term SOFR + 6.25%, 0.00% Floor | 11.58% | 02/23/29 | 17,093,150 | |
14,757,367 | LogMeIn, Inc. (GoTo Group, Inc.), Term Loan B, 1 Mo. CME Term SOFR + CSA + 4.75%, 0.00% Floor | 10.18% | 08/31/27 | 6,739,173 | |
8,944,728 | RealPage, Inc., Term Loan (Second Lien), 1 Mo. CME Term SOFR + CSA + 6.50%, 0.75% Floor | 11.95% | 04/22/29 | 8,959,263 | |
63,273,120 | |||||
Asset Management & Custody Banks — 0.5% | |||||
7,000,000 | 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 | 7,022,750 | |
Education Services — 0.0% | |||||
357,709 | Ascensus Holdings, Inc. (Mercury), Term Loan (Second Lien), 3 Mo. CME Term SOFR + CSA + 6.50%, 0.50% Floor | 12.09% | 08/02/29 | 347,201 | |
Electronic Equipment & Instruments — 0.5% | |||||
6,910,649 | Verifone Systems, Inc., Term Loan B, 3 Mo. CME Term SOFR + 4.00%, 0.00% Floor | 9.64% | 08/20/25 | 6,641,168 | |
Health Care Facilities — 0.1% | |||||
955,055 | Gentiva Health Services, Inc. (Kindred at Home/Charlotte Buyer), Initial Term B Loan, 1 Mo. CME Term SOFR + 5.25%, 0.50% Floor | 10.59% | 02/11/28 | 957,605 | |
Health Care Technology — 2.6% | |||||
4,841,632 | Ciox Health (Healthport/CT Technologies Intermediate Holdings, Inc.), New Term Loan B, 1 Mo. CME Term SOFR + 4.25%, 0.75% Floor | 9.70% | 12/16/25 | 4,764,238 | |
4,841,059 | Navicure, Inc. (Waystar Technologies, Inc.), Term Loan B, 1 Mo. CME Term SOFR + CSA + 4.00%, 0.00% Floor | 9.45% | 10/23/26 | 4,850,161 | |
27,682,542 | 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 | 27,746,765 | |
37,361,164 | |||||
Integrated Telecommunication Services — 0.2% | |||||
3,217,332 | Numericable (Altice France S.A. or SFR), Term Loan B-13, 3 Mo. LIBOR + 4.00%, 0.00% Floor | 9.64% | 08/14/26 | 3,139,714 | |
244,022 | Zayo Group Holdings, Inc., Incremental Term Loan B-2, 1 Mo. CME Term SOFR + 4.33%, 0.50% Floor | 9.66% | 03/09/27 | 207,774 | |
3,347,488 |
First Trust Tactical High Yield ETF (HYLS)Portfolio of Investments (Continued)January 31, 2024 (Unaudited)
Principal Value | Description | Rate (e) | Stated Maturity (f) | Value | |
SENIOR FLOATING-RATE LOAN INTERESTS (Continued) | |||||
Life Sciences Tools & Services — 0.2% | |||||
$3,441,183 | WCG Purchaser Corp. (WIRB-Copernicus Group), Term Loan B, 1 Mo. CME Term SOFR + CSA + 4.00%, 1.00% Floor | 9.45% | 01/08/27 | $3,436,916 | |
Metal & Glass Containers — 0.0% | |||||
632,409 | ProAmpac PG Borrower LLC, Term Loan (First Lien), 3 Mo. CME Term SOFR + 4.50%, 0.75% Floor | 9.80%-9.87% | 09/15/28 | 634,584 | |
Total Senior Floating-Rate Loan Interests | 123,021,996 | ||||
(Cost $131,897,746) |
Shares | Description | Value | |||
COMMON STOCKS — 0.0% | |||||
Pharmaceuticals — 0.0% | |||||
259,956 | Akorn, Inc. (g) (h) | 14,298 | |||
(Cost $2,979,179) | |||||
MONEY MARKET FUNDS — 0.3% | |||||
3,779,719 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.18% (i) | 3,779,719 | |||
(Cost $3,779,719) | |||||
Total Investments — 99.6% | 1,458,955,674 | ||||
(Cost $1,527,427,143) | |||||
Borrowings — (1.7)% | (25,000,000 ) | ||||
Net Other Assets and Liabilities — 2.1% | 30,609,606 | ||||
Net Assets — 100.0% | $1,464,565,280 |
(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 Trust’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 January 31, 2024, securities noted as such amounted to $1,150,782,268 or 78.6% of net assets. |
(b) | When-issued security. The interest rate shown reflects the rate in effect at January 31, 2024. Interest will begin accruing on the security’s first settlement date. |
(c) | This security or a portion of this security is segregated as collateral for borrowings. At January 31, 2024, the segregated value of these securities amounts to $309,122,340. |
(d) | Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at January 31, 2024. At a predetermined date, the fixed rate will change to a floating rate or a variable rate. |
(e) | Senior Floating-Rate Loan Interests (“Senior Loans”) in which the Fund invests generally 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. |
(f) | 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. |
(g) | Non-income producing security. |
First Trust Tactical High Yield ETF (HYLS)Portfolio of Investments (Continued)January 31, 2024 (Unaudited)
(h) | 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). |
(i) | Rate shown reflects yield as of January 31, 2024. |
Abbreviations throughout the Portfolio of Investments: | |
CME | – Chicago Mercantile Exchange |
CSA | – Credit Spread Adjustment |
LIBOR | – London Interbank Offered Rate |
SOFR | – Secured Overnight Financing Rate |
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 January 31, 2024 is as follows:
Total Value at 1/31/2024 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Corporate Bonds and Notes* | $1,160,495,098 | $— | $1,160,495,098 | $— |
Foreign Corporate Bonds and Notes* | 171,644,563 | — | 171,644,563 | — |
Senior Floating-Rate Loan Interests* | 123,021,996 | — | 123,021,996 | — |
Common Stocks* | 14,298 | — | 14,298 | — |
Money Market Funds | 3,779,719 | 3,779,719 | — | — |
Total Investments | $1,458,955,674 | $3,779,719 | $1,455,175,955 | $— |
* | See Portfolio of Investments for industry breakout. |
Restricted Securities
As of January 31, 2024, the Fund held restricted securities as shown in the following table that the Advisor deemed illiquid pursuant to procedures adopted by the Trust’s Board of Trustees:
Security | Acquisition Date | Shares | Current Price | Carrying Cost | Value | % of Net Assets |
Akorn, Inc. | 10/15/20 | 259,956 | $0.06 | $2,979,179 | $14,298 | 0.00 %* |
* | Amount is less than 0.01%. |