First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments
August 31, 2026 (Unaudited)
 
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (a) – 95.4%
Advertising – 1.4%
$1,827,000
Clear Channel Outdoor Holdings, Inc. (b)
7.75
%
04/15/28
$1,827,000
1,409,000
Clear Channel Outdoor Holdings, Inc. (b)
7.88
%
04/01/30
1,462,828
564,000
Clear Channel Outdoor Holdings, Inc. (b)
7.13
%
02/15/31
582,020
3,268,000
Outfront Media Capital LLC / Outfront Media Capital Corp. (b)
4.63
%
03/15/30
3,168,908
 
7,040,756
Aerospace & Defense – 2.4%
557,000
ATI, Inc.
5.13
%
10/01/31
549,086
420,000
Axon Enterprise, Inc. (b)
6.13
%
03/15/30
427,892
280,000
Axon Enterprise, Inc. (b)
6.25
%
03/15/33
285,067
263,000
Moog, Inc. (b)
5.50
%
10/15/34
257,061
10,178,000
TransDigm, Inc. (b)
7.13
%
12/01/31
10,531,034
 
12,050,140
Alternative Carriers – 0.2%
1,087,000
Level 3 Financing, Inc. (b)
7.00
%
03/31/34
1,112,618
Aluminum – 0.5%
2,588,000
Novelis Corp. (b)
4.75
%
01/30/30
2,500,988
Apparel Retail – 0.3%
500,000
Nordstrom, Inc.
4.00
%
03/15/27
495,440
1,146,000
Nordstrom, Inc.
4.38
%
04/01/30
1,091,128
 
1,586,568
Apparel, Accessories & Luxury Goods – 0.1%
567,000
Under Armour, Inc. (b)
7.25
%
07/15/30
572,668
Application Software – 1.6%
1,831,000
Cloud Software Group LLC (b)
6.50
%
03/31/29
1,823,649
6,234,000
Cloud Software Group LLC (b)
9.00
%
09/30/29
6,255,769
 
8,079,418
Asset Management & Custody Banks – 0.9%
3,287,000
Osaic Holdings, Inc. (b)
6.75
%
08/01/32
3,309,036
1,464,000
Osaic Holdings, Inc. (b)
8.00
%
08/01/33
1,500,378
 
4,809,414
Automobile Manufacturers – 0.7%
3,369,000
Ford Motor Co.
9.63
%
04/22/30
3,790,287
Automotive Retail – 0.4%
2,318,000
Valvoline, Inc. (b)
3.63
%
06/15/31
2,126,993
Broadcasting – 3.5%
3,500,000
iHeartCommunications, Inc. (b)
4.75
%
01/15/28
3,263,750
4,486,000
Nexstar Media, Inc. (b)
4.75
%
11/01/28
4,422,939
3,567,000
Paramount Global
3.70
%
06/01/28
3,475,625
3,333,000
Sinclair Television Group, Inc. (b)
8.13
%
02/15/33
3,468,853
3,318,000
Sirius XM Radio LLC (b)
4.00
%
07/15/28
3,237,807
 
17,868,974
Building Products – 4.5%
1,414,000
Advanced Drainage Systems, Inc. (b)
6.38
%
06/15/30
1,425,945
1,424,000
Advanced Drainage Systems, Inc. (b)
5.38
%
03/01/34
1,385,485
5,000,000
Builders FirstSource, Inc. (b)
5.00
%
03/01/30
4,878,375
3,304,000
Builders FirstSource, Inc. (b)
6.75
%
05/15/35
3,307,622
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
August 31, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (a) (Continued)
Building Products (Continued)
$1,848,000
CP Atlas Buyer, Inc. (b)
9.75
%
07/15/30
$1,625,591
695,000
MIWD Holdco II LLC / MIWD Finance Corp. (b)
5.50
%
02/01/30
657,237
2,471,000
Resideo Funding II LLC (b)
6.50
%
07/15/32
2,447,922
574,000
Standard Industries, Inc. (b)
4.75
%
01/15/28
572,284
7,121,000
Standard Industries, Inc. (b)
4.38
%
07/15/30
6,774,432
 
23,074,893
Cable & Satellite – 3.6%
1,567,000
CCO Holdings LLC / CCO Holdings Capital Corp. (b)
6.38
%
09/01/29
1,569,352
1,184,000
CCO Holdings LLC / CCO Holdings Capital Corp. (b)
4.75
%
03/01/30
1,123,505
1,953,000
CCO Holdings LLC / CCO Holdings Capital Corp. (b)
4.50
%
08/15/30
1,818,977
840,000
CCO Holdings LLC / CCO Holdings Capital Corp. (b)
4.25
%
02/01/31
758,160
3,219,000
CCO Holdings LLC / CCO Holdings Capital Corp. (b)
7.38
%
03/01/31
3,262,009
500,000
CCO Holdings LLC / CCO Holdings Capital Corp. (b)
4.25
%
01/15/34
417,320
4,635,000
CSC Holdings LLC (b)
4.50
%
11/15/31
2,433,375
626,000
Directv Financing LLC (b)
8.88
%
02/01/30
640,709
5,849,537
EchoStar Corp.
10.75
%
11/30/29
6,325,148
 
18,348,555
Casinos & Gaming – 3.1%
3,257,000
Boyd Gaming Corp. (b)
4.75
%
06/15/31
3,128,697
3,280,000
Churchill Downs, Inc. (b)
5.75
%
04/01/30
3,282,726
1,097,000
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co.,
Inc. (b)
6.75
%
01/15/30
1,074,583
1,956,000
Light & Wonder International, Inc. (b)
7.50
%
09/01/31
2,029,428
1,812,000
Scientific Games Holdings, L.P. / Scientific Games US Finance
Co., Inc. (b)
6.63
%
03/01/30
1,191,825
5,432,000
Station Casinos LLC (b)
4.63
%
12/01/31
5,126,023
 
15,833,282
Commercial & Residential Mortgage Finance – 4.7%
559,000
Freedom Mortgage Holdings LLC (b)
9.25
%
02/01/29
578,262
1,881,000
Freedom Mortgage Holdings LLC (b)
9.13
%
05/15/31
1,943,393
1,112,000
Freedom Mortgage Holdings LLC (b)
8.38
%
04/01/32
1,118,010
5,007,000
PennyMac Financial Services, Inc. (b)
4.25
%
02/15/29
4,775,640
12,530,000
Rocket Cos., Inc. (b)
6.13
%
08/01/31
12,696,267
3,092,000
UWM Holdings LLC (b)
6.25
%
03/15/31
2,762,179
 
23,873,751
Commodity Chemicals – 0.4%
853,000
Huntsman International LLC
4.50
%
05/01/29
826,081
1,028,000
Olin Corp. (b)
6.63
%
04/01/33
1,009,948
 
1,836,029
Communications Equipment – 0.3%
1,460,000
Viavi Solutions, Inc. (b)
3.75
%
10/01/29
1,393,523
Construction & Engineering – 1.3%
2,589,000
AECOM (b)
6.00
%
08/01/33
2,581,706
2,476,000
APi Group DE, Inc. (b)
5.75
%
06/01/34
2,434,673
55,000
Granite Construction, Inc. (b)
6.38
%
06/15/34
55,552
273,000
Williams Scotsman, Inc. (b)
6.63
%
04/15/30
279,653
1,366,000
Williams Scotsman, Inc. (b)
7.38
%
10/01/31
1,414,082
 
6,765,666
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
August 31, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (a) (Continued)
Construction Materials – 2.6%
$1,529,000
JH North America Holdings, Inc. (b)
6.13
%
07/31/32
$1,544,024
6,628,000
Quikrete Holdings, Inc. (b)
6.38
%
03/01/32
6,713,766
725,000
Smyrna Ready Mix Concrete LLC (b)
6.00
%
11/01/28
725,741
4,003,000
Smyrna Ready Mix Concrete LLC (b)
8.88
%
11/15/31
4,197,578
 
13,181,109
Consumer Finance – 1.3%
560,000
EZCORP, Inc. (b)
7.38
%
04/01/32
583,655
3,056,000
FirstCash, Inc. (b)
4.63
%
09/01/28
3,004,302
2,904,000
FirstCash, Inc. (b)
5.63
%
01/01/30
2,880,191
 
6,468,148
Data Processing & Outsourced Services – 1.5%
3,303,000
Block, Inc. (b)
5.63
%
08/15/30
3,309,930
1,898,000
Iron Mountain, Inc. (b)
7.00
%
02/15/29
1,932,897
2,475,000
Iron Mountain, Inc. (b)
5.25
%
07/15/30
2,429,998
 
7,672,825
Distributors – 0.3%
1,371,000
ADI Global Distribution Funding LLC (b)
7.13
%
07/15/34
1,417,627
Diversified Metals & Mining – 0.8%
3,900,000
SCIH Salt Holdings, Inc. (b)
6.63
%
08/15/31
3,941,492
Diversified Support Services – 1.0%
901,000
RB Global Holdings, Inc. (b)
6.75
%
03/15/28
909,991
3,897,000
RB Global Holdings, Inc. (b)
7.75
%
03/15/31
4,031,577
 
4,941,568
Education Services – 0.6%
3,156,000
Graham Holdings Co. (b)
5.63
%
12/01/33
3,096,335
Electric Utilities – 2.7%
1,929,000
Alpha Generation LLC (b)
6.75
%
10/15/32
1,945,105
4,553,000
Alpha Generation LLC (b)
6.25
%
01/15/34
4,464,374
500,000
NRG Energy, Inc. (b)
5.88
%
05/15/34
487,716
2,929,000
NRG Energy, Inc. (b)
6.25
%
11/01/34
2,922,087
3,567,000
NRG Energy, Inc. (b)
6.00
%
01/15/36
3,470,307
641,000
Vistra Operations Co. LLC (b)
7.75
%
10/15/31
667,879
 
13,957,468
Electrical Components & Equipment – 0.1%
333,000
Sensata Technologies, Inc. (b)
3.75
%
02/15/31
310,718
Environmental & Facilities Services – 0.8%
1,196,000
Allied Universal Holdco LLC (b)
7.88
%
02/15/31
1,244,469
1,956,000
Allied Universal Holdco LLC / Allied Universal Finance Corp. (b)
6.88
%
06/15/30
2,002,799
1,055,000
Clean Harbors, Inc. (b)
5.13
%
07/15/29
1,046,760
 
4,294,028
Fertilizers & Agricultural Chemicals – 0.2%
1,185,000
FMC Corp. (b)
8.00
%
06/01/31
1,229,870
Food Distributors – 1.9%
2,603,000
US Foods, Inc. (b)
4.75
%
02/15/29
2,570,367
7,407,000
US Foods, Inc. (b)
4.63
%
06/01/30
7,233,618
 
9,803,985
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
August 31, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (a) (Continued)
Footwear – 0.1%
$660,000
Beach Acquisition Bidco LLC (10.00% cash or 10.75%
PIK) (b) (c)
10.00
%
07/15/33
$708,749
Health Care Equipment – 0.1%
559,000
Teleflex, Inc. (b)
5.88
%
01/15/32
560,195
Health Care Facilities – 2.8%
3,391,000
AHP Health Partners, Inc. (b)
5.75
%
07/15/29
3,389,046
309,000
Concentra Health Services, Inc. (b)
6.88
%
07/15/32
319,947
2,214,000
Encompass Health Corp.
4.63
%
04/01/31
2,149,636
3,160,000
Select Medical Corp. (b)
6.25
%
12/01/32
3,066,778
3,294,000
Tenet Healthcare Corp.
6.13
%
10/01/28
3,298,575
1,274,000
Tenet Healthcare Corp.
4.38
%
01/15/30
1,234,206
856,000
Tenet Healthcare Corp.
6.75
%
05/15/31
874,633
 
14,332,821
Health Care Services – 1.8%
5,260,000
Raven Acquisition Holdings LLC (b)
6.88
%
11/15/31
5,244,873
4,130,000
Surgery Center Holdings, Inc. (b)
7.25
%
04/15/32
4,158,555
 
9,403,428
Health Care Supplies – 0.9%
4,488,000
Medline Borrower, L.P. (b)
5.25
%
10/01/29
4,464,900
Health Care Technology – 0.7%
3,423,000
AthenaHealth Group, Inc. (b)
6.50
%
02/15/30
3,347,927
Homebuilding – 1.1%
1,846,000
Dream Finders Homes, Inc. (b)
6.88
%
09/15/30
1,814,952
3,244,000
Installed Building Products, Inc. (b)
5.63
%
02/01/34
3,170,328
562,000
KB Home
4.00
%
06/15/31
523,518
 
5,508,798
Homefurnishing Retail – 0.1%
282,000
Wayfair LLC (b)
7.25
%
10/31/29
292,185
Hotels, Resorts & Cruise Lines – 1.3%
6,602,000
Hilton Domestic Operating Co., Inc. (b)
5.50
%
09/15/31
6,581,391
Household Products – 1.1%
1,746,000
Energizer Holdings, Inc. (b)
4.75
%
06/15/28
1,732,073
4,009,000
Energizer Holdings, Inc. (b)
4.38
%
03/31/29
3,891,210
 
5,623,283
Housewares & Specialties – 0.4%
2,030,000
Newell Brands, Inc. (b)
8.50
%
06/01/28
2,117,314
Independent Power Producers & Energy Traders – 1.2%
500,000
Talen Energy Supply LLC (b)
6.13
%
05/01/31
499,013
4,235,000
Talen Energy Supply LLC (b)
6.38
%
05/01/33
4,183,734
841,000
Talen Energy Supply LLC (b)
6.25
%
02/01/34
826,215
925,000
Talen Energy Supply LLC (b)
6.50
%
02/01/36
908,262
 
6,417,224
Industrial Machinery & Supplies & Components – 1.9%
2,837,000
EMRLD Borrower L.P. / Emerald Co-Issuer, Inc. (b)
6.63
%
12/15/30
2,896,813
953,000
Esab Corp. (b)
6.25
%
04/15/29
965,180
2,314,000
Gates Corp. (The) (b)
6.88
%
07/01/29
2,363,381
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
August 31, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (a) (Continued)
Industrial Machinery & Supplies & Components (Continued)
$1,408,000
Lsf12 Helix Parent LLC (b)
7.13
%
02/01/33
$1,412,080
2,161,000
Madison IAQ LLC (b)
5.88
%
06/30/29
2,158,129
 
9,795,583
Insurance Brokers – 4.2%
1,142,000
Acrisure LLC / Acrisure Finance, Inc. (b)
6.00
%
08/01/29
970,340
1,405,000
Acrisure LLC / Acrisure Finance, Inc. (b)
7.50
%
11/06/30
1,293,910
6,374,000
Alliant Holdings Intermediate LLC / Alliant Holdings
Co-Issuer (b)
6.75
%
04/15/28
6,429,269
2,092,000
Alliant Holdings Intermediate LLC / Alliant Holdings
Co-Issuer (b)
5.88
%
11/01/29
2,078,592
6,077,000
AmWINS Group, Inc. (b)
4.88
%
06/30/29
5,909,493
4,148,000
Baldwin Insurance Group Holdings LLC / Baldwin Insurance
Group Holdings Finance (b)
7.13
%
05/15/31
4,225,460
826,000
USI, Inc. (b)
7.50
%
01/15/32
862,237
 
21,769,301
Integrated Telecommunication Services – 0.1%
550,000
APLD ComputeCo 3 LLC (b)
7.00
%
06/15/31
530,228
Interactive Home Entertainment – 0.3%
1,103,000
OAK-Eagle Acquireco, Inc. (b)
7.25
%
07/01/33
1,147,847
545,000
OAK-Eagle Acquireco, Inc. (b)
8.75
%
07/01/34
578,759
 
1,726,606
Interactive Media & Services – 0.4%
2,101,000
Cars.com, Inc. (b)
6.38
%
11/01/28
2,094,277
Internet Services & Infrastructure – 3.5%
3,219,000
Black Pearl Compute LLC (b)
6.13
%
02/15/31
3,225,087
2,280,000
Cipher Compute LLC (b)
7.13
%
11/15/30
2,311,107
2,083,000
CoreWeave, Inc. (b)
9.25
%
06/01/30
1,936,180
1,657,000
Flash Compute LLC (b)
7.25
%
12/31/30
1,667,664
3,118,000
Go Daddy Operating Co. LLC / GD Finance Co., Inc. (b)
5.25
%
12/01/27
3,117,563
838,000
Meridian Arc Holdco LLC (b)
6.25
%
04/30/31
797,224
1,681,000
SV RNO Property Owner 1 LLC (b)
5.88
%
03/01/31
1,544,156
3,171,000
WULF Compute LLC (b)
7.75
%
10/15/30
3,296,559
 
17,895,540
IT Consulting & Other Services – 0.1%
282,000
CACI International, Inc. (b)
6.38
%
06/15/33
285,930
265,000
Gainwell Acquisition Corp. (b)
9.00
%
09/01/31
276,199
 
562,129
Leisure Facilities – 0.3%
876,000
Life Time, Inc. (b)
6.00
%
11/15/31
884,914
283,000
SeaWorld Parks & Entertainment, Inc. (b)
5.25
%
08/15/29
276,503
586,000
Six Flags Entertainment Corp. (b)
7.25
%
05/15/31
579,390
 
1,740,807
Life Sciences Tools & Services – 1.8%
3,153,000
Avantor Funding, Inc. (b)
4.63
%
07/15/28
3,128,353
986,000
Fortrea Holdings, Inc. (b)
7.50
%
07/01/30
1,005,418
2,802,000
IQVIA, Inc. (b)
6.50
%
05/15/30
2,857,684
1,150,000
IQVIA, Inc. (b)
6.25
%
06/01/32
1,172,264
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
August 31, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (a) (Continued)
Life Sciences Tools & Services (Continued)
$889,000
Star Parent, Inc. (b)
9.00
%
10/01/30
$934,320
 
9,098,039
Managed Health Care – 2.0%
3,320,000
Centene Corp.
4.63
%
12/15/29
3,238,859
2,076,000
Centene Corp.
2.50
%
03/01/31
1,813,608
5,396,000
Molina Healthcare, Inc. (b)
3.88
%
11/15/30
5,012,519
 
10,064,986
Metal, Glass & Plastic Containers – 0.3%
1,595,000
Crown Americas LLC
5.25
%
04/01/30
1,591,518
Mortgage REITs – 0.2%
795,000
Blackstone Mortgage Trust, Inc. (b)
6.25
%
06/01/31
762,077
272,000
Starwood Property Trust, Inc. (b)
6.13
%
06/01/31
272,694
 
1,034,771
Movies & Entertainment – 0.5%
3,812,000
Discovery Global Holdings, Inc.
5.14
%
03/15/52
2,573,100
Oil & Gas Equipment & Services – 0.4%
1,600,000
Kodiak Gas Services LLC (b)
5.88
%
04/01/31
1,595,965
549,000
Solaris Energy Infrastructure LLC (b)
6.38
%
05/15/31
545,251
 
2,141,216
Oil & Gas Refining & Marketing – 2.4%
2,079,000
Sunoco L.P. (b)
5.63
%
03/15/31
2,065,848
5,056,000
Sunoco L.P. (b)
5.88
%
03/15/34
4,985,249
5,248,000
Venture Global LNG, Inc. (b)
7.00
%
01/15/30
5,403,061
 
12,454,158
Oil & Gas Storage & Transportation – 1.8%
1,560,000
Rockies Express Pipeline LLC (b)
6.75
%
03/15/33
1,591,833
5,143,000
Venture Global Plaquemines LNG LLC (b)
7.50
%
05/01/33
5,589,320
1,439,000
Venture Global Plaquemines LNG LLC (b)
6.50
%
01/15/34
1,488,764
286,000
Venture Global Plaquemines LNG LLC (b)
7.75
%
05/01/35
318,216
 
8,988,133
Other Specialty Retail – 0.4%
1,732,000
PetSmart LLC / PetSmart Finance Corp. (b)
7.50
%
09/15/32
1,749,627
563,000
PetSmart LLC / PetSmart Finance Corp. (b)
10.00
%
09/15/33
562,653
 
2,312,280
Packaged Foods & Meats – 3.8%
1,025,000
BellRing Brands, Inc. (b)
7.00
%
03/15/30
1,015,184
2,154,000
Lamb Weston Holdings, Inc. (b)
4.13
%
01/31/30
2,066,150
7,053,000
Performance Food Group, Inc. (b)
4.25
%
08/01/29
6,864,041
3,354,000
Post Holdings, Inc. (b)
4.63
%
04/15/30
3,234,622
6,317,000
Post Holdings, Inc. (b)
6.38
%
03/01/33
6,210,937
 
19,390,934
Paper & Plastic Packaging Products & Materials – 1.0%
547,000
Graphic Packaging International LLC (b)
3.50
%
03/15/28
531,811
500,000
Graphic Packaging International LLC (b)
3.50
%
03/01/29
478,050
3,959,000
Graphic Packaging International LLC (b)
3.75
%
02/01/30
3,720,415
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
August 31, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (a) (Continued)
Paper & Plastic Packaging Products & Materials (Continued)
$567,000
Sword Purchaser LLC (b)
8.25
%
04/15/33
$587,206
 
5,317,482
Personal Care Products – 0.3%
1,501,000
Prestige Brands, Inc. (b)
3.75
%
04/01/31
1,386,083
Real Estate Operating Companies – 0.9%
1,108,000
Service Properties Trust (b)
(d)
09/30/27
1,047,903
958,000
Service Properties Trust (b)
8.63
%
11/15/31
1,003,712
2,359,000
Service Properties Trust
8.88
%
06/15/32
2,435,118
 
4,486,733
Research & Consulting Services – 1.8%
316,000
Amentum Holdings, Inc. (b)
7.25
%
08/01/32
325,994
1,816,000
Clarivate Science Holdings Corp. (b)
3.88
%
07/01/28
1,769,394
1,929,000
Clarivate Science Holdings Corp. (b)
4.88
%
07/01/29
1,816,505
4,833,000
Neptune Bidco US, Inc. (b)
9.29
%
04/15/29
4,953,593
283,000
Science Applications International Corp. (b)
5.88
%
11/01/33
280,491
 
9,145,977
Restaurants – 1.1%
269,000
Papa John’s International, Inc. (b)
3.88
%
09/15/29
250,601
5,692,000
Yum! Brands, Inc. (b)
4.75
%
01/15/30
5,600,207
 
5,850,808
Security & Alarm Services – 0.7%
618,000
Brink’s Co. (The) (b)
6.50
%
06/15/29
628,201
2,999,000
Brink’s Co. (The) (b)
6.75
%
06/15/32
3,045,466
 
3,673,667
Soft Drinks & Non-alcoholic Beverages – 0.4%
2,148,000
Primo Water Holdings, Inc. / Triton Water Holdings, Inc. (b)
6.25
%
04/01/29
2,156,697
Systems Software – 1.3%
3,636,000
Gen Digital, Inc. (b)
7.13
%
09/30/30
3,702,913
1,179,000
SS&C Technologies, Inc. (b)
5.50
%
09/30/27
1,180,061
1,643,000
SS&C Technologies, Inc. (b)
6.50
%
06/01/32
1,665,462
 
6,548,436
Technology Hardware, Storage & Peripherals – 1.4%
7,098,000
Fair Isaac Corp. (b)
6.00
%
05/15/33
6,986,065
Trading Companies & Distributors – 5.7%
551,000
Core & Main L.P. (b)
6.00
%
07/01/34
549,882
1,563,000
EquipmentShare.com, Inc. (b)
9.00
%
05/15/28
1,597,792
2,307,000
EquipmentShare.com, Inc. (b)
8.63
%
05/15/32
2,401,843
2,388,000
EquipmentShare.com, Inc. (b)
8.00
%
03/15/33
2,452,087
140,000
Herc Holdings, Inc. (b)
5.75
%
03/15/31
139,757
2,943,000
Herc Holdings, Inc. (b)
7.25
%
06/15/33
3,046,049
140,000
Herc Holdings, Inc. (b)
6.00
%
03/15/34
138,176
1,450,379
Park River Holdings, Inc. (b)
8.75
%
12/31/30
1,381,014
568,000
Park River Holdings, Inc. (b)
8.00
%
03/15/31
571,451
2,061,000
QXO Building Products, Inc. (b)
6.50
%
07/15/31
2,085,214
1,913,000
QXO Building Products, Inc. (b)
6.75
%
04/30/32
1,958,174
281,000
Synergy Infrastructure Holdings LLC (b)
7.88
%
12/01/30
295,902
275,000
Synergy Infrastructure Holdings LLC (b)
7.00
%
07/15/34
279,917
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
August 31, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
CORPORATE BONDS AND NOTES (a) (Continued)
Trading Companies & Distributors (Continued)
$7,381,000
United Rentals North America, Inc. (b)
6.00
%
12/15/29
$7,475,093
4,869,000
WESCO Distribution, Inc. (b)
5.25
%
04/15/31
4,800,039
 
29,172,390
Transaction & Payment Processing Services – 1.1%
5,962,000
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. (b)
6.75
%
08/15/32
5,892,899
Total Corporate Bonds and Notes
488,718,754
(Cost $490,588,241)
FOREIGN CORPORATE BONDS AND NOTES (a) – 16.5%
Aerospace & Defense – 0.6%
1,695,000
Bombardier, Inc. (b)
7.25
%
07/01/31
1,773,906
1,418,000
Phoenix Aviation Capital Ltd. (b)
9.25
%
07/15/30
1,482,942
 
3,256,848
Alternative Carriers – 0.6%
3,579,000
Ziggo BV (b)
4.88
%
01/15/30
3,306,161
Automotive Parts & Equipment – 0.7%
2,268,000
Clarios Global, L.P. / Clarios US Finance Co. (b)
6.75
%
02/15/30
2,332,910
1,414,000
Clarios Global, L.P. / Clarios US Finance Co. (b)
6.75
%
09/15/32
1,441,368
 
3,774,278
Biotechnology – 0.3%
1,580,000
Genmab A/S / Genmab Finance LLC (b)
6.25
%
12/15/32
1,604,228
Casinos & Gaming – 0.3%
1,645,000
Flutter Treasury DAC (b)
5.88
%
06/04/31
1,617,672
Data Processing & Outsourced Services – 0.4%
2,498,000
Paysafe Finance PLC / Paysafe Holdings US Corp. (b)
4.00
%
06/15/29
2,177,646
Diversified Support Services – 0.7%
3,421,000
Albion Financing 1 SARL / Aggreko Holdings, Inc. (b)
7.00
%
05/21/30
3,539,794
Environmental & Facilities Services – 0.8%
3,868,000
GFL Environmental, Inc. (b)
6.75
%
01/15/31
3,935,713
Homebuilding – 0.6%
3,411,000
Mattamy Group Corp. (b)
4.63
%
03/01/30
3,290,918
Hotels, Resorts & Cruise Lines – 2.2%
5,041,000
Carnival Corp. Ltd. (b)
5.88
%
06/15/31
5,061,315
6,401,000
Viking Ocean Cruises Ship VII Ltd. (b) (e)
5.63
%
02/15/29
6,416,564
 
11,477,879
Insurance Brokers – 1.6%
3,305,000
Ardonagh Finco Ltd. (b)
7.75
%
02/15/31
3,373,324
3,212,000
Howden UK Refinance PLC / Howden UK Refinance 2 PLC /
Howden US Refinance LLC (b)
8.13
%
02/15/32
3,026,088
1,661,000
Jones Deslauriers Insurance Management, Inc. (b)
8.50
%
03/15/30
1,712,671
 
8,112,083
IT Consulting & Other Services – 0.8%
4,000,000
Elastic NV (b)
4.13
%
07/15/29
3,852,766
Life Sciences Tools & Services – 0.4%
1,800,000
Icon Investments Six DAC
5.85
%
05/08/29
1,832,056
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
August 31, 2026 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
FOREIGN CORPORATE BONDS AND NOTES (a) (Continued)
Metal, Glass & Plastic Containers – 1.3%
$3,304,000
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal
Packaging Finance PLC (b)
6.25
%
01/30/31
$3,322,643
3,510,000
Canpack SA / Canpack US LLC (b)
3.88
%
11/15/29
3,328,627
 
6,651,270
Passenger Airlines – 0.6%
3,025,917
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. (b)
5.75
%
04/20/29
3,025,471
Pharmaceuticals – 0.9%
4,426,000
Opal Bidco SAS (b)
6.50
%
03/31/32
4,470,636
Restaurants – 2.7%
14,344,000
1011778 BC ULC / New Red Finance, Inc. (b)
4.00
%
10/15/30
13,552,043
Security & Alarm Services – 0.4%
447,000
Garda World Security Corp. (b)
8.25
%
08/01/32
457,472
1,446,000
Garda World Security Corp. (b)
8.38
%
11/15/32
1,480,110
 
1,937,582
Specialized Consumer Services – 0.6%
3,073,000
Belron UK Finance PLC (b)
5.75
%
10/15/29
3,086,782
Total Foreign Corporate Bonds and Notes
84,501,826
(Cost $84,324,787)
Principal
Value
Description
Rate (f)
Stated
Maturity (g)
Value
SENIOR FLOATING-RATE LOAN INTERESTS (a) – 15.7%
Advertising – 0.4%
1,986,689
WH Borrower LLC (WHP), Term Loan B, 3 Mo. CME Term
SOFR + 4.50%, 0.50% Floor
8.23
%
02/20/32
1,999,941
Aerospace & Defense – 0.1%
278,944
VistaJet Malta Finance PLC, Inc., Term Loan B, 3 Mo. CME Term
SOFR + 3.75%, 0.00% Floor
7.48
%
03/31/31
280,483
Application Software – 3.0%
5,894,132
Darktrace PLC (Leia Finco US LLC), Second Lien Term Loan, 3
Mo. CME Term SOFR + 5.25%, 0.00% Floor
8.99
%
10/09/32
5,132,787
1,396,669
Internet Brands, Inc. (Web MD / MH Sub I. LLC), Term Loan B-3,
1 Mo. CME Term SOFR + 4.25%, 0.50% Floor
7.94
%
05/03/28
1,384,364
2,689,878
LogMeIn, Inc. (GoTo Group, Inc.), First Lien First Out TL, 3 Mo.
CME Term SOFR + CSA + 4.75%, 0.00% Floor
8.69
%
04/30/28
2,287,244
1,449,971
McAfee Corp. (Condor Merger Sub, Inc.), Term Loan B-1, 1 Mo.
CME Term SOFR + 3.00%, 0.50% Floor
6.69
%
03/01/29
1,376,465
2,138,520
Qlik Technologies (Project Alpha Intermediate Holding, Inc.),
Second Lien Term Loan, 3 Mo. CME Term SOFR + 5.00%,
0.50% Floor
8.73
%
05/08/33
1,289,527
1,550,397
SolarWinds Holdings, Inc. (Starlight Parent LLC), Term Loan B, 3
Mo. CME Term SOFR + 4.00%, 0.00% Floor
7.67
%
04/16/32
1,312,411
2,923,274
Solera Holdings, Inc. (Polaris Newco LLC), Term Loan B, 3 Mo.
CME Term SOFR + CSA + 4.00%, 0.50% Floor
8.08
%
06/04/28
2,722,036
 
15,504,834
Automotive Retail – 0.7%
3,441,000
Mavis Tire Express Services Topco Corp., Refi Term Loan B, 6
Mo. CME Term SOFR + 3.00%, 0.75% Floor
6.67
%
05/04/28
3,443,288
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
August 31, 2026 (Unaudited)
Principal
Value
Description
Rate (f)
Stated
Maturity (g)
Value
SENIOR FLOATING-RATE LOAN INTERESTS (a) (Continued)
Cable & Satellite – 0.5%
$2,487,707
DIRECTV Holdings LLC, Refi Term Loan B, 3 Mo. CME Term
SOFR + 4.50%, 0.75% Floor
8.32
%
08/02/29
$2,508,890
Casinos & Gaming – 0.8%
832,903
Caesars Entertainment, Inc., 2031 Maturity Term Loan B1, 1 Mo.
CME Term SOFR + 2.25%, 0.50% Floor
5.94
%
02/06/31
804,967
1,484,546
Caesars Entertainment, Inc., Term Loan B, 1 Mo. CME Term
SOFR + 2.25%, 0.50% Floor
5.94
%
02/06/30
1,454,551
1,715,521
Golden Nugget, Inc. (Fertitta Entertainment LLC), Refi Term Loan,
1 Mo. CME Term SOFR + 3.25%, 0.50% Floor
6.94
%
01/29/29
1,721,422
 
3,980,940
Construction Materials – 0.1%
622,080
Smyrna Ready Mix Concrete LLC, Term Loan B, 1 Mo. CME
Term SOFR + 3.00%, 0.00% Floor
6.69
%
04/02/29
625,971
Data Processing & Outsourced Services – 0.5%
2,712,020
Consilio (Skopima Consilio Parent LLC), Refi Term Loan B, 1
Mo. CME Term SOFR + 3.50%, 0.50% Floor
7.19
%
05/17/28
2,553,597
Electronic Equipment & Instruments – 0.2%
1,125,159
VeriFone Systems, Inc., Extended Term Loan, 3 Mo. CME Term
SOFR + CSA + 5.50%, 0.00% Floor
9.58
%
08/21/28
1,082,763
Food Distributors – 0.1%
755,635
C&S Wholesale Grocers LLC, Term Loan B, 3 Mo. CME Term
SOFR + 5.00%, 0.00% Floor
8.73
%
09/23/30
695,895
Insurance Brokers – 3.2%
2,311,798
Acrisure LLC, Term Loan B-6 2030, 1 Mo. CME Term SOFR +
3.00%, 0.00% Floor
6.69
%
11/06/30
1,972,738
1,707,680
Broadstreet Partners Group, Inc., Term Loan B-5, 1 Mo. CME
Term SOFR + 2.50%, 0.00% Floor
6.19
%
06/16/31
1,685,198
4,197,133
CRC Insurance Group LLC (Truist Insurance), Second Lien Term
Loan, 3 Mo. CME Term SOFR + 4.75%, 0.00% Floor
8.48
%
05/06/32
4,044,106
9,423,929
OneDigital Borrower LLC, Second Lien Term Loan, 1 Mo. CME
Term SOFR + 5.25%, 0.50% Floor
8.94
%
07/02/32
8,946,843
 
16,648,885
Integrated Telecommunication Services – 0.9%
4,491,264
Numericable U.S. LLC (Altice France SAS), Term Loan B-14, 3
Mo. CME Term SOFR + 6.88%, 0.00% Floor
10.62
%
05/15/31
4,565,931
Internet Services & Infrastructure – 0.2%
780,323
CoreWeave Financing DDTL V LLC, Delayed Draw Term Loan,
Daily CME Term SOFR + 4.50%, 0.00% Floor
8.15
%
11/17/31
788,227
Life Sciences Tools & Services – 0.7%
3,523,482
Syneos Health, Inc. (Star Parent, Inc.), Refi Term Loan, 3 Mo.
CME Term SOFR + 4.00%, 0.00% Floor
7.73
%
09/30/30
3,549,521
Movies & Entertainment – 0.9%
4,717,507
Warner Bros. Discovery, Inc. (Discovery Global Holdings, Inc.),
Term Loan B, 1 Mo. CME Term SOFR + 2.50%, 0.00% Floor
6.19
%
06/30/33
4,732,980
Other Specialty Retail – 0.2%
1,037,512
PetSmart, Inc., Term Loan B, 1 Mo. CME Term SOFR + 4.00%,
0.00% Floor
7.69
%
08/18/32
1,045,947
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
August 31, 2026 (Unaudited)
Principal
Value
Description
Rate (f)
Stated
Maturity (g)
Value
SENIOR FLOATING-RATE LOAN INTERESTS (a) (Continued)
Paper & Plastic Packaging Products & Materials – 0.2%
$851,000
Sealed Air Corp. (Sword Purchaser LLC), Term Loan B, 1 Mo.
CME Term SOFR + 4.00%, 0.00% Floor
7.69
%
04/09/33
$843,090
Rail Transportation – 0.5%
2,466,000
Genesee & Wyoming, Inc., Term Loan B, 3 Mo. CME Term SOFR
+ 1.75%, 0.00% Floor
5.48
%
04/10/31
2,466,049
Research & Consulting Services – 0.6%
1,275,437
Clarivate Analytics PLC (Camelot), 2025 Incremental Term Loan,
1 Mo. CME Term SOFR + 3.25%, 0.00% Floor
6.94
%
01/31/31
1,199,172
1,684,388
Veritext Corp. (VT TopCo, Inc.), Refi Term Loan, 1 Mo. CME
Term SOFR + 3.00%, 0.50% Floor
6.69
%
08/12/30
1,666,585
 
2,865,757
Specialized Consumer Services – 0.6%
2,941,000
Caliber Collision (Wand NewCo 3, Inc.), 2025 Refi Term Loan B,
1 Mo. CME Term SOFR + 2.50%, 0.00% Floor
6.19
%
01/30/31
2,936,706
Specialty Chemicals – 0.3%
1,673,464
Nouryon USA LLC, Term Loan B, 3 Mo. CME Term SOFR +
3.50%, 0.00% Floor
7.23
%
07/31/31
1,682,877
Systems Software – 0.5%
1,821,938
Idera, Inc. (Flash Charm), Second Lien Term Loan, 3 Mo. CME
Term SOFR + 6.75%, 0.75% Floor
10.71
%
03/02/29
1,173,729
677,371
Imprivata, Inc., Term Loan B, 3 Mo. CME Term SOFR + 3.75%,
0.50% Floor
7.48
%
12/01/29
684,629
131,425
Kaseya, Inc., Second Lien Term Loan, 3 Mo. CME Term SOFR +
5.00%, 0.00% Floor
8.82
%
03/20/33
74,584
1,004,751
KnowBe4, Inc., Term Loan B, 3 Mo. CME Term SOFR + 3.75%,
0.00% Floor
7.57
%
07/26/32
734,724
 
2,667,666
Trading Companies & Distributors – 0.5%
411,532
Veritiv Corp. (Verde Purchaser LLC), Term Loan B, 3 Mo. CME
Term SOFR + 4.00%, 0.00% Floor
7.73
%
11/29/30
411,576
2,276,662
White Cap Supply Holdings LLC, Term Loan B, 1 Mo. CME Term
SOFR + 3.25%, 0.00% Floor
6.94
%
10/29/29
2,280,168
 
2,691,744
Total Senior Floating-Rate Loan Interests
80,161,982
(Cost $84,373,014)
 
Shares
Description
Value
MONEY MARKET FUNDS (a) – 0.5%
2,694,389
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 3.54% (h)
2,694,389
(Cost $2,694,389)
Total Investments – 128.1%
656,076,951
(Cost $661,980,431)
Outstanding Loan – (25.4)%
(130,000,000
)
Net Other Assets and Liabilities – (2.7)%
(14,084,552
)
Net Assets – 100.0%
$511,992,399
 
(a)
All or a portion of these securities serve as collateral for the outstanding loan unless otherwise indicated. At August 31, 2026, the
segregated value of these securities amounts to $649,660,387.
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
August 31, 2026 (Unaudited)
(b)
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, 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 Fund’s 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, 2026, securities noted as such amounted to $535,102,958 or 104.5% of net assets.
(c)
The issuer will pay interest in cash and/or in PIK interest.
(d)
Zero coupon security.
(e)
This security does not serve as collateral for the outstanding loan.
(f)
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 SOFR obtained
from the U.S. Department of the Treasury’s Office of Financial Research or another major financial institution, (ii) the lending
rate offered by one or more major European banks, (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 SOFR floor that establishes a minimum SOFR rate. When a range
of rates is disclosed, the Fund holds more than one contract within the same tranche with identical SOFR period, spread and floor,
but different SOFR reset dates.
(g)
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.
(h)
Rate shown reflects yield as of August 31, 2026.
 
Abbreviations throughout the Portfolio of Investments:
CME
– Chicago Mercantile Exchange
CSA
– Credit Spread Adjustment
PIK
– Payment-in-kind
REITs
– Real Estate Investment Trusts
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 August 31, 2026 is as follows: 
 
Total
Value at
8/31/2026
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Corporate Bonds and Notes*
$488,718,754
$—
$488,718,754
$—
Foreign Corporate Bonds and Notes*
84,501,826
—
84,501,826
—
Senior Floating-Rate Loan Interests*
80,161,982
—
80,161,982
—
Money Market Funds
2,694,389
2,694,389
—
—
Total Investments
$656,076,951
$2,694,389
$653,382,562
$—
 
*
See Portfolio of Investments for industry breakout.
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Portfolio of Investments (Continued)
August 31, 2026 (Unaudited)
Unfunded Loan Commitments
As of August 31, 2026, the Fund had the following unfunded loan commitment, which is categorized as Level 2 within the fair value hierarchy:  
Borrower
Principal Value
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
CoreWeave Financing DDTL V, LLC, Term Loan
$  1,019,529
$ 1,041,399
$ 1,029,857
$ (11,542
)