# EDGAR Filing Document

**Accession Number:** 0001810523
**File Stem:** 0000940400-26-014254
**Filing Date:** 2026-4
**Character Count:** 194301
**Document Hash:** 57e4008851e0448cbebf23d96edb76a7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-014254.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0000940400-26-014254

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260227

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**PERIOD START**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND
- **CENTRAL INDEX KEY:** 0001810523

**ORGANIZATION NAME:**
- **EIN:** 851075664
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23565
- **FILM NUMBER:** 26887848

**BUSINESS ADDRESS:**
- **STREET 1:** 120 EAST LIBERTY DRIVE, SUITE 400
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187
- **BUSINESS PHONE:** 630-765-8000

**MAIL ADDRESS:**
- **STREET 1:** 120 EAST LIBERTY DRIVE, SUITE 400
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST TRUST HIGH YIELD OPPORTUNITIES 2032 TARGET TERM FUND
- **DATE OF NAME CHANGE:** 20200424

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST TRUST HIGH YIELD OPPORTUNITIES 2032 TERM FUND
- **DATE OF NAME CHANGE:** 20200424

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND
- **DATE OF NAME CHANGE:** 20200423

## Nport-Ex

**First Trust High Yield Opportunities 2027 Term Fund (FTHY)**

**Portfolio of Investments** 

**February 28, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (a) – 91.6%** | **CORPORATE BONDS AND NOTES (a) – 91.6%** | **CORPORATE BONDS AND NOTES (a) – 91.6%** | **CORPORATE BONDS AND NOTES (a) – 91.6%** | **CORPORATE BONDS AND NOTES (a) – 91.6%** |
|  | **Advertising – 0.7%** |  |  |  |
| $1827000 | Clear Channel Outdoor Holdings, Inc. (b) | 7.75<br> % <br>| 04/15/28 | $1842577 |
| 1409000 | Clear Channel Outdoor Holdings, Inc. (b) | 7.88<br> % <br>| 04/01/30 | 1485648 |
| 564000 | Clear Channel Outdoor Holdings, Inc. (b) | 7.13<br> % <br>| 02/15/31 | 596445 |
|  |  |  |  | 3924670 |
|  | **Aerospace & Defense – 1.6%** |  |  |  |
| 316000 | Amentum Holdings, Inc. (b) | 7.25<br> % <br>| 08/01/32 | 331318 |
| 420000 | Axon Enterprise, Inc. (b) | 6.13<br> % <br>| 03/15/30 | 433913 |
| 280000 | Axon Enterprise, Inc. (b) | 6.25<br> % <br>| 03/15/33 | 290437 |
| 280000 | Carpenter Technology Corp. (b) | 5.63<br> % <br>| 03/01/34 | 285860 |
| 2281000 | TransDigm, Inc. (b) | 6.63<br> % <br>| 03/01/32 | 2365949 |
| 754000 | TransDigm, Inc. (b) | 6.00<br> % <br>| 01/15/33 | 767899 |
| 3665000 | TransDigm, Inc. (b) | 6.38<br> % <br>| 05/31/33 | 3743643 |
|  |  |  |  | 8219019 |
|  | **Alternative Carriers – 0.3%** |  |  |  |
| 1717000 | Level 3 Financing, Inc. (b) | 7.00<br> % <br>| 03/31/34 | 1786203 |
|  | **Aluminum – 0.3%** |  |  |  |
| 1588000 | Novelis Corp. (b) | 6.38<br> % <br>| 08/15/33 | 1606411 |
|  | **Apparel Retail – 0.3%** |  |  |  |
| 500000 | Nordstrom, Inc. | 4.00<br> % <br>| 03/15/27 | 498502 |
| 1146000 | Nordstrom, Inc. | 4.38<br> % <br>| 04/01/30 | 1104365 |
|  |  |  |  | 1602867 |
|  | **Apparel, Accessories & Luxury Goods – 0.1%** |  |  |  |
| 567000 | Under Armour, Inc. (b) | 7.25<br> % <br>| 07/15/30 | 587039 |
|  | **Application Software – 3.8%** |  |  |  |
| 1831000 | Cloud Software Group, Inc. (b) | 6.50<br> % <br>| 03/31/29 | 1797212 |
| 6234000 | Cloud Software Group, Inc. (b) | 9.00<br> % <br>| 09/30/29 | 6111465 |
| 2879000 | Cloud Software Group, Inc. (b) | 8.25<br> % <br>| 06/30/32 | 2883874 |
| 548000 | Cloud Software Group, Inc. (b) | 6.63<br> % <br>| 08/15/33 | 517461 |
| 2445875 | GoTo Group, Inc. (b) (c) | 5.50<br> % <br>| 05/01/28 | 745992 |
| 2000000 | McAfee Corp. (b) | 7.38<br> % <br>| 02/15/30 | 1638789 |
| 5986000 | RingCentral, Inc. (b) | 8.50<br> % <br>| 08/15/30 | 6290963 |
|  |  |  |  | 19985756 |
|  | **Asset Management & Custody Banks – 0.9%** |  |  |  |
| 3287000 | Osaic Holdings, Inc. (b) | 6.75<br> % <br>| 08/01/32 | 3319426 |
| 1464000 | Osaic Holdings, Inc. (b) | 8.00<br> % <br>| 08/01/33 | 1460019 |
|  |  |  |  | 4779445 |
|  | **Automobile Manufacturers – 0.7%** |  |  |  |
| 3369000 | Ford Motor Co. | 9.63<br> % <br>| 04/22/30 | 3937432 |
|  | **Automotive Retail – 0.8%** |  |  |  |
| 1819000 | Gee Automotive Holdings LLC (b) | 7.25<br> % <br>| 03/01/31 | 1849895 |
| 2341000 | Mavis Tire Express Services Topco Corp. (b) | 6.50<br> % <br>| 05/15/29 | 2340473 |
|  |  |  |  | 4190368 |
|  | **Broadcasting – 3.6%** |  |  |  |
| 2974000 | Gray Media, Inc. (b) | 4.75<br> % <br>| 10/15/30 | 2416824 |
| 1688000 | iHeartCommunications, Inc. (b) | 4.75<br> % <br>| 01/15/28 | 1511453 |
| 5067000 | Nexstar Media, Inc. (b) | 5.63<br> % <br>| 07/15/27 | 5070795 |
| 3333000 | Sinclair Television Group, Inc. (b) | 8.13<br> % <br>| 02/15/33 | 3472986 |

---

------

**First Trust High Yield Opportunities 2027 Term Fund (FTHY)**

**Portfolio of Investments (Continued)**

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** |
|  | **Broadcasting (Continued)** |  |  |  |
| $6614000 | TEGNA, Inc. | 4.63<br> % <br>| 03/15/28 | $6600559 |
|  |  |  |  | 19072617 |
|  | **Building Products – 4.2%** |  |  |  |
| 530000 | Advanced Drainage Systems, Inc. (b) | 5.38<br> % <br>| 03/01/34 | 535364 |
| 1414000 | Advanced Drainage Systems, Inc. (b) | 6.38<br> % <br>| 06/15/30 | 1443960 |
| 2241000 | Builders FirstSource, Inc. (b) | 6.38<br> % <br>| 03/01/34 | 2311067 |
| 9304000 | Builders FirstSource, Inc. (b) | 6.75<br> % <br>| 05/15/35 | 9720956 |
| 1848000 | CP Atlas Buyer, Inc. (b) | 9.75<br> % <br>| 07/15/30 | 1851592 |
| 848000 | LBM Acquisition LLC (b) | 9.50<br> % <br>| 06/15/31 | 791990 |
| 1622000 | Standard Building Solutions, Inc. (b) | 6.50<br> % <br>| 08/15/32 | 1671983 |
| 999000 | Standard Building Solutions, Inc. (b) | 6.25<br> % <br>| 08/01/33 | 1018338 |
| 1392000 | Standard Building Solutions, Inc. (b) | 5.88<br> % <br>| 03/15/34 | 1389567 |
| 574000 | Standard Industries, Inc. (b) | 4.75<br> % <br>| 01/15/28 | 572594 |
| 858000 | Standard Industries, Inc. (b) | 4.38<br> % <br>| 07/15/30 | 828352 |
|  |  |  |  | 22135763 |
|  | **Cable & Satellite – 5.1%** |  |  |  |
| 1567000 | CCO Holdings LLC / CCO Holdings Capital Corp. (b) | 6.38<br> % <br>| 09/01/29 | 1588864 |
| 1184000 | CCO Holdings LLC / CCO Holdings Capital Corp. (b) | 4.75<br> % <br>| 03/01/30 | 1145453 |
| 1953000 | CCO Holdings LLC / CCO Holdings Capital Corp. (b) | 4.50<br> % <br>| 08/15/30 | 1864065 |
| 3219000 | CCO Holdings LLC / CCO Holdings Capital Corp. (b) | 7.38<br> % <br>| 03/01/31 | 3323289 |
| 840000 | CCO Holdings LLC / CCO Holdings Capital Corp. (b) | 7.00<br> % <br>| 02/01/33 | 859489 |
| 250000 | CSC Holdings LLC (b) | 3.38<br> % <br>| 02/15/31 | 149254 |
| 7469000 | CSC Holdings LLC (b) | 4.50<br> % <br>| 11/15/31 | 4489028 |
| 7058000 | DISH Network Corp. (b) | 11.75<br> % <br>| 11/15/27 | 7310895 |
| 5849537 | EchoStar Corp. | 10.75<br> % <br>| 11/30/29 | 6390760 |
|  |  |  |  | 27121097 |
|  | **Cargo Ground Transportation – 0.0%** |  |  |  |
| 264000 | RXO, Inc. (b) | 6.38<br> % <br>| 05/15/31 | 257647 |
|  | **Casinos & Gaming – 1.9%** |  |  |  |
| 1438000 | Boyd Gaming Corp. (b) | 4.75<br> % <br>| 06/15/31 | 1407741 |
| 1999000 | Caesars Entertainment, Inc. (b) | 4.63<br> % <br>| 10/15/29 | 1957045 |
| 1097000 | &nbsp;&nbsp; Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., <br> Inc. (b)<br>| 6.75<br> % <br>| 01/15/30 | 1035584 |
| 1163000 | Light & Wonder International, Inc. (b) | 7.50<br> % <br>| 09/01/31 | 1216893 |
| 1812000 | &nbsp;&nbsp; Scientific Games Holdings, L.P. / Scientific Games US Finance <br> Co., Inc. (b)<br>| 6.63<br> % <br>| 03/01/30 | 1643694 |
| 2694000 | Station Casinos LLC (b) | 4.63<br> % <br>| 12/01/31 | 2601408 |
|  |  |  |  | 9862365 |
|  | **Commercial & Residential Mortgage Finance – 2.3%** |  |  |  |
| 559000 | Freedom Mortgage Holdings LLC (b) | 9.25<br> % <br>| 02/01/29 | 584269 |
| 1881000 | Freedom Mortgage Holdings LLC (b) | 9.13<br> % <br>| 05/15/31 | 1949416 |
| 1112000 | Freedom Mortgage Holdings LLC (b) | 8.38<br> % <br>| 04/01/32 | 1121274 |
| 2254000 | PennyMac Financial Services, Inc. (b) | 6.75<br> % <br>| 02/15/34 | 2230568 |
| 1100000 | Rocket Cos, Inc. (b) | 7.13<br> % <br>| 02/01/32 | 1151011 |
| 1878000 | Rocket Cos, Inc. (b) | 6.38<br> % <br>| 08/01/33 | 1943298 |
| 3092000 | UWM Holdings LLC (b) | 6.25<br> % <br>| 03/15/31 | 2989554 |
|  |  |  |  | 11969390 |
|  | **Commercial Printing – 0.1%** |  |  |  |
| 1440000 | LABL, Inc. (b) (c) (d) (e) | 8.63<br> % <br>| 10/01/31 | 583200 |

---

------

**First Trust High Yield Opportunities 2027 Term Fund (FTHY)**

**Portfolio of Investments (Continued)**

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** |
|  | **Construction & Engineering – 0.7%** |  |  |  |
| $1000000 | AECOM (b) | 6.00<br> % <br>| 08/01/33 | $1022452 |
| 1709000 | Brundage-Bone Concrete Pumping Holdings, Inc. (b) | 7.50<br> % <br>| 02/01/32 | 1742295 |
| 273000 | Williams Scotsman, Inc. (b) | 6.63<br> % <br>| 04/15/30 | 283586 |
| 840000 | Williams Scotsman, Inc. (b) | 7.38<br> % <br>| 10/01/31 | 879965 |
|  |  |  |  | 3928298 |
|  | **Construction Materials – 1.8%** |  |  |  |
| 1529000 | JH North America Holdings, Inc. (b) | 6.13<br> % <br>| 07/31/32 | 1570350 |
| 4953000 | Quikrete Holdings, Inc. (b) | 6.75<br> % <br>| 03/01/33 | 5151868 |
| 2551000 | Smyrna Ready Mix Concrete LLC (b) | 8.88<br> % <br>| 11/15/31 | 2711736 |
|  |  |  |  | 9433954 |
|  | **Consumer Finance – 1.2%** |  |  |  |
| 560000 | EZCORP, Inc. (b) | 7.38<br> % <br>| 04/01/32 | 601125 |
| 3056000 | FirstCash, Inc. (b) | 4.63<br> % <br>| 09/01/28 | 3021006 |
| 2904000 | FirstCash, Inc. (b) | 6.88<br> % <br>| 03/01/32 | 3000562 |
|  |  |  |  | 6622693 |
|  | **Data Processing & Outsourced Services – 0.3%** |  |  |  |
| 843000 | Block, Inc. (b) | 5.63<br> % <br>| 08/15/30 | 854503 |
| 562000 | Block, Inc. (b) | 6.00<br> % <br>| 08/15/33 | 571510 |
|  |  |  |  | 1426013 |
|  | **Diversified Metals & Mining – 0.2%** |  |  |  |
| 570000 | SCIH Salt Holdings, Inc. (b) | 4.88<br> % <br>| 05/01/28 | 568242 |
| 300000 | SCIH Salt Holdings, Inc. (b) | 6.63<br> % <br>| 05/01/29 | 299493 |
|  |  |  |  | 867735 |
|  | **Diversified Support Services – 0.6%** |  |  |  |
| 901000 | RB Global Holdings, Inc. (b) | 6.75<br> % <br>| 03/15/28 | 916670 |
| 1978000 | RB Global Holdings, Inc. (b) | 7.75<br> % <br>| 03/15/31 | 2058930 |
|  |  |  |  | 2975600 |
|  | **Education Services – 0.6%** |  |  |  |
| 3156000 | Graham Holdings Co. (b) | 5.63<br> % <br>| 12/01/33 | 3163855 |
|  | **Electric Utilities – 1.1%** |  |  |  |
| 1278000 | Alpha Generation LLC (b) | 6.75<br> % <br>| 10/15/32 | 1330421 |
| 3902000 | Alpha Generation LLC (b) | 6.25<br> % <br>| 01/15/34 | 3964869 |
| 641000 | Vistra Operations Co. LLC (b) | 7.75<br> % <br>| 10/15/31 | 677685 |
|  |  |  |  | 5972975 |
|  | **Electrical Components & Equipment – 0.1%** |  |  |  |
| 333000 | Sensata Technologies, Inc. (b) | 3.75<br> % <br>| 02/15/31 | 314169 |
|  | **Environmental & Facilities Services – 1.4%** |  |  |  |
| 1196000 | Allied Universal Holdco LLC (b) | 7.88<br> % <br>| 02/15/31 | 1264260 |
| 1956000 | Allied Universal Holdco LLC / Allied Universal Finance Corp. (b) | 6.88<br> % <br>| 06/15/30 | 2037090 |
| 568000 | Clean Harbors, Inc. (b) | 5.75<br> % <br>| 10/15/33 | 582888 |
| 2949000 | Waste Pro USA, Inc. (b) | 7.00<br> % <br>| 02/01/33 | 3076532 |
| 618000 | Wrangler Holdco Corp. (b) | 6.63<br> % <br>| 04/01/32 | 645131 |
|  |  |  |  | 7605901 |
|  | **Fertilizers & Agricultural Chemicals – 0.1%** |  |  |  |
| 338000 | Scotts Miracle-Gro Co. (The) | 4.38<br> % <br>| 02/01/32 | 322491 |

---

------

**First Trust High Yield Opportunities 2027 Term Fund (FTHY)**

**Portfolio of Investments (Continued)**

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** |
|  | **Food Distributors – 1.9%** |  |  |  |
| $603000 | US Foods, Inc. (b) | 4.75<br> % <br>| 02/15/29 | $601042 |
| 5250000 | US Foods, Inc. (b) | 4.63<br> % <br>| 06/01/30 | 5202230 |
| 2078000 | US Foods, Inc. (b) | 7.25<br> % <br>| 01/15/32 | 2178891 |
| 2079000 | US Foods, Inc. (b) | 5.75<br> % <br>| 04/15/33 | 2122673 |
|  |  |  |  | 10104836 |
|  | **Health Care Facilities – 1.8%** |  |  |  |
| 4445000 | AHP Health Partners, Inc. (b) | 5.75<br> % <br>| 07/15/29 | 4359055 |
| 309000 | Concentra Health Services, Inc. (b) | 6.88<br> % <br>| 07/15/32 | 323026 |
| 3722000 | Select Medical Corp. (b) | 6.25<br> % <br>| 12/01/32 | 3633819 |
| 690000 | Tenet Healthcare Corp. (b) | 5.50<br> % <br>| 11/15/32 | 699027 |
| 280000 | Tenet Healthcare Corp. (b) | 6.00<br> % <br>| 11/15/33 | 289533 |
|  |  |  |  | 9304460 |
|  | **Health Care Services – 1.7%** |  |  |  |
| 5260000 | Raven Acquisition Holdings LLC (b) | 6.88<br> % <br>| 11/15/31 | 5068429 |
| 4130000 | Surgery Center Holdings, Inc. (b) | 7.25<br> % <br>| 04/15/32 | 4130152 |
|  |  |  |  | 9198581 |
|  | **Health Care Supplies – 1.8%** |  |  |  |
| 5020000 | Medline Borrower, L.P. (b) | 3.88<br> % <br>| 04/01/29 | 4940465 |
| 4488000 | Medline Borrower, L.P. (b) | 5.25<br> % <br>| 10/01/29 | 4490561 |
|  |  |  |  | 9431026 |
|  | **Health Care Technology – 1.2%** |  |  |  |
| 6527000 | AthenaHealth Group, Inc. (b) | 6.50<br> % <br>| 02/15/30 | 6143278 |
|  | **Homebuilding – 0.4%** |  |  |  |
| 1846000 | Dream Finders Homes, Inc. (b) | 6.88<br> % <br>| 09/15/30 | 1888971 |
| 279000 | Installed Building Products, Inc. (b) | 5.63<br> % <br>| 02/01/34 | 283400 |
|  |  |  |  | 2172371 |
|  | **Homefurnishing Retail – 0.1%** |  |  |  |
| 282000 | Wayfair LLC (b) | 6.75<br> % <br>| 11/15/32 | 287630 |
|  | **Hotels, Resorts & Cruise Lines – 0.2%** |  |  |  |
| 284000 | RHP Hotel Properties L.P. / RHP Finance Corp. (b) | 6.50<br> % <br>| 06/15/33 | 295184 |
| 535000 | RHP Hotel Properties L.P. / RHP Finance Corp. (b) (f) | 5.75<br> % <br>| 03/15/34 | 539329 |
|  |  |  |  | 834513 |
|  | **Household Products – 1.1%** |  |  |  |
| 1746000 | Energizer Holdings, Inc. (b) | 4.75<br> % <br>| 06/15/28 | 1730661 |
| 4009000 | Energizer Holdings, Inc. (b) | 4.38<br> % <br>| 03/31/29 | 3897668 |
|  |  |  |  | 5628329 |
|  | **Housewares & Specialties – 0.1%** |  |  |  |
| 426000 | Newell Brands, Inc. (b) | 8.50<br> % <br>| 06/01/28 | 448638 |
|  | **Human Resource & Employment Services – 0.8%** |  |  |  |
| 1484000 | TriNet Group, Inc. (b) | 7.13<br> % <br>| 08/15/31 | 1441487 |
| 4115000 | ZipRecruiter, Inc. (b) | 5.00<br> % <br>| 01/15/30 | 2630119 |
|  |  |  |  | 4071606 |
|  | **Independent Power Producers & Energy Traders – 3.2%** |  |  |  |
| 10952000 | Lightning Power LLC (b) | 7.25<br> % <br>| 08/15/32 | 11634441 |
| 841000 | Talen Energy Supply LLC (b) | 6.25<br> % <br>| 02/01/34 | 856297 |

---

------

**First Trust High Yield Opportunities 2027 Term Fund (FTHY)**

**Portfolio of Investments (Continued)**

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** |
|  | **Independent Power Producers & Energy Traders (Continued)** |  |  |  |
| $4592000 | Talen Energy Supply LLC (b) | 6.50<br> % <br>| 02/01/36 | $4723988 |
|  |  |  |  | 17214726 |
|  | **Industrial Machinery & Supplies & Components – 1.0%** |  |  |  |
| 752000 | Gates Corp. (The) (b) | 6.88<br> % <br>| 07/01/29 | 781168 |
| 1408000 | LSF12 Helix Parent LLC (b) | 7.13<br> % <br>| 02/01/33 | 1416987 |
| 2161000 | Madison IAQ LLC (b) | 5.88<br> % <br>| 06/30/29 | 2157553 |
| 1175000 | SPX FLOW, Inc. (b) | 8.75<br> % <br>| 04/01/30 | 1204108 |
|  |  |  |  | 5559816 |
|  | **Insurance Brokers – 10.2%** |  |  |  |
| 6702000 | Acrisure LLC / Acrisure Finance, Inc. (b) | 7.50<br> % <br>| 11/06/30 | 6824352 |
| 1750000 | Acrisure LLC / Acrisure Finance, Inc. (b) | 6.75<br> % <br>| 07/01/32 | 1717718 |
| 7065000 | &nbsp;&nbsp; Alliant Holdings Intermediate LLC / Alliant Holdings <br> Co-Issuer (b)<br>| 6.75<br> % <br>| 10/15/27 | 7068997 |
| 7588000 | &nbsp;&nbsp; Alliant Holdings Intermediate LLC / Alliant Holdings <br> Co-Issuer (b)<br>| 6.75<br> % <br>| 04/15/28 | 7679724 |
| 2112000 | &nbsp;&nbsp; Alliant Holdings Intermediate LLC / Alliant Holdings <br> Co-Issuer (b)<br>| 6.50<br> % <br>| 10/01/31 | 2126232 |
| 3365000 | AmWINS Group, Inc. (b) | 6.38<br> % <br>| 02/15/29 | 3426371 |
| 8594000 | &nbsp;&nbsp; Baldwin Insurance Group Holdings LLC / Baldwin Insurance <br> Group Holdings Finance (b)<br>| 7.13<br> % <br>| 05/15/31 | 8628376 |
| 2092000 | BroadStreet Partners Group LLC (b) | 5.88<br> % <br>| 04/15/29 | 2027832 |
| 4625000 | HUB International Ltd. (b) | 7.38<br> % <br>| 01/31/32 | 4710330 |
| 8880000 | Panther Escrow Issuer LLC (b) | 7.13<br> % <br>| 06/01/31 | 9040471 |
| 851000 | Ryan Specialty LLC (b) | 5.88<br> % <br>| 08/01/32 | 857969 |
|  |  |  |  | 54108372 |
|  | **Interactive Media & Services – 1.1%** |  |  |  |
| 2101000 | Cars.com, Inc. (b) | 6.38<br> % <br>| 11/01/28 | 2058503 |
| 3657000 | Snap, Inc. (b) | 6.88<br> % <br>| 03/15/34 | 3648235 |
|  |  |  |  | 5706738 |
|  | **Internet Services & Infrastructure – 1.7%** |  |  |  |
| 2280000 | Cipher Compute LLC (b) | 7.13<br> % <br>| 11/15/30 | 2379394 |
| 4210000 | Go Daddy Operating Co. LLC / GD Finance Co., Inc. (b) | 5.25<br> % <br>| 12/01/27 | 4190895 |
| 2252000 | WULF Compute LLC (b) | 7.75<br> % <br>| 10/15/30 | 2386611 |
|  |  |  |  | 8956900 |
|  | **Investment Banking & Brokerage – 0.7%** |  |  |  |
| 923000 | Jane Street Group / JSG Finance, Inc. (b) | 6.13<br> % <br>| 11/01/32 | 929217 |
| 2684000 | Jane Street Group / JSG Finance, Inc. (b) | 6.75<br> % <br>| 05/01/33 | 2756332 |
|  |  |  |  | 3685549 |
|  | **IT Consulting & Other Services – 0.1%** |  |  |  |
| 282000 | CACI International, Inc. (b) | 6.38<br> % <br>| 06/15/33 | 290540 |
|  | **Leisure Facilities – 0.5%** |  |  |  |
| 876000 | Life Time, Inc. (b) | 6.00<br> % <br>| 11/15/31 | 903278 |
| 283000 | SeaWorld Parks & Entertainment, Inc. (b) | 5.25<br> % <br>| 08/15/29 | 274745 |
| 586000 | Six Flags Entertainment Corp. (b) | 7.25<br> % <br>| 05/15/31 | 575707 |
| 1120000 | &nbsp;&nbsp; Six Flags Entertainment Corp. / Canada's Wonderland Co. / <br> Millenium Operations LLC (b)<br>| 8.63<br> % <br>| 01/15/32 | 1134805 |
|  |  |  |  | 2888535 |

---

------

**First Trust High Yield Opportunities 2027 Term Fund (FTHY)**

**Portfolio of Investments (Continued)**

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** |
|  | **Leisure Products – 0.1%** |  |  |  |
| $549000 | Amer Sports Co. (b) | 6.75<br> % <br>| 02/16/31 | $573126 |
|  | **Life Sciences Tools & Services – 1.8%** |  |  |  |
| 3153000 | Avantor Funding, Inc. (b) | 4.63<br> % <br>| 07/15/28 | 3126181 |
| 1451000 | Fortrea Holdings, Inc. (b) | 7.50<br> % <br>| 07/01/30 | 1385713 |
| 2802000 | IQVIA, Inc. (b) | 6.50<br> % <br>| 05/15/30 | 2883239 |
| 2318000 | Star Parent, Inc. (b) | 9.00<br> % <br>| 10/01/30 | 2355586 |
|  |  |  |  | 9750719 |
|  | **Managed Health Care – 1.3%** |  |  |  |
| 2000000 | Molina Healthcare, Inc. (b) | 3.88<br> % <br>| 11/15/30 | 1823255 |
| 2076000 | Molina Healthcare, Inc. (b) | 3.88<br> % <br>| 05/15/32 | 1835216 |
| 3396000 | Molina Healthcare, Inc. (b) | 6.25<br> % <br>| 01/15/33 | 3343298 |
|  |  |  |  | 7001769 |
|  | **Mortgage REITs – 0.6%** |  |  |  |
| 2922000 | SV RNO Property Owner 1 LLC (b) | 5.88<br> % <br>| 03/01/31 | 2937150 |
|  | **Movies & Entertainment – 0.5%** |  |  |  |
| 3812000 | Discovery Global Holdings, Inc. | 5.14<br> % <br>| 03/15/52 | 2506390 |
|  | **Oil & Gas Refining & Marketing – 2.4%** |  |  |  |
| 2079000 | Sunoco L.P. (b) | 5.63<br> % <br>| 03/15/31 | 2097850 |
| 5056000 | Sunoco L.P. (b) | 5.88<br> % <br>| 03/15/34 | 5078722 |
| 2688000 | Venture Global LNG, Inc. (b) | 8.38<br> % <br>| 06/01/31 | 2754440 |
| 2560000 | Venture Global LNG, Inc. (b) | 9.88<br> % <br>| 02/01/32 | 2714045 |
|  |  |  |  | 12645057 |
|  | **Oil & Gas Storage & Transportation – 1.5%** |  |  |  |
| 280000 | Rockies Express Pipeline LLC (b) | 6.75<br> % <br>| 03/15/33 | 296156 |
| 5143000 | Venture Global Plaquemines LNG LLC (b) | 7.50<br> % <br>| 05/01/33 | 5707748 |
| 1439000 | Venture Global Plaquemines LNG LLC (b) | 6.50<br> % <br>| 01/15/34 | 1515193 |
| 286000 | Venture Global Plaquemines LNG LLC (b) | 7.75<br> % <br>| 05/01/35 | 324545 |
|  |  |  |  | 7843642 |
|  | **Other Specialty Retail – 0.2%** |  |  |  |
| 690000 | PetSmart LLC / PetSmart Finance Corp. (b) | 7.50<br> % <br>| 09/15/32 | 698715 |
| 563000 | PetSmart LLC / PetSmart Finance Corp. (b) | 10.00<br> % <br>| 09/15/33 | 565168 |
|  |  |  |  | 1263883 |
|  | **Packaged Foods & Meats – 3.5%** |  |  |  |
| 1002000 | BellRing Brands, Inc. (b) | 7.00<br> % <br>| 03/15/30 | 1023100 |
| 1198000 | Fiesta Purchaser, Inc. (b) | 7.88<br> % <br>| 03/01/31 | 1234919 |
| 2154000 | Lamb Weston Holdings, Inc. (b) | 4.38<br> % <br>| 01/31/32 | 2063854 |
| 3312000 | Performance Food Group, Inc. (b) | 6.13<br> % <br>| 09/15/32 | 3403898 |
| 1588000 | Performance Food Group, Inc. (b) | 5.63<br> % <br>| 03/01/34 | 1594305 |
| 3354000 | Post Holdings, Inc. (b) | 6.25<br> % <br>| 02/15/32 | 3454442 |
| 3018000 | Post Holdings, Inc. (b) | 6.38<br> % <br>| 03/01/33 | 3074352 |
| 2799000 | Post Holdings, Inc. (b) | 6.50<br> % <br>| 03/15/36 | 2849833 |
|  |  |  |  | 18698703 |
|  | **Paper & Plastic Packaging Products & Materials – 1.4%** |  |  |  |
| 3239000 | Graphic Packaging International LLC (b) | 3.75<br> % <br>| 02/01/30 | 3066648 |
| 1923000 | Graphic Packaging International LLC (b) | 6.38<br> % <br>| 07/15/32 | 1950372 |
| 566000 | Sealed Air Corp. (b) | 5.00<br> % <br>| 04/15/29 | 570917 |

---

------

**First Trust High Yield Opportunities 2027 Term Fund (FTHY)**

**Portfolio of Investments (Continued)**

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** |
|  | **Paper & Plastic Packaging Products & Materials (Continued)** |  |  |  |
| $2070000 | Sealed Air Corp. / Sealed Air Corp. US (b) | 6.13<br> % <br>| 02/01/28 | $2099897 |
|  |  |  |  | 7687834 |
|  | **Passenger Ground Transportation – 0.4%** |  |  |  |
| 2126000 | Avis Budget Car Rental LLC / Avis Budget Finance, Inc. (b) | 8.25<br> % <br>| 01/15/30 | 2146335 |
|  | **Rail Transportation – 0.5%** |  |  |  |
| 2466000 | Genesee & Wyoming, Inc. (b) | 6.25<br> % <br>| 04/15/32 | 2544878 |
|  | **Real Estate Operating Companies – 0.8%** |  |  |  |
| 1108000 | Service Properties Trust (b) | (g) | 09/30/27 | 1011973 |
| 958000 | Service Properties Trust (b) | 8.63<br> % <br>| 11/15/31 | 1008428 |
| 2359000 | Service Properties Trust | 8.88<br> % <br>| 06/15/32 | 2369764 |
|  |  |  |  | 4390165 |
|  | **Real Estate Services – 0.3%** |  |  |  |
| 737000 | Cushman & Wakefield US Borrower LLC (b) | 8.88<br> % <br>| 09/01/31 | 780534 |
| 562000 | Taylor Morrison Communities, Inc. (b) | 5.75<br> % <br>| 11/15/32 | 581154 |
|  |  |  |  | 1361688 |
|  | **Research & Consulting Services – 1.2%** |  |  |  |
| 1929000 | Clarivate Science Holdings Corp. (b) | 4.88<br> % <br>| 07/01/29 | 1584497 |
| 1599000 | CoreLogic, Inc. (b) | 4.50<br> % <br>| 05/01/28 | 1496979 |
| 1862000 | Neptune Bidsco US, Inc. (b) | 9.29<br> % <br>| 04/15/29 | 1867270 |
| 1125000 | Neptune Bidsco US, Inc. (b) | 10.38<br> % <br>| 05/15/31 | 1136412 |
| 265000 | Neptune Bidsco US, Inc. (b) | 9.50<br> % <br>| 02/15/33 | 259711 |
| 283000 | Science Applications International Corp. (b) | 5.88<br> % <br>| 11/01/33 | 281446 |
|  |  |  |  | 6626315 |
|  | **Restaurants – 0.1%** |  |  |  |
| 515000 | Brinker International, Inc. (b) | 8.25<br> % <br>| 07/15/30 | 544505 |
|  | **Security & Alarm Services – 0.7%** |  |  |  |
| 618000 | Brink's Co. (The) (b) | 6.50<br> % <br>| 06/15/29 | 636895 |
| 2999000 | Brink's Co. (The) (b) | 6.75<br> % <br>| 06/15/32 | 3106319 |
|  |  |  |  | 3743214 |
|  | **Soft Drinks & Non-alcoholic Beverages – 0.1%** |  |  |  |
| 560000 | Primo Water Holdings, Inc. / Triton Water Holdings, Inc. (b) | 6.25<br> % <br>| 04/01/29 | 561311 |
|  | **Specialized Consumer Services – 0.5%** |  |  |  |
| 2441000 | Wand NewCo 3, Inc. (b) | 7.63<br> % <br>| 01/30/32 | 2548442 |
|  | **Systems Software – 1.2%** |  |  |  |
| 3636000 | Gen Digital, Inc. (b) | 7.13<br> % <br>| 09/30/30 | 3695918 |
| 1179000 | SS&C Technologies, Inc. (b) | 5.50<br> % <br>| 09/30/27 | 1178129 |
| 1643000 | SS&C Technologies, Inc. (b) | 6.50<br> % <br>| 06/01/32 | 1676085 |
|  |  |  |  | 6550132 |
|  | **Technology Hardware, Storage & Peripherals – 1.4%** |  |  |  |
| 1329000 | Black Pearl Compute LLC (b) | 6.13<br> % <br>| 02/15/31 | 1361829 |
| 6216000 | Fair Isaac Corp. (b) | 6.00<br> % <br>| 05/15/33 | 6288144 |
|  |  |  |  | 7649973 |
|  | **Trading Companies & Distributors – 5.9%** |  |  |  |
| 574000 | EquipmentShare.com, Inc. (b) | 9.00<br> % <br>| 05/15/28 | 601938 |
| 2307000 | EquipmentShare.com, Inc. (b) | 8.63<br> % <br>| 05/15/32 | 2470550 |

---

------

**First Trust High Yield Opportunities 2027 Term Fund (FTHY)**

**Portfolio of Investments (Continued)**

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** | **CORPORATE BONDS AND NOTES (a) (Continued)** |
|  | **Trading Companies & Distributors (Continued)** |  |  |  |
| $3327000 | EquipmentShare.com, Inc. (b) | 8.00<br> % <br>| 03/15/33 | $3538215 |
| 140000 | Herc Holdings, Inc. (b) | 5.75<br> % <br>| 03/15/31 | 141996 |
| 2443000 | Herc Holdings, Inc. (b) | 7.25<br> % <br>| 06/15/33 | 2584003 |
| 140000 | Herc Holdings, Inc. (b) | 6.00<br> % <br>| 03/15/34 | 140880 |
| 1450379 | Park River Holdings, Inc. (b) | 8.75<br> % <br>| 12/31/30 | 1399740 |
| 568000 | Park River Holdings, Inc. (b) | 8.00<br> % <br>| 03/15/31 | 572100 |
| 7461000 | QXO Building Products, Inc. (b) | 6.75<br> % <br>| 04/30/32 | 7734117 |
| 281000 | Synergy Infrastructure Holdings LLC (b) | 7.88<br> % <br>| 12/01/30 | 293414 |
| 7955000 | United Rentals North America, Inc. (b) | 6.00<br> % <br>| 12/15/29 | 8164384 |
| 919000 | WESCO Distribution, Inc. (b) | 5.25<br> % <br>| 04/15/31 | 919671 |
| 860000 | WESCO Distribution, Inc. (b) | 6.38<br> % <br>| 03/15/33 | 897230 |
| 1719000 | White Cap Supply Holdings LLC (b) | 7.38<br> % <br>| 11/15/30 | 1746877 |
|  |  |  |  | 31205115 |
|  | **Transaction & Payment Processing Services – 0.8%** |  |  |  |
| 4462000 | Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. (b) | 6.75<br> % <br>| 08/15/32 | 4371098 |
|  | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | 485442861 |
|  | (Cost $484,443,908) |  |  |  |
| **Principal**<br> **Value**<br>| **Description** | **Rate (h)** | **Stated**<br> **Maturity (i)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (a) – 20.2%** | **SENIOR FLOATING-RATE LOAN INTERESTS (a) – 20.2%** | **SENIOR FLOATING-RATE LOAN INTERESTS (a) – 20.2%** | **SENIOR FLOATING-RATE LOAN INTERESTS (a) – 20.2%** | **SENIOR FLOATING-RATE LOAN INTERESTS (a) – 20.2%** |
|  | **Advertising – 0.3%** |  |  |  |
| 1862433 | &nbsp;&nbsp; WH Borrower LLC (WHP), Term Loan B, 3 Mo. CME Term <br> SOFR + 4.50%, 0.50% Floor<br>| 8.16<br> % <br>| 02/20/32 | 1863886 |
|  | **Aerospace & Defense – 1.3%** |  |  |  |
| 3394245 | &nbsp;&nbsp; Phoenix Aviation Capital Ltd., Term Loan B, 3 Mo. CME Term <br> SOFR + 3.25%, 0.00% Floor<br>| 6.92<br> % <br>| 10/28/30 | 3362441 |
| 3371349 | &nbsp;&nbsp; VistaJet Malta Finance PLC, Inc., Term Loan B, 3 Mo. CME Term <br> SOFR + 3.75%, 0.00% Floor<br>| 7.41<br> % <br>| 03/31/31 | 3380839 |
|  |  |  |  | 6743280 |
|  | **Application Software – 3.8%** |  |  |  |
| 7026434 | &nbsp;&nbsp; Darktrace PLC (Leia Finco US LLC), Second Lien Term Loan, 3 <br> Mo. CME Term SOFR + 5.25%, 0.00% Floor<br>| 8.90<br> % <br>| 10/09/32 | 6530227 |
| 3080907 | &nbsp;&nbsp; Internet Brands, Inc. (Web MD / MH Sub I. LLC), Term Loan B-3, <br> 1 Mo. CME Term SOFR + 4.25%, 0.50% Floor <br>| 7.92<br> % <br>| 05/03/28 | 2525066 |
| 2703637 | &nbsp;&nbsp; LogMeIn, Inc. (GoTo Group, Inc.), First Lien First Out TL, 3 Mo. <br> CME Term SOFR + CSA + 4.75%, 0.00% Floor <br>| 8.57<br> % <br>| 04/30/28 | 2246263 |
| 2267877 | &nbsp;&nbsp; LogMeIn, Inc. (GoTo Group, Inc.), First Lien Second Out TL, 3 <br> Mo. CME Term SOFR + CSA + 4.75%, 0.00% Floor (c)<br>| 8.57<br> % <br>| 04/30/28 | 710979 |
| 1704979 | &nbsp;&nbsp; McAfee Corp. (Condor Merger Sub, Inc.), Term Loan B-1, 1 Mo. <br> CME Term SOFR + 3.00%, 0.50% Floor<br>| 6.67<br> % <br>| 03/01/29 | 1494900 |
| 2138520 | &nbsp;&nbsp; Qlik Technologies (Project Alpha Intermediate Holding, Inc.), <br> Second Lien Term Loan, 3 Mo. CME Term SOFR + 5.00%, <br> 0.50% Floor <br>| 8.67<br> % <br>| 05/08/33 | 1638641 |
| 1558208 | &nbsp;&nbsp; SolarWinds Holdings, Inc. (Starlight Parent LLC), Term Loan B, 3 <br> Mo. CME Term SOFR + 4.00%, 0.00% Floor <br>| 7.70<br> % <br>| 04/16/32 | 1346876 |
| 2938619 | &nbsp;&nbsp; Solera Holdings, Inc. (Polaris Newco LLC), Term Loan B, 3 Mo. <br> CME Term SOFR + CSA + 4.00%, 0.50% Floor <br>| 7.68<br> % <br>| 06/04/28 | 2517779 |
| 1063824 | &nbsp;&nbsp; X.AI LLC, Floating Rate Term Loan B, 3 Mo. CME Term SOFR + <br> 7.25%, 0.00% Floor<br>| 11.12<br> % <br>| 06/30/30 | 1104478 |
|  |  |  |  | 20115209 |

---

------

**First Trust High Yield Opportunities 2027 Term Fund (FTHY)**

**Portfolio of Investments (Continued)**

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (h)** | **Stated**<br> **Maturity (i)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (a) (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (a) (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (a) (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (a) (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (a) (Continued)** |
|  | **Automotive Retail – 0.5%** |  |  |  |
| $2622965 | &nbsp;&nbsp; Mavis Tire Express Services Topco Corp., Refi Term Loan B, 1 <br> Mo. CME Term SOFR + 3.00%, 0.75% Floor<br>| 6.67<br> % <br>| 05/04/28 | $2620788 |
|  | **Building Products – 0.3%** |  |  |  |
| 681175 | &nbsp;&nbsp; US LBM Holdings, Term Loan B, 1 Mo. CME Term SOFR + CSA <br> + 3.75%, 0.75% Floor<br>| 7.53<br> % <br>| 06/06/31 | 567589 |
| 969120 | &nbsp;&nbsp; US LBM Holdings, Term Loan, 1 Mo. CME Term SOFR + 5.00%, <br> 0.75% Floor<br>| 8.68<br> % <br>| 06/06/31 | 852826 |
|  |  |  |  | 1420415 |
|  | **Construction Materials – 0.1%** |  |  |  |
| 625230 | &nbsp;&nbsp; Smyrna Ready Mix Concrete LLC, Term Loan B, 1 Mo. CME <br> Term SOFR + 3.00%, 0.00% Floor<br>| 6.67<br> % <br>| 04/02/29 | 627574 |
|  | **Data Processing & Outsourced Services – 0.5%** |  |  |  |
| 3085822 | &nbsp;&nbsp; Skopima Consilio Parent LLC, Refi Term Loan B, 1 Mo. CME <br> Term SOFR + 3.75%, 0.50% Floor<br>| 7.42<br> % <br>| 05/17/28 | 2465957 |
|  | **Diversified Support Services – 0.3%** |  |  |  |
| 1842975 | &nbsp;&nbsp; Vestis Corp., Term Loan B-1, 3 Mo. CME Term SOFR + 2.25%, <br> 0.00% Floor<br>| 5.92<br> % <br>| 02/22/31 | 1767726 |
|  | **Electronic Equipment & Instruments – 0.6%** |  |  |  |
| 780224 | &nbsp;&nbsp; Convergint Technologies (DG Investment Intermediate Holdings 2, <br> Inc.), Refi Term Loan B, 1 Mo. CME Term SOFR + 3.25%, <br> 0.00% Floor <br>| 6.92<br> % <br>| 07/12/32 | 780228 |
| 1276175 | &nbsp;&nbsp; Convergint Technologies (DG Investment Intermediate Holdings 2, <br> Inc.), Second Lien, 1 Mo. CME Term SOFR + 5.25%, 0.00% <br> Floor <br>| 9.17<br> % <br>| 07/31/33 | 1271389 |
| 1130856 | &nbsp;&nbsp; VeriFone Systems, Inc., Extended Term Loan, 3 Mo. CME Term <br> SOFR + CSA + 5.25%, 0.00% Floor<br>| 9.18<br> % <br>| 08/21/28 | 1044832 |
|  |  |  |  | 3096449 |
|  | **Food Distributors – 0.1%** |  |  |  |
| 759442 | &nbsp;&nbsp; C&S Wholesale Grocers, Inc., Term Loan B, 3 Mo. CME Term <br> SOFR + 5.00%, 0.00% Floor<br>| 8.67<br> % <br>| 09/23/30 | 749000 |
|  | **Health Care Facilities – 0.9%** |  |  |  |
| 4737180 | &nbsp;&nbsp; IVC Evidensia (VetStrategy Canada / IVC Acquisition Midco Ltd.), <br> Term Loan B-12, 3 Mo. CME Term SOFR + 3.75%, 0.50%<br> Floor <br>| 7.42<br> % <br>| 12/06/28 | 4728890 |
|  | **Home Furnishings – 0.1%** |  |  |  |
| 550547 | &nbsp;&nbsp; Restoration Hardware (RH), Term Loan B-2, 1 Mo. CME Term <br> SOFR + CSA + 3.25%, 0.50% Floor<br>| 7.02<br> % <br>| 10/20/28 | 549121 |
|  | **Industrial Machinery & Supplies & Components – 0.8%** |  |  |  |
| 4077679 | &nbsp;&nbsp; Filtration Group Corp., Term Loan B, 1 Mo. CME Term SOFR + <br> 2.75%, 0.50% Floor<br>| 6.42<br> % <br>| 10/23/28 | 4087038 |
|  | **Insurance Brokers – 4.2%** |  |  |  |
| 4702000 | &nbsp;&nbsp; Alera Group Intermediate Holdings, Inc., Second Lien Term Loan, <br> 1 Mo. CME Term SOFR + 5.50%, 0.50% Floor <br>| 9.17<br> % <br>| 05/30/33 | 4640310 |
| 5772320 | &nbsp;&nbsp; CRC Insurance Group (f/k/a Truist Insurance), Second Lien Term <br> Loan, 3 Mo. CME Term SOFR + 4.75%, 0.00% Floor <br>| 8.42<br> % <br>| 05/06/32 | 5750674 |
| 365798 | &nbsp;&nbsp; Hub International Limited, 2025 Refi Term Loan B, 3 Mo. CME <br> Term SOFR + 2.25%, 0.75% Floor<br>| 5.92<br> % <br>| 06/20/30 | 362385 |

---

------

**First Trust High Yield Opportunities 2027 Term Fund (FTHY)**

**Portfolio of Investments (Continued)**

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (h)** | **Stated**<br> **Maturity (i)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (a) (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (a) (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (a) (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (a) (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (a) (Continued)** |
|  | **Insurance Brokers (Continued)** |  |  |  |
| $2074392 | &nbsp;&nbsp; Hyperion Refinance Sarl, Refi Term Loan 2030, 1 Mo. CME Term <br> SOFR + 2.75%, 0.50% Floor<br>| 6.42<br> % <br>| 04/18/30 | $1986521 |
| 9423929 | &nbsp;&nbsp; OneDigital Borrower LLC, Second Lien Term Loan, 1 Mo. CME <br> Term SOFR + 5.25%, 0.50% Floor<br>| 8.92<br> % <br>| 07/02/32 | 9423976 |
|  |  |  |  | 22163866 |
|  | **Integrated Telecommunication Services – 0.7%** |  |  |  |
| 3564569 | &nbsp;&nbsp; Numericable U.S. LLC (Altice France SAS or SFR), Term Loan <br> B-14, 3 Mo. CME Term SOFR + 6.88%, 0.00% Floor <br>| 10.55<br> % <br>| 05/15/31 | 3581500 |
|  | **Interactive Media & Services – 2.1%** |  |  |  |
| 6233705 | Twitter, Inc. (X Corp.), Fixed Rate Term Loan | 9.50<br> % <br>| 10/29/29 | 6550066 |
| 4388951 | &nbsp;&nbsp; Twitter, Inc. (X Corp.), Term Loan B-1, 3 Mo. CME Term SOFR + <br> CSA + 6.50%, 0.50% Floor<br>| 10.45<br> % <br>| 10/26/29 | 4405870 |
|  |  |  |  | 10955936 |
|  | **IT Consulting & Other Services – 0.3%** |  |  |  |
| 1638004 | &nbsp;&nbsp; Gainwell Acquisition Corp. (f/k/a Milano), Term Loan B, 3 Mo. <br> CME Term SOFR + CSA + 4.00%, 0.75% Floor <br>| 7.77<br> % <br>| 10/01/27 | 1558151 |
|  | **Life Sciences Tools & Services – 0.4%** |  |  |  |
| 2424779 | &nbsp;&nbsp; Syneos Health, Inc. (Star Parent, Inc.), Term Loan B, 3 Mo. CME <br> Term SOFR + 4.00%, 0.00% Floor<br>| 7.67<br> % <br>| 09/30/30 | 2354642 |
|  | **Metal, Glass & Plastic Containers – 0.3%** |  |  |  |
| 1784860 | &nbsp;&nbsp; ProAmpac PG Borrower LLC, 2024 Refi Term Loan B, 3 Mo. <br> CME Term SOFR + 4.00%, 0.75% Floor<br>| 7.65%-7.67% | 09/15/28 | 1764780 |
|  | **Other Specialty Retail – 0.2%** |  |  |  |
| 1042725 | &nbsp;&nbsp; PetSmart LLC, Term Loan B, 1 Mo. CME Term SOFR + 4.00%, <br> 0.00% Floor<br>| 7.68<br> % <br>| 08/18/32 | 1038377 |
|  | **Pharmaceuticals – 0.4%** |  |  |  |
| 2214928 | &nbsp;&nbsp; Opella Healthcare Group (Opal U.S. LLC), Refi Term Loan B4 <br> (USD), 3 Mo. CME Term SOFR + 3.00%, 0.00% Floor <br>| 6.69<br> % <br>| 04/23/32 | 2215204 |
|  | **Research & Consulting Services – 0.5%** |  |  |  |
| 1149440 | &nbsp;&nbsp; Amspec Parent LLC, Refi Term Loan B, 3 Mo. CME Term SOFR <br> + 3.50%, 0.00% Floor<br>| 7.17<br> % <br>| 12/22/31 | 1154475 |
| 1575540 | &nbsp;&nbsp; Clarivate Analytics PLC (Camelot), 2025 Incremental Term Loan, <br> 1 Mo. CME Term SOFR + 3.25%, 0.00% Floor <br>| 6.92<br> % <br>| 01/31/31 | 1344463 |
|  |  |  |  | 2498938 |
|  | **Security & Alarm Services – 1.0%** |  |  |  |
| 5418124 | &nbsp;&nbsp; Garda World Security Corp., Term Loan B, 3 Mo. CME Term <br> SOFR + 2.75%, 0.00% Floor<br>| 6.42<br> % <br>| 02/01/29 | 5416445 |
|  | **Systems Software – 0.4%** |  |  |  |
| 1757099 | &nbsp;&nbsp; Idera, Inc. (Flash Charm), Second Lien Term Loan, 3 Mo. CME <br> Term SOFR + 6.75%, 0.75% Floor<br>| 10.56<br> % <br>| 03/02/29 | 1268037 |
| 131425 | &nbsp;&nbsp; Kaseya, Inc., Second Lien Term Loan, 1 Mo. CME Term SOFR + <br> 5.00%, 0.00% Floor<br>| 8.67<br> % <br>| 03/20/33 | 107550 |
| 1009800 | &nbsp;&nbsp; KnowBe4, Inc., Term Loan B, 3 Mo. CME Term SOFR + 3.75%, <br> 0.00% Floor<br>| 7.42<br> % <br>| 07/26/32 | 876001 |
|  |  |  |  | 2251588 |

---

------

**First Trust High Yield Opportunities 2027 Term Fund (FTHY)**

**Portfolio of Investments (Continued)**

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (h)** | **Stated**<br> **Maturity (i)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (a) (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (a) (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (a) (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (a) (Continued)** | **SENIOR FLOATING-RATE LOAN INTERESTS (a) (Continued)** |
|  | **Trading Companies & Distributors – 0.1%** |  |  |  |
| $413627 | &nbsp;&nbsp; Veritiv Corp. (Verde Purchaser LLC), Term Loan B, 3 Mo. CME <br> Term SOFR + 4.00%, 0.00% Floor<br>| 7.67<br> % <br>| 11/29/30 | $411069 |
|  | **Total Senior Floating-Rate Loan Interests** | **Total Senior Floating-Rate Loan Interests** | **Total Senior Floating-Rate Loan Interests** | 107045829 |
|  | (Cost $112,476,238) |  |  |  |
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **FOREIGN CORPORATE BONDS AND NOTES (a) – 15.9%** | **FOREIGN CORPORATE BONDS AND NOTES (a) – 15.9%** | **FOREIGN CORPORATE BONDS AND NOTES (a) – 15.9%** | **FOREIGN CORPORATE BONDS AND NOTES (a) – 15.9%** | **FOREIGN CORPORATE BONDS AND NOTES (a) – 15.9%** |
|  | **Aerospace & Defense – 0.6%** |  |  |  |
| 1695000 | Bombardier, Inc. (b) | 6.75<br> % <br>| 06/15/33 | 1788213 |
| 1418000 | Phoenix Aviation Capital Ltd. (b) | 9.25<br> % <br>| 07/15/30 | 1486770 |
|  |  |  |  | 3274983 |
|  | **Automotive Parts & Equipment – 0.6%** |  |  |  |
| 1514000 | Clarios Global, L.P. / Clarios US Finance Co. (b) | 6.75<br> % <br>| 02/15/30 | 1586612 |
| 1414000 | Clarios Global, L.P. / Clarios US Finance Co. (b) | 6.75<br> % <br>| 09/15/32 | 1468580 |
|  |  |  |  | 3055192 |
|  | **Data Processing & Outsourced Services – 0.4%** |  |  |  |
| 2498000 | Paysafe Finance PLC / Paysafe Holdings US Corp. (b) | 4.00<br> % <br>| 06/15/29 | 2102751 |
|  | **Diversified Support Services – 0.7%** |  |  |  |
| 3421000 | Albion Financing 1 SARL / Aggreko Holdings, Inc. (b) | 7.00<br> % <br>| 05/21/30 | 3584722 |
|  | **Environmental & Facilities Services – 0.5%** |  |  |  |
| 2750000 | GFL Environmental, Inc. (b) | 6.75<br> % <br>| 01/15/31 | 2887775 |
|  | **Homebuilding – 0.6%** |  |  |  |
| 3411000 | Mattamy Group Corp. (b) | 6.00<br> % <br>| 12/15/33 | 3360065 |
|  | **Hotels, Resorts & Cruise Lines – 0.7%** |  |  |  |
| 1665000 | Carnival Corp. (b) | 5.88<br> % <br>| 06/15/31 | 1741094 |
| 1712000 | Carnival Corp. (b) | 5.75<br> % <br>| 08/01/32 | 1778852 |
| 285000 | Viking Cruises Ltd. (b) (c) | 5.88<br> % <br>| 10/15/33 | 290912 |
|  |  |  |  | 3810858 |
|  | **Insurance Brokers – 3.5%** |  |  |  |
| 7568000 | Ardonagh Finco Ltd. (b) | 7.75<br> % <br>| 02/15/31 | 7754023 |
| 1261000 | Ardonagh Group Finance Ltd. (b) | 8.88<br> % <br>| 02/15/32 | 1245705 |
| 4596000 | &nbsp;&nbsp; Howden UK Refinance PLC / Howden UK Refinance 2 PLC / <br> Howden US Refinance LLC (b)<br>| 7.25<br> % <br>| 02/15/31 | 4661833 |
| 3212000 | &nbsp;&nbsp; Howden UK Refinance PLC / Howden UK Refinance 2 PLC / <br> Howden US Refinance LLC (b)<br>| 8.13<br> % <br>| 02/15/32 | 3078021 |
| 1661000 | Jones Deslauriers Insurance Management, Inc. (b) | 8.50<br> % <br>| 03/15/30 | 1724623 |
|  |  |  |  | 18464205 |
|  | **IT Consulting & Other Services – 0.7%** |  |  |  |
| 4000000 | Elastic NV (b) | 4.13<br> % <br>| 07/15/29 | 3783012 |
|  | **Life Sciences Tools & Services – 0.4%** |  |  |  |
| 1800000 | Icon Investments Six DAC | 5.85<br> % <br>| 05/08/29 | 1843378 |
|  | **Metal, Glass & Plastic Containers – 1.5%** |  |  |  |
| 3304000 | &nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC / Ardagh Metal <br> Packaging Finance PLC (b)<br>| 6.25<br> % <br>| 01/30/31 | 3383342 |
| 2967000 | Canpack SA / Canpack US LLC (b) | 3.88<br> % <br>| 11/15/29 | 2840476 |
| 787000 | Trivium Packaging Finance B.V. (b) | 8.25<br> % <br>| 07/15/30 | 843574 |

---

------

**First Trust High Yield Opportunities 2027 Term Fund (FTHY)**

**Portfolio of Investments (Continued)**

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **FOREIGN CORPORATE BONDS AND NOTES (a) (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (a) (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (a) (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (a) (Continued)** | **FOREIGN CORPORATE BONDS AND NOTES (a) (Continued)** |
|  | **Metal, Glass & Plastic Containers (Continued)** |  |  |  |
| $581000 | Trivium Packaging Finance B.V. (b) | 12.25<br> % <br>| 01/15/31 | $640198 |
|  |  |  |  | 7707590 |
|  | **Pharmaceuticals – 0.9%** |  |  |  |
| 4426000 | Opal Bidco SAS (b) | 6.50<br> % <br>| 03/31/32 | 4561644 |
|  | **Restaurants – 2.6%** |  |  |  |
| 14344000 | 1011778 BC ULC / New Red Finance, Inc. (b) | 4.00<br> % <br>| 10/15/30 | 13783749 |
|  | **Security & Alarm Services – 0.4%** |  |  |  |
| 158000 | Garda World Security Corp. (b) | 8.25<br> % <br>| 08/01/32 | 161652 |
| 1992000 | Garda World Security Corp. (b) | 8.38<br> % <br>| 11/15/32 | 2042150 |
|  |  |  |  | 2203802 |
|  | **Specialized Consumer Services – 0.6%** |  |  |  |
| 3073000 | Belron UK Finance PLC (b) | 5.75<br> % <br>| 10/15/29 | 3142979 |
|  | **Trading Companies & Distributors – 0.6%** |  |  |  |
| 3087000 | Azorra Finance Ltd. (b) | 6.25<br> % <br>| 02/15/34 | 3043329 |
|  | **Wireless Telecommunication Services – 0.6%** |  |  |  |
| 3579000 | Ziggo BV (b) | 4.88<br> % <br>| 01/15/30 | 3375795 |
|  | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | 83985829 |
|  | (Cost $82,721,020) |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS – 0.0%** | **COMMON STOCKS – 0.0%** | **COMMON STOCKS – 0.0%** |
|  | **Pharmaceuticals – 0.0%** |  |
| 220989 | Akorn, Inc. (d) (j) (k) | 8840 |
|  | (Cost $2,534,056) |  |
| **MONEY MARKET FUNDS (a) – 0.2%** | **MONEY MARKET FUNDS (a) – 0.2%** | **MONEY MARKET FUNDS (a) – 0.2%** |
| 1168058 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 3.54% (l) | 1168058 |
|  | (Cost $1,168,058) |  |
|  | **Total Investments – 127.9%** | 677651417 |
|  | (Cost $683,343,280)  |  |
|  | **Outstanding Loan – (29.4)%** | (156000000)<br>|
|  | **Net Other Assets and Liabilities – 1.5%** | 8308808 |
|  | **Net Assets – 100.0%** | $529960225 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of these securities serve as collateral for the outstanding loan
 unless otherwise indicated. At February 28, 2026, the segregated value of these securities amounts to $675,311,494.

&nbsp;&nbsp;&nbsp;&nbsp;(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 (the "1933 Act"), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Fund's Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P., (the "Advisor"). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined
 based on security specific factors and assumptions, which require subjective judgment. At February 28, 2026, securities noted
 as such amounted to $543,855,049 or 102.6% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) This security does not serve as collateral for the outstanding loan.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This issuer has filed for protection in bankruptcy court.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This issuer is in default and interest is not being accrued by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(f) When-issued security. The interest rate shown reflects the rate in effect at February
 28, 2026. Interest will begin accruing on the security's first settlement date.

------

**First Trust High Yield Opportunities 2027 Term Fund (FTHY)**

**Portfolio of Investments (Continued)**

**February 28, 2026 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(g) Zero coupon security.

&nbsp;&nbsp;&nbsp;&nbsp;(h) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(i) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Security received in a transaction exempt from registration under the 1933 Act. The
 security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional
 buyers (see Restricted Securities table).

&nbsp;&nbsp;&nbsp;&nbsp;(k) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Rate shown reflects yield as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations throughout the Portfolio of Investments: | Abbreviations throughout the Portfolio of Investments: |
| CME | – Chicago Mercantile Exchange |
| CSA | – Credit Spread Adjustment |
| REITs | – Real Estate Investment Trusts |
| SOFR | – Secured Overnight Financing Rate |
| USD | – United States Dollar |

---

------

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Level 1 inputs are quoted prices in active markets for identical investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 February 28, 2026 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total**<br> **Value at**<br> **2/28/2026**<br>| &nbsp;&nbsp;&nbsp; **Level 1**<br> **Quoted**<br> **Prices**<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs**<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>|
| Corporate Bonds and Notes\* | &nbsp;&nbsp; $485442861 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $485442861 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Senior Floating-Rate Loan Interests\* | &nbsp;&nbsp; 107045829 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 107045829 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Foreign Corporate Bonds and Notes\* | &nbsp;&nbsp; 83985829 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 83985829 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Common Stocks\* | &nbsp;&nbsp; 8840 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8840 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 1168058 | &nbsp;&nbsp;&nbsp;&nbsp; 1168058 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp; $677651417 | &nbsp;&nbsp;&nbsp;&nbsp; $1168058 | &nbsp;&nbsp;&nbsp;&nbsp; $676483359 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See Portfolio of Investments for industry breakout.

------

**First Trust High Yield Opportunities 2027 Term Fund (FTHY)**

**Portfolio of Investments (Continued)**

**February 28, 2026 (Unaudited)**

------

**Restricted Securities**

As of February 28, 2026, the Fund held a restricted security as shown in the following table that the Advisor deemed illiquid pursuant to procedures adopted by the Fund's Board of Trustees:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security** | &nbsp;&nbsp; **Acquisition**<br> **Date**<br>| **Shares** | **Current Price** | **Carrying**<br> **Cost**<br>| **Value** | **% of**<br> **Net**<br> **Assets**<br>|
| Akorn, Inc. | 10/15/2020 | &nbsp;&nbsp; 220989 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $2534056 | &nbsp;&nbsp; $8840 | 0.00<br> %†<br>|
| † Amount is less than 0.01%. |  |  |  |  |  |  |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** First Trust High Yield Opportunities 2027 Term Fund

- **b. Investment Company Act file number:** 811-23565

- **c. CIK number of Registrant:** 0001810523

- **d. LEI of Registrant:** 549300VWTG40J7RZE994

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 120 EAST LIBERTY DRIVE, SUITE 400

  - **City:** WHEATON

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60187

  - **Telephone number:** 630-765-8000

**Item A.2. Information about the Series.**

- **a. Name of Series:** First Trust High Yield Opportunities 2027 Term Fund

- **c. LEI of Series:** 549300VWTG40J7RZE994

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2026-02-27

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $697977960.08

**Total Liabilities:** $164751993.79

**Net Assets:** $533225966.29

**Delayed Delivery Securities:** $535000.00

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 8.44938000 | **1-Year:** 4088.04568000 | **5-Year:** 4820.07299000 | **10-Year:** 69.66784000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 966.94070000 | **1-Year:** 67090.04654000 | **5-Year:** 105067.20839000 | **10-Year:** 4849.64294000 | **30-Year:** 174.97815000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | -0.18%               | 1.67%                | -1.10%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $275038.18               | $923229.79                                 |
| Month 2  | $16120.82                | $-5089665.15                               |
| Month 3  | $-23537.87               | $-6438136.43                               |

**Designated Index Information**

- **Index Name:** The Fund's Designated Reference Portfolio is the Fund's Securities Portfolio.

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                               | Title                                                                                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Osaic Holdings Inc.                                                | ADVGRO 6.75 08/01/32 144A                                                                               | CUSIP: 00791GAB3<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |   3287000 | PA      | $3319426.26   | 0.62%             | 2032-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Gainwell Acquisition Corp                                          | Gainwell Technologies (fka Milano Acqusition/DXC State & Local HHS) First-lien Term Loan 400 2027-08-03 | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1638004 | PA      | $1558151.45   | 0.29%             | 2027-10-01      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                      | CHTR 6.375 09/01/29 144A                                                                                | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1567000 | PA      | $1588864.15   | 0.30%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Trivium Packaging Finance BV                                       | TRIVIU 12.25 01/15/31 144A                                                                              | CUSIP: 89686QAC0<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    581000 | PA      | $640198.09    | 0.12%             | 2031-01-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| Gee Automotive Holdings LLC                                        | GEEATO 7.25 03/01/31 144A                                                                               | CUSIP: 36846VAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1819000 | PA      | $1849894.97   | 0.35%             | 2031-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Gen Digital Inc                                                    | GEN 7.125 09/30/30 144A                                                                                 | CUSIP: 668771AL2<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |   3636000 | PA      | $3695917.64   | 0.69%             | 2030-09-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| US Foods Inc                                                       | USFOOD 7.25 01/15/32 144A                                                                               | CUSIP: 90290MAH4<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |   2078000 | PA      | $2178891.06   | 0.41%             | 2032-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Garda World Security Corporation                                   | GWCN 8.25 08/01/32 144A                                                                                 | CUSIP: 36485MAN9<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    158000 | PA      | $161651.70    | 0.03%             | 2032-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| White Cap Supply Holdings LLC                                      | WHTCAP 7.375 11/15/30 144A                                                                              | CUSIP: 96467GAC2<br>LEI: 254900L2N0T6GULCL366 | Long             | DBT              | CORP              | US        |   1719000 | PA      | $1746877.02   | 0.33%             | 2030-11-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corporation                                       | THC 5.5 11/15/32 144A                                                                                   | CUSIP: 88033GDW7<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    690000 | PA      | $699026.58    | 0.13%             | 2032-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                 | VEGLPL 7.5 05/01/33 144A                                                                                | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   5143000 | PA      | $5707747.69   | 1.07%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc.                                | CCO 7.875 04/01/30 144A                                                                                 | CUSIP: 18453HAF3<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   1409000 | PA      | $1485648.09   | 0.28%             | 2030-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                            | VENLNG 9.875 02/01/32 144A                                                                              | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   2560000 | PA      | $2714045.44   | 0.51%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Synergy Infrastructure Holdings LLC                                | SYNRGY 7.875 12/01/30 144a                                                                              | CUSIP: 87191JAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    281000 | PA      | $293413.74    | 0.06%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                                            | SSNC 6.5 06/01/32 144A                                                                                  | CUSIP: 78466CAD8<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |   1643000 | PA      | $1676085.09   | 0.31%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRIES LTD                                            | BMCAUS 4.75 01/15/28 144A                                                                               | CUSIP: 853496AD9<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | IN        |    574000 | PA      | $572594.50    | 0.11%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Energizer Holdings Inc                                             | ENR 4.75 06/15/28 144A                                                                                  | CUSIP: 29272WAC3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |   1746000 | PA      | $1730661.39   | 0.32%             | 2028-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Opal Bidco SAS                                                     | Opella (Sanofi consumer healthcare) Term Loan B 300 2032-04-01                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2214928 | PA      | $2215204.40   | 0.42%             | 2032-04-28      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| Pennymac Financial Services Inc                                    | PFSI 6.75 02/15/34 144A                                                                                 | CUSIP: 70932MAH0<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |   2254000 | PA      | $2230567.64   | 0.42%             | 2034-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| EchoStar Corp.                                                     | SATS 10.75 11/30/29 .                                                                                   | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   5849537 | PA      | $6390759.56   | 1.20%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Axon Enterprise Inc                                                | AXON 6.25 03/15/33 144A                                                                                 | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    280000 | PA      | $290436.72    | 0.05%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PETSMART LLC                                                       | PETM 7.5 09/15/32                                                                                       | CUSIP: 71677KAC2<br>LEI: 894500NGJMHSFNESGA67 | Long             | DBT              | CORP              | US        |    690000 | PA      | $698714.70    | 0.13%             | 2032-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| X Corp (f/k/a Twitter Inc)                                         | X CORP                                                                                                  | CUSIP: 90184NAG3<br>LEI: 549300I8RX485XMK6836 | Long             | LON              | CORP              | US        |   4388951 | PA      | $4405869.98   | 0.83%             | 2029-10-26      | Floating      | 10.45%                | No            |                  2 | On Loan: No      |
| Wesco Distribution, Inc.                                           | WCC 5.25 04/15/31 144A                                                                                  | CUSIP: 95081QAT1<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    919000 | PA      | $919670.87    | 0.17%             | 2031-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mavis Tire Express Services Topco Corp                             | Mavis Tire Express Term Loan B 300 2028-05-01                                                           | CUSIP: 57777YAG1<br>LEI: 254900NVDM4GTLBL9E56 | Long             | LON              | CORP              | US        |   2622965 | PA      | $2620787.63   | 0.49%             | 2028-05-04      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Filtration Group Corporation                                       | Filtration Group Term Loan B 275 2028-10-01                                                             | CUSIP: 31732FAX4<br>LEI: 549300ZA0D9WN5ECE978 | Long             | LON              | CORP              | US        |   4077679 | PA      | $4087037.73   | 0.77%             | 2028-10-23      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Firstcash Inc                                                      | FCFS 6.875 03/01/32 144A                                                                                | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |   2904000 | PA      | $3000562.27   | 0.56%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Builders Firstsource, Inc.                                         | BLDR 6.375 03/01/34 144A                                                                                | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   2241000 | PA      | $2311067.11   | 0.43%             | 2034-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc.                                | CCO 7.125 02/15/31 144A                                                                                 | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    564000 | PA      | $596444.64    | 0.11%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc.                                          | TIBX 8.25 06/30/32 144A                                                                                 | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   2879000 | PA      | $2883873.57   | 0.54%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Amer Sports Co.                                                    | AS 6.75 02/16/31 144A                                                                                   | CUSIP: 02352NAA7<br>LEI: 549300NRKH9WF70VFC95 | Long             | DBT              | CORP              | US        |    549000 | PA      | $573126.35    | 0.11%             | 2031-02-16      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                 | VEGLPL 7.75 05/01/35 144A                                                                               | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    286000 | PA      | $324544.79    | 0.06%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PetsMart LLC                                                       | PetSmart Term Loan B 400 2032-08-02                                                                     | CUSIP: 71677HAN5<br>LEI: 894500NGJMHSFNESGA67 | Long             | LON              | CORP              | US        |   1042725 | PA      | $1038377.02   | 0.19%             | 2032-08-18      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| Station Casinos LLC                                                | RRR 4.625 12/01/31 144A                                                                                 | CUSIP: 857691AH2<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |   2694000 | PA      | $2601407.76   | 0.49%             | 2031-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Kaseya Inc.                                                        | Kaseya Second-lien Term Loan 500 2033-02-22                                                             | CUSIP: 48578AAE8<br>LEI: 254900MISXMLRZ63NH46 | Long             | LON              | CORP              | US        |    131425 | PA      | $107549.73    | 0.02%             | 2033-03-05      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| PETSMART LLC                                                       | PETM 10 09/15/33                                                                                        | CUSIP: 71677KAD0<br>LEI: 894500NGJMHSFNESGA67 | Long             | DBT              | CORP              | US        |    563000 | PA      | $565168.51    | 0.11%             | 2033-09-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Sunoco LP                                                          | SUN 5.625 03/15/31 144A                                                                                 | CUSIP: 86765KAF6<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   2079000 | PA      | $2097849.77   | 0.39%             | 2031-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                                      | FREMOR 8.375 04/01/32 144A                                                                              | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |   1112000 | PA      | $1121274.08   | 0.21%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Trinet Group Inc                                                   | TNET 7.125 08/15/31 144A                                                                                | CUSIP: 896288AC1<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |   1484000 | PA      | $1441487.48   | 0.27%             | 2031-08-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| GO DADDY OPERATING CO LLC                                          | GDDY 5.25 12/01/27 144A                                                                                 | CUSIP: 38016LAA3<br>LEI: 5493005GJOH8HLL11157 | Long             | DBT              | CORP              | US        |   4210000 | PA      | $4190895.02   | 0.79%             | 2027-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Camelot US Acquisition I Co                                        | CAMELOT US ACQUISITION LLC                                                                              | CUSIP: 000000000<br>LEI: 549300U6VBJHQP2SFL81 | Long             | LON              | CORP              | US        |   1575540 | PA      | $1344463.06   | 0.25%             | 2031-01-31      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| OneDigital Borrower LLC                                            | OneDigital Health and Benefits Second-lien Term Loan 525 2032-06-02                                     | CUSIP: 68252HAB0<br>LEI: 2549009GTKWWAO1E9X77 | Long             | LON              | CORP              | US        |   9423929 | PA      | $9423976.20   | 1.77%             | 2032-07-02      | Floating      | 8.92%                 | No            |                  2 | On Loan: No      |
| Light & Wonder International Inc.                                  | LNW 7.5 09/01/31 144A                                                                                   | CUSIP: 531968AA3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |   1163000 | PA      | $1216893.42   | 0.23%             | 2031-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Garda World Security Corporation                                   | GWCN 8.375 11/15/32 144A                                                                                | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |   1992000 | PA      | $2042150.59   | 0.38%             | 2032-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                                            | SSNC 5.5 09/30/27 144A                                                                                  | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |   1179000 | PA      | $1178128.84   | 0.22%             | 2027-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| X.Ai Corp.                                                         | X.AI Corp Term Loan B 725 2030-06-01                                                                    | CUSIP: 98402XAC9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1063824 | PA      | $1104478.15   | 0.21%             | 2030-06-28      | Floating      | 11.12%                | No            |                  2 | On Loan: No      |
| SCIH Salt Holdings Inc.                                            | MORTON 6.625 05/01/29 144A                                                                              | CUSIP: 78433BAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $299493.00    | 0.06%             | 2029-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                 | VEGLPL 6.5 01/15/34 144A                                                                                | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   1439000 | PA      | $1515193.61   | 0.28%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Brundage-Bone Concrete Pumping Holdings Inc.                       | BBCP 7.5 02/01/32 144A                                                                                  | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1709000 | PA      | $1742295.35   | 0.33%             | 2032-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GoTo Group Inc                                                     | GOTO GROUP INC                                                                                          | CUSIP: 38349FAC0<br>LEI: 549300D12V5KRBV00592 | Long             | LON              | CORP              | US        |   2703637 | PA      | $2246262.69   | 0.42%             | 2028-04-28      | Floating      | 9.06%                 | No            |                  2 | On Loan: No      |
| BellRing Intermediate Holdings Inc.                                | BRBR 7 03/15/30 144A                                                                                    | CUSIP: 07831CAA1<br>LEI: 549300S3BOK5CMTS8054 | Long             | DBT              | CORP              | US        |   1002000 | PA      | $1023100.12   | 0.19%             | 2030-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fortrea Holdings Inc.                                              | FTRE 7.5 07/01/30 144A                                                                                  | CUSIP: 34965KAA5<br>LEI: 5493000FIVFABOVCDU97 | Long             | DBT              | CORP              | US        |   1451000 | PA      | $1385712.98   | 0.26%             | 2030-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Amspec Parent LLC                                                  | AmSpec Term Loan B 350 2031-12-01                                                                       | CUSIP: 03218AAE9<br>LEI: 254900LUGRP5Z7OOV477 | Long             | LON              | CORP              | US        |   1149440 | PA      | $1154475.05   | 0.22%             | 2031-12-22      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| Rockies Express Pipeline LLC                                       | ROCKIE 6.75 03/15/33 144A                                                                               | CUSIP: 77340RAU1<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |    280000 | PA      | $296155.72    | 0.06%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT LLC                                         | FRTITA 6.75 01/15/30 144A                                                                               | CUSIP: 31556TAC3<br>LEI: 984500A0805D8V551D35 | Long             | DBT              | CORP              | US        |   1911000 | PA      | $1804012.28   | 0.34%             | 2030-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Equipmentshare Com Inc.                                            | EQMSRM 8 03/15/33 144A                                                                                  | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |   3327000 | PA      | $3538214.56   | 0.66%             | 2033-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                                      | FREMOR 9.25 02/01/29 144A                                                                               | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    559000 | PA      | $584269.60    | 0.11%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| JH North America Holdings Inc.                                     | JHXAU 6.125 07/31/32 144A                                                                               | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |   1529000 | PA      | $1570350.28   | 0.29%             | 2032-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Williams Scotsman Inc.                                             | WLSC 7.375 10/01/31 144A                                                                                | CUSIP: 96949VAL7<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |    840000 | PA      | $879964.68    | 0.17%             | 2031-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Ardonagh Finco Ltd.                                                | ARDGRP 7.75 02/15/31 144A                                                                               | CUSIP: 039853AA4<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |   7568000 | PA      | $7754023.10   | 1.45%             | 2031-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Life Time Fitness                                                  | LTH 6 11/15/31 144A                                                                                     | CUSIP: 53190FAE5<br>LEI: 549300PALKE96VYH4X17 | Long             | DBT              | CORP              | US        |    876000 | PA      | $903277.76    | 0.17%             | 2031-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ZipRecruiter Inc                                                   | ZIP 5 01/15/30 144A                                                                                     | CUSIP: 98980BAA1<br>LEI: 549300HLOVNNFCY2IV80 | Long             | DBT              | CORP              | US        |   4115000 | PA      | $2630118.92   | 0.49%             | 2030-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GFL Environmental Inc.                                             | GFLCN 6.75 01/15/31 144A                                                                                | CUSIP: 36168QAQ7<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |   2750000 | PA      | $2887775.00   | 0.54%             | 2031-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Select Medical Corporation                                         | SEM 6.25 12/01/32 144A                                                                                  | CUSIP: 816196AV1<br>LEI: 549300X05KS0JKR8CB50 | Long             | DBT              | CORP              | US        |   3722000 | PA      | $3633819.12   | 0.68%             | 2032-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| RXO Inc.                                                           | RXO 6.375 05/15/31 144A                                                                                 | CUSIP: 74982TAA1<br>LEI: 549300KL8CA6GP8XPM30 | Long             | DBT              | CORP              | US        |    264000 | PA      | $257647.28    | 0.05%             | 2031-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Cars.com Inc                                                       | CARS 6.375 11/01/28 144A                                                                                | CUSIP: 14575EAA3<br>LEI: 5493002G6J07LNGX4M98 | Long             | DBT              | CORP              | US        |   2101000 | PA      | $2058502.65   | 0.39%             | 2028-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Sealed Air Corp.                                                   | SEE 5 04/15/29 144A                                                                                     | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    566000 | PA      | $570917.41    | 0.11%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brinker International, Inc.                                        | EAT 8.25 07/15/30 144A                                                                                  | CUSIP: 109641AK6<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |    515000 | PA      | $544505.05    | 0.10%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLDINGS INTERMEDIATE LLC                                  | ALIANT 6.75 10/15/27 144A                                                                               | CUSIP: 01883LAA1<br>LEI: 5493006Q26653NF8SI73 | Long             | DBT              | CORP              | US        |   7065000 | PA      | $7068997.38   | 1.33%             | 2027-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Star Parent Inc.                                                   | SYNH 9 10/01/30 144A                                                                                    | CUSIP: 855170AA4<br>LEI: 254900GRGCJYRMDRWT73 | Long             | DBT              | CORP              | US        |   2318000 | PA      | $2355586.37   | 0.44%             | 2030-10-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications Inc                                           | IHRT 4.75 01/15/28 144A                                                                                 | CUSIP: 45174HBG1<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |   1688000 | PA      | $1511452.40   | 0.28%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LABL Inc                                                           | LABL 8.625 10/01/31 144A                                                                                | CUSIP: 50168QAF2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |   1440000 | PA      | $583200.00    | 0.11%             | 2031-10-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL LTD                                       | PHOAVI 9.25 07/15/30 144A                                                                               | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |   1418000 | PA      | $1486770.16   | 0.28%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CACI International Inc.                                            | CACI 6.375 06/15/33 144A                                                                                | CUSIP: 127190AE6<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | DBT              | CORP              | US        |    282000 | PA      | $290539.61    | 0.05%             | 2033-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BALDWIN INSURANCE GROUP HOLDINGS LLC (THE)                         | BWIN 7.125 05/15/31 144A                                                                                | CUSIP: 05825XAA7<br>LEI: 5493004GCDREAQPPYG20 | Long             | DBT              | CORP              | US        |   8594000 | PA      | $8628376.00   | 1.62%             | 2031-05-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| DISH Network Corporation                                           | DISH 11.75 11/15/27 144A                                                                                | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |   7058000 | PA      | $7310895.20   | 1.37%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| Wrangler Holdco Corp.                                              | GFLCN 6.625 04/01/32 144A                                                                               | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    618000 | PA      | $645130.82    | 0.12%             | 2032-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Cushman & Wakefield U S Borrower LLC                               | CWK 8.875 09/01/31 144A                                                                                 | CUSIP: 23166MAC7<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |    737000 | PA      | $780533.85    | 0.15%             | 2031-09-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                | MEDIND 3.875 04/01/29 144A                                                                              | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   5020000 | PA      | $4940465.13   | 0.93%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                                    | SEE 6.125 02/01/28 144A                                                                                 | CUSIP: 812127AA6<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |   2070000 | PA      | $2099897.01   | 0.39%             | 2028-02-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                          | SUN 5.875 03/15/34 144A                                                                                 | CUSIP: 86765KAG4<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   5056000 | PA      | $5078721.66   | 0.95%             | 2034-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Polaris Newco LLC                                                  | Polaris Newco LLC                                                                                       | CUSIP: 73108RAB4<br>LEI: 254900LEPDAG7EDOA064 | Long             | LON              | CORP              | US        |   2938619 | PA      | $2517779.34   | 0.47%             | 2028-06-02      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| Park River Holdings Inc                                            | PRIMBP 8 03/15/31 144A                                                                                  | CUSIP: 70082LAC1<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |    568000 | PA      | $572099.82    | 0.11%             | 2031-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| UWN Holdings LLC                                                   | UWMC 6.25 03/15/31 144A                                                                                 | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3092000 | PA      | $2989554.00   | 0.56%             | 2031-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                    | TDG 6.625 03/01/32 144A                                                                                 | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   2281000 | PA      | $2365949.00   | 0.44%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| HOWDEN UK REFINANCE PLC                                            | HWDGRP 7.25 02/15/31 144A                                                                               | CUSIP: 44287GAA4<br>LEI: 87550008DPN8BDG67910 | Long             | DBT              | CORP              | GB        |   4596000 | PA      | $4661833.10   | 0.87%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc.                                          | TIBX 6.625 08/15/33 144A                                                                                | CUSIP: 18912UAG7<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    548000 | PA      | $517460.68    | 0.10%             | 2033-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                      | CHTR 7.375 03/01/31 144A                                                                                | CUSIP: 1248EPCT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3219000 | PA      | $3323289.16   | 0.62%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Trivium Packaging Finance BV                                       | TRIVIU 8.25 07/15/30 144A                                                                               | CUSIP: 89686QAD8<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    787000 | PA      | $843573.50    | 0.16%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Molina Healthcare, Inc.                                            | MOH 3.875 11/15/30 144A                                                                                 | CUSIP: 60855RAK6<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1823255.00   | 0.34%             | 2030-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Skopima Consilio Parent LLC (FKA GI Consilio)                      | Consilio Term Loan B 375 2028-05-01                                                                     | CUSIP: 36171NAG1<br>LEI: 254900K3R60UMIODZD21 | Long             | LON              | CORP              | US        |   3085822 | PA      | $2465957.27   | 0.46%             | 2028-05-12      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc.                                | CCO 7.75 04/15/28 144A                                                                                  | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   1827000 | PA      | $1842577.00   | 0.35%             | 2028-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Park River Holdings Inc                                            | PRIMBP 8.75 12/31/30 144A                                                                               | CUSIP: 70082LAD9<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |   1450379 | PA      | $1399740.54   | 0.26%             | 2030-12-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Athenahealth Group Inc.                                            | ATHENA 6.5 02/15/30 144A                                                                                | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |   6527000 | PA      | $6143277.67   | 1.15%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DG Investment Intermediate Holdings 2 Inc                          | DG INVESTMENT INTERMEDI                                                                                 | CUSIP: 23344MAN8<br>LEI: 549300AE79DEGS4AGL59 | Long             | LON              | CORP              | US        |   1276175 | PA      | $1271389.30   | 0.24%             | 2033-07-29      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| Williams Scotsman Inc.                                             | WLSC 6.625 04/15/30 144A                                                                                | CUSIP: 96949VAN3<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |    273000 | PA      | $283586.12    | 0.05%             | 2030-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINMENT CORP                                       | FUN 8.625 01/15/32 144A                                                                                 | CUSIP: 83003AAA8<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |   1120000 | PA      | $1134804.98   | 0.21%             | 2032-01-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                                    | SBGI 8.125 02/15/33 144A                                                                                | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |   3333000 | PA      | $3472986.00   | 0.65%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTIONS INC                                    | BMCAUS 4.375 07/15/30 144A                                                                              | CUSIP: 853496AG2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    858000 | PA      | $828351.72    | 0.16%             | 2030-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Dream Finders Homes Inc                                            | DFH 6.875 09/15/30 144A                                                                                 | CUSIP: 26154DAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1846000 | PA      | $1888971.19   | 0.35%             | 2030-09-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CoreLogic, Inc.                                                    | CLGX 4.5 05/01/28 144A                                                                                  | CUSIP: 21871DAD5<br>LEI: 54930086CD8K2UIL0516 | Long             | DBT              | CORP              | US        |   1599000 | PA      | $1496979.00   | 0.28%             | 2028-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Block Inc                                                          | XYZ 6 08/15/33 144A                                                                                     | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    562000 | PA      | $571509.60    | 0.11%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| X Corp (f/k/a Twitter Inc)                                         | Twitter Inc                                                                                             | CUSIP: 90184NAK4<br>LEI: 549300I8RX485XMK6836 | Long             | LON              | CORP              | US        |   9078017 | PA      | $9538726.17   | 1.79%             | 2029-10-26      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                      | CHTR 4.5 08/15/30 144A                                                                                  | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1953000 | PA      | $1864065.07   | 0.35%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Flash Charm Inc (fka Idera Inc)                                    | Idera Second-lien Term Loan 675 2029-01-20                                                              | CUSIP: 45168RAS2<br>LEI: 549300VQ6S3PWR8NUC48 | Long             | LON              | CORP              | US        |   1757099 | PA      | $1268036.63   | 0.24%             | 2029-03-02      | Floating      | 10.56%                | No            |                  2 | On Loan: No      |
| SV RNO Property Owner 1 LLC                                        | TRACTC 5.875 03/01/31 144A                                                                              | CUSIP: 78488XAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2922000 | PA      | $2937149.87   | 0.55%             | 2031-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                      | CHTR 7 02/01/33 144A                                                                                    | CUSIP: 1248EPCU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    840000 | PA      | $859488.83    | 0.16%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Mcafee Corp                                                        | McAfee Term Loan B 300 2029-03-01                                                                       | CUSIP: 57906HAF4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | LON              | CORP              | US        |   1704979 | PA      | $1494900.38   | 0.28%             | 2029-03-01      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Ardonagh Group Finance Ltd.                                        | ARDGRP 8.875 02/15/32 144A                                                                              | CUSIP: 039956AA5<br>LEI: 254900SRT1BTAJ76NW62 | Long             | DBT              | CORP              | JE        |   1261000 | PA      | $1245704.95   | 0.23%             | 2032-02-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| SEAWORLD PARKS & ENTERTAINMENT INC                                 | PRKS 5.25 08/15/29 144A                                                                                 | CUSIP: 81282UAG7<br>LEI: 549300UZV72O3371JJ53 | Long             | DBT              | CORP              | US        |    283000 | PA      | $274744.78    | 0.05%             | 2029-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                    | TDG 6 01/15/33 144A                                                                                     | CUSIP: 893647BW6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    754000 | PA      | $767899.24    | 0.14%             | 2033-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                  | CSCHLD 4.5 11/15/31 144a                                                                                | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   7469000 | PA      | $4489028.09   | 0.84%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Akorn Operating Company LLC                                        | Akorn Operating Company LLC                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    220989 | NS      | $8839.56      | 0.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO LLC                                        | UNSEAM 6.875 06/15/30 144A                                                                              | CUSIP: 019576AF4<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |   1956000 | PA      | $2037089.89   | 0.38%             | 2030-06-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Azorra Finance Ltd.                                                | AZORRA 6.25 02/15/34 144A                                                                               | CUSIP: 05480AAC9<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |   3087000 | PA      | $3043329.14   | 0.57%             | 2034-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| McAfee Corp                                                        | MCFE 7.375 02/15/30 144A                                                                                | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1638789.00   | 0.31%             | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| US Foods Inc                                                       | USFOOD 5.75 04/15/33 144A                                                                               | CUSIP: 90290MAJ0<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |   2079000 | PA      | $2122673.55   | 0.40%             | 2033-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| C&S Wholesale Grocers Inc                                          | C&S WHOLESALE GROCERS INC                                                                               | CUSIP: 000000000<br>LEI: 54930093F8X1FEZBGJ91 | Long             | LON              | CORP              | US        |    759442 | PA      | $748999.77    | 0.14%             | 2030-09-20      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| JANE STREET GROUP LLC                                              | JANEST 6.75 05/01/33 144A                                                                               | CUSIP: 47077WAE8<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |   2684000 | PA      | $2756331.57   | 0.52%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Jones Deslauriers Insurance Management Inc.                        | NAVCOR 8.5 03/15/30 144A                                                                                | CUSIP: 48020RAB1<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |   1661000 | PA      | $1724622.83   | 0.32%             | 2030-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                      | CHTR 4.75 03/01/30 144A                                                                                 | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1184000 | PA      | $1145452.75   | 0.21%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Opal Bidco SAS                                                     | OPALBD 6.5 03/31/32 144A                                                                                | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |   4426000 | PA      | $4561643.62   | 0.86%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Rb Global Holdings Inc.                                            | RBACN 6.75 03/15/28 144A                                                                                | CUSIP: 76774LAB3<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |    901000 | PA      | $916670.19    | 0.17%             | 2028-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Axon Enterprise Inc                                                | AXON 6.125 03/15/30 144A                                                                                | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    420000 | PA      | $433912.92    | 0.08%             | 2030-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Wayfair LLC                                                        | W 6.75 11/15/32 144A                                                                                    | CUSIP: 94419NAC1<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |    282000 | PA      | $287630.13    | 0.05%             | 2032-11-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| The Scotts Miracle-Gro Company                                     | SMG 4.375 02/01/32                                                                                      | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |    338000 | PA      | $322490.50    | 0.06%             | 2032-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Starlight Parent LLC                                               | STARLIGHT PARENT LLC                                                                                    | CUSIP: 85554UAB0<br>LEI: 254900ZM34IBOK68V949 | Long             | LON              | CORP              | US        |   1558207 | PA      | $1346875.56   | 0.25%             | 2032-04-16      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                  | HRI 7.25 06/15/33 144A                                                                                  | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   2443000 | PA      | $2584002.63   | 0.48%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Service Properties Trust                                           | SVC 0 09/30/27 144A                                                                                     | CUSIP: 81761LAF9<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   1108000 | PA      | $1011972.52   | 0.19%             | 2027-09-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Rocket Companies Inc                                               | RKT 7.125 02/01/32 144A                                                                                 | CUSIP: 77311WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1151011.40   | 0.22%             | 2032-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Newell Brands Inc.                                                 | NWL 8.5 06/01/28 144A                                                                                   | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    426000 | PA      | $448638.24    | 0.08%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PAYSAFE FINANCE PLC                                                | PSFE 4 06/15/29 144a                                                                                    | CUSIP: 70452AAA1<br>LEI: 894500TDMZ4S0F5X0Z61 | Long             | DBT              | CORP              | GB        |   2498000 | PA      | $2102750.70   | 0.39%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SCIENTIFIC GAMES US FINCO INC                                      | SCGALO 6.625 03/01/30 144A                                                                              | CUSIP: 80874DAA4<br>LEI: 549300W5GPFXXB6TQ330 | Long             | DBT              | CORP              | US        |   1812000 | PA      | $1643694.10   | 0.31%             | 2030-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Star Parent Inc                                                    | STAR PARENT INC                                                                                         | CUSIP: 87169DAB1<br>LEI: 254900GRGCJYRMDRWT73 | Long             | LON              | CORP              | US        |   2424779 | PA      | $2354642.52   | 0.44%             | 2030-09-27      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Service Properties Trust                                           | SVC 8.625 11/15/31 144A                                                                                 | CUSIP: 81761LAC6<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    958000 | PA      | $1008428.16   | 0.19%             | 2031-11-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Fiesta Purchaser Inc.                                              | SHEARE 7.875 03/01/31 144A                                                                              | CUSIP: 31659AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1198000 | PA      | $1234918.65   | 0.23%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Garda World Security Corporation                                   | Garda World Security Term Loan B 275 2029-02-01                                                         | CUSIP: 000000000<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | LON              | CORP              | CA        |   5418124 | PA      | $5416444.59   | 1.02%             | 2029-02-01      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| MH Sub I LLC                                                       | MH SUB I LLC                                                                                            | CUSIP: 45567YAN5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |   3080907 | PA      | $2525065.43   | 0.47%             | 2028-05-03      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| WULF Compute LLC                                                   | WULF 7.75 10/15/30 144A                                                                                 | CUSIP: 982911AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2252000 | PA      | $2386611.05   | 0.45%             | 2030-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Alpha Generation LLC                                               | ALPGEN 6.25 01/15/34 144A                                                                               | CUSIP: 02073LAC5<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |   3902000 | PA      | $3964869.02   | 0.74%             | 2034-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Ringcentral Inc                                                    | RNG 8.5 08/15/30 144A                                                                                   | CUSIP: 76680RAJ6<br>LEI: 549300C8EH0H1614VE84 | Long             | DBT              | CORP              | US        |   5986000 | PA      | $6290962.76   | 1.18%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CP Atlas Buyer Inc.                                                | AMBATH 9.75 07/15/30 144A                                                                               | CUSIP: 12597YAC3<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | DBT              | CORP              | US        |   1848000 | PA      | $1851592.51   | 0.35%             | 2030-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CAN-PACK SA                                                        | CANPCK 3.875 11/15/29 144A                                                                              | CUSIP: 13806CAA0<br>LEI: 259400TS8W5E4ILGVP08 | Long             | DBT              | CORP              | PL        |   2967000 | PA      | $2840476.14   | 0.53%             | 2029-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PRIMO WATER HOLDINGS INC                                           | PRMWCN 6.25 04/01/29 144A                                                                               | CUSIP: 74168RAC7<br>LEI: 9845008F9A5F2E1D4832 | Long             | DBT              | CORP              | US        |    560000 | PA      | $561310.68    | 0.11%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Truist Insurance Holdings LLC & Panther Co-Issuer Inc.             | TIHLLC 7.125 06/01/31 144A                                                                              | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8880000 | PA      | $9040470.48   | 1.70%             | 2031-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Truist Insurance Holdings, LLC                                     | Truist Insurance Holdings Second-lien Term Loan 475 2032-02-28                                          | CUSIP: 89788VAE2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5772320 | PA      | $5750673.85   | 1.08%             | 2032-05-06      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                  | HRI 5.75 03/15/31 144A                                                                                  | CUSIP: 42704LAH7<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    140000 | PA      | $141996.54    | 0.03%             | 2031-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                    | TDG 6.375 05/31/33 144A                                                                                 | CUSIP: 893647BY2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   3665000 | PA      | $3743643.57   | 0.70%             | 2033-05-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Amentum Escrow Corp.                                               | AMNTEC 7.25 08/01/32 144A                                                                               | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |    316000 | PA      | $331317.78    | 0.06%             | 2032-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Post Holdings Inc.                                                 | POST 6.5 03/15/36 144A                                                                                  | CUSIP: 737446AY0<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   2799000 | PA      | $2849832.64   | 0.53%             | 2036-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| 1011778 B.C. ULC                                                   | BCULC 4 10/15/30 144A                                                                                   | CUSIP: 68245XAM1<br>LEI: 549300RHSHNRWI5LLA86 | Long             | DBT              | CORP              | CA        |  14344000 | PA      | $13783749.18  | 2.58%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Installed Building Products Inc                                    | IBP 5.625 02/01/34 144A                                                                                 | CUSIP: 45780RAB7<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |    279000 | PA      | $283400.11    | 0.05%             | 2034-02-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Neptune BidCo US Inc.                                              | NLSN 9.5 02/15/33 144A                                                                                  | CUSIP: 640695AD4<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    265000 | PA      | $259710.81    | 0.05%             | 2033-02-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Gates Corp.                                                        | GTES 6.875 07/01/29 144A                                                                                | CUSIP: 367398AA2<br>LEI: 984500F43C791F4C7894 | Long             | DBT              | CORP              | US        |    752000 | PA      | $781167.82    | 0.15%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Nordstrom, Inc.                                                    | JWN 4.375 04/01/30                                                                                      | CUSIP: 655664AT7<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |   1146000 | PA      | $1104364.56   | 0.21%             | 2030-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Viking Cruises, Ltd.                                               | VIKCRU 5.875 10/15/33 144A                                                                              | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    285000 | PA      | $290912.33    | 0.05%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Lamb Weston Holdings Inc                                           | LW 4.375 01/31/32 144A                                                                                  | CUSIP: 513272AE4<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |   2154000 | PA      | $2063853.81   | 0.39%             | 2032-01-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| QXO INC                                                            | BECN 6.75 04/30/32 144A                                                                                 | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |   7461000 | PA      | $7734117.37   | 1.45%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING FINANCE USA LLC                             | AMPBEV 6.25 01/30/31 144A                                                                               | CUSIP: 03969YAD0<br>LEI: 635400YUJMWFYRBL5293 | Long             | DBT              | CORP              | US        |   3304000 | PA      | $3383342.26   | 0.63%             | 2031-01-30      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HOWDEN UK REFINANCE 2 PLC                                          | HWDGRP 8.125 02/15/32 144A                                                                              | CUSIP: 44287DAA1<br>LEI: 875500O63ODR8S3K5X33 | Long             | DBT              | CORP              | GB        |   3212000 | PA      | $3078021.02   | 0.58%             | 2032-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Nexstar Media Inc.                                                 | NXST 5.625 07/15/27 144A                                                                                | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |   5067000 | PA      | $5070795.18   | 0.95%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Block Inc                                                          | XYZ 5.625 08/15/30 144A                                                                                 | CUSIP: 852234AT0<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    843000 | PA      | $854503.58    | 0.16%             | 2030-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Novelis Corporation                                                | HNDLIN 6.375 08/15/33 144A                                                                              | CUSIP: 670001AN6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |   1588000 | PA      | $1606411.27   | 0.30%             | 2033-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Advanced Drainage System Inc                                       | WMS 6.375 06/15/30 144A                                                                                 | CUSIP: 00790RAB0<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |   1414000 | PA      | $1443959.83   | 0.27%             | 2030-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC / Allied Universal Finance Corporation | UNSEAM 7.875 02/15/31 144A                                                                              | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |   1196000 | PA      | $1264259.86   | 0.24%             | 2031-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| LSF12 Helix Parent LLC                                             | HI 7.125 02/01/33 144A                                                                                  | CUSIP: 548916AA3<br>LEI: 254900H70V4IL22BHL88 | Long             | DBT              | CORP              | US        |   1408000 | PA      | $1416987.26   | 0.27%             | 2033-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Performance Food Group Inc                                         | PFGC 6.125 09/15/32 144A                                                                                | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |   3312000 | PA      | $3403898.06   | 0.64%             | 2032-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Osaic Holdings Inc.                                                | ADVGRO 8 08/01/33 144A                                                                                  | CUSIP: 00791GAC1<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |   1464000 | PA      | $1460018.36   | 0.27%             | 2033-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Advanced Drainage System Inc                                       | WMS 5.375 03/01/34 144A                                                                                 | CUSIP: 00790RAC8<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |    530000 | PA      | $535363.56    | 0.10%             | 2034-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Restoration Hardware, Inc.                                         | RH (fka Restoration Hardware) Term Loan B-2 (Incremental) 325 2028-10-01                                | CUSIP: 76133MAC5<br>LEI: 549300H9H1H3OC7C3H47 | Long             | LON              | CORP              | US        |    550547 | PA      | $549121.30    | 0.10%             | 2028-10-20      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| Equipmentshare Com Inc.                                            | EQMSRM 9 05/15/28 144A                                                                                  | CUSIP: 29450YAA7<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    574000 | PA      | $601938.30    | 0.11%             | 2028-05-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Nordstrom, Inc.                                                    | JWN 4 03/15/27                                                                                          | CUSIP: 655664AS9<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498502.40    | 0.09%             | 2027-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sensata Technologies Inc                                           | ST 3.75 02/15/31 144A                                                                                   | CUSIP: 81728UAB0<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |    333000 | PA      | $314169.28    | 0.06%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Mattamy Group Corp                                                 | MATHOM 6 12/15/33 144A                                                                                  | CUSIP: 57701RAQ5<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |   3411000 | PA      | $3360064.87   | 0.63%             | 2033-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Brinks Company                                                     | BCO 6.75 06/15/32 144A                                                                                  | CUSIP: 109696AD6<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |   2999000 | PA      | $3106319.22   | 0.58%             | 2032-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Project Alpha Intermediate Holding Inc                             | PROJECT ALPHA INTERMEDIATE HOLDING INC                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2138520 | PA      | $1638640.90   | 0.31%             | 2033-05-09      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                               | CCL 5.75 08/01/32 144A                                                                                  | CUSIP: 143658CA8<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   1712000 | PA      | $1778851.89   | 0.33%             | 2032-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Surgery Center Holdings, Inc.                                      | SURCEN 7.25 04/15/32 144A                                                                               | CUSIP: 86881WAF9<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |   4130000 | PA      | $4130151.98   | 0.77%             | 2032-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| US Foods Inc                                                       | USFOOD 4.75 02/15/29 144A                                                                               | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    603000 | PA      | $601042.06    | 0.11%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Alpha Generation LLC                                               | ALPGEN 6.75 10/15/32 144A                                                                               | CUSIP: 02073LAA9<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |   1278000 | PA      | $1330421.00   | 0.25%             | 2032-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                            | VENLNG 8.375 06/01/31 144A                                                                              | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   2688000 | PA      | $2754440.40   | 0.52%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Snap Inc                                                           | SNAP 6.875 03/15/34 144A                                                                                | CUSIP: 83304AAM8<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |   3657000 | PA      | $3648234.90   | 0.68%             | 2034-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SPX Flow Inc.                                                      | FLOW 8.75 04/01/30 144A                                                                                 | CUSIP: 758071AA2<br>LEI: 5493003YXEKRBINIEM78 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1204108.28   | 0.23%             | 2030-04-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Pac Dac LLC                                                        | Phoenix Aviation Capital Term Loan B 325 2030-09-30                                                     | CUSIP: 69450PAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3394245 | PA      | $3362440.71   | 0.63%             | 2030-10-28      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| RHP Hotel Properties LP / RHP Finance Corporation                  | RHP 5.75 03/15/34 144A                                                                                  | CUSIP: 74984CAA6<br>LEI: 549300SJMSMA2471GA96 | Long             | DBT              | CORP              | US        |    535000 | PA      | $539328.69    | 0.10%             | 2034-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Concentra Health Services Inc.                                     | CONCEN 6.875 07/15/32 144A                                                                              | CUSIP: 20600DAA1<br>LEI: 984500GB84105F75DE32 | Long             | DBT              | CORP              | US        |    309000 | PA      | $323026.44    | 0.06%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WH Borrower LLC                                                    | WHP Global Term Loan B 475 2032-01-30                                                                   | CUSIP: 92942LAG6<br>LEI: 2549009H920CQUE3R944 | Long             | LON              | CORP              | US        |   1862433 | PA      | $1863885.77   | 0.35%             | 2032-02-20      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| LBM Acquisition LLC                                                | USLBMH 9.5 06/15/31 144A                                                                                | CUSIP: 52109SAB5<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |    848000 | PA      | $791989.60    | 0.15%             | 2031-06-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ProAmpac PG Borrower LLC                                           | ProAmpac Term Loan B 400 2028-09-01                                                                     | CUSIP: 74274NAL7<br>LEI: 549300ZI6LTXYFEY1578 | Long             | LON              | CORP              | US        |   1784860 | PA      | $1764780.10   | 0.33%             | 2028-09-15      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| United Rentals (North America), Inc.                               | URI 6 12/15/29 144A                                                                                     | CUSIP: 911365BQ6<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   7955000 | PA      | $8164383.56   | 1.53%             | 2029-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP                                                  | POWSOL 6.75 09/15/32 144A                                                                               | CUSIP: 18060TAE5<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | CORP              | CA        |   1414000 | PA      | $1468580.40   | 0.28%             | 2032-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Rocket Companies Inc                                               | RKT 6.375 08/01/33 144A                                                                                 | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1878000 | PA      | $1943297.80   | 0.36%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| HIG Finance 2 Limited                                              | HYPERION REFINANCE SARL                                                                                 | CUSIP: 000000000<br>LEI: 213800R6D9EVRN5D3117 | Long             | LON              | CORP              | LU        |   2074392 | PA      | $1986521.01   | 0.37%             | 2030-04-18      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Goto Group Inc.                                                    | LOGM 5.5 05/01/28 144a                                                                                  | CUSIP: 38349YAB1<br>LEI: 549300D12V5KRBV00592 | Long             | DBT              | CORP              | US        |   2445875 | PA      | $745991.88    | 0.14%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Equipmentshare Com Inc.                                            | EQMSRM 8.625 05/15/32 144A                                                                              | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |   2307000 | PA      | $2470550.15   | 0.46%             | 2032-05-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Ryan Specialty LLC                                                 | RYASPE 5.875 08/01/32 144A                                                                              | CUSIP: 78351GAA3<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |   1034000 | PA      | $1042468.18   | 0.20%             | 2032-08-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                              | QUIKHO 6.75 03/01/33 144A                                                                               | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   4953000 | PA      | $5151867.90   | 0.97%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Tegna Inc                                                          | TGNA 4.625 03/15/28                                                                                     | CUSIP: 87901JAJ4<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |   6614000 | PA      | $6600559.10   | 1.24%             | 2028-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Raven Acquisition Holding LLC                                      | RCM 6.875 11/15/31 144A                                                                                 | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5260000 | PA      | $5068429.38   | 0.95%             | 2031-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Smyrna Ready Mix Concrete LLC                                      | Smyrna Ready Mix Concrete Term Loan B 300 2029-04-01                                                    | CUSIP: 83283EAK9<br>LEI: 549300S7RFWHQFOIOY93 | Long             | LON              | CORP              | US        |    625230 | PA      | $627574.54    | 0.12%             | 2029-04-02      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Wesco Distribution, Inc.                                           | WCC 6.375 03/15/33 144A                                                                                 | CUSIP: 95081QAS3<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    860000 | PA      | $897230.26    | 0.17%             | 2033-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Iqvia Inc                                                          | IQV 6.5 05/15/30 144A                                                                                   | CUSIP: 46266TAD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   2802000 | PA      | $2883238.39   | 0.54%             | 2030-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Brinks Company                                                     | BCO 6.5 06/15/29 144A                                                                                   | CUSIP: 109696AC8<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |    618000 | PA      | $636894.73    | 0.12%             | 2029-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Veritiv Corporation                                                | Veritiv Corp Term Loan B 400 2030-11-01                                                                 | CUSIP: 92338TAB2<br>LEI: 2549004HFEKMUGBG3Z35 | Long             | LON              | CORP              | US        |    413627 | PA      | $411068.57    | 0.08%             | 2030-11-30      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Knowbe4, Inc.                                                      | KnowBe4 First-lien Term Loan 375 2032-07-05                                                             | CUSIP: 49925TAD7<br>LEI: 64883ZJ0RS5039H4PN24 | Long             | LON              | CORP              | US        |   1009800 | PA      | $876001.50    | 0.16%             | 2032-07-23      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Mavis Tire Express Services Topco Corp.                            | EOCGRO 6.5 05/15/29 144A                                                                                | CUSIP: 59155LAA0<br>LEI: 254900NVDM4GTLBL9E56 | Long             | DBT              | CORP              | US        |   2341000 | PA      | $2340473.28   | 0.44%             | 2029-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC                                                       | ACRISU 7.5 11/06/30 144A                                                                                | CUSIP: 00489LAL7<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | DBT              | CORP              | US        |   6702000 | PA      | $6824351.71   | 1.28%             | 2030-11-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Standard Building Solutions Inc.                                   | BMCAUS 6.5 08/15/32 144A                                                                                | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |   1622000 | PA      | $1671983.55   | 0.31%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP                                                  | POWSOL 6.75 02/15/30 144A                                                                               | CUSIP: 18060TAD7<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | CORP              | CA        |   1514000 | PA      | $1586611.44   | 0.30%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Smyrna Ready Mix Concrete LLC                                      | SMYREA 8.875 11/15/31 144A                                                                              | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |   2551000 | PA      | $2711735.96   | 0.51%             | 2031-11-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Amwins Group Inc                                                   | AMWINS 6.375 02/15/29 144A                                                                              | CUSIP: 031921AC3<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |   3710000 | PA      | $3777662.98   | 0.71%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC                                                       | ACRISU 6.75 07/01/32 144A                                                                               | CUSIP: 004961AA6<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1717718.10   | 0.32%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Convergint Technologies LLC                                        | DG INVESTMENT INTERMEDI                                                                                 | CUSIP: 23344MAM0<br>LEI: 5493000K4943E6XIGE81 | Long             | LON              | CORP              | US        |    780224 | PA      | $780228.04    | 0.15%             | 2032-07-09      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Performance Food Group Inc                                         | PFGC 5.625 03/01/34 144A                                                                                | CUSIP: 71376LAH3<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |   1588000 | PA      | $1594305.20   | 0.30%             | 2034-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Leia Finco US LLC                                                  | LEIA FINCO US LLC                                                                                       | CUSIP: 52526CAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   7026434 | PA      | $6530226.91   | 1.22%             | 2032-10-09      | Floating      | 8.90%                 | No            |                  2 | On Loan: No      |
| Alera Group Inc                                                    | Alera Group Second-lien Term Loan 550 2033-05-12                                                        | CUSIP: 01451PAD8<br>LEI: 2549003D76KZAKICNX26 | Long             | LON              | CORP              | US        |   4702000 | PA      | $4640309.76   | 0.87%             | 2033-05-30      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC                                                | FOUR 6.75 08/15/32 144A                                                                                 | CUSIP: 82453AAB3<br>LEI: 254900GTEMR7L40VPI74 | Long             | DBT              | CORP              | US        |   4462000 | PA      | $4371097.46   | 0.82%             | 2032-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Firstcash Inc                                                      | FCFS 4.625 09/01/28 144A                                                                                | CUSIP: 33767DAB1<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |   3056000 | PA      | $3021005.74   | 0.57%             | 2028-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Taylor Morrison Communities Inc                                    | TMHC 5.75 11/15/32 144A                                                                                 | CUSIP: 87724RAK8<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |    562000 | PA      | $581154.08    | 0.11%             | 2032-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Molina Healthcare, Inc.                                            | MOH 3.875 05/15/32 144A                                                                                 | CUSIP: 60855RAL4<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |   2076000 | PA      | $1835215.74   | 0.34%             | 2032-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Wand Newco 3 Inc                                                   | CALCOL 7.625 01/30/32 144A                                                                              | CUSIP: 933940AA6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | DBT              | CORP              | US        |   2441000 | PA      | $2548442.37   | 0.48%             | 2032-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                | MEDIND 5.25 10/01/29 144A                                                                               | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   4488000 | PA      | $4490560.85   | 0.84%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                                      | FREMOR 9.125 05/15/31 144A                                                                              | CUSIP: 35641AAB4<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |   1881000 | PA      | $1949415.73   | 0.37%             | 2031-05-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                  | CSCHLD 3.375 02/15/31 144A                                                                              | CUSIP: 126307BF3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    250000 | PA      | $149253.73    | 0.03%             | 2031-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR RENTAL LLC                                         | CAR 8.25 01/15/30 144A                                                                                  | CUSIP: 053773BJ5<br>LEI: XN8R4HH1TVC1XOCL5P21 | Long             | DBT              | CORP              | US        |   2126000 | PA      | $2146335.19   | 0.40%             | 2030-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                            | LVLT 7 03/31/34 144A                                                                                    | CUSIP: 527298CN1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   1717000 | PA      | $1786202.77   | 0.33%             | 2034-03-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd.                                             | HBGCN 7.375 01/31/32 144A                                                                               | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |   4625000 | PA      | $4710330.23   | 0.88%             | 2032-01-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Institutional Liquidity Funds                       | Morgan Stanley Institutional Liquidity Funds TREAS PTF INST                                             | CUSIP: 61747C582<br>LEI: 5493000A332Y142SOW84 | Long             | STIV             | RF                | US        |   1787414 | PA      | $1787413.88   | 0.34%             | 2099-12-01      | Floating      | 0.00%                 | No            |                  1 | On Loan: No      |
| Avantor Funding Inc                                                | AVTR 4.625 07/15/28 144A                                                                                | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |   3153000 | PA      | $3126180.77   | 0.59%             | 2028-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Under Armour, Inc.                                                 | UA 7.25 07/15/30 144A                                                                                   | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |    567000 | PA      | $587038.91    | 0.11%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Neptune BidCo US Inc.                                              | NLSN 10.375 05/15/31 144A                                                                               | CUSIP: 640695AC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1136412.00   | 0.21%             | 2031-05-15      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Standard Building Solutions Inc.                                   | BMCAUS 6.25 08/01/33 144A                                                                               | CUSIP: 853191AC8<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    999000 | PA      | $1018337.64   | 0.19%             | 2033-08-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fair Isaac Corporation                                             | FAIRIC 6 05/15/33 144A                                                                                  | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |   6216000 | PA      | $6288144.08   | 1.18%             | 2033-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Standard Building Solutions Inc.                                   | BMCAUS 5.875 03/15/34 144A                                                                              | CUSIP: 853192AA0<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |   1392000 | PA      | $1389567.45   | 0.26%             | 2034-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                           | VST 7.75 10/15/31 144A                                                                                  | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    641000 | PA      | $677684.43    | 0.13%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Carpenter Technology Corporation                                   | CRS 5.625 03/01/34 144A                                                                                 | CUSIP: 144285AN3<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |    280000 | PA      | $285860.12    | 0.05%             | 2034-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Ziggo B.V.                                                         | ZIGGO 4.875 01/15/30 144a                                                                               | CUSIP: 98955DAA8<br>LEI: 213800TQASLF9JXH5J59 | Long             | DBT              | CORP              | NL        |   3579000 | PA      | $3375795.12   | 0.63%             | 2030-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLDINGS INTERMEDIATE LLC                                  | ALIANT 6.5 10/01/31 144A                                                                                | CUSIP: 01883LAG8<br>LEI: 5493006Q26653NF8SI73 | Long             | DBT              | CORP              | US        |   2112000 | PA      | $2126232.05   | 0.40%             | 2031-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Science Applications International Corp.                           | SAIC 5.875 11/01/33 144A                                                                                | CUSIP: 808625AB3<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |    283000 | PA      | $281446.27    | 0.05%             | 2033-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Neptune BidCo US Inc.                                              | NLSN 9.29 04/15/29 144A                                                                                 | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |   1862000 | PA      | $1867269.46   | 0.35%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| Molina Healthcare, Inc.                                            | MOH 6.25 01/15/33 144A                                                                                  | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |   3396000 | PA      | $3343297.71   | 0.63%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Talen Energy Supply LLC                                            | TLN 6.25 02/01/34 144A                                                                                  | CUSIP: 87422VAM0<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |    841000 | PA      | $856297.49    | 0.16%             | 2034-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Waste Pro USA Inc                                                  | WASPRO 7 02/01/33 144A                                                                                  | CUSIP: 94107JAC7<br>LEI: 549300BY1QXU5BI3UF28 | Long             | DBT              | CORP              | US        |   2949000 | PA      | $3076532.45   | 0.58%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VeriFone Systems Inc                                               | PAY L 08/21/28 2                                                                                        | CUSIP: 92346NAH2<br>LEI: 254900LTTVM8MM9RKV75 | Long             | LON              | CORP              | US        |   1130856 | PA      | $1044832.14   | 0.20%             | 2028-08-18      | Floating      | 9.18%                 | No            |                  2 | On Loan: No      |
| Madison IAQ LLC                                                    | MADIAQ 5.875 06/30/29 144A                                                                              | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |   2161000 | PA      | $2157552.99   | 0.40%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                                      | FUN 7.25 05/15/31 144A                                                                                  | CUSIP: 83001AAD4<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |    586000 | PA      | $575707.09    | 0.11%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Service Properties Trust                                           | SVC 8.875 06/15/32                                                                                      | CUSIP: 81761LAE2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   2359000 | PA      | $2369764.12   | 0.44%             | 2032-06-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| WarnerMedia Holdings Inc.                                          | WBD 5.141 03/15/52 *                                                                                    | CUSIP: 55903VBU6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   3812000 | PA      | $2506390.00   | 0.47%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| IVC Acquisition Ltd                                                | IVC Evidensia (Independent Vetcare) Term Loan B 375 2028-12-01                                          | CUSIP: 000000000<br>LEI: 5493000Y4FS5LU4IPV32 | Long             | LON              | CORP              | GB        |   4737180 | PA      | $4728889.67   | 0.89%             | 2028-12-12      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Belron U.K Finance PLC                                             | BELRON 5.75 10/15/29 144a                                                                               | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |   3073000 | PA      | $3142978.36   | 0.59%             | 2029-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| US Foods Inc                                                       | USFOOD 4.625 06/01/30 144A                                                                              | CUSIP: 90290MAE1<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |   5250000 | PA      | $5202229.73   | 0.98%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Broadstreet Partners Inc                                           | BROPAR 5.875 04/15/29 144A                                                                              | CUSIP: 11135RAA3<br>LEI: 549300BS9N54G8DD0R75 | Long             | DBT              | CORP              | US        |   2092000 | PA      | $2027831.79   | 0.38%             | 2029-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd                                              | Hub International Term Loan B 250 2030-06-01                                                            | CUSIP: 44332EAZ9<br>LEI: 549300JQT6ATTUNS5E06 | Long             | LON              | CORP              | US        |    365798 | PA      | $362384.76    | 0.07%             | 2030-06-20      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 1 SARL                                            | AGKLN 7 05/21/30 144A                                                                                   | CUSIP: 01330AAA4<br>LEI: 259400W9CABUZBRDLP97 | Long             | DBT              | CORP              | LU        |   3421000 | PA      | $3584722.22   | 0.67%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Clean Harbors, Inc.                                                | CLH 5.75 10/15/33 144A                                                                                  | CUSIP: 184496AR8<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |    568000 | PA      | $582887.85    | 0.11%             | 2033-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                  | HRI 6 03/15/34 144A                                                                                     | CUSIP: 42704LAK0<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    140000 | PA      | $140879.62    | 0.03%             | 2034-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PROPERTIES LP                                            | RHP 6.5 06/15/33 144A                                                                                   | CUSIP: 749571AL9<br>LEI: 549300SJMSMA2471GA96 | Long             | DBT              | CORP              | US        |    284000 | PA      | $295183.92    | 0.06%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EZCORP Inc.                                                        | EZPW 7.375 04/01/32 144A                                                                                | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |    560000 | PA      | $601125.28    | 0.11%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Talen Energy Supply LLC                                            | TLN 6.5 02/01/36 144A                                                                                   | CUSIP: 87422VAN8<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |   4592000 | PA      | $4723987.81   | 0.89%             | 2036-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Post Holdings Inc.                                                 | POST 6.375 03/01/33 144A                                                                                | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   3018000 | PA      | $3074352.10   | 0.58%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ICON Investments Six DAC                                           | ICLR 5.849 05/08/29                                                                                     | CUSIP: 45115AAB0<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |   1800000 | PA      | $1843378.11   | 0.35%             | 2029-05-08      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Genesee & Wyoming Inc                                              | GWR 6.25 04/15/32 144A                                                                                  | CUSIP: 371559AB1<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | DBT              | CORP              | US        |   2466000 | PA      | $2544877.48   | 0.48%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Graphic Packaging International LLC                                | GPK 6.375 07/15/32 144A                                                                                 | CUSIP: 38869AAE7<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |   1923000 | PA      | $1950371.98   | 0.37%             | 2032-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                                    | BBDBCN 6.75 06/15/33 144A                                                                               | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   1695000 | PA      | $1788213.14   | 0.34%             | 2033-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Boyd Gaming Corporation                                            | BYD 4.75 06/15/31 144A                                                                                  | CUSIP: 103304BV2<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |   1438000 | PA      | $1407740.45   | 0.26%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SCIH Salt Holdings Inc.                                            | MORTON 4.875 05/01/28 144A                                                                              | CUSIP: 78433BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    570000 | PA      | $568242.41    | 0.11%             | 2028-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GROUP HOLDINGS INC                                  | TIBX 6.5 03/31/29 144A                                                                                  | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   1831000 | PA      | $1797212.56   | 0.34%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                               | CCL 5.875 06/15/31 144A                                                                                 | CUSIP: 143658BZ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   1665000 | PA      | $1741093.83   | 0.33%             | 2031-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corporation                                       | THC 6 11/15/33 144A                                                                                     | CUSIP: 88033GDV9<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    280000 | PA      | $289532.60    | 0.05%             | 2033-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc.                                          | TIBX 9 09/30/29 144A                                                                                    | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   6234000 | PA      | $6111465.24   | 1.15%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| GoTo Group Inc                                                     | GOTO GROUP INC                                                                                          | CUSIP: 38349FAD8<br>LEI: 549300D12V5KRBV00592 | Long             | LON              | CORP              | US        |   2267877 | PA      | $710979.35    | 0.13%             | 2028-04-28      | Floating      | 9.13%                 | No            |                  2 | On Loan: No      |
| Vestis Corporation                                                 | Vestis Term Loan B 225 2031-01-29                                                                       | CUSIP: 92550HAE3<br>LEI: 254900QDW0TA2TMFAP59 | Long             | LON              | CORP              | US        |   1842975 | PA      | $1767726.28   | 0.33%             | 2031-02-22      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Vista Management Holding Inc.                                      | VistaJet Term Loan B 375 2031-03-17                                                                     | CUSIP: 92842EAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3371349 | PA      | $3380839.36   | 0.63%             | 2031-04-01      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| Lightning Power LLC                                                | LIGPLL 7.25 08/15/32 144A                                                                               | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |  10952000 | PA      | $11634441.02  | 2.18%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Altice France SA                                                   | NUMERICABLE US LLC                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3564569 | PA      | $3581500.27   | 0.67%             | 2031-05-31      | Floating      | 10.55%                | No            |                  2 | On Loan: No      |
| Black Pearl Compute LLC                                            | BLKPRL 6.125 02/15/31 144A                                                                              | CUSIP: 09216NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1329000 | PA      | $1361828.75   | 0.26%             | 2031-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| LBM Acquisition LLC                                                | US LBM Term Loan B (Incremental) 375 2031-05-16                                                         | CUSIP: 50179JAH1<br>LEI: 549300FAEB3VWZL4NI86 | Long             | LON              | CORP              | US        |    681175 | PA      | $567589.14    | 0.11%             | 2031-06-06      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| Elastic NV                                                         | ESTC 4.125 07/15/29 144A                                                                                | CUSIP: 28415LAA1<br>LEI: 2549003I48WHHH937I59 | Long             | DBT              | CORP              | NL        |   4000000 | PA      | $3783012.00   | 0.71%             | 2029-07-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLDINGS INTERMEDIATE LLC                                  | ALIANT 6.75 04/15/28 144A                                                                               | CUSIP: 01883LAE3<br>LEI: 5493006Q26653NF8SI73 | Long             | DBT              | CORP              | US        |   7588000 | PA      | $7679723.74   | 1.44%             | 2028-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Rb Global Holdings Inc.                                            | RBACN 7.75 03/15/31 144A                                                                                | CUSIP: 76774LAC1<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |   1978000 | PA      | $2058929.87   | 0.39%             | 2031-03-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Graham Holdings Co                                                 | GHC 5.625 12/01/33 144A                                                                                 | CUSIP: 384637AC8<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | DBT              | CORP              | US        |   1832000 | PA      | $1836559.85   | 0.34%             | 2033-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc.                                         | CZR 4.625 10/15/29 144A                                                                                 | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   1999000 | PA      | $1957045.39   | 0.37%             | 2029-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| JANE STREET GROUP LLC                                              | JANEST 6.125 11/01/32 144A                                                                              | CUSIP: 47077WAD0<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |    923000 | PA      | $929217.33    | 0.17%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Post Holdings Inc.                                                 | POST 6.25 02/15/32 144A                                                                                 | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   3354000 | PA      | $3454442.24   | 0.65%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AHP Health Partners Inc.                                           | ARDT 5.75 07/15/29 144A                                                                                 | CUSIP: 00150LAB7<br>LEI: 549300QMM8MQ6SM5KX05 | Long             | DBT              | CORP              | US        |   4445000 | PA      | $4359055.48   | 0.82%             | 2029-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Graphic Packaging International LLC                                | GPK 3.75 02/01/30 144A                                                                                  | CUSIP: 38869AAD9<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |   3239000 | PA      | $3066647.95   | 0.58%             | 2030-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Cipher Compute LLC                                                 | CIFR 7.125 11/15/30 144A                                                                                | CUSIP: 17253NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2280000 | PA      | $2379394.32   | 0.45%             | 2030-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Builders Firstsource, Inc.                                         | BLDR 6.75 05/15/35 144A                                                                                 | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   9304000 | PA      | $9720955.88   | 1.82%             | 2035-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Gray Media Inc.                                                    | GTN 4.75 10/15/30 144A                                                                                  | CUSIP: 389375AL0<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   2974000 | PA      | $2416824.37   | 0.45%             | 2030-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AECOM                                                              | ACM 6 08/01/33 144A                                                                                     | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1022452.00   | 0.19%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Energizer Holdings Inc                                             | ENR 4.375 03/31/29 144A                                                                                 | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |   4009000 | PA      | $3897667.66   | 0.73%             | 2029-03-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Ford Motor Company                                                 | F 9.625 04/22/30                                                                                        | CUSIP: 345370CX6<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   3369000 | PA      | $3937432.27   | 0.74%             | 2030-04-22      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Clarivate Science Holdings Corp.                                   | CLVTSC 4.875 07/01/29 144A                                                                              | CUSIP: 18064PAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1929000 | PA      | $1584497.40   | 0.30%             | 2029-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LBM Acquisition LLC                                                | US LBM Term Loan B (Incremental) 500 2031-06-01                                                         | CUSIP: 50179JAK4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | LON              | CORP              | US        |    969120 | PA      | $852825.54    | 0.16%             | 2031-06-06      | Floating      | 8.68%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-23

**Name of Applicant:** First Trust High Yield Opportunities 2027 Term Fund

**Signature:** Derek Maltbie

**Name of Signer:** Derek Maltbie

**Title:** Treasurer, Chief Financial Officer and Chief Accounting Officer