# EDGAR Filing Document

**Accession Number:** 0001810523
**File Stem:** 0000940400-25-005560
**Filing Date:** 2025-10
**Character Count:** 176659
**Document Hash:** d30fb59fac625dfd5580b2b24a8da5e3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-005560.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000940400-25-005560

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250829

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**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:** 251428750

**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** 

**August 31, 2025 (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) – 88.6%** | **CORPORATE BONDS AND NOTES (a) – 88.6%** | **CORPORATE BONDS AND NOTES (a) – 88.6%** | **CORPORATE BONDS AND NOTES (a) – 88.6%** | **CORPORATE BONDS AND NOTES (a) – 88.6%** |
|  | **Aerospace & Defense – 1.4%** |  |  |  |
| $316000 | Amentum Holdings, Inc. (b) | 7.25<br> % <br>| 08/01/32 | $329771 |
| 420000 | Axon Enterprise, Inc. (b) | 6.13<br> % <br>| 03/15/30 | 432567 |
| 280000 | Axon Enterprise, Inc. (b) | 6.25<br> % <br>| 03/15/33 | 290139 |
| 2281000 | TransDigm, Inc. (b) | 6.63<br> % <br>| 03/01/32 | 2351583 |
| 754000 | TransDigm, Inc. (b) | 6.00<br> % <br>| 01/15/33 | 763004 |
| 3665000 | TransDigm, Inc. (b) | 6.38<br> % <br>| 05/31/33 | 3722867 |
|  |  |  |  | 7889931 |
|  | **Alternative Carriers – 0.7%** |  |  |  |
| 3646000 | Level 3 Financing, Inc. (b) | 7.00<br> % <br>| 03/31/34 | 3673972 |
|  | **Apparel Retail – 0.8%** |  |  |  |
| 2934000 | Hanesbrands, Inc. (b) | 9.00<br> % <br>| 02/15/31 | 3122125 |
| 500000 | Nordstrom, Inc. | 4.00<br> % <br>| 03/15/27 | 488066 |
| 1146000 | Nordstrom, Inc. | 4.38<br> % <br>| 04/01/30 | 1061120 |
|  |  |  |  | 4671311 |
|  | **Apparel, Accessories & Luxury Goods – 0.1%** |  |  |  |
| 567000 | Under Armour, Inc. (b) | 7.25<br> % <br>| 07/15/30 | 567537 |
|  | **Application Software – 5.1%** |  |  |  |
| 1831000 | Cloud Software Group, Inc. (b) | 6.50<br> % <br>| 03/31/29 | 1852591 |
| 3435000 | Cloud Software Group, Inc. (b) | 9.00<br> % <br>| 09/30/29 | 3584456 |
| 2879000 | Cloud Software Group, Inc. (b) | 8.25<br> % <br>| 06/30/32 | 3080208 |
| 548000 | Cloud Software Group, Inc. (b) | 6.63<br> % <br>| 08/15/33 | 556044 |
| 661000 | Ellucian Holdings, Inc. (b) | 6.50<br> % <br>| 12/01/29 | 674079 |
| 2445875 | GoTo Group, Inc. (b) (c) | 5.50<br> % <br>| 05/01/28 | 837712 |
| 3000000 | McAfee Corp. (b) | 7.38<br> % <br>| 02/15/30 | 2773877 |
| 1513000 | Open Text Holdings, Inc. (b) | 4.13<br> % <br>| 12/01/31 | 1393411 |
| 6464000 | RingCentral, Inc. (b) | 8.50<br> % <br>| 08/15/30 | 6903869 |
| 6521000 | UKG, Inc. (b) | 6.88<br> % <br>| 02/01/31 | 6747474 |
|  |  |  |  | 28403721 |
|  | **Asset Management & Custody Banks – 0.4%** |  |  |  |
| 1505000 | Osaic Holdings, Inc. (b) | 6.75<br> % <br>| 08/01/32 | 1534666 |
| 566000 | Osaic Holdings, Inc. (b) | 8.00<br> % <br>| 08/01/33 | 573935 |
|  |  |  |  | 2108601 |
|  | **Automobile Manufacturers – 0.7%** |  |  |  |
| 3369000 | Ford Motor Co. | 9.63<br> % <br>| 04/22/30 | 3923869 |
|  | **Automotive Retail – 0.4%** |  |  |  |
| 2341000 | Mavis Tire Express Services Topco Corp. (b) | 6.50<br> % <br>| 05/15/29 | 2340894 |
|  | **Broadcasting – 5.5%** |  |  |  |
| 2974000 | Gray Television, Inc. (b) | 4.75<br> % <br>| 10/15/30 | 2239600 |
| 3997400 | iHeartCommunications, Inc. (b) | 10.88<br> % <br>| 05/01/30 | 2368793 |
| 5067000 | Nexstar Media, Inc. (b) | 5.63<br> % <br>| 07/15/27 | 5064674 |
| 14804000 | Sinclair Television Group, Inc. (b) | 5.13<br> % <br>| 02/15/27 | 14115170 |
| 6614000 | TEGNA, Inc. | 4.63<br> % <br>| 03/15/28 | 6583988 |
|  |  |  |  | 30372225 |
|  | **Building Products – 3.5%** |  |  |  |
| 1414000 | Advanced Drainage Systems, Inc. (b) | 6.38<br> % <br>| 06/15/30 | 1446630 |
| 2241000 | Builders FirstSource, Inc. (b) | 6.38<br> % <br>| 03/01/34 | 2310877 |
| 9304000 | Builders FirstSource, Inc. (b) | 6.75<br> % <br>| 05/15/35 | 9714338 |
| 1848000 | CP Atlas Buyer, Inc. (b) | 9.75<br> % <br>| 07/15/30 | 1908319 |

---

------

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

**Portfolio of Investments (Continued)**

**August 31, 2025 (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)** |
|  | **Building Products (Continued)** |  |  |  |
| $1622000 | Standard Building Solutions, Inc. (b) | 6.50<br> % <br>| 08/15/32 | $1675229 |
| 999000 | Standard Building Solutions, Inc. (b) | 6.25<br> % <br>| 08/01/33 | 1020329 |
| 574000 | Standard Industries, Inc. (b) | 4.75<br> % <br>| 01/15/28 | 569012 |
| 858000 | Standard Industries, Inc. (b) | 4.38<br> % <br>| 07/15/30 | 822745 |
|  |  |  |  | 19467479 |
|  | **Cable & Satellite – 4.3%** |  |  |  |
| 1567000 | CCO Holdings LLC / CCO Holdings Capital Corp. (b) | 6.38<br> % <br>| 09/01/29 | 1591917 |
| 1184000 | CCO Holdings LLC / CCO Holdings Capital Corp. (b) | 4.75<br> % <br>| 03/01/30 | 1138645 |
| 1953000 | CCO Holdings LLC / CCO Holdings Capital Corp. (b) | 4.50<br> % <br>| 08/15/30 | 1849971 |
| 3219000 | CCO Holdings LLC / CCO Holdings Capital Corp. (b) | 7.38<br> % <br>| 03/01/31 | 3332700 |
| 250000 | CSC Holdings LLC (b) | 3.38<br> % <br>| 02/15/31 | 160087 |
| 7469000 | CSC Holdings LLC (b) | 4.50<br> % <br>| 11/15/31 | 4850858 |
| 7058000 | DISH Network Corp. (b) | 11.75<br> % <br>| 11/15/27 | 7466613 |
| 3290537 | EchoStar Corp. | 10.75<br> % <br>| 11/30/29 | 3544451 |
|  |  |  |  | 23935242 |
|  | **Casinos & Gaming – 2.4%** |  |  |  |
| 1438000 | Boyd Gaming Corp. (b) | 4.75<br> % <br>| 06/15/31 | 1384941 |
| 1999000 | Caesars Entertainment, Inc. (b) | 4.63<br> % <br>| 10/15/29 | 1907581 |
| 2299000 | Caesars Entertainment, Inc. (b) | 6.00<br> % <br>| 10/15/32 | 2255545 |
| 3891000 | &nbsp;&nbsp; Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., <br> Inc. (b)<br>| 6.75<br> % <br>| 01/15/30 | 3662520 |
| 1163000 | Light & Wonder International, Inc. (b) | 7.50<br> % <br>| 09/01/31 | 1214780 |
| 293000 | &nbsp;&nbsp; Scientific Games Holdings, L.P. / Scientific Games US Finance <br> Co., Inc. (b)<br>| 6.63<br> % <br>| 03/01/30 | 281404 |
| 2286000 | Station Casinos LLC (b) | 4.50<br> % <br>| 02/15/28 | 2254649 |
| 408000 | Station Casinos LLC (b) | 4.63<br> % <br>| 12/01/31 | 386345 |
|  |  |  |  | 13347765 |
|  | **Commercial & Residential Mortgage Finance – 0.8%** |  |  |  |
| 2254000 | PennyMac Financial Services, Inc. (b) | 6.75<br> % <br>| 02/15/34 | 2271093 |
| 1878000 | Rocket Cos, Inc. (b) | 6.38<br> % <br>| 08/01/33 | 1951195 |
|  |  |  |  | 4222288 |
|  | **Commercial Printing – 0.2%** |  |  |  |
| 1440000 | LABL, Inc. (b) | 8.63<br> % <br>| 10/01/31 | 1064383 |
|  | **Construction & Engineering – 1.2%** |  |  |  |
| 1000000 | AECOM (b) | 6.00<br> % <br>| 08/01/33 | 1021350 |
| 3855000 | Pike Corp. (b) | 5.50<br> % <br>| 09/01/28 | 3858990 |
| 1235000 | Pike Corp. (b) | 8.63<br> % <br>| 01/31/31 | 1323138 |
| 273000 | Williams Scotsman, Inc. (b) | 6.63<br> % <br>| 04/15/30 | 282787 |
|  |  |  |  | 6486265 |
|  | **Construction Materials – 1.2%** |  |  |  |
| 1529000 | JH North America Holdings, Inc. (b) | 6.13<br> % <br>| 07/31/32 | 1552875 |
| 4953000 | Quikrete Holdings, Inc. (b) | 6.75<br> % <br>| 03/01/33 | 5137732 |
|  |  |  |  | 6690607 |
|  | **Consumer Finance – 1.2%** |  |  |  |
| 560000 | EZCORP, Inc. (b) | 7.38<br> % <br>| 04/01/32 | 591853 |
| 3056000 | FirstCash, Inc. (b) | 4.63<br> % <br>| 09/01/28 | 3002856 |
| 2904000 | FirstCash, Inc. (b) | 6.88<br> % <br>| 03/01/32 | 3017067 |

---

------

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

**Portfolio of Investments (Continued)**

**August 31, 2025 (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)** |
|  | **Consumer Finance (Continued)** |  |  |  |
| $291000 | Navient Corp. | 7.88<br> % <br>| 06/15/32 | $307338 |
|  |  |  |  | 6919114 |
|  | **Data Processing & Outsourced Services – 0.3%** |  |  |  |
| 843000 | Block, Inc. (b) | 5.63<br> % <br>| 08/15/30 | 862243 |
| 562000 | Block, Inc. (b) | 6.00<br> % <br>| 08/15/33 | 577329 |
|  |  |  |  | 1439572 |
|  | **Diversified Metals & Mining – 0.2%** |  |  |  |
| 570000 | SCIH Salt Holdings, Inc. (b) | 4.88<br> % <br>| 05/01/28 | 557430 |
| 300000 | SCIH Salt Holdings, Inc. (b) | 6.63<br> % <br>| 05/01/29 | 301530 |
|  |  |  |  | 858960 |
|  | **Diversified Support Services – 0.5%** |  |  |  |
| 901000 | RB Global Holdings, Inc. (b) | 6.75<br> % <br>| 03/15/28 | 923326 |
| 1978000 | RB Global Holdings, Inc. (b) | 7.75<br> % <br>| 03/15/31 | 2078174 |
|  |  |  |  | 3001500 |
|  | **Electric Utilities – 2.4%** |  |  |  |
| 1278000 | Alpha Generation LLC (b) | 6.75<br> % <br>| 10/15/32 | 1318540 |
| 10952000 | Lightning Power LLC (b) | 7.25<br> % <br>| 08/15/32 | 11625296 |
| 641000 | Vistra Operations Co. LLC (b) | 7.75<br> % <br>| 10/15/31 | 681451 |
|  |  |  |  | 13625287 |
|  | **Electrical Components & Equipment – 0.1%** |  |  |  |
| 333000 | Sensata Technologies, Inc. (b) | 3.75<br> % <br>| 02/15/31 | 306340 |
|  | **Environmental & Facilities Services – 1.3%** |  |  |  |
| 1196000 | Allied Universal Holdco LLC (b) | 7.88<br> % <br>| 02/15/31 | 1257779 |
| 1956000 | Allied Universal Holdco LLC / Allied Universal Finance Corp. (b) | 6.88<br> % <br>| 06/15/30 | 2015907 |
| 2949000 | Waste Pro USA, Inc. (b) | 7.00<br> % <br>| 02/01/33 | 3090938 |
| 618000 | Wrangler Holdco Corp. (b) | 6.63<br> % <br>| 04/01/32 | 644659 |
|  |  |  |  | 7009283 |
|  | **Fertilizers & Agricultural Chemicals – 0.1%** |  |  |  |
| 338000 | Scotts Miracle-Gro Co. (The) | 4.38<br> % <br>| 02/01/32 | 312305 |
|  | **Food Distributors – 1.8%** |  |  |  |
| 603000 | US Foods, Inc. (b) | 4.75<br> % <br>| 02/15/29 | 594368 |
| 5250000 | US Foods, Inc. (b) | 4.63<br> % <br>| 06/01/30 | 5135514 |
| 2078000 | US Foods, Inc. (b) | 7.25<br> % <br>| 01/15/32 | 2184491 |
| 2079000 | US Foods, Inc. (b) | 5.75<br> % <br>| 04/15/33 | 2090986 |
|  |  |  |  | 10005359 |
|  | **Health Care Facilities – 1.3%** |  |  |  |
| 3229000 | AHP Health Partners, Inc. (b) | 5.75<br> % <br>| 07/15/29 | 3216648 |
| 309000 | Concentra Health Services, Inc. (b) | 6.88<br> % <br>| 07/15/32 | 320712 |
| 3722000 | Select Medical Corp. (b) | 6.25<br> % <br>| 12/01/32 | 3746815 |
|  |  |  |  | 7284175 |
|  | **Health Care Services – 1.1%** |  |  |  |
| 5260000 | Raven Acquisition Holdings LLC (b) | 6.88<br> % <br>| 11/15/31 | 5371591 |
| 567000 | Surgery Center Holdings, Inc. (b) | 7.25<br> % <br>| 04/15/32 | 588738 |
|  |  |  |  | 5960329 |

---

------

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

**Portfolio of Investments (Continued)**

**August 31, 2025 (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)** |
|  | **Health Care Supplies – 1.7%** |  |  |  |
| $5020000 | Medline Borrower, L.P. (b) | 3.88<br> % <br>| 04/01/29 | $4823576 |
| 4488000 | Medline Borrower, L.P. (b) | 5.25<br> % <br>| 10/01/29 | 4447352 |
|  |  |  |  | 9270928 |
|  | **Health Care Technology – 1.1%** |  |  |  |
| 6527000 | AthenaHealth Group, Inc. (b) | 6.50<br> % <br>| 02/15/30 | 6408581 |
|  | **Hotels, Resorts & Cruise Lines – 0.2%** |  |  |  |
| 284000 | RHP Hotel Properties LP / RHP Finance Corp. (b) | 6.50<br> % <br>| 06/15/33 | 293535 |
| 937000 | Vail Resorts, Inc. (b) | 6.50<br> % <br>| 05/15/32 | 971121 |
|  |  |  |  | 1264656 |
|  | **Household Products – 1.5%** |  |  |  |
| 2733000 | Energizer Holdings, Inc. (b) | 6.50<br> % <br>| 12/31/27 | 2759879 |
| 1746000 | Energizer Holdings, Inc. (b) | 4.75<br> % <br>| 06/15/28 | 1718862 |
| 4009000 | Energizer Holdings, Inc. (b) | 4.38<br> % <br>| 03/31/29 | 3842015 |
|  |  |  |  | 8320756 |
|  | **Housewares & Specialties – 0.5%** |  |  |  |
| 426000 | Newell Brands, Inc. (b) | 8.50<br> % <br>| 06/01/28 | 450804 |
| 2146000 | Newell Brands, Inc. | 6.63<br> % <br>| 05/15/32 | 2100160 |
|  |  |  |  | 2550964 |
|  | **Human Resource & Employment Services – 1.3%** |  |  |  |
| 3756000 | TriNet Group, Inc. (b) | 7.13<br> % <br>| 08/15/31 | 3908404 |
| 4115000 | ZipRecruiter, Inc. (b) | 5.00<br> % <br>| 01/15/30 | 3337509 |
|  |  |  |  | 7245913 |
|  | **Industrial Machinery & Supplies & Components – 0.7%** |  |  |  |
| 752000 | Gates Corp. (The) (b) | 6.88<br> % <br>| 07/01/29 | 782827 |
| 2161000 | Madison IAQ LLC (b) | 5.88<br> % <br>| 06/30/29 | 2141160 |
| 1175000 | SPX FLOW, Inc. (b) | 8.75<br> % <br>| 04/01/30 | 1221861 |
|  |  |  |  | 4145848 |
|  | **Insurance Brokers – 11.8%** |  |  |  |
| 6702000 | Acrisure LLC / Acrisure Finance, Inc. (b) | 7.50<br> % <br>| 11/06/30 | 6950021 |
| 1750000 | Acrisure LLC / Acrisure Finance, Inc. (b) | 6.75<br> % <br>| 07/01/32 | 1796865 |
| 7065000 | &nbsp;&nbsp; Alliant Holdings Intermediate LLC / Alliant Holdings <br> Co-Issuer (b)<br>| 6.75<br> % <br>| 10/15/27 | 7086365 |
| 7588000 | &nbsp;&nbsp; Alliant Holdings Intermediate LLC / Alliant Holdings <br> Co-Issuer (b)<br>| 6.75<br> % <br>| 04/15/28 | 7746043 |
| 210000 | &nbsp;&nbsp; Alliant Holdings Intermediate LLC / Alliant Holdings <br> Co-Issuer (b)<br>| 5.88<br> % <br>| 11/01/29 | 207658 |
| 2112000 | &nbsp;&nbsp; Alliant Holdings Intermediate LLC / Alliant Holdings <br> Co-Issuer (b)<br>| 6.50<br> % <br>| 10/01/31 | 2161581 |
| 603000 | &nbsp;&nbsp; Alliant Holdings Intermediate LLC / Alliant Holdings <br> Co-Issuer (b)<br>| 7.38<br> % <br>| 10/01/32 | 621985 |
| 3710000 | AmWINS Group, Inc. (b) | 6.38<br> % <br>| 02/15/29 | 3804649 |
| 3035000 | AmWINS Group, Inc. (b) | 4.88<br> % <br>| 06/30/29 | 2963033 |
| 7764000 | &nbsp;&nbsp; Baldwin Insurance Group Holdings LLC / Baldwin Insurance <br> Group Holdings Finance (b)<br>| 7.13<br> % <br>| 05/15/31 | 8064335 |
| 2092000 | BroadStreet Partners, Inc. (b) | 5.88<br> % <br>| 04/15/29 | 2082164 |
| 4075000 | HUB International Ltd. (b) | 5.63<br> % <br>| 12/01/29 | 4091785 |
| 4625000 | HUB International Ltd. (b) | 7.38<br> % <br>| 01/31/32 | 4867609 |
| 8880000 | Panther Escrow Issuer LLC (b) | 7.13<br> % <br>| 06/01/31 | 9221125 |

---

------

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

**Portfolio of Investments (Continued)**

**August 31, 2025 (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)** |
|  | **Insurance Brokers (Continued)** |  |  |  |
| $3711000 | Ryan Specialty LLC (b) | 5.88<br> % <br>| 08/01/32 | $3738758 |
|  |  |  |  | 65403976 |
|  | **Interactive Media & Services – 1.3%** |  |  |  |
| 2101000 | Cars.com, Inc. (b) | 6.38<br> % <br>| 11/01/28 | 2106295 |
| 2532000 | Snap, Inc. (b) | 6.88<br> % <br>| 03/01/33 | 2561002 |
| 2088000 | Snap, Inc. (b) | 6.88<br> % <br>| 03/15/34 | 2098676 |
| 584000 | ZoomInfo Technologies LLC / ZoomInfo Finance Corp. (b) | 3.88<br> % <br>| 02/01/29 | 548825 |
|  |  |  |  | 7314798 |
|  | **Internet Services & Infrastructure – 0.8%** |  |  |  |
| 4210000 | Go Daddy Operating Co. LLC / GD Finance Co., Inc. (b) | 5.25<br> % <br>| 12/01/27 | 4196952 |
|  | **Investment Banking & Brokerage – 0.3%** |  |  |  |
| 923000 | Jane Street Group / JSG Finance, Inc. (b) | 6.13<br> % <br>| 11/01/32 | 927931 |
| 860000 | Jane Street Group / JSG Finance, Inc. (b) | 6.75<br> % <br>| 05/01/33 | 889228 |
|  |  |  |  | 1817159 |
|  | **IT Consulting & Other Services – 0.0%** |  |  |  |
| 282000 | CACI International, Inc. (b) | 6.38<br> % <br>| 06/15/33 | 291219 |
|  | **Leisure Facilities – 0.5%** |  |  |  |
| 876000 | Life Time, Inc. (b) | 6.00<br> % <br>| 11/15/31 | 885865 |
| 283000 | SeaWorld Parks & Entertainment, Inc. (b) | 5.25<br> % <br>| 08/15/29 | 277987 |
| 586000 | Six Flags Entertainment Corp. (b) | 7.25<br> % <br>| 05/15/31 | 589253 |
| 1193000 | &nbsp;&nbsp; Six Flags Entertainment Corp. / Six Flags Theme Parks, Inc. / <br> Canada's Wonderland Co. (b)<br>| 6.63<br> % <br>| 05/01/32 | 1213133 |
|  |  |  |  | 2966238 |
|  | **Leisure Products – 0.3%** |  |  |  |
| 765000 | Acushnet Co. (b) | 7.38<br> % <br>| 10/15/28 | 801644 |
| 611000 | Amer Sports Co. (b) | 6.75<br> % <br>| 02/16/31 | 637410 |
|  |  |  |  | 1439054 |
|  | **Life Sciences Tools & Services – 2.4%** |  |  |  |
| 3153000 | Avantor Funding, Inc. (b) | 4.63<br> % <br>| 07/15/28 | 3105112 |
| 3000000 | Charles River Laboratories International, Inc. (b) | 3.75<br> % <br>| 03/15/29 | 2846434 |
| 1483000 | Charles River Laboratories International, Inc. (b) | 4.00<br> % <br>| 03/15/31 | 1372923 |
| 794000 | Fortrea Holdings, Inc. (b) | 7.50<br> % <br>| 07/01/30 | 757457 |
| 2802000 | IQVIA, Inc. (b) | 6.50<br> % <br>| 05/15/30 | 2907650 |
| 2318000 | Star Parent, Inc. (b) | 9.00<br> % <br>| 10/01/30 | 2456837 |
|  |  |  |  | 13446413 |
|  | **Managed Health Care – 1.0%** |  |  |  |
| 2000000 | Molina Healthcare, Inc. (b) | 3.88<br> % <br>| 11/15/30 | 1838490 |
| 2076000 | Molina Healthcare, Inc. (b) | 3.88<br> % <br>| 05/15/32 | 1857501 |
| 1740000 | Molina Healthcare, Inc. (b) | 6.25<br> % <br>| 01/15/33 | 1753541 |
|  |  |  |  | 5449532 |
|  | **Metal, Glass & Plastic Containers – 1.2%** |  |  |  |
| 903000 | Ball Corp. | 6.88<br> % <br>| 03/15/28 | 922382 |
| 4227000 | Ball Corp. | 2.88<br> % <br>| 08/15/30 | 3826897 |
| 1295000 | Magnera Corp. (b) | 7.25<br> % <br>| 11/15/31 | 1226721 |
| 650000 | Owens-Brockway Glass Container, Inc. (b) | 7.38<br> % <br>| 06/01/32 | 656082 |
|  |  |  |  | 6632082 |

---

------

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

**Portfolio of Investments (Continued)**

**August 31, 2025 (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)** |
|  | **Office Services & Supplies – 0.8%** |  |  |  |
| $4462000 | Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. (b) | 6.75<br> % <br>| 08/15/32 | $4629280 |
|  | **Oil & Gas Refining & Marketing – 1.7%** |  |  |  |
| 2688000 | Venture Global LNG, Inc. (b) | 8.38<br> % <br>| 06/01/31 | 2821870 |
| 5940000 | Venture Global LNG, Inc. (b) | 9.88<br> % <br>| 02/01/32 | 6471654 |
|  |  |  |  | 9293524 |
|  | **Oil & Gas Storage & Transportation – 1.4%** |  |  |  |
| 280000 | Rockies Express Pipeline LLC (b) | 6.75<br> % <br>| 03/15/33 | 292832 |
| 5143000 | Venture Global Plaquemines LNG LLC (b) | 7.50<br> % <br>| 05/01/33 | 5644432 |
| 1439000 | Venture Global Plaquemines LNG LLC (b) | 6.50<br> % <br>| 01/15/34 | 1503168 |
| 286000 | Venture Global Plaquemines LNG LLC (b) | 7.75<br> % <br>| 05/01/35 | 318625 |
|  |  |  |  | 7759057 |
|  | **Other Specialty Retail – 0.2%** |  |  |  |
| 690000 | PetSmart LLC / PetSmart Finance Corp. (b) | 7.50<br> % <br>| 09/15/32 | 684563 |
| 563000 | PetSmart LLC / PetSmart Finance Corp. (b) | 10.00<br> % <br>| 09/15/33 | 552890 |
|  |  |  |  | 1237453 |
|  | **Packaged Foods & Meats – 3.6%** |  |  |  |
| 1002000 | BellRing Brands, Inc. (b) | 7.00<br> % <br>| 03/15/30 | 1037051 |
| 1198000 | Fiesta Purchaser, Inc. (b) | 7.88<br> % <br>| 03/01/31 | 1272725 |
| 1506000 | Fiesta Purchaser, Inc. (b) | 9.63<br> % <br>| 09/15/32 | 1621827 |
| 374000 | Lamb Weston Holdings, Inc. (b) | 4.88<br> % <br>| 05/15/28 | 372795 |
| 2154000 | Lamb Weston Holdings, Inc. (b) | 4.38<br> % <br>| 01/31/32 | 2027627 |
| 3312000 | Performance Food Group, Inc. (b) | 6.13<br> % <br>| 09/15/32 | 3394025 |
| 7308000 | Post Holdings, Inc. (b) | 6.25<br> % <br>| 02/15/32 | 7516395 |
| 3018000 | Post Holdings, Inc. (b) | 6.38<br> % <br>| 03/01/33 | 3056190 |
|  |  |  |  | 20298635 |
|  | **Paper & Plastic Packaging Products & Materials – 4.0%** |  |  |  |
| 1415000 | Clydesdale Acquisition Holdings, Inc. (b) | 6.75<br> % <br>| 04/15/32 | 1454833 |
| 14125000 | Graham Packaging Co., Inc. (b) | 7.13<br> % <br>| 08/15/28 | 14159832 |
| 3239000 | Graphic Packaging International LLC (b) | 3.75<br> % <br>| 02/01/30 | 3043679 |
| 936000 | Graphic Packaging International LLC (b) | 6.38<br> % <br>| 07/15/32 | 952190 |
| 566000 | Sealed Air Corp. (b) | 5.00<br> % <br>| 04/15/29 | 561837 |
| 2070000 | Sealed Air Corp. / Sealed Air Corp. US (b) | 6.13<br> % <br>| 02/01/28 | 2101170 |
|  |  |  |  | 22273541 |
|  | **Passenger Ground Transportation – 0.4%** |  |  |  |
| 2126000 | Avis Budget Car Rental LLC / Avis Budget Finance, Inc. (b) | 8.25<br> % <br>| 01/15/30 | 2202633 |
|  | **Rail Transportation – 0.4%** |  |  |  |
| 2466000 | Genesee & Wyoming, Inc. (b) | 6.25<br> % <br>| 04/15/32 | 2510514 |
|  | **Real Estate Operating Companies – 0.7%** |  |  |  |
| 3693000 | Service Properties Trust | 8.88<br> % <br>| 06/15/32 | 3813582 |
|  | **Real Estate Services – 0.1%** |  |  |  |
| 737000 | Cushman & Wakefield US Borrower LLC (b) | 8.88<br> % <br>| 09/01/31 | 790805 |
|  | **Research & Consulting Services – 1.1%** |  |  |  |
| 2426000 | Clarivate Science Holdings Corp. (b) | 3.88<br> % <br>| 07/01/28 | 2342165 |
| 3371000 | Clarivate Science Holdings Corp. (b) | 4.88<br> % <br>| 07/01/29 | 3187553 |
| 342000 | CoreLogic, Inc. (b) | 4.50<br> % <br>| 05/01/28 | 328403 |
|  |  |  |  | 5858121 |

---

------

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

**Portfolio of Investments (Continued)**

**August 31, 2025 (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)** |
|  | **Restaurants – 0.3%** |  |  |  |
| $515000 | Brinker International, Inc. (b) | 8.25<br> % <br>| 07/15/30 | $547936 |
| 1250000 | Raising Cane's Restaurants LLC (b) | 9.38<br> % <br>| 05/01/29 | 1319203 |
|  |  |  |  | 1867139 |
|  | **Security & Alarm Services – 0.7%** |  |  |  |
| 618000 | Brink's Co. (The) (b) | 6.50<br> % <br>| 06/15/29 | 635986 |
| 2999000 | Brink's Co. (The) (b) | 6.75<br> % <br>| 06/15/32 | 3109123 |
|  |  |  |  | 3745109 |
|  | **Specialized Consumer Services – 0.5%** |  |  |  |
| 2441000 | Wand NewCo 3, Inc. (b) | 7.63<br> % <br>| 01/30/32 | 2588934 |
|  | **Systems Software – 1.7%** |  |  |  |
| 3636000 | Gen Digital, Inc. (b) | 7.13<br> % <br>| 09/30/30 | 3766725 |
| 2025000 | Gen Digital, Inc. (b) | 6.25<br> % <br>| 04/01/33 | 2087374 |
| 1697000 | SS&C Technologies, Inc. (b) | 5.50<br> % <br>| 09/30/27 | 1698722 |
| 1643000 | SS&C Technologies, Inc. (b) | 6.50<br> % <br>| 06/01/32 | 1706175 |
|  |  |  |  | 9258996 |
|  | **Technology Hardware, Storage & Peripherals – 0.3%** |  |  |  |
| 1446000 | Fair Isaac Corp. (b) | 6.00<br> % <br>| 05/15/33 | 1469017 |
|  | **Trading Companies & Distributors – 5.0%** |  |  |  |
| 574000 | EquipmentShare.com, Inc. (b) | 9.00<br> % <br>| 05/15/28 | 608639 |
| 1502000 | EquipmentShare.com, Inc. (b) | 8.00<br> % <br>| 03/15/33 | 1596988 |
| 561000 | Foundation Building Materials, Inc. (b) | 6.00<br> % <br>| 03/01/29 | 567645 |
| 2443000 | Herc Holdings, Inc. (b) | 7.25<br> % <br>| 06/15/33 | 2564530 |
| 848000 | LBM Acquisition LLC (b) | 9.50<br> % <br>| 06/15/31 | 889781 |
| 1720000 | Park River Holdings, Inc. (b) | 5.63<br> % <br>| 02/01/29 | 1610036 |
| 6731000 | QXO Building Products, Inc. (b) | 6.75<br> % <br>| 04/30/32 | 6968636 |
| 7955000 | United Rentals North America, Inc. (b) | 6.00<br> % <br>| 12/15/29 | 8160215 |
| 2677000 | Veritiv Operating Co. (b) | 10.50<br> % <br>| 11/30/30 | 2901113 |
| 860000 | WESCO Distribution, Inc. (b) | 6.38<br> % <br>| 03/15/33 | 892543 |
| 1178000 | White Cap Buyer LLC (b) | 6.88<br> % <br>| 10/15/28 | 1177872 |
|  |  |  |  | 27937998 |
|  | **Transaction & Payment Processing Services – 0.1%** |  |  |  |
| 638000 | Boost Newco Borrower LLC (b) | 7.50<br> % <br>| 01/15/31 | 677277 |
| 143000 | WEX, Inc. (b) | 6.50<br> % <br>| 03/15/33 | 146418 |
|  |  |  |  | 823695 |
|  | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** | 492411416 |
|  | (Cost $485,086,236) |  |  |  |
| **Principal**<br> **Value**<br>| **Description** | **Rate (d)** | **Stated**<br> **Maturity (e)**<br>| **Value** |
| **SENIOR FLOATING-RATE LOAN INTERESTS (a) – 24.4%** | **SENIOR FLOATING-RATE LOAN INTERESTS (a) – 24.4%** | **SENIOR FLOATING-RATE LOAN INTERESTS (a) – 24.4%** | **SENIOR FLOATING-RATE LOAN INTERESTS (a) – 24.4%** | **SENIOR FLOATING-RATE LOAN INTERESTS (a) – 24.4%** |
|  | **Advertising – 0.3%** |  |  |  |
| 1750301 | &nbsp;&nbsp; WH Borrower LLC (WHP), Term Loan B, 3 Mo. CME Term <br> SOFR + 4.75%, 0.50% Floor<br>| 8.95<br> % <br>| 02/20/32 | 1759053 |
|  | **Aerospace & Defense – 0.3%** |  |  |  |
| 1561191 | &nbsp;&nbsp; Spirit AeroSystems, Inc., Term Loan B, 3 Mo. CME Term SOFR + <br> 4.50%, 0.50% Floor<br>| 8.81<br> % <br>| 01/15/27 | 1570948 |

---

------

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

**Portfolio of Investments (Continued)**

**August 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (d)** | **Stated**<br> **Maturity (e)**<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)** |
|  | **Application Software – 4.4%** |  |  |  |
| $6177416 | &nbsp;&nbsp; Darktrace PLC (Leia Finco US LLC), Second Lien Term Loan , 3 <br> Mo. CME Term SOFR + 5.25%, 0.00% Floor<br>| 9.57<br> % <br>| 10/09/32 | $6210218 |
| 1861491 | &nbsp;&nbsp; Inmar, Inc., Refi Term Loan , 3 Mo. CME Term SOFR + 4.50%, <br> 0.00% Floor<br>| 8.80<br> % <br>| 10/30/31 | 1868481 |
| 3346145 | &nbsp;&nbsp; Internet Brands, Inc. (Web MD / MH Sub I. LLC), 2023 New <br> Term Loan B, 1 Mo. CME Term SOFR + 4.25%, 0.50% Floor <br>| 8.57<br> % <br>| 05/03/28 | 3113788 |
| 2955695 | &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>| 9.22<br> % <br>| 04/30/28 | 2572075 |
| 2427257 | &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>| 9.22<br> % <br>| 04/30/28 | 883352 |
| 708540 | &nbsp;&nbsp; McAfee Corp. (Condor Merger Sub, Inc.), Term Loan B-1, 1 Mo. <br> CME Term SOFR + 3.00%, 0.50% Floor<br>| 7.35<br> % <br>| 03/01/29 | 678721 |
| 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>| 9.30<br> % <br>| 05/08/33 | 2134521 |
| 2953964 | &nbsp;&nbsp; Solera Holdings, Inc. (Polaris Newco LLC), Term Loan B, 3 Mo. <br> CME Term SOFR + CSA + 4.00%, 0.50% Floor <br>| 8.32<br> % <br>| 06/04/28 | 2818850 |
| 1562113 | &nbsp;&nbsp; Starlight Parent LLC, Term Loan B, 1 Mo. CME Term SOFR + <br> 4.00%, 0.00% Floor<br>| 8.36<br> % <br>| 04/16/32 | 1544055 |
| 2758064 | X.AI LLC, Fixed Rate Term Loan | 12.50<br> % <br>| 06/30/30 | 2763677 |
|  |  |  |  | 24587738 |
|  | **Asset Management & Custody Banks – 0.2%** |  |  |  |
| 1304395 | &nbsp;&nbsp; Jump Financial LLC, Refi Term Loan B, 1 Mo. CME Term SOFR <br> + 3.50%, 0.00% Floor<br>| 7.83<br> % <br>| 02/26/32 | 1317439 |
|  | **Automotive Retail – 0.5%** |  |  |  |
| 2636179 | &nbsp;&nbsp; Mavis Tire Express Services Topco Corp., Refi Term Loan B, 3 <br> Mo. CME Term SOFR + 3.00%, 0.75% Floor<br>| 7.20<br> % <br>| 05/04/28 | 2645524 |
|  | **Data Processing & Outsourced Services – 0.6%** |  |  |  |
| 281204 | &nbsp;&nbsp; Paysafe Holdings US Corp., Facility B1 Loan, 1 Mo. CME Term <br> SOFR + CSA + 2.75%, 0.50% Floor<br>| 7.18<br> % <br>| 06/28/28 | 280852 |
| 3101435 | &nbsp;&nbsp; Skopima Consilio Parent LLC, Refi Term Loan B, 1 Mo. CME <br> Term SOFR + 3.75%, 0.50% Floor<br>| 8.07<br> % <br>| 05/17/28 | 2932515 |
|  |  |  |  | 3213367 |
|  | **Diversified Support Services – 0.3%** |  |  |  |
| 1852726 | &nbsp;&nbsp; Vestis Corp., Term Loan B-1, 3 Mo. CME Term SOFR + 2.25%, <br> 0.00% Floor<br>| 6.45<br> % <br>| 02/22/31 | 1758543 |
|  | **Electronic Equipment & Instruments – 0.7%** |  |  |  |
| 1276175 | &nbsp;&nbsp; DG Investment Intermediate Holdings 2, Inc., Second Lien, 1 Mo. <br> CME Term SOFR + 5.50%, 0.00% Floor<br>| 9.82<br> % <br>| 07/31/33 | 1271389 |
| 542765 | &nbsp;&nbsp; DG Investment Intermediate Holdings 2, Inc., Term Loan B, 1 Mo. <br> CME Term SOFR + 3.75%, 0.00% Floor<br>| 8.10<br> % <br>| 07/10/32 | 546157 |
| 2049182 | &nbsp;&nbsp; VeriFone Systems, Inc., Extended Term Loan, 3 Mo. CME Term <br> SOFR + CSA + 5.50%, 0.00% Floor<br>| 10.07<br> % <br>| 08/21/28 | 1956652 |
|  |  |  |  | 3774198 |
|  | **Food Distributors – 0.1%** |  |  |  |
| 761345 | &nbsp;&nbsp; C&S Wholesale Grocers, Inc., Term Loan B, 1 Mo. CME Term <br> SOFR + 5.00%, 0.00% Floor<br>| 9.27<br> % <br>| 09/30/30 | 746598 |

---

------

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

**Portfolio of Investments (Continued)**

**August 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (d)** | **Stated**<br> **Maturity (e)**<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)** |
|  | **Health Care Facilities – 0.6%** |  |  |  |
| $3253491 | &nbsp;&nbsp; IVC Evidensia (VetStrategy Canada / IVC Acquisition Midco Ltd.), <br> Term Loan B-12, 3 Mo. CME Term SOFR + 3.75%, 0.50% Floor <br>| 8.05<br> % <br>| 12/06/28 | $3277892 |
|  | **Health Care Services – 0.4%** |  |  |  |
| 2220479 | &nbsp;&nbsp; Opal US LLC, Facility B2 (USD), 3 Mo. CME Term SOFR + <br> 3.25%, 0.00% Floor<br>| 7.44<br> % <br>| 04/23/32 | 2236089 |
|  | **Health Care Technology – 1.6%** |  |  |  |
| 9027053 | Cotiviti, Inc. (Verscend Technologies, Inc.), Fixed Rate Term Loan | 7.63<br> % <br>| 05/01/31 | 9156816 |
|  | **Home Furnishings – 0.1%** |  |  |  |
| 553392 | &nbsp;&nbsp; Restoration Hardware (RH), Term Loan B-2, 1 Mo. CME Term <br> SOFR + CSA + 3.25%, 0.50% Floor<br>| 7.67<br> % <br>| 10/20/28 | 538074 |
|  | **Industrial Machinery & Supplies & Components – 0.8%** |  |  |  |
| 4257900 | &nbsp;&nbsp; Filtration Group Corp., Term Loan B, 1 Mo. CME Term SOFR + <br> 2.75%, 0.50% Floor<br>| 7.07<br> % <br>| 10/23/28 | 4281851 |
|  | **Insurance Brokers – 5.6%** |  |  |  |
| 4702000 | &nbsp;&nbsp; Alera Group Intermediate Holdings, Inc., Second Lien Term Loan, <br> 1 Mo. CME Term SOFR + 5.50%, 0.50% Floor <br>| 9.82<br> % <br>| 05/30/33 | 4887141 |
| 4403127 | &nbsp;&nbsp; Howden Group Holdings, Term Loan B, 1 Mo. CME Term SOFR <br> + 3.50%, 0.50% Floor<br>| 7.82<br> % <br>| 04/18/30 | 4420674 |
| 1926840 | &nbsp;&nbsp; Hub International Limited, 2025 Refi Term Loan B, 3 Mo. CME <br> Term SOFR + 2.50%, 0.75% Floor<br>| 6.83<br> % <br>| 06/20/30 | 1932823 |
| 2992862 | &nbsp;&nbsp; Hyperion Refinance Sarl, 2031 Maturity Refi Loan, 1 Mo. CME <br> Term SOFR + 2.75%, 0.50% Floor<br>| 7.07<br> % <br>| 02/18/31 | 2997126 |
| 6568004 | &nbsp;&nbsp; OneDigital Borrower LLC, Second Lien Term Loan, 1 Mo. CME <br> Term SOFR + 5.25%, 0.50% Floor<br>| 9.57<br> % <br>| 07/02/32 | 6654209 |
| 3221788 | &nbsp;&nbsp; OneDigital Borrower LLC, Term Loan B, 1 Mo. CME Term SOFR <br> + 3.00%, 0.50% Floor<br>| 7.32<br> % <br>| 07/02/31 | 3227201 |
| 1120385 | &nbsp;&nbsp; Trucordia Insurance Holdings LLC, Term Loan B, 1 Mo. CME <br> Term SOFR + 3.25%, 0.00% Floor<br>| 7.57<br> % <br>| 06/17/32 | 1126693 |
| 5772320 | &nbsp;&nbsp; Truist Insurance Holdings LLC (McGriff / Panther Escrow), <br> Second Lien Term Loan, 3 Mo. CME Term SOFR + 4.75%, <br> 0.00% Floor <br>| 9.05<br> % <br>| 05/06/32 | 5908200 |
|  |  |  |  | 31154067 |
|  | **Interactive Media & Services – 1.1%** |  |  |  |
| 3310572 | Twitter, Inc. (X Corp.), Fixed Rate Term Loan B-3 | 9.50<br> % <br>| 10/29/29 | 3259722 |
| 2701141 | &nbsp;&nbsp; Twitter, Inc. (X Corp.), Term Loan B-1, 3 Mo. CME Term SOFR + <br> CSA + 6.50%, 0.50% Floor<br>| 10.96<br> % <br>| 10/26/29 | 2644228 |
|  |  |  |  | 5903950 |
|  | **IT Consulting & Other Services – 2.2%** |  |  |  |
| 6260435 | &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>| 8.40<br> % <br>| 10/01/27 | 6171224 |
| 5764563 | &nbsp;&nbsp; Informatica LLC, 2024 Refi Term Loan B, 1 Mo. CME Term <br> SOFR + 2.25%, 0.00% Floor<br>| 6.57<br> % <br>| 10/30/28 | 5782577 |
|  |  |  |  | 11953801 |
|  | **Life Sciences Tools & Services – 0.4%** |  |  |  |
| 2437119 | &nbsp;&nbsp; Syneos Health, Inc. (Star Parent, Inc.), Term Loan B, 3 Mo. CME <br> Term SOFR + 4.00%, 0.00% Floor<br>| 8.30<br> % <br>| 09/30/30 | 2426152 |

---

------

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

**Portfolio of Investments (Continued)**

**August 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Value**<br>| **Description** | **Rate (d)** | **Stated**<br> **Maturity (e)**<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)** |
|  | **Metal, Glass & Plastic Containers – 0.3%** |  |  |  |
| $1793943 | &nbsp;&nbsp; ProAmpac PG Borrower LLC, 2024 Refi Term Loan B, 3 Mo. <br> CME Term SOFR + 4.00%, 0.75% Floor<br>| 8.19-8.32% | 09/15/28 | $1797531 |
|  | **Other Specialty Retail – 0.1%** |  |  |  |
| 489361 | &nbsp;&nbsp; Petco Health and Wellness Company, Inc., Initial Term Loan B, 3 <br> Mo. CME Term SOFR + CSA + 3.25%, 0.75% Floor <br>| 7.81<br> % <br>| 03/04/28 | 473968 |
|  | **Research & Consulting Services – 0.5%** |  |  |  |
| 1000986 | &nbsp;&nbsp; Amspec Parent LLC, Refi Term Loan B, 3 Mo. CME Term SOFR <br> + 3.50%, 0.00% Floor<br>| 7.80<br> % <br>| 12/22/31 | 1008649 |
| 1575540 | &nbsp;&nbsp; Camelot US Acquisition LLC, 2025 Incremental Term Loan, 1 Mo. <br> CME Term SOFR + 3.25%, 0.00% Floor<br>| 7.57<br> % <br>| 01/31/31 | 1581944 |
|  |  |  |  | 2590593 |
|  | **Restaurants – 0.3%** |  |  |  |
| 1774187 | &nbsp;&nbsp; IRB Holding Corp. (Arby's / Inspire Brands), Term Loan B, 1 Mo. <br> CME Term SOFR + 2.50%, 0.75% Floor <br>| 6.82<br> % <br>| 12/15/27 | 1774746 |
|  | **Security & Alarm Services – 1.0%** |  |  |  |
| 5445488 | &nbsp;&nbsp; Garda World Security Corp., Refi Term Loan B, 1 Mo. CME Term <br> SOFR + 3.00%, 0.00% Floor<br>| 7.36<br> % <br>| 02/01/29 | 5454337 |
|  | **Systems Software – 0.9%** |  |  |  |
| 1821938 | &nbsp;&nbsp; Idera, Inc. (Flash Charm), Second Lien Term Loan, 3 Mo. CME <br> Term SOFR + 6.75%, 0.75% Floor<br>| 11.20<br> % <br>| 03/02/29 | 1565345 |
| 131425 | &nbsp;&nbsp; Kaseya, Inc., Second Lien Term Loan , 1 Mo. CME Term SOFR + <br> 5.00%, 0.00% Floor<br>| 9.32<br> % <br>| 03/20/33 | 132042 |
| 1009800 | &nbsp;&nbsp; KnowBe4, Inc., Term Loan B, 3 Mo. CME Term SOFR + 3.75%, <br> 0.00% Floor<br>| 8.07<br> % <br>| 07/26/32 | 1014849 |
| 1825431 | &nbsp;&nbsp; Proofpoint, Inc., 2024 Refi Term Loan, 1 Mo. CME Term SOFR + <br> 3.00%, 0.50% Floor<br>| 7.32<br> % <br>| 08/31/28 | 1838739 |
| 700757 | &nbsp;&nbsp; Proofpoint, Inc., Incr Term Loan, 1 Mo. CME Term SOFR + <br> 3.00%, 0.50% Floor<br>| 7.32<br> % <br>| 08/31/28 | 705865 |
|  |  |  |  | 5256840 |
|  | **Trading Companies & Distributors – 1.1%** |  |  |  |
| 1741 | &nbsp;&nbsp; Foundation Building Materials, Inc., Term Loan B2, 1 Mo. CME <br> Term SOFR + 4.00%, 0.00% Floor<br>| 8.32<br> % <br>| 01/29/31 | 1750 |
| 686144 | &nbsp;&nbsp; Foundation Building Materials, Inc., Term Loan B2, 3 Mo. CME <br> Term SOFR + 4.00%, 0.00% Floor<br>| 8.31<br> % <br>| 01/29/31 | 689660 |
| 971549 | &nbsp;&nbsp; LBM Acquisition LLC, Term Loan, 1 Mo. CME Term SOFR + <br> 5.00%, 0.75% Floor<br>| 9.36<br> % <br>| 06/06/31 | 964991 |
| 1222782 | &nbsp;&nbsp; Veritiv Corp. (Verde Purchaser LLC), Term Loan B, 3 Mo. CME <br> Term SOFR + 4.00%, 0.00% Floor<br>| 8.30<br> % <br>| 11/29/30 | 1210891 |
| 3405403 | &nbsp;&nbsp; Vista Management Holding, Inc., Term Loan B, 3 Mo. CME Term <br> SOFR + 3.75%, 0.00% Floor<br>| 8.04<br> % <br>| 03/31/31 | 3430944 |
|  |  |  |  | 6298236 |
|  | **Total Senior Floating-Rate Loan Interests** | **Total Senior Floating-Rate Loan Interests** | **Total Senior Floating-Rate Loan Interests** | 135948351 |
|  | (Cost $137,201,236) |  |  |  |
| **Principal**<br> **Value**<br>| **Description** | **Stated**<br> **Coupon**<br>| **Stated**<br> **Maturity**<br>| **Value** |
| **FOREIGN CORPORATE BONDS AND NOTES (a) – 14.2%** | **FOREIGN CORPORATE BONDS AND NOTES (a) – 14.2%** | **FOREIGN CORPORATE BONDS AND NOTES (a) – 14.2%** | **FOREIGN CORPORATE BONDS AND NOTES (a) – 14.2%** | **FOREIGN CORPORATE BONDS AND NOTES (a) – 14.2%** |
|  | **Aerospace & Defense – 0.3%** |  |  |  |
| 1695000 | Bombardier, Inc. (b) | 6.75<br> % <br>| 06/15/33 | 1764683 |

---

------

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

**Portfolio of Investments (Continued)**

**August 31, 2025 (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)** |
|  | **Air Freight & Logistics – 0.3%** |  |  |  |
| $1418000 | Phoenix Aviation Capital Ltd. (b) | 9.25<br> % <br>| 07/15/30 | $1504107 |
|  | **Automotive Parts & Equipment – 1.9%** |  |  |  |
| 8691000 | Clarios Global, L.P. / Clarios US Finance Co. (b) | 8.50<br> % <br>| 05/15/27 | 8743859 |
| 1514000 | Clarios Global, L.P. / Clarios US Finance Co. (b) | 6.75<br> % <br>| 02/15/30 | 1569783 |
|  |  |  |  | 10313642 |
|  | **Casinos & Gaming – 0.0%** |  |  |  |
| 140000 | Flutter Treasury Designated Activity Co. (b) | 6.38<br> % <br>| 04/29/29 | 145370 |
|  | **Data Processing & Outsourced Services – 0.4%** |  |  |  |
| 2498000 | Paysafe Finance PLC / Paysafe Holdings US Corp. (b) | 4.00<br> % <br>| 06/15/29 | 2327686 |
|  | **Environmental & Facilities Services – 0.5%** |  |  |  |
| 2750000 | GFL Environmental, Inc. (b) | 6.75<br> % <br>| 01/15/31 | 2874251 |
|  | **Health Care Services – 0.8%** |  |  |  |
| 4426000 | Opal Bidco SAS (b) | 6.50<br> % <br>| 03/31/32 | 4506770 |
|  | **Hotels, Resorts & Cruise Lines – 1.1%** |  |  |  |
| 2355000 | Carnival Corp. (b) | 5.88<br> % <br>| 06/15/31 | 2415688 |
| 2950000 | Carnival Corp. (b) | 5.75<br> % <br>| 08/01/32 | 3002363 |
| 573000 | NCL Corp Ltd. (b) | 6.75<br> % <br>| 02/01/32 | 591300 |
|  |  |  |  | 6009351 |
|  | **Insurance Brokers – 2.1%** |  |  |  |
| 7500000 | Ardonagh Finco Ltd. (b) | 7.75<br> % <br>| 02/15/31 | 7854090 |
| 556000 | Ardonagh Group Finance Ltd. (b) | 8.88<br> % <br>| 02/15/32 | 589044 |
| 1042000 | &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 | 1077014 |
| 211000 | &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 | 219826 |
| 1661000 | Jones Deslauriers Insurance Management, Inc. (b) | 8.50<br> % <br>| 03/15/30 | 1758026 |
| 289000 | Jones Deslauriers Insurance Management, Inc. (b) | 10.50<br> % <br>| 12/15/30 | 307099 |
|  |  |  |  | 11805099 |
|  | **IT Consulting & Other Services – 1.3%** |  |  |  |
| 7599000 | Elastic NV (b) | 4.13<br> % <br>| 07/15/29 | 7320516 |
|  | **Metal, Glass & Plastic Containers – 1.1%** |  |  |  |
| 2970000 | &nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC / Ardagh Metal <br> Packaging Finance PLC (b)<br>| 6.00<br> % <br>| 06/15/27 | 2972461 |
| 1399000 | Canpack SA / Canpack US LLC (b) | 3.88<br> % <br>| 11/15/29 | 1318907 |
| 873000 | Trivium Packaging Finance B.V. (b) | 8.25<br> % <br>| 07/15/30 | 928065 |
| 581000 | Trivium Packaging Finance B.V. (b) | 12.25<br> % <br>| 01/15/31 | 623530 |
|  |  |  |  | 5842963 |
|  | **Packaged Foods & Meats – 0.7%** |  |  |  |
| 3745000 | Froneri Lux FinCo SARL (b) | 6.00<br> % <br>| 08/01/32 | 3768596 |
|  | **Restaurants – 2.4%** |  |  |  |
| 14344000 | 1011778 BC ULC / New Red Finance, Inc. (b) | 4.00<br> % <br>| 10/15/30 | 13424960 |
|  | **Security & Alarm Services – 0.4%** |  |  |  |
| 158000 | Garda World Security Corp. (b) | 8.25<br> % <br>| 08/01/32 | 164425 |
| 1992000 | Garda World Security Corp. (b) | 8.38<br> % <br>| 11/15/32 | 2079441 |
|  |  |  |  | 2243866 |

---

------

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

**Portfolio of Investments (Continued)**

**August 31, 2025 (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)** |
|  | **Specialized Consumer Services – 0.6%** |  |  |  |
| $3073000 | Belron UK Finance PLC (b) | 5.75<br> % <br>| 10/15/29 | $3114252 |
|  | **Trading Companies & Distributors – 0.3%** |  |  |  |
| 1720000 | Albion Financing 1 SARL / Aggreko Holdings, Inc. (b) | 7.00<br> % <br>| 05/21/30 | 1779173 |
|  | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | **Total Foreign Corporate Bonds and Notes** | 78745285 |
|  | (Cost $76,803,024) |  |  |  |

---

&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. (f) (g) (h) | 8840 |
|  | (Cost $2,534,056) |  |
| **MONEY MARKET FUNDS (a) – 0.1%** | **MONEY MARKET FUNDS (a) – 0.1%** | **MONEY MARKET FUNDS (a) – 0.1%** |
| 269578 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 4.13% (i) | 269578 |
|  | (Cost $269,578) |  |
|  | **Total Investments – 127.3%** | 707383470 |
|  | (Cost $701,894,130)  |  |
|  | **Outstanding Loan – (28.8)%** | (160000000)<br>|
|  | **Net Other Assets and Liabilities – 1.5%** | 8451692 |
|  | **Net Assets – 100.0%** | $555835162 |

---

&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 August 31, 2025, the segregated value of these securities amounts to $705,653,566.

&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 August 31, 2025, securities noted
 as such amounted to $544,272,543 or 97.9% of net assets.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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;(h) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Rate shown reflects yield as of August 31, 2025.

&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 |
| SOFR | – Secured Overnight Financing Rate |
| USD | – United States Dollar |

---

------

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

**Portfolio of Investments (Continued)**

**August 31, 2025 (Unaudited)**

------

**Valuation Inputs**

The Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

&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 August 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total**<br> **Value at**<br> **8/31/2025**<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; $492411416 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $492411416 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Senior Floating-Rate Loan Interests\* | &nbsp;&nbsp; 135948351 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135948351 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Foreign Corporate Bonds and Notes\* | &nbsp;&nbsp; 78745285 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78745285 | &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; 269578 | &nbsp;&nbsp;&nbsp;&nbsp; 269578 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp; $707383470 | &nbsp;&nbsp;&nbsp;&nbsp; $269578 | &nbsp;&nbsp;&nbsp;&nbsp; $707113892 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

\* See Portfolio of Investments for industry breakout.

------

**Unfunded Loan Commitments**

As of August 31, 2025, the Fund had the following unfunded loan commitment, which is categorized as Level 2 within the fair value hierarchy:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | **Principal Value** | **Commitment**<br> **Amount**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| AmSpec Parent LLC, Refi Delayed Draw Term Loan | &nbsp;&nbsp; $153998 | &nbsp;&nbsp; $153998 | &nbsp;&nbsp; $155177 | &nbsp;&nbsp; $1179 |

---

------

**Restricted Securities**

As of August 31, 2025, 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:** 2025-08-29

**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:** $727779439.46

**Total Liabilities:** $171944214.30

**Net Assets:** $555835225.16

**Cash Not Reported:** $858210.71

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 17.25341000 | **1-Year:** 3050.80676000 | **5-Year:** 5247.96107000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 1599.20180000 | **1-Year:** 69500.05073000 | **5-Year:** 97982.19789000 | **10-Year:** 2374.15922000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | 4.07%                | -0.72%               | 1.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $886253.81               | $5898037.54                                |
| Month 2  | $334517.77               | $-2636064.42                               |
| Month 3  | $636058.02               | $3800587.04                                |

**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                            | Osaic Holdings Inc                                                              | CUSIP: 00791GAB3<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |   1505000 | PA      | $1534666.56   | 0.28%             | 2032-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                             | Post Holdings Inc                                                               | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   7308000 | PA      | $7516394.93   | 1.35%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                  | US Foods Inc                                                                    | CUSIP: 90290MAH4<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |   2078000 | PA      | $2184491.27   | 0.39%             | 2032-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                          | Garda World Security Corp                                                       | CUSIP: 36485MAN9<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    158000 | PA      | $164424.60    | 0.03%             | 2032-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                         | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   5143000 | PA      | $5644432.21   | 1.02%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| RAISING CANE'S RESTAURAN                      | Raising Cane's Restaurants LLC                                                  | CUSIP: 75103AAA3<br>LEI: 254900V6ADXFWHYOED66 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1319202.50   | 0.24%             | 2029-05-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES INC                         | SS&C Technologies Inc                                                           | CUSIP: 78466CAD8<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |   1643000 | PA      | $1706174.80   | 0.31%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                      | Standard Industries Inc/NY                                                      | CUSIP: 853496AD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    574000 | PA      | $569012.23    | 0.10%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                        | Energizer Holdings Inc                                                          | CUSIP: 29272WAC3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |   1746000 | PA      | $1718861.57   | 0.31%             | 2028-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                         | PennyMac Financial Services Inc                                                 | CUSIP: 70932MAH0<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |   2254000 | PA      | $2271093.03   | 0.41%             | 2034-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                 | EchoStar Corp                                                                   | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   3290537 | PA      | $3544451.29   | 0.64%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                           | Axon Enterprise Inc                                                             | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    280000 | PA      | $290138.80    | 0.05%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Vista Management Holding Inc.                 | VISTA MANAGEMENT HOLDING INC                                                    | CUSIP: 92842EAB4<br>LEI: 5299005VABKD28UWHI65 | Long             | LON              | CORP              | US        |   3405403 | PA      | $3430943.56   | 0.62%             | 2031-03-18      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| PETSMART LLC/PETSMART FI                      | PetSmart LLC / PetSmart Finance Corp                                            | CUSIP: 71677KAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    690000 | PA      | $684562.93    | 0.12%             | 2032-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                      | Boost Newco Borrower LLC                                                        | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |    638000 | PA      | $677277.19    | 0.12%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| X Corp (f/k/a Twitter Inc)                    | X CORP                                                                          | CUSIP: 90184NAG3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2701141 | PA      | $2644228.05   | 0.48%             | 2029-10-26      | Floating      | 10.96%                | No            |                  2 | On Loan: No      |
| Mavis Tire Express Services Topco Corp        | MAVIS TIRE EXPRESS SERVICES TOPCO CORP                                          | CUSIP: 57777YAG1<br>LEI: 254900NVDM4GTLBL9E56 | Long             | LON              | CORP              | US        |   2636179 | PA      | $2645523.86   | 0.48%             | 2028-05-04      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| Filtration Group Corporation                  | FILTRATION GROUP CORP                                                           | CUSIP: 31732FAX4<br>LEI: 549300ZA0D9WN5ECE978 | Long             | LON              | CORP              | US        |   4257900 | PA      | $4281851.14   | 0.77%             | 2028-10-23      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                 | FirstCash Inc                                                                   | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |   2904000 | PA      | $3017067.24   | 0.54%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                      | Builders FirstSource Inc                                                        | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   2241000 | PA      | $2310876.62   | 0.42%             | 2034-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                        | Cloud Software Group Inc                                                        | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   2879000 | PA      | $3080207.55   | 0.55%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                         | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    286000 | PA      | $318625.16    | 0.06%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| AMER SPORTS COMPANY                           | Amer Sports Co                                                                  | CUSIP: 02352NAA7<br>LEI: 549300NRKH9WF70VFC95 | Long             | DBT              | CORP              | US        |    611000 | PA      | $637409.86    | 0.11%             | 2031-02-16      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Amspec Parent LLC                             | AMSPEC PARENT LLC                                                               | CUSIP: 03218AAF6<br>LEI: 254900LUGRP5Z7OOV477 | Long             | LON              | CORP              | US        |    153998 | PA      | $155176.77    | 0.03%             | 2031-12-22      | Floating      | 2.36%                 | No            |                  2 | On Loan: No      |
| ELLUCIAN HOLDINGS INC                         | Ellucian Holdings Inc                                                           | CUSIP: 289178AA3<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | DBT              | CORP              | US        |    661000 | PA      | $674079.21    | 0.12%             | 2029-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| X.Ai Corp.                                    | XAI CORP                                                                        | CUSIP: 98402XAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2758065 | PA      | $2763677.17   | 0.50%             | 2028-06-30      | Floating      | 12.50%                | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                           | Station Casinos LLC                                                             | CUSIP: 857691AH2<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |    408000 | PA      | $386344.91    | 0.07%             | 2031-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                        | Energizer Holdings Inc                                                          | CUSIP: 29272WAF6<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |   2733000 | PA      | $2759879.06   | 0.50%             | 2027-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PETSMART LLC/PETSMART FI                      | PetSmart LLC / PetSmart Finance Corp                                            | CUSIP: 71677KAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    563000 | PA      | $552890.29    | 0.10%             | 2033-09-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                      | Clarios Global LP / Clarios US Finance Co                                       | CUSIP: 69867DAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   8691000 | PA      | $8743858.66   | 1.57%             | 2027-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GO DADDY OPCO/FINCO                           | Go Daddy Operating Co LLC / GD Finance Co Inc                                   | CUSIP: 38016LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4210000 | PA      | $4196951.95   | 0.76%             | 2027-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TRINET GROUP INC                              | TriNet Group Inc                                                                | CUSIP: 896288AC1<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |   3756000 | PA      | $3908403.46   | 0.70%             | 2031-08-15      | Fixed         | 7.12%                 | 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      | $1581944.14   | 0.28%             | 2031-01-31      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| OneDigital Borrower LLC                       | ONEDIGITAL BORROWER LLC                                                         | CUSIP: 68252HAB0<br>LEI: 2549009GTKWWAO1E9X77 | Long             | LON              | CORP              | US        |   6568004 | PA      | $6654208.98   | 1.20%             | 2032-07-02      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| LAMB WESTON HLD                               | Lamb Weston Holdings Inc                                                        | CUSIP: 513272AC8<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |    374000 | PA      | $372794.97    | 0.07%             | 2028-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                       | Light & Wonder International Inc                                                | CUSIP: 531968AA3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |   1163000 | PA      | $1214780.25   | 0.22%             | 2031-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURITY                          | Garda World Security Corp                                                       | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |   1992000 | PA      | $2079441.05   | 0.37%             | 2032-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                     | Ball Corp                                                                       | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |   4227000 | PA      | $3826896.27   | 0.69%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES INC                         | SS&C Technologies Inc                                                           | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |   1697000 | PA      | $1698722.46   | 0.31%             | 2027-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC                        | SCIH Salt Holdings Inc                                                          | CUSIP: 78433BAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $301530.00    | 0.05%             | 2029-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                         | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   1439000 | PA      | $1503167.89   | 0.27%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GoTo Group Inc                                | GOTO GROUP INC                                                                  | CUSIP: 38349FAC0<br>LEI: 549300D12V5KRBV00592 | Long             | LON              | CORP              | US        |   2955695 | PA      | $2572075.48   | 0.46%             | 2028-04-28      | Floating      | 9.66%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                      | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                  | CUSIP: 01883LAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $207657.74    | 0.04%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BELLRING BRANDS INC                           | BellRing Brands Inc                                                             | CUSIP: 07831CAA1<br>LEI: 549300S3BOK5CMTS8054 | Long             | DBT              | CORP              | US        |   1002000 | PA      | $1037050.96   | 0.19%             | 2030-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FORTREA HOLDINGS INC                          | Fortrea Holdings Inc                                                            | CUSIP: 34965KAA5<br>LEI: 5493000FIVFABOVCDU97 | Long             | DBT              | CORP              | US        |    794000 | PA      | $757457.02    | 0.14%             | 2030-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Gainwell Acquisition Corp                     | Gainwell Acquisition Corp                                                       | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6260435 | PA      | $6171223.47   | 1.11%             | 2027-10-01      | Floating      | 8.40%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                           | Station Casinos LLC                                                             | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |   2286000 | PA      | $2254648.88   | 0.41%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Amspec Parent LLC                             | AMSPEC PARENT LLC                                                               | CUSIP: 03218AAE9<br>LEI: 254900LUGRP5Z7OOV477 | Long             | LON              | CORP              | US        |   1000986 | PA      | $1008649.05   | 0.18%             | 2031-12-22      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                      | Rockies Express Pipeline LLC                                                    | CUSIP: 77340RAU1<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |    280000 | PA      | $292831.56    | 0.05%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Proofpoint/Project Kafka Merger Sub           | PROOFPOINT INC                                                                  | CUSIP: 74345HAJ0<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |    700757 | PA      | $705865.42    | 0.13%             | 2028-08-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                        | EquipmentShare.com Inc                                                          | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |   1502000 | PA      | $1596987.98   | 0.29%             | 2033-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT                        | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc              | CUSIP: 31556TAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3891000 | PA      | $3662519.70   | 0.66%             | 2030-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VERITIV OPERATING CO                          | Veritiv Operating Co                                                            | CUSIP: 92339LAA0<br>LEI: 5493004G8OK5L1UTIY12 | Long             | DBT              | CORP              | US        |   2677000 | PA      | $2901113.09   | 0.52%             | 2030-11-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                      | JH North America Holdings Inc                                                   | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |   1529000 | PA      | $1552875.34   | 0.28%             | 2032-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ARDONAGH FINCO LTD                            | Ardonagh Finco Ltd                                                              | CUSIP: 039853AA4<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |   7500000 | PA      | $7854090.00   | 1.41%             | 2031-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| LIFE TIME INC                                 | Life Time Inc                                                                   | CUSIP: 53190FAE5<br>LEI: 549300PALKE96VYH4X17 | Long             | DBT              | CORP              | US        |    876000 | PA      | $885865.09    | 0.16%             | 2031-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                        | Venture Global LNG Inc                                                          | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   5940000 | PA      | $6471653.76   | 1.16%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                                  | Navient Corp                                                                    | CUSIP: 63938CAQ1<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    291000 | PA      | $307338.20    | 0.06%             | 2032-06-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                         | GFL Environmental Inc                                                           | CUSIP: 36168QAQ7<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |   2750000 | PA      | $2874250.50   | 0.52%             | 2031-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ZIPRECRUITER INC                              | ZipRecruiter Inc                                                                | CUSIP: 98980BAA1<br>LEI: 549300HLOVNNFCY2IV80 | Long             | DBT              | CORP              | US        |   4115000 | PA      | $3337509.43   | 0.60%             | 2030-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SELECT MEDICAL CORP                           | Select Medical Corp                                                             | CUSIP: 816196AV1<br>LEI: 549300X05KS0JKR8CB50 | Long             | DBT              | CORP              | US        |   3722000 | PA      | $3746815.10   | 0.67%             | 2032-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CARS.COM INC                                  | Cars.com Inc                                                                    | CUSIP: 14575EAA3<br>LEI: 5493002G6J07LNGX4M98 | Long             | DBT              | CORP              | US        |   2101000 | PA      | $2106295.15   | 0.38%             | 2028-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                               | Sealed Air Corp                                                                 | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    566000 | PA      | $561837.18    | 0.10%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                      | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                  | CUSIP: 01883LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7065000 | PA      | $7086364.56   | 1.27%             | 2027-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| STAR PARENT INC                               | Star Parent Inc                                                                 | CUSIP: 855170AA4<br>LEI: 254900GRGCJYRMDRWT73 | Long             | DBT              | CORP              | US        |   2318000 | PA      | $2456836.61   | 0.44%             | 2030-10-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| VAIL RESORTS INC                              | Vail Resorts Inc                                                                | CUSIP: 91879QAP4<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |    937000 | PA      | $971121.12    | 0.17%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LABL INC                                      | LABL Inc                                                                        | CUSIP: 50168QAF2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |   1440000 | PA      | $1064383.34   | 0.19%             | 2031-10-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Kaseya Inc.                                   | KASEYA INC                                                                      | CUSIP: 48578AAE8<br>LEI: 254900MISXMLRZ63NH46 | Long             | LON              | CORP              | US        |    131425 | PA      | $132041.45    | 0.02%             | 2033-03-05      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL                      | Phoenix Aviation Capital Ltd                                                    | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |   1418000 | PA      | $1504106.63   | 0.27%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CACI INTERNATIONAL INC                        | CACI International Inc                                                          | CUSIP: 127190AE6<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | DBT              | CORP              | US        |    282000 | PA      | $291219.23    | 0.05%             | 2033-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BALDWIN INSUR GRP/FIN                         | Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance | CUSIP: 05825XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7764000 | PA      | $8064334.81   | 1.45%             | 2031-05-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                                  | Magnera Corp                                                                    | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |   1295000 | PA      | $1226721.13   | 0.22%             | 2031-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| DISH NETWORK CORP                             | DISH Network Corp                                                               | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |   7058000 | PA      | $7466612.68   | 1.34%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| WRANGLER HOLDCO CORP                          | Wrangler Holdco Corp                                                            | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    618000 | PA      | $644659.28    | 0.12%             | 2032-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Jump Financial LLC                            | JUMP FINANCIAL LLC                                                              | CUSIP: 48138UAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1304395 | PA      | $1317438.56   | 0.24%             | 2032-02-26      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                        | Cushman & Wakefield US Borrower LLC                                             | CUSIP: 23166MAC7<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |    737000 | PA      | $790805.42    | 0.14%             | 2031-09-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| SEALED AIR/SEALED AIR US                      | Sealed Air Corp/Sealed Air Corp US                                              | CUSIP: 812127AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2070000 | PA      | $2101170.06   | 0.38%             | 2028-02-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                                | Owens-Brockway Glass Container Inc                                              | CUSIP: 69073TAV5<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |    650000 | PA      | $656082.05    | 0.12%             | 2032-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BRINKER INTERNATIONAL IN                      | Brinker International Inc                                                       | CUSIP: 109641AK6<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |    515000 | PA      | $547936.31    | 0.10%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Garda World Security Corporation              | GARDA WORLD SECURITY                                                            | CUSIP: 000000000<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | LON              | CORP              | CA        |   5445488 | PA      | $5454337.41   | 0.98%             | 2029-02-01      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| Petco Health and Wellness Company Inc         | Petco Health & Wellness Co Inc                                                  | CUSIP: 71601HAB2<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |    489361 | PA      | $473968.04    | 0.09%             | 2028-03-03      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| FOUNDATION BUILDING M                         | Foundation Building Materials Inc                                               | CUSIP: 350392AA4<br>LEI: 549300ZVE6MONHB01I28 | Long             | DBT              | CORP              | US        |    561000 | PA      | $567645.05    | 0.10%             | 2029-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Polaris Newco LLC                             | Polaris Newco LLC                                                               | CUSIP: 73108RAB4<br>LEI: 254900LEPDAG7EDOA064 | Long             | LON              | CORP              | US        |   2953964 | PA      | $2818849.90   | 0.51%             | 2028-06-02      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| HIG Finance 2 Limited                         | HOWDEN GROUP HOLDINGS LTD                                                       | CUSIP: 000000000<br>LEI: 875500V3HPKZIQP10J32 | Long             | LON              | CORP              | GB        |   4403127 | PA      | $4420673.87   | 0.80%             | 2030-04-18      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Hyperion Refinance S.A R.L.                   | HYPERION REFINANCE SARL                                                         | CUSIP: 000000000<br>LEI: 213800R6D9EVRN5D3117 | Long             | LON              | CORP              | LU        |   2992862 | PA      | $2997126.39   | 0.54%             | 2031-02-18      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| CLARIV SCI HLD CORP                           | Clarivate Science Holdings Corp                                                 | CUSIP: 18064PAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2426000 | PA      | $2342165.45   | 0.42%             | 2028-07-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                 | TransDigm Inc                                                                   | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   2281000 | PA      | $2351583.26   | 0.42%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                        | Cloud Software Group Inc                                                        | CUSIP: 18912UAG7<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    548000 | PA      | $556043.68    | 0.10%             | 2033-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| HOWDEN UK REFINANCE / US                      | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC   | CUSIP: 44287GAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   1042000 | PA      | $1077014.33   | 0.19%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                           | Medline Borrower LP                                                             | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   5020000 | PA      | $4823576.44   | 0.87%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                         | Trivium Packaging Finance BV                                                    | CUSIP: 89686QAD8<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    873000 | PA      | $928065.35    | 0.17%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                        | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3219000 | PA      | $3332699.78   | 0.60%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                               | Gen Digital Inc                                                                 | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |   2025000 | PA      | $2087374.05   | 0.38%             | 2033-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC                        | AthenaHealth Group Inc                                                          | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |   6527000 | PA      | $6408581.29   | 1.15%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OneDigital Borrower LLC                       | ONEDIGITAL BORROWER LLC                                                         | CUSIP: 68277FAN9<br>LEI: 2549009GTKWWAO1E9X77 | Long             | LON              | CORP              | US        |   3221788 | PA      | $3227200.65   | 0.58%             | 2031-07-02      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Skopima Consilio Parent LLC (FKA GI Consilio) | SKOPIMA CONSILIO PARENT LLC                                                     | CUSIP: 36171NAG1<br>LEI: 254900K3R60UMIODZD21 | Long             | LON              | CORP              | US        |   3101435 | PA      | $2932514.93   | 0.53%             | 2028-05-12      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| DG Investment Intermediate Holdings 2 Inc     | DG INVESTMENT INTERMEDI                                                         | CUSIP: 23344MAN8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1276175 | PA      | $1271389.30   | 0.23%             | 2029-03-30      | Floating      | 9.82%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                         | Williams Scotsman Inc                                                           | CUSIP: 96949VAN3<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |    273000 | PA      | $282787.05    | 0.05%             | 2030-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                      | Standard Industries Inc/NY                                                      | CUSIP: 853496AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    858000 | PA      | $822744.95    | 0.15%             | 2030-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                     | Block Inc                                                                       | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    562000 | PA      | $577328.95    | 0.10%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                         | Molina Healthcare Inc                                                           | CUSIP: 60855RAK6<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1838490.20   | 0.33%             | 2030-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| X Corp (f/k/a Twitter Inc)                    | X CORP                                                                          | CUSIP: 90184NAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3310572 | PA      | $3259721.96   | 0.59%             | 2029-10-26      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                        | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1953000 | PA      | $1849971.01   | 0.33%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Foundation Building Materials Inc             | FOUNDATION BUILDING MATERIALS INC                                               | CUSIP: 35039KAD8<br>LEI: 549300ZVE6MONHB01I28 | Long             | LON              | CORP              | US        |    687885 | PA      | $691410.41    | 0.12%             | 2031-01-29      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Flash Charm Inc (fka Idera Inc)               | IDERA INC                                                                       | CUSIP: 45168RAS2<br>LEI: 549300VQ6S3PWR8NUC48 | Long             | LON              | CORP              | US        |   1821938 | PA      | $1565345.20   | 0.28%             | 2029-03-02      | Floating      | 11.20%                | No            |                  2 | On Loan: No      |
| Opal Us LLC                                   | OPAL US LLC                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2220479 | PA      | $2236088.69   | 0.40%             | 2032-04-28      | Floating      | 7.44%                 | No            |                  2 | On Loan: No      |
| Mcafee Corp                                   | MCAFEE CORP                                                                     | CUSIP: 57906HAF4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | LON              | CORP              | US        |    708540 | PA      | $678721.02    | 0.12%             | 2029-03-01      | Floating      | 7.35%                 | No            |                  2 | On Loan: No      |
| ARDONAGH GROUP FINANCE                        | Ardonagh Group Finance Ltd                                                      | CUSIP: 039956AA5<br>LEI: 254900SRT1BTAJ76NW62 | Long             | DBT              | CORP              | JE        |    556000 | PA      | $589043.64    | 0.11%             | 2032-02-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                      | Sinclair Television Group Inc                                                   | CUSIP: 829259AW0<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |  14804000 | PA      | $14115169.88  | 2.54%             | 2027-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SEAWORLD PARKS & ENTERTA                      | SeaWorld Parks & Entertainment Inc                                              | CUSIP: 81282UAG7<br>LEI: 549300UZV72O3371JJ53 | Long             | DBT              | CORP              | US        |    283000 | PA      | $277987.02    | 0.05%             | 2029-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                 | TransDigm Inc                                                                   | CUSIP: 893647BW6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    754000 | PA      | $763004.27    | 0.14%             | 2033-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                              | CSC Holdings LLC                                                                | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   7469000 | PA      | $4850858.42   | 0.87%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CORELOGIC INC                                 | CoreLogic Inc                                                                   | CUSIP: 21871DAD5<br>LEI: 54930086CD8K2UIL0516 | Long             | DBT              | CORP              | US        |    342000 | PA      | $328402.66    | 0.06%             | 2028-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL                              | Allied Universal Holdco LLC / Allied Universal Finance Corp                     | CUSIP: 019576AF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1956000 | PA      | $2015906.41   | 0.36%             | 2030-06-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                          | Fiesta Purchaser Inc                                                            | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1506000 | PA      | $1621826.97   | 0.29%             | 2032-09-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| MCAFEE CORP                                   | McAfee Corp                                                                     | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2773876.80   | 0.50%             | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                  | US Foods Inc                                                                    | CUSIP: 90290MAJ0<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |   2079000 | PA      | $2090985.66   | 0.38%             | 2033-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Informatica LLC                               | INFORMATICA LLC                                                                 | CUSIP: 45673YAL0<br>LEI: 5493007SV33RZV7RPS40 | Long             | LON              | CORP              | US        |   5764563 | PA      | $5782577.29   | 1.04%             | 2028-10-27      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                       | Jane Street Group / JSG Finance Inc                                             | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    860000 | PA      | $889227.96    | 0.16%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| C&S Wholesale Grocers Inc                     | C&S WHOLESALE GROCERS INC                                                       | CUSIP: 000000000<br>LEI: 54930093F8X1FEZBGJ91 | Long             | LON              | CORP              | US        |    761345 | PA      | $746598.20    | 0.13%             | 2030-08-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                      | Jones Deslauriers Insurance Management Inc                                      | CUSIP: 48020RAB1<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |   1661000 | PA      | $1758025.89   | 0.32%             | 2030-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO                                    | Opal Bidco SAS                                                                  | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |   4426000 | PA      | $4506770.07   | 0.81%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                        | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1184000 | PA      | $1138644.51   | 0.20%             | 2030-03-01      | Fixed         | 4.75%                 | 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      |
| RB GLOBAL HOLDINGS INC                        | RB Global Holdings Inc                                                          | CUSIP: 76774LAB3<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |    901000 | PA      | $923325.88    | 0.17%             | 2028-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO                         | Scotts Miracle-Gro Co/The                                                       | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |    338000 | PA      | $312304.63    | 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        |   1562113 | PA      | $1544054.70   | 0.28%             | 2032-04-16      | Floating      | 8.36%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                             | Herc Holdings Inc                                                               | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   2443000 | PA      | $2564529.48   | 0.46%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                             | Newell Brands Inc                                                               | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    426000 | PA      | $450803.85    | 0.08%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PAYSAFE FIN PLC/PAYSAFE                       | Paysafe Finance PLC / Paysafe Holdings US Corp                                  | CUSIP: 70452AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   2498000 | PA      | $2327686.36   | 0.42%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SC GAMES HOLDIN/US FINCO                      | Scientific Games Holdings LP/Scientific Games US FinCo Inc                      | CUSIP: 80874DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    293000 | PA      | $281404.35    | 0.05%             | 2030-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| HANESBRANDS INC                               | Hanesbrands Inc                                                                 | CUSIP: 410345AQ5<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | DBT              | CORP              | US        |   2934000 | PA      | $3122125.15   | 0.56%             | 2031-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Star Parent Inc                               | STAR PARENT INC                                                                 | CUSIP: 87169DAB1<br>LEI: 254900GRGCJYRMDRWT73 | Long             | LON              | CORP              | US        |   2437119 | PA      | $2426152.06   | 0.44%             | 2030-09-27      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| Spirit Aerosystems Inc                        | Spirit AeroSystems Inc                                                          | CUSIP: 84857HAY6<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | LON              | CORP              | US        |   1561191 | PA      | $1570948.14   | 0.28%             | 2027-01-15      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENT/SIX FLAG                        | Six Flags Entertainment Corp /Six Flags Theme Parks Inc/ Canada's Wonderland Co | CUSIP: 83002YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1193000 | PA      | $1213133.07   | 0.22%             | 2032-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                          | Fiesta Purchaser Inc                                                            | CUSIP: 31659AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1198000 | PA      | $1272725.25   | 0.23%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MH Sub I LLC                                  | MH SUB I LLC                                                                    | CUSIP: 45567YAN5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |   3346145 | PA      | $3113788.52   | 0.56%             | 2028-05-03      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| Inmar Inc                                     | INMAR INC                                                                       | CUSIP: 45763FAV0<br>LEI: 549300N1ML5MXXFIDZ25 | Long             | LON              | CORP              | US        |   1861491 | PA      | $1868480.90   | 0.34%             | 2031-10-30      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| RINGCENTRAL INC                               | RingCentral Inc                                                                 | CUSIP: 76680RAJ6<br>LEI: 549300C8EH0H1614VE84 | Long             | DBT              | CORP              | US        |   6464000 | PA      | $6903868.74   | 1.24%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CP ATLAS BUYER INC                            | CP Atlas Buyer Inc                                                              | CUSIP: 12597YAC3<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | DBT              | CORP              | US        |   1848000 | PA      | $1908318.72   | 0.34%             | 2030-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CANPACK SA/CANPACK US                         | Canpack SA / Canpack US LLC                                                     | CUSIP: 13806CAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1399000 | PA      | $1318907.25   | 0.24%             | 2029-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                         | Panther Escrow Issuer LLC                                                       | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8880000 | PA      | $9221125.20   | 1.66%             | 2031-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                 | TransDigm Inc                                                                   | CUSIP: 893647BY2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   3665000 | PA      | $3722866.69   | 0.67%             | 2033-05-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AMENTUM HOLDINGS INC                          | Amentum Holdings Inc                                                            | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |    316000 | PA      | $329770.65    | 0.06%             | 2032-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PIKE CORP                                     | Pike Corp                                                                       | CUSIP: 721283AB5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |   1235000 | PA      | $1323138.25   | 0.24%             | 2031-01-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                           | Axon Enterprise Inc                                                             | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    420000 | PA      | $432566.82    | 0.08%             | 2030-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                      | 1011778 BC ULC / New Red Finance Inc                                            | CUSIP: 68245XAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |  14344000 | PA      | $13424959.84  | 2.42%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORDSTROM INC                                 | Nordstrom Inc                                                                   | CUSIP: 655664AT7<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |   1146000 | PA      | $1061119.68   | 0.19%             | 2030-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GATES CORPORATION/DE                          | Gates Corp/DE                                                                   | CUSIP: 367398AA2<br>LEI: 984500F43C791F4C7894 | Long             | DBT              | CORP              | US        |    752000 | PA      | $782826.74    | 0.14%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                         | QXO Building Products Inc                                                       | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |   6731000 | PA      | $6968636.27   | 1.25%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HOWDEN UK REFINANCE / US                      | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC   | CUSIP: 44287DAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    211000 | PA      | $219826.34    | 0.04%             | 2032-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                             | Nexstar Media Inc                                                               | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |   5067000 | PA      | $5064673.74   | 0.91%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                      | Snap Inc                                                                        | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |   2532000 | PA      | $2561001.53   | 0.46%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                     | Block Inc                                                                       | CUSIP: 852234AT0<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    843000 | PA      | $862242.64    | 0.16%             | 2030-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEM                      | Advanced Drainage Systems Inc                                                   | CUSIP: 00790RAB0<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |   1414000 | PA      | $1446629.46   | 0.26%             | 2030-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                       | Allied Universal Holdco LLC                                                     | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |   1196000 | PA      | $1257779.38   | 0.23%             | 2031-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Truist Insurance Holdings, LLC                | TRUIST INSURANCE HOLDING                                                        | CUSIP: 89788VAE2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5772320 | PA      | $5908200.46   | 1.06%             | 2032-05-06      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| Trucordia Insurance Holdings LLC              | TRUCORDIA                                                                       | CUSIP: 89783WAB1<br>LEI: 254900KYYP47CV7DMK95 | Long             | LON              | CORP              | US        |   1120385 | PA      | $1126692.75   | 0.20%             | 2032-06-17      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                         | HUB International Ltd                                                           | CUSIP: 44332PAG6<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |   4075000 | PA      | $4091784.93   | 0.74%             | 2029-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                      | Performance Food Group Inc                                                      | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |   3312000 | PA      | $3394024.99   | 0.61%             | 2032-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PIKE CORP                                     | Pike Corp                                                                       | CUSIP: 721283AA7<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |   3855000 | PA      | $3858989.93   | 0.69%             | 2028-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Restoration Hardware, Inc.                    | RH                                                                              | CUSIP: 76133MAC5<br>LEI: 549300H9H1H3OC7C3H47 | Long             | LON              | CORP              | US        |    553392 | PA      | $538074.52    | 0.10%             | 2028-10-20      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                        | EquipmentShare.com Inc                                                          | CUSIP: 29450YAA7<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    574000 | PA      | $608638.60    | 0.11%             | 2028-05-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| UKG INC                                       | UKG Inc                                                                         | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |   6521000 | PA      | $6747474.33   | 1.21%             | 2031-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NORDSTROM INC                                 | Nordstrom Inc                                                                   | CUSIP: 655664AS9<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |    500000 | PA      | $488066.60    | 0.09%             | 2027-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                             | Newell Brands Inc                                                               | CUSIP: 651229BE5<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |   2146000 | PA      | $2100159.72   | 0.38%             | 2032-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES INC                      | Sensata Technologies Inc                                                        | CUSIP: 81728UAB0<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |    333000 | PA      | $306340.22    | 0.06%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LAMB WESTON HLD                               | Lamb Weston Holdings Inc                                                        | CUSIP: 513272AE4<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |   2154000 | PA      | $2027627.40   | 0.36%             | 2032-01-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BRINK'S CO/THE                                | Brink's Co/The                                                                  | CUSIP: 109696AD6<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |   2999000 | PA      | $3109123.28   | 0.56%             | 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      | $2134520.90   | 0.38%             | 2033-05-09      | Floating      | 9.30%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                 | Carnival Corp                                                                   | CUSIP: 143658CA8<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   2950000 | PA      | $3002362.50   | 0.54%             | 2032-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SURGERY CENTER HOLDINGS                       | Surgery Center Holdings Inc                                                     | CUSIP: 86881WAF9<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |    567000 | PA      | $588737.65    | 0.11%             | 2032-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                          | Alpha Generation LLC                                                            | CUSIP: 02073LAA9<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |   1278000 | PA      | $1318539.44   | 0.24%             | 2032-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                        | Venture Global LNG Inc                                                          | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   2688000 | PA      | $2821870.46   | 0.51%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                      | Snap Inc                                                                        | CUSIP: 83304AAM8<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |   2088000 | PA      | $2098675.63   | 0.38%             | 2034-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC                              | AmWINS Group Inc                                                                | CUSIP: 031921AB5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |   3035000 | PA      | $2963032.56   | 0.53%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SPX FLOW INC                                  | SPX FLOW Inc                                                                    | CUSIP: 758071AA2<br>LEI: 5493003YXEKRBINIEM78 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1221861.35   | 0.22%             | 2030-04-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                        | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC     | CUSIP: 03969YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   2970000 | PA      | $2972460.94   | 0.53%             | 2027-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT INC                                 | Open Text Holdings Inc                                                          | CUSIP: 683720AC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1513000 | PA      | $1393411.27   | 0.25%             | 2031-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CONCENTRA HEALTH SERVICE                      | Concentra Health Services Inc                                                   | CUSIP: 20600DAA1<br>LEI: 984500GB84105F75DE32 | Long             | DBT              | CORP              | US        |    309000 | PA      | $320712.34    | 0.06%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WH Borrower LLC                               | WH BORROWER LLC                                                                 | CUSIP: 92942LAG6<br>LEI: 2549009H920CQUE3R944 | Long             | LON              | CORP              | US        |   1750301 | PA      | $1759052.65   | 0.32%             | 2032-02-20      | Floating      | 8.95%                 | No            |                  2 | On Loan: No      |
| LBM ACQUISITION LLC                           | LBM Acquisition LLC                                                             | CUSIP: 52109SAB5<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |    848000 | PA      | $889780.96    | 0.16%             | 2031-06-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ProAmpac PG Borrower LLC                      | PROAMPAC PG BORROWER LLC                                                        | CUSIP: 74274NAL7<br>LEI: 549300ZI6LTXYFEY1578 | Long             | LON              | CORP              | US        |   1793943 | PA      | $1797530.92   | 0.32%             | 2028-09-15      | Floating      | 8.27%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                      | Charles River Laboratories International Inc                                    | CUSIP: 159864AJ6<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |   1483000 | PA      | $1372923.14   | 0.25%             | 2031-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                | Rocket Cos Inc                                                                  | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1878000 | PA      | $1951195.16   | 0.35%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DG Investment Intermediate Holdings 2 Inc     | DG INVESTMENT INTERMEDI                                                         | CUSIP: 23344MAM0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    542765 | PA      | $546156.90    | 0.10%             | 2032-07-09      | Floating      | 8.10%                 | No            |                  2 | On Loan: No      |
| GOTO GROUP INC                                | GoTo Group Inc                                                                  | CUSIP: 38349YAB1<br>LEI: 549300D12V5KRBV00592 | Long             | DBT              | CORP              | US        |   2445875 | PA      | $837712.19    | 0.15%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                         | Quikrete Holdings Inc                                                           | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   4953000 | PA      | $5137732.04   | 0.92%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RYAN SPECIALTY                                | Ryan Specialty LLC                                                              | CUSIP: 78351GAA3<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |   3711000 | PA      | $3738758.28   | 0.67%             | 2032-08-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| OSAIC HOLDINGS INC                            | Osaic Holdings Inc                                                              | CUSIP: 00791GAC1<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |    566000 | PA      | $573934.75    | 0.10%             | 2033-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                           | NCL Corp Ltd                                                                    | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    573000 | PA      | $591300.47    | 0.11%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TEGNA INC                                     | TEGNA Inc                                                                       | CUSIP: 87901JAJ4<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |   6614000 | PA      | $6583987.65   | 1.18%             | 2028-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| RAVEN ACQUISITION HOLDIN                      | Raven Acquisition Holdings LLC                                                  | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5260000 | PA      | $5371590.90   | 0.97%             | 2031-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                     | IQVIA Inc                                                                       | CUSIP: 46266TAD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   2802000 | PA      | $2907649.41   | 0.52%             | 2030-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BRINK'S CO/THE                                | Brink's Co/The                                                                  | CUSIP: 109696AC8<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |    618000 | PA      | $635985.65    | 0.11%             | 2029-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Veritiv Corporation                           | VERITIV OPERATING CO                                                            | CUSIP: 92338TAB2<br>LEI: 5493004G8OK5L1UTIY12 | Long             | LON              | CORP              | US        |   1222783 | PA      | $1210890.95   | 0.22%             | 2030-11-30      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| Knowbe4, Inc.                                 | KNOWBE4 INC                                                                     | CUSIP: 49925TAD7<br>LEI: 64883ZJ0RS5039H4PN24 | Long             | LON              | CORP              | US        |   1009800 | PA      | $1014849.00   | 0.18%             | 2032-07-21      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| MAVIS TIRE EXPRESS SERVI                      | Mavis Tire Express Services Topco Corp                                          | CUSIP: 59155LAA0<br>LEI: 254900NVDM4GTLBL9E56 | Long             | DBT              | CORP              | US        |   2341000 | PA      | $2340893.95   | 0.42%             | 2029-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PARK RIVER HOLDINGS INC                       | Park River Holdings Inc                                                         | CUSIP: 70082LAA5<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |   1720000 | PA      | $1610035.93   | 0.29%             | 2029-02-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                        | Acrisure LLC / Acrisure Finance Inc                                             | CUSIP: 00489LAL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6702000 | PA      | $6950020.91   | 1.25%             | 2030-11-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                  | US Foods Inc                                                                    | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    603000 | PA      | $594368.18    | 0.11%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GRAHAM PACKAGING/GPC CAP                      | Graham Packaging Co Inc                                                         | CUSIP: 384701AA6<br>LEI: 549300YS0ZFT826HIK72 | Long             | DBT              | CORP              | US        |  14125000 | PA      | $14159832.25  | 2.55%             | 2028-08-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI                      | Standard Building Solutions Inc                                                 | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |   1622000 | PA      | $1675229.17   | 0.30%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                      | Clarios Global LP / Clarios US Finance Co                                       | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1514000 | PA      | $1569783.33   | 0.28%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC                              | AmWINS Group Inc                                                                | CUSIP: 031921AC3<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |   3710000 | PA      | $3804649.52   | 0.68%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Alera Group Inc                               | ALERA GROUP INTERMEDIATE                                                        | CUSIP: 01451PAD8<br>LEI: 2549003D76KZAKICNX26 | Long             | LON              | CORP              | US        |   4702000 | PA      | $4887141.25   | 0.88%             | 2033-05-20      | Floating      | 9.82%                 | No            |                  2 | On Loan: No      |
| Leia Finco US LLC                             | LEIA FINCO US LLC                                                               | CUSIP: 52526CAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6177416 | PA      | $6210218.02   | 1.12%             | 2032-10-09      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                       | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                           | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4462000 | PA      | $4629280.38   | 0.83%             | 2032-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                       | United Rentals North America Inc                                                | CUSIP: 911365BQ6<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   7955000 | PA      | $8160215.14   | 1.47%             | 2029-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WHITE CAP BUYER LLC                           | White Cap Buyer LLC                                                             | CUSIP: 96350RAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1178000 | PA      | $1177871.72   | 0.21%             | 2028-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                        | WESCO Distribution Inc                                                          | CUSIP: 95081QAS3<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    860000 | PA      | $892543.26    | 0.16%             | 2033-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                         | Molina Healthcare Inc                                                           | CUSIP: 60855RAL4<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |   2076000 | PA      | $1857501.42   | 0.33%             | 2032-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                        | Acrisure LLC / Acrisure Finance Inc                                             | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1796865.00   | 0.32%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WAND NEWCO 3 INC                              | Wand NewCo 3 Inc                                                                | CUSIP: 933940AA6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | DBT              | CORP              | US        |   2441000 | PA      | $2588934.36   | 0.47%             | 2032-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                         | Caesars Entertainment Inc                                                       | CUSIP: 12769GAD2<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   2299000 | PA      | $2255544.76   | 0.41%             | 2032-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                           | Medline Borrower LP                                                             | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   4488000 | PA      | $4447351.74   | 0.80%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                              | CSC Holdings LLC                                                                | CUSIP: 126307BF3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    250000 | PA      | $160087.17    | 0.03%             | 2031-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                       | Avis Budget Car Rental LLC / Avis Budget Finance Inc                            | CUSIP: 053773BJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2126000 | PA      | $2202633.29   | 0.40%             | 2030-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| FRONERI LUX FINCO SARL                        | Froneri Lux FinCo SARL                                                          | CUSIP: 35901MAA5<br>LEI: 9845005YBZ75E5AA3B94 | Long             | DBT              | CORP              | LU        |   3745000 | PA      | $3768595.60   | 0.68%             | 2032-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| IRB Holding Corp                              | IRB HOLDING CORP                                                                | CUSIP: 44988LAL1<br>LEI: 549300HVW4WNWYBXN830 | Long             | LON              | CORP              | US        |   1774187 | PA      | $1774745.99   | 0.32%             | 2027-12-15      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                 | FirstCash Inc                                                                   | CUSIP: 33767DAB1<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |   3056000 | PA      | $3002855.85   | 0.54%             | 2028-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                         | Level 3 Financing Inc                                                           | CUSIP: 527298CN1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   3646000 | PA      | $3673971.82   | 0.66%             | 2034-03-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WEX INC                                       | WEX Inc                                                                         | CUSIP: 96208TAD6<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | DBT              | CORP              | US        |    143000 | PA      | $146418.24    | 0.03%             | 2033-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                         | HUB International Ltd                                                           | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |   4625000 | PA      | $4867609.00   | 0.88%             | 2032-01-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Proofpoint Inc                                | PROOFPOINT INC                                                                  | CUSIP: 74345HAG6<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |   1825431 | PA      | $1838738.69   | 0.33%             | 2028-08-31      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| MSILF Treasury Portfolio                      | MSILF Treasury Portfolio                                                        | CUSIP: 61747C582<br>LEI: 549300D1XR6GP7EZ0T47 | Long             | STIV             | RF                | US        |    455855 | NS      | $455854.51    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| UNDER ARMOUR INC                              | Under Armour Inc                                                                | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |    567000 | PA      | $567536.89    | 0.10%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI                      | Standard Building Solutions Inc                                                 | CUSIP: 853191AC8<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    999000 | PA      | $1020329.41   | 0.18%             | 2033-08-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                               | Fair Isaac Corp                                                                 | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |   1446000 | PA      | $1469017.43   | 0.26%             | 2033-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                      | Vistra Operations Co LLC                                                        | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    641000 | PA      | $681450.95    | 0.12%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                         | Molina Healthcare Inc                                                           | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |   1740000 | PA      | $1753540.68   | 0.32%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                           | Avantor Funding Inc                                                             | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |   3153000 | PA      | $3105112.24   | 0.56%             | 2028-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                      | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                  | CUSIP: 01883LAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2112000 | PA      | $2161581.31   | 0.39%             | 2031-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WASTE PRO USA INC                             | Waste Pro USA Inc                                                               | CUSIP: 94107JAC7<br>LEI: 549300BY1QXU5BI3UF28 | Long             | DBT              | CORP              | US        |   2949000 | PA      | $3090938.32   | 0.56%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VeriFone Systems Inc                          | VERIFONE SYSTEMS INC                                                            | CUSIP: 92346NAH2<br>LEI: 254900LTTVM8MM9RKV75 | Long             | LON              | CORP              | US        |   2049182 | PA      | $1956651.46   | 0.35%             | 2028-08-18      | Floating      | 10.07%                | No            |                  2 | On Loan: No      |
| MADISON IAQ LLC                               | Madison IAQ LLC                                                                 | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |   2161000 | PA      | $2141160.29   | 0.39%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINME                         | Six Flags Entertainment Corp                                                    | CUSIP: 83001AAD4<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |    586000 | PA      | $589252.89    | 0.11%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                      | Service Properties Trust                                                        | CUSIP: 81761LAE2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   3693000 | PA      | $3813581.55   | 0.69%             | 2032-06-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| IVC Acquisition Ltd                           | VETSTRATEGY CANADA HOLDINGS INC                                                 | CUSIP: 000000000<br>LEI: 254900WZMD2JOGND1Z32 | Long             | LON              | CORP              | CA        |   3253491 | PA      | $3277892.10   | 0.59%             | 2028-12-12      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| BELRON UK FINANCE PLC                         | Belron UK Finance PLC                                                           | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |   3073000 | PA      | $3114251.95   | 0.56%             | 2029-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                      | iHeartCommunications Inc                                                        | CUSIP: 45174HBL0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |   3997400 | PA      | $2368793.24   | 0.43%             | 2030-05-01      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| ACUSHNET CO                                   | Acushnet Co                                                                     | CUSIP: 005095AA2<br>LEI: 549300H805O14KEFES79 | Long             | DBT              | CORP              | US        |    765000 | PA      | $801644.27    | 0.14%             | 2028-10-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Cotiviti Inc                                  | COTIVITI INC                                                                    | CUSIP: 22164MAD9<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |   9027052 | PA      | $9156816.38   | 1.65%             | 2031-05-01      | Floating      | 7.62%                 | No            |                  2 | On Loan: No      |
| BROADSTREET PARTNERS INC                      | BroadStreet Partners Inc                                                        | CUSIP: 11135RAA3<br>LEI: 549300BS9N54G8DD0R75 | Long             | DBT              | CORP              | US        |   2092000 | PA      | $2082164.04   | 0.37%             | 2029-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd                         | HUB INTERNATIONAL LTD                                                           | CUSIP: 44332EAZ9<br>LEI: 549300JQT6ATTUNS5E06 | Long             | LON              | CORP              | US        |   1926840 | PA      | $1932822.53   | 0.35%             | 2030-06-20      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORI                      | Charles River Laboratories International Inc                                    | CUSIP: 159864AG2<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2846434.20   | 0.51%             | 2029-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 1SARL /                      | Albion Financing 1 SARL / Aggreko Holdings Inc                                  | CUSIP: 01330AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   1720000 | PA      | $1779173.16   | 0.32%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                          | Flutter Treasury DAC                                                            | CUSIP: 344045AA7<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    140000 | PA      | $145370.40    | 0.03%             | 2029-04-29      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                      | RHP Hotel Properties LP / RHP Finance Corp                                      | CUSIP: 749571AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    284000 | PA      | $293534.73    | 0.05%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                      | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                  | CUSIP: 01883LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    603000 | PA      | $621985.46    | 0.11%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                                    | EZCORP Inc                                                                      | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |    560000 | PA      | $591852.80    | 0.11%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                             | Post Holdings Inc                                                               | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   3018000 | PA      | $3056189.77   | 0.55%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                | Bombardier Inc                                                                  | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   1695000 | PA      | $1764683.15   | 0.32%             | 2033-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Paysafe Holdings (US) Corp                    | PAYSAFE HOLDINGS(US)                                                            | CUSIP: 70451NAB2<br>LEI: 549300N8UN7DUDH51357 | Long             | LON              | CORP              | US        |    281204 | PA      | $280852.49    | 0.05%             | 2028-06-28      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                      | Graphic Packaging International LLC                                             | CUSIP: 38869AAE7<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    936000 | PA      | $952189.99    | 0.17%             | 2032-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                        | Clydesdale Acquisition Holdings Inc                                             | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |   1415000 | PA      | $1454832.43   | 0.26%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP                              | Boyd Gaming Corp                                                                | CUSIP: 103304BV2<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |   1438000 | PA      | $1384940.96   | 0.25%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC                        | SCIH Salt Holdings Inc                                                          | CUSIP: 78433BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    570000 | PA      | $557429.79    | 0.10%             | 2028-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                        | Cloud Software Group Inc                                                        | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   1831000 | PA      | $1852591.15   | 0.33%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                 | Carnival Corp                                                                   | CUSIP: 143658BZ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   2355000 | PA      | $2415688.35   | 0.43%             | 2031-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GoTo Group Inc                                | GOTO GROUP INC                                                                  | CUSIP: 38349FAD8<br>LEI: 549300D12V5KRBV00592 | Long             | LON              | CORP              | US        |   2427257 | PA      | $883351.71    | 0.16%             | 2028-04-28      | Floating      | 9.70%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                        | Cloud Software Group Inc                                                        | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   3435000 | PA      | $3584456.20   | 0.64%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Vestis Corporation                            | VESTIS TL B 1L USD                                                              | CUSIP: 92550HAE3<br>LEI: 254900QDW0TA2TMFAP59 | Long             | LON              | CORP              | US        |   1852726 | PA      | $1758542.82   | 0.32%             | 2031-02-22      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                           | Lightning Power LLC                                                             | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |  10952000 | PA      | $11625296.10  | 2.09%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                  | US Foods Inc                                                                    | CUSIP: 90290MAE1<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |   5250000 | PA      | $5135513.78   | 0.92%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                     | Ball Corp                                                                       | CUSIP: 058498AY2<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    903000 | PA      | $922381.99    | 0.17%             | 2028-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ELASTIC NV                                    | Elastic NV                                                                      | CUSIP: 28415LAA1<br>LEI: 2549003I48WHHH937I59 | Long             | DBT              | CORP              | NL        |   7599000 | PA      | $7320516.41   | 1.32%             | 2029-07-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                      | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                  | CUSIP: 01883LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7588000 | PA      | $7746042.86   | 1.39%             | 2028-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                      | Jones Deslauriers Insurance Management Inc                                      | CUSIP: 48020RAA3<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |    289000 | PA      | $307098.34    | 0.06%             | 2030-12-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| RB GLOBAL HOLDINGS INC                        | RB Global Holdings Inc                                                          | CUSIP: 76774LAC1<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |   1978000 | PA      | $2078173.83   | 0.37%             | 2031-03-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                         | Caesars Entertainment Inc                                                       | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   1999000 | PA      | $1907580.73   | 0.34%             | 2029-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                       | Jane Street Group / JSG Finance Inc                                             | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    923000 | PA      | $927930.67    | 0.17%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| AHP HEALTH PARTN                              | AHP Health Partners Inc                                                         | CUSIP: 00150LAB7<br>LEI: 549300QMM8MQ6SM5KX05 | Long             | DBT              | CORP              | US        |   3229000 | PA      | $3216647.78   | 0.58%             | 2029-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                      | Graphic Packaging International LLC                                             | CUSIP: 38869AAD9<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |   3239000 | PA      | $3043679.23   | 0.55%             | 2030-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ZI TECH LLC/ZI FIN CORP                       | ZoomInfo Technologies LLC/ZoomInfo Finance Corp                                 | CUSIP: 98981BAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    584000 | PA      | $548825.50    | 0.10%             | 2029-02-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| GENESEE & WYOMING INC                         | Genesee & Wyoming Inc                                                           | CUSIP: 371559AB1<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | DBT              | CORP              | US        |   2466000 | PA      | $2510513.77   | 0.45%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                      | Builders FirstSource Inc                                                        | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   9304000 | PA      | $9714338.03   | 1.75%             | 2035-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AECOM                                         | AECOM                                                                           | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1021350.00   | 0.18%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                | Gray Media Inc                                                                  | CUSIP: 389375AL0<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   2974000 | PA      | $2239600.44   | 0.40%             | 2030-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                        | Energizer Holdings Inc                                                          | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |   4009000 | PA      | $3842015.13   | 0.69%             | 2029-03-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                            | Ford Motor Co                                                                   | CUSIP: 345370CX6<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   3369000 | PA      | $3923868.74   | 0.71%             | 2030-04-22      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| CLARIV SCI HLD CORP                           | Clarivate Science Holdings Corp                                                 | CUSIP: 18064PAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3371000 | PA      | $3187553.21   | 0.57%             | 2029-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LBM Acquisition LLC                           | LBM ACQUISITION LLC                                                             | CUSIP: 50179JAK4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | LON              | CORP              | US        |    971549 | PA      | $964990.85    | 0.17%             | 2031-06-06      | Floating      | 9.36%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                        | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1567000 | PA      | $1591916.87   | 0.29%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                         | Trivium Packaging Finance BV                                                    | CUSIP: 89686QAC0<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    581000 | PA      | $623529.78    | 0.11%             | 2031-01-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                               | Gen Digital Inc                                                                 | CUSIP: 668771AL2<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |   3636000 | PA      | $3766725.11   | 0.68%             | 2030-09-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-16

**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