First Trust Senior Floating Rate 2022 Target Term Fund (FIV)

Portfolio of Investments

August 31, 2020 (Unaudited)

Principal

Stated

Value

Description

Rate (a)

Maturity (b)

Value

SENIOR FLOATING-RATE LOAN INTERESTS (c) - 140.8%

Aerospace & Defense - 1.1%

$ 3,712,543

Transdigm, Inc., Tranche G Refinancing TL, 1 Mo. LIBOR +

2.25%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.41%

08/22/24

$

3,520,196

Apparel Retail - 0.1%

300,110

Burlington Coat Factory Warehouse Corp., Term Loan B-5, 1 Mo.

LIBOR + 1.75%, 0.00% Floor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.91%

11/17/24

290,605

Application Software - 16.0%

1,513,751

CCC Information Services, Inc. (Cypress), Term Loan B, 1 Mo.

LIBOR + 3.00%, 1.00% Floor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.00%

04/26/24

1,503,533

7,522,568

Hyland Software, Inc., Term Loan B, 1 Mo. LIBOR + 3.25%,

0.75% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.00%

07/01/24

7,417,778

990,549

Internet Brands, Inc. (WebMD/MH Sub I, LLC), 2020 June New

Term Loan, 1 Mo. LIBOR + 3.75%, 1.00% Floor . . . . . . . . . . . . . . . . .

4.75%

09/15/24

978,792

3,972,266

Internet Brands, Inc. (WebMD/MH Sub I, LLC), Initial Term Loan,

3 Mo. LIBOR + 3.50%, 0.00% Floor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.57%

09/13/24

3,865,253

6,103,970

McAfee, LLC, Term Loan B, 1 Mo. LIBOR + 3.75%, 0.00% Floor .

3.91%

09/30/24

6,040,672

1,248,044

Micro Focus International (MA Financeco, LLC), Miami Escrow TL

B3, 1 Mo. LIBOR + 2.50%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . .

2.66%

06/21/24

1,188,762

8,427,782

Micro Focus International (MA Financeco, LLC), Seattle Spinco

TLB, 1 Mo. LIBOR + 2.50%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . .

2.66%

06/21/24

8,027,462

696,722

Qlik Technologies (Project Alpha Intermediate Holding, Inc.), 2019

Incremental Term Loan B, 3 Mo. LIBOR + 4.25%, 0.00% Floor . .

4.52%

04/26/24

689,755

6,194,229

Qlik Technologies (Project Alpha Intermediate Holding, Inc.), Term

Loan B, 3 Mo. LIBOR + 3.50%, 1.00% Floor . . . . . . . . . . . . . . . . . . . . .

4.50%

04/26/24

6,147,773

16,197,469

SolarWinds Holdings, Inc., Initial Term Loan, 1 Mo. LIBOR +

2.75%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.91%

02/05/24

15,969,732

660,772

Solera Holdings, Inc., Term Loan B, 2 Mo. LIBOR + 2.75%, 0.00%

Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.91%

03/03/23

648,680

379,906

Veeam Software Holdings Limited (VS Buyer, LLC), Term Loan B,

1 Mo. LIBOR + 3.25%, 0.00% Floor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.41%

02/28/27

373,732

52,851,924

Auto Parts & Equipment - 3.0%

3,032,851

American Axle & Manufacturing Holdings, Inc., Term Loan B, 1

Mo. LIBOR + 2.25%, 0.75% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.00%

04/06/24

2,946,202

5,816,720

Gates Global, LLC, Initial B-2 Dollar Term Loans, 1 Mo. LIBOR +

2.75%, 1.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.75%

03/31/24

5,741,278

2,484,825

Lumileds (Bright Bidco B.V.), Term Loan B, 6 Mo. LIBOR +

3.50%, 1.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.57%

06/30/24

1,100,777

9,788,257

Broadcasting - 7.4%

1,116,320

Cumulus Media Holdings, Inc., Term Loan B, 6 Mo. LIBOR +

3.75%, 1.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.82%

03/31/26

1,055,269

1,596,642

Diamond Sports Group, LLC, Term Loan B, 1 Mo. LIBOR +

3.25%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.41%

08/23/26

1,347,167

1,082,941

E.W. Scripps Company, Term Loan B-2, 1 Mo. LIBOR + 2.50%,

0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.66%

05/01/26

1,053,160

244,280

Entercom Media Corp. (CBS Radio), Term Loan B, 1 Mo. LIBOR

+ 2.50%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.66%

11/17/24

230,112

1,026,182

Gray Television, Inc., Term C Loan, 1 Mo. LIBOR + 2.50%, 0.00%

Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.66%

01/02/26

1,004,088

3,844,611

iHeartCommunications, Inc., Term Loan B, 1 Mo. LIBOR + 3.00%,

0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.16%

04/29/26

3,641,385

First Trust Senior Floating Rate 2022 Target Term Fund (FIV)

Portfolio of Investments (Continued)

August 31, 2020 (Unaudited)

Principal

Stated

Value

Description

Rate (a)

Maturity (b)

Value

SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued)

Broadcasting (Continued)

$ 6,682,609

Nexstar Broadcasting, Inc., Incremental Term Loan B-4, 1 Mo.

LIBOR + 2.75%, 0.00% Floor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.91%

09/19/26

$

6,549,892

1,985,095

Nexstar Broadcasting, Inc., Mission Term Loan B-3, 1 Mo. LIBOR

+ 2.25%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.41%

01/17/24

1,937,115

7,735,971

Nexstar Broadcasting, Inc., Nexstar Term Loan B-3, 1 Mo. LIBOR

+ 2.25%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.41%

01/17/24

7,548,992

24,367,180

Building Products - 0.6%

1,988,158

Quikrete Holdings, Inc., Term Loan B, 1 Mo. LIBOR + 2.50%,

0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.66%

01/31/27

1,934,895

Cable & Satellite - 2.1%

2,242,620

Cablevision (aka CSC Holdings, LLC), March 2017 Term Loan

B-1, 1 Mo. LIBOR + 2.25%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . .

2.41%

07/17/25

2,161,325

4,772,727

Charter Communications Operating, LLC, Term Loan B1, 1 Mo.

LIBOR + 1.75%, 0.00% Floor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.91%

04/30/25

4,691,782

6,853,107

Casinos & Gaming - 16.0%

6,981,400

Aristocrat Technologies, Inc., Term B-3 Loan, 3 Mo. LIBOR +

1.75%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.02%

10/19/24

6,810,775

7,987,713

Boyd Gaming Corporation, Term Loan B, 1 Mo. LIBOR + 2.25%,

0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.36%

09/15/23

7,749,919

504,941

Caesars Resort Collection, LLC, Term B-1 Loans, 1 Mo. LIBOR +

4.50%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.70%

06/30/25

488,848

252,470

Caesars Resort Collection, LLC, Term B-1 Loans, 3 Mo. LIBOR +

4.50%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.77%

06/30/25

244,424

10,706,589

Caesars Resort Collection, LLC, Term Loan B, 1 Mo. LIBOR +

2.75%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.91%

12/22/24

10,044,172

14,112,573

CityCenter Holdings, LLC, Term Loan B, 1 Mo. LIBOR + 2.25%,

0.75% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.00%

04/18/24

13,359,103

2,300,747

Golden Nugget, Inc., Term Loan B, 1 Mo. LIBOR + 2.50%, 0.75%

Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.25%

10/04/23

2,052,565

1,951,973

Golden Nugget, Inc., Term Loan B, 2 Mo. LIBOR + 2.50%, 0.75%

Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.25%

10/04/23

1,741,413

735,357

Scientific Games International, Inc., Term Loan B5, 1 Mo. LIBOR

+ 2.75%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.91%

08/14/24

686,118

9,593

Scientific Games International, Inc., Term Loan B5, 3 Mo. LIBOR

+ 2.75%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.06%

08/14/24

8,951

3,005,957

Scientific Games International, Inc., Term Loan B5, 6 Mo. LIBOR

+ 2.75%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.61%

08/14/24

2,804,678

5,134,242

Stars Group Holdings B.V. (Amaya), Term Loan B, 3 Mo. LIBOR +

3.50%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.81%

07/10/25

5,137,579

1,023,639

Station Casinos, Inc. (Red Rocks), Term Loan B, 1 Mo. LIBOR +

2.25%, 0.25% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.50%

01/31/27

968,189

656,964

Twin River Worldwide Holdings, Inc., Term Loan B, 1 Mo. LIBOR

+ 2.75%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.91%

05/10/26

622,887

52,719,621

Coal & Consumable Fuels - 1.1%

3,914,802

Arch Coal, Inc., Term Loan B, 1 Mo. LIBOR + 2.75%, 1.00%

Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.75%

03/07/24

3,404,234

282,234

Peabody Energy Corp., Term Loan B, 1 Mo. LIBOR + 2.75%,

0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.91%

03/31/25

98,378

3,502,612

First Trust Senior Floating Rate 2022 Target Term Fund (FIV)

Portfolio of Investments (Continued)

August 31, 2020 (Unaudited)

Principal

Stated

Value

Description

Rate (a)

Maturity (b)

Value

SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued)

Communications Equipment - 0.3%

$

855,535

Commscope, Inc., Term Loan B, 1 Mo. LIBOR + 3.25%, 0.00%

Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.41%

04/06/26

$

835,977

Data Processing & Outsourced Services - 0.1%

475,239

Cardtronics USA, Inc., Term Loan B, 1 Mo. LIBOR + 4.00%,

1.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.00%

06/30/27

473,757

Electric Utilities - 0.5%

1,823,278

PG&E Corp., Exit Term Loan, 3 Mo. LIBOR + 4.50%, 1.00%

Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.50%

06/30/25

1,792,519

Environmental & Facilities Services - 1.6%

5,255,601

Packers Holdings, LLC, Term Loan B, 1 Mo. LIBOR + 3.00%,

1.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.00%

12/04/24

5,139,557

Food Distributors - 1.6%

654,224

US Foods, Inc., Incremental B-2019 Term Loan, 6 Mo. LIBOR +

2.00%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.07%

08/31/26

624,902

4,974,187

US Foods, Inc., Term Loan B, 1 Mo. LIBOR + 1.75%, 0.00%

Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.91%

06/27/23

4,780,641

5,405,543

Health Care Facilities - 4.9%

10,803,073

Acadia Healthcare Company, Inc., Term Loan B4, 1 Mo. LIBOR +

2.50%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.66%

02/16/23

10,679,270

1,079,290

Gentiva Health Services, Inc. (Kindred at Home), Term Loan B, 1

Mo. LIBOR + 3.25%, 0.00% Floor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.44%

07/02/25

1,068,498

4,697,055

Select Medical Corporation, Term Loan B, 1 Mo. LIBOR + 2.50%,

0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.68%

03/06/25

4,560,041

16,307,809

Health Care Services - 13.9%

8,723,478

Air Medical Group Holdings, Inc. (Global Medical Response), Term

Loan B, 6 Mo. LIBOR + 3.25%, 1.00% Floor . . . . . . . . . . . . . . . . . . . . .

4.25%

04/28/22

8,633,102

2,491,713

Air Methods Corp. (a/k/a ASP AMC Intermediate Holdings, Inc.),

Term Loan B, 3 Mo. LIBOR + 3.50%, 1.00% Floor . . . . . . . . . . . . . . .

4.50%

04/21/24

2,183,015

5,382,418

athenahealth, Inc. (VVC Holding Corp.), Term Loan B, 3 Mo.

LIBOR + 4.50%, 0.00% Floor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.82%

02/15/26

5,331,985

9,326,392

CHG Healthcare Services, Inc., Term Loan, 6 Mo. LIBOR + 3.00%,

1.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.07%

06/07/23

9,174,839

3,332,796

DuPage Medical Group (Midwest Physician Admin. Services, LLC),

Repricing Term Loan, 1 Mo. LIBOR + 2.75%, 0.75% Floor . . . . . . .

2.90%

08/15/24

3,217,815

3,911,173

Envision Healthcare Corporation, Initial Term Loan, 1 Mo. LIBOR

+ 3.75%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.91%

10/10/25

2,822,694

2,601,418

Exam Works (Gold Merger Co., Inc.), Term B-1 Loan, 3 Mo.

LIBOR + 3.25%, 1.00% Floor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.32%

07/27/23

2,594,914

4,228,235

Surgery Centers Holdings, Inc., Term Loan B, 1 Mo. LIBOR +

3.25%, 1.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.25%

08/31/24

3,985,872

2,569,035

Team Health, Inc., Term Loan B, 1 Mo. LIBOR + 2.75%, 1.00%

Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.75%

02/06/24

2,133,378

5,780,105

Verscend Technologies, Inc., Term Loan B, 1 Mo. LIBOR + 4.50%,

0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.66%

08/27/25

5,731,956

45,809,570

Health Care Technology - 3.8%

472,002

Change Healthcare Holdings, LLC, Closing Date Term Loan, 1 Mo.

LIBOR + 2.50%, 1.00% Floor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.50%

03/01/24

462,694

First Trust Senior Floating Rate 2022 Target Term Fund (FIV)

Portfolio of Investments (Continued)

August 31, 2020 (Unaudited)

Principal

Stated

Value

Description

Rate (a)

Maturity (b)

Value

SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued)

Health Care Technology (Continued)

$ 11,511,339

Change Healthcare Holdings, LLC, Closing Date Term Loan, 3 Mo.

LIBOR + 2.50%, 1.00% Floor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.50%

03/01/24

$ 11,284,336

1,701

Press Ganey (Azalea TopCo, Inc.), Term Loan B, 1 Mo. LIBOR +

3.50%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.66%

07/25/26

1,652

673,527

Press Ganey (Azalea TopCo, Inc.), Term Loan B, 3 Mo. LIBOR +

3.50%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.76%

07/25/26

654,163

12,402,845

Hotels, Resorts & Cruise Lines - 1.8%

6,158,378

Four Seasons Holdings, Inc., Term Loan B, 1 Mo. LIBOR + 2.00%,

0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.16%

11/30/23

5,975,536

Household Appliances - 0.3%

1,149,026

Traeger Grills (TGP Holdings III, LLC), 2018 Refinancing Term

Loan, 3 Mo. LIBOR + 4.25%, 1.00% Floor . . . . . . . . . . . . . . . . . . . . . . . .

5.25%

09/25/24

1,104,858

Human Resource & Employment Services - 0.9%

2,970,591

Alight, Inc. (fka Tempo Acq.), Non Extended Term Loan, 1 Mo.

LIBOR + 2.75%, 0.00% Floor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.91%

05/01/24

2,903,753

Hypermarkets & Super Centers - 1.9%

6,174,209

BJ's Wholesale Club, Inc., Term Loan B, 1 Mo. LIBOR + 2.00%,

0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.16%

02/03/24

6,114,196

Independent Power Producers & Energy Traders - 0.6%

1,968,912

Calpine Corporation, Term Loan B5, 1 Mo. LIBOR + 2.25%, 0.00%

Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.41%

01/15/24

1,925,163

Insurance Brokers - 6.5%

2,083,427

Alliant Holdings I, LLC, 2019 New Term Loan, 1 Mo. LIBOR +

3.25%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.43%

05/10/25

2,029,488

3,282,155

Alliant Holdings I, LLC, Initial Term Loan, 1 Mo. LIBOR + 2.75%,

0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.91%

05/09/25

3,170,923

5,908,597

Amwins Group, Inc., Term Loan B (First Lien), 1 Mo. LIBOR +

2.75%, 1.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.75%

01/25/24

5,856,896

4,257

HUB International Limited, 2019 Incremental Term Loan B2, 1 Mo.

LIBOR + 4.00%, 1.00% Floor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.00%

04/25/25

4,252

1,690,127

HUB International Limited, 2019 Incremental Term Loan B2, 3 Mo.

LIBOR + 4.00%, 1.00% Floor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.00%

04/25/25

1,688,251

17,247

HUB International Limited, Term Loan B, 2 Mo. LIBOR + 3.00%,

0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.22%

04/25/25

16,782

6,743,660

HUB International Limited, Term Loan B, 3 Mo. LIBOR + 3.00%,

0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.26%

04/25/25

6,561,851

447,889

Ryan Specialty Group, LLC, Term Loan B, 1 Mo. LIBOR + 3.25%,

0.75% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.40%

07/23/27

445,931

1,744,995

USI, Inc. (fka Compass Investors, Inc.), Term Loan B, 3 Mo.

LIBOR + 3.00%, 0.00% Floor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.31%

05/15/24

1,695,193

21,469,567

Integrated Telecommunication Services - 0.2%

723,534

Numericable (Altice France SA or SFR), Term Loan B-11, 1 Mo.

LIBOR + 2.75%, 0.00% Floor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.91%

07/31/25

691,749

Interactive Home Entertainment - 0.9%

3,044,765

Playtika Holding Corp., Term Loan B, 3 Mo. LIBOR + 6.00%,

1.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.07%

12/10/24

3,066,901

First Trust Senior Floating Rate 2022 Target Term Fund (FIV)

Portfolio of Investments (Continued)

August 31, 2020 (Unaudited)

Principal

Stated

Value

Description

Rate (a)

Maturity (b)

Value

SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued)

Investment Banking & Brokerage - 0.2%

$ 833,760

Citadel Securities L.P., Term Loan B, 1 Mo. LIBOR + 2.75%,

0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.91%

02/27/26

$

826,464

Leisure Facilities - 0.9%

3,498,695

ClubCorp Holdings, Inc., Term Loan B, 3 Mo. LIBOR + 2.75%,

0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.06%

09/18/24

3,032,634

Managed Health Care - 5.7%

15,580,031

Multiplan, Inc. (MPH), Term Loan B, 3 Mo. LIBOR + 2.75%,

1.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.75%

06/07/23

15,404,755

3,387,865

Versant Health (Wink Holdco, Inc.), Initial Term Loan, 1 Mo.

LIBOR + 3.00%, 1.00% Floor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.00%

12/02/24

3,308,454

18,713,209

Metal & Glass Containers - 1.5%

4,999,500

Berry Global, Inc., Term Loan Y, 1 Mo. LIBOR + 2.00%, 0.00%

Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.16%

07/01/26

4,842,666

Movies & Entertainment - 2.2%

2,478,472

AMC Entertainment, Inc., Term Loan B, 6 Mo. LIBOR + 3.00%,

0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.08%

04/22/26

1,880,541

19,488

AMC Entertainment, Inc., Term Loan B, Prime Rate + 3.50%,

0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6.75%

04/22/26

14,786

6,757,850

Cineworld Group PLC (Crown), Term Loan B, 6 Mo. LIBOR +

2.25%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.32%

02/28/25

5,279,570

161,823

Live Nation Entertainment, Inc., Term Loan B, 1 Mo. LIBOR +

1.75%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.94%

10/17/26

150,010

7,324,907

Other Diversified Financial Services - 5.5%

9,806,006

AlixPartners, LLP, Term Loan B, 1 Mo. LIBOR + 2.50%, 0.00%

Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.66%

04/04/24

9,580,468

8,670,525

Refinitiv US Holdings, Inc., Term Loan B, 1 Mo. LIBOR + 3.25%,

0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.41%

10/01/25

8,589,975

18,170,443

Packaged Foods & Meats - 3.4%

3,005,216

Hostess Brands, LLC (HB Holdings), Term Loan B, 1 Mo. LIBOR

+ 2.25%, 0.75% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.00%

08/03/25

2,948,387

27,967

Hostess Brands, LLC (HB Holdings), Term Loan B, 2 Mo. LIBOR

+ 2.25%, 0.75% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.00%

08/03/25

27,438

8,069,558

Hostess Brands, LLC (HB Holdings), Term Loan B, 3 Mo. LIBOR

+ 2.25%, 0.75% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.00%

08/03/25

7,916,963

312,055

Simply Good Foods (Atkins Nutritionals, Inc.), Term Loan B, 1

Mo. LIBOR + 3.75%, 1.00% Floor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.75%

07/07/24

312,642

11,205,430

Paper Packaging - 3.5%

1,470,355

Graham Packaging Company, L.P., Initial Term Loan, 1 Mo. LIBOR

+ 3.75%, 0.75% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.50%

07/28/27

1,467,414

10,108,225

Reynolds Group Holdings, Inc., U.S. Term Loan, 1 Mo. LIBOR +

2.75%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.91%

02/05/23

9,952,963

11,420,377

Pharmaceuticals - 15.6%

102,694

Akorn, Inc., DIP Term Loan, 1 Mo. LIBOR + 9.50%, 1.00%

Floor (d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10.50%

11/21/20

103,208

First Trust Senior Floating Rate 2022 Target Term Fund (FIV)

Portfolio of Investments (Continued)

August 31, 2020 (Unaudited)

Principal

Stated

Value

Description

Rate (a)

Maturity (b)

Value

SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued)

Pharmaceuticals (Continued)

$ 2,764,519

Akorn, Inc., Loan, 1 Mo. LIBOR + 14.50%, 1.00% Floor (d) . . . . . . .

15.50%

04/16/21

$

2,452,129

5,826,840

Bausch Health Companies, Inc. (Valeant), First Incremental Term

Loan, 1 Mo. LIBOR + 2.75%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . .

2.93%

06/01/25

5,703,019

7,549,892

Bausch Health Companies, Inc. (Valeant), Term Loan B, 1 Mo.

LIBOR + 3.00%, 0.00% Floor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.18%

06/01/25

7,420,940

10,380,730

Endo LLC, Term Loan B, 3 Mo. LIBOR + 4.25%, 0.75% Floor. . . . .

5.00%

04/29/24

9,989,273

2,455,333

GoodRX, Inc., Term Loan B, 1 Mo. LIBOR + 2.75%, 0.00% Floor .

2.91%

10/15/25

2,426,188

1,365,243

IQVIA, Inc. (Quintiles), Term Loan B3, 3 Mo. LIBOR + 1.75%,

0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.06%

06/11/25

1,333,679

3,014,743

Mallinckrodt International Finance S.A., 2017 Term Loan B, 6 Mo.

LIBOR + 2.75%, 0.75% Floor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.50%

09/24/24

2,621,891

567,070

Mallinckrodt International Finance S.A., 2018 Incremental Term

Loan, 6 Mo. LIBOR + 3.00%, 0.75% Floor . . . . . . . . . . . . . . . . . . . . . . .

3.75%

02/24/25

492,404

3,425,795

Parexel International Corp., Term Loan B, 1 Mo. LIBOR + 2.75%,

0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.91%

09/27/24

3,306,749

15,493,866

Pharmaceutical Product Development, Inc. (PPDI/Jaguar), Term

Loan B, 1 Mo. LIBOR + 2.50%, 1.00% Floor . . . . . . . . . . . . . . . . . . . . .

3.50%

08/18/22

15,455,131

51,304,611

Research & Consulting Services - 0.1%

174,869

Nielsen Finance, LLC (VNU, Inc.), Term Loan B5, 1 Mo. LIBOR +

3.75%, 1.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.75%

06/30/25

175,306

Restaurants - 1.9%

3,848,349

1011778 B.C. Unlimited Liability Company (Restaurant Brands)

(aka Burger King/Tim Horton's), Term Loan B-4, 1 Mo. LIBOR +

1.75%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.91%

11/14/26

3,699,226

2,799,750

IRB Holding Corp. (Arby's/Inspire Brands), Term Loan B, 1 Mo.

LIBOR + 2.75%, 1.00% Floor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.75%

02/05/25

2,692,659

6,391,885

Semiconductors - 0.9%

582,807

ON Semiconductor Corp., Term Loan B, 1 Mo. LIBOR + 2.00%,

0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.16%

09/19/26

573,704

2,298,227

Western Digital Corporation, U.S. Term B-4 Loan, 1 Mo. LIBOR +

1.75%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.91%

04/29/23

2,278,117

2,851,821

Specialized Consumer Services - 6.3%

2,131,085

Asurion, LLC, Second Lien Replacement B-2 Term Loan, 1 Mo.

LIBOR + 6.50%, 0.00% Floor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6.66%

08/04/25

2,134,281

9,130,787

Asurion, LLC, Term Loan B4, 1 Mo. LIBOR + 3.00%, 0.00%

Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.16%

08/04/22

9,024,231

9,947,023

Asurion, LLC, Term Loan B6, 1 Mo. LIBOR + 3.00%, 0.00%

Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.16%

11/03/23

9,764,694

20,923,206

Specialty Chemicals - 1.0%

3,253,580

H.B. Fuller Company, Term Loan B, 1 Mo. LIBOR + 2.00%, 0.00%

Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.16%

10/20/24

3,168,532

Systems Software - 4.4%

853,975

Applied Systems, Inc., 1st Lien Term Loan, 3 Mo. LIBOR + 3.25%,

1.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.25%

09/19/24

849,509

1,253,790

Misys Financial Software Ltd. (Almonde, Inc.) (Finastra), Term

Loan B, 3 Mo. LIBOR + 3.50%, 1.00% Floor . . . . . . . . . . . . . . . . . . . . .

4.50%

06/13/24

1,178,801

First Trust Senior Floating Rate 2022 Target Term Fund (FIV)

Portfolio of Investments (Continued)

August 31, 2020 (Unaudited)

Principal

Stated

Value

Description

Rate (a)

Maturity (b)

Value

SENIOR FLOATING-RATE LOAN INTERESTS (c) (Continued)

Systems Software (Continued)

$

10,019

Riverbed Technology, Inc., Term Loan B, 2 Mo. LIBOR + 3.25%,

1.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.25%

04/24/22

$

8,847

3,787,293

Riverbed Technology, Inc., Term Loan B, 3 Mo. LIBOR + 3.25%,

1.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.25%

04/24/22

3,344,180

1,967,058

SS&C European Holdings, S.a.r.l, Term Loan B-3, 1 Mo. LIBOR +

1.75%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.91%

04/16/25

1,907,377

1,381,995

SS&C European Holdings, S.a.r.l, Term Loan B-4, 1 Mo. LIBOR +

1.75%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.91%

04/16/25

1,340,065

2,095,467

SS&C European Holdings, S.a.r.l, Term Loan B-5, 1 Mo. LIBOR +

1.75%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.91%

04/16/25

2,033,798

1,270,744

SUSE (Marcel Lux IV SARL), Facility B1 USD, 1 Mo. LIBOR +

3.25%, 0.00% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.41%

03/15/26

1,234,744

2,592,297

Vertafore, Inc., Term Loan B, 1 Mo. LIBOR + 3.25%, 0.00% Floor .

3.41%

07/02/25

2,590,015

14,487,336

Technology Hardware, Storage & Peripherals - 0.5%

1,786,924

Dell International, LLC, Refinancing Term B-1 Loan, 1 Mo. LIBOR

+ 2.00%, 0.75% Floor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.75%

09/16/25

1,773,522

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total Senior Floating-RateLoan Interests . . . . . . . . . . . . . . . . . . . . . . . . .

463,860,046

Principal

(Cost $477,241,730)

Stated

Stated

Value

Description

Coupon

Maturity

Value

CORPORATE BONDS AND NOTES (c) - 0.4%

Paper Packaging - 0.4%

1,119,000

Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC/Reynolds

Group Issuer Lu. (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.00%

07/15/24

1,149,068

(Cost $1,136,061)

Shares

Description

Value

MONEY MARKET FUNDS (c) - 3.0%

10,000,000

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 0.01% (f) . . .

10,000,000

(Cost $10,000,000)

Total Investments - 144.2% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

475,009,114

(Cost $488,377,791) (g)

Outstanding Loans - (40.1)% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(132,000,000)

Net Other Assets and Liabilities - (4.1)%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(13,644,905)

Net Assets - 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 329,364,209

  1. 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 lending rate offered by one or more major European banks, such as the LIBOR, (ii) the prime rate offered by one or more United States banks or (iii) the certificate of deposit rate. Certain Senior Loans are subject to a LIBOR floor that establishes a minimum LIBOR rate. When a range of rates is disclosed, the Fund holds more than one contract within the same tranche with identical LIBOR period, spread and floor, but different LIBOR reset dates.
  2. 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.
  3. All of these securities are available to serve as collateral for the outstanding loans.
  4. This issuer has filed for protection in bankruptcy court.

First Trust Senior Floating Rate 2022 Target Term Fund (FIV)

Portfolio of Investments (Continued)

August 31, 2020 (Unaudited)

  1. This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under
    Rule 144A under the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Fund's Board of Trustees, this security has been determined to be liquid by First Trust Advisors L.P. (the "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, 2020, securities noted as such amounted to $1,149,068 or 0.3% of net assets.
  2. Rate shown reflects yield as of August 31, 2020.
  3. Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of August 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $1,110,800 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $14,479,477. The net unrealized depreciation was $13,368,677.

LIBOR London Interbank Offered Rate

Valuation Inputs

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

  • Level 1 - Level 1 inputs are quoted prices in active markets for identical investments.
  • Level 2 - Level 2 inputs are observable inputs, either directly or indirectly. (Quoted prices for similar investments, valuations based on interest rates and yield curves, or valuations derived from observable market data.)
  • Level 3 - Level 3 inputs are unobservable inputs that may reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the investment.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

A summary of the inputs used to value the Fund's investments as of August 31, 2020 is as follows:

Level 2

Level 3

Total

Level 1

Significant

Significant

Value at

Quoted

Observable

Unobservable

8/31/2020

Prices

Inputs

Inputs

Senior Floating-Rate Loan Interests* . . . . . . . . . . . . . . . . . . . . .

$ 463,860,046

$

-

$ 463,860,046

$ -

Corporate Bonds and Notes* . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,149,068

-

1,149,068

-

Money Market Funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10,000,000

10,000,000

-

-

Total Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 475,009,114

$

10,000,000

$ 465,009,114

$ -

* See Portfolio of Investments for industry breakout.

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Disclaimer

First Trust Senior Floating Rate 2022 Target Term Fund published this content on 15 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2020 21:14:04 UTC