First Trust Specialty Finance and Financial Opportunities Fund (FGB)
Portfolio of Investments
August 31, 2024 (Unaudited)
 
 
Shares
Description
Value
COMMON STOCKS – BUSINESS DEVELOPMENT
COMPANIES – 99.7%
Capital Markets – 99.7%
65,000
Apollo Investment Corp.
$905,450
125,000
Ares Capital Corp. (a)
2,635,000
100,000
Bain Capital Specialty Finance,
Inc. (a)
1,711,000
390,000
Barings BDC, Inc. (a)
3,919,500
112,000
BlackRock TCP Capital
Corp. (a)
1,027,040
160,000
Blackstone Secured Lending
Fund (a)
4,824,000
250,000
Blue Owl Capital Corp. III
3,690,000
71,000
Capital Southwest Corp. (a)
1,798,430
42,565
Crescent Capital BDC, Inc. (a)
782,345
38,500
FS KKR Capital Corp. (a)
778,855
135,000
Goldman Sachs BDC, Inc. (a)
1,907,550
260,000
Golub Capital BDC, Inc. (a)
3,871,400
330,000
Hercules Capital, Inc. (a)
6,326,100
90,000
Kayne Anderson BDC, Inc.
1,462,500
111,000
Main Street Capital Corp. (a)
5,483,400
353,000
New Mountain Finance Corp. (a)
4,345,430
100,000
Nuveen Churchill Direct Lending
Corp. (a)
1,778,000
90,000
Oaktree Specialty Lending Corp.
1,541,700
98,000
OFS Capital Corp. (a)
805,560
84,528
Palmer Square Capital BDC, Inc.
1,369,353
256,000
PennantPark Investment
Corp. (a)
1,804,800
44,000
Portman Ridge Finance Corp.
821,480
197,000
Sixth Street Specialty Lending,
Inc. (a)
4,184,280
161,000
SLR Investment Corp. (a)
2,566,340
48,000
Trinity Capital, Inc.
673,920
Total Common Stocks -
Business Development
Companies
61,013,433
(Cost $59,480,299)
COMMON STOCKS – 11.4%
Banks – 0.7%
10,000
Bank of America Corp.
407,500
Capital Markets – 2.5%
11,000
Blackstone, Inc.
1,565,960
Financial Services – 3.5%
4,500
Berkshire Hathaway, Inc.,
Class B (a) (b)
2,141,640
Insurance – 0.4%
150
Markel Group, Inc. (b)
240,102
 
Shares
Description
Value
 
Mortgage REITs – 4.3%
130,000
Annaly Capital Management,
Inc. (a)
$2,620,800
Total Common Stocks
6,976,002
(Cost $5,009,351)
Total Investments – 111.1%
67,989,435
(Cost $64,489,650)
Outstanding Loan – (14.0)%
(8,600,000
)
Net Other Assets and
Liabilities – 2.9%
1,822,488
Net Assets – 100.0%
$61,211,923
 
(a)
All or a portion of this security serves as collateral on the
outstanding loan. At August 31, 2024, the segregated value
of these securities amounts to $38,008,890.
(b)
Non-income producing security.
 
Abbreviations throughout the Portfolio of Investments:
REITs
– Real Estate Investment Trusts
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.
First Trust Specialty Finance and Financial Opportunities Fund (FGB)
Portfolio of Investments (Continued)
August 31, 2024 (Unaudited)
A summary of the inputs used to value the Fund’s investments as of August 31, 2024 is as follows: 
 
Total
Value at
8/31/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Common Stocks -
Business
Development
Companies*
$61,013,433
$61,013,433
$—
$—
Common Stocks*
6,976,002
6,976,002
—
—
Total Investments
$67,989,435
$67,989,435
$—
$—
 
*
See Portfolio of Investments for industry breakout.
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