First Trust Energy Income and Growth Fund (FEN)
Portfolio of Investments
February 29, 2020 (Unaudited)
Shares/ Units | Description | Value | ||
MASTER LIMITED PARTNERSHIPS – 82.5% | ||||
Chemicals – 1.5% | ||||
259,800 | Westlake Chemical Partners, L.P. (a) | $5,370,066 | ||
Gas Utilities – 0.5% | ||||
82,600 | Suburban Propane Partners, L.P. (a) | 1,616,482 | ||
Independent Power & Renewable Electricity Producers – 6.1% | ||||
384,911 | NextEra Energy Partners, L.P. (a) (b) | 22,197,817 | ||
Oil, Gas & Consumable Fuels – 74.4% | ||||
883,416 | Alliance Resource Partners, L.P. (a) | 5,954,224 | ||
448,074 | BP Midstream Partners, L.P. (a) | 5,968,346 | ||
39,000 | Cheniere Energy Partners, L.P. | 1,322,100 | ||
2,032,767 | Energy Transfer, L.P. (a) | 22,523,058 | ||
2,790,806 | Enterprise Products Partners, L.P. (a) (c) | 65,137,412 | ||
941,147 | Holly Energy Partners, L.P. (a) | 19,519,389 | ||
895,454 | Magellan Midstream Partners, L.P. (a) (c) | 48,847,016 | ||
303,800 | MPLX, L.P. (a) | 6,164,102 | ||
243,800 | Phillips 66 Partners, L.P. (a) | 13,255,406 | ||
1,628,601 | Plains All American Pipeline, L.P. (a) (c) | 22,262,976 | ||
868,200 | Shell Midstream Partners, L.P. (a) | 14,854,902 | ||
1,141,350 | TC PipeLines, L.P. (a) | 43,314,232 | ||
269,123,163 | ||||
Total Master Limited Partnerships | 298,307,528 | |||
(Cost $214,286,081) | ||||
COMMON STOCKS – 59.3% | ||||
Electric Utilities – 8.1% | ||||
26,700 | American Electric Power Co., Inc. (c) | 2,383,242 | ||
33,000 | Duke Energy Corp. (c) | 3,026,100 | ||
10,600 | Emera, Inc. (CAD) (a) | 446,665 | ||
58,600 | Eversource Energy (c) | 5,066,556 | ||
247,500 | Exelon Corp. (c) | 10,669,725 | ||
255,991 | PPL Corp. | 7,682,290 | ||
300 | Southern (The) Co. | 18,108 | ||
29,292,686 | ||||
Gas Utilities – 0.2% | ||||
3,600 | Atmos Energy Corp. (a) | 371,700 | ||
3,699 | Chesapeake Utilities Corp. (a) | 316,264 | ||
687,964 | ||||
Multi-Utilities – 7.7% | ||||
71,700 | CMS Energy Corp. (c) | 4,332,114 | ||
350,499 | Public Service Enterprise Group, Inc. (c) | 17,984,104 | ||
41,300 | Sempra Energy (c) | 5,772,914 | ||
28,089,132 | ||||
Oil, Gas & Consumable Fuels – 43.3% | ||||
817,796 | Enbridge, Inc. (a) (c) | 30,610,104 | ||
233,640 | Equitrans Midstream Corp. (a) | 1,649,498 | ||
377,200 | Inter Pipeline, Ltd. (CAD) (a) | 5,581,071 | ||
145,060 | Keyera Corp. (CAD) (a) | 3,482,089 | ||
2,114,455 | Kinder Morgan, Inc. (a) (c) | 40,534,102 | ||
357,984 | ONEOK, Inc. (c) | 23,884,693 | ||
593,632 | TC Energy Corp. | 31,076,635 |
First Trust Energy Income and Growth Fund (FEN)
Portfolio of Investments (Continued)
February 29, 2020 (Unaudited)
Shares/ Units | Description | Value | ||
COMMON STOCKS (Continued) | ||||
Oil, Gas & Consumable Fuels (Continued) | ||||
1,031,941 | Williams (The) Cos., Inc. (c) | $19,658,476 | ||
156,476,668 | ||||
Total Common Stocks | 214,546,450 | |||
(Cost $207,196,395) | ||||
REAL ESTATE INVESTMENT TRUSTS – 0.3% | ||||
Equity Real Estate Investment Trusts – 0.3% | ||||
24,236 | CorEnergy Infrastructure Trust, Inc. (a) | 845,836 | ||
(Cost $684,852) | ||||
Total Investments – 142.1% | 513,699,814 | |||
(Cost $422,167,328) (d) |
Number of Contracts | Description | Notional Amount | Exercise Price | Expiration Date | Value | |||||
CALL OPTIONS WRITTEN – (0.4)% | ||||||||||
(267) | American Electric Power Co., Inc. | $(2,383,242) | $105.00 | Mar 2020 | (801) | |||||
(717) | CMS Energy Corp. | (4,332,114) | 70.00 | Apr 2020 | (30,473) | |||||
(330) | Duke Energy Corp. | (3,026,100) | 100.00 | Apr 2020 | (22,440) | |||||
(1,800) | Enbridge, Inc. | (6,737,400) | 42.50 | Jul 2020 | (43,200) | |||||
(3,300) | Enterprise Products Partners, L.P. | (7,702,200) | 27.00 | Mar 2020 | (33,000) | |||||
(2,000) | Enterprise Products Partners, L.P. | (4,668,000) | 28.00 | Mar 2020 | (10,000) | |||||
(1,660) | Enterprise Products Partners, L.P. | (3,874,440) | 30.00 | Mar 2020 | (6,640) | |||||
(586) | Eversource Energy | (5,066,556) | 95.00 | Mar 2020 | (5,860) | |||||
(2,475) | Exelon Corp. | (10,669,725) | 49.00 | May 2020 | (105,188) | |||||
(9,400) | Kinder Morgan, Inc. | (18,019,800) | 21.00 | Apr 2020 | (338,400) | |||||
(3,300) | Kinder Morgan, Inc. | (6,326,100) | 23.00 | Jun 2020 | (42,900) | |||||
(3,000) | Magellan Midstream Partners, L.P. | (16,365,000) | 65.00 | Apr 2020 | (90,000) | |||||
(3,500) | ONEOK, Inc. | (23,352,000) | 75.00 | Apr 2020 | (192,500) | |||||
(5,700) | Plains All American Pipeline, L.P. | (7,791,900) | 15.00 | May 2020 | (228,000) | |||||
(2,954) | Public Service Enterprise Group, Inc. (e) | (15,156,974) | 65.00 | Mar 2020 | (2,954) | |||||
(105) | Sempra Energy (e) | (1,467,690) | 165.00 | Mar 2020 | (525) | |||||
(308) | Sempra Energy | (4,305,224) | 155.00 | Apr 2020 | (26,180) | |||||
(5,230) | Williams (The) Cos., Inc. | (9,963,150) | 23.00 | Mar 2020 | (10,460) | |||||
(5,089) | Williams (The) Cos., Inc. | (9,694,545) | 21.00 | May 2020 | (287,528) | |||||
Total Call Options Written | (1,477,049) | |||||||||
(Premiums received $2,267,712) |
Outstanding Loan – (38.4)% | (139,000,000) | ||
Net Other Assets and Liabilities – (3.3)% | (11,590,544) | ||
Net Assets – 100.0% | $361,632,221 |
(a) | All or a portion of this security serves as collateral on the outstanding loan. |
(b) | This security is taxed as a “C” corporation for federal income tax purposes. |
(c) | All or a portion of this security’s position represents cover for outstanding options written. |
(d) | Aggregate cost for federal income tax purposes was $375,787,728. As of February 29, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $171,076,072 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $34,641,035. The net unrealized appreciation was $136,435,037. The amounts presented are inclusive of derivative contracts. |
(e) | This investment is fair valued by the Advisor’s Pricing Committee in accordance with procedures adopted by the Fund’s Board of Trustees, and in accordance with the provisions of the Investment Company Act of 1940, as amended. At February 29, 2020, investments noted as such are valued at $(3,479) or (0.0)% of net assets. |
CAD | Canadian Dollar - Security is denominated in Canadian Dollars and is translated into U.S. Dollars based upon the current exchange rate. |
First Trust Energy Income and Growth Fund (FEN)
Portfolio of Investments (Continued)
February 29, 2020 (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:
• | 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 February 29, 2020 is as follows:
ASSETS TABLE | ||||
Total Value at 2/29/2020 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Master Limited Partnerships* | $ 298,307,528 | $ 298,307,528 | $ — | $ — |
Common Stocks* | 214,546,450 | 214,546,450 | — | — |
Real Estate Investment Trusts* | 845,836 | 845,836 | — | — |
Total Investments | $ 513,699,814 | $ 513,699,814 | $— | $— |
LIABILITIES TABLE | ||||
Total Value at 2/29/2020 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Call Options Written | $ (1,477,049) | $ (1,050,381) | $ (426,668) | $ — |
* | See Portfolio of Investments for industry breakout. |