First Trust New Opportunities MLP & Energy Fund (FPL)
Portfolio of Investments
January 31, 2020 (Unaudited)
| Shares/ Units | Description | Value | ||
| MASTER LIMITED PARTNERSHIPS – 75.8% | ||||
| Chemicals – 1.3% | ||||
| 142,300 | Westlake Chemical Partners, L.P. (a) | $3,218,826 | ||
| Gas Utilities – 0.9% | ||||
| 99,500 | Suburban Propane Partners, L.P. (a) | 2,253,675 | ||
| Independent Power & Renewable Electricity Producers – 5.7% | ||||
| 14,800 | Brookfield Renewable Partners, L.P. (CAD) (a) | 722,554 | ||
| 231,160 | NextEra Energy Partners, L.P. (a) (b) | 13,122,953 | ||
| 13,845,507 | ||||
| Oil, Gas & Consumable Fuels – 67.9% | ||||
| 474,280 | Alliance Resource Partners, L.P. (a) | 4,287,491 | ||
| 245,441 | BP Midstream Partners, L.P. (a) | 3,541,714 | ||
| 1,138,960 | Energy Transfer, L.P. (a) (c) | 14,339,506 | ||
| 1,599,864 | Enterprise Products Partners, L.P. (a) (c) | 41,228,495 | ||
| 530,217 | Holly Energy Partners, L.P. (a) | 12,104,854 | ||
| 467,689 | Magellan Midstream Partners, L.P. (a) (c) | 28,706,751 | ||
| 170,100 | MPLX, L.P. (a) | 4,090,905 | ||
| 119,100 | Phillips 66 Partners, L.P. (a) | 6,959,013 | ||
| 884,700 | Plains All American Pipeline, L.P. (a) (c) | 14,730,255 | ||
| 483,700 | Shell Midstream Partners, L.P. (a) | 9,504,705 | ||
| 619,556 | TC PipeLines, L.P. (a) (c) | 24,732,676 | ||
| 164,226,365 | ||||
Total Master Limited Partnerships | 183,544,373 | |||
| (Cost $182,809,604) | ||||
| COMMON STOCKS – 58.2% | ||||
| Electric Utilities – 6.0% | ||||
| 24,800 | American Electric Power Co., Inc. (a) (c) | 2,584,656 | ||
| 17,800 | Duke Energy Corp. (a) (c) | 1,737,814 | ||
| 7,800 | Emera, Inc. (CAD) (a) | 347,505 | ||
| 8,300 | Eversource Energy (c) | 767,252 | ||
| 45,003 | Exelon Corp. (c) | 2,141,693 | ||
| 2,700 | NextEra Energy, Inc. (c) | 724,140 | ||
| 172,500 | PPL Corp. | 6,242,775 | ||
| 14,545,835 | ||||
| Multi-Utilities – 5.4% | ||||
| 14,801 | CMS Energy Corp. (c) | 1,014,017 | ||
| 154,881 | Public Service Enterprise Group, Inc. (c) | 9,168,955 | ||
| 17,000 | Sempra Energy (c) | 2,730,880 | ||
| 12,913,852 | ||||
| Oil, Gas & Consumable Fuels – 46.8% | ||||
| 541,985 | Enbridge, Inc. (a) (c) | 22,042,530 | ||
| 126,493 | Equitrans Midstream Corp. (a) | 1,223,187 | ||
| 238,400 | Inter Pipeline, Ltd. (CAD) (a) | 3,972,132 | ||
| 84,604 | Keyera Corp. (CAD) (a) | 2,207,478 | ||
| 1,132,628 | Kinder Morgan, Inc. (a) (c) | 23,637,946 | ||
| 242,061 | ONEOK, Inc. | 18,123,107 | ||
| 551,136 | TC Energy Corp. (a) (c) | 30,213,276 | ||
| 573,717 | Williams (The) Cos., Inc. (c) | 11,870,205 | ||
| 113,289,861 | ||||
Total Common Stocks | 140,749,548 | |||
| (Cost $138,770,751) | ||||
First Trust New Opportunities MLP & Energy Fund (FPL)
Portfolio of Investments (Continued)
January 31, 2020 (Unaudited)
| Shares/ Units | Description | Value | ||
| REAL ESTATE INVESTMENT TRUSTS – 0.3% | ||||
| Equity Real Estate Investment Trusts – 0.3% | ||||
| 16,418 | CorEnergy Infrastructure Trust, Inc. (a) | $748,661 | ||
| (Cost $519,995) | ||||
Total Investments – 134.3% | 325,042,582 | |||
| (Cost $322,100,350) (d) | ||||
| Number of Contracts | Description | Notional Amount | Exercise Price | Expiration Date | Value | |||||
| CALL OPTIONS WRITTEN – (0.4)% | ||||||||||
| (235) | American Electric Power Co., Inc. | $(2,449,170) | $105.00 | Mar 2020 | (38,775) | |||||
| (148) | CMS Energy Corp. | (1,013,948) | 65.00 | Mar 2020 | (50,320) | |||||
| (170) | Duke Energy Corp. | (1,659,710) | 100.00 | Apr 2020 | (21,590) | |||||
| (2,300) | Enbridge, Inc. | (9,354,100) | 42.50 | Jul 2020 | (121,900) | |||||
| (6,000) | Energy Transfer, L.P. | (7,554,000) | 14.00 | Apr 2020 | (102,000) | |||||
| (3,000) | Enterprise Products Partners, L.P. | (7,731,000) | 27.00 | Mar 2020 | (105,000) | |||||
| (3,148) | Enterprise Products Partners, L.P. | (8,112,396) | 30.00 | Mar 2020 | (15,740) | |||||
| (83) | Eversource Energy | (767,252) | 95.00 | Mar 2020 | (7,885) | |||||
| (450) | Exelon Corp. | (2,141,550) | 49.00 | Apr 2020 | (37,125) | |||||
| (3,700) | Kinder Morgan, Inc. | (7,721,900) | 23.00 | Jun 2020 | (81,400) | |||||
| (1,000) | Magellan Midstream Partners, L.P. | (6,138,000) | 65.00 | Apr 2020 | (57,500) | |||||
| (27) | NextEra Energy, Inc. | (724,140) | 250.00 | Mar 2020 | (52,947) | |||||
| (1,847) | Plains All American Pipeline, L.P. | (3,075,255) | 19.00 | Mar 2020 | (18,470) | |||||
| (1,548) | Public Service Enterprise Group, Inc. | (9,164,160) | 65.00 | Mar 2020 | (15,480) | |||||
| (170) | Sempra Energy | (2,730,880) | 165.00 | Mar 2020 | (40,800) | |||||
| (2,300) | TC Energy Corp. | (12,608,600) | 55.00 | Feb 2020 | (178,250) | |||||
| (2,500) | TC PipeLines, L.P. | (9,980,000) | 45.00 | Mar 2020 | (82,500) | |||||
| (1,402) | Williams (The) Cos., Inc. | (2,900,738) | 24.00 | Feb 2020 | (3,505) | |||||
| (3,635) | Williams (The) Cos., Inc. | (7,520,815) | 25.00 | Feb 2020 | (3,635) | |||||
| (700) | Williams (The) Cos., Inc. | (1,448,300) | 23.00 | Mar 2020 | (7,700) | |||||
Total Call Options Written | (1,042,522) | |||||||||
| (Premiums received $1,337,918) | ||||||||||
Outstanding Loans – (36.0)% | (87,000,000) | |
Net Other Assets and Liabilities – 2.1% | 4,968,566 | |
Net Assets – 100.0% | $241,968,626 |
| (a) | All or a portion of this security serves as collateral on the outstanding loans. |
| (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 $299,441,220. As of January 31, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $38,416,939 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $13,858,099. The net unrealized appreciation was $24,558,840. The amounts presented are inclusive of derivative contracts. |
| CAD | Canadian Dollar - Security is denominated in Canadian Dollars and is translated into U.S. Dollars based upon the current exchange 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.) |
First Trust New Opportunities MLP & Energy Fund (FPL)
Portfolio of Investments (Continued)
January 31, 2020 (Unaudited)
| • | 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 January 31, 2020 is as follows:
| ASSETS TABLE | ||||
| Total Value at 1/31/2020 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Master Limited Partnerships* | $ 183,544,373 | $ 183,544,373 | $ — | $ — |
Common Stocks* | 140,749,548 | 140,749,548 | — | — |
Real Estate Investment Trusts* | 748,661 | 748,661 | — | — |
Total Investments | $ 325,042,582 | $ 325,042,582 | $— | $— |
| LIABILITIES TABLE | ||||
| Total Value at 1/31/2020 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Call Options Written | $ (1,042,522) | $ (764,372) | $ (278,150) | $ — |
| * | See Portfolio of Investments for industry breakout. |