First Trust Dynamic Europe Equity Income Fund (FDEU)
Filed: 22 Nov 19, 12:27pm
| Shares | Description | Value | ||
| COMMON STOCKS (a) – 124.6% | ||||
| Aerospace & Defense – 4.9% | ||||
| 1,283,816 | BAE Systems PLC | $8,997,540 | ||
| 460,305 | Meggitt PLC | 3,593,897 | ||
| 12,591,437 | ||||
| Air Freight & Logistics – 0.8% | ||||
| 201,130 | bpost S.A. | 2,109,351 | ||
| Airlines – 0.9% | ||||
| 163,239 | easyJet PLC | 2,308,171 | ||
| Auto Components – 2.0% | ||||
| 46,537 | Cie Generale des Etablissements Michelin SCA | 5,194,035 | ||
| Automobiles – 0.9% | ||||
| 48,344 | Daimler AG | 2,403,834 | ||
| Banks – 6.8% | ||||
| 119,407 | ABN AMRO Bank N.V. (b) | 2,105,138 | ||
| 125,186 | BAWAG Group AG (b) | 4,928,447 | ||
| 380,826 | ING Groep N.V. | 3,986,441 | ||
| 444,748 | Nordea Bank Abp | 3,153,972 | ||
| 240,656 | Swedbank AB, Class A | 3,464,118 | ||
| 17,638,116 | ||||
| Beverages – 1.3% | ||||
| 105,301 | Coca-Cola HBC AG | 3,440,093 | ||
| Building Products – 2.1% | ||||
| 141,857 | Cie de Saint-Gobain | 5,566,213 | ||
| Capital Markets – 2.2% | ||||
| 312,754 | Credit Suisse Group AG | 3,834,021 | ||
| 161,104 | St. James’s Place PLC | 1,940,049 | ||
| 5,774,070 | ||||
| Chemicals – 3.1% | ||||
| 115,324 | BASF SE | 8,059,717 | ||
| Commercial Services & Supplies – 2.4% | ||||
| 550,539 | Babcock International Group PLC | 3,777,187 | ||
| 1,763,586 | Prosegur Cash S.A. (b) | 2,533,486 | ||
| 6,310,673 | ||||
| Construction & Engineering – 1.3% | ||||
| 30,880 | Vinci S.A. | 3,326,050 | ||
| Containers & Packaging – 0.7% | ||||
| 129,531 | SIG Combibloc Group AG | 1,726,128 | ||
| Diversified Financial Services – 1.0% | ||||
| 495,786 | Banca Farmafactoring S.p.A. (b) | 2,585,728 | ||
| Diversified Telecommunication Services – 5.2% | ||||
| 147,043 | Deutsche Telekom AG | 2,467,189 | ||
| 422,837 | Orange S.A. | 6,634,241 | ||
| 217,798 | Telenor ASA | 4,370,252 | ||
| 13,471,682 | ||||
| Electric Utilities – 5.0% | ||||
| 507,432 | Enel S.p.A. | 3,789,120 | ||
| 175,254 | Iberdrola S.A. | 1,821,549 | ||
| Shares | Description | Value | ||
| COMMON STOCKS (a) (Continued) | ||||
| Electric Utilities (Continued) | ||||
| 487,582 | SSE PLC | $7,466,852 | ||
| 13,077,521 | ||||
| Electrical Equipment – 2.0% | ||||
| 260,203 | ABB Ltd. | 5,112,550 | ||
| Energy Equipment & Services – 1.7% | ||||
| 424,174 | Tenaris S.A. | 4,500,305 | ||
| Food Products – 2.5% | ||||
| 36,033 | Danone S.A. | 3,174,138 | ||
| 29,981 | Nestle S.A. | 3,252,686 | ||
| 6,426,824 | ||||
| Gas Utilities – 1.0% | ||||
| 495,298 | Snam S.p.A. | 2,501,665 | ||
| Household Products – 3.7% | ||||
| 44,793 | Henkel AG & Co., KGaA (Preference Shares) | 4,433,049 | ||
| 67,189 | Reckitt Benckiser Group PLC | 5,240,920 | ||
| 9,673,969 | ||||
| Industrial Conglomerates – 1.4% | ||||
| 32,608 | Siemens AG | 3,491,912 | ||
| Insurance – 11.0% | ||||
| 20,889 | Allianz SE | 4,868,929 | ||
| 238,952 | AXA S.A. | 6,102,244 | ||
| 13,569 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 3,511,035 | ||
| 63,495 | NN Group N.V. | 2,251,976 | ||
| 323,309 | Phoenix Group Holdings PLC | 2,748,087 | ||
| 317,058 | Prudential PLC | 5,750,120 | ||
| 8,479 | Zurich Insurance Group AG | 3,245,306 | ||
| 28,477,697 | ||||
| Machinery – 2.2% | ||||
| 85,346 | Alstom S.A. | 3,537,660 | ||
| 210,148 | OC Oerlikon Corp. AG | 2,107,691 | ||
| 5,645,351 | ||||
| Media – 1.5% | ||||
| 600,287 | Mediaset Espana Comunicacion S.A. | 3,869,429 | ||
| Metals & Mining – 0.6% | ||||
| 68,419 | BHP Group PLC | 1,457,374 | ||
| Multi-Utilities – 4.8% | ||||
| 747,288 | National Grid PLC | 8,103,144 | ||
| 166,153 | Veolia Environnement S.A. | 4,212,350 | ||
| 12,315,494 | ||||
| Oil, Gas & Consumable Fuels – 9.4% | ||||
| 502,955 | Eni S.p.A. | 7,693,380 | ||
| 333,340 | Repsol S.A. | 5,210,065 | ||
| 162,358 | Royal Dutch Shell PLC, Class A | 4,760,280 | ||
| 130,931 | TOTAL S.A. | 6,833,584 | ||
| 24,497,309 | ||||
| Shares | Description | Value | ||
| COMMON STOCKS (a) (Continued) | ||||
| Paper & Forest Products – 2.2% | ||||
| 190,647 | UPM-Kymmene Oyj | $5,635,419 | ||
| Personal Products – 3.2% | ||||
| 137,258 | Unilever N.V. | 8,250,680 | ||
| Pharmaceuticals – 14.2% | ||||
| 404,800 | GlaxoSmithKline PLC | 8,683,255 | ||
| 106,434 | Novartis AG | 9,228,795 | ||
| 94,092 | Novo Nordisk A.S., Class B | 4,837,188 | ||
| 22,441 | Roche Holding AG | 6,530,723 | ||
| 82,520 | Sanofi | 7,650,524 | ||
| 36,930,485 | ||||
| Professional Services – 4.0% | ||||
| 93,684 | Adecco Group AG | 5,183,338 | ||
| 146,548 | RELX PLC | 3,486,906 | ||
| 709 | SGS S.A. | 1,757,493 | ||
| 10,427,737 | ||||
| Semiconductors & Semiconductor Equipment – 4.2% | ||||
| 13,401 | ASML Holding N.V. | 3,319,309 | ||
| 165,008 | BE Semiconductor Industries N.V. | 5,167,104 | ||
| 139,223 | Infineon Technologies AG | 2,505,631 | ||
| 10,992,044 | ||||
| Software – 1.9% | ||||
| 41,373 | SAP SE | 4,864,795 | ||
| Textiles, Apparel & Luxury Goods – 1.7% | ||||
| 60,929 | Cie Financiere Richemont S.A. | 4,469,938 | ||
| Tobacco – 5.3% | ||||
| 199,472 | British American Tobacco PLC | 7,376,218 | ||
| 281,600 | Imperial Brands PLC | 6,329,983 | ||
| 13,706,201 | ||||
| Wireless Telecommunication Services – 5.5% | ||||
| 451,420 | Tele2 AB, Class B | 6,718,072 | ||
| 3,781,706 | Vodafone Group PLC | 7,532,670 | ||
| 14,250,742 | ||||
Total Common Stocks | 323,080,739 | |||
| (Cost $357,534,361) | ||||
| REAL ESTATE INVESTMENT TRUSTS (a) – 5.3% | ||||
| Equity Real Estate Investment Trusts – 5.3% | ||||
| 1,035,035 | British Land (The) Co., PLC | 7,442,324 | ||
| 159,462 | Eurocommercial Properties N.V. | 4,442,471 | ||
| 12,693 | Gecina S.A. | 1,994,969 | ||
Total Real Estate Investment Trusts | 13,879,764 | |||
| (Cost $19,607,744) | ||||
Total Investments – 129.9% | 336,960,503 | |||
| (Cost $377,142,105) (c) | ||||
| Number of Contracts | Description | Notional Amount | Exercise Price (Euro) | Expiration Date | Value | |||||
| CALL OPTIONS WRITTEN – (1.5)% | ||||||||||
| 600 | EURO STOXX 50 Index | $23,343,139 | €3,350.00 | Oct 2019 | $(1,360,258) | |||||
| 580 | EURO STOXX 50 Index | 22,565,035 | 3,525.00 | Oct 2019 | (438,094) | |||||
| 600 | EURO STOXX 50 Index | 23,343,139 | 3,400.00 | Nov 2019 | (1,249,737) | |||||
| 560 | EURO STOXX 50 Index | 21,786,930 | 3,600.00 | Nov 2019 | (291,147) | |||||
| 570 | EURO STOXX 50 Index | 22,175,982 | 3,575.00 | Dec 2019 | (540,506) | |||||
Total Call Options Written | (3,879,742) | |||||||||
| (Premiums received $2,201,912) | ||||||||||
Outstanding Loans – (35.9)% | (93,190,723) | ||
Net Other Assets and Liabilities – 7.5% | 19,486,911 | ||
Net Assets – 100.0% | $259,376,949 |
| (a) | All or a portion of these securities are available to serve as collateral for the outstanding loans and call options written. |
| (b) | This security is restricted in the U.S. and cannot be offered for public sale without first being registered under the Securities Act of 1933, as amended. This security is not restricted on the foreign exchange where it trades freely without any additional registration. As such, it does not require the additional disclosure required of restricted securities. |
| (c) | Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of September 30, 2019, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $15,057,004 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $56,916,436. The net unrealized depreciation was $41,859,432. The amounts presented are inclusive of derivative contracts. |
| • | 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. |
| ASSETS TABLE | ||||
| Total Value at 9/30/2019 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks* | $ 323,080,739 | $ 323,080,739 | $ — | $ — |
Real Estate Investment Trusts* | 13,879,764 | 13,879,764 | — | — |
Total Investments | $ 336,960,503 | $ 336,960,503 | $— | $— |
LIABILITIES TABLE | ||||
| Total Value at 9/30/2019 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Call Options Written | $ (3,879,742) | $ — | $ (3,879,742) | $ — |
| * | See Portfolio of Investments for industry breakout. |
| Currency Exposure Diversification | % of Total Investments |
| EUR | 52.2% |
| GBP | 27.4 |
| CHF | 13.8 |
| SEK | 3.9 |
| DKK | 1.4 |
| NOK | 1.3 |
| Total | 100.0% |
| Currency Abbreviations | |
| CHF | Swiss Franc |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound Sterling |
| NOK | Norwegian Krone |
| SEK | Swedish Krona |
| Country Allocation(†) | % of Total Investments |
| United Kingdom | 28.8% |
| France | 16.1 |
| Switzerland | 14.8 |
| Germany | 10.9 |
| Netherlands | 8.8 |
| Italy | 4.9 |
| Spain | 4.0 |
| Sweden | 3.0 |
| Finland | 2.6 |
| Austria | 1.5 |
| Denmark | 1.4 |
| Luxembourg | 1.3 |
| Norway | 1.3 |
| Belgium | 0.6 |
| Total | 100.0% |