First Trust New Opportunities MLP & Energy Fund (FPL)
Portfolio of Investments
January 31, 2024 (Unaudited)
Shares | Description | Value |
COMMON STOCKS (a) – 71.1% | ||
Electric Utilities – 14.5% | ||
64,050 | Alliant Energy Corp. | $3,116,673 |
49,970 | American Electric Power Co., Inc. (b) | 3,904,656 |
4,800 | Duke Energy Corp. | 459,984 |
7,300 | Emera, Inc. (CAD) (c) | 257,966 |
247,250 | Enel S.p.A., ADR (c) | 1,671,410 |
5,000 | Entergy Corp. | 498,800 |
22,900 | Evergy, Inc. | 1,162,633 |
33,400 | Eversource Energy (b) | 1,810,948 |
65,800 | Exelon Corp. (b) | 2,290,498 |
4,400 | Fortis, Inc. (CAD) (c) | 176,530 |
6,200 | Iberdrola S.A., ADR | 297,662 |
16,200 | IDACORP, Inc. (c) | 1,499,796 |
6,490 | Orsted A/S, ADR | 120,260 |
105,820 | PPL Corp. | 2,772,484 |
45,080 | Southern (The) Co. (b) | 3,133,962 |
34,100 | Xcel Energy, Inc. | 2,041,567 |
25,215,829 | ||
Energy Equipment & Services – 1.3% | ||
133,800 | Archrock, Inc. (c) | 2,186,292 |
Gas Utilities – 7.3% | ||
54,620 | AltaGas Ltd. (CAD) (c) | 1,135,504 |
33,200 | Atmos Energy Corp. (c) | 3,782,808 |
101,900 | National Fuel Gas Co. (c) | 4,805,604 |
35,670 | New Jersey Resources Corp. (c) | 1,456,406 |
19,200 | ONE Gas, Inc. (c) | 1,178,304 |
12,840 | UGI Corp. (c) | 284,278 |
12,642,904 | ||
Independent Power & Renewable Electricity Producers – 1.4% | ||
71,000 | AES (The) Corp. (c) | 1,184,280 |
53,390 | Clearway Energy, Inc., Class A (c) | 1,199,139 |
8,000 | EDP Renovaveis S.A. (EUR) (d) | 129,546 |
2,512,965 | ||
Multi-Utilities – 10.0% | ||
7,500 | Ameren Corp. | 521,775 |
60,000 | Atco Ltd., Class I (CAD) (c) | 1,678,010 |
27,970 | CenterPoint Energy, Inc. (c) | 781,482 |
16,450 | CMS Energy Corp. (c) | 940,282 |
17,380 | DTE Energy Co. (c) | 1,832,199 |
54,370 | Public Service Enterprise Group, Inc. (b) | 3,152,916 |
80,800 | Sempra (b) | 5,782,048 |
35,130 | WEC Energy Group, Inc. (b) | 2,837,099 |
17,525,811 | ||
Oil, Gas & Consumable Fuels – 36.4% | ||
50,000 | BP PLC, ADR (c) | 1,755,000 |
9,410 | Cheniere Energy, Inc. (b) | 1,543,146 |
13,800 | Chevron Corp. | 2,034,534 |
117,040 | DT Midstream, Inc. (c) | 6,283,878 |
103,085 | Enbridge, Inc. (b) | 3,659,518 |
29,000 | Exxon Mobil Corp. (b) | 2,981,490 |
130,664 | Keyera Corp. (CAD) (c) | 3,160,544 |
398,998 | Kinder Morgan, Inc. (c) | 6,751,046 |
First Trust New Opportunities MLP & Energy Fund (FPL)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Shares | Description | Value |
COMMON STOCKS (a) (Continued) | ||
Oil, Gas & Consumable Fuels (Continued) | ||
150,602 | ONEOK, Inc. | $10,278,586 |
53,000 | Shell PLC, ADR (b) | 3,334,230 |
45,500 | Targa Resources Corp. | 3,865,680 |
75,109 | TC Energy Corp. | 2,961,548 |
58,800 | TotalEnergies SE, ADR (b) | 3,832,584 |
320,178 | Williams (The) Cos., Inc. | 11,097,369 |
63,539,153 | ||
Water Utilities – 0.2% | ||
3,200 | American Water Works Co., Inc. (c) | 396,864 |
Total Common Stocks | 124,019,818 | |
(Cost $127,247,196) | ||
Units | Description | Value |
MASTER LIMITED PARTNERSHIPS – 45.2% | ||
Chemicals – 2.8% | ||
210,988 | Westlake Chemical Partners, L.P. (c) | 4,932,900 |
Energy Equipment & Services – 0.5% | ||
31,000 | USA Compression Partners, L.P. (c) | 773,450 |
Independent Power & Renewable Electricity Producers – 1.5% | ||
88,919 | NextEra Energy Partners, L.P. (e) | 2,654,232 |
Oil, Gas & Consumable Fuels – 40.4% | ||
208,269 | Cheniere Energy Partners, L.P. (c) | 11,021,595 |
1,107,960 | Energy Transfer, L.P. (c) | 15,843,828 |
16,000 | EnLink Midstream, LLC (c) (e) | 192,960 |
692,564 | Enterprise Products Partners, L.P. (c) | 18,533,013 |
128,105 | Hess Midstream, L.P., Class A (c) (e) | 4,331,230 |
300,000 | MPLX, L.P. (c) | 11,565,000 |
531,720 | Plains All American Pipeline, L.P. (c) | 8,209,757 |
41,070 | TXO Partners, L.P. (c) | 764,723 |
70,462,106 | ||
Total Master Limited Partnerships | 78,822,688 | |
(Cost $48,249,804) | ||
Shares | Description | Value |
MONEY MARKET FUNDS – 10.5% | ||
18,354,993 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.18% (f) | 18,354,993 |
(Cost $18,354,993) | ||
Total Investments – 126.8% | 221,197,499 | |
(Cost $193,851,993) |
Number of Contracts | Description | Notional Amount | Exercise Price | Expiration Date | Value |
WRITTEN OPTIONS – (0.2)% | |||||
Call Options Written – (0.2)% | |||||
(499 ) | American Electric Power Co., Inc. | $(3,899,186 ) | $80.00 | 02/16/24 | (14,970 ) |
(94 ) | Cheniere Energy, Inc. | (1,541,506 ) | 170.00 | 02/16/24 | (7,990 ) |
(800 ) | Enbridge, Inc. | (2,840,000 ) | 37.50 | 02/16/24 | (8,000 ) |
(334 ) | Eversource Energy | (1,810,948 ) | 55.00 | 02/16/24 | (33,400 ) |
(658 ) | Exelon Corp. | (2,290,498 ) | 36.00 | 04/19/24 | (62,510 ) |
(90 ) | Exxon Mobil Corp. | (925,290 ) | 99.00 | 02/16/24 | (47,250 ) |
First Trust New Opportunities MLP & Energy Fund (FPL)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
Number of Contracts | Description | Notional Amount | Exercise Price | Expiration Date | Value |
WRITTEN OPTIONS (Continued) | |||||
Call Options Written (Continued) | |||||
(543 ) | Public Service Enterprise Group, Inc. (d) (g) | $(3,148,857 ) | $65.00 | 02/16/24 | $(543 ) |
(808 ) | Sempra | (5,782,048 ) | 80.00 | 02/16/24 | (8,080 ) |
(530 ) | Shell PLC, ADR | (3,334,230 ) | 62.50 | 02/16/24 | (84,800 ) |
(450 ) | Southern (The) Co. | (3,128,400 ) | 75.00 | 02/16/24 | (4,050 ) |
(588 ) | TotalEnergies SE, ADR | (3,832,584 ) | 65.00 | 02/16/24 | (91,140 ) |
(351 ) | WEC Energy Group, Inc. | (2,834,676 ) | 82.50 | 02/16/24 | (22,815 ) |
Total Written Options | (385,548 ) | ||||
(Premiums received $356,813) |
Outstanding Loan – (25.7)% | (44,900,000 ) | |
Net Other Assets and Liabilities – (0.9)% | (1,471,919 ) | |
Net Assets – 100.0% | $174,440,032 |
(a) | Securities are issued in U.S. dollars unless otherwise indicated in the security description. |
(b) | All or a portion of this security’s position represents cover for outstanding options written. |
(c) | All or a portion of this security serves as collateral on the outstanding loan. At January 31, 2024, the segregated value of these securities amounts to $97,043,789. |
(d) | This investment is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Fund’s Board of Trustees and in accordance with provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At January 31, 2024, investments noted as such are valued at $129,003 or 0.1% of net assets. Certain of these investments are fair valued using a factor provided by a third-party pricing service due to the change in value between the foreign markets’ close and the New York Stock Exchange close exceeding a certain threshold. On days when this threshold is not exceeded, these investments are typically valued at the last sale price on the exchange on which they are principally traded. |
(e) | This security is taxed as a “C” corporation for federal income tax purposes. |
(f) | Rate shown reflects yield as of January 31, 2024. |
(g) | This investment’s value was determined using significant unobservable inputs (see Valuation Inputs section). |
Abbreviations throughout the Portfolio of Investments: | |
ADR | – American Depositary Receipt |
CAD | – Canadian Dollar |
EUR | – Euro |
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 New Opportunities MLP & Energy Fund (FPL)
Portfolio of Investments (Continued)
January 31, 2024 (Unaudited)
A summary of the inputs used to value the Fund’s investments as of January 31, 2024 is as follows:
ASSETS TABLE | ||||
Total Value at 1/31/2024 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks: | ||||
Independent Power & Renewable Electricity Producers | $2,512,965 | $2,383,419 | $129,546 | $— |
Other Industry Categories* | 121,506,853 | 121,506,853 | — | — |
Master Limited Partnerships* | 78,822,688 | 78,822,688 | — | — |
Money Market Funds | 18,354,993 | 18,354,993 | — | — |
Total Investments | $221,197,499 | $221,067,953 | $129,546 | $— |
LIABILITIES TABLE | ||||
Total Value at 1/31/2024 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Written Options | $(385,548 ) | $(322,495 ) | $(62,510 ) | $(543 ) |
* | See Portfolio of Investments for industry breakout. |
Level 3 investments are fair valued by the Advisor’s Pricing Committee and are footnoted in the Portfolio of Investments. All Level 3 values are based on unobservable inputs.