NPORT-EX 2 FT35FTNewOppsMLPandEnergyFd.htm
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.