FPL First Trust New Opportunities MLP and Energy Fund

First Trust New Opportunities MLP & Energy Fund (FPL)

Portfolio of Investments

July 31, 2023 (Unaudited)

Units		Description		Value
MASTER LIMITED PARTNERSHIPS – 61.6%
		Chemicals – 2.7%
210,988		Westlake Chemical Partners, L.P. (a)		$4,791,537
		Energy Equipment & Services – 0.4%
31,000		USA Compression Partners, L.P.		617,210
		Gas Utilities – 0.7%
88,500		Suburban Propane Partners, L.P. (a)		1,308,030
		Independent Power & Renewable Electricity Producers – 1.6%
50,319		NextEra Energy Partners, L.P. (a) (b) (c)		2,739,870
		Oil, Gas & Consumable Fuels – 56.2%
267,269		Cheniere Energy Partners, L.P. (a)		13,804,444
1,232,960		Energy Transfer, L.P. (a)		16,386,038
16,000		EnLink Midstream, LLC (a) (b)		185,600
692,564		Enterprise Products Partners, L.P. (a)		18,359,872
283,830		Hess Midstream, L.P., Class A (a) (b)		8,852,658
141,190		Holly Energy Partners, L.P. (a)		2,753,205
290,819		Magellan Midstream Partners, L.P. (a)		19,272,575
245,000		MPLX, L.P. (a)		8,699,950
531,720		Plains All American Pipeline, L.P. (a)		7,911,994
41,070		TXO Partners, L.P. (a)		903,129
35,000		Western Midstream Partners, L.P.		989,450
				98,118,915
		Total Master Limited Partnerships		107,575,562
		(Cost $71,954,951)
Shares		Description		Value
COMMON STOCKS – 60.9%
		Electric Utilities – 11.3%
40,400		Alliant Energy Corp. (c)		2,171,096
35,270		American Electric Power Co., Inc.		2,988,780
33		Constellation Energy Corp.		3,189
4,800		Duke Energy Corp.		449,376
7,300		Emera, Inc. (CAD) (a)		296,119
247,250		Enel S.p.A., ADR		1,689,904
5,000		Entergy Corp.		513,500
23,700		Eversource Energy (a)		1,714,221
65,800		Exelon Corp.		2,754,388
4,400		Fortis, Inc. (CAD) (a)		187,558
6,200		Iberdrola S.A., ADR		309,926
10,200		IDACORP, Inc. (a)		1,048,764
13,480		NextEra Energy, Inc. (c)		988,084
6,490		Orsted A/S, ADR		188,210
58,520		PPL Corp. (c)		1,611,056
27,080		Southern (The) Co.		1,958,967
14,800		Xcel Energy, Inc.		928,404
				19,801,542
		Energy Equipment & Services – 0.9%
133,800		Archrock, Inc. (a)		1,560,108
		Gas Utilities – 6.8%
54,620		AltaGas Ltd. (CAD) (a)		1,078,192
17,900		Atmos Energy Corp. (a)		2,178,609
98,034		National Fuel Gas Co. (a)		5,206,586
35,670		New Jersey Resources Corp.		1,594,449

First Trust New Opportunities MLP & Energy Fund (FPL)

Portfolio of Investments (Continued)

July 31, 2023 (Unaudited)

Shares		Description		Value
COMMON STOCKS (Continued)
		Gas Utilities (Continued)
19,200		ONE Gas, Inc.		$1,519,296
12,840		UGI Corp.		346,552
				11,923,684
		Independent Power & Renewable Electricity Producers – 1.0%
37,300		AES (The) Corp. (c)		806,799
33,390		Clearway Energy, Inc., Class A (a)		823,731
8,000		EDP Renovaveis S.A. (EUR)		152,787
				1,783,317
		Multi-Utilities – 8.8%
60,000		Atco Ltd., Class I (CAD) (a)		1,712,661
7,170		CenterPoint Energy, Inc. (a)		215,745
16,450		CMS Energy Corp. (a)		1,004,602
17,380		DTE Energy Co. (a)		1,986,534
54,370		Public Service Enterprise Group, Inc. (c)		3,431,834
40,400		Sempra (c)		6,020,408
11,130		WEC Energy Group, Inc.		1,000,142
				15,371,926
		Oil, Gas & Consumable Fuels – 31.7%
80,000		BP PLC, ADR (c)		2,984,000
9,410		Cheniere Energy, Inc. (c)		1,523,103
117,040		DT Midstream, Inc. (a)		6,263,981
103,085		Enbridge, Inc.		3,793,528
130,664		Keyera Corp. (CAD) (a)		3,270,935
363,998		Kinder Morgan, Inc. (a)		6,446,404
100,006		ONEOK, Inc. (c)		6,704,402
53,000		Shell PLC, ADR (c)		3,266,390
45,500		Targa Resources Corp.		3,730,545
75,109		TC Energy Corp. (c)		2,694,160
58,800		TotalEnergies SE, ADR (c)		3,577,980
320,178		Williams (The) Cos., Inc. (c)		11,030,132
				55,285,560
		Semiconductors & Semiconductor Equipment – 0.1%
1,300		Enphase Energy, Inc. (d)		197,379
		Water Utilities – 0.3%
3,200		American Water Works Co., Inc.		471,776
		Total Common Stocks		106,395,292
		(Cost $105,494,169)
MONEY MARKET FUNDS – 3.4%
5,861,275		Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.13% (e)		5,861,275
		(Cost $5,861,275)
		Total Investments – 125.9%		219,832,129
		(Cost $183,310,395)

    

Number of Contracts		Description		Notional Amount		Exercise Price		Expiration Date		Value
CALL OPTIONS WRITTEN – (0.3)%
(373)		AES (The) Corp.		$(806,799)		$23.00		09/15/23		(13,055)
(404)		Alliant Energy Corp.		(2,171,096)		57.50		09/15/23		(12,120)
(800)		BP PLC, ADR		(2,984,000)		39.00		08/18/23		(18,400)

First Trust New Opportunities MLP & Energy Fund (FPL)

Portfolio of Investments (Continued)

July 31, 2023 (Unaudited)

Number of Contracts		Description		Notional Amount		Exercise Price		Expiration Date		Value
CALL OPTIONS WRITTEN (Continued)
(94)		Cheniere Energy, Inc.		$(1,521,484)		$175.00		09/15/23		$(14,100)
(253)		NextEra Energy Partners, L.P.		(1,377,585)		60.00		09/15/23		(12,650)
(134)		NextEra Energy, Inc.		(982,220)		75.00		08/18/23		(10,720)
(1,000)		ONEOK, Inc.		(6,704,000)		70.00		09/15/23		(100,000)
(585)		PPL Corp.		(1,610,505)		27.00		08/18/23		(46,800)
(543)		Public Service Enterprise Group, Inc.		(3,427,416)		65.00		08/18/23		(16,290)
(404)		Sempra		(6,020,408)		150.00		08/18/23		(94,940)
(530)		Shell PLC, ADR		(3,266,390)		62.50		08/18/23		(26,500)
(751)		TC Energy Corp.		(2,693,837)		40.00		08/18/23		(3,755)
(588)		TotalEnergies SE, ADR		(3,577,980)		62.50		08/18/23		(27,048)
(1,600)		Williams (The) Cos., Inc.		(5,512,000)		34.00		08/18/23		(156,800)
(1,601)		Williams (The) Cos., Inc.		(5,515,445)		35.50		08/18/23		(48,030)
		Total Call Options Written								(601,208)
		(Premiums received $547,997)

    

	Outstanding Loan – (25.7)%	(44,900,000)
	Net Other Assets and Liabilities – 0.1%	283,340
	Net Assets – 100.0%	$174,614,261

    

(a)	All or a portion of this security serves as collateral on the outstanding loan. At July 31, 2023, the segregated value of these securities amounts to $103,607,746.
(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)	Non-income producing security.
(e)	Rate shown reflects yield as of July 31, 2023.

    

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)

July 31, 2023 (Unaudited)

A summary of the inputs used to value the Fund’s investments as of July 31, 2023 is as follows:

ASSETS TABLE
	Total Value at 7/31/2023	Level 1 Quoted Prices	Level 2 Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Master Limited Partnerships*	$ 107,575,562	$ 107,575,562	$ —	$ —
Common Stocks*	106,395,292	106,395,292	—	—
Money Market Funds	5,861,275	5,861,275	—	—
Total Investments	$ 219,832,129	$ 219,832,129	$—	$—
LIABILITIES TABLE
	Total Value at 7/31/2023	Level 1 Quoted Prices	Level 2 Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Call Options Written	$ (601,208)	$ (541,058)	$ (60,150)	$ —

    

*	See Portfolio of Investments for industry breakout.