NPORT-EX 2 FT33FTEnergyInfrastructureFd.htm
First Trust Energy Infrastructure Fund (FIF)
Portfolio of Investments
February 29, 2020 (Unaudited)
Shares/
Units 		  Description   Value
COMMON STOCKS (a) – 86.9%
    Electric Utilities – 27.6%    
114,700  
Alliant Energy Corp.
  $5,978,164
78,800  
American Electric Power Co., Inc. (b)
  7,033,688
78,800  
Duke Energy Corp. (b)
  7,225,960
92,900  
Emera, Inc. (CAD)
  3,914,639
81,300  
Eversource Energy
  7,029,198
261,300  
Exelon Corp. (b)
  11,264,643
189,000  
Fortis, Inc. (CAD)
  7,648,709
18,100  
Hydro One Ltd. (CAD) (c) (d)
  363,281
39,600  
IDACORP, Inc.
  3,826,944
24,500  
NextEra Energy, Inc. (b)
  6,192,620
281,500  
PPL Corp.
  8,447,815
105,200  
Xcel Energy, Inc.
  6,556,064
        75,481,725
    Gas Utilities – 2.3%    
27,600  
Atmos Energy Corp.
  2,849,700
2,710  
Chesapeake Utilities Corp.
  231,705
95,800  
New Jersey Resources Corp.
  3,382,698
        6,464,103
    Multi-Utilities – 15.0%    
117,900  
ATCO Ltd., Class I (CAD)
  4,398,906
171,000  
Canadian Utilities Ltd., Class A (CAD)
  5,060,250
114,500  
CMS Energy Corp. (b)
  6,918,090
24,300  
Dominion Energy, Inc.
  1,899,774
324,600  
Public Service Enterprise Group, Inc. (b)
  16,655,226
42,200  
Sempra Energy (b)
  5,898,716
1,300  
WEC Energy Group, Inc.
  120,029
        40,950,991
    Oil, Gas & Consumable Fuels – 41.7%    
457,847  
Enbridge, Inc. (b)
  17,137,213
155,606  
Equitrans Midstream Corp.
  1,098,578
242,000  
Inter Pipeline, Ltd. (CAD)
  3,580,645
225,800  
Keyera Corp. (CAD)
  5,420,209
1,370,375  
Kinder Morgan, Inc. (b)
  26,270,089
174,953  
ONEOK, Inc. (b)
  11,672,864
706,465  
TC Energy Corp.
  36,983,443
623,800  
Williams (The) Cos., Inc. (b)
  11,883,390
        114,046,431
    Water Utilities – 0.3%    
7,600  
American Water Works Co., Inc.
  939,816
   
Total Common Stocks
  237,883,066
    (Cost $236,621,177)    
MASTER LIMITED PARTNERSHIPS (a) – 46.2%
    Chemicals – 1.3%    
177,000  
Westlake Chemical Partners, L.P.
  3,658,590
    Independent Power & Renewable Electricity Producers – 7.7%    
367,255  
NextEra Energy Partners, L.P. (e)
  21,179,596
    Oil, Gas & Consumable Fuels – 37.2%    
204,941  
Alliance Resource Partners, L.P.
  1,381,302
157,144  
BP Midstream Partners, L.P.
  2,093,158
First Trust Energy Infrastructure Fund (FIF)
Portfolio of Investments (Continued)
February 29, 2020 (Unaudited)
Shares/
Units 		  Description   Value
MASTER LIMITED PARTNERSHIPS (a) (Continued)
    Oil, Gas & Consumable Fuels (Continued)    
30,000  
Cheniere Energy Partners, L.P.
  $1,017,000
826,180  
Energy Transfer, L.P. (b)
  9,154,075
1,102,800  
Enterprise Products Partners, L.P. (b)
  25,739,352
278,576  
Holly Energy Partners, L.P.
  5,777,666
258,886  
Magellan Midstream Partners, L.P.
  14,122,231
54,833  
MPLX, L.P.
  1,112,562
159,300  
Phillips 66 Partners, L.P.
  8,661,141
958,400  
Plains GP Holdings, L.P., Class A (e)
  13,197,168
210,300  
Shell Midstream Partners, L.P.
  3,598,233
415,635  
TC PipeLines, L.P.
  15,773,348
        101,627,236
   
Total Master Limited Partnerships
  126,465,422
    (Cost $127,511,203)    
REAL ESTATE INVESTMENT TRUSTS (a) – 0.5%
    Equity Real Estate Investment Trusts – 0.5%    
37,701  
CorEnergy Infrastructure Trust, Inc.
  1,315,765
    (Cost $985,674)    
   
Total Investments – 133.6%
  365,664,253
    (Cost $365,118,054) (f)    
    
Number of Contracts   Description   Notional Amount   Exercise Price   Expiration Date   Value
CALL OPTIONS WRITTEN – (0.3)%
(788)  
American Electric Power Co., Inc.
  $(7,033,688)   $105.00   May 2020   (15,760)
(47)  
CMS Energy Corp.
  (283,974)   65.00   Mar 2020   (1,410)
(1,098)  
CMS Energy Corp.
  (6,634,116)   70.00   Apr 2020   (46,665)
(788)  
Duke Energy Corp.
  (7,225,960)   100.00   Apr 2020   (53,584)
(4,578)  
Enbridge, Inc.
  (17,135,454)   42.50   Jul 2020   (109,872)
(2,500)  
Energy Transfer, L.P.
  (2,770,000)   14.00   Apr 2020   (30,000)
(2,330)  
Enterprise Products Partners, L.P.
  (5,438,220)   30.00   Mar 2020   (9,320)
(2,613)  
Exelon Corp.
  (11,264,643)   49.00   May 2020   (111,053)
(4,000)  
Kinder Morgan, Inc.
  (7,668,000)   22.00   Mar 2020   (20,000)
(245)  
NextEra Energy, Inc.
  (6,192,620)   250.00   Mar 2020   (246,470)
(1,240)  
ONEOK, Inc.
  (8,273,280)   77.50   Mar 2020   (24,800)
(3,246)  
Public Service Enterprise Group, Inc. (g)
  (16,655,226)   65.00   Mar 2020   (3,246)
(422)  
Sempra Energy (g)
  (5,898,716)   165.00   Mar 2020   (2,110)
(1,570)  
Williams (The) Cos., Inc.
  (2,990,850)   23.00   Mar 2020   (3,140)
(1,500)  
Williams (The) Cos., Inc.
  (2,857,500)   21.00   May 2020   (84,750)
   
Total Call Options Written
  (762,180)
    (Premiums received $1,342,513)                
    
 
Outstanding Loans – (39.3)%
(107,500,000)
 
Net Other Assets and Liabilities – 6.0%
16,224,382
 
Net Assets – 100.0%
$273,626,455
First Trust Energy Infrastructure Fund (FIF)
Portfolio of Investments (Continued)
February 29, 2020 (Unaudited)
Interest Rate Swap Agreements:
Counterparty   Floating Rate (1)   Expiration Date   Notional
Amount 		  Fixed Rate (1)   Unrealized
Appreciation
(Depreciation)/
Value
Bank of Nova Scotia   1 month LIBOR   10/08/20   $36,475,000   2.121%   $(234,837)
Bank of Nova Scotia   1 month LIBOR   09/03/24   36,475,000   2.367%   (2,508,331)
            $72,950,000       $(2,743,168)
    
(1) The Fund pays the fixed rate and receives the floating rate, however, no cash payments are made by either party prior to the expiration dates shown above. The floating rate on February 29, 2020 was 1.671% and 1.655%, respectively.
    
(a) All of these securities are available to serve as collateral for the outstanding loans.
(b) All or a portion of this security’s position represents cover for outstanding options written.
(c) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933, as amended (the “1933 Act”).
(d) This security is exempt from registration upon resale under Rule 144A of the 1933 Act and may be resold in transactions exempt from registration, normally to qualified institutional buyers. 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.
(e) This security is taxed as a “C” corporation for federal income tax purposes.
(f) Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of February 29, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $32,027,757 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $33,644,393. The net unrealized depreciation was $1,616,636. The amounts presented are inclusive of derivative contracts.
(g) This investment is fair valued by the Advisor’s Pricing Committee in accordance with procedures adopted by the Fund’s Board of Trustees, and in accordance with the provisions of the Investment Company Act of 1940, as amended. At February 29, 2020, investments noted as such are valued at $(5,356) or (0.0)% of net assets.
    
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.)
• 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 Energy Infrastructure Fund (FIF)
Portfolio of Investments (Continued)
February 29, 2020 (Unaudited)
A summary of the inputs used to value the Fund’s investments as of February 29, 2020 is as follows:
ASSETS TABLE
  Total
Value at
2/29/2020 		Level 1
Quoted
Prices 		Level 2
Significant
Observable
Inputs 		Level 3
Significant
Unobservable
Inputs
Common Stocks*
$ 237,883,066 $ 237,883,066 $ — $ —
Master Limited Partnerships*
 126,465,422  126,465,422  —  —
Real Estate Investment Trusts*
 1,315,765  1,315,765  —  —
Total Investments
$ 365,664,253 $ 365,664,253 $— $—
LIABILITIES TABLE
  Total
Value at
2/29/2020 		Level 1
Quoted
Prices 		Level 2
Significant
Observable
Inputs 		Level 3
Significant
Unobservable
Inputs
Call Options Written
$ (762,180) $ (514,356) $ (247,824) $ —
Interest Rate Swap Agreements
 (2,743,168)  —  (2,743,168)  —
Total
$ (3,505,348) $ (514,356) $ (2,990,992) $—
    
* See Portfolio of Investments for industry breakout.