FIRST TRUST

NEW OPPORTUNITIES MLP & ENERGY FUND (FPL)

ANNUAL REPORT

FOR THE YEAR ENDED

OCTOBER 31, 2023

Table of Contents

First Trust New Opportunities MLP & Energy Fund (FPL)

Annual Report

October 31, 2023

Shareholder Letter

1

At a Glance

2

Portfolio Commentary

3

Portfolio of Investments

7

Statement of Assets and Liabilities

11

Statement of Operations

12

Statements of Changes in Net Assets

13

Statement of Cash Flows

14

Financial Highlights

15

Notes to Financial Statements

16

Report of Independent Registered Public Accounting Firm

24

Additional Information

25

Investment Objective, Policies, Risks and Effects of Leverage

29

Board of Trustees and Officers

36

Privacy Policy

38

Caution Regarding Forward-Looking Statements

This report contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of First Trust Advisors L.P. ("First Trust" or the "Advisor") and/or Energy Income Partners, LLC ("EIP" or the "Sub-Advisor") and their respective representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as "anticipate," "estimate," "intend," "expect," "believe," "plan," "may," "should," "would" or other words that convey uncertainty of future events or outcomes.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of First Trust New Opportunities MLP & Energy Fund (the "Fund") to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this report, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of the Advisor and/or Sub-Advisor and their respective representatives only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.

Performance and Risk Disclosure

There is no assurance that the Fund will achieve its investment objective. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund. See "Principal Risks" in the Investment Objective, Policies, Risks and Effects of Leverage section of this report for a discussion of certain other risks of investing in the Fund.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.comor speak with your financial advisor. Investment returns, net asset value and common share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.

The Advisor may also periodically provide additional information on Fund performance on the Fund's web page at www.ftportfolios.com.

How to Read This Report

This report contains information that may help you evaluate your investment in the Fund. It includes details about the Fund and presents data and analysis that provide insight into the Fund's performance and investment approach.

By reading the portfolio commentary by the portfolio management team of the Fund, you may obtain an understanding of how the market environment affected the Fund's performance. The statistical information that follows may help you understand the Fund's performance compared to that of relevant market benchmarks.

It is important to keep in mind that the opinions expressed by personnel of First Trust and EIP are just that: informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the period through the date on the cover of this report. The material risks of investing in the Fund are spelled out in the prospectus, the statement of additional information, this report and other Fund regulatory filings.

Shareholder Letter

First Trust New Opportunities MLP & Energy Fund (FPL)

Annual Letter from the Chairman and CEO

October 31, 2023

Dear Shareholders,

First Trust is pleased to provide you with the annual report for the First Trust New Opportunities MLP & Energy Fund (the "Fund"), which contains detailed information about the Fund for the twelve months ended October 31, 2023.

The Bureau of Economic Analysis recently announced that U.S. real gross domestic product ("GDP") grew by a staggering 4.9% in the third quarter of 2023 and is now up 2.9% on a year-over-year basis from where it stood in the third quarter of 2022. The most recent quarter's GDP data represents the fastest growth rate for any quarter since 2014. Consumer spending, which rose by 4.0% over the period, was responsible for 2.7 percentage points of the total increase in GDP. Whether the consumer can keep up this pace of spending remains to be seen, especially given recent news that excess savings from the pandemic-era stimulus have likely been depleted. From a global perspective, the International Monetary Fund ("IMF") notes that progress in fighting inflation has led to lower economic growth. In their October 2023 publication of the World Economic Outlook, the IMF projected that the growth in world economic output is expected to slow from 3.5% in 2022 to 2.9% in 2024. The economic growth in advanced economies is projected to plummet from 2.6% in 2022 to 1.4% in 2024.

In the notes to their September 2023 meeting, the Federal Open Market Committee revealed that they may need to keep interest rates "higher for longer" as they continue to battle stubbornly high inflation. As many investors are likely aware, a higher Federal Funds target rate can have deep implications for consumers, such as driving up the cost of borrowing for homes, automobiles, and other large purchases. The American consumer has yet to feel the full weight of those burdens, in my opinion. That said, the data reveals a different story among corporate America. S&P Global Market Intelligence reported that a total of 516 U.S. corporations filed for bankruptcy protection on a year-to-date basis through September 30, 2023, up from a total of 263 corporate bankruptcy filings over the same period last year. Higher interest rates and Treasury bond yields have also sapped demand for commercial property loans. Data from Trepp, LLC, a leading provider of data and analytics to the commercial real estate and banking markets, revealed that just $28.2 billion of loans converted into commercial mortgage-backed securities have been issued in 2023, the lowest figure since 2011.

The financial markets battled a myriad of headwinds over the past year, from geopolitical uncertainty resulting from war (the conflicts between Israel and Hamas and Russia and Ukraine), to slowing global economic growth and sticky inflation. Brian Wesbury, Chief Economist at First Trust, notes that a U.S. economic recession is likely to begin at some point early next year. While calls for a recession may concern some investors, the following may offer solace. Data from Bloomberg reveals that the S&P 500® Index has posted positive total returns over the 3-year period following every recession since 1948.

Thank you for giving First Trust the opportunity to play a role in your financial future. We value our relationship with you and will report on the Fund again in six months.

Sincerely,

James A. Bowen

Chairman of the Board of Trustees

Chief Executive Officer of First Trust Advisors L.P.

Page 1

First Trust New Opportunities MLP & Energy Fund (FPL)

"AT A GLANCE"

As of October 31, 2023 (Unaudited)

Fund Statistics

Symbol on New York Stock Exchange

FPL

Common Share Price

$6.68

Common Share Net Asset Value ("NAV")

$7.24

Premium (Discount) to NAV

(7.73)%

Net Assets Applicable to Common Shares

$169,645,333

Current Distribution per Common Share(1)

$0.0375

Current Annualized Distribution per Common Share

$0.4500

Current Distribution Rate on Common Share Price(2)

6.74%

Current Distribution Rate on NAV(2)

6.22%

Common Share Price & NAV (weekly closing price)

Common Share Price

NAV

$8.00

$7.00

$6.00

$5.00

10/22

2

/22

/23

2/23

3/23

4/23

5/23

6/23

/23

/23

23

3

/2

0/2

1

2

1

7

8

9/

1

1

1

Performance

Average Annual

Total Returns

1 Year Ended

5 Years Ended

Inception (3/26/14)

10/31/23

10/31/23

to 10/31/23

Fund Performance(3)

NAV

9.57%

3.89%

-0.98%

Market Value

18.22%

4.01%

-2.28%

Index Performance

S&P 500® Index

10.14%

11.00%

10.94%

Alerian MLP Total Return Index

16.60%

8.69%

1.50%

% of Total

Long-Term

Industry Classification

Investments

Natural Gas Transmission

29.7%

Petroleum Product Transmission

21.9

Electric Power & Transmission

20.9

Crude Oil Transmission

12.0

Gathering & Processing

4.0

Propane

1.0

Other

10.5

Total

100.0%

% of Total

Long-Term

Top Ten Holdings

Investments

Enterprise Products Partners, L.P.

9.7%

Energy Transfer, L.P.

8.8

Cheniere Energy Partners, L.P.

6.6

Williams (The) Cos., Inc.

6.0

MPLX, L.P.

5.8

Plains All American Pipeline, L.P.

4.4

Kinder Morgan, Inc.

3.5

DT Midstream, Inc.

3.4

Hess Midstream, L.P., Class A

3.4

Sempra

3.1

Total

54.7%

Fund Allocation

% of Net Assets

Common Stocks

60.3%

Master Limited Partnerships

48.8

Money Market Funds

16.5

Call Options Written

(0.2)

Outstanding Loan

(26.5)

Net Other Assets and Liabilities

1.1

Total

100.0%

  1. Most recent distribution paid through October 31, 2023. Subject to change in the future.
  2. Distribution rates are calculated by annualizing the most recent distribution paid through the report date and then dividing by Common Share Price or NAV, as applicable, as of October 31, 2023. Subject to change in the future.
  3. Total return is based on the combination of reinvested dividend, capital gain, and return of capital distributions, if any, at prices obtained by the Dividend Reinvestment Plan and changes in NAV per share for NAV returns and changes in Common Share Price for market value returns. Total returns do not reflect sales load and are not annualized for periods of less than one year. Past performance is not indicative of future results.

Page 2

Portfolio Commentary

First Trust New Opportunities MLP & Energy Fund (FPL)

Annual Report

October 31, 2023 (Unaudited)

Proposed Reorganization

First Trust New Opportunities MLP & Energy Fund (the "Fund") will call a special meeting of shareholders to consider merging the Fund into a wholly-owned subsidiary of a newly created exchange-traded fund ("ETF") that would be traded on the NYSE Arca and would be an actively managed ETF managed by First Trust Advisors L.P. ("First Trust" or the "Advisor") and sub-advised by Energy Income Partners, LLC ("EIP"), the Fund's current sub-advisor. More information on the proposed transaction, including the risks and considerations associated with the proposed transaction, will be contained in registration statement/proxy materials. This note is not intended to solicit a proxy from any shareholder of the Fund and is not intended to, and shall not, constitute an offer to purchase or sell shares of the Fund or a to-be-formed ETF.

Advisor

First Trust serves as the investment advisor to the Fund. First Trust is responsible for the ongoing monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain administrative services necessary for the management of the Fund.

Sub-Advisor

Energy Income Partners, LLC

EIP, located in Westport, CT, was founded in 2003 to provide professional asset management services in publicly traded energy-related infrastructure companies with above average dividend payout ratios operating pipelines and related storage and handling facilities, electric power transmission and distribution as well as long contracted or regulated power generation from renewables and other sources. The corporate structure of the portfolio companies includes C-corporations, partnerships and energy infrastructure real estate investment trusts. EIP mainly focuses on investments in assets that receive steady fee-based or regulated income from their corporate and individual customers. EIP manages or supervises approximately $4.9 billion of assets as of October 31, 2023. EIP advises two privately offered partnerships for U.S. high net worth individuals and an open-end mutual fund. EIP also manages separately managed accounts and provides its model portfolio to unified managed accounts. Finally, EIP serves as a sub-advisor to three closed-end management investment companies in addition to the Fund, three actively managed ETFs and a sleeve of a series of a variable insurance trust. EIP is a registered investment advisor with the Securities and Exchange Commission.

Portfolio Management Team

James J. Murchie - Co-Portfolio Manager, Founder and CEO of Energy Income Partners, LLC Eva Pao - Co-Portfolio Manager, Principal of Energy Income Partners, LLC

John Tysseland - Co-Portfolio Manager, Principal of Energy Income Partners, LLC

The portfolio managers are primarily and jointly responsible for the day-to-day management of the Fund's portfolio.

Commentary

First Trust New Opportunities MLP & Energy Fund

The Fund's investment objective is to seek a high level of total return with an emphasis on current distributions paid to common shareholders. The Fund seeks to provide its common shareholders with a vehicle to invest in a portfolio of cash-generating securities, with a focus on investing in publicly traded master limited partnerships ("MLPs"), MLP-related entities and other companies in the energy sector and energy utility industries that are weighted towards non-cyclical,fee-for-service revenues. There can be no assurance that the Fund's investment objective will be achieved. Under normal market conditions, the Fund invests at least 85% of its "Managed Assets" in equity and debt securities of MLPs, MLP-related entities and other energy utility companies that the Fund's Sub-Advisor believes offer opportunities for growth and income. The Fund may not be appropriate for all investors.

Market Recap

As measured by the Alerian MLP Total Return Index ("AMZX" or "MLP Benchmark"), the total return for the MLP Benchmark for the 12-month period ended October 31, 2023 was 16.60%. For AMZX, this return reflects a positive 9.34% from distribution payments, while the remaining returns are due to share price appreciation. These figures are according to data collected from Bloomberg. While in the short term, market share price appreciation can be volatile, we believe that over the long term, such share price appreciation will approximate growth in per share earnings and quarterly cash distributions paid by the companies in the portfolio.

Page 3

Portfolio Commentary (Continued)

First Trust New Opportunities MLP & Energy Fund (FPL)

Annual Report

October 31, 2023 (Unaudited)

Performance Analysis

Average Annual

Total Returns

1 Year Ended

5 Years Ended

Inception (3/26/14)

10/31/23

10/31/23

to 10/31/23

Fund Performance(1)

NAV

9.57%

3.89%

-0.98%

Market Value

18.22%

4.01%

-2.28%

Index Performance

S&P 500® Index

10.14%

11.00%

10.94%

Alerian MLP Total Return Index

16.60%

8.69%

1.50%

Performance of a $10,000 Initial Investment

March 26, 2014 - October 31, 2023

$30,000

$25,000

$

27,106

$20,000

$15,000

$10,000

$

11,537

$

8,012

$5,000

$0

4

4

5

6

7

8

9

0

1

2

3

/1

/1

/1

/1

/1

/1

/1

/2

/2

/2

/2

6

1

1

1

1

1

1

1

1

1

1

/2

/3

/3

/3

/3

/3

/3

/3

/3

/3

/3

3

0

0

0

0

0

0

0

0

0

0

1

1

1

1

1

1

1

1

1

1

First Trust New Opportunities MLP & Energy Fund

S&P 500® Index

Alerian MLP Total Return Index

Performance figures assume reinvestment of all distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the indices do not actually hold a portfolio of securities and therefore do not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Fund's past performance does not predict future performance.

On a net asset value ("NAV") basis, for the 12-month period ended October 31, 2023, the Fund provided a total return(1) of 9.57%, including the reinvestment of distributions. This compares, according to collected data, to a total return of 10.14% for the S&P 500® Index (the "Index") and 16.60% for AMZX. On a market value basis, the Fund had a total return(1), including the reinvestment of distributions, of 18.22% for the same period. At the end of the period, the Fund was priced at $6.68 per Common Share, while the NAV was $7.24 per Common Share, a discount of 7.73%. On October 31, 2022, the Fund was priced at $6.08 per Common Share, while the NAV was $7.11 per Common Share, a discount of 14.49%.

For the 12-month period ended October 31, 2023, the Fund's NAV underperformed the MLP Benchmark by 703 basis points ("bps"). While strong performance of the Fund's pipeline and midstream infrastructure companies helped drive positive returns over the last twelve months, the underperformance of the Fund relative to the MLP Benchmark was due to overweight positions in renewable developers and electric utilities that are not included in the MLP Benchmark.

The selloff in utilities was driven by concerns about higher costs for renewables as a bellwether large-cap company in the utilities sector reduced the growth outlook for its renewable subsidiary. This subsidiary provides the parent with a publicly traded financing option for completed renewable projects. However, declining share prices for all renewable developers led to a negative feedback loop rendering this financing vehicle less economic and ultimately led to the parent cutting its growth rate for the subsidiary in half. While this was a drag on sentiment for regulated utilities broadly, EIP does not view higher costs for renewables as an ongoing risk for the utility sector.

  1. Total return is based on the combination of reinvested dividend, capital gain and return of capital distributions, if any, at prices obtained by the Dividend Reinvestment Plan and changes in NAV per Common Share for NAV returns and changes in Common Share price for market value returns. Total returns do not reflect sales load and are not annualized for periods of less than one year.

Page 4

Portfolio Commentary (Continued)

First Trust New Opportunities MLP & Energy Fund (FPL)

Annual Report

October 31, 2023 (Unaudited)

Most renewable projects are built by so-called renewable developers, not by the regulated utilities that are monopolies earning a regulated return on all investment. But it just so happens that a few utility parent companies also engage in renewable development as a separate business, and it is that connection that EIP believes scared investors in late September. Onshore wind and solar still account for 90% of planned capacity additions over the next five years and remain the low-cost source of power generation in the U.S.(2) EIP believes any cost pressures driven by supply chain issues and higher financing costs will be passed through in higher prices sufficient to allow developers to make a competitive return on invested capital.

As for the Fund's MLP Benchmark, it has continued to become more concentrated as companies representing over 19% of the MLP Benchmark were acquired and are no longer trading as separately traded MLPs (thus excluded from the MLP Benchmark). EIP has sought to consistently run a more conservative portfolio compared to the MLP Benchmark. This conservatism is reflected in holding a more diversified set of higher quality companies that themselves have more conservative balance sheets, lower dividend payout ratios, less exposure to commodity prices and more stable cash flows.

While the Fund's portfolio is dominated by companies that own natural and legal monopolies operating transport infrastructure in both the pipeline and power sectors, EIP selectively owns more diversified energy companies where EIP believes valuations indicate the cyclical, non-infrastructure portion of their assets are grossly mispriced. EIP believes integrated oil and gas companies ("IOCs") possess those characteristics today and so EIP initiated positions in some of these companies over the last two years. At the end of this period, IOCs represented about 5.5% of the Fund's portfolio.

Two important factors affecting the return of the Fund, relative to the MLP Benchmark, are the Fund's accrual for taxes and the use of financial leverage through a line of credit. The Fund uses leverage because its portfolio managers believe that, over time, leverage can enhance total return for common shareholders. However, the use of leverage can also increase the volatility of the NAV and, therefore, the share price. For example, if the prices of securities held by the Fund decline, the effect of changes in common share NAV and common share total return loss would be magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by the Fund generally are rising. Unlike the Fund, the MLP Benchmark is not leveraged, nor are its returns net of an accrual for taxes. Leverage had a positive impact on the performance of the Fund over the period. Derivatives also had a positive impact on the performance of the Fund over the reporting period.

The Fund has a practice of seeking to maintain a relatively stable monthly distribution, which may be changed at any time. The practice has no impact on the Fund's investment strategy and may reduce the Fund's NAV. However, the Advisor believes the practice helps maintain the Fund's competitiveness and may benefit the Fund's market price and premium/discount to the Fund's NAV. The monthly distribution rate began and ended the period at $0.0375 per share. At the $0.0375 per share monthly distribution rate, the annualized distribution rate at October 31, 2023 was 6.22% at NAV and 6.74% at market price. For the twelve-month period ended October 31, 2023, 100% of the distributions were characterized as net realized gain. The final determination of the source and tax status of all 2023 distributions will be made after the end of 2023 and will be provided on Form 1099-DIV. The foregoing is not to be construed as tax advice. Please consult your tax advisor for further information regarding tax matters.

Market and Fund Outlook

The underperformance of the Fund relative to the broad market was not remarkable as most of the Index performance was driven by fewer than 10 stocks. The nine largest companies of the Index accounted for over 90% of the Index performance in this period. As of October 31, 2023, the Fund trades at a 34% discount relative to the Index that trades at a forward 12-month P/E of 17.6x versus 16.5x a year ago.(3) Our view is optimistic regarding the Fund's portfolio based on continued earnings growth among the energy infrastructure companies coupled with low valuations relative to the Index based on forward 12-month earnings expectations.

In EIP's opinion, the long-term outlook for electricity and natural gas infrastructure is positive. As low-cost renewables continue to grow, additional infrastructure is necessary to connect increasingly diverse sources of energy supply to consumers. Utilities are also now experiencing incremental electricity demand from the electrification of vehicles to power hungry data centers, while the negative impact of more efficient devices, especially LED lighting, abates as the replacement cycle matures. Additionally, the long-term trend away from coal-fired power generation seems likely to continue. Publicly owned utilities' five-year integrated resource plans and continued announcements of coal plant retirements support this view. In most cases, these retirements are being replaced with natural gas and/or renewables requiring new transport infrastructure. These necessary investments by utilities grow the investment base (known as "rate base") upon which they earn their allowed rates of return which in turn grow earnings.

  1. Wolfe Research Power Supply Outlook: Implications for Power, Rails, Natural Gas, Turbines September 15, 2023
  2. Bloomberg

Page 5

Portfolio Commentary (Continued)

First Trust New Opportunities MLP & Energy Fund (FPL)

Annual Report

October 31, 2023 (Unaudited)

EIP views the current level of capital discipline among conventional oil and gas producers, as well as pipeline and midstream energy companies, as a bullish development for investors. Global capital spending for upstream oil and gas has collapsed due to, in our opinion, previous over-investment, poor historical returns and ESG (environmental, social and corporate governance) pressures. Instead, cash flows are being redirected to share repurchase, debt reduction, special dividends and in some cases renewable investments. EIP views these trends as positive for investors, but EIP does not view the current amount of capital spending as being sufficient to offset natural production declines nor to grow capacity. Fossil fuels such as natural gas, oil, and coal still account for more than 82% of global primary energy use.(4) Global real gross domestic product ("GDP") has a strong historical relationship to global primary energy use. Over the last fifty-plus years there has never been a five-year period where average global GDP or average global primary energy use has declined.(5) In our opinion, the lack of conventional oil and gas supply growth and what appears to be inevitable demand growth over any reasonable investment horizon provides solid fundamentals for conventional energy investors.

EIP is also optimistic about the technological breakthroughs in energy and invest in companies like renewable developers and network utilities that, where renewable resources are abundant, benefit from the lower cost and higher performance of renewables, batteries, and other new grid-related innovations. But we are not a venture capitalist; companies in the Fund's portfolio must have a track record of profitability and a willingness to share some portion of that profitability through distributions. While the names in the portfolio change over time, the strategy and the sources of earnings stability and growth remain the same: investing in monopoly infrastructure that provides the low-cost way of shipping the lowest cost form of energy.

  1. Energy Institute Statistical Review of World Energy, 2023
  2. World Bank, Energy Institute Statistical Review of World Energy - 2023, EIP Estimates. This information is based on assumptions made by EIP, changes to the assumptions will affect the information provided.

Page 6

First Trust New Opportunities MLP & Energy Fund (FPL)

Portfolio of Investments

October 31, 2023

Shares

Description

Value

COMMON STOCKS (a) - 60.3%

Electric Utilities - 11.4%

52,400

Alliant Energy Corp

$

2,556,596

35,270

American Electric Power Co., Inc. (b)

2,664,296

33

Constellation Energy Corp

3,726

4,800

Duke Energy Corp

426,672

7,300

Emera, Inc. (CAD) (c)

239,096

247,250

Enel S.p.A., ADR (c)

1,552,730

5,000

Entergy Corp

477,950

23,700

Eversource Energy (b)

1,274,823

65,800

Exelon Corp

2,562,252

4,400

Fortis, Inc. (CAD) (c)

174,699

6,200

Iberdrola S.A., ADR

275,342

10,200

IDACORP, Inc. (c)

966,042

13,480

NextEra Energy, Inc. (b)

785,884

6,490

Orsted A/S, ADR

104,359

83,520

PPL Corp

2,052,087

35,780

Southern (The) Co

2,407,994

14,800

Xcel Energy, Inc

877,196

19,401,744

Energy Equipment & Services - 1.0%

133,800

Archrock, Inc. (c)

1,695,246

Gas Utilities - 7.5%

54,620

AltaGas Ltd. (CAD) (c)

1,014,610

33,200

Atmos Energy Corp. (c)

3,574,312

101,900

National Fuel Gas Co. (c)

5,191,805

35,670

New Jersey Resources Corp. (c)

1,447,489

19,200

ONE Gas, Inc. (c)

1,159,680

12,840

UGI Corp. (c)

267,072

12,654,968

Independent Power & Renewable Electricity Producers - 1.1%

37,300

AES (The) Corp. (c)

555,770

53,390

Clearway Energy, Inc., Class A (c)

1,087,554

8,000

EDP Renovaveis S.A. (EUR) (d)

128,696

1,772,020

Multi-Utilities - 9.2%

60,000

Atco Ltd., Class I (CAD) (c)

1,538,129

7,170

CenterPoint Energy, Inc. (c)

192,730

16,450

CMS Energy Corp. (c)

893,893

17,380

DTE Energy Co. (c)

1,675,084

54,370

Public Service Enterprise Group, Inc

3,351,910

80,800

Sempra (b)

5,658,424

28,130

WEC Energy Group, Inc

2,289,501

15,599,671

Oil, Gas & Consumable Fuels - 29.2%

50,000

BP PLC, ADR (c)

1,829,000

9,410

Cheniere Energy, Inc. (b)

1,566,012

117,040

DT Midstream, Inc. (c)

6,316,649

103,085

Enbridge, Inc. (c)

3,302,843

9,000

Exxon Mobil Corp

952,650

130,664

Keyera Corp. (CAD) (c)

3,038,698

398,998

Kinder Morgan, Inc. (c)

6,463,768

20,602

ONEOK, Inc

1,343,250

See Notes to Financial Statements

Page 7

First Trust New Opportunities MLP & Energy Fund (FPL)

Portfolio of Investments (Continued)

October 31, 2023

Shares

Description

Value

COMMON STOCKS (a) (Continued)

Oil, Gas & Consumable Fuels (Continued)

53,000

Shell PLC, ADR (b)

$ 3,452,420

45,500

Targa Resources Corp

3,804,255

75,109

TC Energy Corp

2,587,505

58,800

TotalEnergies SE, ADR (b)

3,916,080

320,178

Williams (The) Cos., Inc

11,014,123

49,587,253

Professional Services - 0.7%

8,500

Jacobs Solutions, Inc. (b)

1,133,050

Water Utilities - 0.2%

3,200

American Water Works Co., Inc. (c)

376,480

. . . . . . . . . . . . . . . . . . . .Total Common Stocks

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

102,220,432

(Cost $108,855,490)

Units

Description

Value

MASTER LIMITED PARTNERSHIPS - 48.8%

Chemicals - 2.7%

210,988

Westlake Chemical Partners, L.P. (c)

4,523,583

Energy Equipment & Services - 0.4%

31,000

USA Compression Partners, L.P. (c)

778,100

Gas Utilities - 0.9%

88,500

Suburban Propane Partners, L.P. (c)

1,556,715

Independent Power & Renewable Electricity Producers - 1.4%

88,919

NextEra Energy Partners, L.P. (e)

2,407,037

Oil, Gas & Consumable Fuels - 43.4%

220,269

Cheniere Energy Partners, L.P. (c)

12,282,199

1,232,960

Energy Transfer, L.P. (c)

. . . . . . . . . . . . . .

. . . . . . . . . . . . . . .

16,213,424

16,000

EnLink Midstream, LLC (c) (e)

196,640

692,564

Enterprise Products Partners, L.P. (c)

18,034,367

208,716

Hess Midstream, L.P., Class A (c) (e)

6,261,480

300,000

MPLX, L.P. (c)

10,812,000

531,720

Plains All American Pipeline, L.P. (c)

8,055,558

41,070

TXO Partners, L.P. (c)

802,097

35,000

Western Midstream Partners, L.P

939,050

73,596,815

. . . . . . . . . . . . . . . . . . . .Total Master Limited Partnerships

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

82,862,250

(Cost $54,755,184)

Shares

Description

Value

MONEY MARKET FUNDS - 16.5%

27,934,754

Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.22% (f) . . .

27,934,754

(Cost $27,934,754)

Total Investments - 125.6%

213,017,436

Number of

(Cost $191,545,428)

Notional

Exercise

Expiration

Contracts

Description

Amount

Price

Date

Value

WRITTEN OPTIONS - (0.2)%

Call Options Written - (0.2)%

(352)

American Electric Power Co., Inc.. . . . . . . . . . . . . . . . . . . $

(2,659,008)

$

80.00

11/17/23

(7,392)

Page 8

See Notes to Financial Statements

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Disclaimer

First Trust New Opportunities MLP & Energy Fund published this content on 21 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 December 2023 20:37:23 UTC.