FIF First Trust Energy Infrastructure Fund

First Trust Energy Infrastructure Fund (FIF)

Portfolio of Investments

August 31, 2023 (Unaudited)

Shares		Description		Value
COMMON STOCKS (a) – 71.0%
		Construction & Engineering – 0.1%
1,890		Quanta Services, Inc.		$396,654
		Electric Utilities – 13.7%
114,690		Alliant Energy Corp. (b)		5,753,997
94,400		American Electric Power Co., Inc. (b)		7,400,960
9,110		Duke Energy Corp.		808,968
18,930		Emera, Inc. (CAD)		709,595
79,420		Enel S.p.A., ADR		529,334
17,000		Entergy Corp.		1,619,250
26,240		Evergy, Inc.		1,442,413
63,130		Eversource Energy		4,028,957
62,300		Exelon Corp. (b)		2,499,476
18,450		Fortis, Inc. (CAD)		723,554
7,230		IDACORP, Inc.		692,923
40,913		NextEra Energy, Inc.		2,732,988
11,600		Orsted A/S, ADR		247,428
234,890		PPL Corp. (b)		5,853,459
35,650		Xcel Energy, Inc. (b)		2,036,684
				37,079,986
		Energy Equipment & Services – 0.4%
80,600		Archrock, Inc.		1,030,874
		Gas Utilities – 5.3%
18,700		AltaGas Ltd. (CAD)		365,641
27,900		Atmos Energy Corp.		3,235,005
154,200		National Fuel Gas Co.		8,286,708
14,800		New Jersey Resources Corp.		624,116
19,720		ONE Gas, Inc.		1,429,108
13,894		UGI Corp.		349,851
				14,290,429
		Independent Power & Renewable Electricity Producers – 2.1%
222,170		AES (The) Corp. (b)		3,983,508
51,970		Clearway Energy, Inc., Class A		1,218,177
14,170		EDP Renovaveis S.A. (EUR)		259,749
18,940		Northland Power, Inc. (CAD)		358,139
				5,819,573
		Multi-Utilities – 12.2%
147,910		Atco Ltd., Class I (CAD)		4,083,069
17,020		Canadian Utilities Ltd., Class A (CAD)		403,331
10,619		CenterPoint Energy, Inc.		296,164
53,600		CMS Energy Corp.		3,011,784
28,810		DTE Energy Co.		2,978,378
89,000		Public Service Enterprise Group, Inc.		5,436,120
190,640		Sempra		13,386,741
41,320		WEC Energy Group, Inc. (b)		3,475,838
				33,071,425
		Oil, Gas & Consumable Fuels – 35.1%
165,090		BP PLC, ADR (b)		6,138,046
45,178		Cheniere Energy, Inc. (b)		7,373,050
318,590		DT Midstream, Inc.		16,659,071
123,800		Enbridge, Inc.		4,342,904
361,830		Keyera Corp. (CAD)		8,938,636
904,565		Kinder Morgan, Inc. (b)		15,576,609

First Trust Energy Infrastructure Fund (FIF)

Portfolio of Investments (Continued)

August 31, 2023 (Unaudited)

Shares		Description		Value
COMMON STOCKS (a) (Continued)
		Oil, Gas & Consumable Fuels (Continued)
23		ONEOK, Inc.		$1,500
109,230		Shell PLC, ADR (b)		6,782,091
103,070		Targa Resources Corp. (b)		8,889,788
20,455		TC Energy Corp.		738,835
106,730		TotalEnergies SE, ADR		6,714,384
374,750		Williams (The) Cos., Inc. (b)		12,940,117
				95,095,031
		Professional Services – 1.9%
38,000		Jacobs Solutions, Inc. (b)		5,123,160
		Semiconductors & Semiconductor Equipment – 0.1%
2,040		Enphase Energy, Inc. (c)		258,121
		Water Utilities – 0.1%
2,170		American Water Works Co., Inc.		301,066
		Total Common Stocks		192,466,319
		(Cost $193,600,358)
Units		Description		Value
MASTER LIMITED PARTNERSHIPS (a) – 47.3%
		Chemicals – 0.6%
69,395		Westlake Chemical Partners, L.P.		1,595,391
		Energy Equipment & Services – 0.1%
14,800		USA Compression Partners, L.P.		314,056
		Independent Power & Renewable Electricity Producers – 2.9%
157,618		NextEra Energy Partners, L.P. (b) (d)		7,861,986
		Oil, Gas & Consumable Fuels – 43.7%
99,089		Cheniere Energy Partners, L.P.		5,142,719
1,572,880		Energy Transfer, L.P.		21,186,694
29,780		EnLink Midstream, LLC (d)		370,463
824,240		Enterprise Products Partners, L.P.		21,933,026
432,710		Hess Midstream, L.P., Class A (d)		12,505,319
52,246		Holly Energy Partners, L.P.		1,112,840
354,772		Magellan Midstream Partners, L.P.		23,563,956
240,770		MPLX, L.P.		8,400,465
1,455,078		Plains GP Holdings, L.P., Class A (d)		23,339,451
29,940		Western Midstream Partners, L.P. (b)		799,099
				118,354,032
		Total Master Limited Partnerships		128,125,465
		(Cost $94,599,235)

First Trust Energy Infrastructure Fund (FIF)

Portfolio of Investments (Continued)

August 31, 2023 (Unaudited)

Shares		Description		Value
MONEY MARKET FUNDS (a) – 6.4%
17,398,682		Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.21% (e)		$17,398,682
		(Cost $17,398,682)
		Total Investments – 124.7%		337,990,466
		(Cost $305,598,275)

    

Number of Contracts		Description		Notional Amount		Exercise Price		Expiration Date		Value
CALL OPTIONS WRITTEN – (0.2)%
(2,221)		AES (The) Corp.		$(3,982,253)		$23.00		09/15/23		(6,663)
(1,146)		Alliant Energy Corp. (f) (g)		(5,749,482)		57.50		09/15/23		0
(944)		American Electric Power Co., Inc.		(7,400,960)		82.50		10/20/23		(69,856)
(1,650)		BP PLC, ADR		(6,134,700)		37.50		09/15/23		(70,950)
(451)		Cheniere Energy, Inc.		(7,360,320)		175.00		09/15/23		(14,432)
(623)		Exelon Corp.		(2,499,476)		42.00		10/20/23		(21,805)
(380)		Jacobs Solutions, Inc.		(5,123,160)		140.00		10/20/23		(50,160)
(6,285)		Kinder Morgan, Inc.		(10,822,770)		18.00		10/20/23		(100,560)
(1,424)		NextEra Energy Partners, L.P.		(7,102,912)		60.00		09/15/23		(4,272)
(1,200)		PPL Corp. (f) (g)		(2,990,400)		29.00		09/15/23		0
(1,148)		PPL Corp.		(2,860,816)		26.00		10/20/23		(22,960)
(1,092)		Shell PLC, ADR		(6,780,228)		63.00		09/15/23		(50,232)
(1,030)		Targa Resources Corp.		(8,883,750)		87.50		09/15/23		(120,510)
(413)		WEC Energy Group, Inc.		(3,474,156)		90.00		10/20/23		(19,617)
(299)		Western Midstream Partners, L.P. (f) (g)		(798,031)		30.00		09/15/23		(299)
(1,500)		Williams (The) Cos., Inc.		(5,179,500)		36.00		10/20/23		(40,500)
(356)		Xcel Energy, Inc.		(2,033,828)		60.00		10/20/23		(18,156)
		Total Call Options Written								(610,972)
		(Premiums received $1,088,567)

    

	Outstanding Loans – (25.9)%	(70,300,000)
	Net Other Assets and Liabilities – 1.4%	3,864,991
	Net Assets – 100.0%	$270,944,485

Interest Rate Swap Agreements:

Counterparty		Rate Receivable		Expiration Date		Notional Amount		Rate Payable		Unrealized Appreciation (Depreciation)/ Value
Bank of Nova Scotia(1)		5.424%(2)		09/03/24		$36,475,000		2.367%(3)		$1,166,120
N/A(4) (5)		5.330%(6)		10/21/25		303,796		5.320%(7)		(156)
						$36,778,796				$1,165,964
(1) Payment frequency is monthly
(2) SOFR + 0.11448%
(3) Fixed Rate
(4) Centrally cleared on the Chicago Mercantile Exchange
(5) No cash payments are made by either party prior to the expiration dates shown above
(6) Federal Funds Rate
(7) SOFR + 0.01036%

    

(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)	Non-income producing security.
(d)	This security is taxed as a “C” corporation for federal income tax purposes.
(e)	Rate shown reflects yield as of August 31, 2023.

First Trust Energy Infrastructure Fund (FIF)

Portfolio of Investments (Continued)

August 31, 2023 (Unaudited)

(f)	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 the provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At August 31, 2023, investments noted as such are valued at $(299) or (0.0)% of net assets.
(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
SOFR	Secured Overnight Financing 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.

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

ASSETS TABLE
	Total Value at 8/31/2023	Level 1 Quoted Prices	Level 2 Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Common Stocks*	$ 192,466,319	$ 192,466,319	$ —	$ —
Master Limited Partnerships*	128,125,465	128,125,465	—	—
Money Market Funds	17,398,682	17,398,682	—	—
Total Investments	337,990,466	337,990,466	—	—
Interest Rate Swap Agreements	1,166,120	—	1,166,120	—
Total	$ 339,156,586	$ 337,990,466	$ 1,166,120	$—
LIABILITIES TABLE
	Total Value at 8/31/2023	Level 1 Quoted Prices	Level 2 Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Call Options Written	$ (610,972)	$ (591,056)	$ (19,617)	$ (299)
Interest Rate Swap Agreements	(156)	—	(156)	—
Total	$ (611,128)	$ (591,056)	$ (19,773)	$ (299)

    

*	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.