# EDGAR Filing Document

**Accession Number:** 0001589420
**File Stem:** 0001445546-23-000095
**Filing Date:** 2023-1
**Character Count:** 310994
**Document Hash:** 7621341b793bd11f7e3928911c76e021
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001445546-23-000095.hdr.sgml**: 20230106

**ACCESSION NUMBER**: 0001445546-23-000095

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230106

**DATE AS OF CHANGE**: 20230106

**EFFECTIVENESS DATE**: 20230106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST TRUST NEW OPPORTUNITIES MLP & ENERGY FUND
- **CENTRAL INDEX KEY:** 0001589420
- **IRS NUMBER:** 300803117
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22902
- **FILM NUMBER:** 23514678

**BUSINESS ADDRESS:**
- **STREET 1:** 10 WESTPORT ROAD
- **STREET 2:** SUITE C101A
- **CITY:** WILTON
- **STATE:** CT
- **ZIP:** 06897
- **BUSINESS PHONE:** 630-765-8000

**MAIL ADDRESS:**
- **STREET 1:** 120 EAST LIBERTY DRIVE, SUITE 400
- **CITY:** WHEATON
- **STATE:** IL
- **ZIP:** 60187

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-22902</u> 

 <u>First Trust New Opportunities MLP & Energy Fund</u> <br> (Exact name of registrant as specified in charter)

10 Westport Road, Suite C101a

 <u>Wilton, CT 06897</u> <br> (Address of principal executive offices) (Zip code)

W. Scott Jardine, Esq.<br> First Trust Portfolios L.P.<br> 120 East Liberty Drive, Suite 400<br> <u>Wheaton, IL 60187</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>630-765-8000</u>

Date of fiscal year end: <u>October 31</u>

Date of reporting period: <u>October 31, 2022</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

(a) The Report to Shareholders is attached herewith.

![](imgea10d16f1.jpg)

## First Trust

## New Opportunities MLP & Energy Fund (FPL)

## Annual Report

## For the Year Ended

## October 31, 2022
![](img3e3b739c2.jpg)

![](img6f2559db3.jpg)

------

**Table of Contents**

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### Annual Report

#### October 31, 2022

---

| | |
|:---|:---|
| [Shareholder Letter](#xx_46a94c93-fcce-4dd3-8310-12e513cd449e_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1 |
| [At a Glance](#xx_5ffe93ef-7453-40d9-b3de-f722d4c3decf_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2 |
| [Portfolio Commentary](#xx_474f3403-f23b-433f-bbc1-d594db034648_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3 |
| [Portfolio of Investments](#xx_b1855d6e-fae2-4a89-b4a5-0891f0896b1e_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7 |
| [Statement of Assets and Liabilities](#xx_aab14fd6-07b9-4015-9772-e6199ee9aad1_1)<br>| &nbsp;&nbsp;10 |
| [Statement of Operations](#xx_be3217ab-e5ef-44c9-9c30-a9c7505216d2_1)<br>| &nbsp;&nbsp;11 |
| [Statements of Changes in Net Assets](#xx_7e4c253d-e27d-4edd-9c92-16876ebb6ca9_1)<br>| &nbsp;&nbsp;12 |
| [Statement of Cash Flows](#xx_af166ec4-2389-4eb3-90b9-53f65679568a_1)<br>| &nbsp;&nbsp;13 |
| [Financial Highlights](#xx_5d234306-0bbb-4bb1-ac0f-1f503f5da7a2_1)<br>| &nbsp;&nbsp;14 |
| [Notes to Financial Statements](#xx_12a7234c-efb1-4a2b-b185-441fd7c56181_1)<br>| &nbsp;&nbsp;15 |
| [Report of Independent Registered Public Accounting Firm](#xx_0d998b7f-f85c-4f2d-ac6e-331b470b34a3_1)<br>| &nbsp;&nbsp;23 |
| [Additional Information](#xx_4aa4a9b6-5eb7-4420-b980-8c12387ab41b_1)<br>| &nbsp;&nbsp;24 |
| [Investment Objective, Policies, Risks and Effects of Leverage](#xx_55389956-dd0f-4270-a554-19b0e804d564_1)<br>| &nbsp;&nbsp;28 |
| [Board of Trustees and Officers](#xx_1373b518-9ef0-4588-9086-b2d8090ad36e_1)<br>| &nbsp;&nbsp;34 |
| [Privacy Policy](#xx_fe695bf9-779b-4fea-ab86-3d88a15eeb28_1)<br>| &nbsp;&nbsp;36 |

---

#### 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 <u>www.ftportfolios.com</u> or 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 <u>www.ftportfolios.com</u>.

#### 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.

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

Shareholder Letter

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### Annual Letter from the Chairman and CEO

#### October 31, 2022
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, 2022.

As I'm writing this letter in mid-November, it strikes me that things appear to be a little more chaotic in the current climate than normal. One of the things that may have contributed to the chaotic nature of the news flow of late was the November mid-term election. For the most part, except for a few seats in Congress, the election is behind us. We learned there would be no "red wave" (Republicans gaining a strong majority in Congress) but likely gridlock ahead. Gridlock has been good for stock market investors in the past few decades, particularly when there's been a Democratic president and the Republicans have control of at least one house of Congress, according to Brian Wesbury, Chief Economist at First Trust.

The Federal Reserve (the "Fed") has kept its promise to aggressively hike interest rates to combat robust inflation. As of November 13, 2022, the Fed has increased the Federal Funds target rate (upper bound) six times, from 0.25% to 4.00%. The Fed's actions have some investors and pundits looking for evidence linking the interest rate hikes to a downturn in the economy. In short, the hope is that a pullback in economic activity might deter the Fed from executing further interest rate hikes. Fed Chairman Jerome Powell, however, recently said that the terminal rate (the ultimate rate the Fed is targeting) will likely need to be higher than previously estimated in order to curb stubbornly high inflation. The Consumer Price Index ("CPI") is a commonly used measure of inflation. The CPI stood at 7.7% on a trailing 12-month basis as of October 31, 2022, according to the U.S. Bureau of Labor Statistics. That is down from its recent high of 9.1% in June 2022. Prior to this year, the last time the CPI was higher than 7.0% was over 40 years ago. While monetary policy is an ongoing process subject to change, the Fed does appear to be steadfast in its mission to bring the rate of inflation back to its preferred level of 2.0%, and that will take some time, in my opinion. Stay tuned!

Equity and fixed income markets have contended with numerous headwinds this year, such as the war between Russia and Ukraine. Since setting its all-time high of 4,796.56 on January 3, 2022, the S&P 500<sup>®</sup> Index has been in a bear market (a price decline of 20% or more from the most recent high) for the better part of 310 days. Suffice it to say, we are all looking forward to the end of this bear market. With respect to corrections and bear markets, the silver lining is that the S&P 500<sup>®</sup> Index has never failed to fully recover the losses sustained in any previous downturn. Where might we see demand for stocks moving forward? One such source could be stock buybacks. As of the last week of October 2022, U.S. companies had announced stock buybacks totaling $1 trillion so far this year, according to Birinyi Associates. The fixed income market has not been immune to selling pressure either. Year-to-date through November 10, 2022, yields on the 10-Year Treasury Note increased by 258 basis points. As you may be aware, bond yields and bond prices are inversely related, particularly with respect to investment-grade bonds. As yields rise, prices fall and vice versa. As noted above, the Fed has more work to do, so bond investors should not be surprised to see interest rates and bond yields trend at least a bit higher in the months ahead.

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,

![](imgab82d5af4.jpg)

James A. Bowen

Chairman of the Board of Trustees

Chief Executive Officer of First Trust Advisors L.P.

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### First Trust New Opportunities MLP & Energy Fund (FPL)<br>

#### "AT A GLANCE"

#### As of October 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| Symbol on New York Stock Exchange | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FPL |
| Common Share Price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.08 |
| Common Share Net Asset Value ("NAV") | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.11 |
| Premium (Discount) to NAV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.49)% |
| Net Assets Applicable to Common Shares | $168126145 |
| Current Distribution per Common Share<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.0375 |
| Current Annualized Distribution per Common Share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.4500 |
| Current Distribution Rate on Common Share Price<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.40% |
| Current Distribution Rate on NAV<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.33% |

---

#### Common Share Price & NAV (weekly closing price)
![](imgb7406b9b5.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;<br>

---

| | | | |
|:---|:---|:---|:---|
| **Performance** |  |  |  |
|  |  | &nbsp;&nbsp;Average Annual<br> Total Returns | &nbsp;&nbsp;Average Annual<br> Total Returns |
|  | &nbsp;&nbsp;1 Year Ended<br> 10/31/22 | &nbsp;&nbsp;5 Years Ended<br> 10/31/22 | &nbsp;&nbsp;Inception (3/26/14)<br> to 10/31/22 |
| **Fund Performance<sup>(3)</sup>** |  |  |  |
| NAV | &nbsp;&nbsp;&nbsp;19.00% | &nbsp;&nbsp;&nbsp;-0.49% | &nbsp;&nbsp;&nbsp;-2.14% |
| Market Value | &nbsp;&nbsp;&nbsp;12.99% | &nbsp;&nbsp;&nbsp;-3.49% | &nbsp;&nbsp;&nbsp;-4.42% |
| **Index Performance** |  |  |  |
| S&P 500<sup>®</sup> Index | &nbsp;&nbsp;-14.61% | &nbsp;&nbsp;10.44% | &nbsp;&nbsp;11.03% |
| Alerian MLP Total Return Index | &nbsp;&nbsp;&nbsp;30.19% | &nbsp;&nbsp;&nbsp;&nbsp;5.55% | &nbsp;&nbsp;&nbsp;-0.13% |

---

---

| | |
|:---|:---|
| **Industry Classification** | &nbsp;&nbsp;**% of Total<br> Investments** |
| &nbsp;&nbsp;Petroleum Product Transmission | &nbsp;&nbsp;&nbsp;&nbsp;33.4% |
| &nbsp;&nbsp;Natural Gas Transmission | &nbsp;&nbsp;&nbsp;&nbsp;24.8 |
| &nbsp;&nbsp;Electric Power & Transmission | &nbsp;&nbsp;&nbsp;&nbsp;19.0 |
| &nbsp;&nbsp;Crude Oil Transmission | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 |
| &nbsp;&nbsp;Gathering & Processing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 |
| &nbsp;&nbsp;Propane | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;100.0% |

---

---

| | |
|:---|:---|
| **Top Ten Holdings** | &nbsp;&nbsp;**% of Total<br> Investments** |
| &nbsp;&nbsp;Enterprise Products Partners, L.P. | &nbsp;&nbsp;&nbsp;&nbsp;8.4% |
| &nbsp;&nbsp;Magellan Midstream Partners, L.P. | &nbsp;&nbsp;&nbsp;&nbsp;8.4 |
| &nbsp;&nbsp;Energy Transfer, L.P. | &nbsp;&nbsp;&nbsp;&nbsp;7.6 |
| &nbsp;&nbsp;Cheniere Energy Partners, L.P. | &nbsp;&nbsp;&nbsp;&nbsp;7.0 |
| &nbsp;&nbsp;Williams (The) Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5.1 |
| &nbsp;&nbsp;MPLX, L.P. | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| &nbsp;&nbsp;Hess Midstream, L.P., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| &nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;TC Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;52.7% |

---

---

| | |
|:---|:---|
| **Fund Allocation** | &nbsp;&nbsp;**% of Net Assets** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;62.6% |
| &nbsp;&nbsp;Master Limited Partnerships | &nbsp;&nbsp;&nbsp;&nbsp;60.5 |
| &nbsp;&nbsp;Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp;(0.0)\* |
| &nbsp;&nbsp;Outstanding Loan | &nbsp;&nbsp;&nbsp;(25.5) |
| &nbsp;&nbsp;Net Other Assets and Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;100.0% |

---

\* Amount is less than 0.1%.

<sup>(1)</sup> Most recent distribution paid or declared through October 31, 2022. Subject to change in the future.

<sup>(2)</sup> Distribution rates are calculated by annualizing the most recent distribution paid or declared through the report date and then dividing by Common Share Price or NAV, as applicable, as of October 31, 2022. Subject to change in the future.

<sup>(3)</sup> 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.

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### Portfolio Commentary

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### Annual Report

#### October 31, 2022 (Unaudited)

#### Advisor
First Trust Advisors L.P. ("First Trust" or the "Advisor") serves as the investment advisor to the First Trust New Opportunities MLP & Energy Fund (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
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 $5.2 billion of assets as of October 31, 2022. 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, two actively managed exchange-traded funds, 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. 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, 2022 was 30.19%. For AMZX, this return reflects a positive 9.43% from distribution payments, while the remaining returns are due to share price appreciation. These figures are according to data collected from several sources, including Alerian and 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.

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### Portfolio Commentary (Continued)

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### Annual Report

#### October 31, 2022 (Unaudited)

#### Performance Analysis

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Average Annual<br> Total Returns | &nbsp;&nbsp;Average Annual<br> Total Returns |
|  | &nbsp;&nbsp;1 Year Ended<br> 10/31/22 | &nbsp;&nbsp;5 Years Ended<br> 10/31/22 | &nbsp;&nbsp;Inception (3/26/14)<br> to 10/31/22 |
| **Fund Performance<sup>(1)</sup>** |  |  |  |
| NAV | &nbsp;&nbsp;&nbsp;19.00% | &nbsp;&nbsp;&nbsp;-0.49% | &nbsp;&nbsp;&nbsp;-2.14% |
| Market Value | &nbsp;&nbsp;&nbsp;12.99% | &nbsp;&nbsp;&nbsp;-3.49% | &nbsp;&nbsp;&nbsp;-4.42% |
| **Index Performance** |  |  |  |
| S&P 500<sup>®</sup> Index | &nbsp;&nbsp;-14.61% | &nbsp;&nbsp;10.44% | &nbsp;&nbsp;11.03% |
| Alerian MLP Total Return Index | &nbsp;&nbsp;&nbsp;30.19% | &nbsp;&nbsp;&nbsp;&nbsp;5.55% | &nbsp;&nbsp;&nbsp;-0.13% |

---

![](imgd77e55a46.jpg)

<br> 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, 2022, the Fund provided a total return<sup>(1)</sup> of 19.00%, including the reinvestment of distributions. This compares, according to collected data, to a total return of -14.61% for the S&P 500<sup>®</sup> Index (the "Index") and 30.19% for AMZX. On a market value basis, the Fund had a total return<sup>(1)</sup>, including the reinvestment of distributions, of 12.99% for the same period. At the end of the period, the Fund was priced at $6.08 per Common Share, while the NAV was $7.11 per Common Share, a discount of 14.49%. On October 31, 2021, the Fund was priced at $5.80 per Common Share, while the NAV was $6.44 per Common Share, a discount of 9.94%.

For the 12-month period ended October 31, 2022, the Fund's NAV underperformed the MLP Benchmark by 1,119 basis points ("bps"). Underperformance of the Fund over this period reflects the MLP Benchmark's higher weighting of cyclical companies that tend to be positively correlated to oil and natural gas prices that were up 3.5% and 17.1%, respectively, which is positive for companies that hold natural gas gathering and processing assets.<sup>(2)</sup> Specifically, the Fund's underweight positions in the more cyclical supply facing gathering and processing MLPs (in the AMZX) and overweight positions in regulated pipeline C-Corporations and regulated utilities (not in AMZX) contributed to the Fund's underperformance during this period. EIP has sought to consistently run a more conservative portfolio compared to the MLP Benchmark. This conservatism, in EIP's opinion, 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 or 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, the Fund selectively owns more diversified

<sup>(1)</sup> 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.

<sup>(2)</sup> Source: Bloomberg L.P.

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### Portfolio Commentary (Continued)

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### Annual Report

#### October 31, 2022 (Unaudited)
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 possess those characteristics today and so EIP initiated positions in some of these companies over the last year.

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, 2022 was 6.33% at NAV and 7.40% at market price. For the twelve-month period ended October 31, 2022, 7.02% of the distributions were characterized as ordinary income and 92.98% of the distributions were characterized as net realized gain. The final determination of the source and tax status of all 2022 distributions will be made after the end of 2022 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 Fund outperformed the Index for the 12-month period ended October 31, 2022, at a time when both interest rates and inflation expectations were up significantly. Despite outperforming the broader market, the portfolio was trading at a 27% discount at the end of the period compared to the Index based on forward 12-month earnings expectations (12.0x vs 16.5x) (Source: Bloomberg as of October 31, 2022) with yields that are 3.4x the yield of the Index (5.8% vs 1.7%). Equities that trade at lower yields and higher P/E multiples have longer durations than equities that trade at higher yields and lower P/E multiples, so it makes sense to us that higher inflation expectations and increasing interest rates should favor the stocks in the portfolio relative to the Index.

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 in the space. 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. Cash flows are now being redirected to share repurchase, debt reduction, special dividends and renewables.<sup>(2)</sup><sup>(3)</sup> EIP views these trends as positive for investors, but EIP does not view the current amount of capital spending as being sufficient to meet 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.<sup>(4)</sup> 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 been negative.<sup>(4)</sup><sup>(5)</sup> The lack of conventional oil and gas supply growth and what appears to be inevitable demand growth over the next five plus years provides solid fundamentals for conventional energy investors, in EIP's opinion.

EIP also believes regulated pipeline and power utilities in the portfolio offer a measurable degree of inflation protection. Traditional businesses, like consumer staples, absorb increasing input costs then pass those costs onto customers by raising prices. There is often a lag effect as this occurs, leading to margin compression. On the other hand, regulated pipeline and power utilities are cost-plus businesses that charge a price to customers equal to the sum-total of their costs, including the cost of debt and an allowed return on equity. EIP views this type of business model as a natural inflation hedge.

In EIP's opinion, the long-term outlook for electricity and natural gas infrastructure is positive as the infrastructure is necessary to connect increasingly diverse sources of energy supply to consumers. While the recent spike in natural gas prices has driven some to switch to coal-fired power generation in the near term, the longer-term trend away from coal-fired power generation seems likely to continue, in our view. Publicly owned utilities' five-year integrated resource plans and continued announcements of coal plant

<sup>(2)</sup> Source: Bloomberg L.P.

<sup>(3)</sup> Source: FactSet

<sup>(4)</sup> Source: BP Statistical Review of World Energy – June 2022

<sup>(5)</sup> Source: World Bank, EIP Estimates

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### Portfolio Commentary (Continued)

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### Annual Report

#### October 31, 2022 (Unaudited)
retirements support this view. In most cases these retirements are being replaced with natural gas and/or renewables requiring new transport infrastructure and, in EIP's opinion, driving further growth in earnings.

EIP is optimistic about the technological breakthroughs in energy and invests 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 EIP is 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.

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### First Trust New Opportunities MLP & Energy Fund (FPL)<br>

#### Portfolio of Investments

#### October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS – 62.6%** | **COMMON STOCKS – 62.6%** | **COMMON STOCKS – 62.6%** |
|  | **Construction & Engineering – 0.6%** |  |
| &nbsp;&nbsp;&nbsp;7400 | Quanta Services, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1051096 |
|  | **Electric Utilities – 11.9%** |  |
| &nbsp;&nbsp;32400 | Alliant Energy Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690308 |
| &nbsp;&nbsp;35270 | American Electric Power Co., Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100939 |
| &nbsp;&nbsp;13933 | Constellation Energy Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317226 |
| &nbsp;&nbsp;11300 | Duke Energy Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052934 |
| &nbsp;&nbsp;&nbsp;4300 | Emera, Inc. (CAD) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159362 |
| 247250 | Enel S.p.A., ADR<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087900 |
| &nbsp;&nbsp;20200 | Eversource Energy (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540856 |
| &nbsp;&nbsp;65800 | Exelon Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2539222 |
| &nbsp;&nbsp;&nbsp;4400 | Fortis, Inc. (CAD) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171659 |
| &nbsp;&nbsp;&nbsp;6200 | Iberdrola S.A., ADR<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251596 |
| &nbsp;&nbsp;12700 | IDACORP, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329690 |
| &nbsp;&nbsp;13480 | NextEra Energy, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044700 |
| &nbsp;&nbsp;&nbsp;4490 | Orsted A/S, ADR<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123430 |
| &nbsp;&nbsp;58520 | PPL Corp. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550195 |
| &nbsp;&nbsp;31080 | Southern (The) Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035118 |
| &nbsp;&nbsp;14800 | Xcel Energy, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963628 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19958763 |
|  | **Energy Equipment & Services – 0.6%** |  |
| 133800 | Archrock, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004838 |
|  | **Gas Utilities – 8.4%** |  |
| 223620 | AltaGas Ltd. (CAD) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4032990 |
| &nbsp;&nbsp;17900 | Atmos Energy Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1907245 |
| &nbsp;&nbsp;62400 | National Fuel Gas Co. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4211376 |
| &nbsp;&nbsp;35670 | New Jersey Resources Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592309 |
| &nbsp;&nbsp;19200 | ONE Gas, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487616 |
| &nbsp;&nbsp;25840 | UGI Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912927 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14144463 |
|  | **Independent Power & Renewable Electricity Producers – 1.0%** |  |
| &nbsp;&nbsp;19300 | AES (The) Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504888 |
| &nbsp;&nbsp;33390 | Clearway Energy, Inc., Class A (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079499 |
| &nbsp;&nbsp;&nbsp;8000 | EDP Renovaveis S.A. (EUR)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168477 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752864 |
|  | **Multi-Utilities – 7.7%** |  |
| &nbsp;&nbsp;60000 | Atco Ltd., Class I (CAD) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1862957 |
| &nbsp;&nbsp;57670 | CenterPoint Energy, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649939 |
| &nbsp;&nbsp;16450 | CMS Energy Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938472 |
| &nbsp;&nbsp;14000 | Dominion Energy, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979580 |
| &nbsp;&nbsp;17380 | DTE Energy Co. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948472 |
| &nbsp;&nbsp;54370 | Public Service Enterprise Group, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3048526 |
| &nbsp;&nbsp;14400 | Sempra Energy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173536 |
| &nbsp;&nbsp;&nbsp;3130 | WEC Energy Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285863 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12887345 |
|  | **Oil, Gas & Consumable Fuels – 31.9%** |  |
| &nbsp;&nbsp;93600 | BP PLC, ADR (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3115008 |
| &nbsp;&nbsp;&nbsp;9410 | Cheniere Energy, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660018 |
| &nbsp;&nbsp;81040 | DT Midstream, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4838088 |
| 103085 | Enbridge, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4015161 |
| 130664 | Keyera Corp. (CAD) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800593 |
| 363998 | Kinder Morgan, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6595644 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### First Trust New Opportunities MLP & Energy Fund (FPL)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** | **COMMON STOCKS (Continued)** |
|  | **Oil, Gas & Consumable Fuels (Continued)** |  |
| &nbsp;&nbsp;100006 | ONEOK, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$5932356 |
| &nbsp;&nbsp;&nbsp;&nbsp;46000 | Shell PLC, ADR (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558980 |
| &nbsp;&nbsp;&nbsp;&nbsp;45500 | Targa Resources Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3110835 |
| &nbsp;&nbsp;122109 | TC Energy Corp. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5363027 |
| &nbsp;&nbsp;&nbsp;&nbsp;58800 | TotalEnergies SE, ADR<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3220476 |
| &nbsp;&nbsp;320178 | Williams (The) Cos., Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10479426 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53689612 |
|  | **Semiconductors & Semiconductor Equipment – 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | Enphase Energy, Inc. (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245600 |
|  | **Water Utilities – 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | American Water Works Co., Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465088 |
|  | **Total Common Stocks<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;105199669 |
|  | (Cost $106,588,808) |  |
| **Units** | **Description** | **Value** |
| **MASTER LIMITED PARTNERSHIPS – 60.5%** | **MASTER LIMITED PARTNERSHIPS – 60.5%** | **MASTER LIMITED PARTNERSHIPS – 60.5%** |
|  | **Chemicals – 2.7%** |  |
| &nbsp;&nbsp;197848 | Westlake Chemical Partners, L.P. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4566332 |
|  | **Energy Equipment & Services – 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;31000 | USA Compression Partners, L.P.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560790 |
|  | **Gas Utilities – 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;88500 | Suburban Propane Partners, L.P. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446975 |
|  | **Independent Power & Renewable Electricity Producers – 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;37319 | NextEra Energy Partners, L.P. (a) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2764218 |
|  | **Oil, Gas & Consumable Fuels – 55.0%** |  |
| &nbsp;&nbsp;242269 | Cheniere Energy Partners, L.P. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14567635 |
| &nbsp;&nbsp;&nbsp;&nbsp;34000 | DCP Midstream, L.P. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351500 |
| 1232960 | Energy Transfer, L.P. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15744899 |
| &nbsp;&nbsp;100000 | EnLink Midstream, LLC (a) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188000 |
| &nbsp;&nbsp;692564 | Enterprise Products Partners, L.P. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17487241 |
| &nbsp;&nbsp;253830 | Hess Midstream, L.P., Class A (a) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7345840 |
| &nbsp;&nbsp;171190 | Holly Energy Partners, L.P. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3225220 |
| &nbsp;&nbsp;320819 | Magellan Midstream Partners, L.P. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17308185 |
| &nbsp;&nbsp;245000 | MPLX, L.P. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8217300 |
| &nbsp;&nbsp;419720 | Plains All American Pipeline, L.P. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5024048 |
| &nbsp;&nbsp;&nbsp;&nbsp;35000 | Western Midstream Partners, L.P.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004850 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92464718 |
|  | **Total Master Limited Partnerships<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;101803033 |
|  | (Cost $76,139,056) |  |
|  | **Total Investments – 123.1%<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;207002702 |
|  | (Cost $182,727,864) |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of Contracts** | **Description** | **Notional Amount** | **Exercise Price** | **Expiration Date** | **Value** |
| **CALL OPTIONS WRITTEN – (0.0)%** | **CALL OPTIONS WRITTEN – (0.0)%** | **CALL OPTIONS WRITTEN – (0.0)%** | **CALL OPTIONS WRITTEN – (0.0)%** | **CALL OPTIONS WRITTEN – (0.0)%** | **CALL OPTIONS WRITTEN – (0.0)%** |
| (936) | BP PLC, ADR <br>| &nbsp;&nbsp;&nbsp;$(3115008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36.00 | 11/18/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17784) |
| (400) | Enbridge, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;(1558000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.00 | 12/16/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32000) |
| (585) | PPL Corp. (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(1549665) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.00 | 11/18/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2925) |
| (293) | Public Service Enterprise Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;(1642851) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.00 | 12/16/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17580) |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### First Trust New Opportunities MLP & Energy Fund (FPL)<br>

#### Portfolio of Investments (Continued)

#### October 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of Contracts** | **Description** | **Notional Amount** | **Exercise Price** | **Expiration Date** | **Value** |
| **CALL OPTIONS WRITTEN (Continued)** | **CALL OPTIONS WRITTEN (Continued)** | **CALL OPTIONS WRITTEN (Continued)** | **CALL OPTIONS WRITTEN (Continued)** | **CALL OPTIONS WRITTEN (Continued)** | **CALL OPTIONS WRITTEN (Continued)** |
| (1221) | TC Energy Corp.<br>| &nbsp;&nbsp;&nbsp;$(5362632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$50.00 | 11/18/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(6105) |
|  | **Total Call Options Written<br>** | **Total Call Options Written<br>** | **Total Call Options Written<br>** | **Total Call Options Written<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76394) |
|  | (Premiums received $207,842) |  |  |  |  |

---

---

| | |
|:---|:---|
| **Outstanding Loan – (25.5)%<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(42900000) |
| **Net Other Assets and Liabilities – 2.4%<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4099837 |
| **Net Assets – 100.0%<br>**  | &nbsp;&nbsp;$168126145 |

---

(a) All or a portion of this security serves as collateral on the outstanding loan.

(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) 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 October 31, 2022, investments noted as such are valued at $(2,925) or (0.0)% of net assets.

ADR American Depositary Receipt <br> CAD Canadian Dollar <br> EUR Euro

------

#### Valuation Inputs
A summary of the inputs used to value the Fund's investments as of October 31, 2022 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** | **ASSETS TABLE** |
|  | **Total<br> Value at<br> 10/31/2022** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Common Stocks\*<br>| $105199669 | &nbsp;&nbsp;$105199669 | &nbsp;&nbsp;&nbsp;&nbsp;$— | $— |
| Master Limited Partnerships\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 101803033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101803033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments<br>| $207002702 | &nbsp;&nbsp;$207002702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— |
| **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** | **LIABILITIES TABLE** |
|  | **Total<br> Value at<br> 10/31/2022** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Call Options Written<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(76394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(73469) | $(2925) | $— |

---

\* See Portfolio of Investments for industry breakout.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### First Trust New Opportunities MLP & Energy Fund (FPL)<br>

#### Statement of Assets and Liabilities

#### October 31, 2022

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at value<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $182,727,864)<br>| $207002702 |
| Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3701955 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19272797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend reclaims<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888 |
| Prepaid expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7724 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;230883414 |
| **LIABILITIES:** |  |
| Outstanding loan<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42900000 |
| Options written, at value (Premiums received $207,842)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76394 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19299679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and fees on loan<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial reporting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 |
| Other liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62757269 |
| **NET ASSETS<br>**  | &nbsp;&nbsp;$168126145 |
| **NET ASSETS consist of:** |  |
| Paid-in capital<br>| $304850337 |
| Par value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236630 |
| Accumulated distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;(136960822) |
| **NET ASSETS<br>**  | &nbsp;&nbsp;$168126145 |
| **NET ASSET VALUE, per Common Share (par value $0.01 per Common Share)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.11 |
| Number of Common Shares outstanding (unlimited number of Common Shares has been authorized)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23662968 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### First Trust New Opportunities MLP & Energy Fund (FPL)<br>

#### Statement of Operations

#### For the Year Ended October 31, 2022

---

| | | |
|:---|:---|:---|
| **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |  |
| Dividends (net of foreign withholding tax of $202,341) | Dividends (net of foreign withholding tax of $202,341) | &nbsp;&nbsp;$3933995 |
| Interest | Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3946913 |
| **EXPENSES:** | **EXPENSES:** |  |
| Investment advisory fees | Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp; 2064397 |
| Interest and fees on loan | Interest and fees on loan | &nbsp;&nbsp;&nbsp;&nbsp; 1199157 |
| Audit and tax fees | Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101312 |
| Administrative fees | Administrative fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98629 |
| Shareholder reporting fees | Shareholder reporting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66600 |
| Listing expense | Listing expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24004 |
| Transfer agent fees | Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19381 |
| Trustees' fees and expenses | Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18767 |
| Custodian fees | Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18583 |
| Legal fees | Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16036 |
| Financial reporting fees | Financial reporting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9250 |
| Other | Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3659925 |
| **NET INVESTMENT INCOME (LOSS) BEFORE TAXES<br>** | **NET INVESTMENT INCOME (LOSS) BEFORE TAXES<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current federal income tax benefit (expense)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2922261 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current state income tax benefit (expense)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71808 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred federal income tax benefit (expense)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3007339 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred state income tax benefit (expense)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155976 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income tax benefit (expense) | &nbsp;&nbsp;&nbsp;&nbsp;Total income tax benefit (expense) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6157384 |
| **NET INVESTMENT INCOME (LOSS)<br>** | **NET INVESTMENT INCOME (LOSS)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6444372 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** | **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain (loss) before taxes on: | Net realized gain (loss) before taxes on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11428025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Written options contracts | &nbsp;&nbsp;&nbsp;&nbsp;Written options contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14769) |
| Net realized gain (loss) before taxes | Net realized gain (loss) before taxes | &nbsp;&nbsp;&nbsp;&nbsp; 13056655 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current federal income tax benefit (expense)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2741898) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current state income tax benefit (expense)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142209) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income tax benefit (expense) | &nbsp;&nbsp;&nbsp;&nbsp;Total income tax benefit (expense) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2884107) |
| Net realized gain (loss) on investments, written options and foreign currency transactions | Net realized gain (loss) on investments, written options and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp; 10172548 |
| Net change in unrealized appreciation (depreciation) before taxes on: | Net change in unrealized appreciation (depreciation) before taxes on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12696910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Written options contracts | &nbsp;&nbsp;&nbsp;&nbsp;Written options contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 |
| Net change in unrealized appreciation (depreciation) before taxes | Net change in unrealized appreciation (depreciation) before taxes | &nbsp;&nbsp;&nbsp;&nbsp; 12828501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred federal income tax benefit (expense)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3007339) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred state income tax benefit (expense)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155976) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income tax benefit (expense) | &nbsp;&nbsp;&nbsp;&nbsp;Total income tax benefit (expense) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3163315) |
| Net change in unrealized appreciation (depreciation) on investments, written options and foreign currency translation | Net change in unrealized appreciation (depreciation) on investments, written options and foreign currency translation | &nbsp;&nbsp;&nbsp;&nbsp; 9665186 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)<br>** | **NET REALIZED AND UNREALIZED GAIN (LOSS)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;19837734 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>** | **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>** | &nbsp;&nbsp;$26282106 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### First Trust New Opportunities MLP & Energy Fund (FPL)<br>

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year<br> Ended<br> 10/31/2022** | &nbsp;&nbsp;**Year<br> Ended<br> 10/31/2021** |
| **OPERATIONS:** |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;$6444372 | &nbsp;&nbsp;$12310928 |
| Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10172548 | &nbsp;&nbsp;&nbsp;&nbsp; 16482451 |
| Net change in unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9665186 | &nbsp;&nbsp;&nbsp;&nbsp; 24677743 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26282106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53471122 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Investment operations<br>| &nbsp;&nbsp;&nbsp; (10940992) | &nbsp;&nbsp;&nbsp;&nbsp; (11232572) |
| **CAPITAL TRANSACTIONS:** |  |  |
| Repurchase of Common Shares \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6372428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4263921) |
| Net increase (decrease) in net assets resulting from capital transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6372428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4263921) |
| Total increase (decrease) in net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8968686 | &nbsp;&nbsp;&nbsp;&nbsp; 37974629 |
| **NET ASSETS:** |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp; 159157459 | &nbsp;&nbsp;&nbsp;&nbsp; 121182830 |
| End of period<br>| $168126145 | $159157459 |
| **CAPITAL TRANSACTIONS were as follows:** |  |  |
| Common Shares at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24720592 | &nbsp;&nbsp;&nbsp;&nbsp; 25623514 |
| Common Shares repurchased \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1057624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (902922) |
| Common Shares at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23662968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24720592 |

---

\* On September 15, 2020, the Fund commenced a share repurchase program. The program originally expired on March 15, 2021, but the Board of Trustees of the Fund has subsequently authorized the continuation of the Fund's share repurchase program until March 15, 2023. For the fiscal years ended October 31, 2022 and October 31, 2021, the Fund repurchased 1,057,624 and 902,922 Common Shares, respectively, at a weighted-average discount of 12.95% and 14.72%, respectively, from net asset value per share. The Fund expects to continue the share repurchase program until the earlier of (i) the repurchase of an additional 244,716 Common Shares (for an aggregate of 1,232,539) or (ii) March 15, 2023.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### First Trust New Opportunities MLP & Energy Fund (FPL)<br>

#### Statement of Cash Flows

#### For the Year Ended October 31, 2022

---

| | | |
|:---|:---|:---|
| **Cash flows from operating activities:** |  |  |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;$26282106 |  |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments<br>| &nbsp;&nbsp;&nbsp;(95697032) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of investments<br>| &nbsp;&nbsp;&nbsp;103080352 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from written options<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2417730 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital received from investment in MLPs<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7281392 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/loss on investments and written options<br>| &nbsp;&nbsp;&nbsp;(13071424) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments and written options<br>| &nbsp;&nbsp;&nbsp;(12828358) |  |
| **Changes in assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in income taxes receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8421) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in dividend reclaims receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(354) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in dividends receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102384) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in prepaid expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1044) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in interest and fees payable on loan<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50827 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in investment advisory fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in audit and tax fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in legal fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3537) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in shareholder reporting fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3073 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in administrative fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in custodian fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2655) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in transfer agent fees payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(713) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in trustees' fees and expenses payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in other liabilities payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 |  |
| **Cash provided by operating activities<br>**  |  | &nbsp;&nbsp;$17399021 |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of Common Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;(6372428) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to Common Shareholders from investment operations<br>| &nbsp;&nbsp;&nbsp;(10940992) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from borrowing<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 |  |
| **Cash used in financing activities<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;(14813420) |
| Increase in cash and foreign currency (a)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585601 |
| Cash at beginning of period<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116354 |
| **Cash at end of period<br>**  |  | &nbsp;&nbsp;&nbsp;$3701955 |
| **Supplemental disclosure of cash flow information:** |  |  |
| Cash paid during the period for interest and fees <br>|  | &nbsp;&nbsp;&nbsp;$1148330 |
| Cash paid during the period for taxes <br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

(a) Includes net change in unrealized appreciation (depreciation) on foreign currency of $143.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### First Trust New Opportunities MLP & Energy Fund (FPL)<br>

#### Financial Highlights

#### For a Common Share outstanding throughout each period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| | **2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;&nbsp;**2019** | &nbsp;&nbsp;&nbsp;&nbsp;**2018** |
| Net asset value, beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$6.44 | &nbsp;&nbsp;&nbsp;&nbsp;$4.73 | &nbsp;&nbsp;&nbsp;&nbsp;$9.41 | &nbsp;&nbsp;&nbsp;&nbsp;$9.43 | &nbsp;&nbsp;&nbsp;&nbsp;$11.95 |
| **Income from investment operations:** |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) |
| Net realized and unrealized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.04) (a) |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.32) |
| **Distributions paid to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Return of capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.20) |
| Total distributions paid to Common Shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.20) |
| Common Share repurchases<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.43 |
| Market value, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.65 |
| **Total return based on net asset value (c)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43.24)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.34% (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.66)% (a) |
| **Total return based on market value (c)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52.28)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18.70)% |
| Net assets, end of period (in 000's)<br>| $168126 | &nbsp;&nbsp;&nbsp;&nbsp;$159157 | &nbsp;&nbsp;&nbsp;&nbsp;$121183 | &nbsp;&nbsp;&nbsp;&nbsp;$241815 | &nbsp;&nbsp;&nbsp;&nbsp;$242226 |
| Portfolio turnover rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64% |
| **Ratios of expenses to average net assets:** |  |  |  |  |  |
| Including current and deferred income taxes (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51% (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81% |
| Excluding current and deferred income taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34% (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79% |
| Excluding current and deferred income taxes and interest expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% |
| **Ratios of net investment income (loss) to average net assets:** |  |  |  |  |  |
| Net investment income (loss) ratio before tax expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.40)% (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.90)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40)% |
| Net investment income (loss) ratio including tax expenses (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.57)% (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41)% |
| **Indebtedness:** |  |  |  |  |  |
| Total loan outstanding (in 000's)<br>| &nbsp;&nbsp;$42900 | &nbsp;&nbsp;&nbsp;&nbsp;$40400 | &nbsp;&nbsp;&nbsp;&nbsp;$33400 | &nbsp;&nbsp;&nbsp;&nbsp;$89000 | &nbsp;&nbsp;&nbsp;&nbsp;$87500 |
| Asset coverage per $1,000 of indebtedness (f)<br>| &nbsp;&nbsp;&nbsp;$4919 | &nbsp;&nbsp;&nbsp;&nbsp;$4940 | &nbsp;&nbsp;&nbsp;&nbsp;$4628 | &nbsp;&nbsp;&nbsp;&nbsp;$3717 | &nbsp;&nbsp;&nbsp;&nbsp;$3768 |

---

(a) During the fiscal years ended October 31, 2019 and 2018, the Fund received reimbursements from the sub-advisor in the amounts of $228 and $12,533, respectively, in connection with
trade errors, which represent less than $0.01 per share. Since the sub-advisor reimbursed the Fund, there was no effect on the Fund's total return.

(b) Amount represents less than $0.01 per share.

(c) 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 net asset value per share for net asset value 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.

(d) Includes current and deferred income taxes associated with each component of the Statement of Operations.

(e) This ratio includes breakage fees. If breakage fees had not been included, these expense ratios would have been 2.81% lower and the net investment income ratios would have been 2.81%
higher.

(f) Calculated by subtracting the Fund's total liabilities (not including the loan outstanding) from the Fund's total assets, and dividing by the
outstanding loan balance in 000's.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### Notes to Financial Statements

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### October 31, 2022
1. Organization

First Trust New Opportunities MLP & Energy Fund (the "Fund") is a non-diversified, closed-end management investment company organized as a Massachusetts business trust on October 15, 2013, and is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund trades under the ticker symbol "FPL" on the New York Stock Exchange ("NYSE").

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. 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 sector and energy utilities companies that Energy Income Partners, LLC ("EIP" or the "Sub-Advisor") believes offer opportunities for growth and income. There can be no assurance that the Fund will achieve its investment objective. The Fund may not be appropriate for all investors.

2. Significant Accounting Policies

The Fund is considered an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

A. Portfolio Valuation

The net asset value ("NAV") of the Common Shares of the Fund is determined daily as of the close of regular trading on the NYSE, normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes early on a valuation day, the NAV is determined as of that time. Foreign securities are priced using data reflecting the earlier closing of the principal markets for those securities. The Fund's NAV per Common Share is calculated by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses, the value of call options written (sold), dividends declared but unpaid, deferred income taxes and any borrowings of the Fund), by the total number of Common Shares outstanding.

The Fund's investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent readily available market quotations such as last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Fund's investment advisor, First Trust Advisors L.P. ("First Trust" or the "Advisor"), in accordance with valuation procedures approved by the Fund's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. Investments valued by the Advisor's Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. The Fund's investments are valued as follows:

Common stocks, real estate investment trusts, MLPs, and other equity securities listed on any national or foreign exchange (excluding The Nasdaq Stock Market LLC ("Nasdaq") and the London Stock Exchange Alternative Investment Market ("AIM")) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities exchange representing the primary exchange for such securities.

Securities trading on foreign exchanges or over-the-counter markets that close prior to the NYSE close may be valued using a systematic fair valuation model provided by a third-party pricing service. If these foreign securities meet certain criteria in relation to the valuation model, their valuation is systematically adjusted to reflect the impact of movement in the U.S. market after the close of the foreign markets.

Exchange-traded options contracts are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts are valued at the mean of their most recent bid and asked price, if available, and otherwise at their closing bid price. Over-the-counter options contracts are valued at the mean of their most recent bid and asked price, if available, and otherwise at their closing bid price.

Securities traded in an over-the-counter market are valued at the mean of their most recent bid and asked price, if available, and otherwise at their last trade price.

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### October 31, 2022
Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Advisor's Pricing Committee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of the Fund's NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security's fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:

1) the last sale price on the exchange on which they are principally traded or, for Nasdaq and AIM securities, the official closing price;

2) the type of security;

3) the size of the holding;

4) the initial cost of the security;

5) transactions in comparable securities;

6) price quotes from dealers and/or third-party pricing services;

7) relationships among various securities;

8) information obtained by contacting the issuer, analysts, or the appropriate stock exchange;

9) an analysis of the issuer's financial statements;

10) the existence of merger proposals or tender offers that might affect the value of the security; and

11) other relevant factors.

If the securities in question are foreign securities, the following additional information may be considered:

1) the value of similar foreign securities traded on other foreign markets;

2) ADR trading of similar securities;

3) closed-end fund or exchange-traded fund trading of similar securities;

4) foreign currency exchange activity;

5) the trading prices of financial products that are tied to baskets of foreign securities;

6) factors relating to the event that precipitated the pricing problem;

7) whether the event is likely to recur;

8) whether the effects of the event are isolated or whether they affect entire markets, countries or regions; and

9) other relevant factors.

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. An active market is a market in which transactions for the investment occur with sufficient frequency and
volume to provide pricing information on an ongoing basis.

• Level 2 – Level 2 inputs are observable inputs, either directly or indirectly, and include the following:

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or
price quotations vary substantially either over time or among market makers, or in which little information is released publicly.

o Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss
severities, credit risks, and default rates).

o Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

• Level 3 – Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing
the investment.

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### October 31, 2022
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 October 31, 2022, is included with the Fund's Portfolio of Investments.

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund's investment adviser to perform fair value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are "readily available" for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping requirements associated with fair value determinations. The compliance date for Rule 2a-5 and Rule 31a-4 was September 8, 2022.

Effective September 8, 2022 and pursuant to the requirements of Rule 2a-5, the Fund's Board of Trustees designated the Advisor as its valuation designee to perform fair value determinations and approved new Advisor Valuation Procedures for the Fund.

B. Option Contracts

The Fund is subject to equity price risk in the normal course of pursuing its investment objective and may write (sell) options to hedge against changes in the value of equities. Also, the Fund seeks to generate additional income, in the form of premiums received, from writing (selling) the options. The Fund may write (sell) covered call or put options ("options") on all or a portion of the MLPs and common stocks held in the Fund's portfolio as determined to be appropriate by the Sub-Advisor. The number of options the Fund can write (sell) is limited by the amount of MLPs and common stocks the Fund holds in its portfolio. The Fund will not write (sell) "naked" or uncovered options. When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is included in "Options written, at value" on the Fund's Statement of Assets and Liabilities. Options are marked-to-market daily and their value will be affected by changes in the value and dividend rates of the underlying equity securities, changes in interest rates, changes in the actual or perceived volatility of the securities markets and the underlying equity securities and the remaining time to the options' expiration. The value of options may also be adversely affected if the market for the options becomes less liquid or trading volume diminishes.

The options that the Fund writes (sells) will either be exercised, expire or be canceled pursuant to a closing transaction. If the price of the underlying equity security exceeds the option's exercise price, it is likely that the option holder will exercise the option. If an option written (sold) by the Fund is exercised, the Fund would be obligated to deliver the underlying equity security to the option holder upon payment of the strike price. In this case, the option premium received by the Fund will be added to the amount realized on the sale of the underlying security for purposes of determining gain or loss and is included in "Net realized gain (loss) before taxes on investments" on the Statement of Operations. If the price of the underlying equity security is less than the option's strike price, the option will likely expire without being exercised. The option premium received by the Fund will, in this case, be treated as short-term capital gain on the expiration date of the option. The Fund may also elect to close out its position in an option prior to its expiration by purchasing an option of the same series as the option written (sold) by the Fund. Gain or loss on options is presented separately as "Net realized gain (loss) before taxes on written options contracts" on the Statement of Operations.

The options that the Fund writes (sells) give the option holder the right, but not the obligation, to purchase a security from the Fund at the strike price on or prior to the option's expiration date. The ability to successfully implement the writing (selling) of covered call options depends on the ability of the Sub-Advisor to predict pertinent market movements, which cannot be assured. Thus, the use of options may require the Fund to sell portfolio securities at inopportune times or for prices other than current market value, which may limit the amount of appreciation the Fund can realize on an investment, or may cause the Fund to hold a security that it might otherwise sell. As the writer (seller) of a covered option, the Fund foregoes, during the option's life, the opportunity to profit from increases in the market value of the security covering the option above the sum of the premium and the strike price of the option, but has retained the risk of loss should the price of the underlying security decline. The writer (seller) of an option has no control over the time when it may be required to fulfill its obligation as a writer (seller) of the option. Once an option writer (seller) has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying security to the option holder at the exercise price.

Over-the-counter options have the risk of the potential inability of counterparties to meet the terms of their contracts. The Fund's maximum equity price risk for purchased options is limited to the premium initially paid. In addition, certain risks may arise upon entering into option contracts including the risk that an illiquid secondary market will limit the Fund's ability to close out an option contract prior to the expiration date and that a change in the value of the option contract may not correlate exactly with changes in the value of the securities hedged.

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### October 31, 2022
C. Securities Transactions and Investment Income

Securities transactions are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded daily on the accrual basis, including amortization of premiums and accretion of discounts. The Fund will rely to some extent on information provided by the MLPs, which is not necessarily timely, to estimate taxable income allocable to the MLP units held in the Fund's portfolio and to estimate the associated deferred tax asset or liability. From time to time, the Fund will modify its estimates and/or assumptions regarding its deferred tax liability as new information becomes available. To the extent the Fund modifies its estimates and/or assumptions, the NAV of the Fund will likely fluctuate.

Distributions received from the Fund's investments in MLPs generally are comprised of return of capital and investment income. The Fund records estimated return of capital and investment income based on historical information available from each MLP. These estimates may subsequently be revised based on information received from the MLPs after their tax reporting periods are concluded.

The United Kingdom's Financial Conduct Authority (the "FCA"), which regulates the London Interbank Offered Rates ("LIBOR"), announced on March 5, 2021 that it intended to phase-out all LIBOR reference rates, beginning December 31, 2021. Since that announcement, the FCA has ceased publication of all non-USD LIBOR reference rates and the 1-week and 2-month USD LIBOR reference rates as of December 31, 2021. The remaining USD LIBOR settings will cease to be published or no longer be representative immediately after June 30, 2023. The International Swaps and Derivatives Association, Inc. ("ISDA") confirmed that the FCA's March 5, 2021 announcement of its intention to cease providing LIBOR reference rates, constituted an index cessation event under the Interbank Offered Rates ("IBOR") Fallbacks Supplement and the ISDA 2020 IBOR Fallbacks Protocol for all 35 LIBOR settings and confirmed that the spread adjustment to be used in ISDA fallbacks was fixed as of the date of the announcement.

In the United States, the Alternative Reference Rates Committee (the "ARRC"), a group of market participants convened by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York in cooperation with other federal and state government agencies, has since 2014 undertaken efforts to identify U.S. dollar reference interest rates as alternatives to LIBOR and to facilitate the mitigation of LIBOR-related risks. In June 2017, the ARRC identified the Secured Overnight Financing Rate ("SOFR"), a broad measure of the cost of cash overnight borrowing collateralized by U.S. Treasury securities, as the preferred alternative for U.S. dollar LIBOR. The Federal Reserve Bank of New York began daily publishing of SOFR in April 2018. There is no assurance that any alternative reference rate, including SOFR, will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity.

At this time, it is not possible to predict the full impact of the elimination of LIBOR and the establishment of an alternative reference rate on the Fund or its investments.

D. Foreign Currency

The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of investments and items of income and expense are translated on the respective dates of such transactions. Unrealized gains and losses on assets and liabilities, other than investments in securities, which result from changes in foreign currency exchange rates have been included in "Net change in unrealized appreciation (depreciation) before taxes on foreign currency translation" on the Statement of Operations. Unrealized gains and losses on investments in securities which result from changes in foreign exchange rates are included with fluctuations arising from changes in market price and are included in "Net change in unrealized appreciation (depreciation) before taxes on investments" on the Statement of Operations. Net realized foreign currency gains and losses include the effect of changes in exchange rates between trade date and settlement date on investment security transactions, foreign currency transactions and interest and dividends received and are included in "Net realized gain (loss) before taxes on foreign currency transactions" on the Statement of Operations. The portion of foreign currency gains and losses related to fluctuations in exchange rates between the initial purchase settlement date and subsequent sale trade date is included in "Net realized gain (loss) before taxes on investments" on the Statement of Operations.

E. Distributions to Shareholders

The Fund intends to make monthly distributions to Common Shareholders. The Fund's distributions generally will consist of cash and paid-in kind distributions from MLPs or their affiliates, dividends from common stocks, and income from other investments held by the Fund less operating expenses, including taxes. Distributions to Common Shareholders are recorded on the ex-date and are based on U.S. GAAP, which may differ from their ultimate characterization for federal income tax purposes.

Distributions made from current or accumulated earnings and profits of the Fund will be taxable to shareholders as dividend income. Distributions that are in an amount greater than the Fund's current and accumulated earnings and profits will represent a tax-deferred return of capital to the extent of a shareholder's basis in the Common Shares, and such distributions will correspondingly increase the

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### October 31, 2022
realized gain upon the sale of the Common Shares. Additionally, distributions not paid from current or accumulated earnings and profits that exceed a shareholder's tax basis in the Common Shares will generally be taxed as a capital gain.

Distributions of $10,940,992 paid during the fiscal year ended October 31, 2022 are anticipated to be characterized as taxable dividends for federal income tax purposes. The amounts may be eligible to be taxed as qualified dividend income at the reduced capital gains rates, subject to shareholder period requirements. However, the ultimate determination of the character of the distributions will be made after the 2022 calendar year. Distributions will automatically be reinvested in additional Common Shares pursuant to the Fund's Dividend Reinvestment Plan unless cash distributions are elected by the shareholder.

F. Income Taxes

The Fund is treated as a regular C corporation for U.S. federal income tax purposes and as such will be obligated to pay federal and applicable state and foreign corporate taxes on its taxable income. The Fund's tax expense or benefit is included in the Statement of Operations based on the component of income or gains (losses) to which such expense or benefit relates. This differs from most investment companies, which elect to be treated as "regulated investment companies" under the U.S. Internal Revenue Code of 1986, as amended. The various investments of the Fund may cause the Fund to be subject to state income taxes on a portion of its income at various rates.

The tax deferral benefit the Fund derives from its investment in MLPs results largely because the MLPs are treated as partnerships for federal income tax purposes. As a partnership, an MLP has no income tax liability at the entity level. As a limited partner in the MLPs in which it invests, the Fund will be allocated its pro rata share of income, gains, losses, deductions and credits from the MLPs, regardless of whether or not any cash is distributed from the MLPs.

To the extent that the distributions received from the MLPs exceed the net taxable income realized by the Fund from its investment, a tax liability results. This tax liability is a deferred liability to the extent that MLP distributions received have not exceeded the Fund's adjusted tax basis in the respective MLPs. To the extent that distributions from an MLP exceed the Fund's adjusted tax basis, the Fund will recognize a taxable capital gain. For the fiscal year ended October 31, 2022, distributions of $6,197,951 received from MLPs have been reclassified as a return of capital. The cost basis of applicable MLPs has been reduced accordingly.

The Fund's provision for income taxes consists of the following:

---

| | |
|:---|:---|
| Current federal income tax benefit (expense)<br>| $180363 |
| Current state income tax benefit (expense)<br>| &nbsp;&nbsp;&nbsp; (70401) |
| Current foreign income tax benefit (expense)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Deferred federal income tax benefit (expense)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Deferred state income tax benefit (expense)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total income tax benefit (expense)<br>| $109962 |

---

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. To the extent a Fund has a deferred tax asset, consideration is given to whether or not a valuation allowance is required. The determination of whether a valuation is required is based on the evaluation criterion provided by ASC 740, Income Taxes ("ASC 740") that it is more-likely-than not that some portion or all of the deferred tax asset will not be realized. Among the factors considered in assessing each Fund's valuation allowance: the nature, frequency, and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods and the associated risk that operating and capital loss carryforwards may expire unused. At October 31, 2022, the Fund had a net operating loss carryforward for federal and state income tax purposes of $4,642,626 and $32,195,695, respectively. The Fund's 2022 income tax provision includes a full valuation allowance against the deferred tax assets associated with the federal and state net operating losses. Components of the Fund's deferred tax assets and liabilities as of October 31, 2022 are as follows:

Deferred tax assets:

---

| | |
|:---|:---|
| Federal net operating loss<br>| &nbsp;&nbsp;&nbsp;&nbsp;$974952 |
| State net operating loss<br>| &nbsp;&nbsp;&nbsp;&nbsp;2124253 |
| State income taxes<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Federal and state capital loss carryforward<br>| &nbsp;&nbsp;&nbsp;&nbsp;18430548 |
| Other<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total deferred tax assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;21529753 |

---

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### October 31, 2022

---

| | |
|:---|:---|
| Less: federal valuation allowance<br>| &nbsp;&nbsp;&nbsp;&nbsp;(9600965) |
| Less: state valuation allowance<br>| &nbsp;&nbsp;&nbsp;&nbsp;(2946570) |
| Net deferred tax assets<br>| &nbsp;&nbsp;$8982218 |
| Deferred tax liabilities: |  |
| Unrealized gains on investment securities<br>| &nbsp;&nbsp;$(8982218) |
| Total deferred tax liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;(8982218) |
| Total net deferred tax liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

Total income taxes differ from the amount computed by applying the federal income tax rate of 21% to net investment income and realized and unrealized gains on investments.

---

| | |
|:---|:---|
| Application of statutory income tax rate<br>| &nbsp;&nbsp;$5496150 |
| State income taxes, net<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78979 |
| Change in valuation allowance<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5333001) |
| Current year change in tax rate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(352090) |
| Total<br>| &nbsp;&nbsp;$(109962) |

---

The Fund intends to utilize provisions of the federal income tax laws, which allow it to carry realized capital losses forward for five years following the year of the loss and offset such loss against any future realized capital gains. The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At October 31, 2022, the Fund had a capital loss carryforward of $81,739,699 that will expire according to the following schedule:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fiscal Year | &nbsp;&nbsp;Amount Generated | &nbsp;&nbsp;Prior Year<br> Amount Utilized | &nbsp;&nbsp;Current Year<br> Amount Utilized | &nbsp;&nbsp;Amount Expired | &nbsp;&nbsp;Remaining | &nbsp;&nbsp;Expiration |
| 2017 | &nbsp;&nbsp;$7889835 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(7889835) | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;10/31/2022 |
| 2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7227948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2145851) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5082097 | &nbsp;&nbsp;10/31/2023 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;76657602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;76657602 | &nbsp;&nbsp;10/31/2025 |
|  | &nbsp;&nbsp;$91775385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$(10035686) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$81739699 |  |

---

The Fund is subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. Taxable years ended 2019, 2020, 2021, and 2022 remain open to federal and state audit. As of October 31, 2022, management has evaluated the application of these standards to the Fund and has determined that no provision for income tax is required in the Fund's financial statements for uncertain tax positions.

As of October 31, 2022, the aggregate cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation/(depreciation) on investments (including short positions and derivatives, if any) for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Tax Cost | &nbsp;&nbsp;Gross<br> Unrealized<br> Appreciation | &nbsp;&nbsp;Gross<br> Unrealized<br> (Depreciation) | &nbsp;&nbsp;Net Unrealized<br> Appreciation<br> (Depreciation) |
| $166904187 | &nbsp;&nbsp;$40033873 | &nbsp;&nbsp;$(11752) | &nbsp;&nbsp;$40022121 |

---

G. Expenses

The Fund will pay all expenses directly related to its operations.

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### October 31, 2022
3. Investment Advisory Fee, Affiliated Transactions and Other Fee Arrangements

First Trust, the investment advisor to the Fund, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation controlled by James A. Bowen, Chief Executive Officer of First Trust. 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. For these services, First Trust is entitled to a monthly fee calculated at an annual rate of 1.00% of the Fund's Managed Assets (the average daily total asset value of the Fund minus the sum of the Fund's liabilities other than the principal amount of borrowings). First Trust also provides fund reporting services to the Fund for a flat annual fee in the amount of $9,250.

EIP serves as the Fund's sub-advisor and manages the Fund's portfolio subject to First Trust's supervision. The Sub-Advisor receives a monthly sub-advisory fee calculated at an annual rate of 0.50% of the Fund's Managed Assets that is paid by First Trust out of its investment advisory fee.

First Trust Capital Partners, LLC ("FTCP"), an affiliate of First Trust, owns, through a wholly-owned subsidiary, a 15% ownership interest in each of EIP and EIP Partners, LLC, an affiliate of EIP.

BNY Mellon Investment Servicing (US) Inc. ("BNYM IS") served as the Fund's transfer agent in accordance with certain fee arrangements until December 31, 2021. Effective December 31, 2021, Computershare, Inc. ("Computershare") commenced serving as the Fund's transfer agent. As transfer agent, Computershare is responsible for maintaining shareholder records for the Fund. The Bank of New York Mellon ("BNYM") serves as the Fund's administrator, fund accountant, and custodian in accordance with certain fee arrangements. As administrator and fund accountant, BNYM is responsible for providing certain administrative and accounting services to the Fund, including maintaining the Fund's books of account, records of the Fund's securities transactions, and certain other books and records. As custodian, BNYM is responsible for custody of the Fund's assets. BNYM IS and BNYM are subsidiaries of The Bank of New York Mellon Corporation, a financial holding company.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor or any of their affiliates ("Independent Trustees") is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, a target outcome fund or an index fund.

Additionally, the Lead Independent Trustee and the Chairs of the Audit Committee, Nominating and Governance Committee and Valuation Committee are paid annual fees to serve in such capacities, with such compensation allocated pro rata among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Lead Independent Trustee and Committee Chairs rotate every three years. The officers and "Interested" Trustee receive no compensation from the Fund for acting in such capacities.

4. Purchases and Sales of Securities

The cost of purchases and proceeds from sales of securities, excluding short-term investments, for the fiscal year ended October 31, 2022, were $114,996,711 and $122,353,149, respectively.

5. Derivative Transactions

The following table presents the types of derivatives held by the Fund at October 31, 2022, the primary underlying risk exposure and the location of these instruments as presented on the Statement of Assets and Liabilities.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** |
| **Derivative<br> Instrument** | &nbsp;&nbsp;**Risk<br> Exposure** | &nbsp;&nbsp;**Statement of Assets and<br> Liabilities Location** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Statement of Assets and<br> Liabilities Location** | &nbsp;&nbsp;**Value** |
| Written Options | &nbsp;&nbsp;Equity Risk | &nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;Options written, at value | &nbsp;&nbsp;$76394 |

---

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the fiscal year ended October 31, 2022, on derivative instruments, as well as the primary underlying risk exposure associated with each instrument.

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### Notes to Financial Statements (Continued)

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### October 31, 2022

---

| | |
|:---|:---|
| **Statement of Operations Location** |  |
| **Equity Risk Exposure** |  |
| Net realized gain (loss) before taxes on written options contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1643399 |
| Net change in unrealized appreciation (depreciation) before taxes on written options contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131448 |

---

During the fiscal year ended October 31, 2022, the premiums for written options opened were $2,417,730, and the premiums for written options closed, exercised and expired were $2,209,888.

The Fund does not have the right to offset financial assets and liabilities related to option contracts on the Statement of Assets and Liabilities.

6. Borrowings

The Fund has a committed facility agreement (the "Agreement") with BNP Paribas Prime Brokerage International, Ltd. ("PBL"). Absent certain events of default or failure to maintain certain collateral requirements, PBL may not terminate the Agreement except upon 179 calendar days' prior notice. The maximum commitment amount is $51,000,000, which comprises a floating rate financing amount and a fixed rate financing amount. Prior to June 16, 2022, the maximum commitment amount was $45,000,000. The borrowing rate under the Agreement on the floating rate financing amount is equal to SOFR plus 95 basis points and the borrowing rate on the fixed rate financing amount of $23,650,000 is 3.46%. The fixed rate financing amount is for a ten-year period ending in 2024. In addition, under the Agreement, the Fund pays a commitment fee of 0.55% annually on the undrawn amount of the facility; provided, however, that such commitment fee is waived on any day in which the amount drawn on the facility is 80% or more of the maximum commitment amount.

The average amount outstanding for the fiscal year ended October 31, 2022 was $41,553,425, with a weighted average interest rate of 2.85%. As of October 31, 2022, the Fund had outstanding borrowings of $42,900,000, which approximates fair value, under the Agreement. The borrowings are categorized as Level 2 within the fair value hierarchy. On the floating rate financing amount, the high and low annual interest rates for the fiscal year ended October 31, 2022 were 4.00% and 0.93%, respectively. The weighted average interest rate at October 31, 2022 was 3.70%.

7. Indemnification

The Fund has a variety of indemnification obligations under contracts with its service providers. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

8. Industry Concentration Risk

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 sector and energy utility companies. Given this industry concentration, the Fund is more susceptible to adverse economic or regulatory occurrences affecting that industry than an investment company that is not concentrated in a single industry. Energy issuers may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage costs associated with environmental and other regulations, regulatory risk associated with the changes in the methodology of determining prices that energy companies may charge for their products and services, the effects of economic slowdown, surplus capacity, increased competition from other service providers, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors.

9. Subsequent Events

Management has evaluated the impact of all subsequent events to the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements that have not already been disclosed.

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

Report of Independent Registered Public Accounting Firm

#### To the Shareholders and the Board of Trustees of First Trust New Opportunities MLP & Energy Fund:

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of First Trust New Opportunities MLP & Energy Fund (the "Fund"), including the portfolio of investments, as of October 31, 2022, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2022, and the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](img606e614a7.jpg)

Chicago, Illinois

December 21, 2022

We have served as the auditor of one or more First Trust investment companies since 2001.

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### Additional Information

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### October 31, 2022 (Unaudited)

#### Dividend Reinvestment Plan
If your Common Shares are registered directly with the Fund or if you hold your Common Shares with a brokerage firm that participates in the Fund's Dividend Reinvestment Plan (the "Plan"), unless you elect, by written notice to the Fund, to receive cash distributions, all dividends, including any capital gain distributions, on your Common Shares will be automatically reinvested by Computershare Trust Company N.A. (the "Plan Agent"), in additional Common Shares under the Plan. BNY Mellon Investment Servicing (US) Inc. served as the Plan Agent until December 31, 2021. Effective December 31, 2021, Computershare Trust Company N.A. commenced serving as the Fund's Plan Agent. If you elect to receive cash distributions, you will receive all distributions in cash paid by check mailed directly to you by the Plan Agent, as the dividend paying agent.

If you decide to participate in the Plan, the number of Common Shares you will receive will be determined as follows:

(1) If Common Shares are trading at or above net asset value ("NAV") at the time of valuation, the Fund will issue new shares at a price equal to the greater of (i) NAV per Common Share on that
date or (ii) 95% of the market price on that date.

(2) If Common Shares are trading below NAV at the time of valuation, the Plan Agent will receive the dividend or distribution in cash and will purchase Common Shares in the open market,
on the NYSE or elsewhere, for the participants' accounts. It is possible that the market price for the Common Shares may increase before the Plan Agent has completed its purchases. Therefore, the average
purchase price per share paid by the Plan Agent may exceed the market price at the time of valuation, resulting in the purchase of fewer shares than if the dividend or distribution had been paid in Common Shares
issued by the Fund. The Plan Agent will use all dividends and distributions received in cash to purchase Common Shares in the open market within 30 days of the valuation date except where temporary curtailment or
suspension of purchases is necessary to comply with federal securities laws. Interest will not be paid on any uninvested cash payments.

You may elect to opt-out of or withdraw from the Plan at any time by giving written notice to the Plan Agent, or by telephone at (866) 340-1104, in accordance with such reasonable requirements as the Plan Agent and the Fund may agree upon. If you withdraw or the Plan is terminated, you will receive a certificate for each whole share in your account under the Plan, and you will receive a cash payment for any fraction of a share in your account. If you wish, the Plan Agent will sell your shares and send you the proceeds, minus brokerage commissions.

The Plan Agent maintains all Common Shareholders' accounts in the Plan and gives written confirmation of all transactions in the accounts, including information you may need for tax records. Common Shares in your account will be held by the Plan Agent in non-certificated form. The Plan Agent will forward to each participant any proxy solicitation material and will vote any shares so held only in accordance with proxies returned to the Fund. Any proxy you receive will include all Common Shares you have received under the Plan.

There is no brokerage charge for reinvestment of your dividends or distributions in Common Shares. However, all participants will pay a pro rata share of brokerage commissions incurred by the Plan Agent when it makes open market purchases.

Automatically reinvesting dividends and distributions does not mean that you do not have to pay income taxes due upon receiving dividends and distributions. Capital gains and income are realized although cash is not received by you. Consult your financial advisor for more information.

If you hold your Common Shares with a brokerage firm that does not participate in the Plan, you will not be able to participate in the Plan and any dividend reinvestment may be effected on different terms than those described above.

The Fund reserves the right to amend or terminate the Plan if in the judgment of the Board of Trustees the change is warranted. There is no direct service charge to participants in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants. Additional information about the Plan may be obtained by writing Computershare, Inc., P.O. Box 505000, Louisville, KY 40233-5000.

#### Proxy Voting Policies and Procedures
A description of the policies and procedures that the Fund uses to determine how to vote proxies and information on how the Fund voted proxies relating to portfolio investments during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 988-5891; (2) on the Fund's website at <u>www.ftportfolios.com</u>; and (3) on the Securities and Exchange Commission's ("SEC") website at <u>www.sec.gov</u>.

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### Additional Information (Continued)

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### October 31, 2022 (Unaudited)

#### Portfolio Holdings
The Fund files portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be publicly available on the SEC's website at <u>www.sec.gov</u>. The Fund's complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year is included in the semi-annual and annual reports to shareholders, respectively, and is filed with the SEC on Form N-CSR. The semi-annual and annual report for the Fund is available to investors within 60 days after the period to which it relates. The Fund's Forms N-PORT and Forms N-CSR are available on the SEC's website listed above.

#### NYSE Certification Information
In accordance with Section 303A-12 of the New York Stock Exchange ("NYSE") Listed Company Manual, the Fund's President has certified to the NYSE that, as of May 2, 2022, he was not aware of any violation by the Fund of NYSE corporate governance listing standards. In addition, the Fund's reports to the SEC on Form N-CSR contain certifications by the Fund's principal executive officer and principal financial officer that relate to the Fund's public disclosure in such reports and are required by Rule 30a-2 under the 1940 Act.

#### Submission of Matters to a Vote of Shareholders
The Fund held its Annual Meeting of Shareholders (the "Annual Meeting") on April 18, 2022. At the Annual Meeting, James A. Bowen and Niel B. Nielson were elected by the Common Shareholders of First Trust New Opportunities MLP & Energy Fund as Class III Trustees for a three-year term expiring at the Fund's annual meeting of shareholders in 2025. The number of votes cast in favor of Mr. Bowen was 17,477,193 and the number of votes withheld was 546,139. The number of votes cast in favor of Mr. Nielson was 17,502,588 and the number of votes withheld was 520,744. Richard E. Erickson, Thomas R. Kadlec, Denise M. Keefe, and Robert F. Keith are the other current and continuing Trustees.

#### Advisory and Sub-Advisory Agreements

#### Board Considerations Regarding Approval of Continuation of Investment Management and Investment Sub-Advisory Agreements
The Board of Trustees of First Trust New Opportunities MLP & Energy Fund (the "Fund"), including the Independent Trustees, unanimously approved the continuation of the Investment Management Agreement (the "Advisory Agreement") between the Fund and First Trust Advisors L.P. (the "Advisor") and the Investment Sub Advisory Agreement (the "Sub Advisory Agreement" and together with the Advisory Agreement, the "Agreements") among the Fund, the Advisor and Energy Income Partners, LLC (the "Sub-Advisor"). The Board approved the continuation of the Agreements for a one-year period ending June 30, 2023 at a meeting held on June 12–13, 2022. The Board determined that the continuation of the Agreements is in the best interests of the Fund in light of the nature, extent and quality of the services provided and such other matters as the Board considered to be relevant in the exercise of its business judgment.

To reach this determination, the Board considered its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law, in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisors with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards have fulfilled their duties; and the factors to be considered by the Board in voting on such agreements. At meetings held on April 18, 2022 and June 12–13, 2022, the Board, including the Independent Trustees, reviewed materials provided by the Advisor and the Sub-Advisor responding to requests for information from counsel to the Independent Trustees, submitted on behalf of the Independent Trustees, that, among other things, outlined: the services provided by the Advisor and the Sub-Advisor to the Fund (including the relevant personnel responsible for these services and their experience); the advisory fee rate payable by the Fund and the sub-advisory fee rate as compared to fees charged to a peer group of funds (the "Expense Group") and a broad peer universe of funds (the "Expense Universe"), each assembled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent source, and as compared to fees charged to other clients of the Advisor and the Sub-Advisor; the expense ratio of the Fund as compared to expense ratios of the funds in the Fund's Expense Group and Expense Universe; performance information for the Fund, including comparisons of the Fund's performance to that of one or more relevant benchmark indexes and to that of a performance group of funds and a broad performance universe of funds (the "Performance Universe"), each assembled by Broadridge; the nature of expenses incurred in providing services to the Fund and the potential for the Advisor and the Sub-Advisor to realize economies of scale, if any; profitability and other financial data for the Advisor; financial data for the Sub-Advisor; any indirect benefits to the Advisor and its affiliate, First Trust Capital Partners, LLC ("FTCP"), and the Sub-Advisor; and information on the Advisor's and the Sub-Advisor's compliance programs. The Board reviewed initial materials with the Advisor at the meeting held on April 18, 2022, prior to which the Independent Trustees and their counsel met separately to discuss the information provided by the Advisor and the Sub-Advisor. Following the April meeting, counsel to the Independent Trustees, on behalf of the Independent Trustees, requested certain clarifications and supplements to the materials provided, and the information provided in response to those

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### Additional Information (Continued)

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### October 31, 2022 (Unaudited)
requests was considered at an executive session of the Independent Trustees and their counsel held prior to the June 12–13, 2022 meeting, as well as at the June meeting. The Board applied its business judgment to determine whether the arrangements between the Fund and the Advisor and among the Fund, the Advisor and the Sub-Advisor continue to be reasonable business arrangements from the Fund's perspective. The Board determined that, given the totality of the information provided with respect to the Agreements, the Board had received sufficient information to renew the Agreements. The Board considered that shareholders chose to invest or remain invested in the Fund knowing that the Advisor and the Sub-Advisor manage the Fund.

In reviewing the Agreements, the Board considered the nature, extent and quality of the services provided by the Advisor and the Sub-Advisor under the Agreements. With respect to the Advisory Agreement, the Board considered that the Advisor is responsible for the overall management and administration of the Fund and reviewed all of the services provided by the Advisor to the Fund, including the oversight of the Sub-Advisor, as well as the background and experience of the persons responsible for such services. The Board noted that the Advisor oversees the Sub-Advisor's day-to-day management of the Fund's investments, including portfolio risk monitoring and performance review. In reviewing the services provided, the Board noted the compliance program that had been developed by the Advisor and considered that it includes a robust program for monitoring the Advisor's, the Sub-Advisor's and the Fund's compliance with the 1940 Act, as well as the Fund's compliance with its investment objective, policies and restrictions. The Board also considered a report from the Advisor with respect to its risk management functions related to the operation of the Fund. Finally, as part of the Board's consideration of the Advisor's services, the Advisor, in its written materials and at the April 18, 2022 meeting, described to the Board the scope of its ongoing investment in additional personnel and infrastructure to maintain and improve the quality of services provided to the Fund and the other funds in the First Trust Fund Complex. With respect to the Sub-Advisory Agreement, the Board reviewed the materials provided by the Sub-Advisor and considered the services that the Sub-Advisor provides to the Fund, including the Sub-Advisor's day-to-day management of the Fund's investments. In considering the Sub-Advisor's management of the Fund, the Board noted the background and experience of the Sub-Advisor's portfolio management team, including the Board's prior meetings with members of the portfolio management team. In light of the information presented and the considerations made, the Board concluded that the nature, extent and quality of the services provided to the Fund by the Advisor and the Sub-Advisor under the Agreements have been and are expected to remain satisfactory and that the Sub-Advisor, under the oversight of the Advisor, has managed the Fund consistent with its investment objective, policies and restrictions.

The Board considered the advisory and sub-advisory fee rates payable under the Agreements for the services provided. The Board noted that the sub-advisory fee is paid by the Advisor from its advisory fee. The Board received and reviewed information showing the fee rates and expense ratios of the peer funds in the Expense Group, as well as advisory and unitary fee rates charged by the Advisor and the Sub-Advisor to other fund and non-fund clients, as applicable. With respect to the Expense Group, the Board, at the April 18, 2022 meeting, discussed with Broadridge its methodology for assembling peer groups and discussed with the Advisor limitations in creating a relevant peer group for the Fund, including that (i) the Fund is unique in its composition, which makes assembling peers with similar strategies and asset mix difficult; and (ii) not all peer funds employ an advisor/sub-advisor management structure. The Board took these limitations into account in considering the peer data, and noted that the contractual advisory fee rate payable by the Fund, based on average managed assets, was equal to the median contractual advisory fee of the peer funds in the Expense Group. With respect to fees charged to other clients, the Board considered differences between the Fund and other clients that limited their comparability. In considering the advisory fee rate overall, the Board also considered the Advisor's statement that it seeks to meet investor needs through innovative and value-added investment solutions and the Advisor's demonstrated long-term commitment to the Fund and the other funds in the First Trust Fund Complex.

The Board considered performance information for the Fund. The Board noted the process it has established for monitoring the Fund's performance and portfolio risk on an ongoing basis, which includes quarterly performance reporting from the Advisor and Sub-Advisor for the Fund. The Board determined that this process continues to be effective for reviewing the Fund's performance. The Board received and reviewed information comparing the Fund's performance for periods ended December 31, 2021 to the performance of the funds in the Performance Universe and to that of a benchmark index. In reviewing the Fund's performance as compared to the performance of the Performance Universe, the Board took into account the limitations described above with respect to creating a relevant peer group for the Fund. Based on the information provided on net asset value performance, the Board noted that the Fund underperformed the Performance Universe median for the one-year period ended December 31, 2021 and outperformed the Performance Universe median for three- and five-year periods ended December 31, 2021. The Board also noted that the Fund underperformed the benchmark index for the one-, three- and five-year periods ended December 31, 2021. In addition, the Board considered information provided by the Advisor on the impact of leverage on the Fund's returns. The Board also received information on the Fund's annual distribution rate as of December 31, 2021 and the Fund's average trading discount for various periods and comparable information for a peer group.

On the basis of all the information provided on the fees, expenses and performance of the Fund and the ongoing oversight by the Board, the Board concluded that the advisory and sub-advisory fees continue to be reasonable and appropriate in light of the nature, extent and quality of the services provided by the Advisor and the Sub-Advisor to the Fund under the Agreements.

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### Additional Information (Continued)

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### October 31, 2022 (Unaudited)
The Board considered information and discussed with the Advisor whether there were any economies of scale in connection with providing advisory services to the Fund and noted the Advisor's statement that it believes that its expenses relating to providing advisory services to the Fund will likely increase during the next twelve months as the Advisor continues to build infrastructure and add new staff. The Board determined that due to the Fund's closed-end structure, the potential for realization of economies of scale as Fund assets grow was not a material factor to be considered. The Board considered the revenues and allocated costs (including the allocation methodology) of the Advisor in serving as investment advisor to the Fund for the twelve months ended December 31, 2021 and the estimated profitability level for the Fund calculated by the Advisor based on such data, as well as complex-wide and product-line profitability data, for the same period. The Board noted the inherent limitations in the profitability analysis and concluded that, based on the information provided, the Advisor's profitability level for the Fund was not unreasonable. In addition, the Board considered indirect benefits described by the Advisor that may be realized from its relationship with the Fund. The Board considered the ownership interest of FTCP in the Sub-Advisor and potential indirect benefits to the Advisor from such ownership interest. The Board noted that in addition to the advisory fees paid by the Fund, the Advisor is compensated for fund reporting services pursuant to a separate Fund Reporting Services Agreement. The Board concluded that the character and amount of potential indirect benefits to the Advisor were not unreasonable.

The Board considered that the Sub-Advisor anticipates that its expenses will continue to rise due to additions to personnel and system upgrades. The Board did not review the profitability of the Sub-Advisor with respect to the Fund. The Board noted that the Advisor pays the Sub-Advisor from its advisory fee and its understanding that the Fund's sub-advisory fee rate was the product of an arm's length negotiation. The Board concluded that the profitability analysis for the Advisor was more relevant. The Board considered indirect benefits that may be realized by the Sub-Advisor from its relationship with the Fund, including soft-dollar arrangements, and considered a summary of such arrangements. The Board also considered the potential indirect benefits to the Sub-Advisor from the ownership interest of FTCP in the Sub-Advisor. The Board concluded that the character and amount of potential indirect benefits to the Sub-Advisor were not unreasonable.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, unanimously determined that the terms of the Agreements continue to be fair and reasonable and that the continuation of the Agreements is in the best interests of the Fund. No single factor was determinative in the Board's analysis.

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### Investment Objective, Policies, Risks and Effects of Leverage

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### October 31, 2022 (Unaudited)

#### Changes Occurring During the Prior Fiscal Year
*The following information is a summary of certain changes during the most recent fiscal year ended October 31, 2022. This information may not reflect all of the changes that have occurred since you purchased shares of the Fund.*

During the Fund's most recent fiscal year, there were no material changes to the Fund's investment objective or policies that have not been approved by shareholders or in the principal risk factors associated with an investment in the Fund.

#### Investment Objective
The Fund's investment objective is to seek a high level of total return with an emphasis on current distributions paid to common shareholders.

#### Principal Investment Policies
The Fund focuses on investing in publicly traded 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.

The Fund considers investments in "MLP-related entities" to include investments that offer economic exposure to publicly traded MLPs and private investments that have MLP characteristics, but are not publicly traded. The Fund considers investments in the "energy sector" to include companies that derive a majority of their revenues or operating income from transporting, processing, storing, distributing, marketing, exploring, developing, managing or producing natural gas, natural gas liquids (including propane), crude oil, refined petroleum products, coal or electricity, or from supplying energy-related products and services, or any such other companies within the energy sector as classified under the Global Industry Classification Standards developed by MSCI, Inc. and Standard & Poor's ("GICS"). The Fund considers investments in "energy utility" to include companies that derive a majority of their revenues or operating income from providing products, services or equipment for the generation, transmission, distribution or sale of electricity or gas and such other companies within the electric, gas, independent power and renewable electricity producers and multi-utilities industries as classified under GICS.

In the pursuit of its investment objective, 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 sector and energy utility companies that the Fund's Sub-Advisor
believes offer opportunities for growth and income.

• The Fund may invest up to 20% of its Managed Assets in unregistered or otherwise restricted securities, including MLP common units, MLP subordinated units and securities of public and private energy
sector and energy utilities companies.

• The Fund may invest up to 20% of its Managed Assets in debt securities of MLPs, MLP-related entities and other energy sector and energy utilities companies, including certain below investment grade
securities.

• The Fund will not invest more than 15% of its Managed Assets in any single issuer.

• The Fund will not engage in short sales, except in connection with the execution of its covered call options strategy and except to the extent the Fund engages in derivative investments to seek to hedge
against interest rate risk in connection with the Fund's use of leverage or market risks associated with the Fund's portfolio.

• The Fund may invest up to 30% of its Managed Assets in non-U.S. securities and may hedge the currency risk of such non-U.S. securities.

• The Fund may write (or sell) covered call options on up to 35% of its Managed Assets.

To the extent the Fund enters into derivatives transactions, it will do so pursuant to Rule 18f-4 under the 1940 Act. Rule 18f-4 requires the Fund to implement certain policies and procedures designed to manage its derivatives risks, dependent upon the Fund's level of exposure to derivative instruments.

Unless otherwise stated, all investment restrictions above apply at the time of purchase and the Fund will not be required to reduce a position due solely to market value fluctuations.

"Managed Assets" means the average daily gross asset value of the Fund (which includes assets attributable to the Fund's preferred shares of beneficial interest, if any, and the principal amount of any borrowings and issuance of notes), minus the sum of the Fund's accrued and unpaid dividends on any outstanding preferred shares and accrued liabilities (other than the principal amount of any borrowings). For purposes of determining Managed Assets, the liquidation preference of the preferred shares, if any, is not treated as a liability.

The Fund's investment policies may be changed by the Board of Trustees of the Fund without a shareholder vote, provided that shareholders receive at least 60 days' prior notice of any change.

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### Investment Objective, Policies, Risks and Effects of Leverage (Continued)

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### October 31, 2022 (Unaudited)

#### Fundamental Investment Policies
The Fund, as a fundamental policy, may not:

1) Issue senior securities, as defined in the Investment Company Act of 1940 (the "1940 Act"), other than (i) preferred shares which immediately after issuance will have asset coverage of at least 200%, (ii) indebtedness which immediately after issuance will have asset coverage of at least 300%, or (iii) the borrowings permitted by investment restriction (2) set forth below;

2) Borrow money, except as permitted by the 1940 Act, as amended, the rules thereunder and interpretations thereof or pursuant to a Securities and Exchange Commission exemptive order;

3) Act as underwriter of another issuer's securities, except to the extent that the Fund may be deemed to be an underwriter within the meaning of the Securities Act of 1933 in connection with the purchase and sale of portfolio securities;

4) Purchase or sell real estate, but this shall not prevent the Fund from investing in securities of companies that deal in real estate or are engaged in the real estate business, including real estate investment trusts, and securities secured by real estate or interests therein and the Fund may hold and sell real estate or mortgages on real estate acquired through default, liquidation, or other distributions of an interest in real estate as a result of the Fund's ownership of such securities;

5) Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from purchasing or selling options, futures contracts, derivative instruments or from investing in securities or other instruments backed by physical commodities);

6) Make loans of funds or other assets, other than by entering into repurchase agreements, lending portfolio securities and through the purchase of securities in accordance with its investment objective, policies and limitations; or

7) Concentrate (invest 25% or more of total assets) the Fund's investments in any particular industry, except that the Fund will concentrate its assets in the following group of industries that are part of the energy sector: transporting, processing, storing, distributing, marketing, exploring, developing, managing and producing natural gas, natural gas liquids (including propane), crude oil, refined petroleum products, coal and electricity, and supplying products and services in support of pipelines, power transmission, petroleum and natural gas production, transportation and storage.

The Fund may incur borrowings and/or issue series of notes or other senior securities in an amount up to 33-1/3% (or such other percentage to the extent permitted by the 1940 Act) of its total assets (including the amount borrowed) less all liabilities other than borrowings.

#### Principal Risks
The Fund is a closed-end management investment company designed primarily as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Fund will achieve its investment objective.

The following discussion summarizes the principal risks associated with investing in the Fund, which includes the risk that you could lose some or all of your investment in the Fund. The Fund is subject to the informational requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940 and, in accordance therewith, files reports, proxy statements and other information that is available for review. The order of the below risk factors does not indicate the significance of any particular risk factor.

**Covered Call Options Risk. As the writer (seller) of a call option, the Fund forgoes, during the life of the option, the opportunity to profit from increases in the market value of the portfolio security covering the option above the sum of the premium and the strike price of the call option but retains the risk of loss should the price of the underlying security decline. The value of call options written by the Fund, which are priced daily, are determined by trading activity in the broad options market and will be affected by, among other factors, changes in the value of the underlying security in relation to the strike price, changes in dividend rates of the underlying security, changes in interest rates, changes in actual or perceived volatility of the stock market and the underlying security, and the time remaining until the expiration date. The value of call options written by the Fund may be adversely affected if the market for the option is reduced or becomes illiquid. There can be no assurance that a liquid market will exist when the Fund seeks to close out an option position.**

**Cyber Security Risk. The Fund is susceptible to potential operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the Fund to incur regulatory penalties, reputational damage,**

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### Investment Objective, Policies, Risks and Effects of Leverage (Continued)

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### October 31, 2022 (Unaudited)
additional compliance costs associated with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund's digital information systems through "hacking" or malicious software coding, but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. In addition, cyber security breaches of the Fund's third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, or issuers in which the Fund invests, can also subject the Fund to many of the same risks associated with direct cyber security breaches. The Fund has established risk management systems designed to reduce the risks associated with cyber security. However, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers or third party service providers. Substantial costs may be incurred by the Fund in order to resolve or prevent cyber incidents in the future.

**Energy Infrastructure Companies Risk. Energy infrastructure companies, such as those structured as MLPs or utility companies, may be directly affected by energy commodity prices, especially those companies which own the underlying energy commodity. A decrease in the production or availability of natural gas, natural gas liquids, crude oil, coal or other energy commodities or a decrease in the volume of such commodities available for transportation, processing, storage or distribution may adversely impact the financial performance of energy infrastructure companies. Energy infrastructure companies are subject to significant federal, state and local government regulation in virtually every aspect of their operations, including how facilities are constructed, maintained and operated, environmental and safety controls, and the prices they may charge for products and services. Various governmental authorities have the power to enforce compliance with these regulations and the permits issued under them and violators are subject to administrative, civil and criminal penalties, including civil fines, injunctions or both. Stricter laws, regulations or enforcement policies could be enacted in the future which would likely increase compliance costs and may adversely affect the financial performance of energy infrastructure companies. Natural disasters, such as hurricanes in the Gulf of Mexico, also may impact energy infrastructure companies.**

Certain energy infrastructure companies are subject to the imposition of rate caps, increased competition due to deregulation, counterparties to contracts defaulting or going bankrupt, the difficulty in obtaining an adequate return on invested capital or in financing large construction projects, the limitations on operations and increased costs and delays attributable to environmental considerations, and the capital market's ability to absorb utility debt. In addition, taxes, government regulation, international politics, price and supply fluctuations, volatile interest rates and energy conservation may cause difficulties for these companies.

**Equity Securities Risk. The value of the Fund's shares will fluctuate with changes in the value of the equity securities in which the Fund invests. Prices of equity securities fluctuate for several reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, such as market volatility, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.**

**Interest Rate Swaps Risk. If short-term interest rates are lower than the Fund's fixed rate of payment on an interest rate swap, the swap will reduce common share net earnings. In addition, a default by the counterparty to a swap transaction could also negatively impact the performance of the common shares.**

**Leverage Risk. The use of leverage by the Fund can magnify the effect of any losses. If the income and gains from the securities and investments purchased with leverage proceeds do not cover the cost of leverage, the return to the common shares will be less than if leverage had not been used. Leverage involves risks and special considerations for common shareholders including: (i) the likelihood of greater volatility of net asset value and market price of the common shares than a comparable portfolio without leverage; (ii) the risk that fluctuations in interest rates on borrowings will reduce the return to the common shareholders or will result in fluctuations in the dividends paid on the common shares; (iii) in a declining market, the use of leverage is likely to cause a greater decline in the net asset value of the common shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the common shares; and (iv) when the Fund uses certain types of leverage, the investment advisory fee payable to the Advisor and by the Advisor to the Sub-Advisor will be higher than if the Fund did not use leverage.**

**Liquidity Risk. Certain securities in which the Fund may invest may trade less frequently, particularly those of issuers with smaller capitalizations. Securities with limited trading volumes may display volatile or erratic price movements. The Fund may have difficulty selling these investments in a timely manner, be forced to sell them for less than it otherwise would have been able to realize, or both.**

**Management Risk and Reliance on Key Personnel. The implementation of the Fund's investment strategy depends upon the continued contributions of certain key employees of the Advisor and Sub-Advisor, some of whom have unique talents and experience and would be difficult to replace. The loss or interruption of the services of a key member of the portfolio management team could have a negative impact on the Fund.**

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### Investment Objective, Policies, Risks and Effects of Leverage (Continued)

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### October 31, 2022 (Unaudited)
**Market Discount from Net Asset Value. Shares of closed-end investment companies such as the Fund frequently trade at a discount from their net asset value. The Fund cannot predict whether its common shares will trade at, below or above net asset value.**

**Market Risk. Securities held by the Fund, as well as shares of the Fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. For example, the coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, had negative impacts, and in many cases severe impacts, on markets worldwide. While the development of vaccines has slowed the spread of the virus and allowed for the resumption of reasonably normal business activity in the United States, many countries continue to impose lockdown measures in an attempt to slow the spread. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease. Also, in February 2022, Russia invaded Ukraine which has caused and could continue to cause significant market disruptions and volatility across markets globally, including the United States. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain Fund investments as well as Fund performance. As the global pandemic and conflict in Ukraine have illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. These events also may adversely affect the prices and liquidity of the Fund's portfolio securities or other instruments and could result in disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of the Fund's shares and result in increased market volatility. During any such events, the Fund's shares may trade at increased premiums or discounts to their net asset value and the bid/ask spread on the Fund's shares may widen.**

**MLP and Investment Concentration Risks. The Fund's investments are concentrated in the group of industries that are part of the energy sector, with a particular focus on MLPs, MLP-related entities and other companies in the energy sector and energy utility industries. The Fund's concentration in the group of industries that are part of the energy sector may present more risk than if the Fund were broadly diversified over multiple sectors of the economy. A downturn in one or more industries within the energy sector, material declines in energy-related commodity prices, adverse political, legislative or regulatory developments or other events could have a larger impact on the Fund than on an investment company that does not concentrate in the group of industries that are part of the energy sector. Certain risks inherent in investing in the business of the types of securities that the Fund may invest include: commodity pricing risk, commodity supply and demand risk, lack of diversification of and reliance on MLP customers and suppliers risk, commodity depletion and exploration risk, energy sector and energy utility industry regulatory risk including risks associated with the prices and methodology of determining prices that energy companies may charge for their products and services, interest rate risk, risk of lack of acquisition or reinvestment opportunities for MLPs, risk of lacking of funding for MLPs, dependency on MLP affiliate risk, weather risk, catastrophe risk, terrorism and MLP market disruption risk, and technology risk.**

Companies that own interstate pipelines are subject to regulation by the Federal Energy Regulatory Commission (FERC) with respect to the tariff rates that they may charge customers and may change policies to no longer permit such companies to include certain costs in their costs of services. This may lower the tariff rates charged to customers which will in turn negatively affect performance.

Other factors which may reduce the amount of cash an MLP, MLP-related entity and other energy sector and energy utility company has available to pay its debt and equity holders include increased operating costs, maintenance capital expenditures, acquisition costs, expansion or construction costs and borrowing costs (including increased borrowing costs as a result of additional collateral requirements as a result of ratings downgrades by credit agencies).

**Non-Diversification. The Fund is a non-diversified investment company under the 1940 Act and will not be treated as a regulated investment company under the Internal Revenue Code of 1986. Accordingly, the diversification-specific regulatory requirements under the 1940 Act and the Internal Revenue Code of 1986 regarding the minimum number or size of portfolio securities do not apply to the Fund, and the Fund's investments may be more heavily concentrated in, and thus more sensitive to changes in the prices of, securities of particular issuers.**

**Non-U.S. Securities and Currency Risk. Investing in non-U.S. securities involves certain risks not involved in domestic investments, including, but not limited to: fluctuations in currency exchange rates; future foreign economic, financial, political and social developments; different legal systems; the possible imposition of exchange controls or other foreign governmental laws or restrictions; lower trading volume; withholding taxes; greater price volatility and illiquidity; different trading and settlement practices; less governmental supervision; high and volatile rates of inflation; fluctuating interest rates; less publicly available information; and different accounting, auditing and financial recordkeeping standards and requirements. Because the Fund may invest in securities denominated or quoted in non-U.S. currencies, changes in the non-U.S. currency/United States dollar exchange rate may affect the value of the Fund's securities and the unrealized appreciation or depreciation of investments.**

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### Investment Objective, Policies, Risks and Effects of Leverage (Continued)

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### October 31, 2022 (Unaudited)
**Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund's ability to meet its investment objective. Although the Fund and the Fund's investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.**

**Potential Conflicts of Interest Risk. First Trust, EIP and the portfolio managers have interests which may conflict with the interests of the Fund. In particular, First Trust and EIP currently manage and may in the future manage and/or advise other investment funds or accounts with the same or substantially similar investment objective and strategies as the Fund. In addition, while the Fund is using leverage, the amount of the fees paid to First Trust (and by First Trust to EIP) for investment advisory and management services are higher than if the Fund did not use leverage because the fees paid are calculated based on Managed Assets. Therefore, First Trust and EIP have a financial incentive to leverage the Fund.**

**Recent Market and Economic Developments. In recent years, prices of oil and other energy commodities have experienced significant volatility. During such periods, such volatility has adversely impacted many of the MLPs, MLP-related entities and other companies in the energy sector and energy utility industries in which the Fund has invested or may invest. For example, many MLPs, MLP-related entities and other companies in the energy sector and energy utility industries have in recent years experienced eroding growth prospects, reduced distribution levels or, in some cases, bankruptcy. These conditions have impacted, and may in the future impact, the NAV of the Fund and its ability to pay distributions to shareholders at current or historic levels.**

**Tax Risk. Changes in tax laws or regulations, or interpretations thereof in the future, could adversely affect the Fund or the MLPs, MLP-related entities and other energy sector and energy utility companies in which the Fund invests. A change in current tax law, a change in the business of a given MLP, or a change in the types of income earned by a given MLP could result in an MLP being treated as a corporation for United States federal income tax purposes, which would result in such MLP being required to pay United States federal income tax on its taxable income. In the past, certain events have caused some MLPs to be reclassified or restructured as corporations. The classification of an MLP as a corporation for United States federal income tax purposes has the effect of reducing the amount of cash available for distribution by the MLP and causing any such distributions received by the Fund to be taxed as dividend income to the extent of the MLP's current or accumulated earnings and profits.**

A reduction in the percentage of the income offset by tax deductions or an increase in sales of the Fund's MLP holdings that result in capital gains will reduce that portion of the Fund's distribution from an MLP treated as a return of capital and increase that portion treated as income, and may result in lower after-tax distributions to the Fund's common shareholders. On the other hand, to the extent a distribution received by the Fund from an MLP is treated as a return of capital, the Fund's adjusted tax basis in the interests of the MLP may be reduced, which will result in an increase in the amount of income or gain or decrease in the amount of loss that will be recognized by the Fund for tax purposes upon the sale of any such interests.

**Utilities Risk. Utility companies include companies producing or providing gas, electricity or water. These companies are subject to the risk of the imposition of rate caps, increased competition due to deregulation, the difficulty in obtaining an adequate return on invested capital or in financing large construction projects, the limitations on operations and increased costs and delays attributable to environmental considerations and the capital market's ability to absorb utility debt. In addition, in many regions, including the United States, the utility industry is experiencing increasing competitive pressures, primarily in wholesale markets, as a result of consumer demand, technological advances, greater availability of natural gas with respect to electric utility companies and other factors. Taxes, government regulation, international politics, price and supply fluctuations, volatile interest rates and energy conservation also may negatively affect utility companies.**

**Valuation Risk. Market prices generally will not be available for subordinated units, direct ownership of general partner interests, restricted securities or unregistered securities of certain MLPs or MLP-related entities, and the value of such investments will ordinarily be determined based on fair valuations determined pursuant to procedures adopted by the Board of Trustees. The value of these securities typically requires more reliance on the judgment of the Sub-Advisor than that required for securities for which there is an active trading market. In addition, the Fund relies on information provided by certain MLPs, which may not be received by the Fund in a timely manner, to calculate taxable income allocable to the MLP units held in the Fund's portfolio and to determine the tax character of distributions to common shareholders. From time to time the Fund will modify its estimates and/or assumptions as new information becomes available. To the extent the Fund modifies its estimates and/or assumptions, the net asset value of the Fund would likely fluctuate.**

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### Investment Objective, Policies, Risks and Effects of Leverage (Continued)

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### October 31, 2022 (Unaudited)

#### Effects of Leverage
The aggregate principal amount of borrowings under the committed facility agreement (the "Committed Facility") with BNP Paribas Prime Brokerage International, Ltd. represented approximately 20.33% of Managed Assets as of October 31, 2022. Asset coverage with respect to the borrowings under the Committed Facility was 491.93% as of October 31, 2022, and the Fund had $8,100,000 of unutilized funds available for borrowing under the Committed Facility as of that date. Outstanding balances under the Committed Facility accrue interest at fixed and variable rates. As of October 31, 2022, the maximum commitment amount of the Committed Facility was $51,000,000, which comprises a floating rate financing amount for $27,350,000 of the facility and a fixed rate financing amount for $23,650,000 of the facility. The borrowing rate on the floating rate financing amount is equal to the SOFR plus 95 basis points and the borrowing rate on the fixed rate financing amount is 3.46%. The fixed rate financing amount is for a ten-year period ending in 2024. As of October 31, 2022, the Fund had $42,900,000 outstanding under the Committed Facility. The Committed Facility also has an annual unused fee of 0.55% on the unutilized funds available for borrowing, subject to a waiver on any day on which the drawn amount is 80% or more of the maximum commitment amount. As of October 31, 2022, the approximate average annual interest and fee rate was 3.70%.

Assuming that the Fund's leverage costs remain as described above (at an assumed average annual cost of 3.70%), the annual return that the Fund's portfolio must experience (net of expenses) in order to cover its leverage costs would be 0.75%.

The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effect of leverage on Common Share total return, assuming investment portfolio total returns (comprised of income and changes in the value of securities held in the Fund's portfolio) of (10%), (5%), 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund.

The table further assumes leverage representing 20.33% of the Fund's Managed Assets, net of expenses, and an annual leverage interest and fee rate of 3.70%.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Assumed Portfolio Total Return (Net of Expenses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;-10% | &nbsp;&nbsp;&nbsp;&nbsp;-5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;10% |
| Common Share Total Return<br>| -13.50% | -7.22% | -0.94% | 5.33% | 11.61% |

---

Common Share total return is composed of two elements: the Common Share dividends paid by the Fund (the amount of which is largely determined by the net investment income of the Fund after paying dividends or interest on its leverage) and gains or losses on the value of the securities the Fund owns. As required by SEC rules, the table above assumes that the Fund is more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0% the Fund must assume that the distributions it receives on its investments are entirely offset by losses in the value of those securities.

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### Board of Trustees and Officers<br>

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### October 31, 2022 (Unaudited)
The following tables identify the Trustees and Officers of the Fund. Unless otherwise indicated, the address of all persons is 120 East Liberty Drive, Suite 400, Wheaton, IL 60187.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and Position with the Fund** | &nbsp;&nbsp;**Term of Office and Year First Elected or Appointed<sup>(1)</sup>** | &nbsp;&nbsp;**Principal Occupations<br> During Past 5 Years** | &nbsp;&nbsp;**Number of Portfolios in the First Trust Fund Complex Overseen by Trustee** | &nbsp;&nbsp;**Other Trusteeships or Directorships Held by Trustee During Past 5 Years** |
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
| Richard E. Erickson, Trustee<br> (1951) | &nbsp;&nbsp;• Three Year Term<br>• Since Fund Inception | &nbsp;&nbsp;Physician, Edward-Elmhurst Medical Group; Physician and Officer, Wheaton Orthopedics (1990 to 2021) | &nbsp;&nbsp;223 |  |
| Thomas R. Kadlec, Trustee<br> (1957) | &nbsp;&nbsp;• Three Year Term<br>• Since Fund Inception | &nbsp;&nbsp;Retired; President, ADM Investor Services, Inc. (Futures Commission Merchant) (2010 to July 2022) | &nbsp;&nbsp;223 | &nbsp;&nbsp;Director, National Futures Association and ADMIS Singapore Ltd.; Formerly, Director of ADM Investor Services, Inc., ADM Investor Services International, ADMIS Hong Kong Ltd., and Futures Industry Association |
| Denise M. Keefe, Trustee<br> (1964) | &nbsp;&nbsp;• Three Year Term<br>• Since 2021 | &nbsp;&nbsp;Executive Vice President, Advocate Aurora Health and President, Advocate Aurora Continuing Health Division (Integrated Healthcare System) | &nbsp;&nbsp;223 | &nbsp;&nbsp;Director and Board Chair of Advocate Home Health Services, Advocate Home Care Products and Advocate Hospice; Director and Board Chair of Aurora At Home (since 2018); Director of Advocate Physician Partners Accountable Care Organization; Director and Board Chair of RML Long Term Acute Care Hospitals; and Director of Senior Helpers (since 2021) |
| Robert F. Keith, Trustee<br> (1956) | &nbsp;&nbsp;• Three Year Term<br>• Since Fund Inception | &nbsp;&nbsp;President, Hibs Enterprises (Financial and Management Consulting) | &nbsp;&nbsp;223 | &nbsp;&nbsp;Formerly, Director of Trust Company of Illinois |
| Niel B. Nielson, Trustee<br> (1954) | &nbsp;&nbsp;• Three Year Term<br>• Since Fund Inception | &nbsp;&nbsp;Senior Advisor (2018 to Present), Managing Director and Chief Operating Officer (2015 to 2018), Pelita Harapan Educational Foundation (Educational Products and Services) | &nbsp;&nbsp;223 |  |

---

<sup>(1)</sup> Currently, Denise M. Keefe and Robert F. Keith, as Class I Trustees, are serving as trustees until the Fund's 2023 annual meeting of shareholders. Richard E. Erickson and Thomas R. Kadlec, as Class II Trustees, are serving as trustees until the Fund's 2024 annual meeting of shareholders. James A. Bowen and Niel B. Nielson, as Class III Trustees, are serving as trustees until the Fund's 2025 annual meeting of shareholders.

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### Board of Trustees and Officers (Continued)<br>

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### October 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and Position with the Fund** | &nbsp;&nbsp;**Term of Office and Year First Elected or Appointed<sup>(1)</sup>** | &nbsp;&nbsp;**Principal Occupations<br> During Past 5 Years** | &nbsp;&nbsp;**Number of Portfolios in the First Trust Fund Complex Overseen by Trustee** | &nbsp;&nbsp;**Other Trusteeships or Directorships Held by Trustee During Past 5 Years** |
| **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** |
| James A. Bowen<sup>(2)</sup>, Trustee and<br> Chairman of the Board<br> (1955) | &nbsp;&nbsp;• Three Year Term<br>• Since Fund Inception | &nbsp;&nbsp;Chief Executive Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chairman of the Board of Directors, BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor) | &nbsp;&nbsp;223 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Position and Offices with Fund** | &nbsp;&nbsp;**Term of Office and Length of Service** | &nbsp;&nbsp;**Principal Occupations<br> During Past 5 Years** |
| **OFFICERS<sup>(3)</sup>** | **OFFICERS<sup>(3)</sup>** | **OFFICERS<sup>(3)</sup>** | **OFFICERS<sup>(3)</sup>** |
| James M. Dykas<br> (1966) | &nbsp;&nbsp;President and Chief Executive Officer | &nbsp;&nbsp;• Indefinite Term<br>• Since 2016 | &nbsp;&nbsp;Managing Director and Chief Financial Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chief Financial Officer, BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor) |
| Donald P. Swade<br> (1972) | &nbsp;&nbsp;Treasurer, Chief Financial Officer and Chief Accounting Officer | &nbsp;&nbsp;• Indefinite Term<br>• Since 2016 | &nbsp;&nbsp;Senior Vice President, First Trust Advisors L.P. and First Trust Portfolios L.P. |
| W. Scott Jardine<br> (1960) | &nbsp;&nbsp;Secretary and Chief Legal Officer | &nbsp;&nbsp;• Indefinite Term<br>• Since Fund Inception | &nbsp;&nbsp;General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P.; Secretary and General Counsel, BondWave LLC; Secretary, Stonebridge Advisors LLC |
| Daniel J. Lindquist<br> (1970) | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;• Indefinite Term<br>• Since Fund Inception | &nbsp;&nbsp;Managing Director, First Trust Advisors L.P. and First Trust Portfolios L.P. |
| Kristi A. Maher<br> (1966) | &nbsp;&nbsp;Chief Compliance Officer and Assistant Secretary | &nbsp;&nbsp;• Indefinite Term<br>• Since Fund Inception | &nbsp;&nbsp;Deputy General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P. |

---

<sup>(1)</sup> Currently, Denise M. Keefe and Robert F. Keith, as Class I Trustees, are serving as trustees until the Fund's 2023 annual meeting of shareholders. Richard E. Erickson and Thomas R. Kadlec, as Class II Trustees, are serving as trustees until the Fund's 2024 annual meeting of shareholders. James A. Bowen and Niel B. Nielson, as Class III Trustees, are serving as trustees until the Fund's 2025 annual meeting of shareholders.

<sup>(2)</sup> Mr. Bowen is deemed an "interested person" of the Fund due to his position as CEO of First Trust Advisors L.P., investment advisor of the Fund.

<sup>(3)</sup> The term "officer" means the president, vice president, secretary, treasurer, controller or any other officer who performs a policy making function.

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

#### Privacy Policy

#### First Trust New Opportunities MLP & Energy Fund (FPL)

#### October 31, 2022 (Unaudited)

#### Privacy Policy
First Trust values our relationship with you and considers your privacy an important priority in maintaining that relationship. We are committed to protecting the security and confidentiality of your personal information.

#### Sources of Information
We collect nonpublic personal information about you from the following sources:

• Information we receive from you and your broker-dealer, investment professional or financial representative through interviews, applications, agreements or other forms;

• Information about your transactions with us, our affiliates or others;

• Information we receive from your inquiries by mail, e-mail or telephone; and

• Information we collect on our website through the use of "cookies." For example, we may identify the pages on our website that your browser requests or visits.

#### Information Collected
The type of data we collect may include your name, address, social security number, age, financial status, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, investment objectives, marital status, family relationships and other personal information.

#### Disclosure of Information
We do not disclose any nonpublic personal information about our customers or former customers to anyone, except as permitted by law. In addition to using this information to verify your identity (as required under law), the permitted uses may also include the disclosure of such information to unaffiliated companies for the following reasons:

• In order to provide you with products and services and to effect transactions that you request or authorize, we may disclose your personal information as described above to unaffiliated financial
service providers and other companies that perform administrative or other services on our behalf, such as transfer agents, custodians and trustees, or that assist us in the distribution of investor materials such as
trustees, banks, financial representatives, proxy services, solicitors and printers.

• We may release information we have about you if you direct us to do so, if we are compelled by law to do so, or in other legally limited circumstances (for example to protect your
account from fraud).

In addition, in order to alert you to our other financial products and services, we may share your personal information within First Trust.

#### Use of Website Analytics
We currently use third party analytics tools, Google Analytics and AddThis, to gather information for purposes of improving First Trust's website and marketing our products and services to you. These tools employ cookies, which are small pieces of text stored in a file by your web browser and sent to websites that you visit, to collect information, track website usage and viewing trends such as the number of hits, pages visited, videos and PDFs viewed and the length of user sessions in order to evaluate website performance and enhance navigation of the website. We may also collect other anonymous information, which is generally limited to technical and web navigation information such as the IP address of your device, internet browser type and operating system for purposes of analyzing the data to make First Trust's website better and more useful to our users. The information collected does not include any personal identifiable information such as your name, address, phone number or email address unless you provide that information through the website for us to contact you in order to answer your questions or respond to your requests. To find out how to opt-out of these services click on: <u>Google Analytics</u> and <u>AddThis</u>.

#### Confidentiality and Security
With regard to our internal security procedures, First Trust restricts access to your nonpublic personal information to those First Trust employees who need to know that information to provide products or services to you. We maintain physical, electronic and procedural safeguards to protect your nonpublic personal information.

#### Policy Updates and Inquiries
As required by federal law, we will notify you of our privacy policy annually. We reserve the right to modify this policy at any time, however, if we do change it, we will tell you promptly. For questions about our policy, or for additional copies of this notice, please go to <u>www.ftportfolios.com</u>, or contact us at 1-800-621-1675 (First Trust Portfolios) or 1-800-222-6822 (First Trust Advisors).

March 2022

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

![](img6f2559db3.jpg)

#### INVESTMENT ADVISOR
First Trust Advisors L.P.

120 East Liberty Drive, Suite 400

Wheaton, IL 60187

#### INVESTMENT SUB-ADVISOR
Energy Income Partners, LLC

10 Wright Street

Westport, CT 06880

#### ADMINISTRATOR,<br> FUND ACCOUNTANT,<br> AND CUSTODIAN
The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

#### TRANSFER AGENT
Computershare, Inc.

P.O. Box 505000

Louisville, KY 40233

#### INDEPENDENT REGISTERED<br> PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP

111 S. Wacker Drive

Chicago, IL 60606

#### LEGAL COUNSEL
Chapman and Cutler LLP

320 South Canal Street

Chicago, IL 60606

------

[**Table of Contents**](#JOB_10-31_428e6d06-2c27-4f85-b2a0-eb104f1da28e_TOC)

(b) Not applicable.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant, as of the end of the period covered by this report, has adopted a code of
ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer
or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third
party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments, during the period covered by this report, to a provision of
the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant
or a third party, and that relates to any element of the code of ethics description.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The registrant has not granted any waivers, including an implicit waiver, from a provision
of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant
or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller is filed as an exhibit pursuant to Item 13(a)(1).

**Item 3. Audit Committee Financial Expert.**

As of the end of the period covered by the report, the registrant's board of trustees has determined that Thomas R. Kadlec and Robert F. Keith are qualified to serve as audit committee financial experts serving on its audit committee and that each of them is "independent," as defined by Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Audit Fees (Registrant) --* The aggregate fees billed for the last fiscal year for professional
services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are
normally provided by the accountant in connection with statutory and regulatory filings or engagements for the fiscal year was $57,000
for the fiscal year ended October 31, 2021 and $59,000 for the fiscal year ended October 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Audit-Related Fees (Registrant)* -- The aggregate fees billed in the last fiscal year for assurance
and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's
financial statements and are not reported under paragraph (a) of this Item were $0 for the fiscal year ended October 31, 2021 and $0 for
the fiscal year ended October 31, 2022.

*Audit-Related Fees (Investment Advisor)* -- The aggregate fees billed in the last fiscal year for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item were $0 for the fiscal year ended October 31, 2021 and $0 for the fiscal year ended October 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(c) *Tax Fees (Registrant)* -- The aggregate fees billed in the last fiscal year for professional services
rendered by the principal accountant for tax compliance, tax advice, and tax planning were $42,164 for the fiscal year ended October 31,
2021 and $47,000 for the fiscal year ended October 31, 2022. These fees were for tax consultation and/or tax return preparation and
professional services rendered for PFIC (Passive Foreign Investment Company) Identification Services.

*Tax Fees (Investment Advisor)* -- The aggregate fees billed in the last fiscal year for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $0 for the fiscal year ended October 31, 2021 and $0 for the fiscal year ended October 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(d) *All Other Fees (Registrant)* -- The aggregate fees billed in the last fiscal year for products and
services provided by the principal accountant to the registrant, other than the services reported in paragraphs (a) through (c) of this
Item were $0 for the fiscal year ended October 31, 2021 and $0 for the fiscal year ended October 31, 2022.

*All Other Fees (Investment Advisor)* The aggregate fees billed in the last fiscal year for products and services provided by the principal accountant to the registrant, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the fiscal year ended October 31, 2021 and $0 for the fiscal year ended October 31, 2022.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pursuant to its charter and its Audit and Non-Audit Services Pre-Approval Policy, the Audit Committee (the *"Committee"*) is responsible for the pre-approval of all audit services and permitted non-audit services (including the fees and terms thereof) to be performed for the registrant by its independent auditors. The Chairman of the Committee is authorized to give such pre-approvals on behalf of the Committee up to $25,000 and report any such pre-approval to the full Committee.

The Committee is also responsible for the pre-approval of the independent auditor's engagements for non-audit services with the registrant's advisor (not including a sub-advisor whose role is primarily portfolio management and is sub-contracted or overseen by another investment advisor) and any entity controlling, controlled by or under common control with the investment advisor that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant, subject to the *de minimis* exceptions for non-audit services described in Rule 2-01 of Regulation S-X. If the independent auditor has provided non-audit services to the registrant's advisor (other than any sub-advisor whose role is primarily portfolio management and is sub-contracted with or overseen by another investment advisor) and any entity controlling, controlled by or under common control with the investment advisor that provides ongoing services to the registrant that were not pre-approved pursuant to its policies, the Committee will consider whether the provision of such non-audit services is compatible with the auditor's independence.

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) for the registrant and the registrant's investment advisor of this Item that were approved by the audit committee pursuant to the pre-approval exceptions included in paragraph (c)(7)(i)(c) or paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are as follows: |

---

---

| | |
|:---|:---|
| Registrant: | Advisor and Distributor: |
| (b) 0% | (b) 0% |
| (c) 0% | (c) 0% |
| (d) 0% | (d) 0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's
financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's
full-time, permanent employees was less than fifty percent.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the
registrant, and rendered to the registrant's investment advisor (not including any sub-advisor whose role is primarily portfolio
management and is subcontracted with or overseen by another investment advisor), and any entity controlling, controlled by, or under common
control with the advisor that provides ongoing services to the registrant for the registrant's fiscal year ended October 31, 2021
were $42,164 for the registrant and $16,500 for the registrant's investment advisor and for the fiscal year ended October 31, 2022
were $47,000 for the registrant and $0 for the registrant's investment advisor.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's audit committee of the board of directors has considered whether the provision of non-audit services that were
rendered to the registrant's investment advisor (not including any sub-advisor whose role is primarily portfolio management and
is subcontracted with or overseen by another investment advisor), and any entity controlling, controlled by, or under common control with
the investment advisor that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant has a separately designated standing audit committee established in accordance
with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 consisting of all the independent directors of the registrant. The
audit committee of the registrant is comprised of: Richard E. Erickson, Thomas R. Kadlec, Denise M. Keefe, Robert F. Keith and Niel B.
Nielson.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting
period is included as part of the report to shareholders filed under Item 1 of this form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

**Proxy Voting Policies and Procedures** 

**EIP Investment Trust**

**<u>Proxy Voting Policies and Procedures</u>**

If an adviser exercises voting authority with respect to client securities, Advisers Act Rule 206(4)- 6 requires the adviser to adopt and implement written policies and procedures reasonably designed to ensure that client securities are voted in the best interest of the client. This is consistent with legal interpretations which hold that an adviser's fiduciary duty includes handling the voting of proxies on securities held in client accounts over which the adviser exercises voting discretion in a manner consistent with the best interest of the client.

Absent unusual circumstances, EIP exercises voting authority with respect to securities held in client accounts pursuant to provisions in its advisory agreements. Accordingly, EIP has adopted these policies and procedures with the aim of meeting the following requirements of Rule 206(4)- 6:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ensuring that proxies are voted in the best interest of clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· addressing material conflicts that may arise between EIP's interests and those of its clients
in the voting of proxies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· disclosing to clients how they may obtain information on how EIP voted proxies with respect to the client's
securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· describing to clients EIP's proxy voting policies and procedures and, upon request, furnishing
a copy of the policies and procedures to the requesting client.

I. <u>Engagement of Institutional Shareholder Services Inc.</u>

With the aim of ensuring that proxies are voted in the best interests of EIP clients, EIP has engaged Institutional Shareholder Services Inc. ("ISS") as its independent proxy voting service to provide EIP with proxy voting recommendations, as well as to handle the administrative mechanics of proxy voting. EIP, after reviewing ISS's own Proxy Voting Guidelines, has concluded that ISS's Proxy Voting Guidelines are reasonably designed to vote proxies in the best interests of EIP's clients, and has therefore directed ISS to utilize its Proxy Voting Guidelines in making recommendations to vote, as those guidelines may be amended from time to time.

To the extent that an issuer files additional proxy information sufficiently in advance of the submission deadline for votes, EIP shall consider such information prior to exercising its voting authority. EIP notes that it shall not override the votes that are prepopulated by ISS in accordance with its policies unless there is information in the additional proxy information that in the opinion of EIP that would require a change in vote and such ISS recommendation is not in the best interest of the client.

Notwithstanding anything herein to the contrary, from time to time, EIP may determine that voting in contravention to a recommendation made by ISS may be in the best interest of EIP's clients. When EIP chooses to override an ISS voting recommendation, EIP will document the occurrence, including the reason(s) that it chose to do so. Documentation of any override of an ISS voting recommendation shall be reviewed at the next scheduled Brokerage Committee meeting.

In certain circumstances, voting situations may arise in which the optimal voting decision may not be easily captured by a rigid set of voting guidelines. This is particularly the case for significant corporate events, including, but not necessarily limited to, mergers and acquisitions, dissolutions, conversions and consolidations. While each such transaction is unique in its terms, conditions and potential economic outcome, EIP will conduct such additional analysis as it deems necessary to form the voting decision that it believes is in the best interests of its clients. All records relating to such analyses will be maintained and reviewed periodically by the Chief Compliance Officer ("CCO") or her designee.

On an annual basis, EIP's Brokerage Committee shall be responsible for approving the ongoing use of ISS as a proxy voting service provider. Such approval shall be based upon, among other things, a reviews of (1) ISS's Proxy Voting Guidelines, including any changes thereto; (2) the results of internal testing regarding ISS's adherence to its proxy voting guidelines; (3) periodic due diligence over ISS as described further below; and (4) any potential factual errors, potential incompleteness, or potential methodological weaknesses in ISS's analysis that were identified and documented throughout the preceding twelve month period.

II. <u>Conflicts of Interest in Proxy Voting</u>

There may be instances where EIP's interests conflict, or appear to conflict, with client interests in the voting of proxies. For example, EIP may provide services to, or have an investor who is a senior member of, a company whose management is soliciting proxies. There may be a concern that EIP would vote in favor of management because of its relationship with the company or a senior officer. Or, for example, EIP (or its senior executive officers) may have business or personal relationships with corporate directors or candidates for directorship.

EIP addresses these conflicts or appearances of conflicts by ensuring that proxies are voted in accordance with the recommendations made by ISS, an independent third-party proxy voting service. As previously noted, in most cases, proxies will be voted in accordance with ISS's own pre-existing proxy voting guidelines, subject to EIP's right to override an ISS voting recommendation. Under no circumstances will EIP override an ISS recommendation in any instance in which EIP identifies a potential conflict of interest.

III. <u>Disclosure on How Proxies Were Voted</u>

EIP will disclose to clients in Part 2A of its Form ADV how clients can obtain information on how their proxies were voted, by contacting EIP at its office in Westport, CT. EIP will also disclose in the ADV a summary of these proxy voting policies and procedures and that upon request, clients will be furnished a full copy of these policies and procedures. Finally, EIP will disclose in its ADV Part 2A, (1)the extent to which automated voting is used and (2) the how these policies and procedures address the use of automated voting in the cases where it becomes aware before the submission deadline for proxies to be voted at the shareholder meeting that an issuer intends to file or has filed additional soliciting materials with the SEC regarding the matter to be voted on.

It is the responsibility of the CCO to ensure that any requests made by clients for proxy voting information are responded to in a timely fashion and that a record of requests and responses are maintained in EIP's books and records.

IV. <u>Proxy Materials</u>

EIP personnel will instruct custodians to forward to ISS all proxy materials received on securities held in EIP client accounts.

V. <u>Limitations</u>

In certain circumstances, where EIP has determined that it is consistent with the client's best interest, EIP will not take steps to ensure that proxies are voted on securities in the client's account. The following are circumstances where this may occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Limited Value</u> **:** Proxies will not be required to be voted on securities
in a client's account if the value of the client's economic interest in the securities is indeterminable or insignificant
(less than $1,000). Proxies will also not be required to be voted for any securities that are no longer held by the client's account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Securities Lending Program</u>: When securities are out on loan, they are transferred
into the borrower's name and are voted by the borrower, in its discretion. In most cases, EIP will not take steps to see that loaned
securities are voted. However, where EIP determines that a proxy vote, or other shareholder action, is materially important to the client's
account, EIP will make a good faith effort to recall the security for purposes of voting, understanding that in certain cases, the attempt
to recall the security may not be effective in time for voting deadlines to be met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Unjustifiable Costs</u>: In certain circumstances, after doing a cost-benefit
analysis, EIP may choose not to vote where the cost of voting a client's proxy would exceed any anticipated benefits to the client
of the proxy proposal.

VI. <u>Oversight of Policy</u>

The CCO will follow the following procedures with respect to the oversight of ISS in making recommendation with respect to and voting client proxies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Periodically, but no less frequently than semi-annually, sample proxy votes to review
whether they complied with EIP's proxy voting policies and procedures, including a review of those items that relate to certain
proposals that may require more analysis (*e.g.*, non- routine matters).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Collect information, no less frequently than annually, reasonably sufficient to
support the conclusion that ISS has the capacity and competency to adequately analyze proxy issues. In this regard, the CCO shall consider,
among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the adequacy and quality of ISS's staffing and personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the robustness of its policies and procedures regarding its ability to (i) ensure
that its proxy voting recommendations are based on current and accurate information and (ii) identify, disclose and address any conflicts
of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ISS's engagement with issuers, including ISS's process for ensuring
that it has complete and accurate information about each issuer and each particular matter, and ISS's process, if any, for EIP to
access the issuer's views about ISS's voting recommendations in a timely and efficient manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ISS's efforts to correct any identified material deficiencies in its analysis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ISS's disclosure to EIP regarding the sources of information and methodologies used in formulating
voting recommendations or executing voting instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ISS's consideration of factors unique to a specific issuer or proposal when evaluating a matter
subject to a shareholder vote; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other considerations that the CCO believes would be appropriate in considering the nature and quality
of the services provided by ISS.

For purposes of these procedures, the CCO may rely upon information posted by ISS on its website, provided that ISS represents that the information is complete and current.

If a circumstance occurs in which EIP becomes aware of potential factual errors, potential incompleteness, or potential methodological weaknesses in ISS's analysis that may materially affect the voting recommendation provided by ISS, EIP shall investigate the issue in a timely manner and shall request additional information from ISS as is necessary to identify and resolve the identified discrepancy. EIP shall document the results of each such investigation and present the results to the Brokerage Committee at its next scheduled meeting.

VII. <u>Recordkeeping on Proxies</u>

It is the responsibility of EIP's CCO to ensure that the following proxy voting records are maintained:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a copy of EIP's proxy voting policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a copy of all proxy statements received on securities in client accounts (EIP may
rely on ISS or the SEC's EDGAR system to satisfy this requirement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a record of each vote cast on behalf of a client (EIP relies on ISS to satisfy
this requirement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a copy of any document prepared by EIP that was material to making a voting decision
or that memorializes the basis for that decision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a copy of each written client request for information on how proxies were voted
on the client's behalf or for a copy of EIP's proxy voting policies and procedures, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a copy of any written response to any client request for information on how proxies
were voted on their behalf or furnishing a copy of EIP's proxy voting policies and procedures.

The CCO will see that these books and records are made and maintained in accordance with the requirements and time periods provided in Rule 204-2 of the Advisers Act.

For any registered investment companies advised by EIP, votes made on its behalf will be stored electronically or otherwise recorded so that they are available for preparation of the Form N-PX, Annual Report of Proxy Voting Record of Registered Management Investment Company.

Updated December 2020

The ISS Guidelines referenced in the policy outlined above are attached herewith.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

**(a)(1) Identification of Portfolio Managers or Management Team Members and Description of Role of Portfolio Managers or Management Team Members** 

Information provided as of January 5, 2023.

Energy Income Partners, LLC

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 $5.2 billion of assets as of October 31, 2022. 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, two actively managed exchange-traded funds, a sleeve of an actively managed exchange-traded fund and a sleeve of a series of variable insurance trust. EIP is a registered investment advisor with the Securities and Exchange Commission.

James J. Murchie, Co-Portfolio Manager

James J. Murchie is the Founder, Chief Executive Officer, co-portfolio manager and a Principal of Energy Income Partners. After founding Energy Income Partners in October 2003, Mr. Murchie and the Energy Income Partners investment team joined Pequot Capital Management Inc. ("Pequot Capital") in December 2004. In August 2006, Mr. Murchie and the Energy Income Partners investment team left Pequot Capital and re-established Energy Income Partners. Prior to founding Energy Income Partners, Mr. Murchie was a Portfolio Manager at Lawhill Capital Partners, LLC ("Lawhill Capital"), a long/short equity hedge fund investing in commodities and equities in the energy and basic industry sectors. Before Lawhill Capital, Mr. Murchie was a Managing Director at Tiger Management, LLC, where his primary responsibility was managing a portfolio of investments in commodities and related equities. Mr. Murchie was also a Principal at Sanford C. Bernstein. He began his career at British Petroleum, PLC. Mr. Murchie holds a BA from Rice University and an MA from Harvard University.

Eva Pao, Co-Portfolio Manager

Eva Pao is a Principal of Energy Income Partners and is co-portfolio manager. She has been with EIP since inception in 2003. From 2005 to mid-2006, Ms. Pao joined Pequot Capital Management during EIP's affiliation with Pequot. Prior to Harvard Business School, Ms. Pao was a Manager at Enron Corp where she managed a portfolio in Canadian oil and gas equities for Enron's internal hedge fund that specialized in energy-related equities and managed a natural gas trading book. Ms. Pao holds degrees from Rice University and Harvard Business School.

John K. Tysseland, Co-Portfolio Manager

John Tysseland is a Principal and co-portfolio manager. From 2005 to 2014, he worked at Citi Research most currently serving as a Managing Director where he covered midstream energy companies and MLPs. From 1998 to 2005, he worked at Raymond James & Associates as a Vice President who covered the oilfield service industry and established the firm's initial coverage of MLPs in 2001. Prior to that, he was an Equity Trader at Momentum Securities from 1997 to 1998 and an Assistant Executive Director at Sumar Enterprises from 1996 to 1997. He graduated from The University of Texas at Austin in 1996 with a BA in economics.

---

| | |
|:---|:---|
| **(a)(2)** | **Other Accounts Managed by Portfolio Managers or Management Team Member and Potential Conflicts of Interest** |

---

Information provided as of October 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Name of Portfolio Manager or <u>Team Member</u> | &nbsp;&nbsp;<u>Type of Accounts\*</u> | &nbsp;&nbsp;Total<br> # of Accounts <br> <u>Managed</u> | &nbsp;&nbsp;Total <u><br> Assets</u> | &nbsp;&nbsp;# of Accounts Managed for which Advisory Fee is Based on <br> <u>Performance</u> | &nbsp;&nbsp;Total Assets for which Advisory Fee is Based on <br> <u>Performance</u> |
| &nbsp;&nbsp;1. James Murchie | &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;7 | &nbsp;&nbsp;3976000000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;2 | &nbsp;&nbsp;163000000 | &nbsp;&nbsp;2 | &nbsp;&nbsp;163000000 |
|  | &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;139 | &nbsp;&nbsp;805000000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;2. Eva Pao | &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;7 | &nbsp;&nbsp;3976000000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;2 | &nbsp;&nbsp;163000000 | &nbsp;&nbsp;2 | &nbsp;&nbsp;163000000 |
|  | &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;139 | &nbsp;&nbsp;805000000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;3. John Tysseland | &nbsp;&nbsp;Registered Investment Companies: | &nbsp;&nbsp;7 | &nbsp;&nbsp;3976000000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;Other Pooled Investment Vehicles: | &nbsp;&nbsp;2 | &nbsp;&nbsp;163000000 | &nbsp;&nbsp;2 | &nbsp;&nbsp;163000000 |
|  | &nbsp;&nbsp;Other Accounts: | &nbsp;&nbsp;139 | &nbsp;&nbsp;805000000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

---

\*Information excludes the registrant

**Portfolio Manager Potential Conflicts of Interests**

Potential conflicts of interest may arise when a fund's portfolio manager has day-to-day management responsibilities with respect to one or more other funds or other accounts, as is the case for the portfolio managers of the Fund. These potential conflicts may include:

Besides the Fund, Energy Income Partners, LLC ("EIP") portfolio managers serves as portfolio managers to separately managed accounts and provides its model portfolio to unified managed accounts and serve as portfolio managers to three closed-end management investment companies other than the Fund, two actively managed exchange-traded funds (ETFs), a sleeve of an ETF, and a sleeve of a series of a variable insurance trust. The portfolio managers also serve as portfolio managers two private investment funds (the "Private Funds"), both of which have a performance fee and an open end registered mutual fund.

EIP has written policies and procedures regarding order aggregation and allocation that seek to ensure that all accounts are treated fairly and equitably and that no account is at a disadvantage. EIP will generally execute client transactions on an aggregated basis when EIP believes that to do so will allow it to obtain best execution and to negotiate more favorable commission rates or avoid certain transaction costs that might have otherwise been paid had such orders been placed independently. EIP's ability to implement this may be limited by an account's custodian, directed brokerage arrangements or other constraints limiting EIP's use of a common executing broker.

An aggregated order may be allocated on a basis different from that specified herein provided that all clients receive fair and equitable treatment and there is a legitimate reason for the different allocation. Reasons for deviation may include (but are not limited to): a client's investment guidelines and restrictions, available cash, liquidity or legal reasons, and to avoid odd-lots or in cases when an allocation would result in a de minimis allocation to one or more clients.

Notwithstanding the above, due to differing tax ramifications and compliance ratios, as well as dissimilar risk constraints and tolerances, accounts with similar investment mandates may trade the same securities at differing points in time. Additionally, for the reasons noted above, certain accounts, including funds in which EIP, its affiliates and/or employees ("EIP Funds") have a financial interest including proprietary accounts, may trade separately from other accounts and participate in transactions which are deemed to be inappropriate for other accounts with similar investment mandates. Further, during periods in which EIP intends to trade the same securities across multiple accounts, transactions for those accounts that must be traded through specific brokers and/or platforms will often be executed after those for accounts over which EIP exercises full brokerage discretion, including the EIP Funds.

**(a)(3) Compensation Structure of Portfolio Managers or Management Team Members**

**Portfolio Manager Compensation** 

Information provided as of October 31, 2022.

The Fund's portfolio managers are compensated by a competitive minimum base salary and share in the profits of EIP in relation to their ownership of EIP. The profits of EIP are influenced by the assets under management and the performance of the Funds (i.e. all Funds managed or sub-advised by EIP) as described above. Therefore, their success is based on the growth and success for all the funds, not just the funds that charge an incentive fee. The Fund's portfolio managers understand that you cannot have asset growth without the trust and confidence of investors, therefore, they do not engage in taking undue risk to generate performance.

The compensation of the EIP team members is determined according to prevailing rates within the industry for similar positions. EIP wishes to attract, retain and reward high quality personnel through a competitive compensation package.

**(a)(4) Disclosure of Securities Ownership** 

Information provided as of October 31, 2022.

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Name</u> | &nbsp;&nbsp;Dollar Range of Fund Shares <br> <u>Beneficially Owned</u> |
| &nbsp;&nbsp;James J. Murchie | &nbsp;&nbsp;$100001-$500000 |
| &nbsp;&nbsp;John Tysseland | &nbsp;&nbsp;$10001-$50000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

**REGISTRANT PURCHASES OF EQUITY SECURITIES**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **(a) Total Number of Shares (or Units) Purchased** | **(b) Average Price Paid per Share (or Unit)** | **(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs** | **(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs** |
| Month #1<br> (11/01/2021– 11/30/2021) | 0 | 0 | 0 | 0<br>|
| Month #2<br> (12/01/2021– 12/31/2021) | 69801 | 5.30 | 1064590 | 955474 |
| Month #3<br> (01/01/2022– 01/31/2022) | 0 | 0 | 0 | 0 |
| Month #4<br> (02/01/2022– 02/28/2022) | 0 | 0 | 0 | 0 |
| Month #5<br> (03/01/2022– 03/31/2022) | 245816 | 5.99 | 1310406 | 986723 |
| Month #6<br> (04/01/2022– 04/30/2022) | 123814 | 6.44 | 1434220 | 862909 |
| Month #7<br> (05/01/2022– 05/31/2022) | 200194 | 6.09 | 1634414 | 662715 |
| Month #8<br> (06/01/2022– 06/30/2022) | 119181 | 6.35 | 1753595 | 543534 |
| Month #9<br> (07/01/2022– 07/31/2022) | 18422 | 5.53 | 1772017 | 525112 |
| Month #10<br> (08/01/2022– 08/31/2022) | 48544 | 6.33 | 1820561 | 476568 |
| Month #11<br> (09/01/2022– 09/30/2022) | 95661 | 6.04 | 1916222 | 308907 |
| Month #12<br> (10/01/2022– 10/31/2022) | 136191 | 5.64 | 2052413 | 244716 |
| Total | 1057624 | $6.03 | 2052413 | 244716 |

---

**Item 10. Submission of Matters to a Vote of Security Holders** 

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 11. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing
similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90
days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting
(as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has
materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 13. Exhibits.**

(a)(1) [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto](ethics.htm).

(a)(2) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto](certs_302.htm).

(a)(3) Not applicable.

(a)(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto](certs_906.htm) .

**SIGNATURES**<br>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant) First Trust New Opportunities
 MLP & Energy Fund

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

Date: <u>January 6, 2023</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

Date: <u>January 6, 2023</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;/s/ Donald P. Swade |
|  | &nbsp;&nbsp;&nbsp;Donald P. Swade, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---

Date: <u>January 6, 2023</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

#### SENIOR FINANCIAL OFFICER<br> CODE OF CONDUCT
I. Introduction

This code of conduct is being adopted by the investment companies advised by First Trust Advisors L.P., from time to time, (the "FUNDS"). The reputation and integrity of the Funds are valuable assets that are vital to the Funds' success. Each officer of the Funds, and officers and employees of the investment adviser to the Funds who work on Fund matters, including each of the Funds' senior financial officers ("SFOS"), is responsible for conducting each Fund's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the Principal Executive Officer (who is the President), the Controller (who is the principal accounting officer), and the Treasurer (who is the principal financial officer), and any person who performs a similar function.

The Funds, First Trust Advisors L.P. and First Trust Portfolios have adopted Codes of Ethics under Rule 17j-1 under the Investment Company Act of 1940 (the "RULE 17J-1 CODE"). These Codes of Ethics are designed to prevent certain conflicts of interest that may arise when officers, employees, or directors of the Funds and the foregoing entities know about present or future Fund transactions and/or have the power to influence those transactions, and engage in transactions with respect to those same securities in their personal account(s) or otherwise take advantage of their position and knowledge with respect to those securities. In an effort to prevent these conflicts and in accordance with Rule 17j-1, the Funds adopted their Rule 17j-1 Code to prohibit transactions and conduct that create conflicts of interest, and to establish compliance procedures.

The Sarbanes-Oxley Act of 2002 was designed to address corporate malfeasance and to help assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under Section 406 of the Act, all public companies (including the Funds) must either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to prevent future situations (such as occurred in well-reported situations involving such companies as Enron and WorldCom) where a company creates an environment in which employees are afraid to express their opinions or to question unethical and potentially illegal business practices.

The Funds have chosen to adopt a senior financial officer Code of Conduct to encourage their SFOs, and other Fund officers and employees of First Trust Advisors or First Trust Portfolios to act ethically and to question potentially unethical or illegal practices, and to strive to ensure that the Funds' financial disclosures are complete, accurate, and understandable.

II. Purposes of This Code of Conduct

The purposes of this Code are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. To promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Funds file with, or submits to, the SEC and in other public communications the Funds make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. To promote compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. To encourage the prompt internal reporting to an appropriate person of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. To establish accountability for adherence to the Code.

III. Questions About This Code

The Funds' Boards of Trustees have designated W. Scott Jardine or other appropriate officer designated by the President of the respective Funds to be the Compliance Coordinator for the implementation and administration of the Code.

IV. Handling of Financial Information

The Funds have adopted guidelines under which its SFOs perform their duties. However, the Funds expect that all officers or employees of the adviser or distributor who participate in the preparation of any part of any Fund's financial statements follow these guidelines with respect to each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Act with honesty and integrity and avoid violations of this Code, including actual or apparent conflicts of interest with the Fund in personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Disclose to the Fund's Compliance Coordinator any material transaction or relationship that reasonably could be expected to give rise to any violations of the Code, including actual or apparent conflicts of interest with the Fund. You should disclose these transactions or relationships whether you are involved or have only observed the transaction or relationship. If it is not possible to disclose the matter to the Compliance Coordinator, it should be disclosed to the Fund's Principal Financial Officer or Principal Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Provide information to the Fund's other officers and appropriate employees of service providers (adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Fund's periodic reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or allowing your independent judgment to be subordinated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Respect the confidentiality of information acquired in the course of your work except when you have Fund approval to disclose it or where disclosure is otherwise legally mandated. You may not use confidential information acquired in the course of your work for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Share and maintain skills important and relevant to the Fund's needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Proactively promote ethical behavior among peers in your work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Responsibly use and control all assets and resources employed or entrusted to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Record or participate in the recording of entries in the Fund's books and records that are accurate to the best of your knowledge.

V. Waivers of This Code

SFOs and other parties subject to this Code may request a waiver of a provision of this Code (or certain provisions of the Fund's Rule 17j-1 Code) by submitting their request in writing to the Compliance Coordinator for appropriate review. An executive officer of the Fund or the Audit Committee will decide whether to grant a waiver. All waivers of this Code must be disclosed to the Fund's shareholders to the extent required by SEC rules. A good faith interpretation of the provisions of this Code, however, shall not constitute a waiver.

VI. Annual Certification

Each SFO will be asked to certify on an annual basis that he/she is in full compliance with the Code and any related policy statements.

VII. Reporting Suspected Violations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. SFOs or other officers of the Funds or employees of the First Trust group who work on Fund matters who observe, learn of, or, in good faith, suspect a violation of the Code MUST immediately report the violation to the Compliance Coordinator, another member of the Funds' or First Trust's senior management, or to the Audit Committee of the Fund Board. An example of a possible Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Because service providers such as an administrator, outside accounting firm, and custodian provide much of the work relating to the Funds' financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the Compliance Coordinator even if you know, or think, that the service provider has its own code of ethics for its SFOs or employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. SFOs or other officers or employees who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

VIII. Violations of The Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Dishonest, unethical or illegal conduct will constitute a violation of this Code, regardless of whether this Code specifically refers to that particular conduct. A violation of this Code may result in disciplinary action, up to and including termination of employment. A variety of laws apply to the Funds and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Fund directors and officers, and criminal laws. The federal securities laws generally prohibit the Funds from making material misstatements in its prospectus and other documents filed with the SEC, or from omitting to state a material fact. These material misstatements and omissions include financial statements that are misleading or omit materials facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Examples of criminal violations of the law include stealing, embezzling, misapplying corporate or bank funds, making a payment for an expressed purpose on a Fund's behalf to an individual who intends to use it for a different purpose; or making payments, whether corporate or personal, of cash or other items of value that are intended to influence the judgment or actions of political candidates, government officials or businesses in connection with any of the Funds' activities. The Funds must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report, as appropriate, non-criminal violations.

Amended: June 1, 2009

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 <br> of the Sarbanes-Oxley Act**

I, James M. Dykas, certify that:

1. I have reviewed this report on Form N-CSR of First Trust New Opportunities MLP & Energy Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | January 6, 2023 | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  |  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 <br> of the Sarbanes-Oxley Act**

I, Donald P. Swade, certify that:

1. I have reviewed this report on Form N-CSR of First Trust New Opportunities MLP & Energy Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | January 6, 2023 | &nbsp;&nbsp;&nbsp;/s/ Donald P. Swade |
|  |  | &nbsp;&nbsp;&nbsp;Donald P. Swade, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 <br> of the Sarbanes-Oxley Act**

I, James M. Dykas, President and Chief Executive Officer of First Trust New Opportunities MLP & Energy Income Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | January 6, 2023 | &nbsp;&nbsp;&nbsp;/s/ James M. Dykas |
|  |  | &nbsp;&nbsp;&nbsp;James M. Dykas, President and Chief Executive Officer<br> (principal executive officer) |

---

I, Donald P. Swade, Treasurer, Chief Financial Officer and Chief Accounting Officer of First Trust New Opportunities MLP & Energy Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | January 6, 2023 | &nbsp;&nbsp;&nbsp;/s/ Donald P. Swade |
|  |  | &nbsp;&nbsp;&nbsp;Donald P. Swade, Treasurer, Chief Financial Officer <br> and Chief Accounting Officer<br> (principal financial officer) |

---

## Ex-99

![](iss2020_logo.jpg)

UNITED STATES

Concise Proxy Voting Guidelines

------

Benchmark Policy Recommendations

Effective for Meetings on or after February 1, 2022 <br>Published December 14, 2021

ISSGOVERNANCE.COM© 2021 \| Institutional Shareholder Services and/or its affiliates

------

![](iss2020_smalllogo.gif)

U.S. Proxy Voting Guidelines

**The policies contained herein are a sampling only of selected key ISS U.S. proxy** <br>**voting guidelines, and are not intended to be exhaustive. The complete** <br>**guidelines can be found at:**

**https://www.issgovernance.com/policy-gateway/voting-policies/**

Board of Directors

**Voting on Director Nominees in Uncontested Elections**

**➤**

**General Recommendation:** Generally vote for director nominees, except under the following circumstances (with new nominees<sup>1</sup> considered on case-by-case basis):

**<u>Independence</u>**

Vote against<sup>2</sup> or withhold from non-independent directors (Executive Directors and Non-Independent Non-Executive Directors per ISS' Classification of Directors) when:

➤

Independent directors comprise 50 percent or less of the board;

➤

The non-independent director serves on the audit, compensation, or nominating committee;

➤

The company lacks an audit, compensation, or nominating committee so that the full board functions as that committee; or

➤

The company lacks a formal nominating committee, even if the board attests that the independent directors fulfill the functions of such a committee.

**<u>Composition</u>**

**Attendance at Board and Committee Meetings:** Generally vote against or withhold from directors (except nominees who served only part of the fiscal year<sup>3</sup>) who attend less than 75 percent of the aggregate of their board and committee meetings for the period for which they served, unless an acceptable reason for absences is disclosed in the proxy or another SEC filing. Acceptable reasons for director absences are generally limited to the following:

➤

Medical issues/illness;

➤

Family emergencies; and

➤

Missing only one meeting (when the total of all meetings is three or fewer).

In cases of chronic poor attendance without reasonable justification, in addition to voting against the director(s) with poor attendance, generally vote against or withhold from appropriate members of the nominating/governance committees or the full board.

------

<sup>1</sup>

A "new nominee" is a director who is being presented for election by shareholders for the first time. Recommendations on new nominees who have served for less than one year are made on a case-by-case basis depending on the timing of their appointment and the problematic governance issue in question.

<sup>2</sup>

In general, companies with a plurality vote standard use "Withhold" as the contrary vote option in director elections; companies with a majority vote standard use "Against". However, it will vary by company and the proxy must be checked to determine the valid contrary vote option for the particular company.

<sup>3</sup>

Nominees who served for only part of the fiscal year are generally exempted from the attendance policy.

B-2 <br>

ISSGOVERNANCE.COM

------

![](iss2020_smalllogo.gif)

U.S. Proxy Voting Guidelines

If the proxy disclosure is unclear and insufficient to determine whether a director attended at least 75 percent of the aggregate of his/her board and committee meetings during his/her period of service, vote against or withhold from the director(s) in question.

**Overboarded Directors:** Generally vote against or withhold from individual directors who:

➤

Sit on more than five public company boards; or

➤

Are CEOs of public companies who sit on the boards of more than two public companies besides their own— withhold only at their outside boards<sup>4</sup>.

**Gender Diversity:** For companies in the Russell 3000 or S&P 1500 indices, generally vote against or withhold from the chair of the nominating committee (or other directors on a case-by-case basis) at companies where there are no women on the company's board. An exception will be made if there was a woman on the board at the preceding annual meeting and the board makes a firm commitment to return to a gender-diverse status within a year.

This policy will also apply for companies not in the Russell 3000 and S&P 1500 indices, effective for meetings on or after **Feb. 1, 2023**.

**Racial and/or Ethnic Diversity:** For companies in the Russell 3000 or S&P 1500 indices, generally vote against or withhold from the chair of the nominating committee (or other directors on a case-by-case basis) where the board has no apparent racially or ethnically diverse members<sup>5</sup>. An exception will be made if there was racial and/or ethnic diversity on the board at the preceding annual meeting and the board makes a firm commitment to appoint at least one racial and/or ethnic diverse member within a year.

**<u>Responsiveness</u>**

Vote case-by-case on individual directors, committee members, or the entire board of directors as appropriate if:

➤

The board failed to act on a shareholder proposal that received the support of a majority of the shares cast in the previous year or failed to act on a management proposal seeking to ratify an existing charter/bylaw provision that received opposition of a majority of the shares cast in the previous year. Factors that will be considered are:

➤

Disclosed outreach efforts by the board to shareholders in the wake of the vote;

➤

Rationale provided in the proxy statement for the level of implementation;

➤

The subject matter of the proposal;

➤

The level of support for and opposition to the resolution in past meetings;

➤

Actions taken by the board in response to the majority vote and its engagement with shareholders;

➤

The continuation of the underlying issue as a voting item on the ballot (as either shareholder or management proposals); and

➤

Other factors as appropriate.

➤

The board failed to act on takeover offers where the majority of shares are tendered;

➤

At the previous board election, any director received more than 50 percent withhold/against votes of the shares cast and the company has failed to address the issue(s) that caused the high withhold/against vote.

Vote case-by-case on Compensation Committee members (or, in exceptional cases, the full board) and the Say on Pay proposal if:

➤

The company's previous say-on-pay received the support of less than 70 percent of votes cast. Factors that will be considered are:

➤

The company's response, including:

<sup>4</sup>

Although all of a CEO's subsidiary boards with publicly-traded common stock will be counted as separate boards, ISS will not recommend a withhold vote for the CEO of a parent company board or any of the controlled (˃50 percent ownership) subsidiaries of that parent but may do so at subsidiaries that are less than 50 percent controlled and boards outside the parent/subsidiary relationships.

<sup>5</sup>

Aggregate diversity statistics provided by the board will only be considered if specific to racial and/or ethnic diversity.

B-3 <br>

ISSGOVERNANCE.COM

------

![](iss2020_smalllogo.gif)

U.S. Proxy Voting Guidelines

➤

Disclosure of engagement efforts with major institutional investors, including the frequency and timing of engagements and the company participants (including whether independent directors participated);

➤

Disclosure of the specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition;

➤

Disclosure of specific and meaningful actions taken to address shareholders' concerns;

➤

Other recent compensation actions taken by the company;

➤

Whether the issues raised are recurring or isolated;

➤

The company's ownership structure; and

➤

Whether the support level was less than 50 percent, which would warrant the highest degree of responsiveness.

➤

The board implements an advisory vote on executive compensation on a less frequent basis than the frequency that received the plurality of votes cast.

**<u>Accountability</u>** 

***Problematic Takeover Defenses/Governance Structure***

**Poison Pills:** Vote against or withhold from all nominees (except new nominees<sup>1</sup>, who should be considered case-by-case) if:

➤

The company has a poison pill that was not approved by shareholders<sup>6</sup>. However, vote case-by-case on nominees if the board adopts an initial pill with a term of one year or less, depending on the disclosed rationale for the adoption, and other factors as relevant (such as a commitment to put any renewal to a shareholder vote).

➤

The board makes a material adverse modification to an existing pill, including, but not limited to, extension, renewal, or lowering the trigger, without shareholder approval; or

➤

The pill, whether short-term<sup>7</sup> or long-term, has a deadhand or slowhand feature.

**Classified Board Structure:** The board is classified, and a continuing director responsible for a problematic governance issue at the board/committee level that would warrant a withhold/against vote recommendation is not up for election. All appropriate nominees (except new) may be held accountable.

**Removal of Shareholder Discretion on Classified Boards:** The company has opted into, or failed to opt out of, state laws requiring a classified board structure.

**Director Performance Evaluation:** The board lacks mechanisms to promote accountability and oversight, coupled with sustained poor performance relative to peers. Sustained poor performance is measured by one-, three-, and five-year total shareholder returns in the bottom half of a company's four-digit GICS industry group (Russell 3000 companies only). Take into consideration the company's operational metrics and other factors as warranted. Problematic provisions include but are not limited to:

➤

A classified board structure;

➤

A supermajority vote requirement;

➤

Either a plurality vote standard in uncontested director elections, or a majority vote standard in contested elections;

➤

The inability of shareholders to call special meetings;

➤

The inability of shareholders to act by written consent;

➤

A multi-class capital structure; and/or

➤

A non-shareholder-approved poison pill.

<sup>6</sup>

Public shareholders only, approval prior to a company's becoming public is insufficient.

<sup>7</sup>

If the short-term pill with a deadhand or slowhand feature is enacted but expires before the next shareholder vote, ISS will generally still recommend withhold/against nominees at the next shareholder meeting following its adoption.

B-4 <br>

ISSGOVERNANCE.COM

------

![](iss2020_smalllogo.gif)

U.S. Proxy Voting Guidelines

**Unilateral Bylaw/Charter Amendments and Problematic Capital Structures**: Generally vote against or withhold from directors individually, committee members, or the entire board (except new nominees<sup>1</sup>, who should be considered case-by-case) if the board amends the company's bylaws or charter without shareholder approval in a manner that materially diminishes shareholders' rights or that could adversely impact shareholders, considering the following factors:

➤

The board's rationale for adopting the bylaw/charter amendment without shareholder ratification;

➤

Disclosure by the company of any significant engagement with shareholders regarding the amendment;

➤

The level of impairment of shareholders' rights caused by the board's unilateral amendment to the bylaws/charter;

➤

The board's track record with regard to unilateral board action on bylaw/charter amendments or other entrenchment provisions;

➤

The company's ownership structure;

➤

The company's existing governance provisions;

➤

The timing of the board's amendment to the bylaws/charter in connection with a significant business development; and

➤

Other factors, as deemed appropriate, that may be relevant to determine the impact of the amendment on shareholders.

Unless the adverse amendment is reversed or submitted to a binding shareholder vote, in subsequent years vote case-by-case on director nominees. Generally, vote against (except new nominees<sup>1</sup>, who should be considered case-by-case) if the directors:

➤

Classified the board;

➤

Adopted supermajority vote requirements to amend the bylaws or charter; or

➤

Eliminated shareholders' ability to amend bylaws.

**Unequal Voting Rights**

**Problematic Capital Structure – Newly Public Companies**: For 2022, for newly public companies<sup>8</sup>, generally vote against or withhold from the entire board (except new nominees<sup>1</sup>, who should be considered case-by-case) if, prior to or in connection with the company's public offering, the company or its board implemented a multi-class capital structure in which the classes have unequal voting rights without subjecting the multi-class capital structure to a reasonable time-based sunset. In assessing the reasonableness of a time-based sunset provision, consideration will be given to the company's lifespan, its post-IPO ownership structure and the board's disclosed rationale for the sunset period selected. No sunset period of more than seven years from the date of the IPO will be considered to be reasonable.

Continue to vote against or withhold from incumbent directors in subsequent years, unless the problematic capital structure is reversed or removed.

**Common Stock Capital Structure with Unequal Voting Rights:** Starting **Feb 1, 2023,** generally vote withhold or against directors individually, committee members, or the entire board (except new nominees<sup>1</sup>, who should be considered case-by-case), if the company employs a common stock structure with unequal voting rights<sup>9</sup>.

Exceptions to this policy will generally be limited to:

➤

Newly-public companies<sup>8</sup> with a sunset provision of no more than seven years from the date of going public;

➤

Limited Partnerships and the Operating Partnership (OP) unit structure of REITs;

➤

Situations where the unequal voting rights are considered de minimis; or

➤

The company provides sufficient protections for minority shareholders, such as allowing minority shareholders a regular binding vote on whether the capital structure should be maintained.

<sup>8</sup>

Newly-public companies generally include companies that emerge from bankruptcy, SPAC transactions, spin-offs, direct listings, and those who complete a traditional initial public offering.

<sup>9</sup>

This generally includes classes of common stock that have additional votes per share than other shares; classes of shares that are not entitled to vote on all the same ballot items or nominees; or stock with time-phased voting rights ("loyalty shares").

B-5 <br>

ISSGOVERNANCE.COM

------

![](iss2020_smalllogo.gif)

U.S. Proxy Voting Guidelines

**Problematic Governance Structure – Newly Public Companies**: For newly public companies<sup>8</sup>, generally vote against or withhold from directors individually, committee members, or the entire board (except new nominees<sup>1</sup>, who should be considered case-by-case) if, prior to or in connection with the company's public offering, the company or its board adopted the following bylaw or charter provisions that are considered to be materially adverse to shareholder rights:

➤

Supermajority vote requirements to amend the bylaws or charter;

➤

A classified board structure; or

➤

Other egregious provisions.

A reasonable sunset provision will be considered a mitigating factor.

Unless the adverse provision is reversed or removed, vote case-by-case on director nominees in subsequent years.

**Management Proposals to Ratify Existing Charter or Bylaw Provisions:** Vote against/withhold from individual directors, members of the governance committee, or the full board, where boards ask shareholders to ratify existing charter or bylaw provisions considering the following factors:

➤

The presence of a shareholder proposal addressing the same issue on the same ballot;

➤

The board's rationale for seeking ratification;

➤

Disclosure of actions to be taken by the board should the ratification proposal fail;

➤

Disclosure of shareholder engagement regarding the board's ratification request;

➤

The level of impairment to shareholders' rights caused by the existing provision;

➤

The history of management and shareholder proposals on the provision at the company's past meetings;

➤

Whether the current provision was adopted in response to the shareholder proposal;

➤

The company's ownership structure; and

➤

Previous use of ratification proposals to exclude shareholder proposals.

***Restrictions on Shareholders' Rights***

**Restricting Binding Shareholder Proposals:** Generally, vote against or withhold from the members of the governance committee if:

➤

The company's governing documents impose undue restrictions on shareholders' ability to amend the bylaws. Such restrictions include but are not limited to: outright prohibition on the submission of binding shareholder proposals or share ownership requirements, subject matter restrictions, or time holding requirements in excess of SEC Rule 14a-8. Vote against or withhold on an ongoing basis.

Submission of management proposals to approve or ratify requirements in excess of SEC Rule 14a-8 for the submission of binding bylaw amendments will generally be viewed as an insufficient restoration of shareholders' rights. Generally continue to vote against or withhold on an ongoing basis until shareholders are provided with an unfettered ability to amend the bylaws or a proposal providing for such unfettered right is submitted for shareholder approval.

**Problematic Audit-Related Practices**

Generally vote against or withhold from the members of the Audit Committee if:

➤

The non-audit fees paid to the auditor are excessive;

➤

The company receives an adverse opinion on the company's financial statements from its auditor; or

➤

There is persuasive evidence that the Audit Committee entered into an inappropriate indemnification agreement with its auditor that limits the ability of the company, or its shareholders, to pursue legitimate legal recourse against the audit firm.

Vote case-by-case on members of the Audit Committee and potentially the full board if:

B-6 <br>

ISSGOVERNANCE.COM

------

![](iss2020_smalllogo.gif)

U.S. Proxy Voting Guidelines

➤

Poor accounting practices are identified that rise to a level of serious concern, such as: fraud; misapplication of GAAP; and material weaknesses identified in Section 404 disclosures. Examine the severity, breadth, chronological sequence, and duration, as well as the company's efforts at remediation or corrective actions, in determining whether withhold/against votes are warranted.

**Problematic Compensation Practices**

In the absence of an Advisory Vote on Executive Compensation (Say on Pay) ballot item or in egregious situations, vote against or withhold from the members of the Compensation Committee and potentially the full board if:

➤

There is an unmitigated misalignment between CEO pay and company performance (pay for performance);

➤

The company maintains significant problematic pay practices; or

➤

The board exhibits a significant level of poor communication and responsiveness to shareholders.

Generally, vote against or withhold from the Compensation Committee chair, other committee members, or potentially the full board if:

➤

The company fails to include a Say on Pay ballot item when required under SEC provisions, or under the company's declared frequency of say on pay; or

➤

The company fails to include a Frequency of Say on Pay ballot item when required under SEC provisions.

Generally vote against members of the board committee responsible for approving/setting non-employee director compensation if there is a pattern (i.e. two or more years) of awarding excessive non-employee director compensation without disclosing a compelling rationale or other mitigating factors.

**Problematic Pledging of Company Stock:** 

Vote against the members of the committee that oversees risks related to pledging, or the full board, where a significant level of pledged company stock by executives or directors raises concerns. The following factors will be considered:

➤

The presence of an anti-pledging policy, disclosed in the proxy statement, that prohibits future pledging activity;

➤

The magnitude of aggregate pledged shares in terms of total common shares outstanding, market value, and trading volume;

➤

Disclosure of progress or lack thereof in reducing the magnitude of aggregate pledged shares over time;

➤

Disclosure in the proxy statement that shares subject to stock ownership and holding requirements do not include pledged company stock; and

➤

Any other relevant factors.

**Climate Accountability**

For companies that are significant greenhouse gas (GHG) emitters, through their operations or value chain<sup>10</sup>, generally vote against or withhold from the incumbent chair of the responsible committee (or other directors on a case-by-case basis) in cases where ISS determines that the company is not taking the minimum steps needed to understand, assess, and mitigate risks related to climate change to the company and the larger economy.

For **2022**, minimum steps to understand and mitigate those risks are considered to be the following. Both minimum criteria will be required to be in compliance:

➤

Detailed disclosure of climate-related risks, such as according to the framework established by the Task Force on Climate-related Financial Disclosures (TCFD), including:

➤

Board governance measures;

➤

Corporate strategy;

<sup>10</sup>

For 2022, companies defined as "significant GHG emitters" will be those on the current Climate Action 100+ Focus Group list.

B-7 <br>

ISSGOVERNANCE.COM

------

![](iss2020_smalllogo.gif)

U.S. Proxy Voting Guidelines

➤

Risk management analyses; and

➤

Metrics and targets.

➤

Appropriate GHG emissions reduction targets.

For **2022**, "appropriate GHG emissions reductions targets" will be any well-defined GHG reduction targets. Targets for Scope 3 emissions will not be required for 2022 but the targets should cover at least a significant portion of the company's direct emissions. Expectations about what constitutes "minimum steps to mitigate risks related to climate change" will increase over time.

**Governance Failures**

Under extraordinary circumstances, vote against or withhold from directors individually, committee members, or the entire board, due to:

➤

Material failures of governance, stewardship, risk oversight<sup>11</sup>, or fiduciary responsibilities at the company;

➤

Failure to replace management as appropriate; or

➤

Egregious actions related to a director's service on other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company.

**Voting on Director Nominees in Contested Elections**

**<u>Vote-No Campaigns</u>**

**➤**

**General Recommendation:** In cases where companies are targeted in connection with public "vote-no" campaigns, evaluate director nominees under the existing governance policies for voting on director nominees in uncontested elections. Take into consideration the arguments submitted by shareholders and other publicly available information.

**<u>Proxy Contests/Proxy Access</u>**

**➤**

**General Recommendation:** Vote case-by-case on the election of directors in contested elections, considering the following factors:

➤

Long-term financial performance of the company relative to its industry;

➤

Management's track record;

➤

Background to the contested election;

➤

Nominee qualifications and any compensatory arrangements;

➤

Strategic plan of dissident slate and quality of the critique against management;

➤

Likelihood that the proposed goals and objectives can be achieved (both slates); and

➤

Stock ownership positions.

In the case of candidates nominated pursuant to proxy access, vote case-by-case considering any applicable factors listed above or additional factors which may be relevant, including those that are specific to the company, to the nominee(s) and/or to the nature of the election (such as whether there are more candidates than board seats).

<sup>11</sup>

Examples of failure of risk oversight include but are not limited to: bribery; large or serial fines or sanctions from regulatory bodies; demonstrably poor risk oversight of environmental and social issues, including climate change; significant adverse legal judgments or settlement; or hedging of company stock.

B-8 <br>

ISSGOVERNANCE.COM

------

![](iss2020_smalllogo.gif)

U.S. Proxy Voting Guidelines

**Other Board-Related Proposals**

**<u>Independent Board Chair</u>**

**➤**

**General Recommendation:** Generally vote for shareholder proposals requiring that the board chair position be filled by an independent director, taking into consideration the following:

➤

The scope and rationale of the proposal;

➤

The company's current board leadership structure;

➤

The company's governance structure and practices;

➤

Company performance; and

➤

Any other relevant factors that may be applicable.

The following factors will increase the likelihood of a "for" recommendation:

➤

A majority non-independent board and/or the presence of non-independent directors on key board committees;

➤

A weak or poorly-defined lead independent director role that fails to serve as an appropriate counterbalance to a combined CEO/chair role;

➤

The presence of an executive or non-independent chair in addition to the CEO, a recent recombination of the role of CEO and chair, and/or departure from a structure with an independent chair;

➤

Evidence that the board has failed to oversee and address material risks facing the company;

➤

A material governance failure, particularly if the board has failed to adequately respond to shareholder concerns or if the board has materially diminished shareholder rights; or

➤

Evidence that the board has failed to intervene when management's interests are contrary to shareholders' interests.

Shareholder Rights & Defenses

**<u>Shareholder Ability to Act by Written Consent</u>**

**➤**

**General Recommendation:** Generally vote against management and shareholder proposals to restrict or prohibit shareholders' ability to act by written consent.

**➤**

**Generally vote for management and shareholder proposals that provide shareholders with the ability to act by written consent, taking into account the following factors:** 

➤

Shareholders' current right to act by written consent;

➤

The consent threshold;

➤

The inclusion of exclusionary or prohibitive language;

➤

Investor ownership structure; and

➤

Shareholder support of, and management's response to, previous shareholder proposals.

**➤**

**Vote case-by-case on shareholder proposals if, in addition to the considerations above, the company has the following governance and antitakeover provisions:**

➤

An unfettered<sup>12</sup> right for shareholders to call special meetings at a 10 percent threshold;

➤

A majority vote standard in uncontested director elections;

➤

No non-shareholder-approved pill; and

<sup>12</sup>

"Unfettered" means no restrictions on agenda items, no restrictions on the number of shareholders who can group together to reach the 10 percent threshold, and only reasonable limits on when a meeting can be called: no greater than 30 days after the last annual meeting and no greater than 90 prior to the next annual meeting.

B-9 <br>

ISSGOVERNANCE.COM

------

![](iss2020_smalllogo.gif)

U.S. Proxy Voting Guidelines

➤

An annually elected board.

**<u>Shareholder Ability to Call Special Meetings</u>**

**➤**

**General Recommendation:** Vote against management or shareholder proposals to restrict or prohibit shareholders' ability to call special meetings.

Generally vote for management or shareholder proposals that provide shareholders with the ability to call special meetings taking into account the following factors:

➤

Shareholders' current right to call special meetings;

➤

Minimum ownership threshold necessary to call special meetings (10 percent preferred);

➤

The inclusion of exclusionary or prohibitive language;

➤

Investor ownership structure; and

➤

Shareholder support of, and management's response to, previous shareholder proposals.

**<u>Virtual Shareholder Meetings</u>**

**➤**

**General Recommendation:** Generally vote for management proposals allowing for the convening of shareholder meetings by electronic means, so long as they do not preclude in-person meetings. Companies are encouraged to disclose the circumstances under which virtual-only<sup>13</sup> meetings would be held, and to allow for comparable rights and opportunities for shareholders to participate electronically as they would have during an in-person meeting.

Vote case-by-case on shareholder proposals concerning virtual-only meetings, considering:

➤

Scope and rationale of the proposal; and

➤

Concerns identified with the company's prior meeting practices.

Capital/Restructuring

**<u>Common Stock Authorization</u>**

**General Authorization Requests**

**➤**

**General Recommendation:** Vote case-by-case on proposals to increase the number of authorized shares of common stock that are to be used for general corporate purposes.

➤

If share usage (outstanding plus reserved) is less than 50% of the current authorized shares, vote for an increase of up to **50%** of current authorized shares.

➤

If share usage is 50% to 100% of the current authorized, vote for an increase of up to **100%** of current authorized shares.

➤

If share usage is greater than current authorized shares, vote for an increase of up to the current share usage.

➤

In the case of a stock split, the allowable increase is calculated (per above) based on the post-split adjusted authorization.

Generally vote against proposed increases, even if within the above ratios, if the proposal or the company's prior or ongoing use of authorized shares is problematic, including, but not limited to:

<sup>13</sup>

Virtual-only shareholder meeting" refers to a meeting of shareholders that is held exclusively using technology without a corresponding in-person meeting.

B-10 <br>

ISSGOVERNANCE.COM

------

![](iss2020_smalllogo.gif)

U.S. Proxy Voting Guidelines

➤

The proposal seeks to increase the number of authorized shares of the class of common stock that has superior voting rights to other share classes;

➤

On the same ballot is a proposal for a reverse split for which support is warranted despite the fact that it would result in an excessive increase in the share authorization;

➤

The company has a non-shareholder approved poison pill (including an NOL pill); or

➤

The company has previous sizeable placements (within the past 3 years) of stock with insiders at prices substantially below market value, or with problematic voting rights, without shareholder approval.

However, generally vote for proposed increases beyond the above ratios or problematic situations when there is disclosure of specific and severe risks to shareholders of not approving the request, such as:

➤

In, or subsequent to, the company's most recent 10-K filing, the company discloses that there is substantial doubt about its ability to continue as a going concern;

➤

The company states that there is a risk of imminent bankruptcy or imminent liquidation if shareholders do not approve the increase in authorized capital; or

➤

A government body has in the past year required the company to increase its capital ratios.

For companies incorporated in states that allow increases in authorized capital without shareholder approval, generally vote withhold or against all nominees if a unilateral capital authorization increase does not conform to the above policies.

**Specific Authorization Requests**

**➤**

**General Recommendation:** Generally vote for proposals to increase the number of authorized common shares where the primary purpose of the increase is to issue shares in connection with transaction(s) (such as acquisitions, SPAC transactions, private placements, or similar transactions) on the same ballot, or disclosed in the proxy statement, that warrant support. For such transactions, the allowable increase will be the greater of:

➤

twice the amount needed to support the transactions on the ballot, and

➤

the allowable increase as calculated for general issuances above.

**<u>Mergers and Acquisitions</u>**

**➤**

**General Recommendation:** Vote case-by-case on mergers and acquisitions. Review and evaluate the merits and drawbacks of the proposed transaction, balancing various and sometimes countervailing factors including:

➤

*Valuation* - Is the value to be received by the target shareholders (or paid by the acquirer) reasonable? While the fairness opinion may provide an initial starting point for assessing valuation reasonableness, emphasis is placed on the offer premium, market reaction, and strategic rationale.

➤

*Market reaction* - How has the market responded to the proposed deal? A negative market reaction should cause closer scrutiny of a deal.

➤

*Strategic rationale* - Does the deal make sense strategically? From where is the value derived? Cost and revenue synergies should not be overly aggressive or optimistic, but reasonably achievable. Management should also have a favorable track record of successful integration of historical acquisitions.

➤

*Negotiations and process* - Were the terms of the transaction negotiated at arm's-length? Was the process fair and equitable? A fair process helps to ensure the best price for shareholders. Significant negotiation "wins" can also signify the deal makers' competency. The comprehensiveness of the sales process (e.g., full auction, partial auction, no auction) can also affect shareholder value.

➤

*Conflicts of interest* - Are insiders benefiting from the transaction disproportionately and inappropriately as compared to non-insider shareholders? As the result of potential conflicts, the directors and officers of the company may be more likely to vote to approve a merger than if they did not hold these interests. Consider whether these interests may have influenced these directors and officers to support or recommend the merger. The CIC figure presented

B-11 <br>

ISSGOVERNANCE.COM

------

![](iss2020_smalllogo.gif)

U.S. Proxy Voting Guidelines

in the "ISS Transaction Summary" section of this report is an aggregate figure that can in certain cases be a misleading indicator of the true value transfer from shareholders to insiders. Where such figure appears to be excessive, analyze the underlying assumptions to determine whether a potential conflict exists.

➤

*Governance* - Will the combined company have a better or worse governance profile than the current governance profiles of the respective parties to the transaction? If the governance profile is to change for the worse, the burden is on the company to prove that other issues (such as valuation) outweigh any deterioration in governance.

Compensation

**Executive Pay Evaluation**

Underlying all evaluations are five global principles that most investors expect corporations to adhere to in designing and administering executive and director compensation programs:

➤

Maintain appropriate pay-for-performance alignment, with emphasis on long-term shareholder value: This principle encompasses overall executive pay practices, which must be designed to attract, retain, and appropriately motivate the key employees who drive shareholder value creation over the long term. It will take into consideration, among other factors, the link between pay and performance; the mix between fixed and variable pay; performance goals; and equity-based plan costs;

➤

Avoid arrangements that risk "pay for failure": This principle addresses the appropriateness of long or indefinite contracts, excessive severance packages, and guaranteed compensation;

➤

Maintain an independent and effective compensation committee: This principle promotes oversight of executive pay programs by directors with appropriate skills, knowledge, experience, and a sound process for compensation decision-making (e.g., including access to independent expertise and advice when needed);

➤

Provide shareholders with clear, comprehensive compensation disclosures: This principle underscores the importance of informative and timely disclosures that enable shareholders to evaluate executive pay practices fully and fairly;

➤

Avoid inappropriate pay to non-executive directors: This principle recognizes the interests of shareholders in ensuring that compensation to outside directors is reasonable and does not compromise their independence and ability to make appropriate judgments in overseeing managers' pay and performance. At the market level, it may incorporate a variety of generally accepted best practices.

**<u>Advisory Votes on Executive Compensation</u><u>—</u><u>Management Proposals (Say-on-Pay)</u>**

**➤**

**General Recommendation:** Vote case-by-case on ballot items related to executive pay and practices, as well as certain aspects of outside director compensation.

Vote against Advisory Votes on Executive Compensation (Say-on-Pay or "SOP") if:

➤

There is an unmitigated misalignment between CEO pay and company performance (pay for performance);

➤

The company maintains significant problematic pay practices;

➤

The board exhibits a significant level of poor communication and responsiveness to shareholders.

Vote against or withhold from the members of the Compensation Committee and potentially the full board if:

➤

There is no SOP on the ballot, and an against vote on an SOP would otherwise be warranted due to pay-for-performance misalignment, problematic pay practices, or the lack of adequate responsiveness on compensation issues raised previously, or a combination thereof;

➤

The board fails to respond adequately to a previous SOP proposal that received less than 70 percent support of votes cast;

B-12 <br>

ISSGOVERNANCE.COM

------

![](iss2020_smalllogo.gif)

U.S. Proxy Voting Guidelines

➤

The company has recently practiced or approved problematic pay practices, such as option repricing or option backdating; or

➤

The situation is egregious.

**Primary Evaluation Factors for Executive Pay** 

**Pay-for-Performance Evaluation**

ISS annually conducts a pay-for-performance analysis to identify strong or satisfactory alignment between pay and performance over a sustained period. With respect to companies in the S&P1500, Russell 3000, or Russell 3000E Indices<sup>14</sup>, this analysis considers the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Peer Group<sup>15</sup> Alignment:

➤

The degree of alignment between the company's annualized TSR rank and the CEO's annualized total pay rank within a peer group, each measured over a three-year period.

➤

The rankings of CEO total pay and company financial performance within a peer group, each measured over a three-year period.

➤

The multiple of the CEO's total pay relative to the peer group median in the most recent fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Absolute Alignment<sup>16</sup>– the absolute alignment between the trend in CEO pay and company TSR over the prior five fiscal years – i.e*.*, the difference between the trend in annual pay changes and the trend in annualized TSR during the period.

If the above analysis demonstrates significant unsatisfactory long-term pay-for-performance alignment or, in the case of companies outside the Russell indices, a misalignment between pay and performance is otherwise suggested, our analysis may include any of the following qualitative factors, as relevant to an evaluation of how various pay elements may work to encourage or to undermine long-term value creation and alignment with shareholder interests:

➤

The ratio of performance- to time-based incentive awards;

➤

The overall ratio of performance-based compensation to fixed or discretionary pay;

➤

The rigor of performance goals;

➤

The complexity and risks around pay program design;

➤

The transparency and clarity of disclosure;

➤

The company's peer group benchmarking practices;

➤

Financial/operational results, both absolute and relative to peers;

➤

Special circumstances related to, for example, a new CEO in the prior FY or anomalous equity grant practices (e.g*.*, bi-annual awards);

➤

Realizable pay<sup>17</sup> compared to grant pay; and

➤

Any other factors deemed relevant.

**Problematic Pay Practices**

The focus is on executive compensation practices that contravene the global pay principles, including:

➤

Problematic practices related to non-performance-based compensation elements;

<sup>14</sup>

The Russell 3000E Index includes approximately 4,000 of the largest U.S. equity securities.

<sup>15</sup>

The revised peer group is generally comprised of 14-24 companies that are selected using market cap, revenue (or assets for certain financial firms), GICS industry group, and company's selected peers' GICS industry group, with size constraints, via a process designed to select peers that are comparable to the subject company in terms of revenue/assets and industry, and also within a market-cap bucket that is reflective of the company's market cap. For Oil, Gas & Consumable Fuels companies, market cap is the only size determinant.

<sup>16</sup>

Only Russell 3000 Index companies are subject to the Absolute Alignment analysis.

<sup>17</sup>

ISS research reports include realizable pay for S&P1500 companies.

B-13 <br>

ISSGOVERNANCE.COM

------

![](iss2020_smalllogo.gif)

U.S. Proxy Voting Guidelines

➤

Incentives that may motivate excessive risk-taking or present a windfall risk; and

➤

Pay decisions that circumvent pay-for-performance, such as options backdating or waiving performance requirements.

**Problematic Pay Practices related to Non-Performance-Based Compensation Elements**

Pay elements that are not directly based on performance are generally evaluated case-by-case considering the context of a company's overall pay program and demonstrated pay-for-performance philosophy. Please refer to ISS' U.S. Compensation Policies FAQ document for detail on specific pay practices that have been identified as potentially problematic and may lead to negative recommendations if they are deemed to be inappropriate or unjustified relative to executive pay best practices. The list below highlights the problematic practices that carry significant weight in this overall consideration and may result in adverse vote recommendations:

➤

Repricing or replacing of underwater stock options/SARS without prior shareholder approval (including cash buyouts and voluntary surrender of underwater options);

➤

Extraordinary perquisites or tax gross-ups;

➤

New or materially amended agreements that provide for:

➤

Excessive termination or CIC severance payments (generally exceeding 3 times base salary and average/target/most recent bonus);

➤

CIC severance payments without involuntary job loss or substantial diminution of duties ("single" or "modified single" triggers) or in connection with a problematic Good Reason definition;

➤

CIC excise tax gross-up entitlements (including "modified" gross-ups);

➤

Multi-year guaranteed awards that are not at risk due to rigorous performance conditions;

➤

Liberal CIC definition combined with any single-trigger CIC benefits;

➤

Insufficient executive compensation disclosure by externally-managed issuers (EMIs) such that a reasonable assessment of pay programs and practices applicable to the EMI's executives is not possible;

➤

Any other provision or practice deemed to be egregious and present a significant risk to investors.

**Options Backdating**

The following factors should be examined case-by-case to allow for distinctions to be made between "sloppy" plan administration versus deliberate action or fraud:

➤

Reason and motive for the options backdating issue, such as inadvertent vs. deliberate grant date changes;

➤

Duration of options backdating;

➤

Size of restatement due to options backdating;

➤

Corrective actions taken by the board or compensation committee, such as canceling or re-pricing backdated options, the recouping of option gains on backdated grants; and

➤

Adoption of a grant policy that prohibits backdating and creates a fixed grant schedule or window period for equity grants in the future.

**Compensation Committee Communications and Responsiveness**

Consider the following factors case-by-case when evaluating ballot items related to executive pay on the board's responsiveness to investor input and engagement on compensation issues:

➤

Failure to respond to majority-supported shareholder proposals on executive pay topics; or

➤

Failure to adequately respond to the company's previous say-on-pay proposal that received the support of less than 70 percent of votes cast, taking into account:

➤

Disclosure of engagement efforts with major institutional investors, including the frequency and timing of engagements and the company participants (including whether independent directors participated);

➤

Disclosure of the specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition;

➤

Disclosure of specific and meaningful actions taken to address shareholders' concerns;

➤

Other recent compensation actions taken by the company;

➤

Whether the issues raised are recurring or isolated;

B-14 <br>

ISSGOVERNANCE.COM

------

![](iss2020_smalllogo.gif)

U.S. Proxy Voting Guidelines

➤

The company's ownership structure; and

➤

Whether the support level was less than 50 percent, which would warrant the highest degree of responsiveness.

**Equity-Based and Other Incentive Plans**

Please refer to ISS' U.S. Equity Compensation Plans FAQ document for additional details on the Equity Plan Scorecard policy.

**➤**

**General Recommendation:** Vote case-by-case on certain equity-based compensation plans<sup>18</sup> depending on a combination of certain plan features and equity grant practices, where positive factors may counterbalance negative factors, and vice versa, as evaluated using an "Equity Plan Scorecard" (EPSC) approach with three pillars:

➤

**Plan Cost:** The total estimated cost of the company's equity plans relative to industry/market cap peers, measured by the company's estimated Shareholder Value Transfer (SVT) in relation to peers and considering both:

➤

SVT based on new shares requested plus shares remaining for future grants, plus outstanding unvested/unexercised grants; and

➤

SVT based only on new shares requested plus shares remaining for future grants.

➤

**Plan Features:** 

➤

Quality of disclosure around vesting upon a change in control (CIC);

➤

Discretionary vesting authority;

➤

Liberal share recycling on various award types;

➤

Lack of minimum vesting period for grants made under the plan;

➤

Dividends payable prior to award vesting.

➤

**Grant Practices:** 

➤

The company's three-year burn rate relative to its industry/market cap peers;

➤

Vesting requirements in CEO's recent equity grants (3-year look-back);

➤

The estimated duration of the plan (based on the sum of shares remaining available and the new shares requested, divided by the average annual shares granted in the prior three years);

➤

The proportion of the CEO's most recent equity grants/awards subject to performance conditions;

➤

Whether the company maintains a sufficient claw-back policy;

➤

Whether the company maintains sufficient post-exercise/vesting share-holding requirements.

Generally vote against the plan proposal if the combination of above factors indicates that the plan is not, overall, in shareholders' interests, or if any of the following egregious factors ("overriding factors") apply:

➤

Awards may vest in connection with a liberal change-of-control definition;

➤

The plan would permit repricing or cash buyout of underwater options without shareholder approval (either by expressly permitting it—for NYSE and Nasdaq listed companies—or by not prohibiting it when the company has a history of repricing—for non-listed companies);

➤

The plan is a vehicle for problematic pay practices or a significant pay-for-performance disconnect under certain circumstances;

➤

The plan is excessively dilutive to shareholders' holdings;

➤

The plan contains an evergreen (automatic share replenishment) feature; or

➤

Any other plan features are determined to have a significant negative impact on shareholder interests.

<sup>18</sup>

Proposals evaluated under the EPSC policy generally include those to approve or amend (1) stock option plans for employees and/or employees and directors, (2) restricted stock plans for employees and/or employees and directors, and (3) omnibus stock incentive plans for employees and/or employees and directors; amended plans will be further evaluated case-by-case.

B-15 <br>

ISSGOVERNANCE.COM

------

![](iss2020_smalllogo.gif)

U.S. Proxy Voting Guidelines

Social and Environmental Issues

**Global Approach**

Issues covered under the policy include a wide range of topics, including consumer and product safety, environment and energy, labor standards and human rights, workplace and board diversity, and corporate political issues. While a variety of factors goes into each analysis, the overall principle guiding all vote recommendations focuses on how the proposal may enhance or protect shareholder value in either the short or long term.

**➤**

**General Recommendation:** Generally vote case-by-case, examining primarily whether implementation of the proposal is likely to enhance or protect shareholder value. The following factors will be considered:

➤

If the issues presented in the proposal are more appropriately or effectively dealt with through legislation or government regulation;

➤

If the company has already responded in an appropriate and sufficient manner to the issue(s) raised in the proposal;

➤

Whether the proposal's request is unduly burdensome (scope or timeframe) or overly prescriptive;

➤

The company's approach compared with any industry standard practices for addressing the issue(s) raised by the proposal;

➤

Whether there are significant controversies, fines, penalties, or litigation associated with the company's environmental or social practices;

➤

If the proposal requests increased disclosure or greater transparency, whether reasonable and sufficient information is currently available to shareholders from the company or from other publicly available sources; and

➤

If the proposal requests increased disclosure or greater transparency, whether implementation would reveal proprietary or confidential information that could place the company at a competitive disadvantage.

**<u>Say on Climate (SoC) Management Proposals</u>**

**➤**

**General Recommendation:** Vote case-by-case on management proposals that request shareholders to approve the company's climate transition action plan<sup>19</sup>, taking into account the completeness and rigor of the plan. Information that will be considered where available includes the following:

➤

The extent to which the company's climate related disclosures are in line with TCFD recommendations and meet other market standards;

➤

Disclosure of its operational and supply chain GHG emissions (Scopes 1, 2, and 3);

➤

The completeness and rigor of company's short-, medium-, and long-term targets for reducing operational and supply chain GHG emissions (Scopes 1, 2, and 3 if relevant);

➤

Whether the company has sought and received third-party approval that its targets are science-based;

➤

Whether the company has made a commitment to be "net zero" for operational and supply chain emissions (Scopes 1, 2, and 3) by 2050;

➤

Whether the company discloses a commitment to report on the implementation of its plan in subsequent years;

➤

Whether the company's climate data has received third-party assurance;

➤

Disclosure of how the company's lobbying activities and its capital expenditures align with company strategy;

➤

Whether there are specific industry decarbonization challenges; and

➤

The company's related commitment, disclosure, and performance compared to its industry peers.

<sup>19</sup>

Variations of this request also include climate transition related ambitions, or commitment to reporting on the implementation of a climate plan.

B-16 <br>

ISSGOVERNANCE.COM

------

![](iss2020_smalllogo.gif)

U.S. Proxy Voting Guidelines

**<u>Say on Climate (SoC) Shareholder Proposals</u>**

**➤**

**General Recommendation:** Vote case-by-case on shareholder proposals that request the company to disclose a report providing its GHG emissions levels and reduction targets and/or its upcoming/approved climate transition action plan and provide shareholders the opportunity to express approval or disapproval of its GHG emissions reduction plan, taking into account information such as the following:

➤

The completeness and rigor of the company's climate-related disclosure;

➤

The company's actual GHG emissions performance;

➤

Whether the company has been the subject of recent, significant violations, fines, litigation, or controversy related to its GHG emissions; and

➤

Whether the proposal's request is unduly burdensome (scope or timeframe) or overly prescriptive.

**<u>Climate Change</u><u>/Greenhouse Gas (GHG) Emissions</u>**

**➤**

**General Recommendation:** Generally vote for resolutions requesting that a company disclose information on the financial, physical, or regulatory risks it faces related to climate change on its operations and investments or on how the company identifies, measures, and manages such risks, considering:

➤

Whether the company already provides current, publicly-available information on the impact that climate change may have on the company as well as associated company policies and procedures to address related risks and/or opportunities;

➤

The company's level of disclosure compared to industry peers; and

➤

Whether there are significant controversies, fines, penalties, or litigation associated with the company's climate change-related performance.

Generally vote for proposals requesting a report on greenhouse gas (GHG) emissions from company operations and/or products and operations, unless:

➤

The company already discloses current, publicly-available information on the impacts that GHG emissions may have on the company as well as associated company policies and procedures to address related risks and/or opportunities;

➤

The company's level of disclosure is comparable to that of industry peers; and

➤

There are no significant, controversies, fines, penalties, or litigation associated with the company's GHG emissions.

Vote case-by-case on proposals that call for the adoption of GHG reduction goals from products and operations, taking into account:

➤

Whether the company provides disclosure of year-over-year GHG emissions performance data;

➤

Whether company disclosure lags behind industry peers;

➤

The company's actual GHG emissions performance;

➤

The company's current GHG emission policies, oversight mechanisms, and related initiatives; and

➤

Whether the company has been the subject of recent, significant violations, fines, litigation, or controversy related to GHG emissions.

**<u>Racial Equity and/or Civil Rights Audit Guidelines</u>**

**➤**

**General Recommendation:** Vote case-by-case on proposals asking a company to conduct an independent racial equity and/or civil rights audit, taking into account:

➤

The company's established process or framework for addressing racial inequity and discrimination internally;

B-17 <br>

ISSGOVERNANCE.COM

------

![](iss2020_smalllogo.gif)

U.S. Proxy Voting Guidelines

➤

Whether the company has issued a public statement related to its racial justice efforts in recent years, or has committed to internal policy review;

➤

Whether the company has engaged with impacted communities, stakeholders, and civil rights experts,

➤

The company's track record in recent years of racial justice measures and outreach externally;

➤

Whether the company has been the subject of recent controversy, litigation, or regulatory actions related to racial inequity or discrimination; and

➤

Whether the company's actions are aligned with market norms on civil rights, and racial or ethnic diversity.

B-18 <br>

ISSGOVERNANCE.COM

------

![](iss2020_smalllogo.gif)

U.S. Proxy Voting Guidelines

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**We empower investors and companies to build**

**for long-term and sustainable growth by providing**

**high-quality data, analytics, and insight.** 

GET STARTED WITH ISS SOLUTIONS

Email sales@issgovernance.com or visit issgovernance.com for more information.

Founded in 1985, the Institutional Shareholder Services group of companies ("ISS") is the world's leading provider of corporate governance and responsible investment solutions alongside fund intelligence and services, events, and editorial content for institutional investors, globally. ISS' solutions include objective governance research and recommendations; responsible investment data, analytics, and research; end-to-end proxy voting and distribution solutions; turnkey securities class-action claims management (provided by Securities Class Action Services, LLC); reliable global governance data and modeling tools; asset management intelligence, portfolio execution and monitoring, fund services, and media. Clients rely on ISS' expertise to help them make informed investment decisions.

This document and all of the information contained in it, including without limitation all text, data, graphs, and charts (collectively, the "Information") is the property of Institutional Shareholder Services Inc. (ISS), its subsidiaries, or, in some cases third party suppliers.

The Information has not been submitted to, nor received approval from, the United States Securities and Exchange Commission or any other regulatory body. None of the Information constitutes an offer to sell (or a solicitation of an offer to buy), or a promotion or recommendation of, any security, financial product or other investment vehicle or any trading strategy, and ISS does not endorse, approve, or otherwise express any opinion regarding any issuer, securities, financial products or instruments or trading strategies.

The user of the Information assumes the entire risk of any use it may make or permit to be made of the Information.

ISS MAKES NO EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION AND EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, NON-INFRINGEMENT, COMPLETENESS, MERCHANTABILITY, AND FITNESS for A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE INFORMATION.

Without limiting any of the foregoing and to the maximum extent permitted by law, in no event shall ISS have any liability regarding any of the Information for any direct, indirect, special, punitive, consequential (including lost profits), or any other damages even if notified of the possibility of such damages. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited.© 2021 \| Institutional Shareholder Services and/or its affiliates

B-19 <br>

ISSGOVERNANCE.COM

------