UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-22559
First Trust Exchange-Traded Fund IV
(Exact name of registrant as specified in charter)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Address of principal executive offices) (Zip code)
W. Scott Jardine, Esq.
First Trust Portfolios L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Name and address of agent for service)
Registrant's telephone number, including area code: 630-765-8000
Date of fiscal year end: October 31
Date of reporting period: January 31, 2013
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q 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 the
Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549. The OMB has reviewed this collection of information under the clearance
requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS. The Schedule(s) of Investments is attached
herewith.
FIRST TRUST NORTH AMERICAN ENERGY INFRASTRUCTURE FUND
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2013 (UNAUDITED)
SHARES DESCRIPTION VALUE
---------- -------------------------------------- ------------
COMMON STOCKS -- 73.7%
ELECTRIC UTILITIES -- 17.9%
71,825 Duke Energy Corp. $ 4,937,251
46,684 Emera, Inc. (CAD) 1,663,474
124,525 Exelon Corp. 3,915,066
33,339 Fortis, Inc. (CAD) 1,157,873
36,128 ITC Holdings Corp. 2,926,368
82,357 NextEra Energy, Inc. 5,933,822
104,071 Northeast Utilities 4,238,812
140,067 Southern (The) Co. 6,195,163
------------
30,967,829
------------
GAS UTILITIES -- 5.5%
18,285 ONEOK, Inc. 859,578
144,420 Questar Corp. 3,354,877
149,655 UGI Corp. 5,273,842
------------
9,488,297
------------
MULTI-UTILITIES -- 15.3%
10,870 ATCO Ltd., Class I (CAD) 912,191
13,958 Canadian Utilities Ltd., Class A
(CAD) 1,067,072
149,236 CenterPoint Energy, Inc. 3,050,384
110,474 Dominion Resources, Inc. 5,977,748
77,082 National Grid PLC, ADR 4,233,343
223,000 NiSource, Inc. 6,027,690
34,925 Sempra Energy 2,621,121
63,425 Wisconsin Energy Corp. 2,500,848
------------
26,390,397
------------
OIL, GAS & CONSUMABLE FUELS --
35.0%
398,175 Enbridge Energy Management, LLC (a) 12,136,374
138,637 Enbridge Income Fund Holdings,
Inc. (CAD) 3,524,999
103,433 Enbridge, Inc. 4,524,159
67,331 Keyera Corp. (CAD) 3,503,588
162,755 Kinder Morgan Management, LLC (a) 13,422,385
90,869 Kinder Morgan, Inc. 3,403,953
115,849 Pembina Pipeline Corp. (CAD) 3,361,410
168,763 Spectra Energy Corp. 4,688,236
106,395 TransCanada Corp. 5,039,931
77,555 Veresen, Inc. (CAD) 998,402
168,296 Williams (The) Cos., Inc. 5,898,775
------------
60,502,212
------------
TOTAL COMMON STOCKS -- 73.7% 127,348,735
(Cost $122,010,848) ------------
UNITS DESCRIPTION VALUE
---------- -------------------------------------- ------------
MASTER LIMITED PARTNERSHIPS -- 24.3%
GAS UTILITIES -- 1.8%
54,267 AmeriGas Partners, L.P. $ 2,349,218
19,845 Suburban Propane Partners, L.P. 836,467
------------
3,185,685
------------
OIL, GAS & CONSUMABLE FUELS -- 22.5%
14,564 Alliance Holdings GP, L.P. 734,171
33,821 Alliance Resource Partners, L.P. 2,164,544
48,692 El Paso Pipeline Partners, L.P. 2,028,509
47,223 Energy Transfer Equity, L.P. 2,387,595
30,286 Enterprise Products Partners, L.P. 1,716,308
16,005 EQT Midstream Partners, L.P. 565,297
67,409 Holly Energy Partners, L.P. 2,423,354
38,216 Magellan Midstream Partners, L.P. 1,934,112
31,060 MPLX, L.P. 1,069,085
28,638 Natural Resource Partners, L.P. 652,087
85,140 NuStar Energy, L.P. 4,350,654
25,916 NuStar GP Holdings, LLC 819,464
26,963 ONOEOK Partners, L.P. 1,606,995
42,193 Plains All American Pipeline, L.P. 2,223,571
70,572 Spectra Energy Partners, L.P. 2,426,971
15,638 Sunoco Logistics Partners, L.P. 948,601
75,095 TC Pipelines, L.P. 3,251,613
93,198 Teekay LNG Partners, L.P. 3,720,464
64,196 TransMontaigne Partners, L.P. 2,646,801
21,548 Williams Partners, L.P. 1,093,345
------------
38,763,541
------------
TOTAL MASTER LIMITED PARTNERSHIPS --
24.3% 41,949,226
(Cost $38,155,798) ------------
TOTAL INVESTMENTS -- 98.0% 169,297,961
(Cost $160,166,646) (b)
NET OTHER ASSETS AND
LIABILITIES -- 2.0% 3,383,460
------------
NET ASSETS -- 100.0% $172,681,421
============
(a) Non-income producing security which pays in-kind distributions.
(b) Aggregate cost for financial reporting purposes, which approximates the
aggregate cost for federal income tax purposes. As of January 31, 2013,
the aggregate gross unrealized appreciation for all securities in which
there was an excess of value over tax cost was $9,725,692 and the
aggregate gross unrealized depreciation for all securities in which there
was an excess of tax cost over value was $594,377.
ADR American Depositary Receipt
CAD Canadian Dollar - Security is denominated in Canadian Dollars and is
translated into U.S. Dollars based upon the current exchange rate.
|
See Notes to Quarterly Portfolio of Investments Page 1
FIRST TRUST NORTH AMERICAN ENERGY INFRASTRUCTURE FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
JANUARY 31, 2013 (UNAUDITED)
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of January 31,
2013 is as follows (see Note A - Portfolio Valuation in the Notes to Quarterly
Portfolio of Investments):
Level 1 - Quoted Prices
Level 2 - Other Significant Observable Inputs
Level 3 - Significant Unobservable Inputs
INVESTMENTS LEVEL 1 LEVEL 2 LEVEL 3
--------------------------------------------------------------
Common Stocks* $127,348,735 $ -- $ --
Master Limited
Partnerships* 41,949,226 -- --
----------------------------------------
Total Investments $169,297,961 $ -- $ --
========================================
|
* See Portfolio of Investments for industry breakout.
All transfers in and out of the Levels during the period are assumed to be
transferred on the last day of the period at their current value. There were no
transfers between Levels at January 31, 2013.
Page 2 See Notes to Quarterly Portfolio of Investments
NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS
FIRST TRUST NORTH AMERICAN ENERGY INFRASTRUCTURE FUND
JANUARY 31, 2013 (UNAUDITED)
VALUATION AND INVESTMENT PRACTICES
A. PORTFOLIO VALUATION
The First Trust North American Energy Infrastructure Fund (the "Fund") (NYSE
Arca, Inc. ("NYSE Arca") ticker "EMLP") is a series of First Trust
Exchange-Traded Fund IV (the "Trust"), an open-end management investment company
organized as a Massachusetts business trust on September 15, 2010, and is
registered with the Securities and Exchange Commission ("SEC") under the
Investment Company Act of 1940, as amended (the "1940 Act").
The Fund's net asset value ("NAV") is determined daily, as of the close of
regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m.
Eastern time, on each day the NYSE is open for trading. The NAV is calculated by
dividing the value of all assets of the Fund (including accrued interest and
dividends), less all liabilities (including accrued expenses and dividends
declared but unpaid), by the total number of 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 in
accordance with valuation procedures adopted by the Trust's Board of Trustees
and in accordance with the 1940 Act. All securities and other assets of the Fund
initially expressed in foreign currencies will be converted to U.S. dollars
using exchange rates in effect at time of valuation. The Fund's securities will
be valued as follows:
Common stocks, master limited partnerships and other equity securities
listed on any national or foreign exchange (excluding the NASDAQ(R) 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 principal market for such securities.
Securities traded in the over-the-counter market are valued at the closing
bid prices.
Short-term investments that mature in less than 60 days when purchased are
valued at amortized cost.
Certain securities may not be able to be priced by pre-established pricing
methods. Such securities may be valued by the Board of Trustees or its delegate
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 pricing
service is unable to provide a market price; securities whose trading has been
formally suspended; a security whose market 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 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. The use of fair value prices by the Fund
generally results in prices used by the Fund that may differ from current market
quotations or official closing prices on the applicable exchange. A variety of
factors may be considered in determining the fair value of such securities,
including, but not limited to, the following:
1) the type of security;
2) the size of the holding;
3) the initial cost of the security;
4) transactions in comparable securities;
Page 3
NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS (CONTINUED)
FIRST TRUST NORTH AMERICAN ENERGY INFRASTRUCTURE FUND
JANUARY 31, 2013 (UNAUDITED)
5) price quotes from dealers and/or pricing services;
6) relationships among various securities;
7) information obtained by contacting the issuer, analysts, or the
appropriate stock exchange;
8) an analysis of the issuer's financial statements; and
9) the existence of merger proposals or tender offers that might affect
the value of the security.
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 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; and
8) whether the effects of the event are isolated or whether they affect
entire markets, countries or regions.
Because foreign markets may be open on different days than the days during which
investors may purchase the shares of the Fund, the value of the Fund's
securities may change on the days when investors are not able to purchase shares
of the Fund. The value of securities denominated in foreign currencies is
converted into U.S. dollars using exchange rates determined daily as of the
close of regular trading on the NYSE.
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:
o 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.
o 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.
o 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.
The inputs or methodology 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 January 31, 2013 is
included with the Fund's Portfolio of Investments.
Page 4
NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS (CONTINUED)
FIRST TRUST NORTH AMERICAN ENERGY INFRASTRUCTURE FUND
JANUARY 31, 2013 (UNAUDITED)
B. SECURITIES TRANSACTIONS
Securities transactions are recorded as of the trade date. Realized gains and
losses from securities transactions are recorded on the identified cost basis.
C. 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 investment securities and items of income and expense are
translated on the respective dates of such transactions.
Page 5
ITEM 2. CONTROLS AND PROCEDURES.
(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)).
(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 registrant's last
fiscal quarter that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
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 Exchange-Traded Fund IV
By (Signature and Title)* /s/ Mark R. Bradley
----------------------------------------
Mark R. Bradley, President and
Chief Executive Officer
(principal executive officer)
|
Date March 19, 2013
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)* /s/ Mark R. Bradley
----------------------------------------
Mark R. Bradley, President and
Chief Executive Officer
(principal executive officer)
|
Date March 19, 2013
By (Signature and Title)* /s/ James M. Dykas
----------------------------------------
James M. Dykas, Treasurer,
Chief Financial Officer and
Chief Accounting Officer
(principal financial officer)
|
Date March 19, 2013
* Print the name and title of each signing officer under his or her signature.
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