First Trust MLP & Energy Income Fund, First Trust New Opportunities MLP & Energy Fund & First Trust Energy Income & Growth Fu...
December 20 2017 - 4:24PM
Business Wire
First Trust MLP and Energy Income Fund (NYSE: FEI), First Trust
New Opportunities MLP & Energy Fund (NYSE: FPL) and First Trust
Energy Income and Growth Fund (NYSE MKT: FEN) (the “Funds”)
announced today that their Board of Trustees has approved changes
to the Funds’ non-fundamental investment policies as described
herein.
Each of FEI and FPL will revise its investment policies to
eliminate the requirement that it invest at least 65% of its
managed assets in equity securities issued by energy sector master
limited partnerships (“MLPs”) and energy sector and energy utility
MLP-related entities. FEN will revise its investment policies to
(i) eliminate the requirement that it invest at least 65% of its
managed assets in equity securities of energy sector MLPs and
energy sector MLP-related entities, and (ii) remove the restriction
limiting the Fund’s investments in equity securities issued by
energy companies to 35% of its managed assets. The remaining
investment policies of the Funds will remain unchanged, including,
for FEI and FPL, the policy requiring the Funds to invest at least
85% of their respective managed assets in equity and debt
securities of MLPs, MLP-related entities and other energy sector
and energy utilities companies that the Funds’ sub-advisor believes
offer opportunities for growth and income, and, for FEN, the policy
requiring it to invest at least 85% of its managed assets in
securities of energy companies and energy sector MLPs and energy
sector MLP-related entities. The Funds anticipate that the changes
to their investment policies will be implemented 60 days after
notice has been mailed to shareholders.
FEI is a non-diversified, closed-end management investment
company which commenced investment operations in November 2012.
FEI’s investment objective is to seek a high level of total return
with an emphasis on current distributions paid to common
shareholders.
FPL is a non-diversified, closed-end management investment
company which commenced investment operations in March 2014. FPL’s
investment objective is to seek a high level of total return with
an emphasis on current distributions paid to common
shareholders.
FEN is a non-diversified, closed-end management investment
company which commenced investment operations in June 2004. FEN’s
investment objective is to seek a high level of after-tax total
return with an emphasis on current distributions paid to
shareholders.
First Trust Advisors L.P., the Fund’s investment advisor, along
with its affiliate, First Trust Portfolios L.P., are privately-held
companies which provide a variety of investment services, including
asset management and financial advisory services, with collective
assets under management or supervision of approximately $117.3
billion as of November 30, 2017, through unit investment trusts,
exchange-traded funds, closed-end funds, mutual funds and separate
managed accounts.
Energy Income Partners, LLC (“EIP”) serves as the Fund’s
investment sub-advisor and provides advisory services to a number
of investment companies and partnerships for the purpose of
investing in MLPs and other energy infrastructure securities. EIP
is one of the early investment advisors specializing in this area.
As of November 30, 2017, EIP managed or supervised approximately
$6.0 billion in client assets.
The Funds’ daily closing New York Stock Exchange prices and net
asset values per share as well as other information, including
information relating to the Funds’ investment objectives and
policies, risk considerations and expenses, can be found at
www.ftportfolios.com or by calling 1-800-988-5891.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171220006084/en/
First Trust MLP and Energy Income Fund, First Trust New
Opportunities MLP & Energy Fund and First Trust Energy Income
and Growth FundPress Inquiries: Jane Doyle, 630-765-8775Analyst
Inquiries: Jeff Margolin, 630-915-6784Broker Inquiries: Jeff
Margolin, 630-915-6784
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