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 that as of December 22, 2017, their NAV’s now reflect the estimated impact of the “Tax Cuts and Jobs Act” (the “Act”).

The change in NAV is primarily due to the Act’s reduction of the top corporate tax rate from 35% to 21%, reducing the Funds accrual rate for deferred federal income taxes. The change increased FEN’s NAV by $2.016 or approximately 8.75%, and FEI’s NAV was adjusted higher by $0.2436 or approximately 1.72%. Each fund was impacted differently based on the composition of their deferred tax assets and liabilities. FPL’s NAV was not adjusted as the fund did not have any deferred tax assets or liabilities on its books at the time of the adjustment.

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 Funds’ 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 Funds’ 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.

Principal Risk Factors: The Funds are subject to risks, including the fact that each Fund is a non-diversified closed-end management investment company. Investment return and market value of an investment in the Funds will fluctuate. Shares, when sold, may be worth more or less than their original cost.

Because the Funds are concentrated in securities issued by MLPs, MLP-related entities, and other energy and utilities companies, they will be more susceptible to adverse economic or regulatory occurrences affecting those industries, including high interest costs, high leverage costs, the effects of economic slowdown, surplus capacity, increased competition, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors.

The Funds invest in securities of non-U.S. issuers which are subject to higher volatility than securities of U.S. issuers. Because the Funds invest in non-U.S. securities, you may lose money if the local currency of a non-U.S. market depreciates against the U.S. dollar.

The Funds’ use of derivatives may result in losses greater than if they had not been used, may require the Funds to sell or purchase portfolio securities at inopportune times, may limit the amount of appreciation the Funds can realize on an investment, or may cause the Funds to hold a security that they might otherwise sell.

Use of leverage can result in additional risk and cost, and can magnify the effect of any losses.

The risks of investing in the Funds are spelled out in the prospectus, shareholder reports and other regulatory filings.

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA and the Internal Revenue Code. First Trust has no knowledge of and has not been provided any information regarding any investor. Financial advisors must determine whether particular investments are appropriate for their clients. First Trust believes the financial advisor is a fiduciary, is capable of evaluating investment risks independently and is responsible for exercising independent judgment with respect to its retirement plan clients.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains "forward- looking statements" as defined under the U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from the Fund’s historical experience and its present expectations or projections indicated in any forward-looking statements. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; MLP industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in the Funds’ filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Funds undertake no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Funds’ investment objective will be attained.

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.

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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