First Trust Advisors Announces Fund Board
Approval of Mergers of First Trust Energy Income and Growth Fund,
First Trust MLP and Energy Income Fund, First Trust New
Opportunities MLP & Energy Fund, and First Trust Energy
Infrastructure Fund into First Trust Energy Income Partners
Enhanced Income ETF
First Trust Advisors L.P. (“FTA”) announced today that the Board
of Trustees of each of First Trust Energy Income and Growth Fund
(NYSE American: FEN), First Trust MLP and Energy Income Fund (NYSE:
FEI), First Trust New Opportunities MLP & Energy Fund (NYSE:
FPL), and First Trust Energy Infrastructure Fund (NYSE: FIF) (the
“Target Funds” or each, individually, a “Target Fund”), each a
closed-end management investment company managed by FTA and
sub-advised by Energy Income Partners, LLC (“EIP”), approved the
Merger of each respective Target Fund into First Trust Energy
Income Partners Enhanced Income ETF, a newly created actively
managed exchange-traded fund (“ETF”) managed by FTA and sub-advised
by EIP (“EIPI”). The Mergers have also been approved by the Board
of Trustees of EIPI. EIPI will be the surviving fund.
Under the terms of the proposed transactions, shareholders of
each Target Fund would receive shares of EIPI with a value equal to
the aggregate net asset value of the Target Fund shares held by
them and would become shareholders of EIPI, with the Target Funds
terminating. It is currently expected that the transactions will be
consummated during the second quarter of 2024, subject to requisite
shareholder approvals and satisfaction of applicable regulatory
requirements and approvals and customary closing conditions. Each
merger is expected to qualify as a tax-free reorganization for
federal income tax purposes. Each transaction is subject to
shareholder approval and is a separate Merger, and no Merger is
contingent upon any other Merger. There is no assurance when or
whether such approvals, or any other approvals required for the
transactions, will be obtained. More information on the proposed
transactions will be contained in proxy materials that the Target
Funds and EIPI anticipate filing in the coming weeks.
In connection with the proposed mergers of FEN, FEI and FPL into
EIPI, each of these Target Funds may be required to recognize a
decrease to its NAV prior to its merger, with another potential
final adjustment to be made to the NAV of EIPI following the
mergers after the receipt of year-end tax information to be
provided by the master limited partnerships (“MLPs”) that had been
held by such Target Funds. The amount and timing of such
adjustments, if any, will depend in part on the market prices and
composition of each such Target Fund’s portfolio securities.
EIPI will be an actively managed ETF that seeks to provide a
high level of total return with an emphasis on current
distributions paid to shareholders. EIPI will pursue its investment
objective by investing in energy companies. EIPI will also deploy a
partial covered call strategy to enhance its income.
FTA is a federally registered investment advisor and serves as
the investment advisor of each Target Fund and EIPI. FTA and its
affiliate First Trust Portfolios L.P. (“FTP”), a FINRA registered
broker-dealer, are privately-held companies that provide a variety
of investment services. FTA has collective assets under management
or supervision of approximately $195 billion as of September 30,
2023 through unit investment trusts, exchange-traded funds,
closed-end funds, mutual funds and separate managed accounts. FTA
is the supervisor of the First Trust unit investment trusts, while
FTP is the sponsor. FTP is also a distributor of mutual fund shares
and exchange-traded fund creation units. FTA and FTP are based in
Wheaton, Illinois.
EIP serves as each Target Funds’ and EIPI’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
September 30, 2023, EIP managed or supervised approximately $5.0
billion in client assets.
Additional Information about the Proposed Mergers and Where
to Find It
This press release is not intended to, and shall not, constitute
an offer to purchase or sell shares of FEN, FEI, FPL, FIF or EIPI;
nor is this press release intended to solicit a proxy from any
shareholder of FEN, FEI, FPL or FIF. The solicitation of the
purchase or sale of securities or of proxies to effect the
transactions may only be made by a final, effective Registration
Statement, which includes a definitive Proxy Statement/Prospectus,
after the Registration Statement is declared effective by the
SEC.
This press release references a Registration Statement, which
includes a Joint Proxy Statement/Prospectus, to be filed by EIPI.
This Registration Statement has yet to be filed with the SEC. After
the Registration Statement is filed with the SEC, it may be amended
or withdrawn and the Joint Proxy Statement/Prospectus will not be
distributed to shareholders of FEN, FEI, FPL or FIF unless and
until the Registration Statement is declared effective by the
SEC.
FEN, FEI, FPL, FIF, EIPI, FTA, FTP, EIP and their respective
trustees, officers and employees, and other persons may be deemed
to be participants in the solicitation of proxies with respect to
the proposed Mergers. Investors and shareholders may obtain more
detailed information regarding the direct and indirect interests of
FEN’s, FEI’s, FPL’s, FIF’s, EIPI’s, FTA’s, FTP’s, and EIP’s
respective directors, trustees, officers and employees by reading
the Joint Proxy Statement/Prospectus regarding the proposed mergers
when it is filed with the SEC.
Investors and security holders of FEN, FEI, FPL and FIF are
urged to read the Joint Proxy Statement/Prospectus and other
documents filed with the SEC carefully in their entirety when they
become available because they will contain important information
about the proposed Mergers. Investors should consider the
investment objectives, risks, charges and expenses of FEN, FEI,
FPL, FIF and EIPI carefully. The Joint Proxy Statement/Prospectus
will contain information with respect to the investment objectives,
risks, charges and expenses of the funds and other important
information about FEN, FEI, FPL, FIF and EIPI. The Joint Proxy
Statement/Prospectus will constitute neither an offer to sell
securities, nor will it constitute a solicitation of an offer to
buy securities, in any state where such offer or sale is not
permitted.
Investors may obtain free copies of the Registration Statement
and Joint Proxy Statement/Prospectus and other documents (when they
become available) filed with the SEC at the SEC’s web site at
www.sec.gov. In addition, free copies of the Joint Proxy
Statement/Prospectus and other documents filed with the SEC may
also be obtained after the Registration Statement becomes effective
by calling FTA toll-free at (800) 621-1675.
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.
Forward Looking Statements
Certain statements made in this press release that are not
historical facts are referred to as “forward‑looking statements”
under the U.S. federal securities laws. Actual future results or
occurrences may differ significantly from those anticipated in any
forward‑looking statements due to numerous factors. 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 those
anticipated in any forward-looking statements. You should not place
undue reliance on forward‑looking statements, which speak only as
of the date they are made. FTA, EIP, FEN, FEI, FPL, FIF and EIPI
undertake no responsibility to update publicly or revise any
forward‑looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20231023040513/en/
Dan Lindquist – (630) 517-8692 Chris Fallow – (630) 517-7628 Jim
Dykas – (630) 517-7665
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