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...

 

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.