First Trust Announces Shareholder Approvals of the Mergers

First Trust Advisors L.P. (“FTA”) announced today that shareholders 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 mergers of the Target Funds into FT Energy Income Partners Enhanced Income ETF (“EIPI”), a newly formed actively managed exchange-traded fund (“ETF”) that will be traded on the NYSE Arca and will be managed by FTA and sub-advised by EIP, at a joint special meeting of shareholders on February 29, 2024.

As previously announced, the mergers were approved by the Boards of Trustees of the Target Funds and EIPI on October 23, 2023. The Boards of Trustees of the Target Funds believe the mergers may benefit shareholders through (among other reasons) the following:

• An anticipated significant reduction or elimination of the discount to net asset value (“NAV”) at which the Target Funds’ shares have traded, as shares of ETFs typically trade at or near their NAV due in part to the share creation and redemption features of ETFs;
• The favorable tax attributes and the daily portfolio holdings transparency that the open-end ETF structure would provide;
• The potential for similar or increased distributions resulting from lower expenses and increased option premiums while reducing the volatility associated with the use of leverage from borrowings; and
• Lower overall total expense ratios.

Subject to the satisfaction of certain customary closing conditions, the mergers of the Target Funds into EIPI are expected to close by the end of April 2024, or as soon thereafter as practicable. No assurance can be given as to the exact timing of the closing of the mergers.

Upon the completion of a merger, shareholders of the applicable Target Fund will receive shares of EIPI with a value equal to the aggregate NAV of the Target Fund shares held by them immediately prior to the merger and such shareholders will become shareholders of EIPI, with the Target Fund thereafter terminated. The merger of each Target Fund into EIPI is expected to qualify as a tax-free reorganization for federal income tax purposes.