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First Trust MLP and Energy Income Fund (FEI)
Investment Objective/Strategy - First Trust MLP and Energy Income Fund is a non-diversified, closed-end management investment company. The Fund's investment objective is to seek a high level of total return with an emphasis on current distributions paid to shareholders. The Fund seeks to provide its shareholders with a vehicle to invest in a portfolio of cash-generating securities, with a focus on investing in publicly-traded master limited partnerships ("MLPs") and MLP-related entities in the energy sector and energy utilities industries. Under normal market conditions, the Fund will invest at least 85% of its managed assets in equity and debt securities of MLPs, MLP-related entities and other energy sector and energy utilities companies that the Fund's sub-advisor believes offer opportunities for growth and income and will invest at least 65% of its managed assets in equity securities issued by energy sector MLPs and energy sector and energy utilities MLP-related entities. To generate additional income, the Fund currently expects to write (or sell) covered call options on up to 35% of its Managed Assets.
There can be no assurance that the Fund's investment objectives will be achieved.
Fund Overview
Fund TypeEnergy
Fund AdvisorFirst Trust Advisors L.P.
Portfolio Manager/Sub-AdvisorEnergy Income Partners, LLC
Investor Servicing AgentBNY Mellon Investment Servicing (US) Inc.
Fiscal Year-End10/31
Inception Price$20.00
Inception NAV$19.10
Current Fund Data (as of 8/29/2014)
Closing NAV1$24.09
Closing Share Price2$22.15
Discount to NAV8.05%
Total Managed Assets$1,444,688,389
Common Shares Outstanding45,439,454
Dividend FrequencyMonthly
Dividend Per Share Amt3$0.1117
Distribution Rate46.05%
Daily Volume90,491
Average 30-Day Daily Volume128,453
Closing Share Price 52-Week High/Low$22.15 / $18.30
Closing NAV 52-Week High/Low$24.09 / $19.96
Expense Ratios (as of 4/30/2014)
Annual ExpensesPercent of
Net Assets
Percent of
Management Fees1.34%1.00%
Other Expenses
Total Operating Expenses1.52%1.13%
Leverage Costs0.29%0.21%
Current Inc Tax Expenses0.00%0.00%
Deferred Inc Tax Expenses10.50%7.82%
Total Annual Expenses12.31%9.16%
Leverage costs include interest, fees and any upfront/offering costs associated with borrowings by the Fund.
Leverage Information (as of 8/29/2014)6
Total Net Assets with Leverage$1,444,688,389
Amount Attributable to Common Shares$1,094,688,389
Amount Attributable to Preferred Shares$0
Amount Attributable to Other Borrowings$350,000,000
Leverage (% of Total Net Assets)24.23%
Top 10 Holdings (as of 7/31/2014)7
Holding Percent
Enterprise Products Partners, L.P. 9.60%
Enbridge Energy Partners, L.P. 7.11%
Kinder Morgan Management, LLC 5.13%
Magellan Midstream Partners, L.P. 4.36%
Alliance Resource Partners, L.P. 3.80%
Energy Transfer Equity, L.P. 3.50%
Williams (The) Cos., Inc. 3.38%
Spectra Energy Corp. 3.17%
Spectra Energy Partners, L.P. 2.94%
Teekay LNG Partners, L.P. 2.76%
Share Price and NAV History (Since Inception)
Past performance is not indicative of future results.
% Premium/Discount (Since Inception)
Cumulative Total Returns (as of 7/31/2014)5
Period Share Price NAV
3 Months 4.30% 4.20%
1 Year 8.75% 15.78%
Year to Date 9.81% 12.19%
Inception to Date 16.61% 31.06%
Calendar Year Returns (as of 12/31/2013)5
Period Share Price NAV
2013 2.86% 16.76%
Average Annual Returns (as of 7/31/2014)5
Period Share Price NAV
Inception to Date 9.61% 17.53%
Industry Breakdown (as of 7/31/2014)7
  Industry Percent
Pipelines 69.20%
Electric Power 8.85%
Propane 6.59%
Coal 5.05%
Natural Gas Utility 4.55%
Marine Transportation 2.76%
Gathering & Processing 1.93%
Other 1.07%
1 The NAV represents the fund's net assets (assets less liabilities) divided by the fund's common shares outstanding.
2 Fund shares are purchased and sold on an exchange at their share price rather than net asset value (NAV), which may cause the shares to trade at a price greater than NAV (premium) or less than NAV (discount).
3 Most recent distribution paid or declared through today's date. Subject to change in the future.
4 Distribution rates are calculated by annualizing the most recent distribution paid or declared through today's date and then dividing by the most recent market price. The distribution consists of the sum of net investment income, net realized short-term capital gains, net realized long-term capital gains, and return of capital. Distribution rates may vary. Any distribution adjustment will not be reflected until after the declaration date for the next distribution. See the fund's 19a-1 Notices, if any, located under the "News & Literature" section of the website for estimates of distribution sources. Final determination of the source and tax status of all distributions paid in the current year will be made after year-end.
5 Total return is the combination of reinvested dividend income and reinvested capital gains distributions, at prices obtained by the Dividend Reinvestment Plan, if any, and changes in the NAV and Share Price. The NAV total return takes into account the fund's total annual expenses and does not reflect sales load. Past performance is not indicative of future results.
6 Leverage is a technique where a closed-end fund's manager borrows assets at one rate and invests the proceeds from the borrowed assets at another rate, seeking to increase yield and total return. Use of leverage can result in additional risk and cost, and can magnify the effect of any losses.
7 Market value information used in calculating the percentages is based upon trade date plus one recording of transactions, which can differ from regulatory financial reports (Forms N-CSR and N-Q) that are based on trade date recording of security transactions. Holdings are subject to change.
Downloads and Links to Recently Posted Fund Information

Risk Considerations

The Fund is subject to risks, including the fact that it is a newly organized, non-diversified closed-end management investment company with no operating history. It is designed for long-term investing and not as a vehicle for trading. Shares of closed-end investment companies frequently trade at a discount from their net asset value ("NAV"). The Fund cannot predict whether or when its common shares will trade at, below or above NAV or at, below or above the initial public offering price.

The Fund is subject to various risks, including investment and market risk, market discount from net asset value risk, management risk and reliance on key personnel, potential conflicts of interest risk, investment concentration risk which includes commodity pricing risk, supply and demand risk, depletion and exploration risk, regulatory risk, interest rate risk, acquisition or reinvestment risk, affiliated party risk, catastrophe risk, terrorism/market disruption risk, MLP risks, industry specific risk, cash flow risk, MLP and deferred tax risk, tax law change risk, non-U.S. securities risk, currency risk, delay in investing the proceeds risk, Canadian income equities risk, debt securities risk, prepayment risk, below investment-grade securities risk, leverage risk, derivatives risk, covered call options risk, common stock risk, equity securities risk, preferred stock risk, credit default swaps risk, portfolio turnover risk, competition risk, restricted securities risk, liquidity risk, valuation risk, non-diversification risk, anti-takeover provisions risk, inflation risk, certain affiliations risk and secondary market for the Fund’s common shares risk.

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

Not FDIC Insured • Not Bank Guaranteed • May Lose Value
First Trust Portfolios L.P.  Member SIPC and FINRA.
First Trust Advisors L.P.
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