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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
TickerFEI
Fund TypeEnergy
Fund AdvisorFirst Trust Advisors L.P.
Portfolio Manager/Sub-AdvisorEnergy Income Partners, LLC
Investor Servicing AgentBNY Mellon Investment Servicing (US) Inc.
CUSIP33739B104
Fiscal Year-End10/31
ExchangeNYSE
Inception11/27/2012
Inception Price$20.00
Inception NAV$19.10
Current Fund Data (as of 11/26/2014)
Closing NAV1$23.93
Closing Share Price2$22.12
Discount to NAV7.56%
Total Managed Assets$1,437,178,288
Common Shares Outstanding45,439,454
Dividend FrequencyMonthly
Dividend Per Share Amt3$0.1117
Distribution Rate46.06%
Daily Volume78,166
Average 30-Day Daily Volume120,138
Closing Share Price 52-Week High/Low$22.15 / $18.30
Closing NAV 52-Week High/Low$24.09 / $19.97
Expense Ratios (as of 4/30/2014)
Annual ExpensesPercent of
Net Assets
Percent of
Managed
Assets
Management Fees1.34%1.00%
Other Expenses
0.18%
0.13%
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 11/26/2014)6
Total Net Assets with Leverage$1,437,178,288
Amount Attributable to Common Shares$1,087,178,288
Amount Attributable to Preferred Shares$0
Amount Attributable to Other Borrowings$350,000,000
Leverage (% of Total Net Assets)24.35%
Top 10 Holdings (as of 10/31/2014)7
Holding Percent
Enbridge Energy Partners, L.P. 7.35%
Enterprise Products Partners, L.P. 6.83%
Kinder Morgan Management, LLC 6.45%
Magellan Midstream Partners, L.P. 4.41%
Williams (The) Cos., Inc. 4.37%
Alliance Resource Partners, L.P. 3.61%
Plains All American Pipeline, L.P. 3.40%
Energy Transfer Equity, L.P. 3.34%
ONEOK Partners, L.P. 3.09%
TransCanada Corp. 3.08%
Share Price and NAV History (Since Inception)
Past performance is not indicative of future results.
% Premium/Discount (Since Inception)
Cumulative Total Returns (as of 10/31/2014)5
Period Share Price NAV
3 Months 3.79% 4.13%
1 Year 17.52% 19.54%
Year to Date 13.97% 16.82%
Inception to Date 21.03% 36.47%
Calendar Year Returns (as of 12/31/2013)5
Period Share Price NAV
2013 2.86% 16.76%
Average Annual Returns (as of 10/31/2014)5
Period Share Price NAV
Inception to Date 10.42% 17.52%
Industry Breakdown (as of 10/31/2014)7
  Industry Percent
Pipelines 70.34%
Electric Power 9.49%
Propane 5.52%
Coal 4.80%
Natural Gas Utility 3.91%
Marine Transportation 2.83%
Gathering & Processing 2.14%
Other 0.97%
Footnotes
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 non-diversified closed-end management investment company. Investment return and market value of an investment in the fund will fluctuate. Shares, when sold, may be worth more or less than their original cost.

Because the fund is concentrated in securities issued by MLPs, MLP-related entities, and other energy and utilities companies, it 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 fund invests in securities of non-U.S. issuers which are subject to higher volatility than securities of U.S. issuers. Because the fund invests 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.

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

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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