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Energy Income and Growth Fund
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PRESS RELEASE
SOURCE: Energy Income and Growth Fund
ENERGY INCOME AND GROWTH FUND BOARD APPROVES ENERGY INCOME PARTNERS, LLC AS
NEW INVESTMENT SUB-ADVISOR AND APPROVES SHELF OFFERING
LISLE, IL - (BUSINESS WIRE) - September 24, 2007 - First Trust Advisors L.P.
("FTA") announced today that the Board of Trustees of Energy Income and Growth
Fund (AMEX: FEN) has voted to approve Energy Income Partners, LLC ("EIP"), as
investment sub-advisor to the Fund and to authorize the Fund to issue and sell
additional common shares, subject to certain conditions. EIP is currently acting
as investment sub-advisor of the Fund pursuant to an interim sub-advisory
agreement among the Fund, First Trust Advisors L.P. and EIP dated September 14,
2007. We anticipate that this new sub-advisory agreement will be substantially
similar to the Fund's previous sub-advisory agreement. A meeting of FEN
shareholders to vote on proposals to approve these matters is expected to be
scheduled for a date on or before January 31, 2008. Any solicitation of proxies
by FEN in connection with this shareholder meeting will only be made pursuant to
separate proxy materials filed with the U.S. Securities and Exchange Commission
("SEC") under applicable federal securities laws. There can be no assurance that
the necessary percentage of shareholders of FEN will vote to approve EIP as the
new investment sub-advisor or to approve the issuance and sale by the Fund of
additional common shares, subject to certain conditions.
FEN is a non-diversified closed-end management investment company. FEN's
investment objective is to seek a high level of after-tax total return with an
emphasis on current distributions paid to shareholders. The Fund seeks to
provide its shareholders with an efficient vehicle to invest in a portfolio of
cash-generating securities of energy companies. The Fund will focus on investing
in publicly traded master limited partnerships ("MLPs") and related public
entities in the energy sector which the Fund's sub-advisor believes offer
opportunities for income and growth. Under normal market conditions, the Fund
will invest at least 85% of its managed assets in securities of energy
companies, energy sector MLPs and MLP-related entities and will invest at least
65% of its managed assets in equity securities of such MLPs and MLP-related
entities.
First Trust Advisors L.P. has served as the Fund's investment advisor since its
inception. At August 31, 2007, First Trust Advisors L.P. managed or supervised
approximately $32 billion in assets.
EIP, located at 49 Riverside Avenue, Westport, Connecticut 06880, is a federally
registered investment advisor, founded in October 2003 by James J. Murchie to
provide professional asset management services in the area of energy-related
MLPs and other high-payout securities. EIP mainly focuses on infrastructure
assets such as pipelines, storage and terminals that receive fee-based or
regulated income from its corporate customers. At August 31, 2007, EIP managed
or supervised approximately $425 million in assets.
In connection with the solicitation of proxies, the Fund intends to file a proxy
statement. Because the proxy statement will contain important information, FEN's
shareholders are urged to read it carefully when it becomes available. When
filed with the SEC, the proxy statement will be available free of charge at the
SEC's website, www.sec.gov. FEN's shareholders will also be able to obtain
copies of these documents and other transaction-related documents, when
available, by calling FTA toll-free at 800-621-1675. The foregoing is not an
offer to sell, nor a solicitation of an offer to buy, shares of any fund, nor is
it a solicitation of any proxy.
Press Release Source: Energy Income and Growth Fund
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CONTACT: Jeff Margolin - 630-915-6784
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SOURCE: Energy Income and Growth Fund