First Trust MLP and Energy Income Fund (“FEI”) Attracts $830 Million in IPO

First Trust Advisors L.P. (“First Trust”), a registered investment adviser, is pleased to announce the launch of the First Trust MLP and Energy Income Fund (“the Fund”), a closed-end fund. The Fund’s investment objective is to seek a high level of total return with an emphasis on current distributions paid to common shareholders. The Fundcommenced trading on November 28, 2012 on the NYSE under the ticker symbol “FEI.”

The Fund has initially raised approximately $830 million in its common share offering and, should the underwriters exercise the overallotment option in full, which may or may not occur, the Fund will have raised approximately $951 million. First Trust is the Fund’s investment adviser and is responsible for supervising the Fund’s sub-advisor, monitoring the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical and bookkeeping and other administrative services. First Trust, in consultation with the sub-advisor, will also be responsible for determining the Fund’s overall investment strategy and overseeing its implementation. Energy Income Partners, LLC is the Fund’s investment sub-advisor and is primarily responsible for the day-to-day supervision and investment strategy of, and making investment decisions for, the Fund. The lead managers of the common share underwriting syndicate were Morgan Stanley & Co. LLC and Citigroup Global Markets Inc.

Shares of closed-end investment companies, like the Fund, usually trade on a national stock exchange. Similar to stocks, the Fund’s share price will fluctuate with market conditions and, at the time of sale, may be worth more or less than the original investment. Shares of closed-end Funds often trade at a discount to their net asset value.

Investors should consider the investment objective and policies, risk considerations, charges and expenses of the Fund carefully before investing. For a prospectus which contains this and other information relevant to an investment in the Fund, please contact First Trust Portfolios L.P. at 1-800-621-1675. Investors should read the prospectus carefully before they invest or send money.

This document is not an offer to sell securities and is not soliciting an offer to buy securities in any jurisdiction where the offer or sale is not permitted.

Risk Considerations:

The Fund is subject to risks, including the fact that it is a newly organized 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, management risk, investment concentration risk, industry specific risk, cash flow risk, non-U.S. securities risk, tax law change risk, delay in investing the proceeds, equity securities risk, Canadian income equities risks, debt securities risk, below investment grade securities risk, leverage risk, derivatives risk, covered call options risk, no operating history risk, market discount from net asset value risk, MLP tax risk, deferred tax risk, portfolio turnover risk, competition risk, potential conflicts of interest risk, restricted securities risk, liquidity risk, valuation risk, interest rate risk, non-diversification risk, anti-takeover provisions risk, inflation risk, certain affiliations risk, and secondary market risk for the Fund’s common shares. There can be no assurance that the Fund will achieve its investment objective or earn a return on its assets.

About First Trust Advisors L.P.

First Trust Advisors L.P., along with its affiliate First Trust Portfolios L.P., are privately-held companies which provide a variety of investment services, including asset management, financial advisory services, with collective assets under management or supervision of approximately $61 billion as of October 31, 2012 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts.

About Energy Income Partners, LLC

Energy Income Partners, LLC (“EIP”) serves as the Fund’s investment sub-advisor and provides advisory services to a number of investment companies and partnerships for the purpose of investing in MLPs and other energy infrastructure securities. EIP is one of the early investment advisors specializing in this area. As of October 31, 2012, EIP managed or supervised approximately $2.0 billion in client assets.

Contacts:

First Trust Advisors L.P.
Press Inquiries: Jane Doyle, 630-765-8775
Analyst Inquiries: Jeff Margolin, 630-915-6784
Broker Inquiries: Jeff Margolin, 630-915-6784
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