First Trust Energy Infrastructure Fund (the "Fund") (NYSE: FIF)
has declared the Fund’s regularly scheduled monthly common share
distribution in the amount of $0.10 per share payable on December
15, 2023, to shareholders of record as of December 4, 2023. The
ex-dividend date is expected to be December 1, 2023. The monthly
distribution information for the Fund appears below.
First Trust Energy
Infrastructure Fund (FIF):
Distribution per share: $0.10
$0.10
Distribution Rate based on the November
17, 2023 NAV of $17.21:
6.97%
Distribution Rate based on the November
17, 2023 closing market price of $16.06:
7.47%
The Fund's Board of Trustees has approved a managed distribution
policy for the Fund (the "Plan") in reliance on exemptive relief
received from the Securities and Exchange Commission which permits
the Fund to make periodic distributions of long-term capital gains
as frequently as monthly each tax year. Under the Plan, the Fund
intends to continue to pay a recurring monthly distribution that
reflects the distributable cash flow of the Fund. A portion of this
monthly distribution may include long-term capital gains. This may
result in a reduction of the long-term capital gain distribution
necessary at year end by distributing long-term capital gains
throughout the year. The annual distribution rate is independent of
the Fund's performance during any particular period. Accordingly,
you should not draw any conclusions about the Fund's investment
performance from the amount of any distribution or from the terms
of the Plan.
The distribution may consist of net investment income earned by
the Fund, net short-term and long-term capital gains and/or
tax-deferred return of capital. Tax-deferred return of capital, if
any, is primarily due to the tax treatment of cash distributions
made by master-limited partnerships ("MLPs") in which the Fund
invests. The final determination of the source of tax status of all
2023 distributions will be made after the end of 2023 and will be
provided on Form 1099-DIV.
The Fund is a non-diversified, closed-end management investment
company that seeks to provide a high level of total return with an
emphasis on current distributions paid to shareholders. The Fund
seeks to achieve its investment objectives by investing primarily
in securities of companies engaged in the energy infrastructure
sector. These companies principally include publicly-traded MLPs
and limited liability companies taxed as partnerships, MLP
affiliates, YieldCos, pipeline companies, utilities, and other
companies that derive at least 50% of their revenues from operating
or providing services in support of infrastructure assets such as
pipelines, power transmission and petroleum and natural gas storage
in the petroleum, natural gas and power generation industries
(collectively, "Energy Infrastructure Companies"). To generate
additional income, the Fund expects to write (or sell) covered call
options on up to 35% of the managed assets held in the Fund's
portfolio.
First Trust Advisors L.P. ("FTA") is a federally registered
investment advisor and serves as the Fund's investment advisor. FTA
and its affiliate First Trust Portfolios L.P. ("FTP"), a FINRA
registered broker-dealer, are privately-held companies that provide
a variety of investment services. FTA has collective assets under
management or supervision of approximately $187 billion as of
October 31, 2023 through unit investment trusts, exchange-traded
funds, closed-end funds, mutual funds and separate managed
accounts. FTA is the supervisor of the First Trust unit investment
trusts, while FTP is the sponsor. FTP is also a distributor of
mutual fund shares and exchange-traded fund creation units. FTA and
FTP are based in Wheaton, Illinois.
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, 2023, EIP managed or supervised approximately
$4.9 billion in client assets.
Principal Risk Factors: Risks are inherent in all investing.
Certain risks applicable to the Fund are identified below, which
includes the risk that you could lose some or all of your
investment in the Fund. The principal risks of investing in the
Fund are spelled out in the Fund's annual shareholder reports. The
order of the below risk factors does not indicate the significance
of any particular risk factor. The Fund also files reports, proxy
statements and other information that is available for
review.
Past performance is no assurance of future results. 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. There can be no assurance that the Fund's investment
objectives will be achieved. The Fund may not be appropriate for
all investors.
Market risk is the risk that a particular security, or shares of
a fund in general may fall in value. Securities are subject to
market fluctuations caused by such factors as general economic
conditions, political events, regulatory or market developments,
changes in interest rates and perceived trends in securities
prices. Shares of a fund could decline in value or underperform
other investments as a result. In addition, local, regional or
global events such as war, acts of terrorism, spread of infectious
disease or other public health issues, recessions, natural
disasters or other events could have significant negative impact on
a fund.
Current market conditions risk is the risk that a particular
investment, or shares of the fund in general, may fall in value due
to current market conditions. As a means to fight inflation, the
Federal Reserve and certain foreign central banks have raised
interest rates and expect to continue to do so, and the Federal
Reserve has announced that it intends to reverse previously
implemented quantitative easing. Recent and potential future bank
failures could result in disruption to the broader banking industry
or markets generally and reduce confidence in financial
institutions and the economy as a whole, which may also heighten
market volatility and reduce liquidity. In February 2022, Russia
invaded Ukraine which has caused and could continue to cause
significant market disruptions and volatility within the markets in
Russia, Europe, and the United States. The hostilities and
sanctions resulting from those hostilities have and could continue
to have a significant impact on certain fund investments as well as
fund performance and liquidity. The COVID-19 global pandemic, or
any future public health crisis, and the ensuing policies enacted
by governments and central banks have caused and may continue to
cause significant volatility and uncertainty in global financial
markets, negatively impacting global growth prospects.
The Fund is subject to risks, including the fact that it is a
non-diversified closed-end management investment company.
Because the Fund is concentrated in securities issued by energy
infrastructure companies, it will be more susceptible to adverse
economic or regulatory occurrences affecting that industry,
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. Investments in securities of MLPs involve certain risks
different from or in addition to the risks of investing in common
stocks. The number of energy-related MLPs has declined since 2014.
The industry is witnessing the consolidation or simplification of
corporate structures where the MLP sleeve of capital is being
eliminated. As a result of the foregoing, the Fund's MLP
investments could become less diverse and the Fund may increase its
non-MLP investments consistent with its investment objective and
policies. Changes in tax laws or regulations, or interpretations
thereof in the future, could adversely affect the Fund or the MLPs,
MLP-related entities and other energy sector and energy utility
companies in which the Fund invests.
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.
There can be no assurance as to what portion of the
distributions paid to the Fund's Common Shareholders will consist
of tax-advantaged qualified dividend income.
The London Interbank Offered Rate ("LIBOR") has ceased to be
made available as a reference rate. Any potential effects of the
transition away from LIBOR on the fund or on certain instruments in
which the fund invests is difficult to predict and could result in
losses to the fund. The unavailability or replacement of LIBOR may
affect the value, liquidity or return on certain fund investments
and may result in costs incurred in connection with closing out
positions and entering into new trades.
As the writer (seller) of a call option, the Fund forgoes,
during the life of the option, the opportunity to profit from
increases in the market value of the portfolio security covering
the option above the sum of the premium and the strike price of the
call option but retains the risk of loss should the price of the
underlying security decline. The value of call options written by
the Fund may be adversely affected if the market for the option is
reduced or becomes illiquid. There can be no assurance that a
liquid market will exist when the Fund seeks to close out an option
position.
If short-term interest rates are lower than the Fund's fixed
rate of payment on an interest rate swap, the swap will reduce
common share net earnings. In addition, a default by the
counterparty to a swap transaction could also negatively impact the
performance of the common shares.
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
shareholder reports and other regulatory filings.
The information presented is not intended to constitute an
investment recommendation for, or advice to, any specific person.
By providing this information, First Trust is not undertaking to
give advice in any fiduciary capacity within the meaning of ERISA,
the Internal Revenue Code or any other regulatory framework.
Financial professionals are responsible for evaluating investment
risks independently and for exercising independent judgment in
determining whether investments are appropriate for their
clients.
The Fund's daily closing New York Stock Exchange price and net
asset value per share as well as other information can be found at
https://www.ftportfolios.com or by calling 1-800-988-5891.
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