UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21549
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ENERGY INCOME AND GROWTH FUND
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(Exact name of registrant as specified in charter)
1001 Warrenville Road, Suite 300
LISLE, IL 60532
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(Address of principal executive offices) (Zip code)
W. Scott Jardine, Esq.
First Trust Portfolios L.P.
1001 Warrenville Road, Suite 300
LISLE, IL 60532
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(Name and address of agent for service)
Registrant's telephone number, including area code: 630-241-4141
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Date of fiscal year end: NOVEMBER 30
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Date of reporting period: FEBRUARY 29, 2008
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Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549. The OMB has reviewed this collection of information under the clearance
requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.
ENERGY INCOME AND GROWTH FUND
PORTFOLIO OF INVESTMENTS (a)
FEBRUARY 29, 2008 (UNAUDITED)
SHARES DESCRIPTION VALUE
------------ ----------------------------------------------- --------------
MASTER LIMITED PARTNERSHIPS - 135.9%
OIL, GAS & CONSUMABLE FUELS - 135.9%
253,352 BreitBurn Energy Partners, L.P. (b) (c) ....... $ 5,037,930
95,000 Buckeye Partners, L.P. ........................ 4,662,600
465,471 Clearwater Natural Resources, L.P. (b) (c) .... 4,189,239
238,050 Copano Energy, LLC ............................ 8,676,923
396,975 Crosstex Energy, L.P. ......................... 12,548,380
86,705 DCP Midstream Partners, L.P. .................. 3,143,923
9,073 Duncan Energy Partners, L.P. .................. 191,531
80,153 El Paso Pipeline Partners, L.P. ............... 1,878,786
186,747 Enbridge Energy Partners, L.P. ................ 9,333,615
82,100 Encore Energy Partners, L.P. .................. 1,632,969
335,370 Energy Transfer Partners, L.P. ................ 16,070,930
255,803 Enterprise GP Holdings, L.P. .................. 8,037,330
591,138 Enterprise Product Partners, L.P. ............. 18,307,544
88,709 EV Energy Partner, L.P. ....................... 2,504,255
56,293 Global Partners, L.P. ......................... 1,537,925
73,100 Hiland Partners, L.P. ......................... 3,705,439
250,000 Holly Energy Partners, L.P. ................... 10,270,000
147,836 Inergy Holdings, L.P. ......................... 6,534,351
138,864 Inergy, L.P. .................................. 4,056,217
287,871 Kinder Morgan Energy Partners, L.P. ........... 16,541,068
213,627 Linn Energy, LLC .............................. 4,870,696
223,239 Magellan Midstream Holdings, L.P. ............. 5,741,707
437,756 Magellan Midstream Partners, L.P. ............. 18,959,212
120,719 MarkWest Energy Partners, L.P. ................ 4,164,806
198,788 Natural Resource Partners, L.P. ............... 6,377,119
170,126 NuStar Energy, L.P. ........................... 9,086,430
97,630 ONEOK Partners, L.P. .......................... 6,055,989
299,516 Plains All American Pipeline, L.P ............. 14,301,889
66,500 Quest Energy Partners, L.P. ................... 1,030,085
27,600 Regency Energy Partners, L.P. ................. 818,616
15,000 Sunoco Logistics Partners, L.P. ............... 802,500
14,565 Teekay LNG Partners, L.P. ..................... 437,678
35,000 TEPPCO Partners, L.P. ......................... 1,321,600
63,714 U.S. Shipping Partners, L.P. .................. 715,508
141,200 Williams Partners, L.P. ....................... 5,242,756
125,000 Williams Pipeline Partners, L.P. (d) .......... 2,475,000
--------------
TOTAL MASTER LIMITED PARTNERSHIPS ............. 221,262,546
(Cost $149,827,376) --------------
CANADIAN INCOME TRUSTS - 5.2%
OIL, GAS & CONSUMABLE FUELS - 2.2%
50,000 AltaGas Income Trust .......................... 1,281,687
81,800 Keyera Facilities Income Fund ................. 1,579,070
40,000 Pembina Pipeline Income Fund .................. 689,662
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3,550,419
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COMMERCIAL SERVICES & SUPPLIES - 1.6%
145,000 Newalta Income Fund ........................... 2,670,917
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See Notes to Quarterly Portfolio of Investments Page 1
ENERGY INCOME AND GROWTH FUND
PORTFOLIO OF INVESTMENTS (a) - (CONTINUED)
FEBRUARY 29, 2008 (UNAUDITED)
SHARES DESCRIPTION VALUE
------------ ----------------------------------------------- --------------
CANADIAN INCOME TRUSTS - (CONTINUED)
ENERGY EQUIPMENT & SERVICES - 1.4%
105,000 Mullen Group Income Fund ...................... $ 1,838,100
41,600 Phoenix Technology Income Fund ................ 422,657
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2,260,757
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TOTAL CANADIAN INCOME TRUSTS .................. 8,482,093
(Cost $7,996,324) --------------
COMMON STOCKS - 24.9%
OIL, GAS & CONSUMABLE FUELS - 16.6%
122,228 Enbridge Energy Management, LLC (e) ........... 6,392,544
113,000 Enbridge, Inc. (f) ............................ 4,655,600
41,348 Kinder Morgan Management, LLC (e) ............. 2,253,904
354,100 Spectra Energy Corp. (f) ...................... 8,183,251
155,300 Williams Companies, Inc. (f) .................. 5,593,906
--------------
27,079,205
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GAS UTILITIES - 7.4%
178,000 ONEOK, Inc. (f) ............................... 8,289,460
150,000 UGI Corp. (f) ................................. 3,841,500
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12,130,960
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TRANSPORTATION INFRASTRUCTURE - 0.5%
23,211 Macquarie Infrastructure Company, LLC ......... 777,801
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CAPITAL MARKETS - 0.4%
36,100 NGP Capital Resources Co. ..................... 588,791
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TOTAL COMMON STOCKS ........................... 40,576,757
(Cost $38,619,340) --------------
RIGHTS - 0.0%
OIL, GAS & CONSUMABLE FUELS - 0.0%
17 Clearwater Natural Resources, L.P. -
Rights (b) (c) (d) ......................... 0
--------------
TOTAL RIGHTS. ................................. 0
(Cost $0) --------------
WARRANTS - 0.1%
OIL, GAS & CONSUMABLE FUELS - 0.1%
48,956 Abraxas Petroleum Corp. - Warrants,
Expiration 05/25/12 (b) (d) ................... 101,907
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TOTAL WARRANTS ................................ 101,907
(Cost $0) --------------
TOTAL INVESTMENTS - 166.1% .................... 270,423,303
(Cost $196,443,040) (g)
CALL OPTIONS WRITTEN - (0.9)% ................. (1,385,538)
(Premiums received $1,474,827)
Page 2 See Notes to Quarterly Portfolio of Investments
ENERGY INCOME AND GROWTH FUND
PORTFOLIO OF INVESTMENTS (a) - (CONTINUED)
FEBRUARY 29, 2008 (UNAUDITED)
DESCRIPTION VALUE
------------------------------------------------ --------------
NET OTHER ASSETS AND LIABILITIES - (19.6)% .... $ (31,950,753)
LOAN OUTSTANDING - (9.4)% ..................... (15,250,000)
SERIES A ENERGY NOTES PAYABLE - (20.9)% ....... (34,000,000)
SERIES B ENERGY NOTES PAYABLE - (15.3)% ....... (25,000,000)
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NET ASSETS - 100.0% ........................... $ 162,837,012
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(a) All percentages shown in the Portfolio of Investments are based on net
assets.
(b) Security is fair valued in accordance with procedures adopted by the Fund's
Board of Trustees.
(c) This Security is restricted and cannot be offered for public sale without
first being registered under the Securities Act of 1933, as amended. Prior
to registration, restricted securities may only be resold in transactions
exempt from registration. (See Note 1D).
(d) Non-income producing security.
(e) Non-income producing security which pays regular in-kind distributions.
(f) Call options were written on all or a portion of this Common Stock
position; the underlying Common Stock is pledged as collateral for the call
options.
(g) Aggregate cost for federal income tax purposes and financial reporting
purposes.
NUMBER OF
CONTRACTS DESCRIPTION VALUE
------------ ----------------------------------------------- --------------
CALL OPTIONS WRITTEN - (0.9%)
Enbridge, Inc. Calls
130 @ 35 due Apr 08 ............................... $ (80,600)
10 @ 40 due Apr 08 ............................... (2,050)
345 @ 45 due Apr 08 ............................... (7,763)
380 @ 40 due Jul 08 ............................... (110,200)
230 @ 45 due Jul 08 ............................... (18,400)
35 @ 45 due Oct 08 ............................... (5,425)
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(224,438)
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ONEOK, Inc. Calls
500 @ 45 due Apr 08 ............................... (131,250)
600 @ 45 due Jul 08 ............................... (225,000)
300 @ 50 due Jul 08 ............................... (48,750)
380 @ 50 due Oct 08 ............................... (84,850)
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(489,850)
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Spectra Energy Corp. Calls
2,275 @ 25 due Jun 08 ............................... (159,250)
225 @ 30 due Jun 08 ............................... (2,250)
450 @ 25 due Sep 08 ............................... (38,250)
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(199,750)
--------------
UGI Corp. Call
600 @ 25 due Apr 08 ............................... (72,000)
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Williams Companies, Inc. Calls
400 @ 35 due May 08 ............................... (112,000)
1,150 @ 37.50 due Aug 08 ............................ (287,500)
--------------
(399,500)
--------------
TOTAL CALL OPTIONS WRITTEN .................... $ (1,385,538)
(Premiums received $1,474,827) ==============
See Notes to Quarterly Portfolio of Investments Page 3
ENERGY INCOME AND GROWTH FUND
PORTFOLIO COMPONENTS (a)
FEBRUARY 29, 2008 (UNAUDITED)
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Midstream Gas 55.0%
Midstream Oil 34.6%
Coal 3.9%
Oil & Gas 3.9%
Oil & Gas Services 1.8%
Petroleum Products 0.3%
Marine Transport 0.3%
BDC Investment Company Energy Related 0.2%
(a) Percentages are based on total investments. Please note that the
percentages shown on the Portfolio of Investments are based on net assets.
Page 4 See Notes to Quarterly Portfolio of Investments
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NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS
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ENERGY INCOME AND GROWTH FUND
FEBRUARY 29, 2008 (UNAUDITED)
1. VALUATION AND INVESTMENT PRACTICES
A. PORTFOLIO VALUATION:
The net asset value ("NAV") of the Common Shares of Energy Income and Growth
Fund (the "Fund") is determined as of the close of regular trading on the New
York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time, no less
frequently than weekly on Friday of each week. The NAV per Common Share is
calculated by dividing the value of all assets of the Fund (including accrued
interest and dividends), less all Fund liabilities (including accrued expenses,
dividends payable, current and deferred income taxes and any borrowings of the
Fund) by the total Common Shares outstanding. The Fund will rely to some extent
on information provided by the master limited partnerships ("MLPs"), which is
not necessarily timely, to estimate taxable income allocable to the MLP units
held in the Fund's portfolio and to estimate the associated deferred tax
liability. From time to time, the Fund will modify its estimates and/or
assumptions regarding its deferred tax liability as new information becomes
available. To the extent the Fund modifies its estimates and/or assumptions, the
NAV of the Fund would likely fluctuate.
The Fund's investments are valued daily at market value or, in the absence of
market value with respect to any portfolio securities, at fair value according
to procedures adopted by the Fund's Board of Trustees. A majority of the Fund's
assets are valued using marketing information supplied by third parties. In the
event that market quotations are not readily available, the pricing service does
not provide a valuation for a particular asset, or the valuations are deemed
unreliable, First Trust Advisors L.P. ("First Trust") may use a fair value
method to value the Fund's securities and investments. Additionally, if events
occur after the close of the principal market for particular securities (e.g.,
domestic debt and foreign securities), but before the Fund values its assets,
that could materially affect NAV, First Trust may use a fair value method to
value the Fund's securities and investments. The use of fair value pricing by
the Fund is governed by valuation procedures adopted by the Fund's Board of
Trustees and in accordance with the provisions of the Investment Act of 1940, as
amended (the "1940 Act").
Portfolio securities listed on any exchange other than the NASDAQ National
Market ("NASDAQ") are valued at the last sale price on the business day as of
which such value is being determined. If there has been no sale on such day, the
securities are valued at the mean of the most recent bid and asked prices on
such day. Securities traded on the NASDAQ are valued at the NASDAQ Official
Closing Price as determined by NASDAQ. Portfolio securities traded on more than
one securities exchange are valued at the last sale price on the business day as
of which such value is being determined at the close of the exchange
representing the principal market for such securities. Portfolio securities
traded in the over-the-counter market, but excluding securities traded on the
NASDAQ, are valued at the closing bid prices. Short-term investments that mature
in less than 60 days are valued at amortized cost.
In September 2006, the Financial Accounting Standards Board issued FAS 157
effective for fiscal years beginning after November 15, 2007. This standard
clarifies the definition of fair value for financial reporting, establishes a
framework for measuring fair value and requires additional disclosures about the
use of fair value measurements. FAS 157 became effective for the Fund as of
December 1, 2007, the beginning of its current fiscal year. The three levels of
the fair value hierarchy under FAS 157 are described below:
o Level 1 - quoted prices in active markets for identical securities
o Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds,
credit risk, etc.)
o Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. A summary
of the inputs used to value the Fund's net assets as of February 29, 2008 is as
follows:
VALUATION INPUTS INVESTMENTS IN SECURITIES OTHER FINANCIAL INSTRUMENTS (a)
------------------------------------------------ ------------------------- -------------------------------
Level 1 - Quoted Prices - Investments .......... $261,094,227 $ --
Level 1 - Quoted Prices - Written Options ...... (1,385,538) --
Level 2 - Other Significant Observable Inputs .. 5,139,837 --
Level 3 - Significant Unobservable Inputs ...... 4,189,239 --
------------ ----
TOTAL .......................................... $269,037,765 $ --
============ ====
(a) Other financial instruments are derivative instruments not reflected in
the Portfolio of Investments, such as futures, forwards and swaps which
are valued at the unrealized appreciation/depreciation on the instruments.
As of February 29, 2008 the Fund does not have any derivative instruments.
Page 5
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NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS - (CONTINUED)
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ENERGY INCOME AND GROWTH FUND
FEBRUARY 29, 2008 (UNAUDITED)
Following is a reconciliation of Level 3 investments for which significant
unobservable inputs were used to determined fair value:
INVESTMENTS IN OTHER FINANCIAL
SECURITIES INSTRUMENTS
---------------------------------------------------- -------------- ---------------
BALANCE AS OF 11/30/07 ............................. $ 6,516,594 $ --
Accrued discounts/premiums ......................... -- --
Realized gain (loss) ............................... -- --
Change in unrealized appreciation (depreciation) ... (2,327,355) --
Net purchases (sales) .............................. -- --
Transfers in and/or out of Level 3 ................. -- --
-------------- ----
BALANCE AS OF 2/29/08 .............................. $ 4,189,239 $ --
============== ====
B. OPTION CONTRACTS:
COVERED OPTIONS. The Fund may write (sells) covered call or put options
("options") on all or portion of the common stock of energy companies held in
the Fund's portfolio as determined to be appropriate by Energy Income Partners
LLC (the "Sub-Advisor"). The number of options the Fund can write (sell) is
limited by the amount of common stock of energy companies the Fund holds in its
portfolio. The Fund will not write (sell) "naked" or uncovered options. By
writing (selling) options, the Fund seeks to generate additional income, in the
form of premiums received for writing (selling) the options, and provide a
partial hedge against a market decline in the underlying security. Options are
marked-to-market daily and their value will be affected by changes in the value
and dividend rates of the underlying securities, changes in interest rates,
changes in the actual or perceived volatility of the securities markets and the
underlying securities and the remaining time to the options' expiration. The
value of options may also be adversely affected if the market for the options
becomes less liquid or smaller.
Options the Fund writes (sells) will either be exercised, expire worthless or be
cancelled pursuant to a closing transaction. If the price of the underlying
security exceeds the option's strike price, it is likely that the option holder
will exercise the option. If an option written (sold) by the Fund is exercised,
the Fund would be obligated to deliver the underlying security to the option
holder upon payment of the strike price. In this case, the option premium
received by the Fund will be added to the amount realized on the sale of the
underlying security for purposes of determining gain or loss. If the price of
the underlying security is less than the option's strike price, the option will
likely expire without being exercised. The option premium received by the Fund
will, in this case, be treated as short-term capital gain on the expiration date
of the option. The Fund may also elect to close out its position in an option
prior to its expiration by purchasing an option of the same series as the option
written (sold) by the Fund.
The options that the Fund writes (sells) give the option holder the right, but
not the obligation, to purchase a security from the Fund at the strike price on
or prior to the option's expiration date. The ability to successfully implement
the Fund's covered call investment strategy depends on the ability of the
Sub-Advisor to predict pertinent market movements, which cannot be assured.
Thus, the use of options may require the Fund to sell portfolio securities at
inopportune times or for prices other than current market value; which may limit
the amount of appreciation the Fund can realize on an investment, or may cause
the Fund to hold a security that it might otherwise sell. As the writer (seller)
of a covered option, the Fund foregoes, during the option's life, the
opportunity to profit from increases in the market value of the security
covering the option above the sum of the premium and the strike price of the
option, but has retained the risk of loss should the price of the underlying
security decline. The writer (seller) of an option has no control over the time
when it may be required to fulfill its obligation as a writer (seller) of the
option. Once an option writer (seller) has received an exercise notice, it
cannot effect a closing purchase transaction in order to terminate its
obligation under the option and must deliver the underlying security to the
option holder at the exercise price.
C. SECURITIES TRANSACTIONS:
Securities transactions are recorded as of the trade date. Realized gains and
losses from securities transactions are recorded on the identified cost basis.
Distributions received from the Fund's investments in MLPs generally are
comprised of return of capital from the MLP to the extent of the cost basis of
such MLP investments.
Page 6
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NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS - (CONTINUED)
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ENERGY INCOME AND GROWTH FUND
FEBRUARY 29, 2008 (UNAUDITED)
D. RESTRICTED SECURITIES:
The Fund may invest up to 35% of its Managed Assets, which is the average gross
asset value of the Fund minus accrued liabilities (excluding the principal of
any borrowings), in restricted securities. Restricted securities are securities
that cannot be offered for public sale without first being registered under the
Securities Act of 1933, as amended. Prior to registration, restricted securities
may only be resold in transactions exempt from registration. The Fund currently
holds the restricted securities at February 29, 2008 shown in the following
table. The Fund does not have the right to demand that such securities be
registered. Restricted securities are valued at fair value in accordance with
procedures adopted by the Fund's Board of Trustees and in accordance with the
provisions of the 1940 act.
CARRYING % OF
ACQUISITION VALUE PER CARRYING NET
SECURITY DATE SHARES SHARE COST VALUE ASSETS
--------------------------------------------------------------------------------------------------------------------
BreitBurn Energy Partners, L.P. 11/01/07 253,352 $19.89 $ 6,613,754 $5,037,930 3.09%
Clearwater Natural Resources, L.P. 08/01/05 465,471 9.00 8,601,560 4,189,239 2.57
Clearwater Natural Resources, L.P. - Rights 08/01/05 17 0.00 0 0 0.00
------- ----------- ---------- ----
718,840 $15,215,314 $9,227,169 5.66%
======= =========== ========== ====
2. UNREALIZED APPRECIATION (DEPRECIATION)
As of February 29, 2008, the aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost was $83,581,038
and the aggregate gross unrealized depreciation for all securities in which
there was an excess of tax cost over value was $9,600,775.
3. OPTION ACTIVITY
Option activity for the quarter ended February 29, 2008 was as follows:
NUMBER
OF
WRITTEN OPTIONS CONTRACTS PREMIUMS
---------------------------------------------- --------- ----------
Options outstanding at November 30, 2007 ..... -- $ --
Options written .............................. 8,030 1,482,567
Options expired .............................. -- --
Options exercised ............................ (20) (7,740)
Options closed ............................... -- --
----- ----------
Options outstanding at February 29, 2008 ..... 8,010 $1,474,827
===== ==========
Page 7
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the "1940
Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days
of the filing date of the report that includes the disclosure required
by this paragraph, based on their evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17
CFR 270.30a-3(d)) that occurred during the registrant's last fiscal
quarter that have materially affected, or are reasonably likely to
materially affect, the registrant's internal control over financial
reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) ENERGY INCOME AND GROWTH FUND
By (Signature and Title)* /S/ JAMES A. BOWEN
-------------------------------------------------------
James A. Bowen, Chairman of the Board, President and
Chief Executive Officer
(principal executive officer)
Date APRIL 21, 2008
----------------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /S/ JAMES A. BOWEN
-------------------------------------------------------
James A. Bowen, Chairman of the Board, President and
Chief Executive Officer
(principal executive officer)
Date APRIL 21, 2008
----------------------------------------------------------------------------
By (Signature and Title)* /S/ MARK R. BRADLEY
-------------------------------------------------------
Mark R. Bradley, Treasurer, Controller, Chief
Financial Officer and Chief Accounting Officer
(principal financial officer)
Date APRIL 21, 2008
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.