Edgar Filing: ENERGY INCOME & GROWTH FUND

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-21549

Energy Income and Growth Fund
(Exact name of registrant as specified in charter)

120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Address of principal executive offices) (Zip code)

W. Scott Jardine, Esq.
First Trust Portfolios L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Name and address of agent for service)

registrant's telephone number, including area code: 630-765-8000

Date of fiscal year end: November 30

Date of reporting period: May 31, 2010

Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
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 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. Section 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The Report to Shareholders is attached herewith.

(GRAPHIC)

(FIRST TRUST LOGO)

SEMI-ANNUAL REPORT
FOR THE SIX MONTHS ENDED
MAY 31, 2010

ENERGY
INCOME AND GROWTH
FUND

(EIP LOGO)
Energy Income Partners, LLC

TABLE OF CONTENTS

ENERGY INCOME AND GROWTH FUND (FEN)
SEMI-ANNUAL REPORT
MAY 31, 2010

Shareholder Letter ........................................................ 1
At A Glance ............................................................... 2
Portfolio Commentary ...................................................... 3
Portfolio of Investments .................................................. 6
Statement of Assets and Liabilities ....................................... 10
Statement of Operations ................................................... 11
Statements of Changes in Net Assets ....................................... 12
Statement of Cash Flows ................................................... 13
Financial Highlights ...................................................... 14
Notes to Financial Statements ............................................. 15
Additional Information .................................................... 23

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This report contains certain forward-looking statements within the meaning of
the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934,
as amended. Forward-looking statements include statements regarding the goals,
beliefs, plans or current expectations of First Trust Advisors L.P. ("First
Trust" or the "Advisor") and/or Energy Income Partners, LLC ("EIP" or the
"Sub-Advisor") and their respective representatives, taking into account the
information currently available to them. Forward-looking statements include all
statements that do not relate solely to current or historical fact. For example,
forward-looking statements include the use of words such as "anticipate,"
"estimate," "intend," "expect," "believe," "plan," "may," "should," "would" or
other words that convey uncertainty of future events or outcomes.

Forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or achievements of
the Energy Income and Growth Fund (the "Fund") to be materially different from
any future results, performance or achievements expressed or implied by the
forward-looking statements. When evaluating the information included in this
report, you are cautioned not to place undue reliance on these forward-looking
statements, which reflect the judgment of the Advisor and/or Sub-Advisor and
their respective representatives only as of the date hereof. We undertake no
obligation to publicly revise or update these forward-looking statements to
reflect events and circumstances that arise after the date hereof.

PERFORMANCE AND RISK DISCLOSURE

There is no assurance that the Fund will achieve its investment objective. The
Fund is subject to market risk, which is the possibility that the market values
of securities owned by the Fund will decline and that the value of the Fund
shares may therefore be less than what you paid for them. Accordingly, you can
lose money investing in the Fund. See "Risk Considerations" in the Notes to
Financial Statements for a discussion of other risks of investing in the Fund.

Performance data quoted represents past performance, which is no guarantee of
future results, and current performance may be lower or higher than the figures
shown. For the most recent month-end performance figures, please visit
http://www.ftportfolios.com or speak with your financial advisor. Investment
returns, net asset value and common share price will fluctuate and Fund shares,
when sold, may be worth more or less than their original cost.

HOW TO READ THIS REPORT

This report contains information that may help you evaluate your investment. It
includes details about the Fund and presents data and analysis that provide
insight into the Fund's performance and investment approach.

By reading the portfolio commentary by the portfolio management team of the
Fund, you may obtain an understanding of how the market environment affected the
Fund's performance. The statistical information that follows may help you
understand the Fund's performance compared to that of relevant market
benchmarks.

It is important to keep in mind that the opinions expressed by personnel of EIP
are just that: informed opinions. They should not be considered to be promises
or advice. The opinions, like the statistics, cover the period through the date
on the cover of this report. The risks of investing in the Fund are spelled out
in the prospectus, the statement of additional information, this report and
other regulatory filings.

SHAREHOLDER LETTER

ENERGY INCOME AND GROWTH FUND (FEN)
SEMI-ANNUAL REPORT
MAY 31, 2010

Dear Shareholders:

I am pleased to present you with the semi-annual report for your investment in
Energy Income and Growth Fund (the "Fund").

First Trust Advisors L.P. ("First Trust") has always believed that staying
invested in quality products and having a long-term horizon can help investors
reach their financial goals. The past eighteen months have been challenging, but
successful investors understand that the success they have achieved is typically
because of their long-term investment perspective through all kinds of markets.

The report you hold contains detailed information about your investment; a
portfolio commentary from the Fund's management team that provides a recap of
the period; a performance analysis and a market and Fund outlook. Additionally,
you will find the Fund's financial statements for the six-month period covered
by this report. I encourage you to read this document and discuss it with your
financial advisor.

First Trust offers a variety of products that can fit many financial plans to
help those investors who are seeking long-term financial success. You may want
to talk to your advisor about the other investments we offer that might fit your
financial plan.

At First Trust we continue to be committed to making available up-to-date
information about your investments so you and your financial advisor have
current information on your portfolio. We value our relationship with you, and
we thank you for the opportunity to assist you in achieving your financial
goals.

Sincerely,

/s/ James A. Bowen
James A. Bowen
President of Energy Income and Growth Fund

Page 1

ENERGY INCOME AND GROWTH FUND
"AT A GLANCE"
AS OF MAY 31, 2010 (UNAUDITED)

FUND STATISTICS

Symbol on NYSE Amex FEN
Common Share Price $ 23.20
Common Share Net Asset Value ("NAV") $ 21.49
Premium (Discount) to NAV 7.96%
Net Assets Applicable to Common Shares $205,915,602
Current Quarterly Distribution per Common Share (1) $ 0.4450
Current Annualized Distribution per Common Share $ 1.7800
Current Distribution Rate on Closing Common Share Price (2) 7.67%
Current Distribution Rate on NAV (2) 8.28%

COMMON SHARE PRICE & NAV (WEEKLY CLOSING PRICE)

(PERFORMANCE GRAPH)

Market NAV
------ -----

5/31/09 20.45 17.55
6/5/09 20.3 17.96
6/12/09 19.72 17.8
6/19/09 20 16.97
6/26/09 19.77 17.09
7/2/09 20.6 17.17
7/10/09 19.02 17.28
7/17/09 21 18.04
7/24/09 20.54 18.19
7/31/09 21.35 18.59
8/7/09 22.31 18.48
8/14/09 21.41 18.28
8/21/09 20.08 18.36
8/28/09 20.24 18.16
9/4/09 19.35 18.13
9/11/09 20.98 18.61
9/18/09 21.09 18.84
9/25/09 21.25 18.68
10/2/09 21.65 18.57
10/9/09 21.69 19.32
10/16/09 22.66 19.74
10/23/09 22.38 19.48
10/30/09 21.7 18.97
11/6/09 21.35 19.35
11/13/09 21.17 19.69
11/20/09 21.85 19.73
11/27/09 22.12 20.16
12/4/09 22.21 20.1
12/11/09 23.27 20.66
12/18/09 24.7 20.64
12/24/09 24.83 21.39
12/31/09 23.35 21.28
1/8/10 23.99 21.8
1/15/10 23.87 21.83
1/22/10 23.55 21.43
1/29/10 22.52 20.92
2/5/10 22.2 20.52
2/12/10 21.69 21.03
2/19/10 22.17 21.61
2/26/10 22.75 21.86
3/5/10 23.71 22.18
3/12/10 24.02 22.62
3/19/10 24.25 22.25
3/26/10 24.05 22.1
4/1/10 24.64 22.8
4/9/10 25.36 23.19
4/16/10 25.82 23
4/23/10 26.24 23.06
4/30/10 24.01 22.76
5/7/10 22.56 21.34
5/14/10 23.09 22.05
5/21/10 21.75 20.71
5/31/10 23.2 21.49

PERFORMANCE

Average Annual
Total Return
-----------------------------
Inception
6 Months Ended 1 Year Ended 5 Years Ended (6/24/2004)
5/31/2010 5/31/2010 5/31/2010 to 5/31/2010
-------------- ------------ ------------- -------------

Fund Performance (3)
NAV 10.69% 32.95% 6.48% 9.20%
Market Value 8.25% 23.18% 7.92% 9.76%
Index Performance
S&P 500 Index 0.41% 20.99% 0.31% 1.28%
Barclays Capital U.S. Credit Index
of Corporate Bonds 2.55% 15.20% 5.06% 5.52%
Alerian MLP Index 12.85% 38.49% 10.93% 13.94%
Wells Fargo Midstream MLP Index 13.53% 39.24% 10.56% 13.81%

% OF TOTAL
INDUSTRY CLASSIFICATION INVESTMENTS
----------------------- -----------

Midstream Oil 43.5%
Midstream Gas 31.3
Utility 9.6
Oil & Gas 5.0
Propane 4.5
Coal 4.3
Marine Transport 1.7
Diversified Energy 0.1
-----
Total 100.0%
=====

% OF TOTAL
TOP 10 HOLDINGS INVESTMENTS
--------------- -----------

Magellan Midstream Partners, L.P. 8.1%
Enterprise Products Partners, L.P. 7.3
Plains All American Pipeline, L.P. 6.1
NuStar Energy, L.P. 4.5
Kinder Morgan Energy Partners, L.P. 4.2
Kinder Morgan Management, LLC 4.0
ONEOK Partners, L.P. 3.9
Williams Cos., Inc. 3.8
UGI Corp. 3.8
Enbridge Energy Partners, L.P. 3.4
----
Total 49.1%
====

(1) Most recent distribution paid or declared through 5/31/2010. Subject to
change in the future.

(2) Distribution rates are calculated by annualizing the most recent
distribution paid or declared through the report date and then dividing by
Common Share price or NAV, as applicable, as of 5/31/2010. Subject to
change in the future.

(3) Total return is based on the combination of reinvested dividend, capital
gain and return of capital distributions, if any, at prices obtained by the
Dividend Reinvestment Plan and changes in NAV per share for net asset value
returns and changes in Common Share price for market value returns. Total
returns do not reflect sales load and are not annualized for periods less
than one year. Past performance is not indicative of future results.

Page 2

PORTFOLIO COMMENTARY

SUB-ADVISOR

ENERGY INCOME PARTNERS,LLC

Energy Income Partners, LLC ("EIP" or the "Sub-Advisor"), Westport, CT, was
founded in 2003 to provide professional asset management services in the area of
energy-related master limited partnerships ("MLPs") and other high-payout
securities such as income trusts and royalty trusts. EIP focuses mainly on
energy-related infrastructure assets such as pipelines, petroleum storage and
terminals that receive fee-based or regulated income from their corporate
customers. EIP managed or supervised approximately $500 million of assets, as of
May 31, 2010. The other funds advised by EIP include a partnership for U.S. high
net worth individuals and a master-and-feeder fund for institutions. EIP also
manages separately managed accounts. EIP is a registered investment advisor and
serves as an advisor to one registered investment company other than the Energy
Income and Growth Fund ("FEN"or the "Fund").

PORTFOLIO MANAGEMENT TEAM

JAMES J.MURCHIE

FOUNDER AND CEO OF ENERGY INCOME PARTNERS,LLC

Mr. Murchie founded EIP in 2003 and is the portfolio manager for all funds
advised by EIP which focus on energy-related MLPs, income trusts and similar
securities. From 2005 to mid-2006, Mr. Murchie and the EIP investment team
joined Pequot Capital Management. In July 2006, Mr. Murchie and the EIP
investment team left Pequot and re-established EIP. From 1998 to 2003, Mr.
Murchie managed a long/short fund that invested in energy and cyclical equities
and commodities. From 1995 to 1997, he was a managing director at Tiger
Management where his primary responsibilities were investments in energy,
commodities and related equities. From 1990 to 1995, Mr. Murchie was a principal
at Sanford C. Bernstein where he was a top-ranked energy analyst and sat on the
Research Department's Recommendation Review Committee. Before joining Bernstein,
he spent 8 years at British Petroleum in 7 operating and staff positions of
increasing responsibility. He has served on the board of Clark Refining and
Marketing Company and as President and Treasurer of the Oil Analysts Group of
New York. Mr. Murchie holds degrees from Rice University and Harvard University.

EVA PAO

PRINCIPAL OF ENERGY INCOME PARTNERS,LLC

Ms. Pao has been with EIP since its inception in 2003 and is co-portfolio
manager for all of the funds advised by EIP. She joined EIP in 2003, serving as
Managing Director of EIP until the EIP investment team joined Pequot Capital
Management. From 2005 to mid-2006, Ms. Pao served as Vice President of Pequot
Capital Management. Prior to Harvard Business School, Ms. Pao was a Manager at
Enron Corp where she managed a portfolio in Canadian oil and gas equities for
Enron's internal hedge fund that specialized in energy-related equities and
managed a natural gas trading book. She received a B.A. from Rice University in
1996. She received an M.B.A. from the Harvard Business School in 2002.

COMMENTARY

ENERGY INCOME AND GROWTH FUND

The investment objective of the Fund is to seek a high level of after-tax total
return with an emphasis on current distributions paid to shareholders. The Fund
pursues its objective by investing in MLPs and other high-payout securities,
which the Fund's Sub-Advisor believes offer opportunities for income and growth.
There can be no assurance that the Fund's investment objective will be achieved.
The Fund may not be appropriate for all investors.

MARKET RECAP

As measured by the Alerian MLP Index and the Wells Fargo (formerly Wachovia)
Midstream MLP Index, the total return for energy-related MLPs over the
semi-annual period ended May 31, 2010 was 12.9% and 13.5%, respectively. For the
Alerian MLP Index, these returns reflect a positive 7.9% from income
distribution, and the remaining returns are due to share appreciation. For the
Wells Fargo Midstream MLP Index, these returns reflect a positive 7.6% from
income distribution while the remaining returns are due to share appreciation.
These figures are according to data collected from several sources, including
the Alerian MLP Index, the Wells Fargo Midstream MLP Index and Bloomberg. While
in the short term, share appreciation can be volatile, we believe that over the
longer term, share appreciation will approximate growth in per share quarterly
cash distributions paid by MLPs. Over the last 10 years, growth in per share MLP
distributions has averaged about 7.0%. While the distributions fell -2% in 2009,
year-over-year growth has rebounded to 3.1% for May, 2010

Page 3

PORTFOLIO COMMENTARY - (CONTINUED)

(Source: Alerian Capital Management). The slower growth rate was in part a
result of some cuts in quarterly cash distributions from MLPs exposed to
cyclical and commodity businesses and in part due to slower growth from the MLPs
engaged in true infrastructure businesses with steady fee for service revenues
and regulated tariffs. Infrastructure businesses such as pipelines, terminals
and storage receive fees and tariffs that are generally not directly related to
commodity prices. Growth for these companies is driven by changes in demand for
petroleum and natural gas, inflation-related escalations to their fees and
tariffs and the accretion from new projects and acquisitions. We believe that
the growth rate of the dividend stream from MLPs in these true infrastructure
businesses is supported by the fundamentals of their underlying businesses, and
while the growth rates have slowed somewhat recently due to weaker demand, we
believe that growth rates will normalize over time.

PERFORMANCE ANALYSIS

On a net asset value ("NAV") basis, the Fund provided a total return of 10.69%,
including the reinvestment of dividends, for the semi-annual period ended May
31, 2010. This compares to a total return of 0.41% for the S&P 500 Index, 2.55%
for the Barclays Capital U.S. Credit Index of Corporate Bonds, 12.85% for the
Alerian MLP Index and 13.53% for the Wells Fargo Midstream MLP Index. On a
market value basis, the Fund had a total return, including the reinvestment of
dividends, for the semi-annual period ended May 31, 2010 of 8.25%. The Fund's
premium to NAV declined over the course of the semiannual period. On November
30, 2009, the Fund was priced at $22.30 while the NAV was $20.20, a premium of
10.40%. On May 31, 2010, the Fund was priced at $23.20 while the NAV was $21.49,
a premium of 7.96%.

The Fund raised its quarterly dividend from $0.44 per share to $0.445 per share
during the reporting period. Most of the Fund's peer group of MLP-focused
closed-end funds cut their dividends over the past year and a half, but the Fund
was able to maintain its dividend due to its conservative balance sheet and
payout ratio. The Fund's recent dividend increase makes it the first of its peer
group to raise its dividend after the financial crisis.

The underperformance of the Fund's NAV relative to the MLP benchmarks is driven
mostly by its conservative leverage which did not quite offset the effect of an
increased deferred tax liability from the Fund's appreciation. We believe the
most important long-term driver of value will be the maintenance and growth of
the dividends of the Fund's portfolio companies. On this measure, the Fund
outperformed the benchmarks as the weighted average growth in dividends of the
Fund's portfolio companies was about 3 percentage points better than that of the
Alerian MLP Index over the past year.

MARKET AND FUND OUTLOOK

The MLP asset class experienced its first 2 IPOs since early 2008. The two new
MLPs are engaged in the business of natural gas storage. There was a healthy
level of secondary financing activity for MLPs during the reporting period as
they continue to fund their ongoing investments in new pipelines, processing and
storage facilities. Since November 2009, there were 35 secondary equity
offerings for MLPs that raised $6.5 billion. This compares to $4.2 billion
raised in the prior six months. MLPs also found access to the public debt
markets, raising $8.7 billion in 9 offerings during the same time period. This
compares to $5.0 billion in the prior six months (Source: Barclays Capital).
While access to debt in the past 6 months appears to be as good as prior years,
pricing of course has changed and the difference in the cost of debt between
investment grade and non-investment grade companies has widened substantially
from two years ago.

In our opinion, the better positioned MLPs have non-cyclical cash flows, have
investment grade ratings, conservative balance sheets, modest and/or flexible
organic growth commitments and liquidity on their revolving lines of credit.
While there has been a rebound in commodity prices, we believe cyclical cash
flows will always be unpredictable, making them a bad fit with a steady dividend
obligation. Since 2005, the majority of MLP IPOs were companies whose primary
business is the production of oil and gas, shipping, refining or natural gas
gathering. While some of these MLPs have quality assets, competent management
teams and the potential for higher growth, they have more risk associated with
the cyclical nature of their businesses. We have written about the dangers of
this trend in the past, and remain vigilant about limiting the Fund's exposure
to MLPs with cyclical cash flows.

The total return proposition of owning energy-related infrastructure MLPs has
been and continues to be their yield plus their growth. The yield of the MLPs,
weighted by market capitalization, on May 31, 2010, was 7.4% based on the
Alerian MLP Index. The growth in the quarterly cash distributions that make up
this yield has averaged between 6% and 7% annually over the last ten years. This
growth rate accelerated to about 12% in 2008 and dropped to -2% in 2009 (Source:
Alerian Capital Management). For true infrastructure MLPs, we expect dividend
growth rates to average in the mid-single digits over the next few years. We
believe this growth will continue to be driven by modest increases in underlying
demand as the economy recovers, inflation and cost escalators in pipeline
tariffs and contracts and accretion from profitable capital projects and

Page 4

PORTFOLIO COMMENTARY - (CONTINUED)

acquisitions. The capital projects continue to be related to growth in areas
such as the Canadian Oil Sands, the new oil and natural gas shale resources and
the need for more infrastructure related to bio fuels and other environmental
mandates. Thus far, the MLPs as a group have done a great job capitalizing on
these opportunities. The slower capital spending by the customers of
infrastructure MLPs (oil and gas producers and refiners) experienced over the
last two years appears to have reversed course with higher commodity prices and
a rosier outlook for the economy. We believe this is good news for the Fund's
portfolio companies.

PUBLIC OFFERINGS

The Fund entered into another underwriting agreement with the Advisor, the
Sub-Advisor, RBC Capital Markets Corporation and other underwriters on April 30,
2010 pursuant to which 1,955,000 Common Shares of the Fund were sold (1,700,000
Common Shares on April 30, 2010 and 255,000 Common Shares pursuant to an
overallotment option on May 3, 2010).

Net proceeds from the offerings in the amount of $62,077,269 (excluding
underwriters'commissions and offerings costs) were used to make additional
portfolio investments consistent with the Fund's investment objective and for
general corporate purposes. The offerings were accretive to current shareholders
on an NAV basis, helped to reduce each investor's share of the Fund's expenses
and increased stock trading float.

Page 5

ENERGY INCOME AND GROWTH FUND
PORTFOLIO OF INVESTMENTS (a)
MAY 31, 2010 (UNAUDITED)

SHARES/
UNITS DESCRIPTION VALUE
--------- ------------------------------------------------------- ------------

MASTER LIMITED PARTNERSHIPS - 114.4%
GAS UTILITIES - 0.8%
30,560 Spectra Energy Partners, L.P. ......................... $ 947,360
13,600 Suburban Propane Partners, L.P. ....................... 620,296
------------
1,567,656
------------
OIL,GAS & CONSUMABLE FUELS - 113.6%
15,000 Alliance Resource Partners, L.P. ...................... 681,750
98,454 AmeriGas Partners, L.P. ............................... 3,892,871
110,770 Buckeye GP Holdings, L.P. (b) ......................... 3,417,255
65,210 Buckeye Partners, L.P. ................................ 3,697,407
465,471 Clearwater Natural Resources, L.P. (c) (d) (e) (f) .... 0
206,338 Duncan Energy Partners, L.P. (b) ...................... 5,228,605
155,050 El Paso Pipeline Partners, L.P. (b) ................... 4,277,830
210,247 Enbridge Energy Partners, L.P. (b) .................... 10,463,993
7,582 Encore Energy Partners, L.P. (b) ...................... 117,673
174,640 Energy Transfer Equity, L.P. (b) ...................... 5,370,180
214,944 Energy Transfer Partners, L.P. (b) .................... 9,479,030
233,823 Enterprise GP Holdings, L.P. (b) ...................... 10,136,227
676,768 Enterprise Products Partners, L.P. (b) ................ 22,739,405
40,709 EV Energy Partner, L.P. (b) ........................... 1,191,552
204,974 Global Partners, L.P. (b) ............................. 4,365,946
205,690 Holly Energy Partners, L.P. (b) ....................... 8,270,795
70,422 Inergy Holdings, L.P. ................................. 5,098,553
205,771 Kinder Morgan Energy Partners, L.P. (b) ............... 13,066,459
579,512 Magellan Midstream Partners, L.P. (b) ................. 25,371,035
222,678 Natural Resource Partners, L.P. (b) ................... 4,990,214
255,546 NuStar Energy, L.P. (b) ............................... 14,103,584
249,990 NuStar GP Holdings, LLC (b) ........................... 6,892,224
205,470 ONEOK Partners, L.P. (b) .............................. 12,309,708
43,384 PAA Natural Gas Storage, L.P. (c) ..................... 1,030,370
290,300 Penn Virginia GP Holdings, L.P. ....................... 5,181,855
125,632 Penn Virginia Resource Partners, L.P. (b) ............. 2,613,146
332,983 Plains All American Pipeline, L.P. (b) ................ 19,166,501
57,505 Quicksilver Gas Services, L.P. (b) .................... 1,048,316
142,524 Sunoco Logistics Partners, L.P. (b) ................... 9,378,079
133,030 TC Pipelines, L.P. .................................... 5,057,801
188,500 Teekay LNG Partners, L.P. ............................. 5,447,650
166,994 TransMontaigne Partners, L.P. (b) ..................... 4,709,231
20,000 Western Gas Partners, L.P. ............................ 445,800
80,100 Williams Partners, L.P. ............................... 2,985,327
60,860 Williams Pipeline Partners, L.P. (b) .................. 1,701,646
------------
233,928,018
------------
TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $156,378,073) ................................... 235,495,674
------------

See Notes to Financial Statements

Page 6

ENERGY INCOME AND GROWTH FUND
PORTFOLIO OF INVESTMENTS (a) - (CONTINUED)
MAY 31, 2010 (UNAUDITED)

SHARES/
UNITS DESCRIPTION VALUE
--------- ------------------------------------------------------- ------------

COMMON STOCKS - 29.8%
CAPITAL MARKETS - 0.1%
20,000 NGP Capital Resources Co. (b) ......................... $ 145,800
------------
ELECTRIC UTILITIES - 0.5%
42,700 Emera Inc. ............................................ 988,787
------------
GAS UTILITIES - 7.6%
86,066 ONEOK, Inc. (g) ....................................... 3,827,355
452,830 UGI Corp. (g) ......................................... 11,836,974
------------
15,664,329
------------
OIL,GAS & CONSUMABLE FUELS - 21.6%
233,600 El Paso Corp. (g) ..................................... 2,649,024
95,932 Enbridge Energy Management, LLC (b) (h) ............... 4,648,846
86,925 Enbridge, Inc. (g) .................................... 3,897,717
222,946 Kinder Morgan Management, LLC (b) (h) ................. 12,348,979
242,550 Spectra Energy Corp. (g) .............................. 4,853,426
128,091 TransCanada Corp. ..................................... 4,248,778
601,858 Williams Cos., Inc. (g) ............................... 11,886,696
------------
44,533,466
------------
TOTAL COMMON STOCKS
(Cost $58,228,176) .................................... 61,332,382
------------
CANADIAN INCOME TRUSTS - 7.4%
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 2.5%
422,000 Northland Power Income Fund ........................... 5,244,926
------------
OIL,GAS & CONSUMABLE FUELS - 4.9%
97,700 Enbridge Income Fund .................................. 1,239,353
172,480 Keyera Facilities Income Fund ......................... 4,321,823
279,000 Pembina Pipeline Income Fund .......................... 4,620,838
------------
10,182,014
------------
TOTAL CANADIAN INCOME TRUSTS
(Cost $14,030,903) .................................... 15,426,940
------------
RIGHTS - 0.0%
OIL,GAS & CONSUMABLE FUELS - 0.0%
17 Clearwater Natural Resources, L.P. (c) (d) (e) (f) .... 0
------------
TOTAL RIGHTS
(Cost $0) ............................................. 0
------------

See Notes to Financial Statements

Page 7

ENERGY INCOME AND GROWTH FUND
PORTFOLIO OF INVESTMENTS (a) - (CONTINUED)
MAY 31, 2010 (UNAUDITED)

SHARES/
UNITS DESCRIPTION VALUE
--------- ------------------------------------------------------- ------------

WARRANTS - 0.0%
OIL,GAS & CONSUMABLE FUELS - 0.0%
48,956 Abraxas Petroleum Corp., Expiration 05/25/12 (c) (d)
(e) ................................................ $ 35,008
------------
TOTAL WARRANTS
(Cost $0) ............................................. 35,008
------------
TOTAL INVESTMENTS - 151.6%
(Cost $228,637,152) (i) ............................... 312,290,004
------------

NUMBER OF
CONTRACTS DESCRIPTION VALUE
--------- ------------------------------------------------------- ------------

CALL OPTIONS WRITTEN - (0.3%)
El Paso Corp.
736 @ 14 due January 10 ................................... (38,640)
960 @ 12 due July 10 ...................................... (40,320)
540 @ 13 due October 10 ................................... (27,000)
------------
(105,960)
------------
Enbridge, Inc.
100 @ 45 due July 10 ...................................... (17,000)
400 @ 50 due July 10 ...................................... (14,000)
220 @ 30 due October 10 ................................... (13,200)
------------
(44,200)
------------
ONEOK, Inc.
271 @ 50 due July 10 ...................................... (8,130)
174 @ 47.5 due October 10 ................................. (33,930)
------------
(42,060)
------------
Spectra Energy Corp.
9 @ 20 due June 10 ...................................... (675)
1,460 @ 22.5 due June 10 .................................... (10,950)
190 @ 20 due September 10 ................................. (25,650)
570 @ 25 due December 10 .................................. (14,250)
------------
(51,525)
------------
UGI Corp.
800 @ 25 due July 10 ...................................... (120,000)
800 @ 25 due October 10 ................................... (136,000)
1,710 @ 30 due October 10 ................................... (34,200)
------------
(290,200)
------------

See Notes to Financial Statements

Page 8

ENERGY INCOME AND GROWTH FUND
PORTFOLIO OF INVESTMENTS (a) - (CONTINUED)
MAY 31, 2010 (UNAUDITED)

NUMBER OF
CONTRACTS DESCRIPTION VALUE
--------- ------------------------------------------------------- ------------

Williams Cos., Inc.
120 @ 25 due August 10 .................................... $ (1,620)
30 @ 22.5 due August 10 .................................. (1,470)
1,530 @ 26 due November 10 .................................. (49,725)
1,100 @ 25 due January 10 ................................... (24,200)
983 @ 25 due January 10 ................................... (67,827)
------------
(144,842)
------------
TOTAL CALL OPTIONS WRITTEN
(Premiums received $1,244,284) ........................ (678,787)
------------
OUTSTANDING LOAN - (38.0)% ............................ (78,300,000)
NET OTHER ASSETS AND LIABILITIES - (13.3%) ............ (27,395,615)
------------
NET ASSETS - 100.0% ................................... $205,915,602
============

----------
(a) All percentages shown in the Portfolio of Investments are based on net
assets.

(b) All or a portion of this security is available to serve as collateral on
the outstanding loan.

(d) This security is fair valued in accordance with procedures adopted by the
Fund's Board of Trustees.

(e) 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 2D - Restricted Securities in the Notes
to Financial Statements).

(f) This partnership has filed for protection in federal bankruptcy court.

(g) Call options were written on a portion of the common stock position and are
fully covered by the common stock position.

(h) Non-income producing security which pays regular in-kind distributions.

(i) Aggregate cost for federal income tax purposes is $213,724,145. As of May
31, 2010, the aggregate gross unrealized appreciation for all securities in
which there was an excess of value over tax cost was $105,156,316 and the
aggregate gross unrealized depreciation for all securities in which there
was an excess of tax cost over value was $6,590,457.

VALUATION INPUTS

A summary of the inputs used to value the Fund's investments as of May 31, 2010
is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):

ASSETS TABLE

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
5/31/2010 PRICES INPUTS INPUTS
------------ ------------ ----------- ------------

Master Limited Partnerships* .. $235,495,674 $235,495,674 $ -- $--
Common Stocks* ................ 60,343,595 60,343,595 -- --
Canadian Income Trusts* ....... 16,415,727 16,415,727 -- --
Warrants* ..................... 35,008 -- 35,008 --
------------ ------------ ------- ---
TOTAL INVESTMENTS ............. $312,290,004 $312,254,996 $35,008 $--
============ ============ ======= ===

LIABILITIES TABLE

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
5/31/2010 PRICES INPUTS INPUTS
--------- --------- ----------- ------------

Call Options Written .......... $(678,787) $(678,787) $-- $--
========= ========= === ===

* See the Portfolio of Investments for industry breakout.

See Notes to Financial Statements

Page 9

ENERGY INCOME AND GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 2010 (UNAUDITED)

ASSETS:
Investments, at value
(Cost $228,637,152) ................................................. $312,290,004
Cash ................................................................... 3,003,153
Prepaid expenses ....................................................... 582
Receivables:
Income taxes ........................................................ 340,230
Dividends ........................................................... 181,380
Interest ............................................................ 156
------------
Total Assets ..................................................... 315,815,505
------------
LIABILITIES:
Outstanding loan ....................................................... 78,300,000
Deferred income taxes .................................................. 30,211,718
Options written, at value (Premiums received $1,244,284) ............... 678,787
Payables:
Investment advisory fees ............................................ 235,838
Income taxes ........................................................ 187,532
Offering costs ...................................................... 101,439
Audit and tax fees .................................................. 79,991
Legal fees .......................................................... 32,514
Interest and fees on loan ........................................... 26,328
Administrative fees ................................................. 21,085
Printing fees ....................................................... 11,338
Trustees' fees and expenses ......................................... 6,395
Transfer agent fees ................................................. 3,483
Custodian fees ...................................................... 857
Other liabilities ...................................................... 2,598
------------
Total Liabilities ................................................ 109,899,903
------------
NET ASSETS ............................................................. $205,915,602
============
NET ASSETS CONSIST OF:
Paid-in capital ........................................................ $166,924,396
Par value .............................................................. 95,810
Accumulated net investment income (loss), net of income taxes .......... (13,716,207)
Accumulated net realized gain (loss) on investments, written options
and foreign currency transactions, net of income taxes .............. (2,487,867)
Net unrealized appreciation (depreciation) on investments, written
options and foreign currency translation, net of income taxes ....... 55,099,470
------------
NET ASSETS ............................................................. $205,915,602
============
NET ASSET VALUE, per Common Share (par value $0.01 per Common Share) ... $ 21.49
============
Number of Common Shares outstanding (unlimited number of Common
Shares has been authorized) ......................................... 9,580,968
============

See Notes to Financial Statements

Page 10

ENERGY INCOME AND GROWTH FUND
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MAY 31, 2010 (UNAUDITED)

INVESTMENT INCOME:
Dividends (net of foreign withholding tax of $65,205) .................. $ 731,428
Interest ............................................................... 68,242
-----------
Total investment income ............................................. 799,670
-----------
EXPENSES:
Investment advisory fees ............................................... 1,108,990
Interest and fees on loan .............................................. 603,600
At the market offering costs ........................................... 162,749
Administrative fees .................................................... 102,797
Audit and tax fees ..................................................... 48,211
Printing fees .......................................................... 34,766
Legal fees ............................................................. 34,558
Trustees' fees and expenses ............................................ 19,449
Transfer agent fees .................................................... 17,435
Custodian fees ......................................................... 14,020
Insurance expense ...................................................... 9,295
Other .................................................................. 12,062
-----------
Total expenses ...................................................... 2,167,932
-----------
NET INVESTMENT INCOME (LOSS) BEFORE TAXES .............................. (1,368,262)
-----------
Current state income tax benefit (expense) ............. (977,349)
Current federal income tax benefit (expense) ........... (2,216,093)
Current foreign income tax benefit (expense) ........... (96,404)
Deferred federal income tax benefit (expense) .......... 3,534,938
Deferred state income tax benefit (expense) ............ 301,633
----------
Total income tax benefit (expense) .................................. 546,725
-----------
NET INVESTMENT INCOME (LOSS) ........................................... (821,537)
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) before taxes on:
Investments ......................................................... 3,347,195
Written options (a) ................................................. 292,137
Foreign currency transactions ....................................... 1,428
-----------
Net realized gain (loss) before taxes .................................. 3,640,760
-----------
Deferred federal income tax benefit (expense) ....... (1,370,683)
----------
Total income tax benefit (expense) .................................. (1,370,683)
-----------
Net realized gain (loss) on investments, written options and foreign
currency transactions ............................................... 2,270,077
-----------
Net change in unrealized appreciation (depreciation) before taxes on:
Investments ......................................................... 16,507,582
Written options (a) ................................................. 891,665
Foreign currency translations ....................................... 259
-----------
Net change in unrealized appreciation (depreciation) before taxes ...... 17,399,506
-----------
Deferred federal income tax benefit (expense) ....... (6,272,053)
Deferred state income tax benefit (expense) ......... (310,159)
----------
Total income tax benefit (expense) .................................. (6,582,212)
-----------
Net change in unrealized appreciation (depreciation) on investments,
written options and foreign currency translations ................... 10,817,294
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ................................ 13,087,371
-----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ........ $12,265,834
===========

(a) Primary risk exposure is equity contracts.

See Notes to Financial Statements

Page 11

ENERGY INCOME AND GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS

SIX MONTHS
ENDED YEAR
5/31/2010 ENDED
(UNAUDITED) 11/30/2009
------------ ------------

OPERATIONS:
Net investment income (loss) ............................................... $ (821,537) $ (1,600,230)
Net realized gain (loss) ................................................... 2,270,077 2,886,282
Net change in unrealized appreciation (depreciation) ....................... 10,817,294 45,815,945
------------ ------------
Net increase (decrease) in net assets resulting from operations ............ 12,265,834 47,101,997
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gain .......................................................... (3,640,760) (2,319,211)
Return of capital .......................................................... (2,733,443) (9,207,189)
------------ ------------
Total distributions to shareholders ........................................ (6,374,203) (11,526,400)
------------ ------------
CAPITAL TRANSACTIONS:
Proceeds from Common Shares sold through shelf offerings ................... 63,173,681 4,804,981
Proceeds from Common Shares reinvested ..................................... 672,692 1,259,581
Offering costs ............................................................. (342,891) --
------------ ------------
Net increase (decrease) in net assets resulting from capital transactions .. 63,503,482 6,064,562
------------ ------------
Total increase (decrease) in net assets .................................... 69,395,113 41,640,159
NET ASSETS:
Beginning of period ........................................................ 136,520,489 94,880,330
------------ ------------
End of period .............................................................. $205,915,602 $136,520,489
============ ============
Accumulated net investment income (loss), net of income taxes .............. $(13,716,207) $(12,894,670)
============ ============
CAPITAL SHARE TRANSACTIONS WERE AS FOLLOWS:
Common Shares at beginning of period ....................................... 6,758,270 6,462,221
Common Shares sold through shelf offerings ................................. 2,792,326 227,636
Common Shares issued as reinvestment under the Dividend Reinvestment Plan .. 30,372 68,413
------------ ------------
Common Shares at end of period ............................................. 9,580,968 6,758,270
============ ============

See Notes to Financial Statements

Page 12

ENERGY INCOME AND GROWTH FUND
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED MAY 31, 2010 (UNAUDITED)

CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase (decrease) in net assets resulting from operations ........... $ 12,265,834
Adjustments to reconcile net increase (decrease) in net assets resulting
from operations to net cash used in operating activities:
Purchases of investments ............................................... (124,001,635)
Sales of investments ................................................... 28,570,417
Proceeds from written options .......................................... 813,439
Return of capital received from investments in MLPs .................... 6,899,208
Net realized gain/loss on investments and options ...................... (10,538,540)
Net change in unrealized appreciation/depreciation on investments
and options ......................................................... (17,399,247)
CHANGES IN ASSETS AND LIABILITIES:
Decrease in income tax receivable ...................................... 1,534,883
Decrease in interest receivable ........................................ 2
Increase in dividends receivable (a) ................................... (70,197)
Decrease in prepaid expenses ........................................... 179,549
Increase in interest and fees on loan payable .......................... 17,550
Decrease in income tax payable ......................................... 184,190
Increase in investment advisory fees payable ........................... 89,982
Increase in offering costs ............................................. 101,439
Decrease in audit and tax fees payable ................................. (33,249)
Increase in legal fees payable ......................................... 14,247
Decrease in printing fees payable ...................................... (14,790)
Increase in administrative fees payable ................................ 7,228
Increase in transfer agent fees payable ................................ 951
Decrease in custodian fees payable ..................................... (2,918)
Decrease in Trustees' fees and expenses payable ........................ (317)
Decrease in accrued expenses ........................................... (3,266)
Increases in deferred income tax ....................................... 4,116,327
-------------
CASH USED IN OPERATING ACTIVITIES ......................................... $ (97,268,913)
-------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to Common Shareholders from net realized gain ............ (3,640,760)
Distributions to Common Shareholders from return of capital ............ (2,733,443)
Proceeds of Common Shares sold, net of offering costs .................. 62,971,085
Proceeds of Common Shares reinvested ................................... 672,692
Issuances of loan ...................................................... 33,300,000
-------------
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES ............................... 90,569,574
-------------
Decrease in cash .......................................................... (6,699,339)
Cash at beginning of period ............................................... 9,702,492
-------------
Cash at end of period ..................................................... $ 3,003,153
=============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest and fees ......................... $ 586,050
=============
Cash paid during the period for taxes ..................................... $ 1,758,302
=============

----------
(a) Includes net change in unrealized appreciation (depreciation) on foreign
currency of $259.

See Notes to Financial Statements

Page 13

ENERGY INCOME AND GROWTH FUND
FINANCIAL HIGHLIGHTS
FOR A COMMON SHARE OUTSTANDING THROUGHOUT EACH PERIOD

SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
5/31/2010 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 11/30/2009 11/30/2008 11/30/2007 (a) 11/30/2006 11/30/2005
----------- ---------- ---------- -------------- ---------- ----------

Net asset value, beginning of period ............... $ 20.20 $ 14.68 $ 26.74 $ 25.88 $ 22.53 $ 21.34
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ....................... (0.11)(b) (0.24)(b) (0.57) (0.67) (0.50) (0.34)
Net realized and unrealized gain (loss) ............ 2.20 7.43 (9.83) 3.06 5.23 2.86
-------- -------- -------- -------- -------- --------
Total from investment operations after income tax .. 2.09 7.19 (10.40) 2.39 4.73 2.52
-------- -------- -------- -------- -------- --------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net realized gain .................................. (0.51) (0.35) (1.66) (1.53) -- (0.88)
Return of capital .................................. (0.38) (1.41) -- -- (1.38) (0.45)
-------- -------- -------- -------- -------- --------
Total from distributions ........................... (0.89) (1.76) (1.66) (1.53) (1.38) (1.33)
-------- -------- -------- -------- -------- --------
Premiums from shares sold in offerings,
net of offering costs ........................... 0.09 0.09 -- -- -- --
-------- -------- -------- -------- -------- --------
Net asset value, end of period ..................... $ 21.49 $ 20.20 $ 14.68 $ 26.74 $ 25.88 $ 22.53
======== ======== ======== ======== ======== ========
Market value, end of period ........................ $ 23.20 $ 22.30 $ 14.40 $ 23.82 $ 24.49 $ 20.92
======== ======== ======== ======== ======== ========
TOTAL RETURN BASED ON NET ASSET VALUE (c) .......... 10.69% 51.03% (40.70)% 9.38% 22.23% 11.96%(d)
======== ======== ======== ======== ======== ========
TOTAL RETURN BASED ON MARKET VALUE (c) ............. 8.25% 70.20% (34.74)% 2.96% 24.57% 0.29%
======== ======== ======== ======== ======== ========
Net assets, end of period (in 000's) ............... $205,916 $136,520 $ 94,880 $172,421 $166,850 $145,230
RATIOS OF EXPENSES TO AVERAGE NET ASSETS:
Including current and deferred income taxes
before waiver (e) ............................... 11.65%(f) 25.79% (20.03)% 8.52% 14.47% 8.62%
Including current and deferred income taxes
after waiver (e) ................................ 11.65%(f) 25.79% (20.03)% 8.52% 14.29% 8.31%
Excluding current and deferred income taxes
before waiver ................................... 2.63%(f) 3.32% 4.80% 3.94% 3.63% 2.64%
Excluding current and deferred income taxes
after waiver .................................... 2.63%(f) 3.32% 4.80% 3.94% 3.45% 2.33%
Excluding current and deferred income taxes
and interest expense after waiver ............... 1.90%(f) 2.32% 2.55% 1.89% 1.76% 1.57%
RATIOS OF NET INVESTMENT INCOME (LOSS) TO
AVERAGE NET ASSETS:
Net investment income (loss) ratio before tax
expenses ........................................ (1.66)%(f) (2.37)% (3.83)% (3.83)% (3.26)% (2.29)%
Net investment income (loss) ratio including tax
expenses (e) .................................... (10.67)%(f) (24.84)% 21.00% (8.41)% (14.10)% (8.27)%
Portfolio turnover rate ............................ 11% 43% 38% 16% 17% 38%
SENIOR SECURITIES:
Total Energy Notes outstanding ($25,00 per note) ... N/A N/A 1,000 2,360 2,360 1,360
Principal amount and market value per
Energy Note (g) ................................. N/A N/A $ 25,006 $ 25,004 $ 25,069 $ 25,074
Asset coverage per Energy Note (h) ................. N/A N/A $119,880 $ 98,060 $ 95,699 $131,786
Total loan outstanding (in 000's) .................. $ 78,300 $ 45,000 $ 5,650 $ 15,250 N/A N/A
Asset coverage per $1,000 senior indebtedness ...... $ 3,630(i) $ 4,034(i) $ 22,218(i) $ 12,306(j) N/A N/A

----------
(a) On September 14, 2007, the Fund's Board of Trustees approved an interim
sub-advisory agreement with Energy Income Partners, LLC ("EIP"), and on
September 24, 2007, the Board of Trustees voted to approve EIP as
investment sub-advisor.

(b) Based on average shares outstanding.

(c) Total return is based on the combination of reinvested dividend, capital
gain and return of capital distributions, if any, at prices obtained by the
Dividend Reinvestment Plan and changes in net asset value per share for net
asset value returns and changes in Common Share price for market value
returns. Total returns do not reflect sales load and are not annualized for
periods less than one year. Past performance is not indicative of future
results.

(d) In 2005, the Fund received reimbursements from the investment advisor and
former sub-advisor. This reimbursement had no effect on the Fund's total
return.

(e) Includes current and deferred income taxes associated with each component
of the Statement of Operations.

(f) Annualized.

(g) Includes accumulated and unpaid interest.

(h) Calculated by taking the Fund's total assets less the Fund's total
liabilities (not including the Energy Notes)and dividing by the outstanding
Energy Notes in 000's.

(i) Calculated by taking the Fund's total assets less the Fund's total
liabilities (not including the loan outstanding and the Energy Notes)and
dividing by the loan outstanding in 000's. If this methodology had been
used historically, fiscal year 2007 would have been $16,175.

(j) Calculated by taking the Fund's total assets less the Fund's total
liabilities (not including the loan outstanding) and dividing by the loan
outstanding in 000's.

N/A Not applicable.

See Notes to Financial Statements

Page 14

NOTES TO FINANCIAL STATEMENTS

ENERGY INCOME AND GROWTH FUND
MAY 31, 2010 (UNAUDITED)

1. FUND DESCRIPTION

Energy Income and Growth Fund (the "Fund") is a non-diversified, closed-end
management investment company organized as a Massachusetts business trust on
March 25, 2004 and is registered with the Securities and Exchange Commission
("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act").
The Fund trades under the ticker symbol FEN on the NYSE Amex.

The Fund'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 focuses on
investing in publicly-traded master limited partnerships ("MLPs") and related
public entities in the energy sector, which Energy Income Partners, LLC ("EIP"
or the "Sub-Advisor") believes offer opportunities for income and growth. Due to
the tax treatment of cash distributions made by MLPs to their investors, a
portion of the distributions received may be tax deferred, thereby maximizing
cash available for distribution by the Fund to its shareholders. There can be no
assurance that the Fund will achieve its investment objective. The Fund may not
be appropriate for all investors.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
preparation of financial statements in accordance with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts and disclosures in
the financial statements. Actual results could differ from those estimates.

A. PORTFOLIO VALUATION:

The net asset value ("NAV") of the Common Shares of the Fund is determined daily
as of the close of regular trading on the New York Stock Exchange ("NYSE"),
normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. The
NAV per Common Share is calculated by dividing the value of all assets of the
Fund (including accrued interest and dividends), less all liabilities (including
accrued expenses, dividends declared but unpaid, deferred income taxes and any
borrowings of the Fund) by the total number of Common Shares outstanding.

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 market 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, the Fund's Board of Trustees has designated First Trust Advisors
L.P. ("First Trust") to use a fair value method to value the Fund's securities
and other investments. Additionally, if events occur after the close of the
principal markets 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 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 when purchased are valued at amortized cost.

The Fund is subject to fair value accounting standards that define fair value,
establish the framework for measuring fair value and provide a three-level
hierarchy for fair valuation based upon the inputs to the valuation as of the
measurement date. The three levels of the fair value hierarchy are as follows:

- Level 1 - Level 1 inputs are quoted prices in active markets for
identical securities. An active market is a market in which
transactions for the security occur with sufficient
frequency and volume to provide pricing information on an
ongoing basis.

- Level 2 - Level 2 inputs are observable inputs, either directly or
indirectly, and include the following:

- Quoted prices for similar securities in active markets.

- Quoted prices for identical or similar securities in
markets that are non-active. A non-active market is a
market where there are few transactions for the
security, the prices are not current, or price
quotations vary substantially either over time or among
market makers, or in which little information is
released publicly.

Page 15

NOTES TO FINANCIAL STATEMENTS - (CONTINUED)

ENERGY INCOME AND GROWTH FUND
MAY 31, 2010 (UNAUDITED)

- Inputs other than quoted prices that are observable for the
security (for example, interest rates and yield curves observable
at commonly quoted intervals, volatilities, prepayment speeds,
loss severities, credit risks, and default rates).

- Inputs that are derived principally from or corroborated by
observable market data by correlation or other means.

- Level 3 - Level 3 inputs are unobservable inputs. Unobservable inputs
reflect the reporting entity's own assumptions about the assumptions
that market participants would use in pricing the security.

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 investments as of May 31, 2010 is
included with the Fund's Portfolio of Investments.

B. OPTION CONTRACTS:

COVERED OPTIONS. The Fund is subject to equity price risk in the normal course
of pursuing its investment objective and may enter into options written to hedge
against changes in the value of equities. The Fund may write (sell) covered call
or put options ("options") on all or a portion of the common stock of energy
companies held in the Fund's portfolio as determined to be appropriate by 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 may provide a partial hedge
against a market decline in the underlying equity security. Options are
marked-to-market daily and their value will be affected by changes in the value
and dividend rates of the underlying equity securities, changes in interest
rates, changes in the actual or perceived volatility of the securities markets
and the underlying equity 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 or be cancelled
pursuant to a closing transaction. If the price of the underlying equity
security exceeds the option's exercise 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 equity 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 equity 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 writing (selling) of covered call options 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.

Over-the-counter ("OTC") options have the risk of the potential inability of
counterparties to meet the terms of their contracts. The Fund's maximum equity
price risk for purchased options is limited to the premium initially paid. In
addition, certain risks may arise upon entering into option contracts including
the risk that an illiquid secondary market will limit the Fund's ability to
close out an option contract prior to the expiration date and that a change in
the value of the option contract may not correlate exactly with changes in the
value of the securities hedged.

C. SECURITIES TRANSACTIONS AND INVESTMENT INCOME:

Securities transactions are recorded as of the trade date. Realized gains and
losses from securities transactions are recorded on the identified cost basis.
Dividend income is recorded on the ex-dividend date. Interest income is
recognized and recorded on the accrual basis, including amortization of premiums
and accretion of discounts. The Fund will rely to some extent on information
provided by the MLPs, which is not necessarily timely, to estimate taxable
income allocable to the MLP units held in the Fund's portfolio and to estimate

Page 16

NOTES TO FINANCIAL STATEMENTS - (CONTINUED)

ENERGY INCOME AND GROWTH FUND
MAY 31, 2010 (UNAUDITED)

the associated deferred tax asset or 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 will likely fluctuate.

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. Cumulative distributions received in excess of the Fund's
cost basis in an MLP generally are recorded as capital gain.

D. RESTRICTED SECURITIES:

The Fund may invest up to 35% of its Managed Assets, which is the gross asset
value of the Fund minus accrued liabilities (excluding the principal amount 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 holds the
restricted securities at May 31, 2010 shown in the following table. The Fund
does not have the right to demand that such securities be registered. These
securities are valued according to the valuation procedures as stated in the
Portfolio Valuation footnote (Note 2A) and are not expressed as a discount to
the value of a comparable unrestricted security.

ACQUISITION SHARES/ CARRYING % OF
SECURITY DATE UNITS PRICE COST VALUE NET ASSETS
-------- ----------- ------- ----- ---------- ------- ----------

Abraxas Petroleum Corp. - Warrants 05/25/07 48,956 $0.72 $ -- $35,008 0.02%
Clearwater Natural Resources, L.P. 08/01/05 465,471 -- 8,601,560 -- --
Clearwater Natural Resources, L.P. - Rights 08/01/05 17 -- -- -- --
---------- ------- ----
$8,601,560 $35,008 0.02%
========== ======= ====

E. DISTRIBUTIONS TO SHAREHOLDERS:

The Fund intends to make quarterly distributions to Common Shareholders. On
December 11, 2006, the Board of Trustees approved a managed distribution policy
to better align the Fund with its after-tax total return investment objective.
The Fund's distributions generally will consist of cash and paid-in-kind
distributions from MLPs or their affiliates, dividends from common stocks,
interest from debt instruments and income from other investments held by the
Fund less operating expenses, including taxes. Distributions to Common
Shareholders are recorded on the ex-date and are based on U.S. generally
accepted accounting principles, which may differ from their ultimate
characterization for federal income tax purposes.

Distributions made from current and accumulated earnings and profits of the Fund
will be taxable to shareholders as dividend income. Distributions that are in an
amount greater than the Fund's current and accumulated earnings and profits will
represent a tax-deferred return of capital to the extent of a shareholder's
basis in the Common Shares, and such distributions will correspondingly increase
the realized gain upon the sale of the Common Shares. Additionally,
distributions not paid from current and accumulated earnings and profits that
exceed a shareholder's tax basis in the Common Shares will be taxed as a capital
gain.

Distributions of $3,640,760 paid during the six months ended May 31, 2010, are
anticipated to be characterized as taxable dividends for federal income tax
purposes. The remaining $2,733,443 in distributions paid during the six months
ended May 31, 2010 is expected to be return of capital. However, the ultimate
determination of the character of the distributions will be made after the 2010
calendar year. Distributions will automatically be reinvested in additional
Common Shares pursuant to the Fund's Dividend Reinvestment Plan unless cash
distributions are elected by the shareholder.

F. INCOME TAXES:

The Fund is treated as a regular C corporation for U.S. federal income tax
purposes and as such will be obligated to pay federal and applicable state and
foreign corporate taxes on its taxable income. The Fund's tax expense or benefit
is included in the Statement of Operations based on the component of income or
gains (losses) to which such expense or benefit relates. The current U.S.
federal maximum graduated income tax rate for corporations is 35%. In addition,
the U.S. imposes a 20% alternative minimum tax on the recalculated alternative
minimum taxable income of an entity treated as a corporation. This differs from
most investment companies, which elect to be treated as "regulated investment
companies" under the U.S. Internal Revenue Code of 1986, as amended. The various
investments of the Fund may cause the Fund to be subject to state income taxes
on a portion of its income at various rates.

Page 17

NOTES TO FINANCIAL STATEMENTS - (CONTINUED)

ENERGY INCOME AND GROWTH FUND
MAY 31, 2010 (UNAUDITED)

The tax deferral benefit the Fund derives from its investment in MLPs results
largely because the MLPs are treated as partnerships for federal income tax
purposes. As a partnership, an MLP has no income tax liability at the entity
level. As a limited partner in the MLPs in which it invests, the Fund will be
allocated its pro rata share of income, gains, losses, deductions and credits
from the MLPs, regardless of whether or not any cash is distributed from the
MLPs.

To the extent that the distributions received from the MLPs exceed the net
taxable income realized by the Fund from its investment, a tax liability
results. This tax liability is a deferred liability to the extent that MLP
distributions received have not exceeded the Fund's adjusted tax basis in the
respective MLPs. To the extent that distributions from an MLP exceed the Fund's
adjusted tax basis, the Fund will recognize a taxable capital gain. For the six
months ended May 31, 2010, distributions of $6,899,208 received from MLPs have
been reclassified as a return of capital. The cost basis of applicable MLPs has
been reduced accordingly.

The Fund's provision for income taxes consists of the following:

Current federal income tax benefit (expense) ........... $(2,216,093)
Current state tax expense benefit (expense) ............ (977,349)
Current foreign tax benefit (expense) .................. (96,404)
Deferred federal income tax benefit (expense) .......... (4,107,798)
Deferred state income tax benefit (expense) ............ (8,526)
-----------
Total income tax benefit (expense) ..................... $(7,406,170)
===========

Deferred income taxes reflect the net tax effect of temporary differences
between the carrying amount of assets and liabilities for financial reporting
purposes and the amounts used for tax purposes. At November 30, 2009, the Fund
had a net operating loss carry forward for federal and state income tax purposes
of $4,014,426 and $11,433,639, respectively. The Fund's 2009 income tax
provision includes a full valuation allowance against the deferred tax assets
associated with the state net operating loss. Components of the Fund's deferred
tax assets and liabilities as of May 31, 2010 are as follows:

DEFERRED TAX ASSETS:
Federal net operating loss ............................. $ 1,365,521
State net operating loss ............................... 961,207
State income taxes ..................................... 56,458
Other .................................................. 3,202,983
------------
Total deferred tax assets .............................. 5,586,169
Less: valuation allowance .............................. (961,207)
------------
Net deferred tax assets ................................ $ 4,624,962
============
DEFERRED TAX LIABILITIES:
Unrealized gains on investment securities .............. $(34,836,680)
------------
Total deferred tax liabilities ......................... (34,836,680)
------------
Total net deferred tax liabilities ..................... $(30,211,718)
============

Total income taxes differ from the amount computed by applying the maximum
graduated federal income tax rate of 35% to net investment income and realized
and unrealized gains on investments.

Application of statutory income tax rate ............... $ 6,885,201
State income taxes, net ................................ (287,351)
Change in valuation allowance .......................... 301,633
Other .................................................. 506,687
-----------
Total .................................................. $ 7,406,170
===========

The Fund is subject to accounting standards that establish a minimum threshold
for recognizing, and a system for measuring, the benefits of a tax position
taken or expected to be taken in a tax return. Taxable years ending 2004, 2005,
2006, 2007 and 2008 remain open to federal and state audit. The Internal Revenue
Service ("IRS") initiated a corporate income tax audit during the first quarter
of 2008 for the Fund's 2004 tax year. Subsequently, the audit was expanded to
include the 2005 and 2006 tax years. The IRS has recently completed and closed
the audit, and there are no items to disclose based on the audit results. As of
May 31, 2010, management has evaluated the application of these standards to the
Fund, and has determined that no provision for income tax is required in the
Fund's financial statements for uncertain tax provisions.

Page 18

NOTES TO FINANCIAL STATEMENTS - (CONTINUED)

ENERGY INCOME AND GROWTH FUND
MAY 31, 2010 (UNAUDITED)

G. EXPENSES:

The Fund will pay all expenses directly related to its operations.

H. FOREIGN CURRENCY:

The books and records of the Fund are maintained in U.S. dollars. Foreign
currencies, investments and other assets and liabilities are translated into
U.S. dollars at the exchange rates prevailing at the end of the period.
Purchases and sales of investment securities and items of income and expense are
translated on the respective dates of such transactions. Unrealized gains and
losses on assets and liabilities, other than investments in securities, which
result from changes in foreign currency exchange rates have been included in
"Net change in unrealized appreciation (depreciation) on foreign currency
translation" on the Statement of Operations. Unrealized gains and losses on
investments in securities which result from changes in foreign exchange rates
are included with fluctuations arising from changes in market price and are
shown in "Net change in unrealized appreciation (depreciation) on investments"
on the Statement of Operations. Net realized foreign currency gains and losses
include the effect of changes in exchange rates between trade date and
settlement date on investment security transactions, foreign currency
transactions and interest and dividends received. The portion of foreign
currency gains and losses related to fluctuation in exchange rates between the
initial purchase trade date and subsequent sale trade date is included in "Net
realized gain (loss) on foreign currency transactions" on the Statement of
Operations.

I. ACCOUNTING PRONOUNCEMENT:

In January 2010, the Financial Accounting Standards Board ("FASB") issued
Accounting Standards Update ("ASU") No. 2010-06 "Improving Disclosures about
Fair Value Measurements." ASU 2010-06 amends FASB Accounting Standards
Codification Topic 820, Fair Value Measurements and Disclosures, to require
additional disclosures regarding fair value measurements. Certain disclosures
required by ASU No. 2010-06 are effective for interim and annual reporting
periods beginning after December 15, 2009, and other required disclosures are
effective for fiscal years beginning after December 15, 2010, and for interim
periods within those fiscal years. Management is currently evaluating the impact
ASU No. 2010-06 will have on the Fund's financial statement disclosures.

3. INVESTMENT ADVISORY FEE, AFFILIATED TRANSACTIONS AND OTHER FEE ARRANGEMENTS

First Trust is a limited partnership with one limited partner, Grace Partners of
DuPage L.P., and one general partner, The Charger Corporation. First Trust
serves as investment advisor to the Fund pursuant to an Investment Management
Agreement. First Trust is responsible for the ongoing monitoring of the Fund's
investment portfolio, managing the Fund's business affairs and providing certain
administrative services necessary for the management of the Fund. For these
services, First Trust is entitled to a monthly fee calculated at an annual rate
of 1.00% of the Fund's Managed Assets (the value of the securities and other
investments the Fund holds plus cash or other assets, including interest accrued
but not yet received, minus accrued liabilities other than the principal amount
of any borrowings).

EIP serves as the Fund's sub-advisor and manages the Fund's portfolio subject to
First Trust's supervision. The Sub-Advisor receives a monthly portfolio
management fee calculated at an annual rate of 0.50% of Managed Assets that is
paid by First Trust out of its investment advisory fee.

PNC Global Investment Servicing (U.S.) Inc., formerly an indirect, wholly-owned
subsidiary of The PNC Financial Services Group, Inc. ("PNC"), serves as the
Fund's Administrator, Fund Accountant and Transfer Agent in accordance with
certain fee arrangements. PFPC Trust Company, also an indirect, majority-owned
subsidiary of PNC, serves as the Fund's Custodian in accordance with certain fee
arrangements.

On July 1, 2010, The PNC Financial Services Group, Inc. sold the outstanding
stock of PNC Global Investment Servicing Inc. to The Bank of New York Mellon
Corporation. At the closing of the sale, PNC Global Investment Servicing (U.S.)
Inc. changed its name to BONY Mellon Investment Servicing (US) Inc. PFPC Trust
Company will not change its name until a later date to be announced.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor
or any of their affiliates ("Independent Trustees") is paid an annual retainer
of $10,000 per trust for the first 14 trusts of the First Trust Fund Complex and
an annual retainer of $7,500 per trust for each additional trust in the First
Trust Fund Complex. The annual retainer is allocated equally among each of the
trusts. No additional meeting fees are paid in connection with board or
committee meetings.

Page 19

NOTES TO FINANCIAL STATEMENTS - (CONTINUED)

ENERGY INCOME AND GROWTH FUND
MAY 31, 2010 (UNAUDITED)

Additionally, the Lead Independent Trustee is paid $10,000 annually, the
Chairman of the Audit Committee is paid $5,000 annually, and each of the
Chairmen of the Nominating and Governance Committee and Valuation Committee is
paid $2,500 annually to serve in such capacities, with such compensation paid by
the trusts in the First Trust Fund Complex and divided among those trusts.
Trustees are also reimbursed by the trusts in the First Trust Fund Complex for
travel and out-of-pocket expenses in connection with all meetings. The Lead
Independent Trustee and each Committee chairman will serve two-year terms ending
on December 31, 2011, before rotating to serve as a chairman of another
committee or as Lead Independent Trustee. The officers and the "Interested"
Trustee receive no compensation from the Fund for serving in such capacities.

4. PURCHASES AND SALES OF SECURITIES AND OPTIONS

Cost of purchases and proceeds from sales of investment securities, excluding
short-term investments, for the six months ended May 31, 2010, were $130,900,843
and $27,792,286, respectively.

Written option activity for the Fund was as follows:

NUMBER
OF
WRITTEN OPTIONS CONTRACTS PREMIUMS
--------------- --------- ----------

Options outstanding at November 30, 2009 ............... 7,315 $ 722,982
Options Written ........................................ 18,823 1,640,357
Options Expired ........................................ (4,621) (330,279)
Options Exercised ...................................... (8,274) (738,897)
Options Closed ......................................... (540) (49,879)
------ ----------
Options outstanding at May 31, 2010 .................... 12,703 $1,244,284
====== ==========

5. BORROWINGS

The Fund entered into a committed facility agreement with BNP Paribas Prime
Brokerage Inc. ("BNP") that has a maximum commitment amount of $90,000,000. The
committed facility required an upfront payment from the Fund equal to $150,000,
which was amortized over a one-year period. Absent certain events of default or
failure to maintain certain collateral requirements, BNP may not terminate the
committed facility agreement except upon 180 calendar days prior notice. The
borrowing rate under the facility is equal to the 3-month LIBOR plus 150 basis
points. In addition, under the facility, the Fund pays a commitment fee of 0.80%
on the undrawn amount of such facility.

The average amount outstanding for the six months ended May 31, 2010 was
$57,758,241, with a weighted average interest rate of 1.81%. As of May 31, 2010,
the Fund had outstanding borrowings of $78,300,000 under this committed facility
agreement. The high and low annual interest rates for the six months ended May
31, 2010 were 2.04% and 1.75%, respectively. The interest rate at May 31, 2010
was 2.04%.

6. COMMON SHARE OFFERINGS

A. AT THE MARKET OFFERINGS

On May 19, 2009, the Fund, Advisor and Sub-Advisor entered into a sales
agreement with Jones Trading Institutional Services, LLC ("Jones Trading")
whereby the Fund may offer and sell up to 1,000,000 Common Shares from time to
time through Jones Trading as agent for the offer and sale of the Common Shares.
Sales of Common Shares pursuant to the sales agreement may be made in negotiated
transactions or transactions that are deemed to be "at the market" as defined in
Rule 415 under the Securities Act of 1933, as amended, including sales made
directly on the NYSE Amex or sales made through a market maker other than on an
exchange, at an offering price equal to or in excess of the net asset value per
share of the Fund's Common Shares at the time such Common Shares are initially
sold. The Fund has used the net proceeds from the sale of the Common Shares in
accordance with its investment objective and policies. Transactions for the six
months ended May 31, 2010 and the fiscal year ended November 30, 2009 related to
offerings under such sales agreement are as follows:

Page 20

NOTES TO FINANCIAL STATEMENTS - (CONTINUED)

ENERGY INCOME AND GROWTH FUND
MAY 31, 2010 (UNAUDITED)

COMMON NET PROCEEDS
SHARES NET PROCEEDS NET ASSET VALUE RECEIVED IN
SOLD RECEIVED OF SHARES SOLD EXCESS OF NET ASSET VALUE
------- ------------ --------------- -------------------------

Six Months Ended 5/31/2010 32,326 $ 753,521 $ 669,537 $ 83,984
Year Ended 11/30/2009 227,636 4,804,981 4,215,868 589,113
------- ---------- ---------- --------
259,962 $5,558,502 $4,885,405 $673,097
======= ========== ========== ========

Additionally, estimated offering costs of $319,000 related to this offering have
been recorded as a prepaid asset and are being amortized to expense by the Fund
on a straight line basis over the lesser of one year or until the fund sells all
1,000,000 Common Shares related to this offering.

B. PUBLIC OFFERINGS

On February 12, 2010, the Fund entered into an underwriting agreement with the
Advisor, the Sub-Advisor, RBC Capital Markets Corporation and other underwriters
named in the agreement pursuant to which 805,000 Common Shares were sold
(700,000 Common Shares on February 12, 2010 and 105,000 Common Shares pursuant
to an overallotment option on February 22, 2010). The Fund entered into another
underwriting agreement with the Advisor, the Sub-Advisor, RBC Capital Markets
Corporation and other underwriters on April 30, 2010 pursuant to which 1,955,000
Common Shares were sold (1,700,000 Common Shares on April 30, 2010 and 255,000
Common Shares pursuant to an overallotment option on May 3, 2010).

Offering costs of $342,891 related to the issuance of the Common Shares were
charged to paid-in capital when the stock was issued. The Fund used the net
proceeds from the sales of the Common Shares in accordance with its investment
objective and policies. Transactions for the public offerings are as follows:

COMMON NET PROCEEDS
SHARES NET PROCEEDS NET ASSET VALUE RECEIVED IN
SOLD RECEIVED OF SHARES SOLD EXCESS OF NET ASSET VALUE
--------- ------------ --------------- -------------------------

2,760,000 $62,077,269 $61,341,481 $735,759

7. INDEMNIFICATION

The Fund has a variety of indemnification obligations under contracts with its
service providers. The Fund's maximum exposure under these arrangements is
unknown. However, the Fund has not had prior claims or losses pursuant to these
contracts and expects the risk of loss to be remote.

8. RISK CONSIDERATIONS

Risks are inherent in all investing. The following summarizes some of the risks
that should be considered for the Fund. For additional information about the
risks associated with investing in the Fund, please see the Fund's prospectus
and statement of additional information, as well as other Fund regulatory
filings.

INVESTMENT AND MARKET RISK: An investment in the Fund's Common Shares is subject
to investment risk, including the possible loss of the entire principal
invested. An investment in Common Shares represents an indirect investment in
the securities owned by the Fund. The value of these securities, like other
market investments, may move up or down, sometimes rapidly and unpredictably.
Common Shares at any point in time may be worth less than the original
investment, even after taking into account the reinvestment of Fund dividends
and distributions. Security prices can fluctuate for several reasons including
the general condition of the securities markets, or when political or economic
events affecting the issuers occur. When the Advisor or Sub-Advisor determines
that it is temporarily unable to follow the Fund's investment strategy or that
it is impractical to do so (such as when a market disruption event has occurred
and trading in the securities is extremely limited or absent), the Fund may take
temporary defensive positions.

INDUSTRY CONCENTRATION RISK: The Fund invests at least 85% of its Managed Assets
in securities issued by energy companies, energy sector MLPs and MLP-related
entities. Given this industry concentration, the Fund is more susceptible to
adverse economic or regulatory occurrences affecting that industry than an
investment company that is not concentrated in a single industry. Energy issuers
may be subject to a variety of factors that may adversely affect their business
or operations, including high interest costs in connection with capital
construction programs, high leverage costs associated with environmental and
other regulations, the effects of economic slowdown, surplus capacity, increased
competition from other providers of services, uncertainties concerning the
availability of fuel at reasonable prices, the effects of energy conservation
policies and other factors.

Page 21

NOTES TO FINANCIAL STATEMENTS - (CONTINUED)

ENERGY INCOME AND GROWTH FUND
MAY 31, 2010 (UNAUDITED)

MLP RISK: An investment in MLP units involves risks which differ from an
investment in common stock of a corporation. Holders of MLP units have limited
control and voting rights on matters affecting the partnership. In addition,
there are certain tax risks associated with an investment in MLP units and
conflicts of interest exist between common unit holders and the general partner,
including those arising from incentive distribution payments.

LEVERAGE RISK: The use of leverage results in additional risks and can magnify
the effect of any losses. The funds borrowed pursuant to a leverage borrowing
program constitute a substantial lien and burden by reason of their prior claim
against the income of the Fund and against the net assets of the Fund in
liquidation. If the Fund is not in compliance with certain credit facility
provisions, the Fund may not be permitted to declare dividends or other
distributions.

RESTRICTED SECURITIES RISK: The Fund may invest in unregistered or otherwise
restricted securities. The term "restricted securities" refers to securities
that are unregistered or are held by control persons of the issuer and
securities that are subject to contractual restrictions on their resale. As a
result, restricted securities may be more difficult to value and the Fund may
have difficulty disposing of such assets either in a timely manner or for a
reasonable price. In order to dispose of an unregistered security, the Fund,
where it has contractual rights to do so, may have to cause such security to be
registered. A considerable period may elapse between the time the decision is
made to sell the security and the time the security is registered so that the
Fund could sell it. Contractual restrictions on the resale of securities vary in
length and scope and are generally the result of a negotiation between the
issuer and acquirer of the securities. The Fund would, in either case, bear
market risks during that period.

NON-DIVERSIFICATION RISK: Because the Fund is non-diversified, it is only
limited as to the percentage of its assets which may be invested in the
securities of any one issuer by the diversification requirements imposed by the
Internal Revenue Code of 1986, as amended. Because the Fund may invest a
relatively high percentage of its assets in a limited number of issuers, the
Fund may be more susceptible to any single economic, political or regulatory
occurrence and to the financial conditions of the issuers in which it invests.

9. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund through
the date the financial statements were issued, and has determined that besides
those subsequent events that have already been disclosed there were the
following subsequent events:

First Trust Capital Partners, LLC, an affiliate of First Trust, purchased,
through a wholly-owned subsidiary, a 20% ownership interest in each of the
Sub-Advisor and EIP Partners, LLC, an affiliate of the Sub-Advisor. The
transactions were completed on June 22, 2010.

On July 12, 2010, the Fund declared a dividend of $0.45 per share to Common
Shareholders of record on July 23, 2010, payable July 30, 2010.

Page 22

ADDITIONAL INFORMATION

ENERGY INCOME AND GROWTH FUND
MAY 31, 2010 (UNAUDITED)

DIVIDEND REINVESTMENT PLAN

If your Common Shares are registered directly with the Fund or if you hold your
Common Shares with a brokerage firm that participates in the Fund's Dividend
Reinvestment Plan (the "Plan"), unless you elect, by written notice to the Fund,
to receive cash distributions, all dividends, including any capital gain
distributions, on your Common Shares will be automatically reinvested by BNY
Mellon Investment Servicing (US) Inc. (formerly PNC Global Investment Servicing
(U.S.) Inc.) (the "Plan Agent"), in additional Common Shares under the Plan. If
you elect to receive cash distributions, you will receive all distributions in
cash paid by check mailed directly to you by the Plan Agent, as dividend paying
agent.

If you decide to participate in the Plan, the number of Common Shares you will
receive will be determined as follows:

(1) If Common Shares are trading at or above NAV at the time of valuation,
the Fund will issue new shares at a price equal to the greater of (i)
NAV per Common Share on that date or (ii) 95% of the market price on
that date.

(2) If Common Shares are trading below NAV at the time of valuation, the
Plan Agent will receive the dividend or distribution in cash and will
purchase Common Shares in the open market, on the NYSE Amex (formerly
the American Stock Exchange) or elsewhere, for the participants'
accounts. It is possible that the market price for the Common Shares
may increase before the Plan Agent has completed its purchases.
Therefore, the average purchase price per share paid by the Plan Agent
may exceed the market price at the time of valuation, resulting in the
purchase of fewer shares than if the dividend or distribution had been
paid in Common Shares issued by the Fund. The Plan Agent will use all
dividends and distributions received in cash to purchase Common Shares
in the open market within 30 days of the valuation date except where
temporary curtailment or suspension of purchases is necessary to
comply with federal securities laws. Interest will not be paid on any
uninvited cash payments.

You may elect to opt-out of or withdraw from the Plan at any time by giving
written notice to the Plan Agent, or by telephone at (800) 331-1710, in
accordance with such reasonable requirements as the Plan Agent and the Fund may
agree upon. If you withdraw or the Plan is terminated, you will receive a
certificate for each whole share in your account under the Plan and you will
receive a cash payment for any fraction of a share in your account. If you wish,
the Plan Agent will sell your shares and send you the proceeds, minus brokerage
commissions.

The Plan Agent maintains all Common Shareholders' accounts in the Plan and gives
written confirmation of all transactions in the accounts, including information
you may need for tax records. Common Shares in your account will be held by the
Plan Agent in non-certificated form. The Plan Agent will forward to each
participant any proxy solicitation material and will vote any shares so held
only in accordance with proxies returned to the Fund. Any proxy you receive will
include all Common Shares you have received under the Plan.

There is no brokerage charge for reinvestment of your dividends or distributions
in Common Shares. However, all participants will pay a pro rata share of
brokerage commissions incurred by the Plan Agent when it makes open market
purchases.

Automatically reinvesting dividends and distributions does not mean that you do
not have to pay income taxes due upon receiving dividends and distributions.
Capital gains and income are realized, although cash is not received by you.
Consult your financial advisor for more information.

If you hold your Common Shares with a brokerage firm that does not participate
in the Plan, you will not be able to participate in the Plan and any dividend
reinvestment may be effected on different terms than those described above.

The Fund reserves the right to amend or terminate the Plan if in the judgment of
the Board of Trustees the change is warranted. There is no direct service charge
to participants in the Plan; however, the Fund reserves the right to amend the
Plan to include a service charge payable by the participants. Additional
information about the Plan may be obtained by writing BNY Mellon Investment
Servicing (US) Inc., 301 Bellevue Parkway, Wilmington, Delaware 19809.

PROXY VOTING POLICIES AND PROCEDURES

A description of the policies and procedures that the Fund uses to determine how
to vote proxies and information on how the Fund voted proxies relating to
portfolio securities during the most recent 12-month period ended June 30 is
available (1) without charge, upon request, by calling (800) 988-5891; (2) on
the Fund's website located at http://www.ftportfolios.com; and (3) on the
Securities and Exchange Commission's website at http://www.sec.gov.

Page 23

ADDITIONAL INFORMATION - (CONTINUED)

ENERGY INCOME AND GROWTH FUND
MAY 31, 2010 (UNAUDITED)

PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities
and Exchange Commission ("SEC") for the first and third quarters of each fiscal
year on Form N-Q. The Fund's Forms N-Q are available (1) by calling (800)
988-5891; (2) on the Fund's website located at http://www.ftportfolios.com; (3)
on the SEC's website at http://www.sec.gov; and (4) for review and copying at
the SEC's Public Reference Room ("PRR") in Washington, DC. Information regarding
the operation of the PRR may be obtained by calling (800) SEC-0330.

SUBMISSION OF MATTERS TO A VOTE OF SHAREHOLDERS

The Joint Annual Meeting of Shareholders of Macquarie/First Trust Global
Infrastructure/Utilities Dividend & Income Fund, Energy Income and Growth Fund,
First Trust Enhanced Equity Income Fund, First Trust/Aberdeen Global Opportunity
Income Fund, First Trust/FIDAC Mortgage Income Fund, First Trust Strategic High
Income Fund, First Trust Strategic High Income Fund II, First Trust/Aberdeen
Emerging Opportunity Fund, First Trust Strategic High Income Fund III, First
Trust Specialty Finance and Financial Opportunities Fund and First Trust Active
Dividend Income Fund was held on April 14, 2010. At the Annual Meeting, Trustees
James A. Bowen and Niel B. Nielson were elected by the Common Shareholders of
the Energy Income and Growth Fund as Class III Trustees for three-year terms
expiring at the Fund's annual meeting of shareholders in 2013. The number of
votes cast in favor of Mr. Bowen was 6,080,955, the number of votes against was
150,322 and the number of abstentions was 559,319. The number of votes cast in
favor of Mr. Nielson was 6,085,090, the number of votes against was 146,187 and
the number of abstentions was 559,319. Richard E. Erickson, Thomas R. Kadlec and
Robert F. Keith are the other current and continuing Trustees.

ADVISORY AND SUB-ADVISORY AGREEMENTS

BOARD CONSIDERATIONS REGARDING CONTINUATION OF INVESTMENT MANAGEMENT AND
SUB-ADVISORY AGREEMENTS

The Board of Trustees of Energy Income and Growth Fund (the "Fund"), including
the Independent Trustees, unanimously approved the continuation of the
Investment Management Agreement (the "Advisory Agreement") between the Fund and
First Trust Advisors L.P. (the "Advisor") and the Investment Sub-Advisory
Agreement (the "Sub-Advisory Agreement" and together with the Advisory
Agreement, the "Agreements") among the Fund, the Advisor and Energy Income
Partners, LLC (the "Sub-Advisor"), at a meeting held on March 21-22, 2010. The
Board determined that the terms of the Agreements are fair and reasonable and
that the Agreements continue to be in the best interests of the Fund.

To reach this determination, the Board considered its duties under the
Investment Company Act of 1940, as amended (the "1940 Act"), as well as under
the general principles of state law in reviewing and approving advisory
contracts; the requirements of the 1940 Act in such matters; the fiduciary duty
of investment advisors with respect to advisory agreements and compensation; the
standards used by courts in determining whether investment company boards have
fulfilled their duties; and the factors to be considered by the Board in voting
on such agreements. To assist the Board in its evaluation of the Agreements, the
Independent Trustees received a separate report from each of the Advisor and the
Sub-Advisor in advance of the Board meeting responding to a request for
information from counsel to the Independent Trustees. The reports, among other
things, outlined the services provided by the Advisor and the Sub-Advisor
(including the relevant personnel responsible for these services and their
experience); the advisory and sub-advisory fees for the Fund as compared to fees
charged to other clients of the Advisor and the Sub-Advisor and as compared to
fees charged by investment advisors and sub-advisors to comparable funds;
expenses of the Fund as compared to expense ratios of comparable funds; the
nature of expenses incurred in providing services to the Fund and the potential
for economies of scale, if any; financial data on the Advisor and the
Sub-Advisor; any fall-out benefits to the Advisor and the Sub-Advisor; and
information on the Advisor's and the Sub-Advisor's compliance programs. The
Independent Trustees also met separately with their independent legal counsel to
discuss the information provided by the Advisor and the Sub-Advisor. The Board
applied its business judgment to determine whether the arrangements between the
Fund and the Advisor and among the Fund, the Advisor and the Sub-Advisor are
reasonable business arrangements from the Fund's perspective as well as from the
perspective of shareholders.

In reviewing the Agreements, the Board considered the nature, quality and extent
of services provided by the Advisor and the Sub-Advisor under the Agreements.
The Board considered the Advisor's statements regarding the incremental benefits
associated with the Fund's advisor/sub-advisor management structure. With
respect to the Advisory Agreement, the Board considered that the Advisor is
responsible for the overall management and administration of the Fund, including
the oversight of the Sub-Advisor. The Board considered the efforts of the
Advisor in connection with redeeming the Fund's auction rate energy notes and in
making arrangements for a shelf offering to enable additional Fund shares to be
offered. The Board noted the compliance program that had been developed by the
Advisor and considered that the compliance program includes policies and
procedures for monitoring the Sub-Advisor's compliance with the 1940 Act and the
Fund's investment objective and policies. The Board also noted the enhancements
made by the Advisor to the compliance

Page 24

ADDITIONAL INFORMATION - (CONTINUED)

ENERGY INCOME AND GROWTH FUND
MAY 31, 2010 (UNAUDITED)

program in 2009. With respect to the Sub-Advisory Agreement, the Board received
a presentation from representatives of the Sub-Advisor discussing the services
that the Sub-Advisor provides to the Fund and how the Sub-Advisor manages the
Fund's investments. In light of the information presented and the considerations
made, the Board concluded that the nature, quality and extent of services
provided to the Fund by the Advisor and the Sub-Advisor under the Agreements
have been and are expected to remain satisfactory and that the Sub-Advisor,
under the oversight of the Advisor, has managed the Fund consistent with its
investment objective and policies.

The Board considered the advisory and sub-advisory fees paid under the
Agreements. The Board considered the advisory fees charged by the Advisor to
similar funds and other non-fund clients, and noted that the Advisor does not
provide advisory services to other clients with investment objectives and
policies similar to the Fund's. The Board also considered information provided
by the Sub-Advisor as to the fees it charges to other similar clients, noting
that the sub-advisory fee rate is lower than the fee rate charged by the
Sub-Advisor to all other clients. In addition, the Board received data prepared
by Lipper Inc. ("Lipper"), an independent source, showing the management fees
and expense ratios of the Fund as compared to the management fees and expense
ratios of a combined peer group selected by Lipper and the Advisor. The Board
discussed with representatives of the Advisor the limitations in creating a
relevant peer group for the Fund, including that (i) the peer funds may use
different types of leverage which have different costs associated with them;
(ii) most peer funds do not employ an advisor/sub-advisor management structure;
(iii) the peer funds may not have the same fiscal year as the Fund, which may
cause the expense data used by Lipper to be measured over different time
periods; and (iv) many of the peer funds are larger than the Fund. The Board
reviewed the Lipper materials, but based on its discussions with the Advisor,
the Board determined that the Lipper data was of limited value for purposes of
its consideration of the renewal of the Agreements.

The Board also considered performance information for the Fund, noting that the
performance information included the Fund's quarterly performance report, which
is part of the process that the Board has established for monitoring the Fund's
performance on an ongoing basis, and had been enhanced to assess portfolio risk
as well. The Board determined that this process continues to be effective for
reviewing the Fund's performance. In addition to the Board's ongoing review of
performance, the Board also received data prepared by Lipper comparing the
Fund's performance to the combined peer group selected by Lipper and the
Advisor, as well as to a larger group and to a benchmark. The Board reviewed the
Lipper materials, but for similar reasons to those described above, the Board
determined that the performance data provided by Lipper was of limited value.
The Board considered changes made to the Fund's leverage arrangements in 2009 as
a result of market events and considered an analysis prepared by the Advisor on
the continued benefits provided by the Fund's leverage. The Board also
considered the impact of the changes made to the Fund's portfolio since the
Sub-Advisor began managing the Fund. In addition, the Board considered the
market price and net asset value performance of the Fund since inception, and
compared the Fund's premium/discount to the average and median premium/discount
of the combined peer group, noting that the Fund's market price for 2009
generally reflected a premium. Based on the information provided and the Board's
ongoing review of the Fund's performance, the Board concluded that the Fund's
performance was reasonable.

On the basis of all the information provided on the fees, expenses and
performance of the Fund, the Board concluded that the advisory and sub-advisory
fees were reasonable and appropriate in light of the nature, quality and extent
of services provided by the Advisor and Sub-Advisor under the Agreements.

The Board noted that the Advisor has continued to invest in personnel and
infrastructure and considered whether fee levels reflect any economies of scale
for the benefit of shareholders. The Board concluded that the advisory fee
reflects an appropriate level of sharing of any economies of scale at current
asset levels. The Board also considered the costs of the services provided and
profits realized by the Advisor from serving as investment manager to the Fund
for the twelve months ended December 31, 2009, as set forth in the materials
provided to the Board. The Board noted the inherent limitations in the
profitability analysis, and concluded that the Advisor's profitability appeared
to be not excessive in light of the services provided to the Fund. In addition,
the Board considered and discussed any ancillary benefits derived by the Advisor
from its relationship with the Fund and noted that the typical fall-out benefits
to the Advisor such as soft dollars are not present. At the meeting, the Advisor
disclosed information about ongoing negotiations between an affiliate of the
Advisor and the Sub-Advisor to acquire a minority interest in the Sub-Advisor.
The Board concluded that any other fall-out benefits received by the Advisor or
its affiliates would appear to be limited.

The Board considered that the Sub-Advisor's investment services expenses are
primarily fixed, and that the Sub-Advisor expects that additional investments in
infrastructure will be made over the course of the next twelve months. The Board
considered that the sub-advisory fee rate was negotiated at arm's length between
the Advisor and the Sub-Advisor, an unaffiliated third party. The Board also
considered information provided by the Sub-Advisor as to the estimated revenues
the Sub-Advisor expects from the Sub-Advisory Agreement at the Fund's managed
asset level as of February 2010. The Board concluded that its consideration of
the Advisor's profitability was more relevant. The Board considered the fall-out
benefits realized by the Sub-Advisor from its relationship with the Fund,
including soft-dollar arrangements, and considered a summary of such
arrangements.

Page 25

ADDITIONAL INFORMATION - (CONTINUED)

ENERGY INCOME AND GROWTH FUND
MAY 31, 2010 (UNAUDITED)

Based on all of the information considered and the conclusions reached, the
Board, including the Independent Trustees, determined that the terms of the
Agreements continue to be fair and reasonable and that the continuation of the
Agreements is in the best interests of the Fund. No single factor was
determinative in the Board's analysis.

Page 26

This Page Left Blank Intentionally.

(FIRST TRUST LOGO)

INVESTMENT ADVISOR
First Trust Advisors L.P.
120 E. Liberty Drive, Suite 400
Wheaton, IL 60187

INVESTMENT SUB-ADVISOR
Energy Income Partners, LLC
49 Riverside Avenue
Westport, CT 06880

ADMINISTRATOR, FUND ACCOUNTANT & TRANSFER AGENT
BNY Mellon Investment Servicing (US) Inc.
301 Bellevue Parkway
Wilmington, DE 19809

CUSTODIAN
PFPC Trust Company
8800 Tinicum Boulevard
Philadelphia, PA 19153

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP
111 S. Wacker Drive
Chicago, IL 60606

LEGAL COUNSEL
Chapman and Cutler LLP
111 W. Monroe Street
Chicago, IL 60603

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a) Schedule of Investments in securities of unaffiliated issuers as of the
close of the reporting period is included as part of the report to
shareholders filed under Item 1 of this form.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a) Not applicable.

(b) There has been no change, as of the date of this filing, in any of the
portfolio managers identified in response to paragraph (a)(1) of this Item
in the registrant's most recently filed annual report on Form N-CSR.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which the shareholders
may recommend nominees to the Registrant's board of trustees, where those
changes were implemented after the Registrant last provided disclosure in
response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR
229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)),
or this Item.

ITEM 11. 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 second
fiscal quarter of the period covered by this report that has
materially affected, or is reasonably likely to materially affect, the
Registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and
Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 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 July 20, 2010

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 July 20, 2010

By (Signature and Title)* /s/ Mark R. Bradley
------------------------------------------------------
Mark R. Bradley, Treasurer, Controller,
Chief Financial Officer and Chief Accounting Officer
(principal financial officer)

Date July 20, 2010

* Print the name and title of each signing officer under his or her
signature.