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

187 Danbury Road
Wilton, Connecticut 06897
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(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
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(Name and address of agent for service)

registrant's telephone number, including area code: 630-765-8000
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Date of fiscal year end: November 30
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Date of reporting period: November 30, 2011
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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. ss. 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The Report to Shareholders is attached herewith.

FIRST TRUST

ANNUAL REPORT
FOR THE YEAR ENDED
NOVEMBER 30, 2011

ENERGY
INCOME & GROWTH
FUND

EIP
------------------
ENERGY INCOME PARTNERS, LLC

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TABLE OF CONTENTS
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ENERGY INCOME AND GROWTH FUND (FEN)
ANNUAL REPORT
NOVEMBER 30, 2011

Shareholder Letter......................................................... 1
At A Glance................................................................ 2
Portfolio Commentary....................................................... 3
Portfolio of Investments................................................... 5
Statement of Assets and Liabilities........................................ 9
Statement of Operations.................................................... 10
Statements of Changes in Net Assets........................................ 11
Statement of Cash Flows.................................................... 12
Financial Highlights....................................................... 13
Notes to Financial Statements.............................................. 14
Report of Independent Registered Public Accounting Firm.................... 22
Additional Information..................................................... 23
Board of Trustees and Officers............................................. 25
Privacy Policy............................................................. 27

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 by investing in the Fund. See "Risk Considerations" in the Notes to
Financial Statements for a discussion of certain 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 Fund regulatory filings.

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SHAREHOLDER LETTER
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ENERGY INCOME AND GROWTH FUND (FEN)
ANNUAL LETTER FROM THE PRESIDENT
NOVEMBER 30, 2011

Dear Shareholders:

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

First Trust Advisors L.P. ("First Trust"), now in our 21st year, has always
believed that staying invested in quality products and having a long-term
horizon can help investors reach their financial goals. Like many successful
investors, we understand that success in the markets doesn't just happen--it
requires a long-term investment perspective through all kinds of markets.
Although the markets have been somewhat choppy over the past six months, the
equity market is well above the lows it sank to during the recent recession.

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 period this report covers.
I encourage you to read this document and discuss it with your financial
advisor. A successful investor is also typically a knowledgeable one, as we have
found to be the case at First Trust.

First Trust remains committed to being a long-term investor and investment
manager and to bringing you quality investment solutions regardless of market
ups and downs. We offer a variety of products that may fit many financial plans
to help those investors seeking long-term investment success. You may want to
talk to your advisor about the other investments First Trust offers that might
also fit your financial goals.

First Trust will continue to make available up-to-date information about your
investments so you and your financial advisor are current on any First Trust
investments you own. We value our relationship with you, and thank you for the
opportunity to assist you in achieving your financial goals. I look forward to
2012 and to the next edition of your Fund's report.

Sincerely,

/s/ James A. Bowen

James A. Bowen
Chairman of the Board of Trustees of Energy Income and Growth Fund and
Chief Executive Officer of First Trust

Page 1

ENERGY INCOME AND GROWTH FUND
"AT A GLANCE"
AS OF NOVEMBER 30, 2011 (Unaudited)

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FUND STATISTICS
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Symbol on NYSE Amex FEN
Common Share Price $27.45
Common Share Net Asset Value ("NAV") $27.31
Premium (Discount) to NAV 0.51%
Net Assets Applicable to Common Shares $385,325,984
Current Quarterly Distribution per Common Share (1) $0.4750
Current Annualized Distribution per Common Share $1.9000
Current Distribution Rate on Closing Common Share Price (2) 6.92%
Current Distribution Rate on NAV (2) 6.96%
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COMMON SHARE PRICE & NAV (WEEKLY CLOSING PRICE)
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Common Share Price NAV

11/10 26.30 25.90
26.78 26.10
26.70 26.17
26.28 25.64
26.75 26.17
12/10 26.88 26.50
27.15 26.53
27.91 27.02
27.11 26.01
1/11 26.98 26.48
27.36 26.91
27.70 26.79
28.47 27.59
2/11 28.35 27.71
28.60 27.80
28.20 26.78
28.55 26.81
3/11 29.16 27.58
29.25 27.91
29.60 27.82
29.49 27.70
29.48 27.59
4/11 30.11 28.05
28.56 27.15
28.16 26.51
28.23 26.81
5/11 28.43 26.93
29.18 26.63
28.30 26.62
27.83 26.00
6/11 28.39 26.72
29.23 27.50
29.89 27.62
29.88 27.40
29.63 27.06
7/11 27.24 26.51
24.90 25.07
26.25 25.71
25.18 24.79
8/11 25.92 25.32
26.52 25.76
26.13 25.58
26.72 25.72
25.33 25.09
9/11 25.34 25.13
25.52 25.23
26.29 26.49
26.65 26.74
10/11 27.33 27.44
27.06 27.41
27.25 27.08
27.50 27.18
27.03 26.60
11/11 27.45 27.30
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PERFORMANCE
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Average Annual Total Return
------------------------------------
Inception
1 Year Ended 5 Years Ended (6/24/2004)
11/30/2011 11/30/2011 to 11/30/2011

FUND PERFORMANCE (3)
NAV 12.61% 8.91% 12.36%
Market Value 11.73% 10.21% 11.74%

INDEX PERFORMANCE
S&P 500 Index 7.81% -0.17% 3.31%
Barclays Capital U.S. Credit Index of Corporate Bonds 5.21% 6.20% 5.89%
Alerian MLP Total Return Index 9.55% 13.29% 16.13%
Wells Fargo Midstream MLP Index 12.94% 13.59% 16.28%
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% OF TOTAL
INDUSTRY CLASSIFICATION (4) INVESTMENTS
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Midstream Oil 54.9%
Midstream Gas 29.4
Utility 5.8
Coal 5.2
Propane 3.0
Marine 1.7
Oil & Gas 0.0 *
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Total 100.0%
======

*Amount is less than 0.05%.

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% OF TOTAL
TOP 10 HOLDINGS INVESTMENTS
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Enterprise Products Partners, L.P. 8.1%
Magellan Midstream Partners, L.P. 7.4
Plains All American Pipeline, L.P. 6.2
Kinder Morgan Management, LLC 5.3
Buckeye Partners, L.P. 5.1
ONEOK Partners, L.P. 4.3
Williams Cos., Inc. 4.3
Sunoco Logistics Partners, L.P. 4.0
NuStar Energy, L.P. 3.4
Enbridge Energy Partners, L.P. 2.9
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Total 51.0%
======

(1) Most recent distribution paid or declared through 11/30/2011. Subject to
change in the future. The distribution was increased subsequent to
11/30/2011. See Note 9 - Subsequent Events in the Notes to Financial
Statements.

(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 11/30/2011. 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

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PORTFOLIO COMMENTARY
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ENERGY INCOME AND GROWTH FUND
ANNUAL REPORT
NOVEMBER 30, 2011

SUB-ADVISOR

ENERGY INCOME PARTNERS, LLC
Energy Income Partners, LLC ("EIP"), 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
pipeline companies, utilities and former Canadian income trusts. EIP mainly
focuses on investments in 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
$1.5 billion of assets, as of November 30, 2011. 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 or
sub-advisor to two registered investment companies other than 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 master limited partnerships and
other high payout securities of companies that operate energy infrastructure.
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 Energy Income and Growth Fund ("FEN" or 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 a portfolio of cash-generating securities such as publicly traded
MLPs, their affiliates and similar entities in the energy sector, 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 Total Return Index and the Wells Fargo Midstream
MLP Index, the total return for energy-related MLPs over the fiscal year ended
November 30, 2011 was 9.55% and 12.94%, respectively. For the Alerian MLP Total
Return Index, these returns reflect a positive 6.3% from income distribution,
and the remaining returns are due to share appreciation. For the Wells Fargo
Midstream MLP Index, these returns reflect a positive 6.2% 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 Total Return 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 6.2%. Over the last 12
months, the cash distributions of MLPs increased by about 4.9% (Source: Alerian
Capital Management).

PERFORMANCE ANALYSIS
On a net asset value ("NAV") basis, the Fund provided a total return1 of 12.61%,
including the reinvestment of dividends, for the fiscal year ended November 30,
2011. This compares, according to collected data, to a total return of 7.81% for
the S&P 500, 5.21% for the Barclays Capital U.S. Credit Index of Corporate
Bonds, 9.55% for the Alerian MLP Total Return Index and 12.94% for the Wells
Fargo Midstream MLP Index. On a

Page 3

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PORTFOLIO COMMENTARY - (Continued)
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market value basis, the Fund had a total return(1), including the reinvestment
of dividends, for the fiscal year ended November 30, 2011, of 11.73%. The Fund's
premium over NAV narrowed over the course of the fiscal year. On November 30,
2011, the Fund was priced at $27.45 while the NAV was $27.31, a premium of
0.51%. On November 30, 2010, the Fund was priced at $26.30 while the NAV was
$25.95, a premium of 1.35%.

The Fund increased its dividend four times during the fiscal year. The Fund
raised the distribution to $0.46/share in January 2011, $0.465 in April 2011,
$0.47 in July 2011 and to $0.475 in October 2011.

The outperformance of the Fund's NAV relative to the 11.25% average of the MLP
benchmarks is driven largely by the non-MLPs in the portfolio as well as owning
companies that primarily have non-cyclical and/or regulated business like
pipelines and storage terminals while underweighting or avoiding altogether
certain MLPs that we view as less attractive investments (including some that
operate in some of the non-cyclical businesses we generally view favorably). The
Sub-Advisor believes most important long-term drivers of the Fund's total return
will be the maintenance and growth of the dividends of the portfolio companies.

MARKET AND FUND OUTLOOK
The MLP asset class has experienced 10 IPOs as of November, 2011. There has also
been 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. In 2011, there have been 49
secondary equity offerings for MLPs that raised $12.2 billion through November
30, 2011. This compares to $11.4 billion raised in 2010. MLPs also found access
to the public debt markets, raising $15.6 billion in 22 offerings during the
same time period. This compares to $13.8 billion in 2010 (Source: Barclays
Capital). The combination of equity and debt raised of approximately $28 billion
represents about approximately 11% of the roughly $250 billion MLP market cap.

The Fund continues to aim to be invested in MLPs with mostly non-cyclical cash
flows, 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 oil prices, cyclical cash flows will
always be unpredictable, making them a poorer fit, in the opinion of the
Sub-Advisor, with a steady dividend obligation that is meant to be most or all
of the company's free cash flow.

It is interesting to note that MLPs have played an integral role in the
restructuring of some more diversified energy conglomerates. The first phase of
this restructuring, which has occurred over the last few years, has been the
creation by these more diversified conglomerates of an MLP subsidiary that
contains assets such as pipelines and storage terminals. The more recent phase
has been the divestiture by some of these parent companies of most or all of
their cyclical businesses, leaving the parent company looking very similar to an
old-fashioned pipeline utility with a large holding in a subsidiary MLP. These
diversified energy conglomerates are doing this so that their regulated
infrastructure assets with predictable cash flows may be better valued by the
market. The Fund is pursuing these opportunities in the context of the desired
characteristics including business exposure and quality.

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 November 30, 2011, was 6.4% based on the
Alerian MLP Total Return Index. The growth in the quarterly cash distributions
that make up this yield has averaged between 6% - 7% annually over the last ten
years. This growth rate accelerated to about 12% in 2008 and dropped to minus 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. This growth will continue to be driven by three factors: 1) modest
increases in volume from growth from both underlying petroleum demand as the
economy recovers and increases in North American oil and gas production
(particularly in new supply areas); 2) inflation and cost escalators in pipeline
tariffs and contracts; and 3) accretion from profitable capital projects and
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 (including the conversion of many coal-fired power plants to natural
gas). Thus far, the MLPs as a group have done a good job capitalizing on these
opportunities. The slower capital spending by the customers of infrastructure
MLPs (oil and gas producers and refiners) experienced in 2008 and 2009 appears
to have reversed course as the dramatic growth in oil and gas production from
the shale resources continues to surprise on the upside.

DISCLOSURE
The Fund's portfolio holdings are subject to change without notice. The mention
of specific securities is not a recommendation or solicitation for any person to
buy, sell or hold any particular security. There is no assurance that the Fund
currently holds these securities.

----------------------------
1 Total return is based on the combination of reinvested dividends, 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. Past performance is not indicative of
future results.

Page 4

ENERGY INCOME AND GROWTH FUND
PORTFOLIO OF INVESTMENTS (a)
NOVEMBER 30, 2011

SHARES/
UNITS DESCRIPTION VALUE
------------ ------------------------------------------------- --------------
MASTER LIMITED PARTNERSHIPS - 113.6%

GAS UTILITIES - 3.6%
278,463 AmeriGas Partners, L.P. (b)........................ $ 12,218,956
32,500 Suburban Propane Partners, L.P. (b)................ 1,511,250
--------------
13,730,206
--------------
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS - 2.1%
321,200 Brookfield Renewable Energy Partners, L.P. ........ 7,967,410
--------------

OIL, GAS & CONSUMABLE FUELS - 107.9%
79,850 Alliance GP Holdings, L.P. (b)..................... 4,046,798
91,200 Alliance Resource Partners, L.P. (b)............... 6,516,240
471,762 Buckeye Partners, L.P. (b)......................... 30,098,416
485,450 El Paso Pipeline Partners, L.P. (b)................ 15,908,197
556,026 Enbridge Energy Partners, L.P. (b)................. 17,220,125
321,879 Energy Transfer Equity, L.P. (b)................... 11,359,110
370,844 Energy Transfer Partners, L.P. (b)................. 16,228,133
1,056,653 Enterprise Products Partners, L.P. (b)............. 48,067,145
81,474 Global Partners, L.P. ............................. 1,685,697
209,824 Holly Energy Partners, L.P. (b).................... 11,691,393
162,674 Inergy, L.P. (b)................................... 3,933,457
205,771 Kinder Morgan Energy Partners, L.P. (b)............ 16,091,292
685,327 Magellan Midstream Partners, L.P. (b).............. 43,847,222
261,178 Natural Resource Partners, L.P. (b)................ 7,187,619
371,846 NuStar Energy, L.P. (b)............................ 20,392,035
311,890 NuStar GP Holdings, LLC (b)........................ 9,260,014
68,000 Oiltanking Partners, L.P. ......................... 1,958,400
504,240 ONEOK Partners, L.P. (b)........................... 25,494,374
547,428 Penn Virginia Resource Partners, L.P. (b).......... 13,324,398
564,191 Plains All American Pipeline, L.P. (b)............. 36,593,428
183,260 Spectra Energy Partners, L.P. (b).................. 5,547,280
226,537 Sunoco Logistics Partners, L.P. (b)................ 23,392,211
222,930 TC Pipelines, L.P. (b)............................. 10,607,009
310,500 Teekay LNG Partners, L.P. ......................... 9,994,995
258,158 TransMontaigne Partners, L.P. (b).................. 7,891,890
116,400 Western Gas Partners, L.P. (b)..................... 4,385,952
224,055 Williams Partners, L.P. (b)........................ 13,008,633
--------------
415,731,463
--------------
TOTAL MASTER LIMITED PARTNERSHIPS ................. 437,429,079
(Cost $256,306,886) --------------

COMMON STOCKS - 39.9%

ELECTRIC UTILITIES - 0.4%
9,400 Emera, Inc. ....................................... 299,260
42,700 Emera, Inc. (CAD) ................................. 1,371,910
--------------
1,671,170
--------------

See Notes to Financial Statements Page 5

ENERGY INCOME AND GROWTH FUND
PORTFOLIO OF INVESTMENTS (a) - (Continued)
NOVEMBER 30, 2011

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

COMMON STOCKS - (CONTINUED)

GAS UTILITIES - 6.1%
122,666 ONEOK, Inc. (c).................................... $ 10,200,904
445,930 UGI Corp. (d)...................................... 13,360,063
--------------
23,560,967
--------------
MULTI-UTILITIES - 2.9%
70,700 Dominion Resources, Inc. (b)....................... 3,649,534
325,600 NiSource, Inc. (b)................................. 7,459,496
--------------
11,109,030
--------------
OIL, GAS & CONSUMABLE FUELS - 30.5%
262,900 El Paso Corp. (b) (d).............................. 6,575,129
52,397 Enbridge Energy Management, LLC (b) (e)............ 1,669,368
97,700 Enbridge Income Fund Holdings, Inc. (CAD) ......... 1,858,307
200,130 Enbridge, Inc. .................................... 7,058,585
142,480 Keyera Corp. (CAD) ................................ 6,425,884
445,319 Kinder Morgan Management, LLC (b) (e).............. 31,515,226
268,700 Kinder Morgan, Inc. (b)............................ 7,926,650
279,000 Pembina Pipeline Corp. (CAD) ...................... 8,137,899
196,350 Spectra Energy Corp. (d)........................... 5,776,617
360,991 TransCanada Corp. (d).............................. 15,089,424
787,558 Williams Cos., Inc. (b) (d)........................ 25,422,372
--------------
117,455,461
--------------
TOTAL COMMON STOCKS ............................... 153,796,628
(Cost $112,754,537) --------------

WARRANTS - 0.0%

OIL, GAS & CONSUMABLE FUELS - 0.0%
48,956 Abraxas Petroleum Corp., Expiration 05/25/12 (f)(g)(h) 29,545
--------------
TOTAL WARRANTS .................................... 29,545
(Cost $0) --------------

TOTAL INVESTMENTS - 153.5% ........................ 591,255,252
(Cost $369,061,423) (i) --------------

NUMBER OF
CONTRACTS DESCRIPTION VALUE
------------ ------------------------------------------------- --------------
CALL OPTIONS WRITTEN - (0.4%)

El Paso Corp. Call
700 @ 24 due January 12 ............................... (109,200)
---------------
ONEOK, Inc. Calls
383 @ 77.5 due January 12 ............................. (260,440)
843 @ 82.5 due April 12 ............................... (455,220)
---------------
(715,660)
---------------

Page 6 See Notes to Financial Statements

ENERGY INCOME AND GROWTH FUND
PORTFOLIO OF INVESTMENTS (a) - (Continued)
NOVEMBER 30, 2011

SHARES/
UNITS DESCRIPTION VALUE
------------ ------------------------------------------------ --------------
CALL OPTIONS WRITTEN - (CONTINUED)

Spectra Energy Corp. Calls
993 @ 28 due December 11 .............................. $ (168,810)
900 @ 29 due December 11 .............................. (81,900)
--------------
(250,710)
--------------
TransCanada Corp. Calls
700 @ 45 due May 12 ................................... (70,000)
--------------
UGI Corp. Calls
600 @ 30 due January 12 ............................... (42,000)
595 @ 35 due January 12 ............................... (14,875)
1,000 @ 30 due April 12 ................................. (155,000)
--------------
(211,875)
--------------
Williams Cos., Inc. Call
800 @ 34 due January 12 ............................... (81,600)
--------------

TOTAL CALL OPTIONS WRITTEN ........................ (1,439,045)
(Premiums received $664,465) --------------

OUTSTANDING LOAN - (35.8%) ........................ (137,900,000)
NET OTHER ASSETS AND LIABILITIES - (17.3%) ........ (66,590,223)
--------------
NET ASSETS - 100.0% ............................... $ 385,325,984
==============

--------------------------------
(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.
(c) Call options were written on this entire common stock position and are
fully covered by the common stock position.
(d) Call options were written on a portion of the common stock position and
are fully covered by the common stock position.
(e) Non-income producing security which pays in-kind distributions.
(f) Non-income producing security.
(g) This security is fair valued in accordance with procedures adopted by
the Fund's Board of Trustees.
(h) 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 the Financial Statements).
(i) Aggregate cost for federal income tax purposes is $351,006,614. As of
November 30, 2011, the aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost was
$240,259,307 and the aggregate gross unrealized depreciation for all
securities in which there was an excess of tax cost over value was
$10,669.

CAD Canadian Dollar

See Notes to Financial Statements Page 7

ENERGY INCOME AND GROWTH FUND
PORTFOLIO OF INVESTMENTS (a) - (Continued)
NOVEMBER 30, 2011

VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of November 30,
2011 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
11/30/2011 PRICES INPUTS INPUTS
------------ ------------ ----------- ------------

Master Limited Partnerships*................... $ 437,429,079 $ 437,429,079 $ -- $ --
Common Stocks* ............................... 153,796,628 153,796,628 -- --
Warrants* .................................... 29,545 -- 29,545 --
------------- ------------- ----------- -----------
TOTAL INVESTMENTS.............................. $ 591,255,252 $ 591,225,707 $ 29,545 $ --
============= ============= =========== ===========

LIABILITIES TABLE

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
11/30/2011 PRICES INPUTS INPUTS
------------ ------------ ----------- ------------
Call Options Written........................... $ (1,439,045) $ (1,439,045) $ -- $ --
============= ============= =========== ==========

*See Portfolio of Investments for industry breakout.

Page 8 See Notes to Financial Statements

ENERGY INCOME AND GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 2011

ASSETS:

Investments, at value
(Cost $369,061,423)........................................................ $591,255,252
Cash 8,464,814
Prepaid expenses 42,524
Receivables:
Investment securities sold................................................. 2,682,562
Income taxes............................................................... 589,409
Dividends.................................................................. 153,100
Franchise tax.............................................................. 38,124
Interest................................................................... 801
Other assets 61,442
------------
Total Assets............................................................... 603,288,028
------------
LIABILITIES:
Outstanding loan............................................................... 137,900,000
Deferred income taxes 77,939,666
Options written, at value (Premiums received $664,465)......................... 1,439,045
Payables:
Investment advisory fees.................................................... 426,316
Audit and tax fees.......................................................... 146,600
Administrative fees......................................................... 34,428
Printing fees............................................................... 28,497
Custodian fees.............................................................. 14,757
Interest and fees on loan................................................... 11,207
Legal fees.................................................................. 7,777
Trustees' fees and expenses................................................. 6,453
Transfer agent fees......................................................... 3,308
Financial reporting fees.................................................... 770
Other liabilities.............................................................. 3,220
------------
Total Liabilities........................................................... 217,962,044
------------
NET ASSETS..................................................................... $385,325,984
============
NET ASSETS CONSIST OF:
Paid-in capital................................................................ $263,137,026
Par value...................................................................... 141,096
Accumulated net investment income (loss), net of income taxes.................. (16,539,148)
Accumulated net realized gain (loss) on investments, written options
and foreign currency transactions, net of income taxes....................... (6,054,924)
Net unrealized appreciation (depreciation) on investments, written
options and foreign currency translation, net of income taxes................ 144,641,934
------------
NET ASSETS..................................................................... $385,325,984
============
NET ASSET VALUE, per Common Share (par value $0.01 per Common Share)........... $ 27.31
============
Number of Common Shares outstanding (unlimited number of Common Shares
has been authorized)......................................................... 14,109,563
============

See Notes to Financial Statements Page 9

ENERGY INCOME AND GROWTH FUND
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED NOVEMBER 30, 2011

INVESTMENT INCOME:

Dividends (net of foreign withholding tax of $267,273).......................... $ 3,270,224
Interest........................................................................ 3,221
Other........................................................................... 2,368
-------------
Total investment income...................................................... 3,275,813
-------------

EXPENSES:
Investment advisory fees........................................................ 4,461,980
Interest and fees on loan....................................................... 1,639,213
Franchise tax................................................................... 816,985
Administrative fees............................................................. 364,649
Audit and tax fees.............................................................. 130,002
Printing fees................................................................... 86,955
Custodian fees.................................................................. 61,325
Legal fees...................................................................... 50,359
Trustees' fees and expenses..................................................... 38,922
Transfer agent fees............................................................. 37,353
At the market offering costs.................................................... 35,463
Financial reporting fees........................................................ 9,250
Other........................................................................... 108,974
-------------
Total expenses............................................................... 7,841,430
-------------
NET INVESTMENT INCOME (LOSS) BEFORE TAXES....................................... (4,565,617)
-------------
Current state income tax benefit (expense)................... 11,625
Deferred federal income tax benefit (expense)................ 1,606,289
Current foreign income tax benefit (expense)................. (76,939)
Deferred state income tax benefit (expense).................. 18,120
------------
Total income tax benefit (expense)........................................... 1,559,095
-------------
NET INVESTMENT INCOME (LOSS).................................................... (3,006,522)
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) before taxes on:
Investments.................................................................. 13,189,011
Written options (a).......................................................... (4,330,611)
Foreign currency transactions................................................ (25,596)
-------------
Net realized gain (loss) before taxes........................................... 8,832,804
-------------
Deferred federal income tax benefit (expense)................ (3,058,771)
------------
Total income tax benefit (expense)........................................... (3,058,771)
-------------
Net realized gain (loss) on investments, written options and foreign
currency transactions ........................................................ 5,774,033
-------------
Net increase from payment by the Sub-Advisor before taxes (b)................... 74,357
-------------
Deferred federal income tax benefit (expense)................ (25,750)
------------
Net increase from payment by the Sub-Advisor (b)................................ 48,607
-------------
Net change in unrealized appreciation (depreciation) before taxes on:
Investments.................................................................. 55,088,230
Written options (a).......................................................... (368,755)
Foreign currency translations................................................ 1,572
-------------
Net change in unrealized appreciation (depreciation) before taxes............... 54,721,047
-------------
Deferred federal income tax benefits (expense)............... (18,936,919)
------------
Total income tax benefit (expense)........................... (18,936,919)
-------------
Net change in unrealized appreciation (depreciation) on investments,
written options and foreign currency translation.............................. 35,784,128
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS)......................................... 41,606,768
-------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................. $ 38,600,246
=============

(a) Primary risk exposure is equity option contracts.
(b) See Note 3 in the Notes to Financial Statements.

Page 10 See Notes to Financial Statements

ENERGY INCOME AND GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS

YEAR YEAR
ENDED ENDED
11/30/2011 11/30/2010
-------------- --------------

OPERATIONS:
Net investment income (loss)....................................................... $ (3,006,522) $ (637,956)
Net realized gain (loss)........................................................... 5,774,033 (374,924)
Net change in unrealized appreciation (depreciation)............................... 35,784,128 64,575,630
Net increase from payment by the Sub-Advisor (a)................................... 48,607 --
------------ -------------
Net increase (decrease) in net assets resulting from operations.................... 38,600,246 63,562,750
------------ -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income.............................................................. -- --
Net realized gain.................................................................. (8,096,252) (2,289,204)
Return of capital.................................................................. (14,278,568) (12,764,941)
------------ -------------
Total distributions to shareholders................................................ (22,374,820) (15,054,145)
------------ -------------
CAPITAL TRANSACTIONS:
Proceeds from Common Shares sold through shelf offerings........................... 75,613,440 105,029,681
Proceeds from Common Shares reinvested............................................. 2,423,644 1,643,590
Offering costs..................................................................... (125,500) (513,391)
------------ -------------
Net increase (decrease) in net assets resulting from capital transactions.......... 77,911,584 106,159,880
------------ -------------
Total increase (decrease) in net assets............................................ 94,137,010 154,668,485

NET ASSETS:
Beginning of period................................................................ 291,188,974 136,520,489
------------ -------------
End of period...................................................................... $385,325,984 $ 291,188,974
============ =============
Accumulated net investment income (loss), net of income taxes...................... $(16,539,148) $ (13,532,626)

CAPITAL TRANSACTIONS WERE AS FOLLOWS:
Common Shares at beginning of period............................................... 11,220,560 6,758,270
Common Shares sold through shelf offerings......................................... 2,800,000 4,392,326
Common Shares issued as reinvestment under the Dividend Reinvestment Plan.......... 89,003 69,964
------------ -------------
Common Shares at end of period..................................................... 14,109,563 11,220,560
============ =============

(a) See Note 3 in Notes to Financial Statements.

See Notes to Financial Statements Page 11

ENERGY INCOME AND GROWTH FUND
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED NOVEMBER 30, 2011

CASH FLOWS FROM OPERATING ACTIVITIES:

Net increase (decrease) in net assets resulting from operations....... $ 38,600,246
Adjustments to reconcile net increase (decrease) in net assets resulting
from operations to net cash used in operating activities:

Purchases of investments........................................... (200,574,177)
Sales, maturities and paydowns of investments...................... 77,161,180
Proceeds from written options...................................... 4,546,757
Cost of closed options............................................. (8,775,290)
Return of capital received from investment in MLPs................. 24,030,654
Net realized gain/loss on investments and options.................. (8,858,400)
Net change in unrealized appreciation/depreciation on
investments and options.......................................... (54,719,475)
Net increase from payment by Sub-Advisor........................... (74,357)

CHANGES IN ASSETS AND LIABILITIES:
Increase in income tax receivable.................................. (31,170)
Increase in interest receivable.................................... (403)
Decrease in dividends receivable (a)............................... 9,225
Increase in prepaid expenses....................................... (26,548)
Increase in franchise tax receivable............................... (38,124)
Increase in other assets........................................... (61,442)
Decrease in interest and fees on loan payable...................... (6,737)
Decrease in income tax payable..................................... (58,979)
Increase in investment advisory fees payable....................... 138,429
Increase in audit and tax fees payable............................. 32,710
Decrease in legal fees payable..................................... (939)
Decrease in printing fees payable.................................. (5,226)
Increase in administrative fees payable............................ 9,611
Increase in custodian fees payable................................. 8,247
Increase in transfer agent fees payable............................ 412
Decrease in Trustees' fees and expenses payable.................... (179)
Decrease in franchise tax payable.................................. (77,966)
Increase in financial reporting fees payable....................... 770
Increase in deferred income tax payable............................ 20,397,112
Increase in other liabilities payable.............................. 255
--------------
CASH USED IN OPERATING ACTIVITIES..................................... $ (108,373,804)
--------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to Common Shareholders from net realized gain........ (8,096,252)
Distributions to Common Shareholders from return of capital........ (14,278,568)
Proceeds of Common Shares sold, net of offering costs.............. 75,404,365
Proceeds of Common Shares reinvested............................... 2,423,644
Issuances of loan.................................................. 47,900,000
--------------
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES........................... 103,353,189
--------------
Decrease in cash...................................................... (5,020,615)
Cash at beginning of period........................................... 13,485,429
--------------
CASH AT END OF PERIOD................................................. $ 8,464,814
==============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest and fees..................... $ 1,645,950
==============
Cash paid during the period for taxes................................. $ 1,085,988
==============

--------------------------------------------------------------------
(a) Includes net change in unrealized appreciation (depreciation) on
foreign currency of $1,572.

Page 12 See Notes to Financial Statements

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

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
11/30/2011 11/30/2010 11/30/2009 11/30/2008 11/30/2007 (a)
------------ ------------ ------------ ------------ --------------

Net asset value, beginning of period........... $ 25.95 $ 20.20 $ 14.68 $ 26.74 $ 25.88
---------- ---------- ----------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss)................... (0.25) (b) (0.07) (b) (0.24) (b) (0.57) (0.67)
Net realized and unrealized gain (loss.)....... 3.45 (c) 7.51 7.43 (9.83) 3.06
---------- ---------- ----------- ---------- ----------
Total from investment operations............... 3.20 7.44 7.19 (10.40) 2.39
---------- ---------- ----------- ---------- ----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income.......................... -- -- -- -- --
Net realized gain.............................. (0.68) (0.27) (0.35) (1.66) (1.53)
Return of capital.............................. (1.19) (1.52) (1.41) -- --
---------- ---------- ----------- ---------- ----------
Total from distributions....................... (1.87) (1.79) (1.76) (1.66) (1.53)
---------- ---------- ----------- ---------- ----------
Premiums from shares sold in at the market
offering..................................... 0.03 0.10 0.09 -- --
---------- ---------- ----------- ---------- ----------
Net asset value, end of period................. $ 27.31 $ 25.95 $ 20.20 $ 14.68 $ 26.74
========== ========== =========== ========== ==========
Market value, end of period.................... $ 27.45 $ 26.30 $ 22.30 $ 14.40 $ 23.82
========== ========== =========== ========== ==========
TOTAL RETURN BASED ON NET ASSET VALUE (d)...... 12.61% (e) 38.65% 51.03% (40.70)% 9.38%
========== ========== =========== ========== ==========
TOTAL RETURN BASED ON MARKET VALUE (d)......... 11.73% 27.29% 70.20% (34.74)% 2.96%
========== ========== =========== ========== ==========
----------------------------------------
Net assets, end of period (in 000's)........... $ 385,326 $ 291,189 $ 136,520 $ 94,880 $ 172,421
Portfolio turnover rate........................ 16% 20% 43% 38% 16%
RATIOS OF EXPENSES TO AVERAGE NET ASSETS:
Including current and deferred income
taxes (f).................................... 8.70% 20.24% 25.79% (20.03)% 8.52%
Excluding current and deferred income
taxes ....................................... 2.41% 2.71% 3.32% 4.80% 3.94%
Excluding current and deferred income
taxes and interest expense .................. 1.91% 1.98% 2.32% 2.55% 1.89%
RATIOS OF NET INVESTMENT INCOME (LOSS) TO
AVERAGE NET ASSETS:
Net investment income (loss) ratio before tax
expenses..................................... (1.40)% (0.47)% (2.37)% (3.83)% (3.83)%
Net investment income (loss) ratio including
tax expenses (f)............................. (7.69)% (17.99)% (24.84)% 21.00% (8.41)%
SENIOR SECURITIES:
Total Energy Notes outstanding ($25,000
per note)................................... N/A N/A N/A 1,000 2,360
Principal amount and market value per
Energy Note (g)............................. N/A N/A N/A $ 25,006 $ 25,004
Asset coverage per Energy Note (h)............. N/A N/A N/A $ 119,880 $ 98,060
Total loan outstanding (in 000's).............. $ 137,900 $ 90,000 $ 45,000 $ 5,650 $ 15,250
Asset coverage per $1,000 senior
indebtedness................................ $ 3,794 (i) $ 4,235 (i) $ 4,034 (i) $ 22,218 (i) $ 12,306 (j)
----------------------------------------

(a) On September 14, 2007, the Fund's Board of Trustees approved an interim
sub-advisory agreement with Energy Income Partners, LLC ("EIP"), on
September 24, 2007, the Board of Trustees voted to approve EIP as
investment sub-advisor and on January 8, 2008, the shareholders approved
new agreements.

(b) Based on average shares outstanding.

(d) 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.

(e) The reimbursement received from the Sub-Advisor had no effect on the
Fund's total return for Common Shares.

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

(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 13

--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

ENERGY INCOME AND GROWTH FUND
NOVEMBER 30, 2011

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. 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. If
the NYSE closes early on a valuation day, the NAV is determined as of that time.
Domestic debt securities and foreign securities are priced using data reflecting
the earlier closing of the principal markets for those securities. 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 in accordance with valuation procedures
adopted by the Fund's Board of Trustees, and in accordance with provisions of
the 1940 Act. The following securities, for which accurate and reliable market
quotations are readily available, will be valued as follows:

Common stocks, MLPs and other securities listed on any national or
foreign exchange (excluding the NASDAQ National Market ("NASDAQ") and the
London Stock Exchange Alternative Investment Market ("AIM")) are valued
at the last sale price on the exchange on which they are principally
traded. If there are no transactions on the valuation day, the securities
are valued at the mean between the most recent bid and asked prices.

Securities listed on the NASDAQ or the AIM are valued at the official
closing price. If there is no official closing price on the valuation
day, the securities are valued at the mean between the most recent bid
and asked prices.

Securities traded in the over-the-counter market are valued at their
closing bid prices.

Exchange-traded options and futures contracts are valued at the closing
price in the market where such contracts are principally traded. If no
closing price is available, exchange-traded options and futures contracts
are valued at the mean between the most recent bid and asked prices.
Over-the-counter options and futures contracts are valued at their
closing bid prices.

Short-term investments that mature in less than 60 days when purchased are
valued at amortized cost.

All market quotations used in valuing the Fund's securities will be obtained
from a third party pricing service. If no quotation is received from a pricing
service, attempts will be made to obtain one or more broker quotes for the
security. In the event the pricing service does not provide a valuation, broker
quotations are not readily available, or the valuations received 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.
Additionally, if events occur after the close of the principal markets for
certain securities (e.g., domestic debt and foreign securities) that could
materially affect the Fund's NAV, First Trust will use a fair value method to
value the Fund's securities. The use of fair value pricing is governed by
valuation procedures adopted by the Fund's Board of Trustees, and in accordance
with the provisions of the 1940 Act. As a general principle, the fair value of a
security is the amount which the Fund might reasonably expect to receive for the
security upon its current sale. However, in light of the judgment involved in
fair valuations, there can be no assurance that a fair value assigned to a
particular security will be the amount which the Fund might be able to receive
upon its current sale. Fair valuation of a security will be based on the
consideration of all available information, including, but not limited to the
following:

1) the type of security;

2) the size of the holding;

3) the initial cost of the security;

4) transactions in comparable securities;

5) price quotes from dealers and/or pricing
services;

6) relationships among various securities;

7) information obtained by contacting the issuer, analysts, or the
appropriate stock exchange;

Page 14

--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS - (Continued)
--------------------------------------------------------------------------------

ENERGY INCOME AND GROWTH FUND
NOVEMBER 30, 2011

8) an analysis of the issuer's financial statements; and

9) the existence of merger proposals or tender offers that might affect
the value of the security.

If the securities in question are foreign securities, the following additional
information may be considered:

1) the value of similar foreign securities traded on other foreign markets;

2) ADR trading of similar securities;

3) closed-end fund trading of similar securities;

4) foreign currency exchange activity;

5) the trading prices of financial products that are tied to baskets of
foreign securities;

6) factors relating to the event that precipitated the pricing problem;

7) whether the event is likely to recur; and

8) whether the effects of the event are isolated or whether they affect
entire markets, countries or regions.

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:

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

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

o Quoted prices for similar investments in active markets.

o Quoted prices for identical or similar investments in markets
that are non-active. A non-active market is a market where
there are few transactions for the investment, 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.

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

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

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

The inputs or methodology used for valuing investments are not necessarily an
indication of the risk associated with investing in those investments. A summary
of the inputs used to value the Fund's investments as of November 30, 2011, is
included with the Fund's Portfolio of Investments.

B. OPTION CONTRACTS:

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. Also, by writing (selling) options, the Fund seeks to
generate additional income, in the form of premiums received for writing
(selling) the options. 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. When the Fund writes (sells) an
option, an amount equal to the premium received by the Fund is included in
"Options written, at value" on the Fund's Statement of Assets and Liabilities.
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 trading volume diminishes.

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. Gain or loss on options is presented
separately as "Net realized gain (loss) before taxes on written options" on the
Statement of Operations.

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

Page 15

ENERGY INCOME AND GROWTH FUND
NOVEMBER 30, 2011

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 recorded
daily 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 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 and investment income. The Fund records estimated
return of capital and investment income based on historical information
available from each MLP. These estimates may subsequently be revised based on
information received from the MLPs after their tax reporting periods are
concluded.

D. RESTRICTED SECURITIES:

The Fund may invest up to 35% of its Managed Assets in restricted securities.
Managed Assets means the total asset value of the Fund minus the sum of the
Fund's liabilities other than the principal amount of borrowings. Restricted
securities are securities that may not be offered for public sale without first
being registered under the Securities Act of 1933, as amended (the "1933 Act").
Prior to registration, restricted securities may only be resold in transactions
exempt from registration under Rule 144A under the 1933 Act, normally to
qualified institutional buyers. As of November 30, 2011, the Fund held
restricted securities as 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 note (Note 2A) and are not expressed as a discount to the value of a
comparable unrestricted security.

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

Abraxas Petroleum Corp. - Warrants 05/27/07 48,956 $0.60 $ -- $29,545 0.01%

E. DISTRIBUTIONS TO SHAREHOLDERS:

The Fund intends to make quarterly distributions to Common Shareholders. 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 or 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 or accumulated earnings and profits that
exceed a shareholder's tax basis in the Common Shares will generally be taxed as
a capital gain.

Distributions of $8,096,252 paid during the year November 30, 2011, are
anticipated to be characterized as taxable dividends for federal income tax
purposes. The remaining $14,278,568 in distributions paid during the year
November 30, 2011, is expected to be return of capital. However, the ultimate
determination of the character of the distributions will be made after the 2011
calendar year. Distributions of $2,289,204 paid during the year ended November
30, 2010, were characterized as taxable dividends for federal income tax
purposes. The remaining $12,764,941 in distributions paid during the year ended
November 30, 2010, were return of capital. 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 16

ENERGY INCOME AND GROWTH FUND
NOVEMBER 30, 2011

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 year
ended November 30, 2011, distributions of $23,830,884 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)...... $ --
Current state income tax benefit (expense)........ 11,625
Current foreign income tax benefit (expense)...... (76,939)
Deferred federal income tax benefit (expense) .... (20,415,151)
Deferred state income tax benefit (expense) ...... 18,120
-------------
Total income tax benefit (expense) ............... $ (20,462,345)
=============

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, 2011, the Fund
had a net operating loss carryforward for federal and state income tax purposes
of $15,639,106 and $15,103,070, respectively. The Fund's 2011 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 November 30, 2011 are as follows:

Deferred tax assets:
Federal net operating loss........................ $ 5,473,687
State net operating loss.......................... 1,126,907
State income taxes................................ --
Capital loss carryforward......................... 165,748
Other............................................. 210,250
-------------
Total deferred tax assets......................... 6.976,592
Less: valuation allowance......................... (1,126,907)
-------------
Net deferred tax assets........................... $ 5,849,685
=============
Deferred tax liabilities:
Unrealized gains on investment securities......... $ (83,789,351)
-------------
Total deferred tax liabilities.................... (83,789,351)
-------------
Total net deferred tax liabilities................ $ (77,939,666)
=============

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.......... $ 20,671,907
State income taxes, net .......................... (204,620)
Change in valuation allowance..................... 293,968
Other ......................................... (298,910)
-------------
Total............................................ $ 20,462,345
============

The Fund intends to utilize provisions of the federal income tax laws, which
allow it to carry realized capital losses forward for five years following the
year of the loss and offset such loss against any future realized capital gains.
The Fund is subject to certain limitations under U.S. tax rules on the use of
capital loss carryforwards and net unrealized built-in losses. These limitations
apply when there has been a 50% change in ownership. At November 30, 2011, the
Fund had a capital loss carryforward of $473,567 that will expire according to
the following schedule:

UTILIZED IN
FISCAL YEAR
FISCAL YEAR ENDED 11/30/2011 REMAINING EXPIRATION
----------- ---------------- -------------- ----------

11/30/2008 $ 1,361,671 $ -- 11/30/2013
11/30/2009 5,610,800 473,567 11/30/2014
-------------- --------------
Total $ 6,972,471 $ 473,567
============== ==============

Page 17

ENERGY INCOME AND GROWTH FUND
NOVEMBER 30, 2011

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 2008, 2009,
2010 and 2011 remain open to federal and state audit. As of November 30, 2011,
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 positions.

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) before taxes 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)
before taxes 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) before taxes on foreign currency
transactions" on the Statement of Operations.

I. ACCOUNTING PRONOUNCEMENTS:

In January 2010, the Financial Accounting Standards Board ("FASB") issued
Accounting Standards Update ("ASU") No. 2010-06 "Improving Disclosures about
Fair Value Measurements." ASU No. 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 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, if any.

In May 2011, FASB issued ASU 2011-04 "Amendments to Achieve Common Fair Value
Measurement and Disclosure Requirements in U.S. GAAP and IFRSs", modifying Topic
820, Fair Value Measurements and Disclosures. At the same time, the
International Accounting Standards Board ("IASB") issued International Financial
Reporting Standard ("IFRS") 13, Fair Value Measurement. The objective of the
FASB and IASB is convergence of their guidance on fair value measurements and
disclosures. Specifically, the ASU requires reporting entities to disclose (i)
the amounts of any transfers between Level 1 and Level 2, and the reasons for
the transfers, (ii) for Level 3 fair value measurements, quantitative
information about significant unobservable inputs used, (iii) a description of
the valuation processes used by the reporting entity, and (iv) a narrative
description of the sensitivity of the fair value measurement to changes in
unobservable inputs if a change in those inputs might result in a significantly
higher or lower fair value measurement. The effective date of the ASU is for
interim and annual periods beginning after December 15, 2011, and is therefore
not effective for the current fiscal year. Management is in the process of
assessing the impact of the updated standards on the Fund's financial
statements, if any.

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

First Trust, the investment advisor to the Fund, is a limited partnership with
one limited partner, Grace Partners of DuPage L.P., and one general partner, The
Charger Corporation. 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 investment management services, First Trust is entitled to a
monthly fee calculated at an annual rate of 1.00% of the Fund's Managed Assets.
First Trust also provides fund reporting services to the Fund for a flat annual
fee in the amount of $9,250.

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 sub-advisory fee
calculated at an annual rate of 0.50% of the Fund's Managed Assets that is paid
by First Trust out of its investment advisory fee.

On June 22, 2010, First Trust Capital Partners, LLC ("FTCP"), 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. In addition, as of September 29, 2011, FTCP purchased a preferred
interest in the Sub-Advisor. The preferred interest is non-voting and does not
share in the profits or losses of the Sub-Advisor. The Sub-Advisor may buy back
any or all of FTCP's preferred interest at any time and FTCP may sell back to
the Sub-Advisor up to fifty percent of its preferred interest on or after March
29, 2013 and any or all of its preferred interest after September 29, 2014. As
of the date of this report the Sub-Advisor has bought back just over twenty
percent (20%) of FTCP's preferred interest.

During the year ended November 30, 2011, the Sub-Advisor reimbursed the Fund
$74,357 in connection with a trade error.

James A. Bowen, the President of First Trust, on October 12, 2010, acquired 100%
of the voting stock of The Charger Corporation, the general partner of First
Trust (the "Transaction"). The consummation of the Transaction was deemed to be
an "assignment" (as defined in the 1940 Act) of the Fund's investment management
agreement and investment sub-advisory agreement and resulted in the automatic
termination of the agreements.

Page 18

ENERGY INCOME AND GROWTH FUND
NOVEMBER 30, 2011

The Board of Trustees of the Fund approved an interim investment management
agreement with First Trust and an interim investment sub-advisory agreement,
which were entered into effective upon the closing of the Transaction and would
be in effect for a maximum period of 150 days. A new investment management
agreement with First Trust and a new investment sub-advisory agreement was
approved by the Board of Trustees of the Fund and were submitted to shareholders
of the Fund as of the record date (September 30, 2010) for approval to take
effect upon such shareholder approval. A special shareholder meeting of the Fund
to vote on a proposal to approve the new investment management agreement and the
new investment sub-advisory agreement was held on January 3, 2011, at which time
the new investment management agreement and new investment sub-advisory
agreement were approved by the Fund's shareholders. Until January 3, 2011,
advisory fees payable to First Trust and EIP were held in escrow. See Submission
of Matters to a Vote of Shareholders, in the Additional Information section of
this report, for the results.

BNY Mellon Investment Servicing (US) Inc. serves as the Fund's Administrator,
Fund Accountant and Transfer Agent in accordance with certain fee arrangements.
Effective September 30, 2011, The Bank of New York Mellon serves as the Fund's
Custodian in accordance with certain fee arrangements. Prior to September 30,
2011, BNY Mellon Investment Servicing Trust Company (formerly known as PFPC
Trust Company) served as the Fund's Custodian in accordance with certain fee
arrangements.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor
or any of their affiliates ("Independent Trustee") 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 subsequent 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.

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 the 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 before
rotating to serve as chairman of another committee or as Lead Independent
Trustee. The officers and "Interested" Trustee receive no compensation from the
Fund for serving in such capacities.

4. PURCHASES AND SALES OF SECURITIES

Cost of purchases and proceeds from sales of investment securities, excluding
short-term investments, for the year ended November 30, 2011 were $185,457,906
and $79,843,742, respectively.

Written option activity for the Fund was as follows:

NUMBER
OF
WRITTEN OPTIONS CONTRACTS PREMIUMS
-------------------------------------------------------------------------------
Options outstanding at November 30, 2010... 11,600 $ 1,098,357
Options Written............................ 45,305 4,546,757
Options Expired............................ (17,024) (1,620,920)
Options Exercised.......................... (8,249) (535,970)
Options Closed............................. (25,179) (2,823,759)
Options Split.............................. 1,061 --
---------- ------------
Options outstanding at November 30, 2011... 7,514 $ 664,465
========== ============

5. BORROWINGS

The Fund entered into a committed facility agreement with BNP Paribas Prime
Brokerage Inc. ("BNP") that has a maximum commitment amount of $162,000,000.
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 80 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 year ended November 30, 2011 was
$120,897,534, with a weighted average interest rate of 1.26%. As of November 30,
2011, the Fund had outstanding borrowings of $137,900,000 under this committed
facility agreement. The high and low annual interest rates for the year ended
November 30, 2011 were 1.80% and 1.05%, respectively. The interest rate at
November 30, 2011 was 1.32%.

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 JonesTrading Institutional Services, LLC ("JonesTrading") whereby
the Fund may offer and sell up to 1,000,000 Common Shares from time to time
through JonesTrading 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 1933 Act, as amended, including sales made directly on the
NYSE Amex or sales made through a market maker other than on an exchange,

Page 19

ENERGY INCOME AND GROWTH FUND
NOVEMBER 30, 2011

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 year
ended November 30, 2010 related to offerings under such sales agreement are as
follows:

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

32,326 $ 753,521 $ 669,537 $ 83,984

Additionally, estimated offering costs of $319,000 related to this offering were
recorded as a prepaid asset and were amortized to expense by the Fund on a
straight line basis. The Fund has not offered any Common Shares pursuant to the
sales agreement with JonesTrading since December 2009.

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). The Fund
entered into another underwriting agreement with the Advisor, the Sub-Advisor,
RBC Capital Markets Corporation and other underwriters on November 19, 2010
pursuant to which 1,600,000 Common Shares were sold. The Fund also entered into
an underwriting agreement with the Advisor, the Sub-Advisor, Morgan Stanely &
Co. LLC, Citigroup Global Markets, Inc. and RBC Capital Markets, LLC and other
underwriters on July 26, 2011 pursuant to which 2,800,000 Common Shares were
sold.

Offering costs for the years ended November 30, 2011 and 2010 of $125,500 and
$513,391, respectively, related to the issuance of the Common Shares in those
offerings 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 years ended November 30,
2011 and 2010 related to 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
--------- ------------- --------------- -------------------------

Year Ended 11/30/2011 2,800,000 $ 75,487,940 $ 75,223,531 $ 264,409
Year Ended 11/30/2010 4,360,000 103,762,769 102,924,051 838,718
--------- ------------- ------------- ------------
7,160,000 $ 179,250,709 $ 178,147,582 $ 1,103,127
========= ============= ============= ============

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, but not all,
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 and at least 65% of its Managed Assets in equity securities of such
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

Page 20

ENERGY INCOME AND GROWTH FUND
NOVEMBER 30, 2011

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.

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: The Fund is a non-diversified investment company under
the 1940 Act and will not be treated as a regulated investment company under the
Internal Revenue Code. Accordingly, there are no regulatory requirements under
the 1940 Act or the Internal Revenue Code on the minimum number or size of
securities held by the Fund.

9. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events to the Fund through
the date the financial statements were issued, and has determined that there
were the following subsequent events:

On January 12, 2012, the Fund declared a dividend of $0.4800 per share to Common
Shareholders of record on January 24, 2012, payable January 31, 2012.

Effective January 1, 2012, each Independent Trustee will be paid a fixed annual
retainer of $125,000 per year and an annual per fund fee of $4,000 for each
closed-end fund or other actively managed fund and $1,000 for each index fund in
the First Trust Fund Complex. The Lead Independent Trustee and each Committee
chairman will serve two-year terms before roatating to serve as chairman of
another committee or as Lead Independent Trustee. The fixed annual retainer will
be allocated pro rata among each fund in the First Trust Fund Complex based on
net assets.

Additionally, the Lead Independent Trustee will be paid $15,000 annually, the
Chairman of the Audit Committee will be paid $10,000 annually, and each of the
Chairmen of the Nominating and Governance Committee and the Valuation Committee
will be paid $5,000 annually to serve in such capacities, with such compensation
allocated pro rata among each fund in the First Trust Fund Complex based on net
assets. Trustees continue to be reimbursed for travel and out-of-pocket expenses
in connection with all meetings. The officers and "Interested" Trustee receive
no compensation from the Fund for acting in such capacities.

Effective January 23, 2012, Mr. Bowen resigned from his position as the
President and Chief Executive Officer of the Fund. He will continue as a
Trustee, the Chairman of the Board and member of the Executive Committee. The
Board elected Mr. Bradley to serve as the President and Chief Executive Officer
and Mr. Dykas to serve as the Treasurer, Chief Financial Officer and Chief
Accounting Officer of the Fund.

Page 21

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
--------------------------------------------------------------------------------

TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF ENERGY INCOME AND GROWTH FUND:

We have audited the accompanying statement of assets and liabilities of Energy
Income and Growth Fund (the "Fund"), including the portfolio of investments, as
of November 30, 2011, and the related statements of operations and cash flows
for the year then ended, the statements of changes in net assets for each of the
two years in the period then ended, and the financial highlights for each of the
periods presented. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audits to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
The Fund is not required to have, nor were we engaged to perform, an audit of
its internal control over financial reporting. Our audits included consideration
of internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Fund's internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of November 30, 2011, by correspondence with the Fund's
custodian. We believe that our audits provide a reasonable basis for our
opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of Energy
Income and Growth Fund as of November 30, 2011, the results of its operations
and its cash flows for the year then ended, the changes in its net assets for
each of the two years in the period then ended, and the financial highlights for
the each of the periods presented, in conformity with accounting principles
generally accepted in the United States of America.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois
January 24, 2012

Page 22

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ADDITIONAL INFORMATION
--------------------------------------------------------------------------------

ENERGY INCOME AND GROWTH FUND
NOVEMBER 30, 2011 (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. (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 the 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 net asset value ("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 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 uninvested 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 (866) 340-1104, 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 investments 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 ("SEC") website located at
http://www.sec.gov.

Page 23

--------------------------------------------------------------------------------
ADDITIONAL INFORMATION - (Continued)
--------------------------------------------------------------------------------

ENERGY INCOME AND GROWTH FUND
NOVEMBER 30, 2011 (UNAUDITED)

PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the 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

A special meeting of shareholders of the Fund was held on January 3, 2011. At
the meeting, shareholders approved a new investment management agreement between
the Fund and First Trust and a new investment sub-advisory agreement between the
Fund, First Trust and EIP. 4,912,065 (51.16%) of the outstanding voting
securities were voted at the meeting. The number of votes cast in favor of the
new investment management agreement was 4,417,444, the number of votes against
was 100,662, and the number of abstentions was 393,959. The number of votes cast
in favor of the new investment sub-advisory agreement was 4,401,377, the number
of votes against was 103,364, and the number of abstentions was 407,367. The
terms of the new investment management agreement and new investment sub-advisory
agreement are substantially similar to the terms of the previous agreements.

The Joint Annual Meeting of Shareholders of the Common Shares of 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,
First Trust Active Dividend Income Fund and First Trust High Income Long/Short
Fund was held on April 18, 2011. At the Meeting, Robert F. Keith was elected by
the Common Shareholders of the Energy Income and Growth Fund as a Class I
Trustee for a three-year term expiring at the Fund's annual meeting of
shareholders in 2014. The number of votes cast in favor of Mr. Keith was
10,046,730, the number of votes against was 133,270 and the number of
abstentions was 1,064,133. James A. Bowen, Neil B. Nielson, Richard E. Erickson
and Thomas R. Kadlec are the other current and continuing Trustees.

Page 24

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BOARD OF TRUSTEES AND OFFICERS
------------------------------------------------------------------------------------------------------------------------------------

ENERGY INCOME AND GROWTH FUND
NOVEMBER 30, 2011 (UNAUDITED)

NUMBER OF
PORTFOLIOS IN
THE FIRST TRUST OTHER
NAME, ADDRESS, TERM OF OFFICE FUND COMPLEX TRUSTEESHIPS OR
DATE OF BIRTH AND AND LENGTH OF PRINCIPAL OCCUPATIONS OVERSEEN BY DIRECTORSHIPS
POSITION WITH THE FUND SERVICE (2) DURING PAST 5 YEARS TRUSTEE HELD BY TRUSTEE

------------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT TRUSTEES
------------------------------------------------------------------------------------------------------------------------------------

Richard E. Erickson, Trustee o Three-Year Term Physician; President, Wheaton 82 None
c/o First Trust Advisors L.P. Orthopedics; Co-Owner and Co-Director
120 East Liberty Drive, o Since Fund (January 1996 to May 2007), Sports
Suite 400 Inception Med Center for Fitness; Limited Partner,
Wheaton, IL 60187 Gundersen Real Estate Limited Partnership;
D.O.B.: 04/51 Member, Sportsmed LLC

Thomas R. Kadlec, Trustee o Three-Year Term President (March 2010 to Present), 82 Director of ADM
c/o First Trust Advisors L.P. Senior Vice President and Chief Investor Services,
120 East Liberty Drive, o Since Fund Financial Officer (May 2007 to Inc. and ADM
Suite 400 Inception March 2010), Vice President and Investor Services
Wheaton, IL 60187 Chief Financial Officer (1990 to May 2007), International
D.O.B.: 11/57 ADM Investor Services, Inc. (Futures
Commission Merchant)

Robert F. Keith, Trustee o Three-Year Term President (2003 to Present), Hibs 82 Director of Trust
c/o First Trust Advisors L.P. Enterprises (Financial and Management Company of
120 East Liberty Drive, o Since Fund Consulting) Illinois
Suite 400 Inception
Wheaton, IL 60187
D.O.B.: 11/56

Niel B. Nielson, Trustee o Three-Year Term President (June 2002 to Present), 82 Director of
c/o First Trust Advisors L.P. Covenant College Covenant
120 East Liberty Drive, o Since Fund Transport Inc.
Suite 400 Inception
Wheaton, IL 60187
D.O.B.: 03/54

------------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE
------------------------------------------------------------------------------------------------------------------------------------

James A. Bowen, Trustee, o Three-Year Trustee Chief Executive Officer (December 2010 82 None
President, Chairman of the Term and Indefinite to Present), President, (until December
Board and CEO(1) Officer Term 2010), First Trust Advisors L.P. and
120 East Liberty Drive, First Trust Portfolios L.P.; Chairman
Suite 400 o Since Fund of the Board of Directors, BondWave LLC
Wheaton, IL 60187 Inception (Software Development Company/
D.O.B.: 09/55 Investment Advisor) and Stonebridge
Advisors LLC (Investment Advisor)

---------------------------
(1) Mr. Bowen is deemed an "interested person" of the Fund due to his
position as Chief Executive Officer of First Trust Advisors L.P.,
investment advisor of the Fund.

(2) Currently, Robert F. Keith, as a Class I Trustee, is serving as a
trustee until the Fund's 2014 annual meeting of shareholders. Richard
E. Erickson and Thomas R. Kadlec, as Class II Trustees, are serving as
trustees until the Fund's 2012 annual meeting of shareholders. James
A. Bowen and Niel B. Nielson, as Class III Trustees, are serving as
trustees until the Fund's 2013 annual meeting of shareholders.
Officers of the Fund have an indefinite term. The term "officer" means
the president, vice president, secretary, treasurer, controller or any
other officer who performs a policy making function.

Page 25

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BOARD OF TRUSTEES AND OFFICERS - (Continued)
------------------------------------------------------------------------------------------------------------------------------------

ENERGY INCOME AND GROWTH FUND
NOVEMBER 30, 2011 (UNAUDITED)

NAME, ADDRESS POSITION AND OFFICES TERM OF OFFICE AND PRINCIPAL OCCUPATIONS
AND DATE OF BIRTH WITH FUND LENGTH OF SERVICE DURING PAST 5 YEARS

------------------------------------------------------------------------------------------------------------------------------------
OFFICERS WHO ARE NOT TRUSTEES(3)
------------------------------------------------------------------------------------------------------------------------------------

Mark R. Bradley Treasurer, Chief Financial o Indefinite Term Chief Operating Officer (December 2010 to Present)
120 E. Liberty Drive, Officer and Chief and Chief Financial Officer, First
Suite 400 Accounting Officer o Since Fund Inception Trust Advisors Suite 400
Wheaton, IL 60187 L.P. and First Trust Portfolios L.P.; Chief Financial
D.O.B.: 11/57 Officer, BondWave LLC (Software Development
Company/Investment Advisor) and Stonebridge
Advisors LLC (Investment Advisor)

Erin E. Chapman Assistant Secretary o Indefinite Term Assistant General Counsel (October 2007 to
120 E. Liberty Drive, Present), Associate Counsel (March 2006 to October
Suite 400 o Since June 2009 2007), First Trust Advisors L.P. and First
Wheaton, IL 60187 Trust Portfolios L.P.; Associate Attorney (November
D.O.B.: 08/76 2003 to March 2006), Doyle & Bolotin, Ltd.

James M. Dykas Assistant Treasurer o Indefinite Term Controller (January 2011 to Present), Senior Vice
120 E. Liberty Drive, President (April 2007 to January 2011), Vice
Suite 400 o Since Fund Inception President (January 2005 to April 2007),
Wheaton, IL 60187 First Trust Advisors L.P. and First Trust Portfolios
D.O.B.: 01/66 L.P.

Roseanne Gatta Assistant Secretary o Indefinite Term Board Liaison Associate (July 2010 to Present), First
120 E. Liberty Drive, Trust Advisors L.P. and First Trust Portfolios L.P.;
Suite 400 o Since March 2011 Assistant Vice President (February 2001 to July 2010),
Wheaton, IL 60187 PNC Global Investment Services
D.O.B.: 07/55

Christopher R. Fallow Assistant Vice President o Indefinite Term Assistant Vice President (August 2006 to Present),
120 E. Liberty Drive, Associate (January 2005 to August 2006), First Trust
Suite 400 o Since Fund Inception Advisors L.P. and First Trust Portfolios L.P.
Wheaton, IL 60187
D.O.B.: 04/79

W. Scott Jardine Secretary o Indefinite Term General Counsel, First Trust Advisors L.P., First
120 E. Liberty Drive, Trust Portfolios L.P. and BondWave LLC
Suite 400 o Since Fund Inception (Software Development Company/Investment
Wheaton, IL 60187 Advisor): Secretary of Stonebridge Advisors LLC
D.O.B.: 05/60 (Investment Advisor)

Daniel J. Lindquist Vice President o Indefinite Term Senior Vice President (September 2005 to
120 E. Liberty Drive, Present), First Trust Advisors L.P. and First Trust
Suite 400 o Since Fund Inception Portfolios L.P. Wheaton, IL 60187
D.O.B.: 02/70

Coleen D. Lynch Assistant Vice President o Indefinite Term Assistant Vice President (January 2008 to Present),
120 E. Liberty Drive, First Trust Advisors L.P. and First Trust Portfolios
Suite 400 o Since July 2008 L.P.; Vice President (May 1998 to January 2008),
Wheaton, IL 60187 Van Kampen Asset Management and Morgan
D.O.B.: 07/58 Stanley Investment Management

Kristi A. Maher Assistant Secretary and o Indefinite Term Deputy General Counsel (May 2007 to Present),
120 E. Liberty Drive, Chief Compliance Officer o Assistant Secretary Assistant General Counsel (March 2004 to May
Suite 400 Since Fund Inception 2007), First Trust Advisors L.P. and
Wheaton, IL 60187 o Chief Compliance First Trust Portfolios L.P.
D.O.B.: 12/66 Officer Since
January 2011

----------------------
(3) The term "officer" means the president, vice president, secretary,
treasurer, controller or any other officer who performs a policy
making function.

Page 26

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PRIVACY POLICY
--------------------------------------------------------------------------------

ENERGY INCOME AND GROWTH FUND
NOVEMBER 30, 2011 (UNAUDITED)

The open-end and closed-end funds advised by First Trust Advisors L.P. (each a
"Fund") value our relationship with you and consider your privacy an important
priority in maintaining that relationship. We are committed to protecting the
security and confidentiality of your personal information.

SOURCES OF INFORMATION

We collect nonpublic personal information about you from the following sources:

o Information we receive from you and your broker-dealer, investment
advisor or financial representative through interviews, applications,
agreements or other forms;

o Information about your transactions with us, our affiliates or
others;

o Information we receive from your inquiries by mail, e-mail or
telephone; and

o Information we collect on our website through the use of "cookies".
For example, we may identify the pages on our website that your
browser requests or visits.

INFORMATION COLLECTED

The type of data we collect may include your name, address, social security
number, age, financial status, assets, income, tax information, retirement and
estate plan information, transaction history, account balance, payment history,
investment objectives, marital status, family relationships and other personal
information.

DISCLOSURE OF INFORMATION

We do not disclose any nonpublic personal information about our customers or
former customers to anyone, except as permitted by law. In addition to using
this information to verify your identity (as required under law), the permitted
uses may also include the disclosure of such information to unaffiliated
companies for the following reasons:

o In order to provide you with products and services and to effect
transactions that you request or authorize, we may disclose your
personal information as described above to unaffiliated financial
service providers and other companies that perform administrative or
other services on our behalf, such as transfer agents, custodians and
trustees, or that assist us in the distribution of investor materials
such as trustees, banks, financial representatives, proxy services,
solicitors and printers.

o We may release information we have about you if you direct us to do
so, if we are compelled by law to do so, or in other legally limited
circumstances (for example to protect your account from fraud).

In addition, in order to alert you to our other financial products and services,
we may share your personal information with affiliates of the Fund.

PRIVACY ONLINE

We allow third-party companies, including AddThis, to collect certain anonymous
information when you visit our website. These companies may use non-personally
identifiable information during your visits to this and other websites in order
to provide advertisements about goods and services likely to be of greater
interest to you. These companies typically use a cookie, third party web beacon
or pixel tags, to collect this information. To learn more about this behavioral
advertising practice, you can visit www.networkadvertising.org.

CONFIDENTIALITY AND SECURITY

With regard to our internal security procedures, we restrict access to your
nonpublic personal information to those individuals who need to know that
information to provide products or services to you. We maintain physical,
electronic and procedural safeguards to protect your nonpublic personal
information.

POLICY UPDATES AND INQUIRIES

As required by federal law, we will notify you of our privacy policy annually.
We reserve the right to modify this policy at any time, however, if we do change
it, we will tell you promptly. For questions about our policy, or for additional
copies of this notice, please go to www.ftportfolios.com, or contact us at
1-800-621-1675 (First Trust Portfolios) or 1-800-222-6822 (First Trust
Advisors).

Page 27

This Page Left Blank Intentionally.

FIRST TRUST

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
The Bank of New York Mellon
1 Wall Street
New York, NY 10286

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

[BLANK BACK COVER]

ITEM 2. CODE OF ETHICS.

(a) The registrant, as of the end of the period covered by this report, has
adopted a code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
regardless of whether these individuals are employed by the registrant or
a third party.

(c) There have been no amendments, during the period covered by this report,
to a provision of the code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code
of ethics description.

(d) The registrant has not granted any waivers, including an implicit waiver,
from a provision of the code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set
forth in paragraph (b) of this item's instructions.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by the report, the Registrant's board of
trustees has determined that Thomas R. Kadlec and Robert F. Keith are qualified
to serve as audit committee financial experts serving on its audit committee and
that each of them is "independent," as defined by Item 3 of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees (Registrant) -- The aggregate fees billed for each of the
last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years were
$124,000 for the fiscal year ended November 30, 2010 and $81,000 for the fiscal
year ended November 30, 2011.

(b) Audit-Related Fees (Registrant) -- The aggregate fees billed in each
of the last two fiscal years for assurance and related services by the principal
accountant that are reasonably related to the performance of the audit of the
registrant's financial statements and are not reported under paragraph (a) of
this Item were $0 for the fiscal year ended November 30, 2010 and $0 for the
fiscal year ended November 30, 2011.

Audit-Related Fees (Investment Adviser) -- The aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under paragraph
(a) of this Item were $0 for the fiscal year ended November 30, 2010 and $0 for
the fiscal year ended November 30, 2011.

(c) Tax Fees (Registrant) -- The aggregate fees billed in each of the last
two fiscal years for professional services rendered by the principal accountant
for tax compliance, tax advice, and tax planning to the registrant were
$60,335.18 for the fiscal year ended November 30, 2010 and $41,610 for the
fiscal year ended November 30, 2011. These fees were for tax consultation.

Tax Fees (Investment Adviser) -- The aggregate fees billed in each of the
last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning to the registrant's
adviser were $0 for the fiscal year ended November 30, 2010 and $0 for the
fiscal year ended November 30, 2011.

(d) All Other Fees (Registrant) -- The aggregate fees billed in each of
the last two fiscal years for products and services provided by the principal
accountant to the registrant, other than the services reported in paragraphs (a)
through (c) of this Item were $0 for the fiscal year ended November 30, 2010 and
$0 for the fiscal year ended November 30, 2011.

All Other Fees (Investment Adviser) -- The aggregate fees billed in each
of the last two fiscal years for products and services provided by the principal
accountant to the registrant's investment adviser, other than the services
reported in paragraphs (a) through (c) of this Item were $0 for the fiscal year
ended November 30, 2010 and $0 for the fiscal year ended November 30, 2011.

(e)(1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

Pursuant to its charter and its Audit and Non-Audit Services Pre-Approval
Policy, the Audit Committee (the "Committee") is responsible for the
pre-approval of all audit services and permitted non-audit services (including
the fees and terms thereof) to be performed for the registrant by its
independent auditors. The Chairman of the Committee is authorized to give such
pre-approvals on behalf of the Committee up to $25,000 and report any such
pre-approval to the full Committee.

The Committee is also responsible for the pre-approval of the independent
auditor's engagements for non-audit services with the registrant's adviser (not
including a sub-adviser whose role is primarily portfolio management and is
sub-contracted or overseen by another investment adviser) and any entity
controlling, controlled by or under common control with the investment adviser
that provides ongoing services to the registrant, if the engagement relates
directly to the operations and financial reporting of the registrant, subject to
the de minimis exceptions for non-audit services described in Rule 2-01 of
Regulation S-X. If the independent auditor has provided non-audit services to
the registrant's adviser (other than any sub-adviser whose role is primarily
portfolio management and is sub-contracted with or overseen by another
investment adviser) and any entity controlling, controlled by or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to its policies, the Committee
will consider whether the provision of such non-audit services is compatible
with the auditor's independence.

(e)(2) The percentage of services described in each of paragraphs (b)
through (d) for the registrant and the registrant's investment adviser of this
Item that were approved by the audit committee pursuant to the pre-approval
exceptions included in paragraph (c)(7)(i)(c) or paragraph (c)(7)(ii) of Rule
2-01 of Regulation S-X are as follows:

(b) 0%

(d) 0%

(f) The percentage of hours expended on the principal accountant's
engagement to audit the registrant's financial statements for the most recent
fiscal year that were attributed to work performed by persons other than the
principal accountant's full-time, permanent employees was less than fifty
percent.

(g) The aggregate non-audit fees billed by the registrant's accountant for
services rendered to the registrant, and rendered to the registrant's investment
adviser (not including any sub-adviser whose role is primarily portfolio
management and is subcontracted with or overseen by another investment adviser),
and any entity controlling, controlled by, or under common control with the
adviser that provides ongoing services to the registrant for the fiscal year
ended November 30, 2010, were $60,335.18 for the registrant and $6,000 for the
registrant's investment adviser, and for the fiscal year ended November 30,
2011, were $41,610 for the registrant and $6,200 for the registrant's investment
adviser.

(h) The registrant's audit committee of its Board of Trustees has
determined that the provision of non-audit services that were rendered to the
registrant's investment adviser (not including any sub-adviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule
2-01 of Regulation S-X is compatible with maintaining the principal accountant's
independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The Registrant has a separately designated audit committee consisting of
all the independent trustees of the Registrant. The members of the audit
committee are: Thomas R. Kadlec, Niel B. Nielson, Richard E. Erickson and
Robert F. Keith.

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.

PROXY VOTING POLICIES AND PROCEDURES

If an adviser exercises voting authority with respect to client securities,
Advisers Act Rule 206(4)-6 requires the adviser to adopt and implement written
policies and procedures reasonably designed to ensure that client securities are
voted in the best interest of the client. This is consistent with legal
interpretations which hold that an adviser's fiduciary duty includes handling
the voting of proxies on securities held in client accounts over which the
adviser exercises investment or voting discretion, in a manner consistent with
the best interest of the client.

Absent unusual circumstances, EIP exercises voting authority with respect to
securities held in client accounts pursuant to provisions in its advisory
agreements. Accordingly, EIP has adopted these policies and procedures with the
aim of meeting the following requirements of Rule 206(4)-6:

o ensuring that proxies are voted in the best interest of clients;

o addressing material conflicts that may arise between EIP's interests
and those of its clients in the voting of proxies;

o disclosing to clients how they may obtain information on how EIP voted
proxies with respect to the client's securities;

o describing to clients EIP's proxy voting policies and procedures and,
upon request, furnishing a copy of the policies and procedures to the
requesting client.

ENGAGEMENT OF RISKMETRICS GROUP

With the aim of ensuring that proxies are voted in the best interest
of EIP clients, EIP has engaged RiskMetrics Group ("RiskMetrics"), formerly
known as Institutional Shareholder Services, as its independent proxy voting
service to provide EIP with proxy voting recommendations, as well as to handle
the administrative mechanics of proxy voting. EIP has directed RiskMetrics to
utilize its Proxy Voting Guidelines in making recommendations to vote, as those
guidelines may be amended from time to time.

CONFLICTS OF INTEREST IN PROXY VOTING

There may be instances where EIP's interests conflict, or appear to
conflict, with client interests in the voting of proxies. For example, EIP may
provide services to, or have an investor who is a senior member of, a company
whose management is soliciting proxies. There may be a concern that EIP would
vote in favor of management because of its relationship with the company or a
senior officer. Or, for example, EIP (or its senior executive officers) may have
business or personal relationships with corporate directors or candidates for
directorship.

EIP addresses these conflicts or appearances of conflicts by ensuring
that proxies are voted in accordance with the recommendations made by
RiskMetrics, an independent third party proxy voting service. As previously
noted, in most cases, proxies will be voted in accordance with RiskMetrics's own
pre-existing proxy voting guidelines.

DISCLOSURE ON HOW PROXIES WERE VOTED

EIP will disclose to clients in its Form ADV how clients can obtain information
on how their proxies were voted, by contacting EIP at its office in Westport,
CT. EIP will also disclose in the ADV a summary of these proxy voting policies
and procedures and that upon request, clients will be furnished a full copy of
these policies and procedures.

It is the responsibility of the CCO to ensure that any requests made by clients
for proxy voting information are responded to in a timely fashion and that a
record of requests and responses are maintained in EIP's books and records.

PROXY MATERIALS

EIP personnel will instruct custodians to forward to RiskMetrics all proxy
materials received on securities held in EIP client accounts.

LIMITATIONS

In certain circumstances, where EIP has determined that it is consistent
with the client's best interest, EIP will not take steps to ensure that proxies
are voted on securities in the client's account. The following are circumstances
where this may occur:

*Limited Value: Proxies will not be required to be voted on securities in
a client's account if the value of the client's economic interest in the
securities is indeterminable or insignificant (less than $1,000). Proxies will
also not be required to be voted for any securities that are no longer held by
the client's account.

*Securities Lending Program: When securities are out on loan, they are
transferred into the borrower's name and are voted by the borrower, in its
discretion. In most cases, EIP will not take steps to see that loaned securities
are voted. However, where EIP determines that a proxy vote, or other shareholder
action, is materially important to the client's account, EIP will make a good
faith effort to recall the security for purposes of voting, understanding that
in certain cases, the attempt to recall the security may not be effective in
time for voting deadlines to be met.

*Unjustifiable Costs: In certain circumstances, after doing a cost-benefit
analysis, EIP may choose not to vote where the cost of voting a client's proxy
would exceed any anticipated benefits to the client of the proxy proposal.

OVERSIGHT OF POLICY

The CCO is responsible for overseeing these proxy voting policies and
procedures. In addition, the CCO will review these policies and procedures not
less than annually with a view to determining whether their implementation has
been effective and that they are operating as intended and in such a fashion as
to maintaining EIP's compliance with all applicable requirements.

RECORDKEEPING ON PROXIES

In it the responsibility of EIP's CCO to ensure that the following
proxy voting records are maintained:

o a copy of EIP's proxy voting policies and procedures;

o a copy of all proxy statements received on securities in client
accounts (EIP may rely on RiskMetrics or the SEC's EDGAR system to
satisfy this requirement);

o a record of each vote cast on behalf of a client (EIP relies on
RiskMetrics to satisfy this requirement);

o a copy of any document prepared by EIP that was material to making a
voting decision or that memorializes the basis for that decision;

o a copy of each written client request for information on how proxies
were voted on the client's behalf or for a copy of EIP's proxy voting
policies and procedures, and

o a copy of any written response to any client request for information
on how proxies were voted on their behalf or furnishing a copy of
EIP's proxy voting policies and procedures.

The CCO will see that these books and records are made and maintained
in accordance with the requirements and time periods provided in Rule 204-2 of
the Advisers Act.

For any registered investment companies advised by EIP, votes made on its behalf
will be stored electronically or otherwise recorded so that they are available
for preparation of the Form N-PX, Annual Report of Proxy Voting Record of
Registered Management Investment Company.

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

(a)(1) IDENTIFICATION OF PORTFOLIO MANAGER(S) OR MANAGEMENT TEAM MEMBERS AND
DESCRIPTION OF ROLE OF PORTFOLIO MANAGER(S) OR MANAGEMENT TEAM MEMBERS

INFORMATION PROVIDED AS OF FEBRUARY 1, 2012.

James Murchie, Chief Executive Officer and Founder of Energy Income Partners,
LLC ("EIP" or "Sub-Advisor"), and Eva Pao, principal of EIP, are co-portfolio
managers responsible for the day-to-day management of the registrant's
portfolio. Both portfolio managers have served in such capacity for the Fund for
38 months.

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 master limited partnerships, 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.

(a)(2) OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGER AND POTENTIAL CONFLICTS OF
INTEREST

OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGER

INFORMATION PROVIDED AS OF NOVEMBER 30, 2011.

---------------------------------------------------------------------------------------------------------------------------

# of Accounts Managed Total Assets for which
Name of Portfolio Total # of for which Advisory Fee Advisory Fee is Based
Manager or Type of Accounts Total Assets is Based on on Performance
Team Member Accounts Managed (millions) Performance (millions)
------------------------- ----------------- -------------- --------------- ------------------------ -----------------------
1. James Murchie Registered 2 $546 mill 0 $0
Investment
Companies:
----------------- -------------- --------------- ------------------------ -----------------------
Other Pooled
Investment
Vehicles: 3 $151 mill 3 $151 mill
----------------- -------------- --------------- ------------------------ -----------------------
Other Accounts: 380 $267 mill 2 $39
---------------------------------------------------------------------------------------------------------------------------
2. Eva Pao Registered
Investment
Companies: 2 $546 mill 0 $0
----------------- -------------- --------------- ------------------------ -----------------------
Other Pooled
Investment
Vehicles: 3 $151 mill 3 $151 mill
----------------- -------------- --------------- ------------------------ -----------------------
Other Accounts: 380 $267 mill 2 $39
---------------------------------------------------------------------------------------------------------------------------

POTENTIAL CONFLICTS OF INTERESTS

The EIP investment professionals that serve as portfolio managers of the
registrant also serve as portfolio managers to three private investment funds
(the "Private Funds"), each of which has a performance-based fee, one open-ended
mutual fund, and 380 separately managed accounts, 2 of which have a
performance-based fee.

EIP has written policies and procedures regarding Order Aggregation and
Allocation to ensure that all accounts are treated fairly and equitably and that
no account is disadvantaged. EIP will generally execute client transactions on
an aggregated basis when the Firm believes that to do so will allow it to obtain
best execution and to negotiate more favorable commission rates or avoid certain
transaction costs that might have otherwise been paid had such orders been
placed independently. EIP's ability to implement this may be limited by an
Account's custodian, directed brokerage arrangements or other constraints
limiting EIP's use of a common executing broker.

An aggregated order may be allocated on a basis different from that specified
herein provided all clients receive fair and equitable treatment and there is a
legitimate reason for the different allocation. Reasons for deviation may
include (but are not limited to): a client's investment guidelines and
restrictions, available cash, liquidity requirements, leverage targets,
rebalancing total risk exposure across all clients, tax or legal reasons, and to
avoid odd-lots or in cases when a normal allocation would result in a de minimis
allocation to one or more clients.

(a)(3) COMPENSATION STRUCTURE OF PORTFOLIO MANAGER(S) OR MANAGEMENT TEAM MEMBERS

INFORMATION PROVIDED AS OF FEBRUARY 1, 2012.

The portfolio managers are compensated by a competitive minimum base salary and
share in the profits of EIP in relationship to their ownership of EIP. The
profits of EIP are influenced by the assets managed by the funds and the
performance of the funds. While a portion of the portfolio manager's
compensation is tied to performance through incentive fees earned through the
Private Funds, the portfolio managers are not incentivized to take undue risk in
circumstances when the funds' performance lags as their investment fees may
sometimes have a high water mark or be subject to a hurdle rate. Moreover, the
Registrant's portfolio managers are the principal owners of EIP and are
incentivized to maximize the long-term performance of all of its funds. The
compensation of the Portfolio team members is determined according to prevailing
rates within the industry for similar positions. EIP wishes to attract, retain
and reward high quality personnel through competitive compensation.

(a)(4) DISCLOSURE OF SECURITIES OWNERSHIP

INFORMATION PROVIDED AS OF NOVEMBER 30, 2011.

Dollar Range of Fund Shares
Name Beneficially Owned
------------- ---------------------------
James Murchie $0
Eva Pao $0

(b) Not applicable.

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) Code of ethics, or any amendment thereto, that is the subject of
disclosure required by Item 2 is attached hereto.

(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/ Mark R. Bradley
--------------------------------------------------
Mark R. Bradley, President and Chief Executive
Officer
(principal executive officer)

Date January 24, 2012
--------------------

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/ Mark R. Bradley
--------------------------------------------------
Mark R. Bradley, President and Chief Executive
Officer
(principal executive officer)

Date January 24, 2012
--------------------

By (Signature and Title)* /s/ James M. Dykas
--------------------------------------------------
James M. Dykas, Treasurer, Chief Financial Officer
and Chief Accounting Officer
(principal financial officer)

Date January 24, 2012
--------------------

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