First Trust Advisors Announces Approval of Interim Advisory and Sub-Advisory Agreements for Closed-End Funds
21 September 2010 - 2:31PM
Business Wire
First Trust Advisors L.P. (“FTA”) announced today that the
following FTA-advised closed-end funds (each, a “Fund” and
collectively, the “Funds”) will enter into interim investment
management agreements with FTA and interim investment sub-advisory
agreements with FTA and its current sub-advisor(s):
Energy Income and Growth Fund (NYSE Amex: FEN)
First Trust/Aberdeen Emerging Opportunity Fund (NYSE: FEO)
First Trust/Aberdeen Global Opportunity Income Fund (NYSE:
FAM)
First Trust Active Dividend Income Fund (NYSE: FAV)
First Trust Enhanced Equity Income Fund (NYSE: FFA)
First Trust/FIDAC Mortgage Income Fund (NYSE: FMY)
First Trust Specialty Finance and Financial Opportunities Fund
(NYSE: FGB)
First Trust Strategic High Income Fund (NYSE: FHI)
First Trust Strategic High Income Fund II (NYSE: FHY)
First Trust Strategic High Income Fund III (NYSE: FHO)
Macquarie/First Trust Global Infrastructure/Utilities Dividend
& Income Fund (NYSE: MFD)
On August 24, 2010, James A. Bowen, President of FTA, entered
into a stock purchase agreement to purchase 100% of the general
partnership interest of FTA (the “Transaction”). The Transaction is
scheduled to be completed in October 2010 and is subject to normal
closing conditions. The consummation of the Transaction may be
deemed to be an “assignment” (as defined in the Investment Company
Act of 1940, as amended) of the investment management agreement
between each Fund and FTA and the sub-advisory agreement among each
Fund, FTA and its current sub-advisor(s), which would result in the
automatic termination of the agreements. The Board of Trustees of
each Fund has approved the interim investment management and
interim sub-advisory agreements, which will be entered into
effective upon the closing of the Transaction and will be in effect
for a maximum period of 150 days. New investment management
and investment sub-advisory agreements will be submitted to
shareholders of each Fund for approval and would take effect upon
such shareholder approval. The new agreements will be substantially
similar to each Fund’s current agreements. The Transaction will not
impact the day-to-day operations of any of the Funds, and the
portfolio managers of the Funds will remain the same. A special
shareholder meeting of each Fund to vote on proposals to approve
the new investment management and investment sub-advisory
agreements is expected to be held later this year. There can be no
assurance that the necessary percentage of the shareholders of the
Funds will vote to approve the new investment management or new
investment sub-advisory agreements.
For additional information about any closed-end fund advised by
FTA, including risks, charges and expenses, please see the Fund’s
annual and semi-annual shareholder reports or contact your
financial advisor. Each Fund’s daily closing price and daily net
asset value, as well as other information, are available to
www.ftportfolios.com or by calling 1-800-988-5891.
FTA and its affiliate First Trust Portfolios L.P. are
privately-held companies which provide a variety of investment
services, including asset management, financial advisory services,
and municipal and corporate investment banking, with collective
assets under management or supervision of over $32 billion as
of August 31, 2010 through closed-end funds, unit investment
trusts, mutual funds, separate managed accounts and exchange-traded
funds.
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