First Trust Dividend & Income Fund & First Trust Enhanced Equity Income Fund Board Approves Interim & New Investment Sub-Advi...
21 2월 2014 - 11:23PM
Business Wire
First Trust Dividend and Income Fund (NYSE: FAV) & First
Trust Enhanced Equity Income Fund (NYSE: FFA) (each a “Fund” or
collectively, the “Funds”) each today announced that its Board of
Trustees has voted to approve Chartwell Investment Partners Inc.
(“Chartwell”) as investment sub-advisor to the Funds, following
TriState Capital Holdings, Inc. acquisition of substantially all of
the assets of Chartwell Investment Partners, L.P., the Funds’
current sub-advisor. Each Fund will enter into an interim
sub-advisory agreement among the Fund, First Trust Advisors L.P.
(“FTA”), and Chartwell, as investment sub-advisor, which will be
effective on the date of the close of the acquisition.
A shareholder meeting of FAV and FFA will be scheduled to vote
on a proposal to approve the new sub-advisory agreement with
Chartwell on or before 150 days from the date of the close of the
acquisition. The interim agreements and the new agreements are
substantially similar to each Fund’s current agreements. Any
solicitation of proxies by the Funds in connection with the
shareholder meeting will be made only pursuant to separate proxy
materials filed with the U.S. Securities and Exchange Commission
(“SEC”) under applicable federal securities laws. There can be no
assurance that the necessary percentage of the shareholders of each
Fund will vote to approve the new sub-advisory agreement naming
Chartwell as the new investment sub-advisor.
FAV is a diversified, closed-end management investment company.
The Fund’s primary investment objective is to seek a high level of
current income. It has a secondary objective of capital
appreciation. The Fund seeks to achieve its investment objectives
by investing at least 80% of its managed assets in a diversified
portfolio of dividend-paying, multi-cap equity securities of both
U.S. and non-U.S. issuers that the Fund’s sub-advisor believes
offer the potential for attractive income and/or capital
appreciation. The Fund also employs leverage to purchase senior
loans in an effort to enhance the Fund’s potential for income.
FFA is a diversified, closed-end management investment company.
The Fund’s investment objective is to provide a high level of
current income and gains and, to a lesser extent, capital
appreciation. The Fund pursues its investment objective by
investing in a diversified portfolio of equity securities. Under
normal market conditions, the Fund pursues an integrated investment
strategy in which the Fund invests substantially all of its managed
assets in a diversified portfolio of common stocks of U.S.
corporations and U.S. dollar-denominated equity securities of
non-U.S. issuers, in each case that are traded on U.S. securities
exchanges, and on an ongoing and consistent basis writes (sells)
covered call options on a portion of the Fund's managed assets.
FTA has served as the Funds’ investment advisor since each
Fund’s inception. FTA, along with 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 $86 billion as of January 31, 2014, through closed-end funds,
unit investment trusts, mutual funds, separate managed accounts and
exchange-traded funds.
Chartwell Investment Partners, L.P has served as the investment
sub-advisor to FAV since July 1, 2013, and FFA since September 14,
2007. The firm is a research-based equity and fixed-income manager
with a disciplined, team-oriented investment process. As of
December 31, 2013, Chartwell had approximately $7.5 billion in
assets under management.
In connection with the solicitation of proxies, the Funds will
file a proxy statement. Because the proxy statement will contain
important information, FAV and FFA’s shareholders are urged to read
it carefully when it becomes available. When filed with the SEC,
the proxy statement will be available free of charge at the SEC’s
website, www.sec.gov. FAV and FFA’s shareholders will also be able
to obtain copies of these documents and other related documents,
when available, by calling FTA toll-free at 1-800-621-1675. The
foregoing is not an offer to sell, nor a solicitation of an offer
to buy, shares of any fund, nor is it a solicitation of any
proxy.
Each Fund’s daily closing New York Stock Exchange price and net
asset value per share as well as other information can be found at
www.ftportfolios.com or by calling 1-800-988-5891.
First Trust Dividend and Income Fund & First Trust Enhanced
Equity Income FundInquiries: Jim Dykas, 630-517-7665
First Trust Dividend And Income Fund of Beneficial Interest (NYSE:FAV)
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First Trust Dividend And Income Fund of Beneficial Interest (NYSE:FAV)
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