First Trust Advisors Announces Approval Of Interim Advisory And Sub-Advisory Agreements For Closed-End Funds
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.
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