First Trust Closed-End Funds’ Shareholders Approve Reorganization of Three Funds
09 Août 2011 - 2:41PM
Business Wire
First Trust Advisors L.P. (“FTA”) announced today that, at joint
special meetings held yesterday, shareholders of First Trust
Strategic High Income Fund (NYSE: FHI) and First Trust Strategic
High Income Fund III (NYSE: FHO) approved the reorganizations of
each of FHI and FHO into First Trust Strategic High Income Fund II
(NYSE: FHY) and shareholders of FHY approved the issuance of
additional common shares of FHY in connection with the
reorganizations. FHI, FHO and FHY are closed-end funds managed by
FTA (the “Funds”).
In connection with the reorganizations, FHY will acquire all of
the assets and liabilities of FHI and FHO in separate tax-free
transactions for common shares of FHY. Each reorganization, if
completed, will occur based on the relative net asset values of
FHY, FHI and FHO. It is currently expected that the reorganizations
will be concluded in the third quarter of 2011, subject to all
regulatory requirements and customary closing conditions being
satisfied. The Funds will issue a press release announcing the
closing date of the reorganizations and the final distributions for
FHI and FHO shareholders.
This press release is not intended to, and shall not, constitute
an offer to purchase or sell shares of any of the Funds, including
FHY, the surviving fund in the reorganizations. Investors should
consider the investment objectives, risks, charges and expenses of
the Funds carefully and consider in its entirety the Joint Proxy
Statement/Prospectus relating to the reorganizations which contains
important information regarding the investment objectives and
policies, risks, charges, expenses and other important information
about FHY.
FHY is a diversified, closed-end management investment company
that seeks to provide a high level of current income. As a
secondary objective, FHY seeks to provide capital growth. FHY
pursues these investment objectives by investing up to 100% of its
managed assets in a diversified portfolio of high income producing
securities that the investment sub-advisor believes offer
attractive yield and capital appreciation potential.
FTA, the investment advisor for each Fund, 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 approximately $51 billion as of
June 30, 2011 through closed-end funds, unit investment
trusts, mutual funds, separate managed accounts and exchange-traded
funds.
Brookfield Investment Management Inc., the investment
sub-advisor for each Fund, is a global investment advisor focused
on specialized equity and fixed income securities investments. The
firm is a subsidiary of Brookfield Asset Management Inc., a leading
global asset manager with over $150 billion in assets under
management as of June 30, 2011 and over 100 years of experience in
the property, power and infrastructure industries. Brookfield
Investment Management Inc. is an SEC registered investment advisor,
and with its affiliates had approximately $24 billion in assets
under management as of June 30, 2011. Headquartered in New York,
the firm maintains offices and investment teams in Chicago, Boston,
London, Hong Kong, Sydney and Toronto.
Forward-Looking Statements
Certain statements made in this news release that are not
historical facts are referred to as “forward-looking statements”
under the U.S. federal securities laws. Actual future results or
occurrences may differ significantly from those anticipated in any
forward-looking statements due to numerous factors. Generally, the
words “believe,” “expect,” “intend,” “estimate,” “anticipate,”
“project,” “will” and similar expressions identify forward-looking
statements, which generally are not historical in nature.
Forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ from the
historical experience of FTA and the closed-end funds managed by
FTA and its present expectations or projections. You should not
place undue reliance on forward-looking statements, which speak
only as of the date they are made. FTA and the closed-end funds
managed by FTA undertake no responsibility to update publicly or
revise any forward-looking statements.
The Annual and Semi-Annual Reports and other regulatory filings
of the Funds with the SEC are accessible on the SEC’s web site at
www.sec.gov. In addition, the Joint Proxy Statement/Prospectus
relating to the reorganizations contains important information and
shareholders are urged to read it. Free copies of the Joint Proxy
Statement/Prospectus are available by calling FTA toll-free at
(800) 621-1675 or on the SEC’s web site at www.sec.gov.
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