First Trust Dividend and Income Fund (the “Fund”) (NYSE: FAV) today
declared its regularly scheduled quarterly distribution payable on April
29, 2016, to shareholders of record as of April 26, 2016. The
ex-dividend date is expected to be April 22, 2016. The quarterly
distribution information for the Fund appears below.
First Trust Dividend and Income Fund (FAV):
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Distribution per share:
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$0.17
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Distribution Rate based on the April 8, 2016 NAV of $8.92:
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7.62%
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Distribution Rate based on the April 8, 2016 closing market price of
$8.62:
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7.89%
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The majority, and possibly all, of this distribution will be paid out of
net investment income earned by the Fund. The final determination of the
source and tax status of all 2016 distributions will be made after the
end of 2016.
The Fund’s Board of Trustees has approved a merger of the Fund into
First Trust High Income ETF (“FTHI”), an actively managed
exchange-traded fund. FTHI will be the surviving fund. Under the terms
of the merger, which is expected to be tax-free, the Fund’s assets would
be transferred to, and the Fund’s liabilities would be assumed by, FTHI,
and the Fund’s shareholders will receive shares of FTHI, with a value
equal to the aggregate net asset value of the Fund’s shares held by
them. It is currently expected that the transaction will be consummated
no later than October 31, 2016, subject to requisite shareholder
approvals, satisfaction of applicable regulatory requirements and
approvals, and customary closing conditions. There is no assurance
whether or when such approvals, or any other approvals required for the
transaction, will be obtained. For more information about the proposed
merger, investors of the Fund are urged to carefully read the Joint
Proxy Statement/Prospectus and other documents filed with the SEC in
their entirety when they become available.
The Fund is a diversified, closed-end management investment company that
seeks to provide a high level of current income. As a secondary
objective, the Fund seeks to provide capital appreciation. The Fund
pursues these investment objectives by investing at least 80% of its
Managed Assets in a diversified portfolio of dividend-paying multi-cap
equity securities, debt securities and senior, secured floating rate
loans that offer the potential for attractive income and/or capital
appreciation.
First Trust Advisors L.P., the Fund’s investment advisor, along with its
affiliate, First Trust Portfolios L.P., are privately-held companies
which provide a variety of investment services, including asset
management and financial advisory services, with collective assets under
management or supervision of approximately $96 billion as of March 31,
2016 through unit investment trusts, exchange-traded funds, closed-end
funds, mutual funds and separate managed accounts.
Chartwell Investment Partners, LLC. (“Chartwell”) serves as the Fund’s
investment sub-advisor and is an investment firm focusing on
institutional, sub-advisory, and private client relationships. The firm
is a research-based equity and fixed-income manager with a disciplined,
team-oriented investment process. At March 31, 2016, Chartwell had
approximately $8.6 billion in assets under management.
Past performance is no assurance of future results. Investment return
and market value of an investment in the Fund will fluctuate. Shares,
when sold, may be worth more or less than their original cost.
Principal Risk Factors: Investment in this Fund involves investment and
market risk, management risk, common stock risk, option risk;
sub-advisor risk, value investing risk, dividend strategy risk, master
limited partnership risk, qualified dividend income tax risk, equity
securities risk, small and medium cap company risk, non-U.S. securities
risk, and emerging markets risk. By writing call options on equity
securities held, the capital appreciation potential of the equity
securities is limited; however, the potential for capital depreciation
is unlimited. The risks of investing in the Fund are detailed in the
shareholder reports and other regulatory filings.
The 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.
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