First Trust Tax-Advantaged Preferred Income Fund Decreases Its Quarterly Distribution to $0.21 Per Share
2008年6月10日 - 7:19AM
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First Trust Tax-Advantaged Preferred Income Fund (the �Fund�)
(AMEX: FPI) today declared its regularly scheduled quarterly
distribution payable on June 30, 2008 to shareholders of record as
of June 20, 2008. The ex-dividend date is expected to be June 18,
2008. The quarterly distribution information for the Fund appears
below. First Trust Tax-Advantaged Preferred Income Fund (FPI):
Distribution per share: � $0.21 Distribution rate based on the June
6, 2008 NAV of $11.54: 7.28% Distribution rate based on the June 6,
2008 closing market price of $12.29: 6.83% Decrease from previous
distribution of $0.30 -30.00% The decrease in the Fund's quarterly
distribution is principally in response to two issuers of
securities held by the Fund suspending their quarterly dividends in
the last quarter. On Friday, June 6, 2008, Heartland Financial
("Heartland"), suspended quarterly dividends on its preferred
securities held by the Fund. The Fund currently holds a total of
$6,000,000 aggregate par value of Series B Fixed-Rate
Non-Cumulative Redeemable Perpetual Preferred Shares ("Heartland
Preferred Shares"). Such action by Heartland resulted in a
reduction in the price of the Heartland Preferred Shares, which led
to a significant decline in the Fund's NAV. Primarily as a result
of such event, the Fund's net asset value declined from $13.07 as
of Thursday, June 5, 2008, to $11.54 as of Friday, June 6, 2008, at
4:00 p.m. Eastern Time, an approximate 11.7% reduction. On May 12,
2008, IndyMac Bancorp, Inc. suspended quarterly dividends on its
preferred securities held by the Fund. The Fund currently holds a
total of $5,000,000 aggregate par value of Fixed-Rate Preferred
Shares of IndyMac Bancorp, Inc. The majority of this distribution
will be paid out of net investment income earned by the Fund. A
portion of this distribution may come from net short-term realized
capital gains or return of capital. The final determination of the
source and tax status of all distributions paid in 2008 will be
made after the end of 2008. The Fund is a closed-end management
investment company that seeks to provide current income and, to a
lesser extent, capital preservation. The Fund seeks to achieve its
investment objective by investing at least 80% of its managed
assets in preferred securities that the investment sub-advisor
believes at the time of investment are eligible to pay dividends
that qualify for certain favorable federal income tax treatment as
�tax-advantaged� when received by shareholders of the Fund. 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, financial advisory services, and municipal and
corporate investment banking, with collective assets under
management or supervision of over $34 billion as of May 31, 2008
through closed-end funds, unit investment trusts, mutual funds,
separate managed accounts and exchange-traded funds. Stonebridge
Advisors LLC (�Stonebridge�), the Fund�s investment sub-advisor and
an affiliate of First Trust Advisors L.P., is a niche asset
management firm that manages portfolios of preferred securities as
well as customized North American Equities Portfolios for
investors. Stonebridge, formed in December 2004, serves as
investment advisor or portfolio manager to investment portfolios
with approximately $462 million in assets which it managed or
supervised as of March 31, 2008. A portion of these assets are
contained in investments sponsored by First Trust Portfolios L.P.,
for which Stonebridge acts as Sub-Portfolio Supervisor. 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. The Fund is exposed to several risks
including the following: investment and market risk; management
risk; interest rate risk; credit risk; leverage risk; high-yield
securities risk; preferred securities risk; illiquid securities
risk; financial services sector risk; sub-advisor risk; value
investing risk; dividend strategy risk; qualified dividend task
risk; equity securities risk; small and medium cap company risk;
and non-U.S. securities risk. The Fund�s daily American Stock
Exchange closing 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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