 First Trust Active Dividend Income Fund Revises
Distribution Declared in November 2007
First Trust Advisors, LP
Lisle, IL, December 20, 2007 -- First Trust Active Dividend Income Fund (the “Fund”) (FAV) today increased its distribution originally declared on November 6, 2007 to $0.83 per share. The previously declared distribution was $0.46 per share. The breakdown of the revised distribution is as follows:
|
Regular Quarterly Distribution: |
$0.46 |
|
Special Distribution: |
$0.13 |
|
Short Term Capital Gain Distribution: |
$0.24 |
|
|
$0.83 |
This distribution will retain the record date of December 31, 2007, the payable date of January 18, 2008 and the expected ex-dividend date of December 27, 2007 from the original distribution.
| First Trust Active Dividend Income Fund (FAV): |
|
| Regular Quarterly Distribution per share: |
$0.46 |
| Distribution Rate based on the December 19, 2007 NAV of $18.85: |
9.76% |
| Distribution Rate based on the December 19, 2007 closing market price of $16.31: |
11.28% |
| Distribution Rate based on the December 19, 2007 initial offer price of $20.00: |
9.20% |
The majority, and possibly all, 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 2007 will be made after the end of 2007.
The Fund is a 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 of both U.S. and non-U.S. issuers that the Fund’s sub-adviser believes offer the potential for attractive income and/or capital appreciation.
First Trust Advisors L.P. acts as the Fund’s investment adviser and currently manages or supervises approximately $33 billion in assets.
Aviance Capital Management, LLC, (“Aviance”), the fund’s sub-adviser, focuses on managing multi-cap value and growth portfolios. As of September 30, 2007, Aviance had approximately $221 million in assets under management.
View more information on First Trust Advisors, LP or other Closed-End Funds
|