First Trust Informs Shareholders of Upcoming Fund Reorganization
First Trust Announces Fund Reorganization
First Trust Advisors L.P. (“FTA”) has made a significant announcement regarding the reorganization of the First Trust/abrdn Global Opportunity Income Fund (NYSE: FAM). This reorganization will take place with abrdn Income Credit Strategies Fund (“ACP”), marking a noteworthy transition for shareholders and the management of assets.
Shareholder Approval and Process Details
Recently, shareholders of the First Trust/abrdn Global Opportunity Income Fund, a well-established closed-end management investment company, have given their approval for the upcoming reorganization. Shares from the Fund, which operates under the ticker FAM, will be transitioned into the ACP fund, a similarly structured entity registered as a Delaware statutory trust.
Closing Timing of the Reorganization
The timing of this reorganization has been set, with the anticipated closure expected at the end of business on September 20, 2024. This timeline is contingent upon satisfying specific customary conditions required for the closing. Upon completion, the assets from FAM will be seamlessly transferred to ACP, with ACP also assuming the liabilities associated with FAM. Shareholders of the FAM fund will receive ACP shares corresponding to the net asset value of their current FAM holdings.
About First Trust Advisors L.P.
FTA stands as a prominent investment advisor in the United States, holding a federal registration. The company manages a diverse portfolio and provides innovative services to its clients through its affiliate, First Trust Portfolios L.P. (“FTP”). Together, they manage an impressive amount of approximately $241 billion in assets as of late summer 2024, spanning various investment vehicles including unit investment trusts and exchange-traded funds.
Operational Footprint
Both FTA and FTP are based in Wheaton, Illinois, and the two firms collaborate to offer a comprehensive suite of investment solutions. FTA takes charge of managing the First Trust unit investment trusts while FTP acts as a broker-dealer, sponsoring a range of mutual fund offerings.
Understanding abrdn's Role
In the landscape of investment management in the United States, abrdn plays a crucial role as a marketing entity for several affiliated, registered investment advisers, creating a robust framework for managing investments leading to informed choices for investors. Their affiliation includes reputable entities like abrdn Investments Limited and others, each contributing to a wide range of financial strategies and investment opportunities.
Investor Considerations
It is important for investors to evaluate their financial goals and the characteristics of the ACP fund before making decisions about their investments. Understanding the risks, charges, and potential impacts associated with the reorganization is vital for making informed choices.
Frequently Asked Questions
What is the purpose of the reorganization?
The reorganization aims to streamline operations and enhance the value of assets for shareholders by transitioning holdings from the First Trust/abrdn Global Opportunity Income Fund to abrdn Income Credit Strategies Fund.
When will the reorganization take place?
The closing of the reorganization is projected for the end of business on September 20, 2024, subject to customary closing conditions.
What will shareholders receive after the reorganization?
Shareholders of FAM will receive shares of ACP that represent the aggregate net asset value of their holdings in the First Trust fund.
Who manages the First Trust funds?
The funds are managed by First Trust Advisors L.P. (FTA), which provides comprehensive investment advisory services to their clients.
What should investors consider before investing?
Before investing in ACP, it’s crucial for investors to assess its investment objectives, risks, charges, and expenses to ensure it aligns with their financial goals.
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