FTA To Reorganize Three Closed-End Funds

Shareholders of First Trust Advisors’ (FTA) closed-end funds have given approval for the reorganization of three funds. The First Trust Strategic High Income Fund and the First Trust Strategic High Income Fund III will be reorganized into the First Trust Strategic High Income Fund II.

Additional common shares of the Income Fund II will also be issued in connection with the reorganizations. The Income Fund II will buy all the assets and liabilities of the other two funds in separate tax-free transactions for common shares of Income Fund II. The process may be completed in the third quarter of 2011. FTA is the investment adviser for each fund, while Brookfield Investment Management is their sub-adviser.

Click here for the release from Business Wire.