First Trust Global Equity Dividend Fund to offer shares at $25 each

By Toni Weeks

San Diego, Nov. 10 - First Trust Global Equity Dividend Fund, a newly organized closed-end management investment company, has registered its common shares in an N-2 filing with the Securities and Exchange Commission.

The fund has initially registered 1,000 shares at $25 apiece, but the underwriters have been granted the option to purchase additional common shares within 45 days to cover over-allotments. The sales load will be 4.5%, or $1.125 per share.

The fund seeks above-average income, with capital appreciation as a secondary objective and, under normal market conditions, will invest at least 80% of its managed assets in a portfolio of income-producing equity securities of issuers worldwide. The fund expects to invest across a broad range of countries, industries and market sectors. The fund may also invest up to 25% of its managed assets in debt securities, of which up to 15% may be in junk bonds, up to 25% in securities of issuers in emerging countries and up to 15% in illiquid securities. The fund will not invest more than 5% of its managed assets in any single security.

The fund intends to apply to list its common shares on the New York Stock Exchange.

The investment advisor will be Wheaton, Ill.-based First Trust Advisors LP. The subadviser will be Henderson Global Investors (North America) Inc.

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