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First Trust Preferred Securities and Income Fund lowers service fees
By Toni Weeks
San Diego, Dec. 14 - First Trust announced it will lower the total distribution and service (12b-1) fees for the class R3 shares of its Preferred Securities and Income Fund to 0.5% of the average daily net assets of the shares, according to a 497 filing with the Securities and Exchange Commission.
The fee reduction takes effect Dec. 15. The fee will now be comprised of a 0.25% distribution fee and a 0.25% service (12b-1) fee. Previously, the total distribution and service fees for class R3 shares was 0.75%.
Wheaton, Ill.-based First Trust Advisors LP is the investment adviser to the fund.
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