First Trust Energy Infrastructure Fund (the "Fund") (NYSE: FIF) has declared the Fund's regularly scheduled monthly common share distribution payable on June 15, 2012 to shareholders of record as of June 5, 2012. The ex-dividend date is expected to be June 1, 2012. The monthly distribution information for the Fund appears below.
| First Trust Energy Infrastructure Fund (FIF): | ||||
| Distribution per share: | $0.1085 | |||
| Distribution Rate based on the May 18, 2012 NAV of $21.66: | 6.01% | |||
| Distribution Rate based on the May 18, 2012 closing market price of $19.94: | 6.53% | |||
The distribution may consist of net investment income earned by the Fund, net short-term realized capital gains and/or tax-deferred return of capital. Tax-deferred return of capital, if any, is primarily due to the tax treatment of cash distributions made by master-limited partnerships ("MLPs") in which the Fund invests. The final determination of the source of tax status of all 2012 distributions will be made after the end of 2012.
The Fund is a non-diversified, closed-end management investment company that seeks to provide a high level of total return with an emphasis on current distributions paid to shareholders. The Fund seeks to achieve its investment objectives by investing primarily in securities of companies engaged in the energy infrastructure sector. These companies principally include publicly-traded MLPs and limited liability companies taxed as partnerships, MLP affiliates, Canadian income trusts and their successor companies, pipeline companies, utilities, and other companies that derive at least 50% of their revenues from operating or providing services in support of infrastructure assets such as pipelines, power transmission and petroleum and natural gas storage in the petroleum, natural gas and power generation industries.
First Trust Advisors L.P., the Fund's investment advisor, along with its affiliate First Trust Portfolios L.P., are privately-held companies which provide a variety of investment services, including asset management and financial advisory services, with collective assets under management or supervision of approximately $56 billion as of April 30, 2012 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts.
Energy Income Partners, LLC ("EIP") serves as the Fund's investment sub-advisor and provides advisory services to a number of investment companies and partnerships for the purpose of investing in MLPs and other energy infrastructure securities. EIP is one of the early investment advisors specializing in this area. As of March 31, 2012, EIP managed or supervised approximately $1.6 billion in client assets.
Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost.
Principal Risk Factors: Investment in this Fund involves Investment and Market Risk, Market Discount from Net Asset Value Risk, Management Risk, Potential Conflicts of Interest Risk, Investment Concentration Risk, Industry Specific Risk, Cash Flow Risk, MLP Tax Risk, Non-U.S. Securities Risk, Failure to Quality as a Regulated Investment Company Risk, Tax Law Change Risk, Deferred Tax Risk, Delay in Investing the Proceeds Risk, Equity Securities Risk, Canadian Income Equities Risk, Leverage Risk, Derivatives Risk, Portfolio Turnover Risk, Competition Risk, Restricted Securities Risk, Liquidity Risk, Valuation Risk, Interest Rate Risk, Non-Diversification Risk, Anti-Takeover Provisions, Inflation Risk, Certain Affiliations and Secondary Market for the Fund's Common Shares. The risks of investing in the Fund are spelled out in the prospectus, shareholder reports and other regulatory filings.
The Fund's daily closing New York Stock Exchange price and net asset value per share as well as other information can be found at www.ftportfolios.com or by calling 1-800-988-5891.
First Trust Energy Infrastructure Fund
Press Inquiries: Jane Doyle, 630-765-8775
Analyst Inquiries: Jeff Margolin, 630-915-6784
Broker Inquiries: Jeff Margolin, 630-915-6784
US Stocks enjoy relief after falls - Shropshire Star
US stocks have closed higher, snapping a days-long losing streak.
The Dow Jones industrial average closed up 135 points at 12,504 in a marked change from its recent performance which has been crippled by worries about debt-riddled Greece.
The Dow fell for each of the past six days, and last week was its worst since November.
The Standard & Poor’s 500 is up 21 to 1,316. The Nasdaq composite index rose 68 to 2,847.
The gains were broad and covered nine of the 10 industry groups in the S&P; telecommunications was the only sector that fell. For every stock that declined on the New York Stock Exchange, roughly five rose.
Facebook was an exception, slipping 11% on its second day of trading. JPMorgan Chase fell 3%.
Money race tightens for general election - Fresno Bee
The campaign also spent nearly $2 million on placing ads.
The Obama campaign, far more than Romney's, has invested in its online presence. Obama spent more than $2.3 million last month on online advertising; Romney spent $150,000.
Payroll expenses revealed another disparity. Obama, who has invested heavily in field organizers in battleground states, spent $2.4 million on campaign staff, nearly five times what Romney spent on payroll.
Overall, last month's takes showed a slowdown in fundraising for the candidates and several major political action committees that support them. Restore Our Future, the pro-Romney group that, like other "super PACs," can solicit unlimited contributions from individuals, unions and corporations, raised a net $3.9 million in April, a decrease of more than 50 percent from the previous month. It ended April with $8.2 million in the bank.
Priorities USA Action, the super PAC supporting Obama, brought in $1.6 million in April, nearly $1 million less than its March take. It ended the month with $4.7 million in the bank.
The bulk of the pro-Obama group's money came from labor unions. Associations representing air traffic controllers, social workers and pipe tradesmen gave more than $1.25 million.
Investors gave more than $1.7 million to Restore Our Future, with $1 million coming from Fort Worth hedge fund founder John Kleinheinz. The group also brought in $1.1 million from energy executives, including $985,000 from Harold Hamm, the billionaire chairman of Continental Resources of Oklahoma who is the chairman of Romney's energy advisory panel. Hamm has sharply criticized Obama for not approving the Keystone XL oil pipeline from Canada to the Gulf of Mexico. His company owns some of the largest holdings in oil fields in North Dakota and Montana, which could be served by the pipeline.
Some of the moneyed backers of other Republican presidential hopefuls have begun to migrate to Romney, the new filings showed. Jack Caveney of North Palm Beach, Fla., a supplier of communication products and a longtime Republican donor, had been a major backer of former candidate Rick Santorum's super PAC. Last month, he gave $100,000 to Restore Our Future.
But some of the biggest super PAC players have not yet come aboard. Sheldon Adelson, the Las Vegas casino magnate who, along with his family, dished out $21.5 million to a super PAC backing Newt Gingrich, did not give to Restore Our Future. Nor did Foster Friess, the biggest donor to the pro-Santorum super PAC.
American Crossroads, the heavyweight Republican super PAC founded in part by Karl Rove, posted anemic April numbers. It raised $1.8 million last month, buoyed mostly by a $1 million donation from Dallas investor and GOP mega-donor Harold C. Simmons. Simmons and his company have given $13 million total to American Crossroads this election cycle; in the last several months, he and his wife have also doled out a combined $2.1 million to super PACs supporting Romney, Santorum and Gingrich.
The super PAC ended the month with $25.5 million on hand, but the full scope of its war chest probably is substantially larger. The group has a nonprofit arm, Crossroads GPS, which is not required to disclose its donors.
Lincoln Financial Names Stuber Managing Principal in Houston - Financial-Planning.com
Lincoln Financial Advisors Corp. has named Bob Stuber managing principal where he’ll be responsible for growing and servicing the firm’s client base in the Houston area.
"We are very excited that Bob has joined our firm to lead the Houston regional planning office,” Brett Collins, managing director of Lincoln Financial Advisors' Southern Regional Planning Group, said in a statement. “Bob's leadership skills and experience in sales, marketing, product development, and recruiting will bring great value to our advisors and organization.”
Prior to joining Lincoln Financial Advisors, Stuber served as director of RIA Sales for M.S. Howells & Co. in Scottsdale, Ariz.; senior vice president, national sales recruiting for Countrywide Investment Services in Chandler, Ariz.; senior regional sales manager for Wells Fargo Private Client Services for the Metro Phoenix region; and sales manager and member of the management committee for Wayne Hummer Investments in Chicago.
Stuber graduated from Penn State University with a degree in political science and holds FINRA Series 6, 7, 8, 24, 63, and 66 registrations along with Arizona and Texas Life Insurance licenses.
With headquarters in the Philadelphia region, the companies of Lincoln Financial Group had assets under management of $170 billion as of March 31.
Larry Barrett writes for Financial Planning.
US STOCKS-Wall St bounces but investors dump Facebook - Reuters
* Facebook shares down 12 pct, trades near $33/share
* World leaders back Greece, vow to combat crisis
* Apple stock boosts Nasdaq
* Stocks: Dow up 0.7 pct, S&P up 1 pct, Nasdaq up 1.3 pct
By Edward Krudy
NEW YORK, May 21 (Reuters) - U.S. stocks rose on Monday after their worst weekly decline for the year with signs investors were quickly exiting newly floated shares of Facebook following its broken IPO and redeploying capital elsewhere in the market.
Facebook Inc's shares fell below their $38 issue price as support from underwriters of the initial public offering dissipated after its Friday debut. The stock dropped over $5 to hit a session low of $33.00 in early trading, last trading down 11.8 percent at $33.71.
That contrasted with a sizeable rally in shares of Apple, which rose 2.8 percent to $545.14. Apple's shares are off almost 15 percent from a peak in April.
"People were coming out of Apple to participate in Facebook," said Frank Lesh, a futures analyst and broker at FuturePath Trading LLC in Chicago. "Facebook is not doing what they thought it would so maybe they'll take that capital back where they had it."
On Saturday, G8 leaders stressed that their "imperative is to promote growth and jobs" and gave verbal backing for Greece to stay in the euro. That helped lift the sentiment after failed elections in Greece lifted speculation that the country was headed toward exiting the euro zone.
"We sold off on some fear and not all of that fear was realized," said Lesh. "We're in a bit of an oversold bounce in here at the moment and whether we're going to build on all of this we'll find out this week; we'll still hostage to European news and will be for the foreseeable future."
The Dow Jones industrial average gained 82.27 points, or 0.67 percent, to 12,451.65. The Standard & Poor's 500 Index rose 12.40 points, or 0.96 percent, to 1,307.62. The Nasdaq Composite Index added 36.92 points, or 1.33 percent, to 2,815.71.
Investors are watching 1,300 to 1,290 range on the S&P 500 as a major support level, the lower end of which was tested last week after the index fell 7.8 percent since April. The bottom of the range coincides with the index's 10 month moving average.
"The ability to find support near 1,290-1,300 can trigger buyers to return, igniting the next sustainable rally towards our 2012 target in the mid-1,400s and possibly overshoot to low-1,500s," said technical analysts at UBS.
Facebook shares were expected to face tough trading this week if lead underwriter Morgan Stanley stops supporting the stock and managers lower down in the IPO book who were hoping for an early surge decide to get out before going underwater.
"It was just a poorly done deal and it just so happens to be the biggest deal ever for Nasdaq and they pooched it, that's the bottom line here," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.
In earnings news, Lowe's Cos Inc, the world's second-largest home improvement chain, cut its fiscal-year earnings outlook and said demand slowed toward the end of the traditionally strong first quarter. The shares fell 9.8 percent to $25.69.
Yahoo shares rose 0.5 percent to $15.50 after news that Chinese Internet entrepreneur Jack Ma is buying back up to half of a 40 percent stake in his Alibaba Group from Yahoo for $7.1 billion in a deal that moves the Chinese e-commerce leader closer to a public listing.
The Nasdaq said it plans to implement procedures through which the Financial Industry Regulatory Authority (FINRA) will accommodate orders not executed in Facebook during the social media company's market debut on Friday. Nasdaq shares gained 2.6 percent after falling more than 4 percent on Friday.
US STOCKS-Wall St edges up but Facebook's decline weighs - Reuters UK
* Facebook shares down 13 pct, trades near $33/share
* World leaders back Greece, vow to combat crisis
* Stocks: Dow up 0.2 pct, S&P up 0.2 pct, Nasdaq flat (Updates to market open)
By Angela Moon
NEW YORK, May 21 (Reuters) - U.S. stocks edged up on Monday from their worst weekly decline for the year as world leaders expressed support for Greece to stay in the euro zone, but gains were limited as shares of Facebook dropped more than 13 percent shortly after the open.
Facebook Inc's shares fell below their $38 issue price as support from underwriters of the initial public offering dissipated after its Friday debut. The stock dropped over $5 to hit a session low of $33.00 in early trading.
"It was just a poorly done deal and it just so happens to be the biggest deal ever for Nasdaq and they pooched it, that's the bottom line here," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.
Facebook shares were expected to face tough trading this week if lead underwriter Morgan Stanley stops supporting the stock and managers lower down in the IPO book who were hoping for an early surge decide to get out before going underwater.
On Saturday, G8 leaders stressed that their "imperative is to promote growth and jobs" and gave verbal backing for Greece to stay in the euro. But gains were limited as the pledge was unlikely to herald quick new action from the region, meaning more uncertainly for nervous financial markets.
The Dow Jones industrial average was up 19.53 points, or 0.16 percent, at 12,388.91. The Standard & Poor's 500 Index was up 2.34 points, or 0.18 percent, at 1,297.56. The Nasdaq Composite Index was down 1.42 points, or 0.05 percent, at 2,777.37.
Yahoo shares fell 1 percent to $15.28 after rising in premarket trade, on news that Chinese Internet entrepreneur Jack Ma is buying back up to half of a 40 percent stake in his Alibaba Group from Yahoo for $7.1 billion, in a deal that moves the Chinese e-commerce leader closer to a public listing.
The Nasdaq said it plans to implement procedure through which the Financial Industry Regulatory Authority (FINRA) will accommodate orders not executed in Facebook during the social media company's market debut on Friday. (Reporting By Angela Moon, editing by Dave Zimmerman)
India presents white paper to check illegal money - BBC News
India's Finance Minister Pranab Mukerjee has proposed the setting up of fast-track courts to deal with the issue of illegal money and tax evaders.
Mr Mukerjee said the government had already brought five bills in the parliament to deal with the problem.
The minister presented a "white paper" on illegal money in the lower house.
It did not name any offenders or give any estimates for illegal money but earlier reports have said $500bn was deposited in overseas tax havens.
Outlining the various proposals to deal with the problem of black money, the minister suggested that anti-corruption ombudsmen be appointed at the central and state levels.
"While these measures will set the tone for an equitable, transparent and a more efficient economy, there is much that we could do, both individually and collectively, to strengthen the moral fibre of our society," Mr Mukerjee said.
In the past, officials have said that illegal funds were often sent to tax havens such as Mauritius, Switzerland, Lichtenstein and the British Virgin Islands among others.
Analysts say this flight of capital has helped widen inequality in India.
According to one estimate, India's underground economy accounts for 50% of the country's gross domestic product.
In recent months, India's Congress party-led government has been on the back foot on the issue of black money and corruption.
The Supreme Court has also chided the government for not doing enough to unearth illicit money.
No comments:
Post a Comment