Market Overview

First Trust Specialty Finance and Financial Opportunities Fund Declares its Quarterly Distribution of $0.175 Per Share

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First Trust Specialty Finance and Financial Opportunities Fund (the
"Fund") (NYSE:FGB) has declared the Fund's regularly scheduled
quarterly distribution of $0.175 per share. The distribution will be
payable on August 31, 2018, to shareholders of record as of August 23,
2018. The ex-dividend date is expected to be August 22, 2018. The
quarterly distribution information for the Fund appears below.

First Trust Specialty Finance and Financial
Opportunities Fund (FGB):

 
Distribution per share: $0.175
Distribution Rate based on the August 10, 2018 NAV of $6.35: 11.02%
Distribution Rate based on the August 10, 2018 closing market price
of $6.48:
10.80%
 

A portion of the distribution may be treated as paid from sources other
than net investment income, including short-term capital gain, long-term
capital gain and return of capital. The final determination of the
source and tax status of all distributions paid in 2018 will be made
after the end of 2018 and will be provided on Form 1099-DIV.

The Fund is a non-diversified, closed-end management investment company
that seeks to provide a high level of current income. As a secondary
objective, the Fund seeks to provide attractive total return. The Fund
pursues these investment objectives by investing at least 80% of its
managed assets in a portfolio of securities of specialty finance and
other financial companies that the Fund's investment sub-advisor
believes offer attractive opportunities for income and capital
appreciation.

First Trust Advisors L.P. ("FTA") is a federally registered investment
advisor and serves as the Fund's investment advisor. FTA and its
affiliate First Trust Portfolios L.P. ("FTP"), a FINRA registered
broker-dealer, are privately-held companies that provide a variety of
investment services. FTA has collective assets under management or
supervision of approximately $130 billion as of July 31, 2018 through
unit investment trusts, exchange-traded funds, closed-end funds, mutual
funds and separate managed accounts. FTA is the supervisor of the First
Trust unit investment trusts, while FTP is the sponsor. FTP is also a
distributor of mutual fund shares and exchange-traded fund creation
units. FTA and FTP are based in Wheaton, Illinois.

Confluence Investment Management LLC ("Confluence"), an SEC registered
investment advisor, serves as the Fund's investment sub-advisor. The
investment professionals at Confluence have over 350 years of combined
financial market experience. Confluence provides portfolio management
and advisory services to both institutional and individual clients. As
of June 30, 2018, Confluence managed or supervised $8.6 billion in
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: The Fund invests in business development
companies ("BDCs") which may be subject to a high degree of risks,
including management's ability to meet the BDC's investment objective,
and to manage the BDC's portfolio when the underlying securities are
redeemed or sold, during periods of market turmoil and as investors'
perceptions regarding a BDC or its underlying investments change.

Investing in real estate investment trusts ("REITs") involves certain
unique risks in addition to investing in the real estate industry in
general. REITs are subject to interest rate risk and the risk of default
by lessees or borrowers.

The Fund may invest in a variety of other mortgage-related securities.
Rising interest rates tend to extend the duration of mortgage-related
securities, making them more sensitive to changes in interest rates, and
may reduce the market value of the securities. In addition,
mortgage-related securities are subject to the risk that borrowers may
pay off their mortgages sooner than expected, particularly when interest
rates decline. This can reduce the Fund's returns. The Fund's
investments in other asset-backed securities are subject to risks
similar to those associated with mortgage-backed securities, as well as
additional risks associated with the nature of the assets and the
servicing of those assets.

Because the Fund is concentrated in the financials sector, it will be
more susceptible to adverse economic or regulatory occurrences affecting
this sector, such as changes in interest rates, availability and cost of
capital funds, and competition.

Use of leverage can result in additional risk and cost, and can magnify
the effect of any losses.

The risks of investing in the Fund are spelled out in the prospectus,
shareholder report and other regulatory filings.

The information presented is not intended to constitute an investment
recommendation for, or advice to, any specific person. By providing this
information, First Trust is not undertaking to give advice in any
fiduciary capacity within the meaning of ERISA and the Internal Revenue
Code. First Trust has no knowledge of and has not been provided any
information regarding any investor. Financial advisors must determine
whether particular investments are appropriate for their clients. First
Trust believes the financial advisor is a fiduciary, is capable of
evaluating investment risks independently and is responsible for
exercising independent judgment with respect to its retirement plan
clients.

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.

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