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First Trust Specialty Finance and Financial Opportunities Fund (formerly known as First Trust/Gallatin Specialty Finance and Fi

^{Published on 2009-02-10 15:15:24, Last Modified on 2009-02-10 15:16:28 - Market Wire}
 

WHEATON, Ill.--([ BUSINESS WIRE ])--First Trust Specialty Finance and Financial Opportunities Fund (the "Fund") (NYSE: FGB) today declared the Fund's regularly scheduled quarterly distribution of $0.185 per share, payable on February 27, 2009 to shareholders of record on February 20, 2009. The ex-dividend date is expected to be February 18, 2009. The distribution represents a decrease from the previous quarterly distribution of $0.25 per share.

As the turmoil in the financial marketplace continues, additional securities within FGB's portfolio have decreased their dividends. These decreases require a reduction in FGB's quarterly distribution in order to align it with the Fund's current earnings.

The majority, and possibly all, of this distribution will be paid out of net investment income earned by the Fund. The final determination of the source and tax status of all distributions paid in 2009 will be made after the end of 2009.

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., 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, financial advisory services, and municipal and corporate investment banking, with collective assets under management or supervision of over $17 billion as of January 31, 2009 through closed-end funds, unit investment trusts, mutual funds, separate managed accounts and exchange-traded funds.

Confluence Investment Management LLC ("Confluence"), a newly formed registered investment advisor, serves as the Fund's investment sub-advisor. The investment professionals at Confluence have over 50 years of aggregate portfolio management experience. Confluence provides portfolio management and advisory services to both institutional and individual clients. As of December 31, 2008 Confluence managed or supervised over $400 million 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: Investment in this Fund involves management risk; sub-advisor risk; value investing risk; income risk; specialty finance and other financial companies risks; common stock risk; preferred stock and trust preferred securities risk; convertible securities risk; fixed-income securities risk; lower grade and distressed securities risk; business development company risk; REIT, mortgage-related and asset-backed securities risks; infrastructure trust risk; income trust and master limited partnership risks; tax risks; non-U.S. securities risk; currency risk; liquidity risk; leverage risk; non-diversification risk; inflation/deflation risk; market discount from net asset value risk; and market disruption risk.

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.