FGB First Trust Specialty Finance and Financial Opportunities Fund

 

As filed with the Securities and Exchange Commission on March 1, 2024

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 14A

 

Proxy Statement Pursuant to Section 14(a) of

the Securities Exchange Act of 1934 (Amendment No.     )

 

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Filed by a Party other than the Registrant ☐

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Preliminary Proxy Statement

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Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

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Definitive Proxy Statement

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Definitive Additional Materials

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Soliciting Material under §240.14a-12

 

First Trust Specialty Finance and Financial Opportunities Fund

(Name of Registrant as Specified In Its Charter)

 

 

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

 

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Fee paid previously with preliminary materials.

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Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

   

 

 

First Trust Specialty Finance and Financial Opportunities Fund

March 1, 2024

Dear Shareholder:

 

IMPORTANT VOTE FOR YOUR FUND!

 

You are being asked to consider an important proposal regarding the proposed reorganization of the First Trust Specialty Finance and Financial Opportunities Fund (FGB) (the “Fund”) with and into abrdn Total Dynamic Dividend Fund (“AOD”) (the “Reorganization”). The special meeting of shareholders of the Fund has been adjourned to March 7, 2024 (the “Special Meeting”), in order to allow shareholders more time to vote.

The Fund believes there are many potentional benefits of the Fund’s tax-free Reorganization into AOD, including:

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Lower Expense Ratio: AOD has a lower net total annual operating expense ratio than your Fund.

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Improved Trading: Shares of AOD have historically traded at meaningfully higher volumes at tighter bid-ask spread percentages than those of your Fund.

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Better Performance: AOD has outperformed your Fund on both a market value and net asset value basis for the 5-year period ending December 31, 2023. Please refer to the Joint Proxy Statement/Prospectus for the full presentation of performance of AOD and the Fund.

Please help your Fund and vote today, no matter how many shares you own.

 

Vote FOR the Reorganization on the WHITE proxy card.

 

The Fund’s Board of Trustees (the “Board”) recommends that you vote FOR the Proposal on the WHITE proxy card.

 

Institutional Shareholder Services, the leading independent proxy advisory firm, has recommended that shareholders vote FOR the approval of the Reorganization on the Fund’s WHITE proxy card.

 

Prevent Saba Capital Management L.P. (“Saba”), an activist hedge fund investor, from derailing the Reorganization to advance its own self-interested agenda.

 

 

 

 

 

Saba was not a shareholder of record prior to the announcement of the Reorganization, and cannot vote any of its after-the-fact acquired shares. Saba is trying to derail the Reorganization to advance its own agenda at the expense of shareholders at-large and deprive shareholders of the potential benefits of the Reorganization. The Board urges you NOT to sign any gold proxy cards sent to you by Saba.

 

If you already signed a gold proxy card from Saba, you have the right as a shareholder of the Fund to change your vote before the Special Meeting takes place. You can do this by completing the WHITE proxy card sent to you by your Fund, which will replace the gold proxy card you previously completed.

 

If your Fund does not obtain enough votes, the Reorganization cannot be consummated and you may not receive the potential benefits of the Reorganization. Please vote using one of the following options:

1.

VOTE ONLINE

Log on to the website shown on the WHITE proxy card. Please have the WHITE proxy card in hand to access your control number and follow the on-screen instructions.

2.

VOTE BY MAIL

 

Complete, sign, date and return the WHITE proxy card.

 

If you have any questions, please contact the Fund’s proxy solicitor, EQ Fund Solutions LLC, at (866) 796-7172 weekdays from 9:00 a.m. to 10:00 p.m. Eastern Time.

YOUR VOTE IS VERY IMPORTANT!

 

DO NOT DELAY! VOTE THE WHITE PROXY CARD NOW!

 

Thank you for your continued support.

Sincerely,

First Trust Specialty Finance and Financial Opportunities Fund

_/s/ James A. Bowen                             

James A. Bowen

Chairman of the Board

 

 

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