First Defined Portfolio Management Co. Completes Initial Public Offering of First Trust Advantaged Short Duration High Yield Bond Fund

TORONTO, May 20, 2011 /CNW/ - First Defined Portfolio Management Co. is pleased to announce that First Trust Advantaged Short Duration High Yield Bond Fund (the "Fund") has completed an initial public offering of 6,709,030 Class A Units and 290,970 Class F Units (collectively, the "Units") at $12.00 per Unit, for gross proceeds of $84,000,000. The Fund has granted to the agents of the offering an over-allotment option to acquire additional Class A Units exercisable during the next 30 days in an amount up to 1,006,354 Class A Units.  If the over-allotment is exercised in full, the gross proceeds from the offering will be $96,076,248. The Class A Units are listed on the Toronto Stock Exchange under the symbol FSD.UN.  The Class F Units will not be listed on a stock exchange but may be converted into Class A Units on a weekly basis.

The Fund has been established to provide unitholders with a stable source of tax-advantaged distributions through exposure to the performance of a diversified, short duration high yield bond portfolio (the "Portfolio'), actively managed by First Western Capital Management Company, as Sub-Advisor, comprised primarily of North American high yield debt securities, generally with remaining terms to maturity of five years or less.

The Fund, through exposure to the Portfolio, will seek to achieve the following objectives:

(i) provide unitholders with attractive, monthly, tax-advantaged distributions; and

(ii) preserve capital.

First Defined Portfolio Management Co.  is the promoter in connection with the offering and will act as manager of the Fund.

A syndicate of agents is being co-led by TD Securities Inc., CIBC World Markets Inc. and RBC Capital Markets, and includes BMO Capital Markets, National Bank Financial Inc., Scotia Capital Inc., GMP Securities L.P., HSBC Securities (Canada) Inc., Raymond James Ltd., Canaccord Genuity Corp., Desjardins Securities Inc., Wellington West Capital Markets Inc., Macquarie Private Wealth Inc., Mackie Research Capital Corporation, Union Securities Ltd. and Manulife Securities Incorporated.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities of the Fund offered have not been registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States or to a U.S. person absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.

First Trust Portfolios Canada
First Trust Portfolios Canada is the general brand name under which we create our investment products in Canada and the name we are generally known by with advisors and clients. Our business model enables retail investment distribution firms to provide unique and customized investment strategies for their investment advisors on a timely and cost effective basis. First Trust Portfolios Canada is headquartered in Toronto with sales and service capabilities across Canada. First Defined Portfolio Management Co. is a privately owned company and an affiliate of First Trust Portfolios L.P., a U.S. registered broker-dealer, and First Trust Advisors L.P., a U.S. registered investment advisor, both of which are located in Wheaton, Illinois, a suburb of Chicago.

First Defined Portfolio Management Co.
First Defined Portfolio Management Co. is registered with the Ontario Securities Commission as a mutual fund dealer and provides sales and marketing support for its products across Canada. First Trust Advisors L.P. is registered with the Ontario Securities Commission as a non-Canadian Investment Council and Portfolio Manager and provides investment advisory services to our Canadian investment funds.

SOURCE First Trust Advantaged Short Duration High Yield Bond Fund

For further information:

please call us at 416.865.8065 or 1.877.622.5552.

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First Trust Advantaged Short Duration High Yield Bond Fund

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