8 million in selected open-end funds
managed by the Company.
Zoukis argued that the open-end fund
model is inherently ill suited for real estate investments, whose returns typically can be realized only after a hold period of at least a few years.
The Board concluded that the Open-End Fund
features described above would be more beneficial to TYW shareholders than proposals in which TYW would remain a closed-end fund and provide common shareholders with a limited opportunity for liquidity through a tender offer, particularly a tender offer at a price below net asset value.
This distribution will be paid in cash and will reduce the net asset value per share of the LaSalle Closed-End Fund for purposes of calculating the number of shares of the Open-End Fund
that a stockholder of the LaSalle Closed-End Fund will receive in connection with the Acquisition.
If approved by shareholders, FTT's conversion to an open-end fund
is expected to be completed during the fourth quarter of 2015.
Each of the LaSalle Closed-End Fund and the Open-End Fund
are managed by Columbia Management Investment Advisers, LLC.
The board of directors of Fort Dearborn Income Securities Inc (NYSE:FDI) approved the plan to pursue a conversion of the fund to an open-end fund
, as per the recommendation of the management, the fund disclosed on Wednesday.
the "LaSalle Closed-End Fund") (NYSE: SLS) today announced that it will hold a Special Meeting of Stockholders (the "Meeting") on February 15, 2011 in Boston, Massachusetts to consider a proposal that the LaSalle Closed-End be acquired by Columbia Real Estate Equity Fund (the "Open-End Fund
"), an open-end fund
which is a series of Columbia Funds Series Trust I (the "Acquisition").
M2 EQUITYBITES-August 19, 2015-Federated Enhanced Treasury Income Fund converts to open-end fund
On the closing of the merger, the assets of ECS Closed-End Fund were transferred to DWS Enhanced Commodity Strategy Open-End Fund
and, in exchange, DWS Enhanced Commodity Strategy Open-End Fund
assumed the liabilities of ECS Closed-End Fund and delivered for distribution to the ECS Closed-End Fund shareholders, Class M shares of DWS Enhanced Commodity Strategy Open-End Fund
having an aggregate net asset value equal to the value of the assets transferred less the liabilities assumed, as described more fully in the prospectus/proxy statement for the merger.
As consideration for their shares, holders of the LaSalle Closed-End Fund's common stock wouldreceive shares of the Open-End Fund
with a value equal to the net asset value of their shares of the LaSalle Closed-End Fund common stock on the closing date of the Acquisition.
The Fairholme Fund (NASDAQ:FAIRX), an open-end fund
, reported on Tuesday that it will pay a short-term and long term capital gain distribution that totals USD3.
Diversified, closed-end management investment company, Morgan Stanley Frontier Emerging Markets Fund Inc (NYSE:FFD) declared on Friday its board of directors' intent on recommendation of its investment adviser to be converted into an open-end fund
in the best interests of its stockholders via a shell reorganisation.
BOSTON -- Putnam Investments and the Board of Trustees of the Putnam Funds announced today approval of a comprehensive initiative that would (1) concentrate the lineup of closed-end funds managed by Putnam Investments (together, the "Funds") through mergers combining certain Funds, and (2) provide shareholders of each Fund with enhanced liquidity opportunities either through merger into an open-end fund
or through a tender offer by the Fund to purchase up to 10% of the outstanding common shares.
Non-diversified, closed-end management investment companies SunAmerica Focused Alpha Growth Fund Inc (NYSE:FGF) and SunAmerica Focused Alpha Large-Cap Fund Inc (NYSE:FGI) reported on Wednesday that their boards of directors have approved a proposal to reorganise each fund into a new open-end fund
, subject to shareholder approval.