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Thursday, March 03, 2005

Closed, but Not for Long

by: Theresa Sim

Being open-ended is looking appealing, to some shareholders of Scudder's Intermediate Government & Agency Trust fund. The shareholders invoked a lifeboat provision to convert from a closed-end fund to an open-ended fund in December, and will vote on the issue in May, reports the Wall Street Journal .

The provision allows shareholders of a fund to convert a fund that chronically trades below net asset value.

The fund's board will put forward its recommendation on the issue in April.

"There is no reason why [the Scudder fund board] shouldn't support this," Cody Bartlett, an investment strategist for the third-largest holder of the fund, Karpus Investment Management. Karpus has suggested to merge the Government & Agency Trust fund with other another Scudder open-ended fund.  

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