MutualFundWire.com: Closed, but Not for Long
MutualFundWire.com
   The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
Thursday, March 3, 2005

Closed, but Not for Long


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.


Printed from: MFWire.com/story.asp?s=9160

Copyright 2005, InvestmentWires, Inc.
All Rights Reserved
Back to Top