What are the benefits of maintaining the fund’s closed-end status?

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What are the benefits of maintaining the fund’s closed-end status?

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The Trustees believe that the fund’s closed-end status gives the investment advisor certain flexibilities that would be compromised if the fund converted to open-end status. For example, the shares of closed-end funds are not redeemable like open-end fund shares, which means closed-end funds do not need to maintain investments in short-term, lower-yielding investments in anticipation of possible redemptions. Similarly, because they are not subject to sales and redemptions, closed-end funds do not experience the types of cash flow fluctuations that can require an open-end fund to invest new cash acquired through sales — or sell securities to meet redemptions — at inopportune times. Would fund expenses be affected by a conversion to open-end status? The Trustees believe the conversion to open-end status would likely increase fund expenses. For example, if the fund were to convert to open-end status, the Trustees would consider recommending certain steps for marketing the fund’s shares ef

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