June 18, 1990
TO: CLOSED-END FUND COMMITTEE NO. 15-90
RE: REQUEST TO NYSE CONCERNING ANNUAL MEETINGS AND
APPROVAL OF MANAGEMENT AGREEMENT
__________________________________________________________
At the last Closed-End Fund Committee meeting, it was
decided that the Institute should submit a letter requesting the
New York Stock Exchange to (1) exempt closed-end funds from the
annual shareholder meeting requirements and (2) characterize the
approval of the investment management agreement as a "routine"
matter for proxy voting purposes. Attached is a draft letter to
the NYSE.
Since you have had personal experience with these matters,
it would be helpful if you could review the attached draft and
provide me with any additional arguments that could be made or
comments that you may have to strengthen the arguments included
in the letter. Please provide with your comments by July 6,
1990. My direct number is 202/955-3523.
Amy B. Rosenblum
Assistant General Counsel
Attachment