July 11, 1990
TO: CLOSED-END FUND MEMBERS NO. 28-90
RE: INSTITUTE LETTER TO NYSE CONCERNING SHAREHOLDER MEETINGS
AND PROXY VOTING
__________________________________________________________
At the last Closed-End Fund Committee meeting, members
expressed the view that the New York Stock Exchange's annual
shareholder meeting requirement and its characterization of the
approval of the management agreement as a "non-routine" matter
for proxy voting purposes were costly and administratively
burdensome for funds. It was decided that the Institute would
seek relief from this requirement and interpretive position.
Attached is a copy of the letter that the Institute submitted
requesting the Exchange to (1) exempt closed-end funds from the
annual shareholder meeting requirement and (2) characterize the
approval of the investment management agreement as a "routine"
matter for proxy voting purposes.
We will keep you informed of developments.
Amy B. Rosenblum
Assistant General Counsel
Attachment