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Advent Claymore announces policy changes to three closed-end funds
By Tali David
Minneapolis, Dec. 6 - Advent/Claymore Global Convertible Securities and Income Fund (AGC), Advent Claymore Convertible Securities and Income Fund (AVK) and Advent/Claymore Enhanced Growth and Income Fund (LCM) announced that their board of trustees approved certain non-fundamental investment policies for each of the funds, according to a press release.
The funds said that AGC will no longer have a non-fundamental investment policy that (a) it must invest at least 50% of its managed assets in foreign securities and that (b) it will invest in the securities of issuers located in at least three different countries, including the United States.
It will continue to pursue its investment objective to provide total return, through a combination of capital appreciation and current income.
AVK will no longer have a non-fundamental investment policy that AVK be limited to investing up to 25% of its managed assets in securities of foreign issuers, the release said.
Following the implementation of this policy change, the funds said that AVK may invest without limitation in securities of foreign issuers and AVK's investment in foreign securities may vary over time in the discretion of the fund's investment adviser.
LCM's non-fundamental investment policy regarding its option strategy will be modified such that it will not be subject to any minimum or maximum percentage of its portfolio securities on which it will be required to write covered call options.
AGC and LCM will provide shareholders written notice of their changes, and the changes will be effective 60 days later, according to the release. The change by AVK will also become effective at that time.
Advent Capital is an investment adviser based in New York.
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