SEC Approves CEFs’ Monthly Payouts
August 11, 2008 at 09:00 AM EDT
The Securities and Exchange Commission (SEC) recently granted exemptive relief to two closed-end funds (CEFs), allowing them to make monthly payouts of capital gains. This exemption lifts rules that were put into place by the Investment Company Act of 1940, which prohibited closed-end funds from making long-term capital gains distributions more than once a year. Kevin Burke [...]