HCE Announces Proposed Liquidation and Dissolution of the Fund
2008年12月24日 - 6:27AM
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(NYSE: HCE) Fiduciary/Claymore Dynamic Equity Fund (the �Fund�), a
diversified closed-end management investment company, announced
today that its Board of Trustees (the �Board�) adopted a proposal
to liquidate the Fund. Subject to shareholder approval of the plan
of liquidation and dissolution (the �Liquidation Plan�) adopted by
the Board, the Fund plans to sell its assets, discharge its
liabilities and distribute the net proceeds to shareholders. After
considering the relatively small asset size of the Fund compared to
current expenses, the historic and current discounts to net asset
value at which the Fund�s shares have traded and several
alternatives to liquidation, the Board, on the recommendation of
Fund Management, concluded that it would be in the best interests
of the Fund and its shareholders to liquidate and dissolve the
Fund. The Board plans to submit a proposal to shareholders to
approve the Liquidation Plan at a special meeting of shareholders
(the �Special Meeting�). If the proposal is approved by
shareholders, the Fund will commence the orderly liquidation of its
assets in accordance with the Liquidation Plan. Following the
liquidation of the Fund�s assets, the Fund will pay one or more
liquidating distributions to shareholders of record as of the
effective date of the Liquidation Plan. There can be no assurance
that the necessary percentage of the shareholders of the Fund will
vote in favor of the proposal to approve the Liquidation Plan. Any
solicitation of proxies by the Fund in connection with the Special
Meeting will be made only pursuant to separate proxy materials
filed with the U.S. Securities and Exchange Commission (the �SEC�)
under applicable federal securities laws. Because the proxy
materials will contain important information, including a more
detailed description of the Liquidation Plan, shareholders are
urged to read them carefully when they become available. The Fund
and the Board may be deemed to be participants in the solicitation
of proxies from shareholders in connection with the Special
Meeting. The Fund plans to file a proxy statement with the SEC in
connection with the solicitation of proxies for the Special
Meeting. Information regarding the names of the Fund�s trustees is
set forth in the Fund�s proxy statement relating to the 2008 annual
meeting of shareholders, which may be obtained free of charge at
the SEC�s website at www.sec.gov. Additional information regarding
the interests of such potential participants will be included in
the proxy statement and other relevant documents to be filed with
the SEC in connection with the Special Meeting. Promptly after
filing its definitive proxy statement for the Special Meeting with
the SEC, the Fund will mail the definitive proxy statement and a
proxy card to each shareholder entitled to vote at the Special
Meeting. WE URGE SHAREHOLDERS TO READ THE PROXY STATEMENT
(INCLUDING ANY SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT
DOCUMENTS THAT THE FUND WILL FILE WITH THE SEC WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
Shareholders will be able to obtain, free of charge, copies of the
proxy statement and any other documents filed by the Fund with the
SEC in connection with the Special Meeting at the SEC�s website at
www.sec.gov, by calling 800-345-7999 or by writing the Fund at 2455
Corporate West Drive, Lisle, Illinois 60532. Claymore Advisors,
LLC, an affiliate of Claymore Securities, Inc., serves as the
Fund�s Investment Adviser. Claymore Securities, Inc. is a
privately-held financial services company offering unique
investment solutions for financial advisors and their valued
clients. Claymore entities have provided supervision, management,
servicing or distribution on approximately $13.8 billion in assets,
as of September 30, 2008, through closed-end funds, unit investment
trusts and exchange-traded funds. Registered investment products
are sold by prospectus only and investors should read the
prospectus carefully before investing. Additional information on
Claymore�s closed-end funds is available at www.claymore.com/cef.
Fiduciary Asset Management, LLC serves as the Fund's sub-adviser
and manages a wide range of institutional equity, hedged equity,
and fixed-income products. Fiduciary Asset Management currently
manages and supervises approximately $16.6 billion, as of June 30,
2008, in client assets. Additional information on the firm is
available at www.famco.com. This information does not represent an
offer to sell securities of the Fund and it is not soliciting an
offer to buy securities of the Fund and is not soliciting any
proxy. There can be no assurance that the Fund will achieve its
investment objectives. The net asset value of the Fund will
fluctuate with the value of the underlying securities. It is
important to note that closed-end funds trade on their market
value, not net asset value, and closed-end funds often trade at a
discount to their net asset value. Past performance is not
indicative of future performance. An investment in the Fund is
subject to certain risks and other considerations. Such risks and
considerations include, but are not limited to: Investment Risk,
Equity Risk, Risks Associated with Options on Securities, Call
Option Writing Risks, Risks of Mid-Cap and Small-Cap Companies,
Income Risk, Foreign Securities Risk, Industry Concentration Risk,
Interest Rate Risk, Risks Related to Preferred Securities,
Derivatives Risk, Inflation Risk, Illiquid Securities Risk, Fund
Distribution Risk, Market Discount Risk, Portfolio Turnover Risk,
Tax Risk, Other Investment Companies Risk, Management Risk and
Current Development Risks. Investors should consider the investment
objectives and policies, risk considerations, charges and expenses
of the Fund carefully before they invest. For this and more
information, please contact a securities representative or Claymore
Securities, Inc., 2455 Corporate West Drive, Lisle, Illinois 60532,
800-345-7999. Member FINRA/SIPC (12/08) NOT FDIC-INSURED | NOT
BANK-GUARANTEED | MAY LOSE VALUE
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