Korean Investment Fund Will End Closed-End Status:Shareholders Approved Conversion in September
The Korean Investment Fund will convert from a closed-end to an open-end mutual fund following the close of business on Friday, Nov. 30, 2001. The conversion was approved by stockholders at the funds annual meeting on Sept. 14.
The Korean Investment Fund was established in February 1992 and is advised by Alliance Capital Management. The fund has been managed by Dongho Lee and A. Rama Krishna since May 1993. As of Nov. 2, the funds assets were $47 million; as of Nov. 9, the fund was trading at a 3.3% discount from its net asset value.
Trading in the funds shares will be suspended by the New York Stock Exchange before trading begins on Nov. 27. "Upon the conversion, the fund will begin a continuous public offering of three classes of shares, like the other equity-oriented Alliance-managed mutual funds, and the Funds share will be formally delisted from the NYSE," the company said in a statement.
