Securities Law Updates | New Releases/No Action Letters
February 12, 2009
SEC Grants Boulder Total Return Fund's Request for Exemption under the Investment Company Act
In the Matter of: Boulder Total Return Fund, Inc.
Release No. 28486, 11/17/2008
The Securities and Exchange Commission (“SEC”) has issued an order granting an application filed by Boulder Total Return Fund, Inc., et al. under Section 6(c) of the Investment Company Act for an exemption from Section 19(b) of the Act and Rule 19b-1 under the Act.
Specifically, the order permits certain registered closed-end management investment companies to make periodic distributions of long-term capital gains (i) with respect to their common stock as part of a managed distribution plan as frequently as twelve times each year, and (ii) with respect to their preferred stock as frequently as required by the terms of such…
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