My fund is closing down or joining another fund - what do I get and when

A fund that closes sells everything and pays the cash out. A fund that joins another hands you shares of the other fund. In both cases the value per share is what you get.

The papers call closing a "liquidation" and joining another fund a "merger" or "reorganization".

Closing down

Holders usually vote first. If the vote passes, the fund sells its holdings over some weeks, pays what it owes, and sends the rest to holders per share - through your broker, into your account. The shares stop trading on a date the fund announces. Because shares often trade below the value of the holdings, a closing usually pays more than the market did the day before it was announced.

Joining another fund

Your shares become shares of the other fund, at the same value - the number of shares changes, the value does not. If the other fund is a regular mutual fund, you can afterwards sell at full value on any day; if it is another closed-end fund, its shares trade on the exchange like the old ones. There is usually nothing to do; the change happens in your account on the date given.

What to watch for

The vote date (you receive papers), the last trading day, and the payment or exchange date - all from the fund's own announcements, all on the fund's page here with their documents. Some votes are adjourned when too few holders answer; the fund's page then shows the new date. A fund that says it is closing but keeps filing quarterly reports for months has usually not finished; the page says so.

Funds closing down or joining another fund now

From the funds' own announcements at the U.S. Securities and Exchange Commission; each line links to the fund's page. Checked Sept 18, 2026.

Check your own fund

Email me when this happens at a fund I own