PITTSBURGH, Aug. 14, 2015 /PRNewswire/ -- Federated
Investors, Inc. (NYSE:FII), one of the nation's largest investment
managers, today announced that the Board of Trustees of Federated
Enhanced Treasury Income Fund (NYSE: FTT) approved the conversion
of FTT from a closed-end fund to an open-end mutual fund through a
tax-free reorganization of FTT into a newly created open-end mutual
fund. The conversion is subject to shareholder approval.
In addition, the board approved the agenda for FTT's Annual
Meeting of Shareholders, which is currently scheduled for
Oct. 12, 2015 at 4000 Ericson Drive,
Warrendale, Pa., 15086-7561 at
10 a.m. Eastern time. At the
meeting, shareholders of record as of Aug.
24, 2015 will be asked to approve the conversion and to
consider the election of certain trustees. Two of the
fund's large shareholders have agreed to vote in favor of the
conversion and the trustee nominees, and one has withdrawn its
shareholder proposals. If approved by shareholders, FTT's
conversion to an open-end fund is expected to be completed during
the fourth quarter of 2015.
If the conversion is approved by shareholders and consummated,
shareholders of FTT would become shareholders of the new open-end
mutual fund and would be permitted to redeem their shares of the
new open-end mutual fund at net asset value, subject to a one
percent redemption fee for the first six months after the
consummation of the conversion. In addition, the Board of
Trustees of the new open-end fund would be able to liquidate that
fund in the future without shareholder approval if the Board of
Trustees determines that it would be in the best interests of
shareholders to do so.
Federated Investors, Inc. (NYSE: FII) is one of the largest
investment managers in the United
States, managing $349.7
billion in assets as of June
30, 2015. With 130 funds and a variety of separately
managed account options, Federated provides comprehensive
investment management to more than 7,900 institutions and
intermediaries including corporations, government entities,
insurance companies, foundations and endowments, banks and
broker/dealers. For more information, visit
FederatedInvestors.com.
Certain statements made in this press release, such as those
related to the conversion to an open-end fund, are forward-looking
statements. Actual future results or occurrences may differ
significantly from those anticipated in any forward-looking
statements due to numerous factors. These include, but are
not limited to: market developments; legal and regulatory
developments; and other additional risks and uncertainties.
As a result, none of the investment adviser, the fund or any other
person assumes responsibility for the accuracy and completeness of
such statements in the future.
Federated Securities Corp.
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SOURCE Federated Investors, Inc.