Fixed-Income Fund Seeks Growth
November 22, 1999
Bexil Corp. of New York, the fixed-income closed-end fund, is asking shareholders to allow the fund to make a change in its investment style. The fund wants to change its investment objective so that it can invest as much as 50 percent of its assets in the equities of growth companies, according to a proxy statement the fund filed with the SEC Nov. 15. The fund currently must invest at least 65 percent of its assets in U.S. government securities.
Shareholders are scheduled to vote on the proposal at a meeting Dec. 21. Bexil formerly was known as the Bull & Bear Government Securities Fund. CEF Advisers of New York serves as the fund's adviser.
In May, the fund and its adviser settled a long-running dispute with Karpus Investment Management of Pittsford, N.Y. over the fund's name, management and investment strategy. The proposed change, permitting the fund to invest up to 50 percent in equities, will increase the fund's flexibility and give it greater opportunity for growth, according to the proxy statement.