Company Website:
http://www.ubs.com/us/en/asset_management/financial_advisors/closed_end_funds.html
NEW YORK -- (Business Wire)
Fort Dearborn Income Securities, Inc. (NYSE:FDI) (the “Fund”) announced
today that the Board of Directors of the Fund, based on a recommendation
from management, intends to pursue a conversion of the Fund from a
closed-end fund to an open-end fund. It is anticipated that the Fund’s
conversion to an open-end fund will be accomplished through a tax-free
reorganization of the Fund into an open-end fund created for the purpose
of the conversion (“Fund Reorganization”). A Fund Reorganization
requires the approval of shareholders, and it is expected that a Fund
Reorganization proposal will be submitted to shareholders for approval
at a special shareholder meeting of the Fund to be called in the first
half of 2016. If the Fund Reorganization is approved, shareholders of
the Fund will become shareholders of a new open-end fund.
Fort Dearborn Income Securities, Inc. is a closed-end bond fund managed
by UBS Global Asset Management (Americas), Inc. The Fund invests
principally in investment grade, long-term fixed income debt securities.
The primary objective of the Fund is to provide its shareholders with: a
stable stream of current income consistent with external interest rate
conditions; and a total return over time that is above what they could
receive by investing individually in the investment grade and long-term
maturity sectors of the bond market.
Investing in the Fund entail specific risks, such as interest rate,
credit and US government securities risks as well as derivatives risks.
Further information regarding the Fund, including a discussion of
principal objectives, investment strategies and principal risks, may be
found in the fund overview located at http://www.ubs.com/closedendfundsinfo.
You may also request copies of the fund overview by calling the
Closed-End Funds Desk at 888-793 8637.
Certain statements made in this press release, such as 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, neither the investment adviser, the Fund nor any other
person assumes responsibility for the accuracy and completeness of such
statements in the future.
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View source version on businesswire.com: http://www.businesswire.com/news/home/20151013006874/en/
Contacts:
UBS Asset Management
Closed-End Funds Desk: 888-793 8637
ubs.com
Source: Fort Dearborn Income Securities, Inc.
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