. (Photo: AP)
Goldman Sachs MLP Income Opportunities Fund (GMZ; net expense ratio of 3.54%) shareholders approved the fund's reorganization to be combined with the Goldman Sachs MLP and Energy Renaissance Fund (GER; 3.48%), Goldman Sachs Asset Management said.
Noting it has "been a difficult time in the energy space," Kyri Loupis, portfolio manager, said in a statement the consolidation "should allow for a more efficient cost structure and thus a better opportunity to deliver long-term value to investors."
The reorganization is expected be completed after the close of business Sept. 25, subject to applicable regulatory requirements and other customary closing conditions. After that date, GMZ shares will no longer be available to buy or sell on the New York Stock Exchange, the company said, noting that when NYSE opens Sept. 28, GMZ shareholders will hold newly issued common shares of GER.
GMZ started trading on NYSE Nov. 26, 2013, and GER started trading on NYSE Sept. 26, 2014.
Each fund seeks a high level of total return with an emphasis on current distributions to shareholders, the company said. While GMZ currently invests mainly on master limited partnership investments, GER invests in MLPs and other energy investments.
Franklin Templeton ETF Renames Funds
Franklin Templeton has renames two funds: The Franklin Liberty Intermediate Municipal Opportunities ETF (FLMI, 0.30%) is now the Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF, while the Franklin Liberty Municipal Bond ETF (FLMB, 0.30%) is now the Franklin Liberty Federal Tax-Free Bond ETF, Franklin Templeton said.
The company did not specify the reason for the name change and did not immediately respond to a request for comment.
