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The Fiduciary/Claymore Energy Infrastructure Fund ("FMO" or the "Fund") and its investment adviser, Guggenheim Funds Investment Advisors, LLC ("GFIA"), announced today that GFIA has determined to initiate a Shareholder Compensation Program (the "Program") in connection with certain previously disclosed adjustments made to the Fund's Net Asset Value ("NAV"). These adjustments arose from accruals for estimated federal and state income tax expenses resulting from the application of income tax recapture rules to its sales of certain master limited partnership ("MLP") energy infrastructure investments that occurred in the first and second quarters of 2020.
GFIA is confident that it has acted diligently and in good faith in carrying out its duties as adviser to the Fund, including regular consultation with the Fund's investment sub-adviser and tax experts. Nonetheless, GFIA is initiating the Program to compensate Fund investors who may have suffered cognizable losses, as determined under applicable law, in connection with the timing of the recognition of tax matters during the relevant time period. An investor's eligibility for compensation under the Program will be based on whether and when the investor purchased or sold shares of the Fund during the relevant time period. The Fund will not bear any of the costs associated with the Program, including the compensation paid to shareholders thereunder.
GFIA's decision to offer this compensation is voluntary. It is not a settlement of a legal action or an admission of any wrongdoing.
In the coming weeks, a notice of and related information about the Program (collectively, "Program Documents") will be mailed to investors and/or brokers and other intermediaries that hold shares on behalf of investors who were shareholders of the Fund during the relevant time period and thus, may be eligible for compensation under the Program. The Program Documents will contain information regarding the Program's eligibility requirements, as well as a Compensation Request Form that must be completed for the Program's claims administrator to determine eligibility.
For additional information regarding the NAV adjustments, please refer to the Fund's December 28, 2020 and February 1, 2021 press releases, each of which is available on the Fund's website.
Posted In: FMO
