Investment-management company Global Income Fund Inc. has filed a preliminary proxy statement with the Securities and Exchange Commission to seek shareholder approval for changing to an operating company that will own, operate, manage, acquire, develop and redevelop professionally managed self-storage facilities and seek to qualify as a real estate investment trust for federal tax purposes. The filing follows approval by the companys board of directors.
Global Income Funds current business is primarily focused in closed-end funds that invest significantly in income-producing securities and a global portfolio of investment-grade fixed-income securities.
To effect the business proposal, the company is seeking shareholder approval to amend its fundamental investment restrictions regarding industry concentration and investing in real estate to permit the company to pursue its new business. In connection with qualifying to be treated as a REIT, the company is also seeking shareholder approval to amend its articles of incorporation, which will enable it to comply with certain federal tax requirements applicable to REITs.
Global Income Fund is a non-diversified, closed-end, investment-management company whose common stock is traded under the ticker symbol "GIFD." The companys primary investment objective is to provide a high level of income, with capital appreciation as a secondary objective. It is managed by CEF Advisers Inc., a subsidiary of Winmill & Co. Inc.