I received a thick booklet from Mairs & Power asking me, a shareholder in two of their funds, for a proxy vote approving a proposed reorganization from its present Trust status to something else. In 83 pages of print the details of the Something Else are not made explicit. I phoned the supplied number for more info and got someone who seemed to sincerely believe she was giving me useful information by robotically reading sentences from the booklet I had already read. I asked her if she, like me, also did not understand what was being voted upon. Her answer was to recite the names of the three Mairs & Power funds. I thanked her for her time and called the shareholder phone number instead. I got a polite but ignorant person who kept putting me on hold while she asked her supervisor for information, After 15 minutes of brief conversation, separated by 3 minute holds accompanied by music that was not annoying, I was advised to phone the Proxy info number.
Does anyone here understand what is actually being proposed by M&P? I understand that the proposition is to switch to a "multiple series trust platform" and I understand in principal what that is, but no details are given. Part of the murkiness of the proposal is due to what seems to me to be poor English usage, particular the use of the word "series" as a plural without an article ("series" instead of " a series" for instance) and "reorganizations" in place of "reorganization" in a situation where one event of reorganization is proposed. An example: " If the reorganizations (as described below) are completed, the Target Funds would become series of a multiple series trust platform comprised of the Target Funds and other third-party funds". No one I asked on the phone could tell me what that meant or what the third-party funds would be. To add to the confusion, on another page each of the three M&P funds is described as being a "series". What?
Does anyone in this forum know the details of what is being proposed? And if so would you be so kind as to explain them to this simple-minded investor? Thank you in advance.