I think the NYSE has been misled about the importance of annual meetings to individual investors. The meetings are an opportunity for directors of the 40 Act entity to address investor concerns about poor stewardship of their funds during the last year. The special exemption would certainly aggravate investor concerns about liquidity of their investment and likely deepen the discounts already occurring in many of the NYSE listed closed end funds. If the exemption was not extended to 40 Act business development corporations (BDCs) it would set up an inequitable balance between the two 40 Act investment vehicles resulting in investor confusion and likely damage liquidity for cefs even more .