M&A - CHESTNUT STREET EXCHANGE FUND

Form Type: POS AMI

Filing Date: 2025-04-22

Corporate Action: Merger

Type: Update

Accession Number: 000139834425007454

Filing Summary: On April 22, 2025, the Chestnut Street Exchange Fund filed a registration statement regarding an amendment (Amendment No. 48) under the Investment Company Act of 1940. The document outlines the approval of a Reorganization Agreement which involves merging the Fund into the SGI Enhanced Market Leaders ETF. A special meeting for the partners was conducted on April 9, 2025, with an adjournment to April 23, 2025 to finalize the decision. The merger is expected to close by May 2, 2025, subject to partner approval and the meeting of closing conditions. Furthermore, the Board of the Fund declared a share combination in the form of a 40-for-1 share split, effective shortly before the merger is finalized.

Form Type: N-CSR

Filing Date: 2025-03-06

Corporate Action: Merger

Type: New

Accession Number: 000113322825002218

Filing Summary: Chestnut Street Exchange Fund has filed its annual shareholder report for the fiscal year ending December 31, 2024. The report highlights significant changes to the Fund including a proposed reorganization into the SGI Enhanced Market Leaders ETF, subject to shareholder approval, with the vote and closing expected in April 2025. In 2024, the Fund reported a total investment income of $3,039,111 against expenses of $830,426, resulting in net investment income of $2,208,685. The total net assets of the Fund reached $175,415,604, with a reported total return of 12.92% for the year. Performance was affected by underperforming sectors including technology due to notable losses from Intel, while sectors like consumer staples performed well. The document also provides details on expenses, net assets, top holdings, and fund statistics.

Form Type: DEFA14A

Filing Date: 2025-01-21

Corporate Action: Merger

Type: New

Accession Number: 000089418925000240

Filing Summary: Chestnut Street Exchange Fund's Managing General Partners announced an arrangement with The RBB Fund, Inc. for the SGI Enhanced Market Leaders ETF to acquire and manage the assets of the Fund. This reorganization is presented as a tax-free event under the Internal Revenue Code, ensuring no increase in expenses for partners. The Fund's partners will need to approve this reorganization during a special meeting, and a proxy statement/prospectus will be sent out in the first quarter of 2025 with important details regarding the transaction.