The S&P 500 Covered Call Fund Inc. (ticker:BEP) has announced a liquidation date of February 2, 2010 which is almost two months earlier than the termination date of March 31, 2010 specified in the Fund’s charter. The final NAV value will be set on January 29, 2010 and all net assets will be distributed on February 2, 2010.
BEP closed today at a 8.4% premium over NAV which will be disappearing in less than two months. Its sister fund BEO is also way overpriced, but won’t be liquidating until later in 2010, probably around September.
Full Disclosure: Short BEP (hedged against other long positions).