Toronto-based BMO Nesbitt Burns Inc. announced Monday that unitholders have approved the reorganization of several of its closed-end funds.

Global Water Fund and Global Alpha Fund will each be converted to open-end mutual funds, BMO Nesbitt Burns says in a news release. Global Water Fund will change its name to BMO Global Water Solutions TACTIC Fund, and Global Alpha Fund will change its name to BMO Global Growth TACTIC Fund.

The Global Water Fund (HTO.UN), Global Alpha Fund (GAF.UN), DoubleLine Fund (DSL.UN) and PineBridge Fund (PRF.UN), all listed on the Toronto Stock Exchange, will be voluntarily delisted on or about Nov. 26.

DoubleLine Fund and PineBridge Fund will merge with the continuing fund to follow the investment mandate of the PineBridge Fund and be renamed BMO PineBridge Preferred Securities TACTIC Fund, Nesbitt Burns says. It will be an open-end daily redeemable mutual fund that constitutes a commodity pool. Class U units of the DoubleLine Fund will convert into class A units of the DoubleLine Fund on or about Dec. 3, prior to the merger.

Both the DoubleLine and PineBridge Funds have announced final regular distributions, payable with a record date of Nov. 30 (Class A DoubleLine Fund, $0.05417; Class U DoubleLine Fund, US$0.05417; PineBridge Fund, $0.125).

Unitholders wishing to redeem units of either the DoubleLine or the PineBridge Fund before the conversion will be granted a special redemption right. More information on this can be found in the company’s news release.