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Highlighted
Participant ○○○

Re: New IPOs

RN seems to have a penchant for launching a small placeholder fund, and then pumping out shares as times goes on.

The old GOF model.

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Valued Contributor

Re: New IPOs


@Bond100 wrote:
Good info,thanks.

+1...

Thanks for posts/info, Al

R48

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Participant ○○○

Re: New IPOs

AllianzGI Artificial Intelligence & Technology Opportunities Fund (AIO) now listed on NYSE

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Explorer ○○

Re: New IPOs

Thanks for the info.

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Participant ○○○

Re: New IPOs

Preliminary prospectus


Pioneer Multi-Asset Income Trust

Investment Objectives. Pioneer Multi-Asset Income Trust (the "Fund") is a newly organized diversified, closed-end management investment company. The Fund's primary investment objective is to provide its common shareholders with a high level of current income. As a secondary investment objective, the Fund seeks capital appreciation. There can be no assurance that the Fund will achieve its investment objectives.

Principal Investment Strategies. The Fund has the flexibility to invest in a broad range of income-producing investments, including both debt securities and equity securities. The Fund may invest in the securities of issuers located throughout the world, including in emerging markets. In selecting investments, the Fund's investment adviser considers both broad economic and investment-specific factors.

The Fund may invest without limit in debt securities of any credit quality, including those rated below investment grade (known as "junk bonds") or, if unrated, of equivalent credit quality as determined by the adviser. The Fund's investments in debt securities rated below investment grade may include securities that are in default. Debt securities include instruments and obligations of U.S. and non-U.S. corporate and other non-governmental entities, those of U.S. and non-U.S. governmental entities, mortgage-related or mortgage-backed securities (including "sub-prime" mortgages), asset-backed securities, floating rate loans, convertible securities, Treasury Inflation Protected Securities ("TIPS") and other inflation-linked debt securities, subordinated debt securities, insurance-linked securities, and funds that invest primarily in debt securities.

The Fund may invest without limit in equity and equity-related securities. Equity securities include common stocks, rights, warrants, depositary receipts, funds that invest primarily in equity securities, preferred stock, equity interests in real estate trusts (REITs), equity-linked notes and master limited partnerships. Equity-linked notes (ELNs) are hybrid structured investments that combine the characteristics of one or more reference underlying securities (usually a single stock, a basket of stocks or a stock index) and a related equity derivative, typically in the form of a note paying a stated interest rate. Derivative instruments that provide exposure to equity securities or have similar economic characteristics are considered equity securities under this policy.

The Fund may invest without limit in debt and equity securities of non-U.S. issuers, including debt and equity securities of emerging market issuers.

In allocating assets among debt and equity securities, the adviser considers a variety of factors expected to influence global economic activity, including fundamental economic indicators, such as the rates of economic growth and inflation, monetary policy, geo-political factors, the performance of securities markets, and the relative value of the U.S. dollar compared to other currencies. The Fund is not required to allocate its investments among debt and equity securities in any fixed proportion, nor is it limited by the issuer's geographic location, size or market capitalization. The relative proportions of the Fund's investments in debt and equity securities may change over time based upon market and economic conditions.

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Participant ○○○

Re: New IPOs

Preliminary prospectus


Nuveen Dynamic Municipal Opportunities Fund

The Fund.    Nuveen Dynamic Municipal Opportunities Fund (the “Fund”) is a newly organized, diversified, closed-end management investment company. The investment objective of the Fund is to seek total return through income exempt from regular federal income taxes and capital appreciation. There can be no assurance that the Fund will achieve its investment objective or that the Fund’s investment strategies will be successful.

Fund Strategies and Policies.    The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its Assets (as defined on page 4) in municipal securities, the interest on which is exempt from regular U.S. federal income tax. The Fund’s portfolio will be actively managed to invest across the entire municipal securities market, with the ability to allocate opportunistically and without limit to municipal securities of any credit quality (including below investment grade municipal securities) and maturity. The Fund’s subadviser will employ a dynamic, research-intensive investment strategy that integrates top-down analysis of credit quality, yield curve positioning and sector allocation, as well as bottom-up security selection. The Fund may invest without limit in municipal securities that generate income subject to the federal alternative minimum tax. Below investment grade municipal securities are regarded as having predominately speculative characteristics with respect to the issuer’s capacity to pay interest or dividends and repay principal, which implies higher price volatility and default risk than investment grade instruments of comparable terms and duration. The Fund’s credit profile, sector allocation and yield curve positioning is anticipated to change over time based upon the subadviser’s assessment of market conditions and individual investment opportunities. There can be no assurance that the Fund’s strategy and decision-making will be successful.

No Prior History.    Because the Fund is newly organized, its common shares of beneficial interest (“Common Shares”) have no history of public trading. Shares of closed-end investment companies frequently trade at a discount from their net asset value (“NAV”). This risk of loss due to the discount may be greater for investors who expect to sell their shares in a relatively short period after completion of the initial public offering. It is expected that the Fund’s common shares will be approved for listing on the New York Stock Exchange. The trading or “ticker” symbol is “        .”

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Leverage.    The Fund anticipates using leverage in order to pursue its investment objective. The Fund may use leverage to the extent permitted by the Investment Company Act of 1940 (the “1940 Act”). If current market conditions persist, the Fund intends initially to obtain leverage by issuing preferred shares of beneficial interest (“Preferred Shares”), which have seniority over the Common Shares, and investing in residual interest certificates of tender option bond trusts, also called inverse floating rate securities, that have the economic effect of leverage because the Fund’s investment exposure to the underlying bonds held by the trust have been effectively financed by the trust’s issuance of floating rate certificates. The Fund anticipates using such leverage in an aggregate amount equal to approximately     % of the Fund’s Managed Assets (as defined on page 4), if current market conditions persist. The Fund may reduce or increase the amount of leverage based upon changes in market conditions, composition of the Fund’s holdings and remaining time until the Fund’s termination date. The Fund’s leverage ratio will vary from time to time based upon such changes in the amount of leverage used and variations in the value of the Fund’s holdings. In addition, the Fund may use derivatives that have the economic effect of leverage. The use of leverage creates special risks for common shareholders. See “Leverage,” “Risks — Fund Level Risks — Leverage Risk,” “Portfolio Composition and Other Information — Municipal Securities — Inverse Floating Rate Securities” and “Risks — Portfolio Level Risks — Inverse Floating Rate Securities Risk.” There is no assurance that the Fund will use leverage or that the Fund’s use of leverage will work as planned or achieve its goals.

Limited Term.    The Fund’s Declaration of Trust provides that the Fund terminates on the first business day of the month that follows the                      anniversary of the effective date of the Fund’s initial registration statement, which is currently anticipated to be                     ,         (the “Stated Termination Date”); however, the Board of Trustees of the Fund (the “Board of Trustees”) may vote to extend the term of the Fund for up to two years (in the event of any such extension, the termination date shall be referred to as the “Extended Termination Date” and the later of the Stated Termination Date and the Extended Termination Date is referred to as the “Termination Date”); furthermore, the Board of Trustees may determine to cause the Fund to conduct a tender offer to purchase up to 100% of the then-outstanding Common Shares as of a date within the 6-18 months preceding the Termination Date (an “Eligible Tender Offer”). If an Eligible Tender Offer is completed, the Board of Trustees may, in its sole discretion and without any action by the shareholders of the Fund, provide that the Fund may continue without limitation of time, subject to the terms and conditions described herein. If an Eligible Tender Offer is not conducted, the Fund will, no later than the Termination Date, cease investment operations, retire or redeem its leverage facilities, liquidate its investment portfolio (to the extent possible) and, on or after the Termination Date, the Fund will distribute all of its liquidated net assets to common shareholders of record in one or more distributions. The Fund’s investment objective is not designed to return to common shareholders their original NAV or purchase price. See “Prospectus Summary — Limited Term; Eligible Tender Offer” and “Risks — Fund Level Risks — Limited Term and Tender Offer Risks.”

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Participant ○○○

Re: New IPOs

Aberdeen Standard Global Infrastructure Public Private Income Fund


 

Investment Objective. Aberdeen Standard Global Infrastructure Public Private Income Fund (the “Fund”) is a newly organized, non-diversified, closed-end management investment company. The Fund’s investment objective is to seek to provide a high level of total return with an emphasis on current distributions. There is no assurance that the Fund will achieve its investment objective.

Investment Strategies. The Fund seeks to achieve its investment objective by investing in a portfolio of income-producing public and private infrastructure equity investments across the globe. Under normal conditions, at least 80% of the Fund’s net assets (plus the amount of any borrowings for investment purposes) will be invested in U.S. and non-U.S. infrastructure-related issuers. The Fund considers an issuer to be infrastructure-related if (i) at least 50% of the issuer’s assets consist of infrastructure assets or (ii) at least 50% of the issuer’s gross income or net profits are attributable to or derived, directly or indirectly, from the ownership, management, construction, development, operation, utilization or financing of infrastructure assets. Infrastructure assets are the physical structures and networks that provide necessary services to society.

No Prior History. Prior to this offering, there has been no public or private market for the Fund’s common shares. The Fund’s common shares are expected to be listed on the New York Stock Exchange under the trading or “ticker” symbol “[ ],” subject to notice of issuance.

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Investment Strategies (continued). Examples of infrastructure assets include, but are not limited to, transportation assets (e.g., toll roads, bridges, tunnels, parking facilities, railroads, rapid transit links, airports, refueling facilities and seaports), utility assets (e.g., electric transmission and distribution lines, power generation facilities, gas and water distribution facilities, sewage treatment plants), communications assets (e.g., wireless telecommunication services, cable and satellite networks, broadcast and wireless towers), energy infrastructure assets (e.g., pipelines) and social assets (e.g., courthouses, hospitals, schools, correctional facilities, stadiums and subsidized housing).

The Fund may invest in issuers located anywhere in the world, including issuers located in emerging markets. Under normal market conditions, the Fund will invest in issuers from at least three different countries and will invest significantly (at least 40% of its total assets—unless market conditions are not deemed favorable by the Adviser, in which case the Fund would invest at least 30% of its total assets) in non-U.S. issuers. A company is considered a non-U.S. issuer if Fund management determines that the company meets one or more of the following criteria:

  • the company is organized under the laws of or has its principal place of business in a country outside the U.S.;
  • the company has its principal securities trading market in a country outside the U.S.; and/or
  • the company derives the majority of its annual revenue or earnings or assets from goods produced, sales made or services performed in a country outside the U.S.

It is currently anticipated that the Fund’s investments in emerging market issuers will not exceed 30% of the Fund’s total assets. At times, the Fund may have a significant amount of its assets invested in a single country or geographic region. The Fund may invest in securities denominated in U.S. Dollars and currencies of foreign countries.

The Fund’s investment portfolio generally will be comprised of the following:

  • Public Infrastructure Investments. The Fund will invest in listed equity securities of infrastructure-related issuers. Equity securities in which the Fund intends to invest include primarily common stocks, preferred stocks and depositary receipts. The Fund may invest in securities of issuers of any market capitalization. 
  • Private/Direct Infrastructure Investments. The Fund will make direct investments in infrastructure assets through private transactions, which may include investments alongside other funds or accounts advised by the Adviser or its affiliates in certain infrastructure assets (“Co-Investment Opportunities”).  A “private transaction” means an investment in infrastructure assets through the purchase of securities issued by a sponsor vehicle, including equity securities, warrants, bank or other indebtedness, conversion privileges and other rights, in a transaction that is exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). The Fund may also be offered an opportunity to invest in certain infrastructure assets in a private transaction on a stand-alone basis alongside other investors (“Stand-Alone Opportunities”, and together with “Co-Investment Opportunities, “Private Infrastructure Opportunities”). Unless and until the Fund receives an exemptive order from the Securities and Exchange Commission to co-invest in negotiated Co-Investment Opportunities (which cannot be assured), the Fund will only invest in Co-Investment Opportunities where the transaction is permitted under existing regulatory guidance, such as transactions in which price is the only negotiated term.  Under normal market conditions, the Fund currently intends to invest up to 25% of its total assets, measured at the time of investment, in Private Infrastructure Opportunities.

In addition, the Fund may use derivative instruments from time to time, primarily to hedge currency exposure, although it is not required to do so.

It is anticipated that the Fund will use leverage for investment purposes, primarily through borrowings from a bank, in an amount currently estimated to be approximately 10%-15% of its total assets.

Market Opportunity. ASII believes that there are special opportunities to benefit from global spending in infrastructure over the next several decades. Infrastructure promotes prosperity and growth and contributes to quality of life, including the social well-being, health and safety of citizens, and the quality of the environment. Infrastructure investment is not a luxury but a necessity for economic growth, productivity, competitiveness, social development and the elimination of poverty.  Spending in the developed market countries is driven by the need to repair and upgrade their infrastructure in order to preserve their international competitiveness. Spending in the emerging market countries is driven by the need to build their infrastructure in order to facilitate the growth of their aspirational economies.

Term. The Fund’s Declaration of Trust provides that the Fund will have a limited period of existence and will dissolve as of the close of business fifteen (15) years from the effective date of the initial registration statement of the Fund (such date, including any extension, the “Termination Date”); provided, that the Board of Trustees (the “Board” or “Board of Trustees”) may vote to extend the Termination Date (1) for one period that may in no event exceed one year following the Termination Date, and (2) for one additional period that may in no event exceed six months, in each case without a vote of the Fund’s shareholders. On or before the Termination Date, the Fund will cease its investment operations, retire or redeem its leverage facilities, liquidate its investment portfolio (to the extent possible) and distribute all of its liquidated net assets to common shareholders of record in one or more distributions on or after the Termination Date. Notwithstanding the foregoing, if the Board of Trustees determines to cause the Fund to conduct an Eligible Tender Offer (as defined herein) and the Eligible Tender Offer is completed, the Board of Trustees may, in its sole discretion and without any action by the shareholders of the Fund, eliminate the Termination Date and provide for the Fund’s perpetual existence, subject to the terms and conditions described herein.

The Fund’s Declaration of Trust provides that an eligible tender offer (an “Eligible Tender Offer”) is a tender offer by the Fund to purchase up to 100% of the then-outstanding common shares of beneficial interest (“common shares”) of the Fund as of a date within the 12 months preceding the Termination Date. It is anticipated that shareholders who properly tender common shares in the Eligible Tender Offer will receive a purchase price equal to the net asset value per share as of a date following the expiration date of the Eligible Tender Offer and prior to the payment date. The Fund’s Declaration of Trust provides that, following an Eligible Tender Offer, the Fund must have at least $100 million of net assets to ensure its continued viability (the “Termination Threshold”). If the number of properly tendered common shares would result in the Fund’s net assets totaling less than the Termination Threshold, the Eligible Tender Offer will be terminated and no common shares will be repurchased pursuant to the Eligible Tender Offer. Instead, the Fund will begin (or continue) liquidating its investment portfolio and proceed to terminate on the Termination Date. If the number of properly tendered common shares would result in the Fund’s net assets totaling greater than the Termination Threshold, the Fund will purchase all common shares properly tendered and not withdrawn pursuant to the terms of the Eligible Tender Offer. Following the completion of an Eligible Tender Offer, the Board of Trustees may vote to eliminate the Termination Date without a vote of the Fund’s shareholders and cause the Fund to have a perpetual existence.

The Fund’s final distribution to common shareholders on the Termination Date and the amount paid to participating common shareholders upon completion of an Eligible Tender Offer will be based upon the Fund’s net asset value at such time. Depending on a variety of factors, including the performance of the Fund’s investment portfolio over the period of its operations, the amount distributed to common shareholders in connection with the Fund’s termination or paid to participating common shareholders upon completion of an Eligible Tender Offer may be less, and potentially significantly less, than an investor’s original investment. Additionally, given the nature of certain of the Fund’s investments, the amount actually distributed upon the Fund’s termination may be less than the Fund’s net asset value per share on the Termination Date, and the amount actually paid upon completion of an Eligible Tender Offer may be less than the Fund’s net asset value per share on the expiration date of the Eligible Tender Offer. See “Risk Factors— Investment Risks—General—Limited Term and Tender Offer Risks.”

Distributions. The Fund intends to distribute monthly all or a portion of its net investment income, including current gains, to common shareholders. The Fund’s  monthly distributions may include return of capital, which represents a return of a shareholder’s original investment in the Fund. In addition, on an annual basis,  the Fund  intends  to  distribute  in  the  last calendar  quarter  realized  net  capital  gains,  if  any.  See “Distributions.”

Leverage. The borrowing of money and issuance of preferred shares of beneficial interest (“preferred shares”) and debt securities represent the leveraging of the Fund’s common shares. The Fund reserves the right at any time to use financial leverage to the extent permitted by the Investment Company Act of 1940, as amended. The Fund currently anticipates that its leverage  will consist primarily of borrowings from a bank pursuant to a credit  facility in an amount of 10% - 15% of the Fund’s total assets. See “Risk Factors—Operational Risks—Leverage Risks.”  The Fund does not currently intend to issue preferred shares.

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Participant ○○○

Re: New IPOs

COHEN & STEERS TAX-ADVANTAGED PREFERRED SECURITIES AND INCOME FUND

Preliminary prospectus

The Fund. Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund (the “Fund”) is a newly organized, non-diversified,closed-end management investment company.

Investment Objectives and Policies. The Fund’s primary investment objective is high current income. The Fund’s secondary investment objective is capital appreciation. The Fund seeks to achieve its investment objectives by investing at least 80% of its managed assets (i.e., net assets plus assets obtained through leverage) in a portfolio of preferred and other income securities issued by U.S. and non-U.S. companies, which may be either exchange-traded or available over-the-counter. In pursuing its investment objectives, the Fund seeks to achieve favorable after-tax returns for its shareholders by seeking to minimize the U.S. federal income tax consequences on income generated by the Fund. There can be no assurance that the Fund will achieve its investment objectives.

No Prior Trading History. Because the Fund is newly organized, its common shares of beneficial interest, $.001 par value per share (“Common Shares”) have no history of public trading. The shares of closed-end investment companies frequently trade at a discount from their net asset value, which creates a risk of loss for investors purchasing shares in the initial public offering. This risk may be greater for investors expecting to sell their shares in a relatively short period after completion of the initial public offering.

The Fund expects its Common Shares to be listed on the New York Stock Exchange (“NYSE”), subject to notice of issuance, under the trading or “ticker” symbol “PTA.”

Investment in the Fund’s Common Shares involves substantial risks arising from, among other strategies, the Fund’s ability to invest in securities that are rated below investment grade or unrated but determined by Cohen & Steers Capital Management, Inc. (the “Investment Manager”) to be of comparable quality, the Fund’s exposure to foreign and emerging markets securities denominated in U.S. or non-U.S. currencies, and the Fund’s anticipated use of leverage. Below investment grade securities are regarded as having increased risk with respect to capacity to pay interest and to repay principal, and are commonly referred to as “high yield” securities or “junk” securities. The Fund’s exposure to foreign securities, particularly to emerging markets securities, involves special risks, including currency risk and the risk that the securities may decline in response to unfavorable political and legal developments, unreliable or untimely information, or economic and financial instability. Because of the risks associated with investing in high yield securities, foreign and emerging market securities and using leverage, an investment in the Fund should be considered speculative. Before buying any of the Fund’s Common Shares, you should read the discussion of the principal risks of investing in the Fund in “Principal Risks of the Fund” beginning on page 49 of this prospectus.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

<snip>

Investment Portfolio. Under normal market conditions, the Fund invests at least 80% of its Managed Assets (as defined below) in a portfolio of preferred and other income securities issued by U.S. and non-U.S. companies, which may be either exchange-traded or available over-the-counter (“OTC”). Such securities include traditional preferred securities; hybrid-preferred securities that have investment and economic characteristics of both preferred stock and debt securities; floating-rate and fixed-to-floating-rate preferred securities; fixed- and floating-rate corporate debt securities; convertible securities; contingent capital securities (“CoCos”); and securities of other closed-end, open-end, or exchange-traded funds (“ETFs”) that invest primarily in preferred and/or debt securities as described herein. To the extent the Fund invests in securities of other closed-end,open-end, or ETFs, the Fund will consider the investments of these funds, to the extent known by the Fund, in determining compliance with this policy. The Fund may also invest in restricted securities including securities that are only eligible for resale pursuant to Rule 144A under the Securities Act of 1933 (the “Securities Act”) (referred to as Rule 144A Securities) and securities of U.S. and non-U.S. issuers that are issued through private offerings without registration with the Securities and Exchange Commission (the “SEC”) pursuant to Regulation S under the Securities Act. “Managed Assets” are the Fund’s net assets, plus the principal amount of loans from financial institutions or debt securities issued by the Fund, the liquidation preference of preferred shares issued by the Fund, if any, and the proceeds of any reverse repurchase agreements entered into by the Fund (“Reverse Repurchase Agreements”).

The Fund also will invest 25% or more of its total assets in the financials sector, which is comprised of the banking, diversified financials, real estate (including real estate investment trusts) and insurance industries. From time to time, the Fund may have 25% or more of its total assets invested in any one or more of these industries that make up the financials sector. In addition, the Fund also may focus its investments in other sectors or industries, such as (but not limited to) energy, industrials, utilities, pipelines, health care and telecommunications. The Investment Manager retains broad discretion to allocate the Fund’s investments across various sectors and industries. The Fund may invest without limit in securities of non-U.S. companies, which may be non-U.S. dollar denominated, including securities issued by companies domiciled in emerging market countries. Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products per capita than more developed countries. The Investment Manager may hedge some or all of the Fund’s foreign currency exposure.

The Fund may invest in preferred and debt securities of any maturity or credit rating, including investment grade securities, below investment grade securities and unrated securities. Although not required to do so, the Fund will generally seek to maintain a minimum weighted average senior debt rating of companies in which it invests of BBB-, which the Fund considers to be investment grade. Although a company’s senior debt rating may be BBB-, an underlying security issued by such company in which the Fund invests may have a lower rating than BBB-. If the Fund cannot access a company’s average senior debt rating, the Fund may look to the rating of the underlying security issued by such company. Below investment grade securities are also known as “high yield” or “junk” securities and are regarded as having more speculative characteristics with respect to the payment of interest and repayment of principal. The Fund may invest a significant portion of its assets in below investment grade securities or securities that are unrated but judged to be below investment grade by the Investment Manager.

The Fund is authorized to purchase, sell or enter into any derivative contract or option on a derivative contract, transaction or instrument, without limitation, including various interest rate transactions such as swaps, caps, floors or collars, and foreign currency transactions such as foreign currency forward contracts, futures contracts, options, swaps and other similar strategic transactions in connection with its investments in securities of non-U.S. companies. The Fund’s primary use of derivative contracts will be to enter into interest rate and currency hedging transactions in order to reduce the interest rate and foreign currency risk inherent in the Fund’s investments.

The Fund is non-diversified and as a result may invest a relatively high percentage of its assets in a limited number of issuers. As a result, changes in the value of a single investment could cause greater fluctuations in the Fund’s share price than would occur in a more diversified fund.

See “Investment Objectives and Policies” and “Principal Risks of the Fund.”

There can be no assurance that the Fund will achieve its investment objectives. See “Investment Objectives and Policies” and “Principal Risks of the Fund.”

Leverage. The Fund currently intends to seek to enhance the level of its distributions and total return through the use of leverage. Under normal market conditions, the Fund will generally utilize leverage in an amount equal to 331/3% of Managed Assets (under the Investment Company Act of 1940, the Fund may borrow in an amount up to 331/3% of its Managed Assets immediately after such borrowing) through borrowings, including loans from certain financial institutions and/or the issuance of debt securities (collectively, “Borrowings”). The Fund also may borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions, which otherwise might require untimely dispositions of Fund securities. The Fund may borrow in both U.S. and foreign (non-U.S.) currencies, and may use derivatives and other transactions to manage any interest rate risk or currency exposure associated with its use of leverage. Although the Fund currently does not intend to do so, the Fund also may use leverage through the issuance of preferred shares (“Preferred Shares”) in an aggregate amount of up to 50% of the Fund’s Managed Assets immediately after such issuance. In addition to Borrowings and the issuance of Preferred Shares, the Fund may enter into certain investment management strategies, such as reverse repurchase agreements or derivatives transactions (collectively, “effective leverage”), to achieve leverage. The Fund considers effective leverage to result from any investment strategy which is used to increase gross investment exposure in excess of the Fund’s net asset value. Effective leverage does not include exposure obtained for hedging purposes, from securities lending, or to manage the Fund’s interest rate exposure. The Fund will not enter into any leverage transaction if, immediately after such transaction, the Fund’s total leverage including any Borrowings and Preferred Shares and effective leverage incurred, exceeds 50% of the Fund’s Managed Assets. Although certain derivatives transactions are not treated as leverage for purposes of the limits set forth above, these transactions may be considered a form of economic and may be subject to the risks associated with the use of leverage. See “Use of Leverage” and “Principal Risks of the Fund—Leverage Risk.”

Limited Term. In accordance with the Fund’s Declaration of Trust (the “Declaration of Trust”), the Fund intends to terminate as of the first business day following the twelfth anniversary of the effective date of the Fund’s initial registration statement, which the Fund currently expects to occur on or about [•], 2032 (the “Dissolution Date”); provided that the Fund’s Board of Trustees (the “Board of Trustees”) may, by a vote of a majority of the Board of Trustees and seventy-five percent (75%) of the Continuing Trustees, as defined later in this prospectus (a “Board Action Vote”), without shareholder approval, extend the Dissolution Date (i) once for up to [one year], and (ii) once for up to an additional [one year], to a date up to and including [two years] after the initial Dissolution Date, which date shall then become the Dissolution Date. On or before the Dissolution Date, the Fund will cease its investment operations, retire or redeem its leverage facilities, liquidate its investment portfolio (to the extent possible) and distribute all its liquidated net assets to common shareholders of record in one or more distributions on or after the Dissolution Date.

Notwithstanding the foregoing, the Board of Trustees may determine, by a Board Action Vote, to cause the Fund to conduct a tender offer, as of a date within twelve months preceding the Dissolution Date (as may be extended as described above), to all holders of Common Shares (“Common Shareholders”) to purchase 100% of the then outstanding Common Shares of the Fund at a price equal to the net asset value (“NAV”) per Common Share on the expiration date of the tender offer (an “Eligible Tender Offer”). The Board of Trustees has established that the Fund must have at least $[200 million] of net assets immediately following the completion of an Eligible Tender Offer to ensure the continued viability of the Fund (the “Dissolution Threshold”). In an Eligible Tender Offer, the Fund will offer to purchase all Common Shares held by each Common Shareholder; provided that if the number of properly tendered Common Shares would result in the Fund having aggregate net assets below the Dissolution Threshold, the Eligible Tender Offer will be canceled, no Common Shares will be repurchased pursuant to the Eligible Tender Offer, and the Fund will terminate as scheduled. If an Eligible Tender Offer is conducted and the number of properly tendered Common Shares would result in the Fund having aggregate net assets greater than or equal to the Dissolution Threshold, all Common Shares properly tendered and not withdrawn will be purchased by the Fund pursuant to the terms of the Eligible Tender Offer. Following the completion of an Eligible Tender Offer, the Board of Trustees may, by a Board Action Vote, eliminate the Dissolution Date without shareholder approval and cause the Fund to have a perpetual existence.

Depending on a variety of factors, including the performance of the Fund’s investment portfolio over the period of its operations, the amount distributed to common shareholders in connection with the Fund’s termination or paid to participating common shareholders upon completion of an Eligible Tender Offer may be less, and potentially significantly less, than an investor’s original investment. Additionally, given the nature of certain of the Fund’s investments, the amount actually distributed upon the Fund’s termination may be less than the Fund’s net asset value per share on the Termination Date, and the amount actually paid upon completion of an Eligible Tender Offer may be less than the Fund’s initial public offering price per Common Share. See “Principal Risks of the Fund—Limited Term and Tender Offer Risks.”

The Board of Trustees may, to the extent it deems appropriate and without shareholder approval, adopt a plan of liquidation at any time preceding the anticipated Dissolution Date, which plan of liquidation may set forth the terms and conditions for implementing the termination of the existence of the Fund, including the commencement of the winding down of its investment operations and the making of one or more liquidating distributions to Common Shareholders prior to the Dissolution Date.

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Participant ○○○

Re: New IPOs

Calamos Long/Short Equity & Dynamic Income Trust has listed on NYSE. Ticker is CPZ.

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Explorer ○○

Re: New IPOs

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Explorer ○○

Re: New IPOs

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Participant ○

Re: New IPOs


@Bond100 wrote:

 

DOUBLELINE YIELD OPPORTUNITIES FUND

https://www.sec.gov/Archives/edgar/data/1788399/000119312519320842/d820184dn2a.htm

 

What is the anticipated ticker and start date?

 


 

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Participant ○○○

Re: New IPOs

That's interesting about the Pioneer widget - Pioneer has had many opportunities over the year to grow their CEF AUM and have generally been reticent to do so.  This actually looks like a decent product and Pioneer has some skills in niche categories.  

I had a distant friend who worked there for many years and it always seemed like the class operation that Phillip Carret had built.

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Participant ○

Re: New IPOs

Aub, what is the ticker for pioneer widget? A

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Re: New IPOs

I don't know I think its a new issue

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Re: New IPOs

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Re: New IPOs




@Bond100 wrote:

 

PIMCO Tactical Income Fund

https://www.sec.gov/Archives/edgar/data/1798618/000119312520010080/d873631dn2.htm

 

Thanks.  Registration document reads like this is a go anywhere multi-sector fund - a CEF.  Please keep us posted when it goes IPO.  It is interesting that PIMCO thought now is a good time to fish in the debt market when everything looks expensive.


 

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Re: New IPOs

CEFs could become more popular, when there is a more demand for income to a growing number of older population.

 

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Re: New IPOs

Blackrock Health Sciences Trust II (BMEZ) listed on NYSE.

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Re: New IPOs


@Anitya wrote:

@Bond100 wrote:

 

DOUBLELINE YIELD OPPORTUNITIES FUND

https://www.sec.gov/Archives/edgar/data/1788399/000119312519320842/d820184dn2a.htm

 

What is the anticipated ticker and start date?

 


 


Ticker DLY - will be listed Feb 25.

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