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Re: New IPOs

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Reaves Sustainable Infrastructure Fund

The Fund

Reaves Sustainable Infrastructure Fund (the “Fund”) is a newly organized Delaware statutory trust registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund offers investors the opportunity to achieve a high level of after-tax yield through a professionally managed portfolio. An investment in the Fund may not be appropriate for all investors. We cannot assure you that the Fund will achieve its investment objective.

The Offering

The Fund is offering [●] common shares of beneficial interest, no par value (“Common Shares”), through a group of underwriters led by [●]. The initial public offering price is $[●] per Common Share. The minimum purchase in this offering is [●] Common Shares ($[●]). The underwriters have been granted an option to purchase up to [●] additional Common Shares to cover over-allotments. W. H. Reaves & Co., Inc., doing business as Reaves Asset Management (“Reaves”), the Fund’s investment adviser has agreed to (i) pay all organizational expenses of the Fund and (ii) pay all offering costs. See “Underwriting.”

Limited Term and Eligible Tender Offer

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 fifteenth anniversary of the effective date of the Fund’s initial registration statement, which the Fund currently expects to occur on or about [●], 2035 (the “Dissolution Date”); provided that the Fund’s Board of Trustees (the “Board”), by a vote of a majority of the Board and seventy-five percent (75%) of the members of the Board who either (i) have been a member of the Board for a period of at least thirty-six months (or since the commencement of the Fund’s operations, if less than thirty-six months) or (ii) were nominated to serve as a member of the Board by a majority of the Continuing Trustees then members of the Board (the “Continuing Trustees”) (a “Board Action Vote”), may, without shareholder approval, extend the Dissolution Date: (i) once for up to one year, and (ii) once for up to an additional six months, to a date up to and including eighteen months after the initial Dissolution Date, which date shall then become the Dissolution Date. In determining whether to extend the Dissolution Date, the Board may consider the inability to sell the Fund’s assets in a timeframe consistent with dissolution due to lack of market liquidity or other extenuating circumstances. Additionally, the Board may determine that market conditions are such that it is reasonable to believe that, with an extension, the Fund’s remaining assets will appreciate and generate income in an amount that, in the aggregate, is meaningful relative to the cost and expense of continuing the operation of the Fund. Each holder of Common Shares (each, a “Common Shareholder”) would be paid a pro rata portion of the Fund’s net assets upon termination of the Fund.

Beginning one year before the Dissolution Date (the “Wind-Down Period”), the Fund may begin liquidating all or a portion of the Fund’s portfolio, and may deviate from its investment policies and may not achieve its investment objective. During the Wind-Down Period (or in anticipation of an Eligible Tender Offer, as defined below), the Fund’s portfolio composition may change as more of its portfolio holdings are called or sold and portfolio holdings are disposed of in anticipation of liquidation. Rather than reinvesting the proceeds of matured, called or sold securities in accordance with the investment program described above, the Fund may invest such proceeds in short term or other lower yielding securities or hold the proceeds in cash, which may adversely affect its performance.

As of a date within twelve months preceding the Dissolution Date, the Board may, by a Board Action Vote, cause the Fund to conduct a tender offer to all 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 has established that the Fund must have at least $100 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 shares held by each shareholder; provided that if the number of properly tendered shares would result in the Fund having aggregate net assets below the Dissolution Threshold, the Eligible Tender Offer will be canceled and no shares will be repurchased pursuant to the Eligible Tender Offer. Instead, the Fund will begin (or continue) liquidating its portfolio and proceed to terminate on or about the Dissolution Date. Regardless of whether the Eligible Tender Offer is completed or canceled, Reaves will pay all costs and expenses associated with the making of an Eligible Tender Offer, other than brokerage and related transaction costs associated with the disposition of portfolio investments in connection with the Eligible Tender Offer, which will be borne by the Fund and its Common Shareholders. The Eligible Tender Offer would be made, and Common Shareholders would be notified thereof, in accordance with the requirements of the Investment Company Act of 1940, as amended (the “1940 Act”), the Securities Exchange Act of 1934, as amended (the “1934 Act”) and the applicable tender offer rules thereunder (including Rule 13e-4 and Regulation 14E under the 1934 Act). If 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. The Fund’s purchase of tendered Common Shares pursuant to a tender offer will have tax consequences for tendering Common Shareholders and may have tax consequences for non-tendering Common Shareholders. In addition, the Fund would continue to be subject to its obligations with respect to its issued and outstanding borrowings, preferred stock or debt securities, if any.

Following the completion of an Eligible Tender Offer, the Board may, by a Board Action Vote, eliminate the Dissolution Date without shareholder approval. In determining whether to eliminate the Dissolution Date, the Board may consider market conditions at such time and all other factors deemed relevant by the Board in consultation with Reaves, taking into account that Reaves may have a potential conflict of interest in recommending to the Board that the limited term structure be eliminated and the Fund have a perpetual existence. In making a decision to eliminate the Dissolution Date to provide for the Fund’s perpetual existence, the Board will take such actions with respect to the continued operations of the Fund as it deems to be in the best interests of the Fund. The Fund is not required to conduct additional tender offers following an Eligible Tender Offer and conversion to a perpetual structure. Therefore, remaining Common Shareholders may not have another opportunity to participate in a tender offer or exchange their Common Shares for the then-existing NAV per share.

All Common Shareholders remaining after a tender offer will be subject to proportionately higher expenses due to the reduction in the Fund’s total assets resulting from payment for the tendered Common Shares. A reduction in net assets, and the corresponding increase in the Fund’s expense ratio, could result in lower returns and put the Fund at a disadvantage relative to its peers and potentially cause the Fund’s Common Shares to trade at a wider discount to NAV than it otherwise would. Such reduction in the Fund’s total assets may also result in less investment flexibility, reduced diversification and greater volatility for the Fund, and may have an adverse effect on the Fund’s investment performance. Moreover, the resulting reduction in the number of outstanding Common Shares could cause the Common Shares to become more thinly traded or otherwise adversely impact the secondary market trading of such Common Shares.

<snip>

Investment Objectives and Principal Investment Strategies

The Fund will invest in companies that facilitate the transition to clean energy, build and operate communications networks, and aid the supply of clean water. The investment universe is made up of companies deploying capital that raises standards of living and stimulates economic productivity. The Fund’s investment objective is to provide a high level of after-tax yield and total return consisting primarily of tax-advantaged dividend income, interest income and capital appreciation.

Under normal market conditions, the Fund will invest at least 80% of its total assets in common and preferred stocks, debt instruments of foreign and domestic companies, and governments (including agencies) involved to a substantial extent in the infrastructure industry.

For the purpose of the foregoing policy, a company will be deemed to be a sustainable infrastructure company if it is creating current economic benefit through durable, long-lived assets that position future generations for success. The Fund will consider investment in the securities of issuers with respect to their environmental, social responsibility, and governance (“ESG”) practices. Reaves will make its own proprietary assessment of material ESG issues as part of its ongoing research process by answering questions regarding approaches to company, customer, and competition.

Further, to be considered, at least 50% of its assets, gross income, or profits must be committed to or derived from the following infrastructure activities: (i) the generation, transmission or distribution of electricity, gas or water as well as products and infrastructure required to support such services, (ii) communications companies which include fixed line and wireless voice, data and video services; broadband access and support services; and products and infrastructure required to support such services or (iii) other infrastructure operations, such as rail, airports, toll roads and municipal services. In this Prospectus, we sometimes use the terms “communications companies”, “utility companies”, or “other infrastructure companies” to refer to companies providing those respective services. Up to 20% of the Fund’s total assets may be invested in other instruments, including stocks and other equity investments, debt obligations and money market instruments.

Reaves’s Investment Philosophy

The foundation of Reaves’s Investment Philosophy is grounded in the belief that companies with high barriers to entry and consistent earnings streams and cash flows can provide attractive risk-adjusted returns.

In selecting securities for the Fund’s portfolio, Reaves will focus on equity and debt securities of infrastructure companies that are in Reaves’s view attractively valued and the potential to produce an attractive risk-adjusted total return consisting primary of dividend income and capital appreciation.

Reaves’s approach in selecting the Fund’s investments employs value-based fundamental research. Reaves analysts assess company management and track record, conduct field research with regulators, competitors, customers and suppliers, and consider macro factors affecting the relevant industry. Firm analysts also establish independent estimates of earnings and cash flows and consider various valuation metrics including, as appropriate: (i) price-to-earnings (P/E) ratios; (ii) analysis of historical absolute and relative dividend yield; (iii) price-to-cash-flow ratio; (iv) the ratio of enterprise value to adjusted earnings before interest, tax, depreciation and amortization (EV/EBITDA); (v) dividend discount modeling; and (vi) estimates of NAV. Reaves also considers other factors such as short interest, liquidity, and merger and acquisition attractiveness.

In selecting investments from among companies recommended by the analysts, the portfolio managers also consider positive catalysts that may unlock market value, such as industry consolidation, management and regulatory change, and other developments that may result in future broad market recognition. Many of the considerations that go into analysts’ recommendations and the portfolio managers’ decisions are subjective.

<snip>

Leverage

The Fund generally will seek to enhance the level of its cash distributions to Common Shareholders through the use of financial leverage, which may include the borrowing of money (through the issuance of debt securities or otherwise) and the issuance of preferred shares (each a “Leverage Instrument” and collectively, “Leverage Instruments”). Under normal market conditions, the Fund’s policy is to utilize Leverage Instruments in an amount that represents up to 33 1/3% of the Fund’s total assets, including proceeds from such Leverage Instruments (or approximately 25% of the Fund’s net assets). However, based on market conditions at the time, the Fund may use Leverage Instruments in amounts that represent less than 33 1/3% leverage. In addition, based on market conditions at the time, the Fund may use Leverage Instruments in amounts that represent greater than 33 1/3% leverage to the extent permitted by (1) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction or (2) exemptive or other relief or permission from the SEC, SEC staff or other authority. The Fund will not use leverage, however, if Reaves anticipates that it would result in a lower return to Common Shareholders over time. We cannot assure you that the Fund will utilize financial leverage or, if financial leverage is utilized, that it will be successful in enhancing the level of the Fund’s total return. The Fund does not intend to use financial leverage until the proceeds of this offering are substantially invested in accordance with the Fund’s investment objective. The Fund currently anticipates that it will be able to invest the net proceeds of this offering in accordance with the Fund’s investment objective within [30 to 60] days after the completion of this offering, and may thereafter use financial leverage, subject to market conditions. The Fund currently anticipates that leverage will initially be obtained through bank borrowings or similar term loans.

Use of leverage creates an opportunity for increased return for Common Shareholders, but, at the same time, creates special risks (including the likelihood of greater volatility of NAV and market price of the Common Shares), and we cannot assure you that a leveraging strategy will be successful during any period in which it is employed. During periods in which the Fund is using leverage, the fees paid to Reaves for investment advisory services and ALPS for administrative services will be higher than if the Fund did not use leverage because the fees paid will be calculated on the basis of the Fund’s total assets, including proceeds from the issuance of preferred shares and borrowings, if any.

Holders of the Fund’s preferred shares, if any, will be entitled to a pre-determined dollar amount of dividends and a fixed dollar amount upon liquidation of the Fund prior to the payment of any dividends or liquidation amounts to Common Shareholders. As a result, the effect of the additional advisory fees and administrative fees attributable to the increase in total assets resulting from the issuance of preferred shares will be borne entirely by Common Shareholders through a reduction of income available for distribution to Common Shareholders and possibly a reduction in the NAV per Common Share.

<snip>

Listing and Symbol

The Fund anticipates that its Common Shares will be approved for listing on the NYSE American under the symbol “[●].”

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Re: New IPOs

Gundlach once said it makes no sense to launch a new CEF when existing CEFs can be had at juicy discounts.  That is certainly not the case now.  Also he said it you are going to launch a new CEF it should be something new that isn't already available.  I imagine he can check off both of these launch criteria to support his decision to launch now.  

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                       FIRST TRUST SKYBRIDGE INCOME FUND

                                 COMMON SHARES
                                $20.00 PER SHARE

      The Fund. First Trust SkyBridge Income Fund (the "Fund") is a newly
organized, non-diversified, closed-end management investment company.

      Investment Objective. The Fund's investment objective is to seek a high
level of current income. There can be no assurance that the Fund will achieve
its investment objective.

      Investment Strategies. The Fund will seek to achieve its investment
objective by investing in a mix of structured credit and other income-producing
instruments in the commercial real estate, residential real estate, corporate
credit and consumer credit markets pursuant to the investment strategies of a
group of portfolio management companies (each, a "Portfolio Sub-Advisor" and,
collectively, the "Portfolio Sub-Advisors") selected by SkyBridge Capital II,
LLC (the "Lead Sub-Advisor"). See "The Fund's Investments--Investment Policies
and Strategies." Under normal market conditions, the Fund expects to invest its
Managed Assets (as defined below) in the following: structured credit
instruments backed by both real estate and non-real estate collateral, including
commercial mortgage-backed securities, agency and non-agency residential
mortgage-backed securities, asset backed securities, collateralized debt
obligations and collateralized loan obligations. In addition, the Fund expects
to invest, to a lesser extent, in non-structured cash flow generating
securities, including direct loans, corporate debt and preferred securities. See
"The Fund's Investments--Portfolio Composition." These investments may include
instruments of foreign issuers.

      The Lead Sub-Advisor will allocate management of the Fund's Managed Assets
to the Portfolio Sub-Advisors (and their respective investment strategies) in
such proportion that it believes will optimize the risk-adjusted return
potential of the Fund. The Lead Sub-Advisor will thereafter adjust such
allocations from time to time in response to changing market conditions and
other considerations. See "The Fund's Investments--Allocation Philosophy and
Process." The Lead Sub-Advisor will limit the amount of assets allocated to a
single Portfolio Sub-Advisor to no more than 20% of the Fund's Managed Assets.

      The Fund may invest, directly or indirectly, in instruments of any credit
quality, and expects to substantially invest in securities rated below
investment grade or securities that are unrated by credit rating agencies.
SECURITIES RATED BELOW INVESTMENT GRADE ARE COMMONLY REFERRED TO AS "JUNK" OR
"HIGH YIELD" SECURITIES AND ARE CONSIDERED SPECULATIVE WITH RESPECT TO THE
ISSUER'S CAPACITY TO PAY INTEREST AND REPAY PRINCIPAL. See "Risks--Credit and
Below Investment Grade Securities Risk" and "Risks--Unrated Securities Risk." In
addition, the Fund may invest in any level of the capital structure of
structured credit instruments, including subordinated or residual tranches and
the equity or "first loss" tranches. The Fund also may invest in structured
credit instruments that are designed to have leveraged investment exposure to
the underlying mortgages or assets. As a result, the Fund's investment
strategies may involve speculative techniques and a high degree of risk. An
investment in the Fund is not appropriate for all investors. See "Risks"
beginning on page   .


      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. THIS RISK OF LOSS DUE TO THE DISCOUNT MAY BE GREATER FOR
INVESTORS EXPECTING TO SELL THEIR COMMON SHARES IN A RELATIVELY SHORT PERIOD OF
TIME AFTER COMPLETION OF THE PUBLIC OFFERING. The Fund intends to apply to list
its Common Shares on the New York Stock Exchange. The trading or ticker symbol
of the Common Shares is expected to be "    ."

      THIS PROSPECTUS SETS FORTH CONCISELY INFORMATION ABOUT THE FUND THAT A
PROSPECTIVE INVESTOR SHOULD KNOW BEFORE INVESTING, AND SHOULD BE RETAINED FOR
FUTURE REFERENCE. INVESTING IN THE FUND'S COMMON SHARES INVOLVES CERTAIN RISKS
THAT ARE DESCRIBED IN THE "RISKS" SECTION BEGINNING ON PAGE   OF THIS
PROSPECTUS, INCLUDING THE RISK THAT YOU COULD LOSE SOME OR ALL OF YOUR
INVESTMENT.

                                                     PER SHARE      TOTAL (1)
                                                     ---------      ---------
     Public offering price                            $20.00            $
     Sales load (2)                                    $0.00            $
     Proceeds, after expenses, to the Fund            $20.00            $
                                                       (notes on following page)

  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.

  The underwriters expect to deliver the Common Shares to purchasers on or
about                    .

                  The date of this prospectus is        ,   .


      "Managed Assets" means the average daily gross asset value of the Fund
(which includes assets attributable to any reverse repurchase agreements, dollar
roll transactions, or similar transactions, the principal amount of any
borrowings outstanding, and the Fund's preferred shares of beneficial interest
("Preferred Shares"), if any) minus the sum of the Fund's accrued and unpaid
dividends on any outstanding Preferred Shares and accrued liabilities (other
than liabilities in respect of reverse repurchase agreements, dollar roll
transactions, or similar transactions, and the principal amount of any
borrowings of money incurred, including commercial paper or notes issued by the
Fund).

      Investment Advisor, Lead Sub-Advisor and Portfolio Sub-Advisors. The
Fund's investment adviser is First Trust Advisors L.P. (the "Advisor") and the
Fund's sub-adviser is SkyBridge Capital II, LLC. The Lead Sub-Advisor, along
with the Portfolio Sub-Advisors of the Fund, will be responsible for the
day-to-day management of the Fund's Managed Assets. See "Management of the Fund"
in this prospectus and "Investment Advisor, Lead Sub-Advisor and Portfolio
Sub-Advisors" in the Fund's Statement of Additional Information (the "SAI").

      Limited Term and Eligible Tender Offer. The Fund will terminate on or
before      , 2032 (the "Termination Date"); provided, that if the Board of
Trustees of the Fund (the "Board of Trustees") believes that, under then-current
market conditions, it is in the best interests of the Fund to do so, the Fund
may extend the Termination Date: (i) once for up to one year (i.e., up to      ,
2033), and (ii) once for up to an additional six months (i.e., up to       ), in
each case upon the affirmative vote of a majority of the Board of Trustees and
without the approval of the holders of the Common Shares of the Fund (the
"Common Shareholders").

      In addition, as of a date within twelve months preceding the Termination
Date, the Board of Trustees may cause the Fund to conduct a tender offer to all
Common Shareholders to purchase 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, following an Eligible Tender Offer, the Fund must have at least $       of
net assets to ensure the continued viability of the Fund (the "Termination
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'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
portfolio and proceed to terminate on or before the Termination Date. Following
the completion of an Eligible Tender Offer, the Board of Trustees may eliminate
the limited term structure of the Fund upon the affirmative vote of a majority
of the Board of Trustees and without the approval of Common Shareholders.

      The Fund is not a so called "target date" or "life cycle" fund whose asset
allocation becomes more conservative over time as its target date, often
associated with retirement, approaches. In addition, the Fund is not a "target
term" fund whose investment objective is to return its original NAV on the
termination date. The Fund's investment objective and policies are not designed
to seek to return to investors that purchase Common Shares in this offering
their initial investment of $20.00 per Common Share on the Termination Date or
in an Eligible Tender Offer, and such investors and investors that purchase
Common Shares after the completion of this offering may receive more or less
than their original investment upon termination or in an Eligible Tender Offer.
See "Limited Term and Eligible Tender Offer" and "Risks--Limited Term and
Eligible Tender Offer Risk" below.

      Distributions. The Fund intends to pay quarterly distributions to Common
Shareholders out of legally available funds. The Fund expects to declare its
initial quarterly distribution approximately    to    days following the
completion of this offering and pay such initial quarterly distribution
approximately    to    days after the completion of this offering, depending on
market conditions. There is no assurance the Fund will make this distribution or
continue to pay regular distributions or that it will do so at a particular
rate. See "Distributions" and "Federal Tax Matters."

      Use of Leverage. The Fund currently intends to use leverage to seek to
achieve its investment objective. The Fund initially anticipates that, under
normal market conditions, it will employ leverage through reverse repurchase
agreements and/or dollar roll transactions. The Fund also may use borrowings
from banks or other financial institutions. The Fund currently expects that the
leverage initially obtained through such reverse repurchase agreements, dollar
roll transactions and borrowings will represent approximately    % of the Fund's
Managed Assets. The costs associated with any issuance and use of leverage will
be borne by Common Shareholders. The use of leverage is a speculative technique
and investors should note that there are special risks and costs associated with
the leveraging of the Common Shares. There can be no assurance that a leveraging
strategy will be successful during any period in which it is employed. See "Use
of Leverage" and "Risks--Leverage Risk."

 Link

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RiverNorth Flexible Municipal Income Fund (RFM) listed today on NYSE.

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              FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND

                                 COMMON SHARES
                                $20.00 PER SHARE

      The Fund. First Trust High Yield Opportunities 2027 Term Fund (the "Fund")
is a newly organized, diversified, closed-end management investment company.

      Investment Objective. The Fund's investment objective is to provide
current income. There can be no assurance that the Fund will achieve its
investment objective.

      The Fund intends to liquidate and distribute substantially all of its net
assets to shareholders on or about August 1, 2027 (the "Termination Date").
There can be no assurance that the Fund will achieve its investment objective
or that the Fund's investment strategies will be successful.

      Investment Strategies. Under normal market conditions, the Fund will seek
to achieve its investment objective by investing at least 80% of its Managed
Assets (as defined below) in high yield debt securities of varying maturities
that are rated below investment grade at the time of purchase or unrated
securities determined by the Advisor (as defined below) to be of comparable
quality. Such securities include U.S. and non-U.S. corporate debt obligations
and senior, secured floating rate loans ("Senior Loans"). See "The Fund's
Investments--Investment Policies and Strategies." SECURITIES RATED BELOW
INVESTMENT GRADE ARE COMMONLY REFERRED TO AS "JUNK" OR "HIGH YIELD" SECURITIES
AND ARE CONSIDERED SPECULATIVE WITH RESPECT TO THE ISSUER'S CAPACITY TO PAY
INTEREST AND REPAY PRINCIPAL. See "Risks--Credit and Below Investment Grade
Securities Risk." Below investment grade securities are securities rated below
"BBB-" by S&P or Fitch (each, as defined below), or below "Baa3" by Moody's, or
comparably rated by another nationally recognized statistical rating
organization or, if unrated, determined by the Advisor to be of comparable
credit quality at the time of purchase.

 

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Preliminary prospectus

===

Angel Oak Dynamic Financial Strategies Income Term Trust

Common Shares of Beneficial Interest

 

The Fund. Angel Oak Dynamic Financial Strategies Income Term Trust (the “Fund”) is a recently organized, diversified, closed-end management investment company.

Investment Objective. The Fund seeks current income with a secondary objective of total return. There can be no assurance that the Fund will achieve its investment objective.

Investment Strategies. Under normal circumstances, the Fund will invest at least 80% of the value of its net assets plus the amount of any borrowings for investment purposes in securities of financial institutions, which may include, but are not limited to, banks, thrifts, finance companies, business development companies (“BDCs”), real estate investment trusts (“REITs”), brokerage and advisory firms, insurance companies and financial holding companies. In pursuing its investment objective, the Fund invests primarily in debt issued by financial institutions, including subordinated debt (“sub-debt”), unrated debt, senior debt and high yield securities. The Fund may also invest in common equity, preferred equity, convertible securities and warrants and trust-preferred securities (“TruPS”) of these institutions. The Fund will target investing at least 80% of the Fund’s net assets plus the amount of any borrowings for investment purposes in debt issued by U.S. community banks and non-bank financial institutions.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets plus the amount of any borrowings for investment purposes in investments that are rated investment grade or, if unrated, judged to be of investment grade quality by the Fund’s investment adviser.

Limited Term. The Fund will terminate on or before                 , 2035 (the “Termination Date”); provided, that if the Board of Trustees (“Board”) believes that, under then-current market conditions, it is in the best interests of the Fund to do so, the Fund may extend the Termination Date: (i) once for up to one year (i.e., up to                  , 2036), and (ii) once for up to an additional six months (i.e., up to                 , 2036), in each case upon the affirmative vote of a majority of the Board and without Shareholder (as defined below) approval. In addition, as of a date within twelve months preceding the Termination Date, the Board may cause the Fund to conduct a tender offer to all Shareholders to purchase Shares (as defined below) of the Fund at a price equal to the net asset value (“NAV”) per Share on the expiration date of the tender offer (an “Eligible Tender Offer”). The Board has established that, following an Eligible Tender Offer, the Fund must have at least $100 million of net assets to ensure the continued viability of the Fund (the “Termination Threshold”). In an Eligible Tender Offer, the Fund will offer to purchase all Shares held by each Shareholder; provided, that if the number of properly tendered 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 portfolio and proceed to terminate on or before the Termination Date. The Adviser will pay all costs and expenses associated with the making of an Eligible Tender Offer, other than brokerage and related transaction costs associated with disposition of portfolio investments in connection with the Eligible Tender Offer, which will be borne by the Fund and its Shareholders. An Eligible Tender Offer would be made, and Shareholders would be notified thereof, in accordance with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Securities Exchange Act of 1934 (the “Exchange Act”) and the applicable tender offer rules thereunder (including Rule 13e-4 and Regulation 14E under the Exchange Act). If the number of properly tendered Shares would result in the Fund’s net assets totaling greater than the Termination Threshold, all Shares properly tendered and not withdrawn will be purchased by the Fund pursuant to the terms of the Eligible Tender Offer. See “Risks—Limited Term Risk.”

Following the completion of an Eligible Tender Offer, the Board may eliminate the Termination Date upon the affirmative vote of a majority of the Board and without Shareholder approval. In making a decision to eliminate the Termination Date to provide for the Fund’s perpetual existence, the Board will take such actions with respect to the continued operations of the Fund as it deems to be in the best interests of the Fund, based on market conditions at such time, the extent of Shareholder participation in the Eligible Tender Offer and all other factors deemed relevant by the Board in consultation with the investment adviser to the Fund, Angel Oak Capital Advisors, LLC (the “Adviser”), taking into account that the Adviser may have a potential conflict of interest in seeking to convert to a perpetual trust. The Fund is not a so called “target date” or “life cycle” fund whose asset allocation becomes more conservative over time as its target date, often associated with retirement, approaches. In addition, the Fund is not a “target term” fund whose investment objective is to return its original NAV on the termination date.

Investment Adviser. The investment adviser to the Fund is Angel Oak Capital Advisors, LLC (the “Adviser” or “Angel Oak”), an investment adviser registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Adviser oversees the management of the Fund’s activities and is responsible for making investment decisions for the Fund’s portfolio. Angel Oak manages approximately                  billion in assets specializing in structured and corporate credit as of                  . Angel Oak was formed and has been investing in structured credit since 2009.

Leverage. The Fund may use leverage to the maximum extent allowable under the 1940 Act. Under the 1940 Act, the Fund generally may not (1) borrow money in an amount greater than 33 1/3% of the Fund’s Managed Assets (which equates to 50% of its net assets) or (2) issue preferred shares in an amount greater than 50% of the Fund’s Managed Assets (which equates to 100% of its net assets). If the Fund uses a combination of borrowing money and issuing preferred shares, the maximum allowable leverage will be between 33 1/3% and 50% (but in no event more than 50%) of the Fund’s Managed Assets based on the relative amounts borrowed or preferred shares issued. Initially, the Fund expects to use leverage through borrowings from certain financial institutions or reverse repurchase agreements. The Fund is permitted to obtain leverage using any form or combination of financial leverage instruments, including through funds borrowed from banks or other financial institutions (i.e., a credit facility), margin facilities, the issuance of preferred shares or notes and the leverage attributable to reverse repurchase agreements, dollar rolls or similar transactions or derivatives that have the effect of leverage in an aggregate amount up to 50% of the Fund’s Managed Assets (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes) (“Managed Assets”) immediately after giving effect to the leverage. The Fund intends to enter into a credit facility within twelve months after the completion of this offering. Under current market conditions, the Fund initially expects to utilize leverage through borrowings in an aggregate amount of approximately 33% of the Fund’s Managed Assets. The Fund’s use of leverage is subject to risks and will cause the Fund’s NAV per Share to be more volatile than if leverage were not used. See “Leverage” and “Risks—Leverage Risk.”

Listing. It is expected that the Shares will be approved for listing on the New York Stock Exchange under the symbol DYFN, subject to notice of issuance.

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Preliminary Prospectus

Eaton Vance Income Opportunities Fund

Common Shares

[$__] per Share

The Fund. Eaton Vance Income Opportunities Fund (the “Fund”) is a newly organized, non-diversified, closed-end management investment company. The Fund is a target term fund, meaning that at the end of the Fund’s term the Fund intends to cease its investment operations, liquidate its portfolio (to the extent possible), retire or redeem its leverage facilities, and make distributions to each holder of common shares of beneficial interest (“Common Shareholder”). The Fund should not be confused with a target date fund, which has assets that are managed according to a particular glidepath that illustrates how its investment strategy becomes increasingly conservative over time.

Investment Objective. The Fund’s investment objective is to seek a high level of total return, with an emphasis on current income. No assurance can be given that the Fund’s investment objective will be achieved. The Fund will seek to achieve its investment objective by investing primarily in structured debt instruments and other income-producing investments of issuers anywhere in the world, and may invest in investments of any credit quality. The Fund may invest substantially in debt instruments of below investment grade quality (including debt securities commonly referred to as “high yield” securities or “junk bonds”) and unrated investments. The Fund will maintain a weighted average credit rating of investment grade or higher (which is at least BBB- as determined by Standard & Poor’s Ratings Group (“S&P”) or Fitch Ratings (“Fitch”), Baa3 as determined by Moody’s Investors Services, Inc. (“Moody’s”) or, if unrated, determined to be of comparable quality by the Fund’s investment adviser). For this purpose, when a security is rated by more than one of these rating agencies, the Adviser generally will use the highest rating. The Fund may invest in securities of any maturity or duration, but will seek to maintain a weighted average duration not to exceed 3.5 years in normal markets. The Fund’s investment adviser, Eaton Vance Management (“Eaton Vance” or the “Adviser”), allocates the Fund’s assets among sectors of the debt market, and among investments within those sectors, in an attempt to construct a portfolio providing the potential for a high level of total return, with an emphasis on current income, consistent with what Eaton Vance considers an appropriate level of risk in light of market conditions prevailing at the time.

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Investment Policies. The Fund seeks to invest primarily in structured debt instruments, which may include, but are not limited to the following sectors: agency residential mortgage-backed securities; non-agency residential mortgage-backed securities; asset-backed securities; collateralized loan obligations (“CLOs”); and commercial mortgage-backed securities. The Fund may also invest in other debt instruments, including, but not limited to the following sectors: high yield corporate debt; bank and other loans; investment grade corporate debt; international sovereign debt; emerging market debt; preferred securities; real estate investment trust (REIT) securities; U.S. Government securities; and municipal debt. Eaton Vance expects that the Fund will normally not invest more than 50% of its Managed Assets (as defined below) in a single sector of the debt market (excluding the U.S. Government securities sector), as determined by the Adviser.

The Fund may also invest without limit in securities issued, backed or otherwise guaranteed by the U.S. Government or its agencies, instrumentalities or sponsored corporations; however, the Fund expects initially, and may thereafter continue, to invest significantly in debt securities and other income-producing investments that involve substantially greater credit risk than those investments. The rate of interest on the debt and other income-producing investments that the Fund may purchase may be fixed, floating, or variable.

The Fund may invest in mortgage-backed securities of any kind. Mortgage-backed securities may include, among other things, securities issued, backed or otherwise guaranteed by the U.S. Government or its agencies, instrumentalities or sponsored corporations; securities of domestic or foreign private issuers; or interests in pools of residential or commercial and domestic or non-U.S. mortgages. Mortgage-backed securities also include, but are not limited to, securities representing interests in, collateralized or backed by, or whose values are determined in whole or in part by reference to, any number of mortgages or pools of mortgages or the payment experience of such mortgages or pools of mortgages, including Real Estate Mortgage Investment Conduits (“REMICs”), which could include re-securitizations of REMICs (“Re-REMICs”), credit default swaps, mortgage pass-through securities, mortgage servicing rights, collateralized mortgage obligations (“CMOs”), private mortgage pass-through securities, stripped mortgage securities (generally interest-only and principal-only securities), credit risk transfer securities, and debt instruments collateralized or secured by other mortgage-related assets. The collateral backing mortgage-backed securities in which the Fund may invest may include, without limitation, performing, non-performing and/or re-performing loans, non-qualifying mortgage loans, and loans secured by a single asset and issued by a single borrower. The commercial mortgage-backed securities in which the Fund may invest may also include securitizations backed by a single mortgage on a single property. The Fund may also invest in asset-backed securities of any type, including securitizations of a wide variety of non-mortgage-related receivables.

In pursuing its investment objective, the Fund may invest in residential and/or commercial real estate or mortgage-related loans, consumer loans, business and small business loans, construction or project finance loans, or other types of loans, which loans may include secured and unsecured notes, senior loans, second lien loans or other types of subordinated loans, or mezzanine loans, any of which may contain fewer or less restrictive covenants on the borrower than certain other types of loans or loans of subprime quality.

The Fund may also invest in stripped (generally interest-only and principal-only instruments) residential and/or commercial real estate or mortgage-related loans, consumer loans, business and small business loans, construction or project finance loans, or other types of loans.

The Fund may make direct investments in individual loans or in pools of loans and in whole loans as well as in loan participations or assignments. In addition, although the Fund has no present intention to do so, the Fund may itself or in conjunction with others originate any of the foregoing types of loans. The Fund may also be involved in, or finance, the origination of loans to corporations, other legal entities or individuals, including foreign entities and individuals.

The Fund may invest in any level of the capital structure of an issuer of mortgage- or asset-backed securities, including subordinated or residual tranches and the equity or “first loss” tranche. The Fund may invest in mortgage- or asset-backed securities that are designed to have leveraged investment exposure to the underlying mortgages or assets. The Fund may also gain or adjust its exposure to mortgage- or asset-backed securities through derivatives, such as credit default swap or futures transactions. The Fund may also invest in certain residential mortgage-backed securities (“RMBS”) including, but not limited to, credit risk transfer securities that, while not backed by mortgage loans, have credit exposure to a pool of mortgage loans acquired by the government-sponsored entity or private entity issuing the securities.

Certain mortgage- and other asset-backed securities in which the Fund may invest may represent an inverse interest-only class of security for which the holders are entitled to receive no payments of principal and are entitled only to receive interest at a rate that will vary inversely with a specified index or reference rate, or a multiple thereof. The Fund may invest in debt instruments of any credit quality and may invest without limit in debt securities that are at the time of investment rated below investment grade or unrated securities judged by Eaton Vance to be of comparable quality.

Notwithstanding the foregoing, the Fund will not acquire any corporate bond, CLO, corporate loan, or sovereign and quasi sovereign obligation that is rated at the time of investment Caa1 or below by Moody’s Investors Service, Inc. (“Moody’s”) and CCC+ or below by S&P Global Ratings (“S&P”) or Fitch, Inc. (“Fitch”) or any such securities that are unrated if it would cause the Fund to have more than 20% of its total Managed Assets invested in such investments. The 20% limitation does not apply to unrated mortgage- and asset-backed securities of any kind (e.g., commercial mortgage-backed securities and residential mortgage-backed securities) or loans or other obligations secured, collateralized or supported by real estate or real estate related assets of any kind (e.g., mortgages). The Fund may invest substantially in debt instruments of below investment grade quality (including debt securities commonly referred to as “high yield” securities or “junk bonds”) and unrated instruments.

The Fund may invest without limit in securities of foreign issuers and may invest up to 20% of its total Managed Assets in securities of issuers domiciled or organized in emerging market countries. For these purposes, an “emerging market country” is any country determined by the Adviser to have an emerging market economy, considering factors such as the country’s political and economic stability, and the development of its financial and capital markets. An emerging market entity is an entity that is located in an emerging market country or has significant economic exposure to an emerging market, including corporate, national and local government, and quasi-government entities. Emerging market countries include so-called frontier market countries. Frontier markets include less developed countries that (i) are not included in a major emerging markets securities index; or (ii) represent 2% or less of a major emerging markets securities index. The Fund may take positions in various foreign (non-U.S.) currencies, including by actual holdings of those currencies and through forward, futures, swap, and option contracts with respect to foreign currencies, for hedging, or as a substitute for actual purchases or sales of the currencies in question; the Fund may also invest up to 20% of its total Managed Assets in investments denominated in currencies other than the U.S. dollar, including the local currencies of emerging markets. The Fund may (but is not required to) attempt to hedge some of its exposure to foreign currencies in order to reduce the risk of loss due to fluctuations in currency exchange rates relative to the U.S. dollar.

The Fund may invest in common stocks and other equity securities from time to time, including, among others, those it has received through the conversion of a convertible security held by the Fund or in connection with the restructuring of a debt security. The Fund may invest in securities that have not been registered for public sale, including securities eligible for purchase and sale pursuant to Rule 144A or Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), and other securities issued in private placements. The Fund also may invest without limit in securities of other open- or closed-end investment companies, including exchange-traded funds (“ETFs”) and investment companies sponsored or managed by the Adviser or its related parties. The Fund may invest in securities of companies with small and medium market capitalizations.

The Fund may use various derivative strategies for hedging purposes, to gain, or reduce, long or short exposure to one or more asset classes, issuers, currencies or reference assets, or to manage the dollar-weighted average effective duration of the Fund’s portfolio. The Fund also may enter into derivatives transactions with the purpose or effect of creating investment leverage. Additional leverage will increase the volatility of the Fund’s investment portfolio and could result in larger losses or gains than if the strategies were not used.

 

Twelve-Year Term and Final Distribution. In accordance with the Fund’s Agreement and Declaration of Trust, dated __, 2020, as amended from time to time (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, subject to potential extension, to occur on or about __, 2032 (the “Termination Date”); provided that the Fund’s Board of Trustees (the “Board”) may, by a vote of a majority of the Board and seventy-five percent (75%) of the Continuing Trustees, as defined below (a “Board Action Vote”), without shareholder approval, extend the Termination Date (i) once for up to one year, and (ii) once for up to an additional six months, to a date up to and including the eighteenth month after the initial Termination Date, which later date shall then become the Termination Date. At the Termination Date, each holder of common shares of beneficial interest (“Common Shareholder”) would be paid a pro rata portion of the Fund’s net assets as determined as of the Termination Date. The term “Continuing Trustee” means any member of the Board who either (a) has been a member of the Board for a period of at least thirty-six months (or since the commencement of the Fund’s operations, if less than thirty-six months) or (b) was nominated to serve as a member of the Board by a majority of the Continuing Trustees then members of the Board.

The Board may, by a Board Action Vote, cause the Fund to conduct a tender offer, as of a date within twelve months preceding the Termination Date (as may be extended as described above), to all Common Shareholders to purchase all outstanding Common Shares of the Fund at a price equal to the NAV per Common Share on the expiration date of the tender offer (the “Eligible Tender Offer”). 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 $100 million (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 otherwise 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 may, by a Board Action Vote, eliminate the Termination Date and scheduled termination of the Fund without shareholder approval and the Fund would continue to operate indefinitely thereafter. The Board may, to the extent it deems appropriate and without shareholder approval, adopt a plan of liquidation at any time preceding the anticipated Termination 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 cash and/or in-kind distributions to Common Shareholders prior to the Termination Date. Beginning one year before the Termination Date (the “Wind-Down Period”), the Fund may begin liquidating all or a portion of the Fund’s portfolio, and may deviate from its investment policies and may not achieve its investment objective. During the Wind-Down Period (or in anticipation of an Eligible Tender Offer), the Fund’s portfolio composition may change as more of its portfolio holdings are called or sold and portfolio holdings are disposed of in anticipation of liquidation. Rather than reinvesting the proceeds of matured, called or sold securities in accordance with the investment program described above, the Fund may invest such proceeds in short term or other lower yielding securities or hold the proceeds in cash, which may adversely affect its performance.

Investment Adviser. The Fund’s investment adviser is Eaton Vance Management. As of __, 2020, Eaton Vance and its affiliates managed approximately $__ billion of client assets.

Exchange Listing. It is anticipated that the Common Shares will apply for listing on the New York Stock Exchange, subject to notice of issuance, under the ticker symbol “__.”

Distributions. The Fund intends to declare and pay distributions from its net investment income monthly. The Fund also expects to make a distribution during or with respect to each calendar year (which may be combined with a regular monthly distribution), which will generally include any net investment income and net realized capital gain for the year not otherwise distributed previously.

Leverage. As soon as reasonably practicable following the completion of the initial public offering of the Fund’s Common Shares, the Fund intends, subject to then favorable market conditions, to add leverage to its portfolio through borrowings, such as loans or lines of credit from banks or other credit facilities, reverse repurchase agreements or dollar roll transactions, the issuance of preferred shares, or a combination of borrowings, reverse repurchase agreements, dollar roll transactions, and the issuance of preferred shares. The Adviser currently expects that the leverage initially obtained through such instruments may represent approximately 25% of the Fund’s total Managed Assets (including the amounts of leverage obtained through the use of such instruments).

The Fund intends to utilize leverage opportunistically and may choose to increase or decrease, or eliminate entirely, its use of leverage over time and from time to time (i.e., higher or lower than the initial anticipated 25% level noted above) based on Eaton Vance’s assessment of the yield curve environment, interest rate trends, market conditions, and other factors.

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Preliminary prospectus

RiverNorth Global Innovation Opportunities Fund, Inc.
Common Stock
$20.00 per Share

The Fund. RiverNorth Global Innovation Opportunities Fund, Inc. (the “Fund”) is a newly organized, non-diversified, closed-end management investment company.

Investment Objective. The Fund’s investment objective is total return consisting of capital appreciation and current income. There is no assurance that the Fund will achieve its investment objective.

Principal Investment Strategies. The Fund will seek to achieve its investment objective by allocating its Managed Assets (as defined below) between the two principal investment strategies described below:

Tactical Equity Opportunities Allocation ( % - % of Managed Assets): This strategy will seek to (i) generate returns through investments in closed-end funds, including business development companies, exchange-traded funds (“ETFs”) and other investment companies (collectively, the “Underlying Funds”) that invest primarily in equity securities of U.S. and non-U.S. issuers, and seek to derive value from the discount and premium spreads associated with closed-end funds, (ii) generate risk-adjusted returns through investments in special purpose acquisition companies (“SPACs”), and (iii) achieve capital appreciation through investments in private funds, which are initially anticipated to be primarily invested in the equity securities of private operating companies considered to be in the mid- to late-stages of growth or development in terms of their ability to conduct an initial public offering or other liquidity event (“late-stage growth companies”). The Fund initially anticipates it will invest in late-stage growth companies through a private fund or funds managed by an affiliate of the Subadviser (as defined below). See “Investment Objective, Strategies and Policies—Principal Investment Strategies—Tactical Equity Opportunities Allocation.”

Global Innovation Allocation ( % - % of Managed Assets): This strategy seeks to capitalize on long-term growth opportunities identified in companies worldwide that the Subadviser believes are innovative or will benefit from innovation through direct or indirect investments in the equity securities of such companies, including securities of issuers in emerging markets. See “Risks—Non-U.S. Securities Risk” and “Risks—Emerging Market Securities Risk.” These investments may include common stock, preferred stock, depositary receipts, warrants and rights to purchase equity securities, pooled investment vehicles (such as ETFs) providing exposure to equity securities, and futures contracts on equity securities and equity indices. Under this strategy, the Fund may invest in issuers of any market capitalization. See “Risks—Investment-Related Risks—Small- and Mid-Cap Stock Risk.” The Fund may, but is not required to, enter into derivative transactions, including forward foreign currency exchange contracts to seek to hedge against currency risk and total return swaps. See “Investment Objective, Strategies and Policies—Principal Investment Strategies—Global Innovation Allocation.”

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Preliminary prospectus

Nuveen Dynamic Municipal Opportunities Fund

Common Shares

$15.00 per Share

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 5) 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. 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 are anticipated to change over time based upon the subadviser’s assessment of market conditions and individual investment opportunities. The Fund may invest up to 20% of its Managed Assets (as defined on page 5) in taxable debt obligations, including taxable municipal securities. The Fund may invest without limit in municipal securities that generate income subject to the federal alternative minimum tax. 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 “NDMO.”

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Aberdeen Standard Global Infrastructure Income Fund

Common Shares of Beneficial Interest $20.00 per Share


Investment Objective. Aberdeen Standard Global Infrastructure 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 income. 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 around the world. Under normal circumstances, 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 “ASGI,” subject to notice of issuance.

Preliminary prospectus

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Angel Oak Dynamic Financial Strategies Income Term Trust (DYFN) initial public offering expected to close June 30th.

First Trust High Yield Opportunities 2027 Term Fund (FTHY) commenced trading on NYSE today.

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