Sec closed end funds

• [PDF File]PDF Saba Closed-End Funds ETF (CEFS)

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  Saba Closed-End Funds ETF (CEFS) As of July 31, 2019 The Saba Closed-End Funds ETF (Bats: CEFS) is an actively managed ETF that seeks to generate high income by investing in closed-end funds trading at a discount to net asset value, and hedging the portfolio's exposure to rising interest rates.

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• [PDF File]PDF Developments in Anti-Money Laundering Regulation for ...

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  Developments in Anti-Money Laundering Regulation for Investment Advisers and Funding Portals | May 2016 -4- FinCEN also recognizes that there may be a similar relative lack of transparency if the private fund advisory client or the investing pool is an offshore one. These arrangements could present heightened risks, which the SEC-

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• [PDF File]PDF LICENSING CRITERIA Closed End Fund (Single Fund) SEC-3

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  Licensing Criteria - Closed End Fund (Single Fund) 1 LICENSING CRITERIA Closed End Fund (Single Fund) - SEC-3.2A Note to the Applicant: 1. The objective of the Licensing Criteria is to ensure the continuous and efficient collaboration between the Commission and the Applicant for a licence in order to ease the licensing process. 2.

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• [PDF File]PDF Important Information about Closed-End Funds (including ...

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  which provides useful information. Closed-end funds also file regular reports with the SEC. Closed-end fund reports are available from your Baird Financial Advisor or on the SEC's EDGAR database at www.sec.gov. Characteristics of Interval Funds Some closed-end funds, known as interval funds, provide a daily NAV and can be purchased on a

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• PDF An Opportunity to Differentiate with Unlisted Closed-End Funds

  An Opportunity to Differentiate with Unlisted Closed-End Funds | 3 While interval funds and tender-offer funds, or unlisted closed-end funds (CEFs), are not a new concept in the registered marketplace, they have gained steady interest in recent years as a viable option to support the growing demand for non-correlated returns .

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• [PDF File]PDF InFocus: Regulatory proposals impact the BDC market

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  The SEC also proposed the removal of the "3-5-10 percent" rule in section 12d-1-A that restricts the amounts registered investment companies (mutual funds, unit investment trusts, listed and unlisted closed-end funds, and ETFs) and BDCs can invest in other registered investment companies or BDCs. These adjustments

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• [PDF File]PDF Contents

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  statements, proxies and shareholder reports . He has counseled open-end and closed-end fund boards on a variety of legal issues. He also has counseled funds and investment advisers on developing new products and in connection with SEC staff examinations, preparing responses to SEC inquiries and addressing issues raised in SEC staff

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• [PDF File]PDF Cohen & Steers Quality Income Realty Fund

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  Shares of many closed-end funds frequently trade at a discount from their net asset value. The funds are subject to stock market risk, which is the risk that stock prices overall will decline over short or long periods, adversely affecting the value of an investment in a fund. The Fund is subject to special risk considerations similar

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• [PDF File]PDF SEC Proposes New Rule for Fund-of-Funds Arrangements

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  The Proposed Rule would permit registered open-end funds, UITs, closed-end funds (including business development companies), exchange-traded funds ("ETFs") and exchange-traded management funds ("ETFMs") to rely on the Proposed Rule as both acquiring funds and acquired funds, subject to compliance with certain conditions. The Proposed Rule

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• [PDF File]PDF Additional information about Nuveen Asset Management, LLC ...

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  Nuveen Asset Management, LLC ("NAM") provides investment advisory services to a broad range of individual and institutional clients, including open-end and closed-end investment companies registered under the Investment Company Act of 1940, as amended (the "1940 Act") and other

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• [PDF File]PDF Introduction and Overview of 40 Act Liquid Alternative Funds

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  Managed Futures Mutual Funds 9 III. Overview of Alternative Closed-End Funds 11 Alternative Exchange-Traded Funds 11 Continuously Offered Interval or Tender Offer Funds 12 Business Development Companies 13 Unit Investment Trusts 14 IV. Requirements for 40 Act Liquid Alternative Funds 15 Registration and Regulatory Filings 15

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• [PDF File]PDF BlackRock Taxable Closed-End Funds Summary of Dividends Paid ...

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  be found in the Funds' prospectuses which may be obtained by visiting the SEC Edgar database. Read the prospectus carefully before investing. Common shares for most of the closed-end funds identified above are only available for purchase and sale at current market price on a stock exchange.

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• [PDF File]PDF The New Anti-Money Laundering Rule - Schulte Roth & Zabel

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  The New Anti-Money Laundering Rule. Brad L. Caswell Brad focuses his practice on counseling hedge funds and private equity funds on operational, regulatory and compliance matters. ... The public comment period has closed and the Proposed Rule will be subject to additional review

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• [PDF File]PDF Cohen & Steers Closed-End Opportunity Fund

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  SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities. Since certain distributions received by the funds from closed-end fund investments (CEFs) may consist of dividend income, return of capital and capital gains, and the character of these distributions cannot be

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• PDF Quarterly summary of current SEC activities

  SEC proposal would amend offering rules for BDCs and closed-end funds The SEC proposed amending. certain of its rules to align the registration, communications and offering rules for busin ess development companies (BDCs) and registered closed-end funds with those that apply to operating companies. The proposal would allow BDCs and closed -end

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• [PDF File]PDF Interval funds: An unexpected revival for an old vehicle ...

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  1993 via SEC Rule 23c-3 in response to complaints about the very large market discounts to the net asset value (NAV) that closed-end funds often have. Closed-end funds generally are attractive because they allow investment managers to take advantage of a stable portfolio to achieve the potentially higher

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• [PDF File]PDF A Guide for Investors

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  Open-end investment companies or open-end funds —which sell shares on a continuous basis, purchased from, and redeemed by, the fund (or through a broker for the fund); Closed-end investment companies or closed-end funds —which sell a fixed number of shares at one time (in an initial public offering) that later trade on a secondary market; and

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• [PDF File]PDF Frequently Asked Questions About Closed-end Funds

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  FREQUENTLY ASKED QUESTIONS ABOUT CLOSED-END FUNDS Most investors are familiar with mutual funds, or open-end registered investment companies. Closed-end funds, however, may be less familiar to investors. Here we address some of the differences between open-end and closed-end funds and answer

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• [PDF File]PDF SEC Proposes Rule Changes for Fund of Funds Arrangements

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  that registered open-end funds, unit investment trusts ("UITs"), closed-end funds (including BDCs), exchange-traded funds ("ETFs"), and exchange-traded managed funds ("ETMFs") could rely on the Proposed Rule as both Acquiring Funds and Acquired Funds. In addition to fund of funds arrangements that are currently permitted under

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• [PDF File]PDF Sec Staff Issues No-action Letter and Irs Issues Notice ...

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  I. SEC No-Action Letter Background In February 2008, the auction market for closed-end preferred stock became disrupted, and since then auctions have continued to "fail." As a result, holders of closed-end fund preferred stock have been unable to sell their shares and the issuing funds have been paying dividends on those shares at

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• [PDF File]PDF BDCs VERSUS TRADITIONAL CLOSED-END FUNDS: HOW THEY STACK UP

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  Traditional closed-end funds generally have lower reporting thresholds which are limited to annual and semi-annual reports and a quarterly schedule of investments. In a low-rate environment, investors are continually on the hunt for attractive sources of income—and for many, closed-end high yield bond and leveraged loan funds fit the bill.

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• [PDF File]PDF Stay Current Section 13 SEC Reporting by Advisers and Brokers ...

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  aggregate, held more than 5% of the voting, equity securities of any SEC-reporting company, closed-end fund or insurance company, as described further below (a Section 13(d) or Section 13(g) reporting obligation); or managed discretionary accounts holding, in the aggregate, equity securities with a market

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• [PDF File]PDF Frequently Asked Questions About Interval Funds

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  FREQUENTLY ASKED QUESTIONS ABOUT INTERVAL FUNDS Understanding Interval Funds What is an "interval fund"? An interval fund is a registered closed-end management investment company that periodically offers to buy back its shares from shareholders every three, six or 12 months when relying on Rule 23c-3 under the

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• PDF SEC Proposes Closed-End Fund Offering Reform

  On March 20, 2019, the U.S. Securities and Exchange Commission ("SEC") proposed a series of reforms to the registration and offering processes for registered closed-end investment companies ("Registered CEFs"). 1 The proposal responds to the SEC's congressional mandate to extend offering reforms currently available to operating companies2

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• [PDF File]PDF Investment Management Regulatory Update - Davis Polk & Wardwell

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  Funds filed and had declared effective by the SEC (or intends to file and have declared effective) a shelf registration statement on Form N-2. Rule 486(b) allows a post-effective amendment to the registration statement of a closed-end fund that makes periodic repurchase offers under Rule 23c-3 under the

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• [PDF File]PDF FORM N-PORT MONTHLY PORTFOLIO INVESTMENTS REPORT

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  end of each month. Such information shall be treated as a record under section 31(a)(1) of the Act and rule 31a-1(b) thereunder subject to the requirements of rule 31a-2(a)(2). Reports on Form N-PORT for each month in each fiscal quarter of a fund must be filed with the Commission no later than 60 days after the end of such fiscal quarter.

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• Understanding Closed- End Interval Funds

  • Rule 18f-3, which allows open-end funds to offer multiple share classes, is not available to closed-end funds, including interval funds. • Therefore, exemptive relief from Section 18's prohibitions on multiple share classes is required if an interval fund desires to offer multiple share classes. • Exemptive applications are common.

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• [PDF File]PDF Independence Standard No. 2 - PCAOB

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  Independence Standard No. 2 ... relevant changes by the SEC will be posted to the ISB's website at ... These include, for example, open-end and closed-end funds, and unit investment trusts. c. Mutual fund complex. The mutual fund operation in its entirety,

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• [PDF File]PDF Alert - K&L Gates

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  Similarly, Form N-2 (which covers closed-end funds) was amended to require registered closed-end funds to include, as a line item in the fee table, their "pro rata portion of the cumulative expenses charged by the acquired funds, including management fees and expenses, transaction fees and performance fees (including incentive allocations)."

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• The Investment Lawyer - Morgan, Lewis & Bockius

  due to the fact that open-end funds also must pay redemption proceeds within seven days.6 In order to better position open-end funds to meet these requirements, the SEC requires open-end funds to limit their holdings in illiquid assets to no more than 15 percent of their net assets.7 Closed-end funds, however, do not issue

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