Mon, 04/06/2007 - 07:52
Shares of the Pioneer Diversified High Income Trust, a diversified, closed-ended investment company that aims primarily to provide its common shareholders with a high level of current income and secondarily to achieve capital appreciation, have begun trading on the American Stock Exchange.
Under normal market conditions, the fund invests at least 80 per cent of its assets in a diversified portfolio of below-investment grade debt securities, loans and preferred stocks.
The fund allocates its investments principally among types of fixed-income securities: below-investment grade debt securities and preferred stocks of US and non-US issuers, including government and corporate emerging market issuers, floating rate loans, and event-linked bonds, also known as insurance-linked or catastrophe bonds.
Pioneer Investment Management is the fund's investment adviser, while Montpelier Capital Advisors serves as the fund's investment sub-adviser with respect to its investments in event-linked bonds.
'This closed-end fund uses an innovative strategy that gives investors exposure to a new asset class, catastrophe bonds, within a diversified portfolio, and is an important expansion of our closed-end portfolio,' says Daniel K. Kingsbury, president and chief executive of Pioneer Investment Management USA.
'We are pleased to welcome Pioneer Investment as it launches its first closed-end fund on the Amex,' said Tom Rzepski, vice-president of the exchange's closed-ended fund business, which currently comprises 149 listed closed-end funds with USD32bn in assets. 'The Amex hopes to have a long and fruitful partnership with Pioneer and looks forward to bringing new and innovative investment opportunities to the marketplace.'
With an initial share price of USD25 for the Pioneer Diversified High Income Trust, the approximate initial value of the 7.3 million shares is USD182.5m, excluding the underwriter's over-allotment option. The underwriting syndicate is led by UBS Securities and Merrill Lynch, Pierce, Fenner & Smith, while the fund's specialist is Kellogg Capital Group.
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