Core Viewpoint - Sprott Asset Management has announced an update to its at-the-market equity program, allowing the issuance of up to U.S.$100 million in units of the Sprott Physical Platinum and Palladium Trust, aimed at investing in physical platinum and palladium bullion [1][4]. Group 1: Equity Program Details - The updated at-the-market equity program will be executed under an amended sales agreement with various agents, including Cantor Fitzgerald and BMO Capital Markets [2][3]. - Sales of units will occur on the NYSE Arca and the Toronto Stock Exchange at prevailing market prices, with the timing and volume of sales determined at the Trust's discretion [3][4]. Group 2: Use of Proceeds - Proceeds from the equity program will be utilized to acquire physical platinum and palladium bullion, aligning with the Trust's investment objectives [4]. Group 3: Regulatory and Compliance Information - The offering is made pursuant to a prospectus supplement filed with the SEC and Canadian securities authorities, ensuring compliance with applicable regulations [5][6]. - The listing of the units on the NYSE and TSX has been approved, subject to meeting all listing requirements [6]. Group 4: Company Background - Sprott Asset Management is a subsidiary of Sprott Inc., specializing in precious metals and critical materials investments, with a focus on providing in-depth knowledge and investment strategies [8][9].

Core Viewpoint - The recent policies from Gansu and Guangdong provinces emphasize stricter control over the establishment of government investment funds, aligning with the central government's guidance to enhance the quality and management of these funds [1][2][5]. Group 1: Policy Overview - Gansu's implementation opinion highlights the need to "strictly control the establishment of new funds" and to optimize existing funds, reflecting a trend towards improving the quality of existing government investment funds [1][5]. - Guangdong's management measures also stress the importance of government guidance and policy orientation in fund establishment, requiring approval from local governments for new funds [2][7]. - Both provinces have adopted similar measures regarding the classification and management of funds, emphasizing the need for thorough evaluation and approval processes [2][6]. Group 2: Stringency of Regulations - Gansu's policy is noted for its heightened emphasis on strictness, with the term "strict" appearing nine times in its document, covering various aspects such as fund establishment, performance evaluation, and risk control [3][4]. - The Gansu policy explicitly prohibits the establishment of funds for the purpose of attracting investment, indicating a more rigorous approach compared to Guangdong [5][6]. Group 3: Implementation of Central Guidelines - Since the issuance of the central government's "Guidance on Promoting the High-Quality Development of Government Investment Funds," multiple provinces have introduced related policies to strengthen the management of these funds [1][6]. - The central document outlines the need for a well-structured, efficient, and risk-controlled framework for government investment funds, which has been echoed in the provincial policies [6][7]. Group 4: Management Fee Regulations - Guangdong's management measures propose that fund management fees be determined based on performance evaluations, potentially disrupting the traditional practice of fixed management fees [10][11]. - The shift to performance-based management fees aims to align the interests of fund managers and investors, although it may increase short-term performance pressure on investment institutions [10][11].

Group 1 - The Jiangsu Province Strategic Emerging Industry Special Fund, initiated by Changzhou Investment Group, has a total scale of 8.5 billion and has officially entered the investment phase [1] - The Changzhou Future Industry Angel Fund, as a key component of the provincial strategic emerging fund cluster, has selected Suzhou Yuanhe Holdings as the fund management institution [1] - The fund focuses on key future industry sectors such as synthetic biology, third-generation semiconductors, artificial intelligence, low-altitude economy, and aerospace development, aligning with the "51010" strategic emerging industry cluster and "1650" industrial system [1]

Core Viewpoint - The article discusses the recent implementation of policies aimed at promoting the high-quality development of government investment funds in Gansu Province, reflecting a broader trend across various regions in China to control the establishment of new funds and optimize existing ones [1][3]. Group 1: Control and Integration of Funds - The Gansu government's implementation opinion emphasizes the unified management of government investment funds by fiscal departments, with a strict control on the establishment of new funds and a push for the optimization and integration of existing funds [3][4]. - The scope of control over new fund establishment has expanded from county-level to include municipal-level governments, indicating a tightening of fund creation policies [3]. - Data shows a decrease in the establishment of local government funds, with 298 funds created in Q1 2025, down 2.5% year-on-year, and a total fund size of 338.41 billion yuan, down 19.04% year-on-year [3]. Group 2: Adjustments in Funding Mechanisms - Policies are being introduced to adjust the contribution ratios and optimize return policies for government investment funds, aiming to enhance their guiding role [6]. - For instance, a new 2 billion yuan mother fund in Jingzhou aims to create a fund cluster of at least 20 billion yuan within three years, allowing for a contribution ratio of up to 99% for certain sub-funds [6]. - Other regions, such as Tianjin and Sichuan, have also increased the maximum contribution ratios for government investment funds, with some allowing up to 70% contributions [6]. Group 3: Policy Responses and Trends - Following the release of the national guidelines, various regions have actively issued related policy documents to regulate and guide the high-quality development of government investment funds [8][9]. - The trend indicates a shift towards more cautious fund establishment, prioritizing quality over quantity, and a growing market-oriented approach in fund management [9]. - Enhanced professional management and risk control measures are being emphasized, with local governments focusing on integrating funds with industry needs to better support national and local development strategies [10].

Core Points - Priority Income Fund has declared monthly cash "base" and "bonus" distributions for June, July, and August 2025, consistent with prior distributions [1][2] - The annualized total cash distribution is $1.34016 per share, with Class R at a 17.4% annualized rate and Class I at an 18.7% annualized rate [2] - Cumulative cash distributions since inception in January 2014 total $16.39 per common share through August 2025 [5] Monthly Cash "Base" Distribution - The cash "base" distribution is $0.08056 for June and July 2025, and $0.10070 for August 2025, payable monthly [3] - These distributions represent the 138th, 139th, and 140th consecutive monthly "base" distributions [3] Monthly Cash "Bonus" Distribution - The cash "bonus" distribution is $0.024167 for June, July, and August 2025, representing the 57th, 58th, and 59th monthly "bonus" distributions [4] Preferred Stock Distributions - The Fund has declared distributions on various series of preferred stock, including Series D, I, J, K, and L, with amounts ranging from $0.37500 to $0.43750 per share [6][7] Fund Overview - Priority Income Fund is a registered closed-end fund focused on acquiring and growing an investment portfolio primarily consisting of senior secured loans and collateralized loan obligations (CLOs) [9] - The Fund is managed by Priority Senior Secured Income Management, LLC, which has a team of investment professionals from Prospect Capital Management L.P. [9]

Group 1 - The article discusses the management measures released by the Gansu Provincial People's Government aimed at promoting the high-quality development of government investment funds, emphasizing the need for stronger government guidance [1] - It highlights that local financial departments are responsible for the unified management of government investment funds at their level, with a focus on controlling the establishment of new funds and optimizing existing ones [1] - The measures call for the cultivation of long-term and patient capital, as well as the reasonable determination of the duration of government investment funds [1] Group 2 - The article stresses the importance of adhering to the national strategy for building a unified market and establishing a sound incentive and error-correction system [1] - It indicates that government investment funds should not be established solely for the purpose of attracting investment [1]

Core Viewpoint - The implementation opinions from Gansu Province emphasize the need for high-quality development of government investment funds, aligning with the national guidelines issued earlier this year, indicating a tightening of new fund establishment across all levels of government [1][2][3]. Summary by Sections Government Investment Fund Management - The Gansu implementation opinions require all levels of financial departments to manage government investment funds uniformly, strictly controlling the establishment of new funds and promoting the optimization and integration of existing funds [1]. - The document reflects a broader trend where many regions are tightening their policies on new government investment funds in response to national directives [1][2]. Impact on Fund Establishment - The enthusiasm for establishing new government investment funds has decreased, influenced by the national guideline that prohibits setting up funds for the purpose of attracting investment [2][3]. - In the first quarter of 2024, the scale of newly initiated mother funds was 238.7 billion, while in the first quarter of this year, it dropped to 146.2 billion, marking a decline of 38.75% [3]. Changes in Investment Strategy - The national guideline has significantly impacted the previously popular "fund attraction" model, leading to a transformation in local government strategies for investment and fund establishment [3][4]. - Many local governments are now focusing on nurturing local industries rather than attracting external projects, indicating a shift in the investment landscape [5]. Future Policy Developments - Multiple regions are revising their government investment fund policies in accordance with the national guidelines, with new policies expected to be released throughout the year [6].

Group 1 - The current market stance is primarily risk-off due to anticipated credit risk expansion within the next twelve months [1] - Certain risky credit assets have experienced premature sell-offs, creating attractive yield opportunities [1] - The focus of the proprietary investment fund includes Bonds, Preferreds, and REITs, with primary sectors being Financials and Real Estate [1] Group 2 - The mission of the investment firm is to discover actionable total return ideas through a combination of academic theories, practical experience, and common sense [1]

Core Viewpoint - Japan Smaller Capitalization Fund, Inc. has announced two initiatives to address its trading discount, including a Level Distribution Plan and a Conditional Tender Offer, aimed at enhancing shareholder value and providing consistent distributions to long-term shareholders [1][2]. Level Distribution Plan - The Fund will implement a Level Distribution Plan to pay monthly distributions at an annualized rate of 10% of the Fund's Net Asset Value (NAV) as of May 31, 2025, with a monthly distribution of $0.0887 per common share for July, August, and September 2025 [3][5]. - The distribution schedule includes record dates, ex-dividend dates, and payment dates for the months of July, August, and September 2025 [3]. - Distributions will primarily be made in cash, but shareholders can opt for shares under the Fund's dividend-reinvestment plan [4]. - The sources of distributions may include net investment income, realized capital gains, and/or a return of shareholder capital, with the actual composition reported to shareholders at year-end [5]. Conditional Tender Offer - The Board has approved a Conditional Tender Offer for 10% of its outstanding shares, contingent upon the shares trading at an average daily market price discount of 9% or greater to NAV during a nine-month measurement period from July 1, 2025, to March 31, 2026 [7]. - The Conditional Tender Offer is designed to provide shareholders with clear, time-bounded relief if the discount persists and is complementary to the Level Distribution Plan [8]. Investment Outlook - The Japanese market is expected to have growth rates comparable to the United States in most sectors, with improvements in Return on Equity (ROE) supported by profit margin enhancements and revenue growth [11]. - Share buybacks and dividend increases are anticipated to continue, raising financial leverage, with ongoing corporate reforms potentially leading to further increases in ROE [11]. Continued Focus on Long-Term Value - The announcement reflects the Fund's commitment to delivering competitive performance and stable distributions, with a focus on long-term value creation for shareholders [12]. About the Fund - The Fund primarily invests in smaller capitalization companies in Japan and is managed by Nomura Asset Management U.S.A. Inc., a subsidiary of one of Japan's largest investment advisory companies [13].

智通财经6月6日电，天眼查App显示，北京亦庄工融交融股权投资基金合伙企业（有限合伙）近日成 立，执行事务合伙人为交银资本管理有限公司，出资额25亿人民币，经营范围为以私募基金从事股权投 资、投资管理、资产管理等活动。合伙人信息显示，该基金由北京亦庄国际投资发展有限公司、工银金 融资产投资有限公司、交银金融资产投资有限公司等共同出资。 工银投资、交银投资等在北京亦庄成立股权基金 出资额25亿 ...