TwentyFour Select Monthly Income Fund

Key Characteristics

At launch, the Company had a target net total return on the original issue price of between 8% and 10% per annum. This comprised a target dividend payment of 6p per share per annum and a target capital return of 2p-4p, both based on the original issue amount of 100p. Whilst there is no guarantee that this can or will be achieved, the 6p per share per annum Dividend Target has consistently been met.

Investment Approach

The Company actively invests in a diversified portfolio of fixed income credit securities that exhibit an illiquidity premium, and which the Portfolio Managers believe represent attractive relative value. These securities will include (but are not limited to): corporate bonds, asset-backed securities, high yield bonds, bank capital, Additional Tier 1 securities, and leveraged loans. Uninvested cash or surplus capital or assets may be invested on a temporary basis in cash and/or a range of assets including money market instruments and government bonds. The Company may also use derivatives.

This is only a summary; details of the Company’s investment policy, including investment restrictions, are set out more fully in the Prospectus. Typical investors for whom these Ordinary Shares are intended are professional investors or professionally advised retail investors who are principally seeking monthly income from a portfolio of credit securities. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products, because the Company would qualify as an investment trust if it was based in the UK. The Fund is not managed in reference to any benchmark index.