TwentyFour Select Monthly Income Fund Limited (SMIF) Ordinary 1p

TwentyFour Select Monthly Income Fund Limited is a Guernsey-based closed-ended investment company. The Company’s investment objective is to generate attractive risk-adjusted returns, principally through income distributions, by investing in a diversified portfolio of fixed income credit products. The Company’s investment policy is to invest in a diversified portfolio of credit securities. Its portfolio comprises any category of credit security, including, without prejudice to the generality of the foregoing, bank capital, corporate bonds, high-yield bonds, leveraged loans, payment-in-kind notes and asset-backed securities and includes securities of a less liquid nature. It maintains a portfolio diversified by issuer and comprises approximately 50 credit securities. Its alternative investment fund manager is Apex Fundrock Limited.

The Fund will actively invest 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, payment-in-kind notes 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 Fund may also use derivatives. This is only a summary; details of the Fund’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.

• Ongoing charge1.19%
• Annual management charge -
• Performance feeNo

Investment management fee of 0.75% of lower of market cap and NAV. The Investment Management Agreement may be terminated by either party giving not less than 12 months notice.