Flexible Credit Income Fund

PFFLX

Updated August 21, 2019

Objective

The Fund seeks to provide attractive risk adjusted returns and current income.

Overview

Fund Overview

The fund utilizes a flexible, multi-sector credit strategy and can provide access to less liquid investment strategies given its limited expected share repurchases in an attempt to provide risk-adjusted returns and current income. To achieve its objective, the fund looks to allocate across a wide array of global credit sectors, including corporate, mortgage, consumer emerging market, and municipal credit markets, and has the flexibility to invest in both public and private credit sectors.

The fund will invest, under normal circumstances, at least 80% of its assets (plus any borrowings for investment purposes) in a portfolio of debt instruments of varying maturities. At least 25% of its total assets will typically be invested in public and private issued mortgage-related assets, and up to 40% of its total assets may be invested in securities of issuers economically tied to emerging market countries. The average portfolio duration of the fund is expected to be between zero and eight years. (See the fund prospectus for more detailed portfolio information.)

The Fund is a interval fund and as such offers limited expected share repurchases. The fund has adopted a fundamental investment policy to make quarterly offers to repurchase between 5% and 25% of its outstanding common shares at net asset value. Subject to applicable law and approval of the Board of Trustees, for each quarterly repurchase offer, the fund currently expects to offer to repurchase 5% of the fund’s outstanding common shares at net asset value.

DIVIDEND FREQUENCY

Quarterly with Daily Accrual

SHARE CLASS INCEPTION

11/30/2018

CUSIP

72202M205

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Managers

Daniel J. Ivascyn

Group Chief Investment Officer

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Alfred T. Murata

Portfolio Manager, Mortgage Credit

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Marc P. Seidner

CIO Non-traditional Strategies

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Mark R. Kiesel

CIO Global Credit

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Christian Stracke

Global Head of Credit Research

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Eve Tournier

Head of European Credit Portfolio Management

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Yields & Distributions

Historical Prices & Distributions

1 - Day Distribution Yield as of 08/21/2019 -
30 - Day SEC Yield as of 08/21/2019 -
NAV Distribution Rate as of 06/28/2019 6.28%
Latest Distribution ($ Share)1 as of 06/28/2019 $0.158340000
Distribution (YTD) 2 as of 06/28/2019 $0.313200000
Distributions Footnotes & Disclosures

disclosures

1Data does not include special cash dividends.
2Data is based on distributions since the most recent calendar year end and does not include special cash dividends.

Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. A negative value for Undistributed Net Investment Income represents the potential for a ROC on an estimated tax basis. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the composition of distributions. Final determination of a distribution’s tax character will be made on Form 1099 DIV sent to shareholders each January.


It is important to note that differences exist between the fund’s daily internal accounting records, the fund’s financial statements prepared in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. It is possible that the fund may not issue a Section 19 Notice in situations where the fund’s financial statements prepared later and in accordance with U.S. GAAP or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please see the fund’s most recent sharehold