Flexible Credit Income Fund

PFALX

Updated September 18, 2020

Objective

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

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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 an 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

10/28/2019

CUSIP

72202M304

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PFLEX is a diversified, flexible interval fund that seeks attractive risk-adjusted returns and current income from investments spanning the global credit opportunity set.

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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

View Profile for Mark R. Kiesel

Christian Stracke

Global Head of Credit Research

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Eve Tournier

Head of European Credit Portfolio Management

View Profile for Eve Tournier

Yields & Distributions

Historical Prices & Distributions

1 - Day Distribution Yield as of 09/18/2020 -
30 - Day SEC Yield as of 09/18/2020 -
NAV Distribution Rate as of 06/30/2020 8.31%
Latest Distribution ($ Share)1 as of 06/30/2020 $0.170170000
Distribution (YTD) 2 as of 06/30/2020 $0.338470000