Net Asset Value(s)

TWENTYFOUR SELECT MONTHLY INCOME FUND LIMITED
(a closed-ended investment company incorporated in Guernsey with registration number 57985 )
(LEI: 549300P9Q5O2B3RDNF78)

Final Net Asset Value

FUND NAME	NAV	ISIN	NAV DATE
TwentyFour Select Monthly Income Fund Limited	72.77	GG00BJVDZ946	18th March 2020

There has been extensive coverage about how the markets are in a paralysed state; over the course of two weeks spreads in the credit market have moved to levels not seen since the depths of 2009, when the solvency of the banking system and the very existence of capitalism came into question. 

SMIF has not been immune from these moves and has seen significant moves in the NAV, despite no concerns about the credit-metric fundamentals of the underlying components in the fund.

The moves are unprecedented but, in our opinion, bring with them opportunities for yield. We have witnessed bonds available significantly below par, despite already having been called – a situation that is unlikely to last, and which creates an opportunity for attractive income streams.

The Portfolio Managers remain confident in the robustness of the portfolio, and the quality of the underlying assets. We will continue to be available to answer investors’ questions and publish our thoughts on the markets as frequently as possible.

Enquiries:

Northern Trust International Fund Administration Services (Ireland) Limited

Michelle Wallace   [phone]

Date: 19^th March 2020