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Multi-Sector Income Fund (ERC) 

All data as of 10-31-17 unless otherwise noted.

NAV
as of 11-21-17
Daily change Daily change
$14.19 $0.03 0.21%
Market Price
as of 11-21-17
Daily change Daily change
$12.91 $0.01 0.08%
Premium/discount as of 11-21-17
-9.02%
Inception date 6-25-03
Ticker ERC
NAV ticker XERCX
CUSIP 94987D101
Distribution yield (NAV) as of 11-21-17 9.24%
Distribution yield (market price) as of 11-21-17 10.15%
30-day SEC yield (NAV) as of 11-20-17 5.52%
30-day unsubsidized SEC yield as of 11-20-17 5.52%
Assets as of 11-21-17 495667992

Objective

The fund seeks to provide a high level of current income consistent with limiting its overall exposure to domestic interest-rate risk.

Philosophy

The fund invests in a mix of non-investment-grade corporate debt securities, including bank loan securities, foreign and emerging markets debt securities, adjustable and fixed-rate mortgages, and investment-grade corporate bonds.

Management

Alex Perrin
25 years of investment experience

Niklas Nordenfelt, CFA
26 years of investment experience

Peter Wilson
39 years of investment experience

Christopher Kauffman, CFA
20 years of investment experience

Michael Lee
35 years of investment experience

Anthony Norris
52 years of investment experience

Philip Susser
22 years of investment experience

Christopher Wightman
20 years of investment experience

Noah Wise, CFA
15 years of investment experience

Dividend history

Declaration date Ex-dividend date Record date Payable date Dividend rate/share ($)

The final determination of the source of all dividend distributions in the current year will be made after year-end. The actual amounts and sources of the amounts for tax-reporting purposes will depend upon a fund's investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations. Each fund will send shareholders a Form 1099-DIV for the calendar year that will tell shareholders how to report these distributions for federal income tax purposes.

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available by calling 1-800-343-2898. Performance figures of the fund do not reflect fees charged pursuant to the terms of any brokerage account agreements. If sales charges had been reflected, performance would have been lower.

The closed-end funds (CEFs) are no longer offered as initial public offerings. Investors who wish to buy or sell fund shares of a CEF need to place orders through an intermediary, or broker, who will buy or sell fund shares on the stock exchange in a process identical to the purchase or sale of any other listed stock.

The quoted distribution yield is a figure that uses the fund’s previous distribution to calculate an annualized figure. The distribution yield is calculated by annualizing the last distribution and then dividing by the period-ending NAV or market price. Special distributions, including special capital gains distributions, are not included in the calculation.

The 30-day SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share and includes the effect of any fee waivers. Without waivers, yields would be reduced. The 30-day unsubsidized SEC yield does not reflect waivers in effect. A fund's actual distribution rate will differ from the SEC yield and any income distributions from the fund may be higher or lower than the SEC yield.

The fund is leveraged through a revolving credit facility and also may incur leverage by issuing preferred shares in the future. The use of leverage results in certain risks, including, among others, the likelihood of greater volatility of net asset value and the market value of common shares. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. Derivatives involve additional risks, including interest-rate risk, credit risk, the risk of improper valuation, and the risk of noncorrelation to the relevant instruments that they are designed to hedge or closely track. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the fund and its share price can be sudden and unpredictable. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. This fund is exposed to mortgage- and asset-backed securities risk. This closed-end fund is no longer available as an initial public offering and is only offered through broker/dealers on the secondary market.

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