ERC

Multi-Sector Income Fund

$9.87
NAV
+$0.05 / +0.51%
$8.94
Market price* $0.05 (0.56%)
-9.42
Premium/Discount
Data as of 4/23/2024
Fund overview
Combining three investment strategy sleeves
The Multi-Sector Income Fund seeks to provide a high level of current income consistent with limiting its overall exposure to domestic interest rate risk.

Under normal market conditions, the fund allocates approximately 30%–70% of its total assets to a sleeve consisting of below-investment-grade (high yield) debt; approximately 10%–40% to a sleeve of foreign debt securities, including emerging market debt; and approximately 10%–30% to a sleeve of adjustable-rate and fixed-rate mortgage-backed securities and investment-grade corporate bonds

Key ​differentiators

  • Uses a six-month investment horizon to anticipate market inflection points
  • Allocates strategically to a variety of alpha sources through security selection, sector allocation, and duration and curve positioning
  • Seeks diversified and unbiased sources of alpha to generate compelling returns

General facts

Fund inception date

6/25/2003

Ticker

ERC

CUSIP

94987D101

Distribution rate (NAV)

8.06%

Distribution rate (market price)

8.90%

30-Day SEC yield (as of 4/22/2024)

8.50%

30-Day unsubsidized SEC yield (as of 4/22/2024)

8.50%

Assets under management

$276.9M

Distributions

Historical prices

YTD high $10.18 1/1/2024
YTD low $9.76 4/16/2024
52-week high $10.19 12/27/2023
52-week low $9.33 10/25/2023
2023 high $10.19 12/27/2023
2023 low $9.33 10/25/2023
Best quarterly return 13.86% 6/30/2020
Worst quarterly return -17.66% 3/31/2020
Best annual return 17.28% 12/31/2016
Worst annual return -14.34% 12/31/2022

Distribution summary

Dividends Monthly
Capital gains Annually

Yields

Yield (as of 4/23/2024) Statistic
Distribution yield 8.06%
30-day SEC yield (as of 4/22/2024) 8.50%
30-day unsubsidized SEC yield (as of 4/22/2024) 8.50%

Dividend history

Ex-dividend date Record date Payable date Dividend rate/share ($)
4/11/2024 4/12/2024 5/1/2024 0.06542
3/11/2024 3/12/2024 4/1/2024 0.0653
2/12/2024 2/13/2024 3/1/2024 0.06521
1/12/2024 1/16/2024 2/1/2024 0.06504
12/11/2023 12/12/2023 1/2/2024 0.06498
11/13/2023 11/14/2023 12/1/2023 0.06497
10/12/2023 10/13/2023 11/1/2023 0.06495
9/11/2023 9/12/2023 10/2/2023 0.06511
8/11/2023 8/14/2023 9/1/2023 0.06499
7/13/2023 7/14/2023 8/1/2023 0.06507
6/12/2023 6/13/2023 7/3/2023 0.06541
5/11/2023 5/12/2023 6/1/2023 0.06604
4/13/2023 4/14/2023 5/1/2023 0.0669
3/10/2023 3/13/2023 4/3/2023 0.06805
2/10/2023 2/13/2023 3/1/2023 0.06934
1/12/2023 1/13/2023 2/1/2023 0.07081
12/12/2022 12/13/2022 1/3/2023 0.07243
11/11/2022 11/14/2022 12/1/2022 0.07424
10/13/2022 10/14/2022 11/1/2022 0.07598
9/12/2022 9/13/2022 10/3/2022 0.07744
8/11/2022 8/12/2022 9/1/2022 0.08909
7/11/2022 7/12/2022 8/1/2022 0.09095
6/10/2022 6/13/2022 7/1/2022 0.09256
5/12/2022 5/13/2022 6/1/2022 0.09375
4/11/2022 4/12/2022 5/2/2022 0.09477
3/11/2022 3/14/2022 4/1/2022 0.0955
2/11/2022 2/14/2022 3/1/2022 0.09601
1/13/2022 1/14/2022 2/1/2022 0.09637
12/13/2021 12/14/2021 1/3/2022 0.09641
11/12/2021 11/15/2021 12/1/2021 0.09617
10/12/2021 10/13/2021 11/1/2021 0.09582
9/13/2021 9/14/2021 10/1/2021 0.09553
8/12/2021 8/13/2021 9/1/2021 0.09502
7/12/2021 7/13/2021 8/2/2021 0.09443
6/11/2021 6/14/2021 7/1/2021 0.09347
5/13/2021 5/14/2021 6/1/2021 0.09223
4/12/2021 4/13/2021 5/3/2021 0.09131
3/11/2021 3/12/2021 4/1/2021 0.09142
2/11/2021 2/12/2021 3/1/2021 0.09161
1/12/2021 1/13/2021 2/1/2021 0.09177
12/11/2020 12/14/2020 1/4/2021 0.09215
11/12/2020 11/13/2020 12/1/2020 0.09275
10/13/2020 10/14/2020 11/2/2020 0.09336
9/11/2020 9/14/2020 10/1/2020 0.0939
8/13/2020 8/14/2020 9/1/2020 0.09472
6/12/2020 6/15/2020 7/1/2020 0.09664
5/11/2020 5/12/2020 6/1/2020 0.09816
4/13/2020 4/14/2020 5/1/2020 0.09935
3/12/2020 3/13/2020 4/1/2020 0.09935
2/13/2020 2/14/2020 3/2/2020 0.09914
1/13/2020 1/14/2020 2/3/2020 0.09891
12/12/2019 12/13/2019 1/2/2020 0.09888
11/12/2019 11/13/2019 12/2/2019 0.09892
10/15/2019 10/16/2019 11/1/2019 0.09904
9/12/2019 9/13/2019 10/1/2019 0.09927
8/12/2019 8/13/2019 9/3/2019 0.09942
7/11/2019 7/12/2019 8/1/2019 0.09967
5/13/2019 5/14/2019 6/3/2019 0.10054
4/11/2019 4/12/2019 5/1/2019 0.10111
3/11/2019 3/12/2019 4/1/2019 0.10175
2/13/2019 2/14/2019 3/1/2019 0.10262
1/15/2019 1/16/2019 2/1/2019 0.10349
12/14/2018 12/17/2018 1/2/2019 0.1042
10/12/2018 10/15/2018 11/1/2018 0.10557
8/14/2018 8/15/2018 9/4/2018 0.10666
7/13/2018 7/16/2018 8/1/2018 0.1072
6/12/2018 6/13/2018 7/2/2018 0.10761
5/14/2018 5/15/2018 6/1/2018 0.10781
4/13/2018 4/16/2018 5/1/2018 0.10795
3/13/2018 3/14/2018 4/2/2018 0.10805
2/13/2018 2/14/2018 3/1/2018 0.10794
1/16/2018 1/17/2018 2/1/2018 0.10783
12/12/2017 12/13/2017 1/2/2018 0.1077
11/14/2017 11/15/2017 12/1/2017 0.10772
10/13/2017 10/16/2017 11/1/2017 0.10759
9/12/2017 9/13/2017 10/2/2017 0.1075
8/11/2017 8/15/2017 9/1/2017 0.10728
7/13/2017 7/17/2017 8/1/2017 0.10682
6/12/2017 6/14/2017 7/3/2017 0.10633
5/16/2017 5/18/2017 6/1/2017 0.10581
4/13/2017 4/18/2017 5/1/2017 0.1051
3/13/2017 3/15/2017 4/3/2017 0.10404
2/13/2017 2/15/2017 3/1/2017 0.10321
1/12/2017 1/17/2017 2/1/2017 0.0923
12/12/2016 12/14/2016 1/3/2017 0.0923
11/14/2016 11/16/2016 12/1/2016 0.0923
10/13/2016 10/17/2016 11/1/2016 0.0923
9/12/2016 9/14/2016 10/3/2016 0.0923
8/11/2016 8/15/2016 9/1/2016 0.0923
7/11/2016 7/13/2016 8/1/2016 0.0967
6/13/2016 6/15/2016 7/1/2016 0.0923
5/12/2016 5/16/2016 6/1/2016 0.0967
4/11/2016 4/13/2016 5/2/2016 0.0967
3/11/2016 3/15/2016 4/1/2016 0.0967
2/11/2016 2/16/2016 3/1/2016 0.0967
1/14/2016 1/19/2016 2/1/2016 0.0967
12/11/2015 12/15/2015 1/4/2016 0.0967
11/12/2015 11/16/2015 12/1/2015 0.0967
10/13/2015 10/15/2015 11/2/2015 0.0967
9/11/2015 9/15/2015 10/1/2015 0.0967
8/13/2015 8/17/2015 9/1/2015 0.0967
7/13/2015 7/15/2015 8/3/2015 0.0967
6/11/2015 6/15/2015 7/1/2015 0.0967
5/11/2015 5/13/2015 6/1/2015 0.0967
4/13/2015 4/15/2015 5/1/2015 0.0967
3/12/2015 3/16/2015 4/1/2015 0.0967
2/11/2015 2/13/2015 3/2/2015 0.0967
1/12/2015 1/14/2015 2/2/2015 0.0967
12/11/2014 12/15/2014 1/2/2015 0.0967
11/13/2014 11/17/2014 12/1/2014 0.1
10/14/2014 10/16/2014 11/3/2014 0.1
9/11/2014 9/15/2014 10/1/2014 0.1
8/11/2014 8/13/2014 9/2/2014 0.1
7/11/2014 7/15/2014 8/1/2014 0.1
6/12/2014 6/16/2014 7/1/2014 0.1
5/12/2014 5/14/2014 6/2/2014 0.1
4/11/2014 4/15/2014 5/1/2014 0.1
3/13/2014 3/17/2014 4/1/2014 0.1
2/13/2014 2/18/2014 3/3/2014 0.1
1/13/2014 1/15/2014 2/3/2014 0.1
12/12/2013 12/16/2013 1/2/2014 0.1
11/12/2013 11/14/2013 12/2/2013 0.1
10/10/2013 10/15/2013 11/1/2013 0.1
9/13/2013 9/17/2013 10/1/2013 0.1
8/12/2013 8/14/2013 9/3/2013 0.1
7/11/2013 7/15/2013 8/1/2013 0.1
6/13/2013 6/17/2013 7/1/2013 0.1
5/13/2013 5/15/2013 6/3/2013 0.1
4/12/2013 4/16/2013 5/1/2013 0.1
3/12/2013 3/14/2013 4/1/2013 0.1
2/11/2013 2/13/2013 3/1/2013 0.1
1/11/2013 1/15/2013 2/1/2013 0.1
12/13/2012 12/17/2012 1/2/2013 0.1
11/13/2012 11/15/2012 12/3/2012 0.1
10/11/2012 10/15/2012 11/1/2012 0.1
9/14/2012 9/18/2012 10/1/2012 0.1
8/10/2012 8/14/2012 9/4/2012 0.1
7/12/2012 7/16/2012 8/1/2012 0.1
6/11/2012 6/13/2012 7/2/2012 0.1
5/11/2012 5/15/2012 6/1/2012 0.1
4/12/2012 4/16/2012 5/1/2012 0.1
3/12/2012 3/14/2012 4/2/2012 0.1
2/13/2012 2/15/2012 3/1/2012 0.1
1/13/2012 1/18/2012 2/1/2012 0.1
12/12/2011 12/14/2011 1/3/2012 0.1
11/14/2011 11/16/2011 12/1/2011 0.1
10/13/2011 10/17/2011 11/1/2011 0.1
9/12/2011 9/14/2011 10/3/2011 0.1
8/11/2011 8/15/2011 9/1/2011 0.1
7/11/2011 7/13/2011 8/1/2011 0.1
6/13/2011 6/15/2011 7/1/2011 0.1
5/12/2011 5/16/2011 6/1/2011 0.1
4/11/2011 4/13/2011 5/2/2011 0.1
3/11/2011 3/15/2011 4/1/2011 0.1
2/11/2011 2/15/2011 3/1/2011 0.1083
1/13/2011 1/18/2011 2/1/2011 0.1083
12/13/2010 12/15/2010 1/3/2011 0.1083
11/11/2010 11/15/2010 12/1/2010 0.1083
10/13/2010 10/15/2010 11/1/2010 0.1083
9/13/2010 9/15/2010 10/1/2010 0.1083
8/12/2010 8/16/2010 9/1/2010 0.1083
7/13/2010 7/15/2010 8/2/2010 0.1083
6/11/2010 6/15/2010 7/1/2010 0.1083
5/12/2010 5/14/2010 6/1/2010 0.1083
4/13/2010 4/15/2010 5/3/2010 0.1083
3/11/2010 3/15/2010 4/1/2010 0.1083
2/11/2010 2/16/2010 3/1/2010 0.1083
1/14/2010 1/19/2010 2/1/2010 0.1083
12/11/2009 12/15/2009 1/4/2010 0.1083
11/12/2009 11/16/2009 12/1/2009 0.1083
10/12/2009 10/14/2009 11/2/2009 0.1083
9/14/2009 9/16/2009 10/1/2009 0.1083
8/13/2009 8/17/2009 9/1/2009 0.1083
7/13/2009 7/15/2009 8/3/2009 0.1083
6/11/2009 6/15/2009 7/1/2009 0.1083
5/11/2009 5/13/2009 6/1/2009 0.1083
4/13/2009 4/15/2009 5/1/2009 0.1083
3/11/2009 3/13/2009 4/1/2009 0.1083
2/13/2009 2/11/2009 3/2/2009 0.1083
1/14/2009 1/16/2009 2/2/2009 0.1083
12/24/2008 12/29/2008 1/2/2009 1.12
12/11/2008 12/15/2008 1/2/2009 0.1083
11/13/2008 11/17/2008 12/1/2008 0.1083
10/14/2008 10/16/2008 11/3/2008 0.1083
9/12/2008 9/16/2008 10/1/2008 0.1083
8/11/2008 8/13/2008 9/2/2008 0.1083
7/11/2008 7/15/2008 8/1/2008 0.1083
6/12/2008 6/16/2008 7/1/2008 0.1083
5/12/2008 5/14/2008 6/2/2008 0.1083
4/11/2008 4/15/2008 5/1/2008 0.1083
3/13/2008 3/17/2008 4/1/2008 0.1083
2/11/2008 2/13/2008 3/3/2008 0.1083
1/14/2008 1/16/2008 2/1/2008 0.1083
12/13/2007 12/17/2007 1/2/2008 0.1083
11/13/2007 11/15/2007 12/3/2007 0.1083
10/11/2007 10/15/2007 11/1/2007 0.1083
9/13/2007 9/17/2007 10/1/2007 0.1083
8/13/2007 8/15/2007 9/4/2007 0.1083
7/12/2007 7/16/2007 8/1/2007 0.1083
6/11/2007 6/13/2007 7/2/2007 0.1083
5/11/2007 5/15/2007 6/1/2007 0.1083
4/12/2007 4/16/2007 5/1/2007 0.1083
3/12/2007 3/14/2007 4/2/2007 0.1083
2/12/2007 2/14/2007 3/1/2007 0.1083
1/12/2007 1/17/2007 2/1/2007 0.1083
12/11/2006 12/13/2006 1/2/2007 0.1167
11/13/2006 11/15/2006 12/1/2006 0.1167
10/12/2006 10/16/2006 11/1/2006 0.1167
9/11/2006 9/13/2006 10/2/2006 0.1167
8/11/2006 8/15/2006 9/1/2006 0.1167
7/13/2006 7/17/2006 8/1/2006 0.1167
6/12/2006 6/14/2006 7/3/2006 0.1167
5/11/2006 5/15/2006 6/1/2006 0.1167
4/13/2006 4/18/2006 5/1/2006 0.1167
3/10/2006 3/14/2006 4/3/2006 0.1167
2/10/2006 2/14/2006 3/1/2006 0.1167
1/13/2006 1/18/2006 2/1/2006 0.1167
12/28/2005 12/30/2005 1/3/2006 0.0357
12/12/2005 12/14/2005 1/3/2006 0.1167
11/10/2005 11/15/2005 12/1/2005 0.1167
10/13/2005 10/17/2005 11/1/2005 0.1167
9/12/2005 9/14/2005 10/3/2005 0.1167
8/11/2005 8/15/2005 9/1/2005 0.1167
7/11/2005 7/13/2005 8/1/2005 0.1167
6/13/2005 6/15/2005 7/1/2005 0.1167
5/12/2005 5/16/2005 6/1/2005 0.1167
4/11/2005 4/13/2005 5/2/2005 0.1167
3/10/2005 3/14/2005 4/1/2005 0.1167
2/11/2005 2/15/2005 3/1/2005 0.1167
1/13/2005 1/18/2005 2/1/2005 0.1167
12/13/2004 12/15/2004 1/3/2005 0.13084
11/10/2004 11/15/2004 12/1/2004 0.13084
10/13/2004 10/15/2004 11/1/2004 0.13084
9/13/2004 9/15/2004 10/1/2004 0.13084
8/12/2004 8/16/2004 9/1/2004 0.13084
7/13/2004 7/15/2004 8/2/2004 0.13084
6/11/2004 6/15/2004 7/1/2004 0.13084
5/12/2004 5/14/2004 6/1/2004 0.13084
4/13/2004 4/15/2004 5/3/2004 0.13084
3/11/2004 3/15/2004 4/1/2004 0.13084
2/12/2004 2/17/2004 3/1/2004 0.13084
1/13/2004 1/15/2004 2/2/2004 0.13084
12/29/2003 12/31/2003 1/2/2004 0.0501
12/11/2003 12/15/2003 1/2/2004 0.13084
11/13/2003 11/17/2003 12/1/2003 0.13084
10/10/2003 10/15/2003 11/3/2003 0.13084
9/11/2003 9/15/2003 10/1/2003 0.13084
8/13/2003 8/15/2003 9/2/2003 0.13084
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Documents

Literature Date
Fact Sheet 12/31/2023 Download Download
Regulatory Document Date
Annual Report 10/31/2023 Download Download
Quarterly Holdings 1/31/2024 Download Download
Quarterly Holdings 7/31/2023 Download Download
Semi-annual Report 4/30/2023 Download Download
Our team
Meet the investment team

The team employs a sector specialist model whereby tenured investment professionals are supported by rigorous credit research to source opportunities across global fixed income markets.

Contact Us

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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. A closed-end fund is not required to buy its shares back from investors upon request. Shares of the fund may trade at either a premium or discount relative to the fund's net asset value, and there can be no assurance that any discount will decrease.

The quoted distribution rates are figures that use the funds' previous distribution to calculate an annualized figure. Distribution Rate 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. Distributions may be sourced from any or all of the following: income, capital gains and return of capital.

Dividends are paid monthly. Historical dividend sources have included net investment income, realized gains, and return of capital. 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. A fund's current distribution rate and historical dividends are not indicative of future performance. If a distribution is from a source other than net investment income, the Fund provides a notice to shareholders with an estimate of its distribution source at that time. 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 fund distributions or the sales of fund shares. Investment return, principal value, and yields of an investment will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Performance shown is net of all applicable fund fees and expenses. Performance figures of the fund do not reflect fees an investor may be charged pursuant to the terms of any brokerage account agreements with their broker or financial intermediary. To obtain performance information current to the most recent month-end, please call 1-800-222-8222.

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 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.