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The distributions will not be based on profits or income earned withing the fund ("based upon the Manager’s estimate of distributable
cash flow
"). Cash can be generated most easily by selling positions. They say they require "additional returns of approximately 5.22% in excess of its current cash yield .... through the sale of securities or other returns" - whatever that means.

Yes, they say they have bought a forward contract to cover the principal value of the eventual redemption, but they can pre-sell it (cashout) 'to fund monthly distributions on the Units". In other words you will just be getting your own principal back, and shrinking the NAV.

Credit spreads have narrowed A LOT since they determined "Credit spreads of High Yield Debt are near historically high levels".

I stopped reading after a few pages. Not for me.
 
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