New interval fund GL Beyond Income announces offering of shares

By Toni Weeks

San Diego, Oct. 19 - GL Beyond Income Fund, a newly organized, diversified, closed-end management investment company, has registered up to $100 million of its shares, according to an N-2 filed with the Securities and Exchange Commission.

The company has arranged to sell 10 million shares at $10.00 apiece in a continuous offering. Each share has a sales load of up to 5.75%, which will decrease on a sliding scale to zero based on the investment amount. The minimum initial purchase by an investor is $1,000 for all types of accounts.

The fund is an interval fund that will make quarterly repurchases of at least 5% of the outstanding shares at net asset value. The fund will invest primarily in individual variable-rate-interest, income-producing debt securities and does not invest in a pool of notes but rather note by note. It may invest substantially all its assets in notes issued by sub-prime issuers or in mutual funds and exchange-traded funds that invest in fixed-rate or variable-rate fixed-income securities. The portfolio, which will not include foreign securities, will have an average maturity of about five years.

The investment adviser, Waltham, Mass.-based GL Capital Partners, LLC, will receive a monthly management fee computed at the annual rate of 2.25% of the daily net assets. Co-portfolio managers are Michael V. Tassone and Dan Thibeault. Gemini Fund Services, LLC will serve as administrator, accounting agent and transfer agent.

The fund's principal office is located in Hauppauge, N.Y.

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