The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown at net asset value have all distributions reinvested. If a sales charge had been deducted, the results would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance of future results.
- w Sales Charge
- w/o Sales Charge
Daily Prices & YTD Returns (as of 05/13/2025) |
Average Annual Returns (as of 04/30/2025) (as of 03/31/2025)
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Expense Ratio1 |
Factsheets & Commentary |
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Fund Name | w/o sales charge | Change | YTD | 1-YR | 3-YR | 5-YR | 10-YR | Since Inception | Gross | Net | Adj. | FS | QC |
TRACKED FUNDSEdit |
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Fixed Income |
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$9.02 | +$0.02 +0.22% | -0.10% - | 5.16% 8.21% - - | 6.66% 7.21% - - | - - - - | - - - - | 5.68% 6.54% - - | 1.60% | 0.80% | 0.75% | - | ||
$8.54 | +$0.04 +0.47% | -0.93% - | 3.37% 7.28% - - | 3.84% 4.57% - - | 10.24% 11.82% - - | - - - - | 6.48% 7.29% - - | 1.84% | 1.82% | 1.39% | |||
- | - - | - - | - - - - | - - - - | - - - - | - - - - | - - - - | 2.63% | 0.75% | - | - | - | |
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Tax-Free Income |
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$9.96 | $0.00 0.00% | 0.67% - | - - - - | - - - - | - - - - | - - - - | 2.29% 4.03% - - | 1.66% | 0.25% | 0.25% | - | ||
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Important Information
Each Fund is structured as an unlisted closed-end interval fund. Limited liquidity is provided to shareholders only through the Fund’s quarterly offers to repurchase between 5% and 25% of its outstanding shares at net asset value, subject to applicable law and approval of the Board of Trustees. Each Fund currently expects to offer to repurchase 5% of outstanding shares per quarter. There is no secondary market for the Funds shares and none is expected to develop. There is no guarantee that an investor will be able to tender all or any of their requested Fund shares in a periodic repurchase offer. Investors should consider shares of each Fund to be an illiquid investment.
Although each Fund may impose a repurchase fee of up to 2.00% on shares accepted for repurchase by the Fund that have been held for less than one year, the Funds do not currently intend to impose such a fee. Please refer to each Fund's prospectus for additional information.
Each Fund’s ability to be fully invested and achieve its investment objective may be affected by the need to fund repurchase obligations. In addition, the fees and costs associated with investing in an interval fund may be significantly greater than those of other fund structures.
New Fund Risk: The Funds are newly organized. There can be no assurance that either Fund will reach or maintain a sufficient asset size to effectively implement its investment strategy.
A Note about Risk: The Funds are subject to the general risks associated with investing in debt securities, including market, credit, liquidity, and interest rate risk. The Funds may invest in high-yield, lower-rated securities, sometimes called junk bonds. These securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. The Funds may invest in debt securities of stressed and distressed issuers as well as in defaulted securities and debtor-in-possession financings, all of which may be considered Special Situations. Distressed and defaulted instruments generally present the same risks as investment in below investment grade instruments. However, in most cases, these risks are of a greater magnitude because of the uncertainties of investing in an issuer undergoing financial distress. The Funds may invest in foreign or emerging market securities, which may be adversely affected by economic, political, or regulatory factors and subject to currency volatility and greater liquidity risk. The Funds may invest in derivatives, which are subject to greater liquidity, leverage, and counterparty risk. These factors can affect Fund performance.
Because of the risks associated with each Fund’s ability to invest in high yield securities, loans and related instruments and mortgage-related and other asset-backed instruments, foreign (including emerging market) securities (and related exposure to foreign currencies), and each Fund’s ability to use leverage, an investment in either Fund should be considered speculative and involving a high degree of risk, including the risk of a substantial loss of investment.
Without Sales Charge - Returns shown are without sales charges and have all distributions reinvested. If a sales charge had been deducted, the results would have been lower.
Returns shown at less than a year reflect aggregate total returns.
Double-Digit Returns - instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.
1Please click on the Fund’s detail page for more information regarding expense ratio.
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