interval funds
Disclosures
Performance
Performance data shown represents past performance and is not a guarantee of future results. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data shown. Returns shown assume reinvestment of distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
Diversification does not assure a profit or protect against loss.
Performance for different share classes varies based on differences in sales charges and fees associated with each class. Not all Funds offer every class of shares.
Past performance is no guarantee of future results. There is no guarantee the fund will reach its objective.
Net asset value (NAV) returns do not include sales charges. If they were included, returns would be lower.
Class A: Public offering price (POP) returns are calculated with the effect of the maximum initial sales charge.
Class Institutional: Shares are sold only at Net asset value (NAV). Only eligible investors may purchase these shares. See the prospectus for eligibility requirements and other important information.
Gross expense ratio: Fund expense ratios are calculated based on the Fund's average net assets during the Fund's most recently completed fiscal year (or based on estimated amounts for funds that have been in existence less than one year), and generally have not adjusted for current asset levels. If adjusted for any decrease or increase in assets, expense ratios would be higher or lower, respectively, than the numbers shown above. Please see the Fund's prospectus for additional details.
Net expense ratio: Net expenses are after expense waiver/reimbursement. The investment manager and certain of its affiliates have contractually (for at least the current fiscal year) agreed to waive certain fees and/or to reimburse certain expenses of the Fund, as described in the Fund's prospectus, unless sooner terminated at the sole discretion of the Fund's board. Fee waivers/expense caps would limit the impact that any decrease in assets would have on net expense ratios in the current fiscal year.
Interval Fund Structure Risk
The 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 Fund’s Board of Trustees. The Fund currently expects to offer to repurchase 5% of outstanding shares per quarter. There is no secondary market for the Fund’s 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 quarterly Fund repurchase offer. Investors should consider shares of the Fund to be an illiquid investment. The Fund’s ability to be fully invested and achieve its investment objective may be affected by the need to fund its quarterly repurchase obligations.
Please see the Fund's prospectus for a more complete discussion of the Fund's Principal Risks.
Definitions
30-day SEC Yield: The SEC yield should be regarded as an estimate of the fund's rate of investment income reflecting an estimated yield to maturity (assuming all current portfolio holdings are held to maturity), and it may not equal the fund's actual income distribution rate or the income paid to a shareholder's account. The yield shown reflects fee waivers in effect, if any. In the absence of such waivers, yields would be reduced. The fund may own treasury inflation protected securities (TIPS) or other inflation indexed securities. If so, the yield will reflect an inflation adjustment that is attributable to these securities. This adjustment and the resulting yield can be positive (in the case of inflation) or negative (in the case of deflation) during the period shown.
Unsubsidized 30-day SEC Yield: The unsubsidized yield shown is the SEC yield adjusted to reflect the gross expense ratio applicable to the class of shares shown and without regard to the contractual reimbursements and fee waivers required of the fund's investment manager and affiliates.
It is not possible to invest directly in an index. For index descriptions, click here.
Disclosures
Performance
Performance data shown represents past performance and is not a guarantee of future results. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data shown. Returns shown assume reinvestment of distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
Diversification does not assure a profit or protect against loss.
Performance for different share classes varies based on differences in sales charges and fees associated with each class. Not all Funds offer every class of shares.
Past performance is no guarantee of future results. There is no guarantee the fund will reach its objective.
Net asset value (NAV) returns do not include sales charges. If they were included, returns would be lower.
Class A: Public offering price (POP) returns are calculated with the effect of the maximum initial sales charge.
Class Institutional: Shares are sold only at Net asset value (NAV). Only eligible investors may purchase these shares. See the prospectus for eligibility requirements and other important information.
Gross expense ratio: Fund expense ratios are calculated based on the Fund's average net assets during the Fund's most recently completed fiscal year (or based on estimated amounts for funds that have been in existence less than one year), and generally have not adjusted for current asset levels. If adjusted for any decrease or increase in assets, expense ratios would be higher or lower, respectively, than the numbers shown above. Please see the Fund's prospectus for additional details.
Net expense ratio: Net expenses are after expense waiver/reimbursement. The investment manager and certain of its affiliates have contractually (for at least the current fiscal year) agreed to waive certain fees and/or to reimburse certain expenses of the Fund, as described in the Fund's prospectus, unless sooner terminated at the sole discretion of the Fund's board. Fee waivers/expense caps would limit the impact that any decrease in assets would have on net expense ratios in the current fiscal year.
Interval Fund Structure Risk
The 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 Fund’s Board of Trustees. The Fund currently expects to offer to repurchase 5% of outstanding shares per quarter. There is no secondary market for the Fund’s 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 quarterly Fund repurchase offer. Investors should consider shares of the Fund to be an illiquid investment. The Fund’s ability to be fully invested and achieve its investment objective may be affected by the need to fund its quarterly repurchase obligations.
Please see the Fund's prospectus for a more complete discussion of the Fund's Principal Risks.
Definitions
30-day SEC Yield: The SEC yield should be regarded as an estimate of the fund's rate of investment income reflecting an estimated yield to maturity (assuming all current portfolio holdings are held to maturity), and it may not equal the fund's actual income distribution rate or the income paid to a shareholder's account. The yield shown reflects fee waivers in effect, if any. In the absence of such waivers, yields would be reduced. The fund may own treasury inflation protected securities (TIPS) or other inflation indexed securities. If so, the yield will reflect an inflation adjustment that is attributable to these securities. This adjustment and the resulting yield can be positive (in the case of inflation) or negative (in the case of deflation) during the period shown.
Unsubsidized 30-day SEC Yield: The unsubsidized yield shown is the SEC yield adjusted to reflect the gross expense ratio applicable to the class of shares shown and without regard to the contractual reimbursements and fee waivers required of the fund's investment manager and affiliates.
It is not possible to invest directly in an index. For index descriptions, click here.
