Robinson Tax Advantaged Income Fund
ROBAX, ROBCX, ROBNX

TOP HOLDINGS

TOP HOLDINGS

As of 6/30/17% of Portfolio
Nuveen AMT-Free Quality Municipal Income Fund7.19%
Nuveen Quality Municipal Income Fund4.86%
Invesco Value Municipal Income Trust4.59%
Invesco Advantage Municipal Income Trust ll4.47%
Pioneer Municipal High Income Trust4.44%

OBJECTIVE

The Fund’s objective is to seek total return with an emphasis on providing current income, a substantial portion of which will be exempt from federal income taxes.
 

STRATEGY

The Robinson Tax Advantaged Income Fund (the “Fund”) is an open-end mutual fund investing primarily in Closed-End Funds (“CEF”) which invest primarily in municipal bonds (“Municipal CEFs”). A substantial portion of the income generated to the Fund is expected to consist primarily of tax advantaged income by way of the underlying CEFs’ investments in municipal bonds. Robinson Capital Management, LLC (“Robinson”), the Fund’s sub-advisor, provides an experienced professional investment team with extensive knowledge of the CEF and municipal bond markets. The investment strategy first identifies a portfolio of Municipal CEFs to generate tax advantaged income to the Fund. In addition, Robinson seeks to identify CEFs that trade at discounts to the true market value of the CEFs’ municipal bond holdings, and utilizes a number of trading techniques to unlock its estimate of the value of the premiums/discounts in the CEFs. Seeking to hedge against interest rate risk and mitigate the Fund’s exposure to duration risk, Robinson may use short positions – primarily in U.S. Treasury Futures contracts of various maturities.

Why Municipal Closed-end Funds?

  • Access to a diversified portfolio of municipal bonds which potentially minimizes the impact of issue-specific credit problems such as Detroit and Puerto Rico
  • Municipal Closed-End Funds are frequently more liquid than individual municipal bonds.  Most Municipal CEFs trade throughout the day on the NYSE
  • Opportunity for investors to pursue an attractive level of income that is largely exempt from federal income tax (“tax advantaged income”)
  • Closed-end funds have the ability to utilize financial leverage in seeking to enhance the level of their returns. With interest rates currently at historically low levels, CEFs have the potential to obtain leverage at favorable borrowing rates
     

Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus and summary prospectus, a copy of which may be obtained by calling (800)207-7108. Please read the prospectus or summary prospectus carefully before you invest.

An investment in the Robinson Tax Advantaged Income Fund is subject to risk, including the possible loss of principal amount invested and including, but not limited to, the following risks, which are more fully described in the prospectus: The Fund will invest in shares of Closed-End Funds (CEFs). CEFs are subject to various risks, including reliance on management’s ability to manage the CEF portfolio, fluctuation in the market value of CEF shares, and the Fund bearing a pro rate share of the fees and expenses of each underlying CEF in which it invests. The underlying CEFs in which the Fund invests will invest primarily in municipal bonds. Various conditions or bankruptcy of the issue could affect the ability of the issue to make payments. Changes related to taxation, legislation or rights of municipal security holders can significantly affect municipal bonds. Generally, fixed income securities decrease in value if interest rates rise, and increase in value if interest rates fall, with longer-term securities being more sensitive than shorter-term securities. These risks are greater during periods of rising inflation. The Sub-advisor, where deemed appropriate, will seek to hedge against interest rate risk by shorting U.S. Treasury futures contracts. To the extent the Fund holds such short positions, should market conditions cause U.S. Treasury prices to rise, the Fund’s portfolio could experience a loss; and should U.S. Treasury prices rise at the same time municipal bond prices fall, these losses may be greater than if the hedging strategy not been in place.  There is no guarantee that the Fund’s income will be exempt from regular federal income taxes. It is expected that the underlying CEFs in which the Fund will invest will be leveraged. As a result, the Fund will be exposed indirectly to leverage risk and potentially higher volatility. Derivative instruments, including futures contracts, involve risks different from direct investments in the underlying assets. The Fund’s turnover rate may be high, which could negatively affect the Fund’s performance. As a non-diversified Fund, the Fund is exposed to greater market risk than if its assets were diversified among a greater number of issuers.

The Fund may not be suitable for all investors. We encourage you to read the Fund’s prospectus carefully and consult with appropriate tax and accounting professionals before considering an investment in the Fund.

The Fund is newly organized and has a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decisions.

This Internet site is not an offer to sell or a solicitation of an offer to buy shares in any fund to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction. Furthermore, the Robinson Tax Advantaged Income Fund is not available for sale outside of the United States. There is no guarantee that the Fund will achieve its investment objective. Other fees and expenses do apply to a continued investment in the Fund and are described in the Fund's current Prospectus. Before you invest in the Fund, please carefully review the Prospectus.

The Robinson Tax Advantaged Income Fund is distributed by Foreside Fund Services, LLC