Robinson Tax Advantaged Income Fund
Access a distinctive tax-advantaged income stream.
Investment Objective
The Robinson Tax Advantaged Income Fund seeks total return with an emphasis on providing income, a substantial portion of which will be exempt from federal income taxes.
Investment Management
Investment Manager
Liberty Street Advisors
Investment Sub-Advisor
Portfolio Manager
Investment Commentaries
Investment Focus
The Robinson Tax Advantaged Income Fund accesses the municipal bond market through the medium of closed-end funds, which provide the potential to buy muni bonds at a discount to their net asset value.
If you’re an advisor seeking to generate additional income for your clients, the Robinson Tax Advantaged Income Fund offers a diversified muni bond portfolio with opportunities for capital appreciation and consistent income. Distinguishing itself through fundamental credit analysis and a focus on premium closed-end muni bond funds, the Fund seeks to offer consistent performance while seeking to mitigate against interest rate risk through the implementation of strategic hedges.
Managers and analysts at Robinson make extensive use of proprietary analytical tools to select closed-end funds, manage the portfolio and enforce a sell discipline. Avoiding volatility and minimizing risk are important components of the Fund’s approach. Specific components of Robinson’s investment process include:
- Identifying and monetizing irrational discounts in closed end funds
- Limiting interest rate risk exposure
- Providing broad diversification by issuer, sector and geography
Fund Facts
Inception date
9/30/2014
Asset Category
US Fund Muni National Long
Benchmark
Bloomberg Short-Intermediate 1-10 Years Municipal Bond Index
Investment minimum
$2,500
Distributions
Monthly
Tickers
Class A
ROBAX
Class C
ROBCX
Institutional Class
ROBNX
Fund Performance
| As of 6/30/2025 | Quarter | YTD | One Year | Three Year | Five Year | Ten Year | Annualized ITD |
|---|---|---|---|---|---|---|---|
| ROBNX | -1.85% | -1.74% | -0.76% | 4.80% | 3.97% | 3.18% | 2.87% |
| ROBAX | -1.91% | -1.86% | -0.99% | 4.50% | 3.71% | 2.92% | 2.61% |
| ROBAX w/Load | -5.60% | -5.51% | -4.73% | 3.18% | 2.92% | 2.31% | 2.05% |
| ROBCX | -2.10% | -2.22% | -1.78% | 3.72% | 2.93% | 2.15% | 1.85% |
| Bloomberg Short-Intermediate 1-10 Year Municipal Bond Index | 1.14% | 1.95% | 3.81% | 2.65% | 1.00% | 1.86% | 1.80% |
| Bloomberg Municipal Bond Index | -0.12% | -0.35% | 1.11% | 2.50% | 0.51% | 2.20% | 2.19% |
Fund Disclosure
Performance data quoted represents past performance and is no guarantee of future results. Total return figures include the reinvestment of dividends and capital gains. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. For the most recent month end performance, please call (800) 207-7108. Returns showing less than one year are cumulative. Per the prospectus dated April 30, 2025 the gross operating expense ratio for the Class A, C, and Institutional Shares are 3.24%, 3.99%, and 2.99%, respectively. The total net annual fund operating expenses after fee waiver and/or pay expenses reimbursements are 3.17%, 3.92%, and 2.92% for the Class A, C, and Institutional Shares, respectively. The contractual agreement between the Fund and the Advisor for fee waiver and/or expense reimbursement is in effect until April 30, 2026. Without the contractual agreement, performance would have been lower. Performance results with load reflect the deduction for Class A Shares of the 3.75% maximum front-end sales charge. Class C Shares are subject to a contingent deferred sales charge of 1.00% when redeemed within 12 months of purchase. Performance presented without the load would be lower if this charge was reflected. Because of ongoing market volatility, Fund performance may be subject to substantial short-term changes. *ITD represents inception-to-date; Inception 9/30/2014.
The Bloomberg Municipal Short-Intermediate 1-10 Years Index is an unmanaged index that measures the performance of municipal bonds with time to maturity of between one and ten years.
The Bloomberg U.S. Municipal Bond Index covers the U.S. Dollar denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. One cannot invest directly in an index.
Share Class Information
| As of 4/30/2025 | Class A Shares | Class C Shares | Class I Shares |
|---|---|---|---|
| Symbol | ROBAX | ROBCX | ROBNX |
| Minimum Investment | $2,500 | $2,500 | $1,000,000 |
| Maximum Sales Charge | 3.75% | None | None |
| 12b-1 Fees | 0.25% | 1.00% | None |
| Gross Expense Ratio | 3.24% | 3.99% | 2.99% |
| Fee Waiver and/or Expense Reimbursement | -0.07% | -0.07% | -0.07% |
| Net Expense Ratio* | 3.17% | 3.92% | 2.92% |
*The Fund’s Advisor has contractually agreed to waive its fees and/or pay operating expenses [excluding, as applicable, taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with Form N-1A), expenses incurred in connection with any merger or reorganization and extraordinary expenses such as litigation expenses] so that the total fund operating expenses do not exceed 1.60%, 2.35%, and 1.35%, for the Class A, C, and Institutional, respectively. The agreement is in effect until April 30, 2026. The net expense ratio is applicable to investors.
Top Holdings
| As of 6/30/25 | % of Net Assets |
|---|---|
| Invesco Municipal Opportunity Trust | 6.81 |
| Invesco Trust for Investment Grade Municipals | 4.85 |
| BlackRock Municipal Income Trust | 4.78 |
| Invesco Municipal Trust | 4.50 |
| BlackRock Municipal Income Trust II | 4.43 |
| Invesco Advantage Municipal Income Trust II | 4.17 |
| BlackRock MuniHoldings California Quality Fund Inc | 3.37 |
| BlackRock MuniYield Michigan Quality Fund Inc | 3.08 |
| Invesco Quality Municipal Income Trust | 2.98 |
| Nuveen Quality Municipal Income Fund | 2.79 |
Schedule of Distributions
| Distribution Date | ROBAX | ROBCX | ROBNX |
|---|---|---|---|
| 6/18/2025 | $0.0378 | $0.0323 | $0.0395 |
| 5/20/2025 | $0.0363 | $0.0310 | $0.0382 |
| 4/17/2025 | $0.0395 | $0.0341 | $0.0412 |
| 3/20/2025 | $0.0391 | $0.0340 | $0.0407 |
| 2/20/2025 | $0.0398 | $0.0350 | $0.0415 |
| 1/21/2025 | $0.0375 | $0.0319 | $0.0394 |
| Distribution Date | ROBAX | ROBCX | ROBNX |
|---|---|---|---|
| 12/27/24 | $0.0000 | $0.0000 | $0.0000 |
| 11/18/24 | $0.0401 | $0.0346 | $0.0419 |
| 10/16/24 | $0.0363 | $0.0300 | $0.0384 |
| 9/17/24 | $0.0357 | $0.0302 | $0.0375 |
| 8/16/24 | $0.0346 | $0.0287 | $0.0365 |
| 7/17/24 | $0.0351 | $0.0289 | $0.0370 |
| 6/14/24 | $0.0361 | $0.0305 | $0.0380 |
| 5/16/24 | $0.0260 | $0.0201 | $0.0279 |
| 4/16/24 | $0.0274 | $0.0219 | $0.0291 |
| 3/15/24 | $0.0253 | $0.0196 | $0.0271 |
| 2/16/24 | $0.0240 | $0.0188 | $0.0257 |
| 1/16/24 | $0.0229 | $0.0172 | $0.0247 |
| Distribution Date | ROBAX | ROBCX | ROBNX |
|---|---|---|---|
| 12/23/2023 | - | - | - |
| 11/23/2023 | $0.0203 | $0.0140 | $0.0221 |
| 10/23/2023 | $0.0167 | $0.0116 | $0.0183 |
| 9/23/2023 | $0.0151 | $0.0096 | $0.0167 |
| 8/23/2023 | $0.0189 | $0.0136 | $0.0206 |
| 7/23/2023 | $0.0146 | $0.0091 | $0.0163 |
| 6/23/2023 | $0.0169 | $0.0119 | $0.0185 |
| 5/23/2023 | $0.0166 | $0.0112 | $0.0183 |
| 4/23/2023 | $0.0161 | $0.0109 | $0.0178 |
| 3/23/2023 | $0.072 | $0.0119 | $0.0189 |
| 2/23/2023 | $0.0187 | $0.0137 | $0.0203 |
| 1/23/2023 | $0.0175 | $0.0121 | $0.0192 |
| Distribution Date | ROBAX | ROBCX | ROBNX |
|---|---|---|---|
| Dec 28, 2022 | $0.0214 | $0.0156 | $0.0230 |
| Nov 18, 2022 | $0.0188 | $0.0139 | $0.0204 |
| Oct 19, 2022 | $0.0206 | $0.0150 | $0.0224 |
| Sep 16, 2022 | $0.0191 | $0.0139 | $0.0208 |
| Aug 18, 2022 | $0.0217 | $0.0157 | $0.0236 |
| Jul 18, 2022 | $0.0219 | $0.0166 | $0.0237 |
| Jun 17, 2022 | $0.0224 | $0.0172 | $0.0241 |
| May 18, 2022 | $0.0183 | $0.0126 | $0.0203 |
| Apr 19, 2022 | $0.0217 | $0.0164 | $0.0235 |
| Mar 18, 2022 | $0.0130 | $0.0118 | $0.0195 |
| Feb 17, 2022 | $0.0186 | $0.0132 | $0.0203 |
| Jan 19, 2022 | $0.0186 | $0.0125 | $0.0206 |
| Distribution Date | ROBAX | ROBCX | ROBNX |
|---|---|---|---|
| Dec 29, 2021 | $0.0289 | $0.0230 | $0.0315 |
| Nov 19, 2021 | $0.0186 | $0.0125 | $0.0207 |
| Oct 19, 2021 | $0.0175 | $0.0112 | $0.0196 |
| Sep 17, 2021 | $0.0181 | $0.0119 | $0.0202 |
| Aug 19, 2021 | $0.0216 | $0.0151 | $0.0238 |
| Jul 19, 2021 | $0.0209 | $0.0145 | $0.0231 |
| Jun 18, 2021 | $0.0243 | $0.0181 | $0.0263 |
| May 19, 2021 | $0.0210 | $0.0148 | $0.0232 |
| Apr 19, 2021 | $0.0214 | $0.0153 | $0.0234 |
| Mar 19, 2021 | $0.0209 | $0.0147 | $0.0230 |
| Feb 19, 2021 | $0.0244 | $0.0188 | $0.0263 |
| Jan 19, 2021 | $0.0223 | $0.0164 | $0.0243 |
| Distribution Date | ROBAX | ROBCX | ROBNX |
|---|---|---|---|
| Dec 30, 2020 | $0.0214 | $0.0160 | $0.0235 |
| Nov 19. 2020 | $0.0238 | $0.0177 | $0.0256 |
| Oct 19, 2020 | $0.0255 | $0.0197 | $0.0274 |
| Sep 17, 2020 | $0.0221 | $0.0166 | $0.0239 |
| Aug 19, 2020 | $0.0243 | $0.0184 | $0.0263 |
| Jul 17, 2020 | $0.0210 | $0.0153 | $0.0229 |
| Jun 18, 2020 | $0.0235 | $0.0181 | $0.0253 |
| May 19, 2020 | $0.0238 | $0.0184 | $0.0255 |
| Apr 17, 2020 | $0.0216 | $0.0165 | $0.0233 |
| Mar 19, 2020 | $0.0216 | $0.0158 | $0.0234 |
| Feb 19, 2020 | $0.0213 | $0.0155 | $0.0236 |
| Distribution Date | ROBAX | ROBCX | ROBNX |
|---|---|---|---|
| Dec 30, 2019 | $0.0227 | $0.0169 | $0.0248 |
| Nov 18, 2019 | $0.0216 | $0.0157 | $0.0235 |
| Oct 16, 2019 | $0.0216 | $0.0152 | $0.0236 |
| Sep 18, 2019 | $0.0231 | $0.0171 | $0.0250 |
| Aug 16, 2019 | $0.0220 | $0.0159 | $0.0241 |
| Jul 18, 2019 | $0.0228 | $0.0167 | $0.0248 |
| Jun 18, 2019 | $0.0248 | $0.0189 | $0.0267 |
| May 16, 2019 | $0.0256 | $0.0195 | $0.0276 |
| Apr 17, 2019 | $0.0254 | $0.0192 | $0.0274 |
| Mar 18, 2019 | $0.0257 | $0.0198 | $0.0277 |
| Feb 19, 2019 | $0.0270 | $0.0216 | $0.0287 |
| Jan 17, 2019 | $0.0260 | $0.0203 | $0.0279 |
| Distribution Date | ROBAX | ROBCX | ROBNX |
|---|---|---|---|
| Dec 28, 2018 | 0.0397 | 0.0338 | 0.0416 |
| Nov 16, 2018 | 0.0264 | 0.0208 | 0.0281 |
| Oct 16, 2018 | 0.0278 | 0.0221 | 0.0297 |
| Sep 18, 2018 | 0.0281 | 0.0225 | 0.0300 |
| Aug 16, 2018 | 0.0279 | 0.0216 | 0.0300 |
| Jul 17, 2018 | 0.0278 | 0.0226 | 0.0296 |
| Jun 18, 2018 | 0.0289 | 0.0231 | 0.0306 |
| May 16, 2018 | 0.0284 | 0.0225 | 0.0304 |
| Apr 17, 2018 | 0.0292 | 0.0235 | 0.0310 |
| Mar 16, 2018 | 0.0299 | 0.0242 | 0.0318 |
| Feb 28, 2018 | 0.0244 | 0.0191 | 0.0262 |
| Jan 31, 2018 | 0.0271 | 0.0102 | 0.0293 |
| Distribution Date | ROBAX | ROBCX | ROBNX |
|---|---|---|---|
| Dec 31, 2017 | $0.0320 | $0.0267 | $0.0341 |
| Nov 30, 2017 | $0.0310 | $0.0250 | $0.0341 |
| Oct 31, 2017 | $0.0287 | $0.0225 | $0.0308 |
| Sep 29, 2017 | $0.0307 | $0.0245 | $0.0327 |
| Aug 31, 2017 | $0.0288 | $0.0223 | $0.0311 |
| Jul 31, 2017 | $0.0300 | $0.0238 | $0.0321 |
| Jun 30, 2017 | $0.0310 | $0.0249 | $0.0330 |
| May 31, 2017 | $0.0302 | $0.0240 | $0.0323 |
| Apr 28, 2017 | $0.0317 | $0.0257 | $0.0337 |
| Mar 31, 2017 | $0.0312 | $0.0250 | $0.0332 |
| Feb 28, 2017 | $0.0326 | $0.0270 | $0.0345 |
| Jan 31, 2017 | $0.0312 | $0.0250 | $0.0332 |
| Distribution Date | ROBAX | ROBCX | ROBNX |
|---|---|---|---|
| Dec 29, 2016 | $0.0399 | $0.0339 | $0.0420 |
| Nov 30, 2016 | $0.0324 | $0.0267 | $0.0346 |
| Oct 31, 2016 | $0.0302 | $0.0238 | $0.0323 |
| Sep 30, 2016 | $0.0337 | $0.0275 | $0.0358 |
| Aug 31, 2016 | $0.0297 | $0.0236 | $0.0320 |
| Jul 29, 2016 | $0.0317 | $0.0253 | $0.0339 |
| Jun 30, 2016 | $0.0335 | $0.0270 | $0.0356 |
| May 31, 2016 | $0.0332 | $0.0268 | $0.0354 |
| Apr 29, 2016 | $0.0345 | $0.0286 | $0.0365 |
| Mar 31, 2016 | $0.0312 | $0.0249 | $0.0330 |
| Feb 29, 2016 | $0.0411 | $0.0353 | $0.0430 |
| Jan 29, 2016 | $0.0470 | $0.0428 | $0.0490 |
| Distribution Date | ROBAX | ROBCX | ROBNX |
|---|---|---|---|
| Dec 30, 2015 | $0.03983 | $0.03543 | $0.04153 |
| Nov 30, 2015 | $0.0391 | $0.0334 | $0.0410 |
| Oct 30, 2015 | $0.0368 | $0.0318 | $0.0388 |
| Sep 30, 2015 | $0.0372 | $0.0312 | $0.0390 |
| Aug 31, 2015 | $0.0381 | $0.0319 | $0.0402 |
| Jul 31, 2015 | $0.0381 | $0.0319 | $0.0401 |
| Jun 30, 2015 | $0.0372 | $0.0324 | $0.0391 |
| May 29, 2015 | $0.0379 | $0.0314 | $0.0400 |
| Apr 30, 2015 | $0.0373 | $0.0321 | $0.0395 |
| Mar 31, 2015 | $0.0375 | $0.0312 | $0.0398 |
| Feb 25, 2015 | $0.0338 | $0.0265 | $0.0353 |
| Jan 28, 2015 | $0.0408 | $0.0348 | $0.0423 |
| Distribution Date | ROBAX | ROBCX | ROBNX |
|---|---|---|---|
| Dec 30, 2014 | $0.0324 | $0.0264 | $0.0368 |
| Nov 24, 2014 | $0.0436 | $0.0381 | $0.0454 |
| Oct 29, 2014 | $0.0374 | $0.0313 | $0.0391 |
Fund Highlights
Yield
Opportunity for investors to pursue a competitive level of income that is largely exempt from federal income tax.
Credit Quality
The Fund invests primarily in investment grade municipal bonds.
Duration
Managed duration may provide a hedge against rising interest rates.
Visible Alpha
The Fund seeks to purchase closed-end funds with a discount to net asset value, which potentially delivers a meaningful additional source of returns.
Important Risks and Disclosures:
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 on this website or by calling (800) 207-7108. Please read the prospectus or summary prospectus carefully before you invest.
An investment in the 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:
Market Risk: The market price of a security may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular issuer, company, or asset class. Local, regional or global events such as war, acts of terrorism, international conflicts, trade disputes, supply chain disruptions, cybersecurity events, the spread of infectious illness or other events could have a significant impact on a security or instrument.
Fixed Income/Interest Rate Risk: The underlying CEFs, Mutual Funds and ETFs in which the Fund invests invest primarily in fixed income securities. 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. A rise in interest rates could negatively impact the value of the Fund’s shares.
Municipal Bond Risk: The underlying funds in which the Fund invests will invest primarily in municipal bonds. Litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on the ability of an issuer of municipal bonds to make payments of principal and/or interest. Changes related to taxation, legislation or the rights of municipal security holders can significantly affect municipal bonds and may cause them to decline in value.
Closed-End Fund (CEF), Exchange-Traded Fund (ETF) and Open-End Fund (Mutual Fund) Risk: The Fund’s investments in CEFs, ETFs and Mutual Funds (“underlying funds”) are subject to various risks, including reliance on management’s ability to manage the underlying fund’s portfolio, risks associated with the underlying securities held by the underlying fund, fluctuation in the market value of the underlying fund’s shares, and the Fund bearing a pro rata share of the fees and expenses of each underlying fund in which the Fund invests.
U.S. Treasury Futures Contracts Hedge Risk: To the extent the Fund holds short positions in U.S. Treasury futures contracts, 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 will be greater than if the hedging strategy not been in place.
Recent Market Events: Periods of market volatility may occur in response to market events, public health emergencies, military conflicts, natural disasters, climate events, and other economic, political, and global macro factors. For example, the COVID-19 pandemic, the large expansion of government actions to mitigate the effects of the pandemic, and the rise of inflation have resulted in extreme volatility in the global economy and in global financial markets. In addition, since the change in the U.S. presidential administration in 2025, the administration has pursued an aggressive foreign policy agenda, including actual or potential imposition of tariffs, which may have consequences on the United States’ relations with foreign countries, the economy, and markets generally. These and other similar events could adversely affect the value and liquidity of the Fund’s investments.
Management and Strategy: The evaluation and selection of the Fund’s investments depend on the judgment of the Fund’s Sub-Advisor about the quality, relative yield, value or market trends affecting a particular security, industry, sector or region, which may prove to be incorrect.
Leveraging Risk: The underlying Funds in which the Fund invests may be leveraged as a result of borrowing or other investment techniques. As a result, the Fund will be exposed indirectly to leverage through its investment in an underlying fund that utilizes leverage, which may expose the Fund to higher volatility and possible diminishment of long-term returns. Certain Fund transactions, including taking short positions in financial instruments, will give rise to a form of leverage. The use of leverage, such as entering into futures contracts, options, and short sales, may magnify the Fund’s gains or losses and make the Fund more volatile.
Tax Risk: There is no guarantee that the Fund’s income will be exempt from regular federal income taxes. Events occurring after the date of issuance of a municipal bond or after an underlying fund’s acquisition of a municipal bond may result in a determination that interest on that bond is subject to federal income tax. The Fund’s opportunistic trading strategies may also result in a portion of the Fund’s distributions to shareholders being characterized as capital gains.
Portfolio Turnover Risk: The Fund’s turnover rate may be high. A high turnover rate may lead to higher transaction costs, a greater number of taxable transactions, and negatively affect the Fund’s performance.
High Yield (“Junk”) Bond Risk: The underlying funds in which the Fund invests may invest in high yield (“junk”) bonds which involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities.
Liquidity Risk: There can be no guarantee that an active market in shares of CEFs and ETFs held by the Fund will exist. The Fund may not be able to sell some or all of the investments it holds due to a lack of demand in the marketplace or other factors such as market turmoil, or if the Fund is forced to sell an asset to meet redemption requests, it may only be able to sell those investments at a loss. Liquid investments may become illiquid or less liquid after purchase by the Fund, particularly during periods of market turmoil.
Derivatives Risk: The Fund and the underlying funds may use futures contracts, options, swap agreements, and/or sell securities short. Futures contracts may cause the value of the Fund’s shares to be more volatile and expose the Fund to leverage and tracking risks; the Fund may not fully benefit from or may lose money on option or shorting strategies; swaps may be leveraged, are subject to counterparty risk and may be difficult to value or liquidate.
The Fund may not be suitable for all investors. We encourage you to consult with appropriate tax and financial professionals before considering an investment in the Fund.