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

Investment Commentary

Investment Focus

In an era of record low interest rates, municipal bonds offer the potential for consistent income and potential capital appreciation. 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

The Fund is managed by James C. Robinson, founder of Robinson Capital Management, LLC, the fund’s sub-advisor. Jim also oversees the day-to-day activities of Robinson Capital Management, which he founded in 2012.

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.

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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.

Fund Facts

Inception date

9/30/2014

Asset Category

US Fund Muni National Long

Benchmark

Bloomberg Barclays 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

TickerNAVNAV ChangeDaily Return - Daily
ROBAX9.120.040.44
ROBCX9.120.040.44
ROBNX9.120.040.44
As of 09/30/2020 QuarterYTDOne YearThree YearsFive YearsCumulative ITDAnnualized ITD
A Shares2.03%-6.61%-5.17%-0.19%2.28%12.22%1.94%
A Shares w/Load-1.81%-10.15%-8.71%-1.45%1.08%5.77%0.94%
C Shares1.72%-7.15%-5.90%-0.95%1.50%7.25%1.17%
I Shares1.98%-6.44%-4.94%0.03%2.51%13.80%2.18%
Bloomberg Barclays Short-Intermediate 1-10 Year Muni Bond Index1.04%3.12%4.03%3.21%2.70%16.51%2.58%
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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. The gross operating expense ratio for the Class A, C, and Institutional Shares are 3.10%, 3.85%, and 2.85%, respectively. The total net annual fund operating expenses after fee waiver and/or pay expenses reimbursements are 2.98%, 3.73%, and 2.73% 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, 2021. 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 Barclays 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. One cannot invest directly in an index. 

Share Class Information

As of 5/1/2020Class A SharesClass C SharesClass I SharesClass T Shares
SymbolROBAXROBCXROBNXROBDX
Minimum Investment$2,500$2,500$1,000,000$2,500
Maximum Sales Charge3.75%NoneNone2.50%
12b-1 Fees0.25%1.00%None0.25%
Gross Expense Ratio3.10%3.85%2.85%3.10%
Fee Waiver and/or Expense Reimbursement-0.12%-0.12%-0.12%-0.12%
Net Expense Ratio*2.98%3.73%2.73%2.98%

*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%, 1.35%, and 1.60% for the Class A, C, Institutional, and T Shares, respectively. The agreement is in effect until April 30, 2021. The net expense ratio is applicable to investors.

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Top Holdings

As of 9/30/2020% of Net Assets (Excluding Cash)
Nuveen AMT-Free Municipal Credit Income Fund9.09%
Western Asset Managed Municipals Fund Inc7.60%
Nuveen Municipal Credit Income Fund7.52%
BlackRock MuniYield Fund Inc6.86%
BlackRock MuniHoldings Investment Quality Fund5.03%
Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.

Schedule of Distributions

Distribution DateROBAXROBCXROBNX
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
Jan 17, 2020$0.0210$0.0148$0.0230
Distribution DateROBAXROBCXROBNX
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 DateROBAXROBCXROBNX
Dec 28, 20180.03970.03380.0416
Nov 16, 20180.02640.02080.0281
Oct 16, 20180.02780.02210.0297
Sep 18, 20180.02810.02250.0300
Aug 16, 20180.02790.02160.0300
Jul 17, 20180.02780.02260.0296
Jun 18, 2018 0.02890.02310.0306
May 16, 20180.02840.02250.0304
Apr 17, 20180.02920.02350.0310
Mar 16, 20180.02990.02420.0318
Feb 28, 20180.02440.01910.0262
Jan 31, 20180.02710.01020.0293
Distribution DateROBAXROBCXROBNX
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 DateROBAXROBCXROBNX
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 DateROBAXROBCXROBNX
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 DateROBAXROBCXROBNX
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

Important Risks and Disclosures:

Effective October 25, 2019, changes were made to the Fund’s principal investment strategy. The Sub-advisor may, but is not required to, purchase shares of open-end registered investment companies (“Mutual Funds”) or Exchange-Traded Funds (“ETFs”) that invest primarily in municipal bonds.

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 Turbulence Resulting from COVID-19. The outbreak of COVID-19 has negatively affected the worldwide economy, including the U.S. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Fund.

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 the spread of infectious illness or other events could have a significant impact on a security or instrument. 

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.

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.

Fixed Income/Interest Rate Risk: A rise in interest rates could negatively impact the value of the Fund’s shares. 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.  

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.