Depending on the characteristics of the particular derivative, it could become illiquid. Derivatives can be volatile and involve various types and degrees of risks. The fund may invest in derivative securities, which derive their performance from the performance of an underlying asset, index, interest rate or currency exchange rate. Investment by the fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. This risk is usually greater for longer-term debt securities. Investments in debt securities typically decrease in value when interest rates rise. Because the fund concentrates its investments in Municipal-Related Securities the fund may be subject to increased volatility. Changes related to taxation, legislation or the rights of municipal security holders can significantly affect 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. The fund invests in Municipal-Related Securities. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly Repurchase Offer. Limited liquidity is provided to shareholders only through the fund’s quarterly Repurchase Offers for no less than 5% of the fund’s shares outstanding at net asset value. There currently is no secondary market for the fund’s shares and the adviser does not expect that a secondary market will develop. The fund will ordinarily accrue and pay distributions from its net investment income, if any, once a quarter however, the amount of distributions that the fund may pay, if any, is uncertain. The fund is suitable only for investors who can bear the risks associated with the limited liquidity of the fund and should be viewed as a long-term investment. This fact sheet must be preceded or accompanied by the current prospectus.
Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation. Nothing contained in this communication constitutes tax, legal or investment advice. Nothing on this website should be considered a solicitation to buy or an offer to sell any shares of a fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction. Tortoise Index Solutions Announces Constituent Change to Indices Due to Merger and Acquisition Activity Tortoise Index Solutions Announces Constituent Change to Indices Due to Merger and Acquisition ActivityĪctively researched indices, passively managed products.
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