Galliard Managed Income Fund

ANNUALIZED INVESTMENT PERFORMANCE - AS OF DECEMBER 31, 2025¹

Past performance is not an indication of how an investment will perform in the future. The principal value and investment return of the funds will fluctuate so that you may have a gain or loss when you sell your units.

1: Returns for periods less than one year are not annualized.  2: Returns designated as “before fees” include all income, realized and unrealized capital gains and losses and all annual fund operating expenses. These returns also include all non-affiliated subadvisor fees, audit and valuation fees. Returns designated as “after maximum fees” are the “before fees” amounts less the maximum 0.25% fee which may be charged by Galliard for management of each client’s account. Returns may have been impacted by the effect of compounding and have been rounded to the nearest basis point. Fees which may be charged to each client for investment management are described in Galliard Capital Management’s Form ADV Part 2 which is available upon request.  3: Benchmark returns do not include potential transaction costs or management fees. © 2025 Ice Data Indices, LLC. All rights reserved.While it is believed that the benchmark used here represents an appropriate point of comparison for the Fund referenced above, prospective investors should be aware that the volatility of the above referenced benchmark or index may be substantially different from that of the Fund; and holdings in the Fund may differ significantly from the benchmark or index if the investment guidelines and criteria are different than the Fund.  4: May not add due to rounding.

For more information, please refer to the GIPS composite report found under Disclosure in the Reporting Resources tab. 

 The Fund’s investment contracts are designed to allow for participant transactions at book value. A principal risk of the Fund is investment contract risk. This includes the risk that the issuer will default on its obligation under the contract or that another event of default may occur under the contract rendering it invalid; that the contract will lapse before a replacement contract with favorable terms can be secured; or that the occurrence of certain other events including employer-initiated events, could cause the contract to lose its book value withdrawal features. These risks may result in a loss in value to a contract holder. Other primary risks include default risk, which is the possibility that instruments the Fund holds will not meet scheduled interest and/or principal payments; interest rate risk, which includes the risk of reinvesting cash flows at lower interest rates; and liquidity risk, which includes the effect of very large unexpected withdrawals on the Fund’s total value. The occurrence of any of these events could cause the Fund to lose value.