b'02Key Features Unlike closed-end funds, interval funds The structure gives investors accessmust offer to repurchase a portion of theirto private credit and other illiquidshares (typically 5%25% of outstandingasset classes, while still providingshares) every three, six, or 12 months, and,periodic liquidity.in some cases, monthly, after obtaining exemptive relief.Because interval funds do not need to meet daily redemption requests, managers haveShareholders are not required to sell duringflexibility to invest in less liquid strategies these windows and may choose to wait forwhile aligning repurchase windows with a future repurchase opportunity. portfolio cash flows. Interval funds can continuously offerInvestors must give advance notice of new shares at NAV, which differentiatesredemptions, allowing managers to plan them from other closed-end structures. ahead and protect portfolio stability. Interval funds benefit from Rule486 By offering predictable liquidity windows, under the Securities Act of 1933, asinterval funds reduce the likelihood of their amended (the Securities Act), whichshares trading at large discounts to NAV, allows post-effective amendmentswhich in turn helps with raising additional to registration statements to becomecapital after the initial offering.effective automatically. Repurchase offers are generally lessexpensive to conduct than tender offers,as they avoid SEC filing fees and FINRAfiling requirements, though they remainsubject to FINRA Rule 2341 limits on sales compensation.Mayer Brown|Interval Funds 11'