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Overview
Performance
Historical Total Returns (%)
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U.S. Legacy Income Trust III.2 (Trust) commenced operations on January 3, 2022. The Trust pursues its investment program by investing through Legacy Income Common Trust Fund (Common Trust), a common trust fund that commenced operations on April 30, 2019. Past performance is no guarantee of future results. Performance is for the stated time periods only; due to market volatility, the Trust's and the Common Trust's current performance may be lower or higher than quoted. Total Return for the Trust and the Common Trust is calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Performance for the time periods less than or equal to one year is cumulative. Income Component of Return represents the portion of the Trust's total return that is attributable to distributions. Principal Component of Return represents the portion of the Trust's total return that is attributable to changes in NAV. Total returns and the Trust's Income Component of Return are stated net of foreign taxes withheld on dividends received on non-U.S. investments. Trust income beneficiaries are generally eligible to receive a federal income tax credit or an itemized deduction for their attributable share of unrecovered foreign withholding tax.
The Common Trust’s investment program combines dividend-capture trading (focused primarily on non-U.S. equities) and a core equity approach (focused primarily on U.S. equities). The Common Trust’s long-term target allocation is approximately 60% non-U.S. equities and approximately 40% U.S. equities. Allocations will vary over time depending on portfolio income needs, dividend seasonality, risk management considerations and other factors. The Common Trust typically maintains 140-200 holdings, with a maximum active weight vs. benchmark of 3%. In addition to other risk management practices, the Common Trust manages stock weightings and contribution to predicted tracking error on an industry and country basis.
The Trust’s inception date is January 3, 2022. Indicated results for the 2022 calendar year do not represent a full calendar year return.
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Composition
Composition
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Geography
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Holdings
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Portfolio Characteristics
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Other Funds Managed by This Team
Resources
While the Trusts will seek to provide tax-advantaged monthly distributions to income beneficiaries growing over time with inflation and increasing amounts available for charitable purposes upon termination of beneficiaries' income interests, the Trust's overall investment results are subject to market risk and are not guaranteed by any person. Distributions to income beneficiaries may fluctuate with changes in economic conditions, may not grow over time at rates consistent with inflation and may decline. The tax character of distributed Trust income may vary. The principal amount available for charitable purposes upon termination of a Trust Account's income interests may be higher or lower than the value of the Trust Account at initial funding.
1The Annualized Distribution per Unit is calculated by multiplying the current daily distribution per unit first by the number of days in the current month, then multiplying by twelve.
2The Annualized Distribution Rate at Current NAV is calculated by dividing the Trust’s current Annualized Distribution per Unit by the Trust’s net asset value per unit (NAV) as of the current business day. NAV is calculated by dividing the Trust’s net assets by the number of units currently outstanding.
3The Annualized Distribution Rate at Initial NAV is calculated by dividing the Trust's current Annualized Distribution per Unit by the Trust's initial NAV of $10.00.
4From the Trust's inception on January 3, 2022.
5From the Common Trust's inception on April 30, 2019.
6MSCI World Index is an unmanaged index of equity securities in the developed markets. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the Trust. Returns of the MSCI World Index are stated net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.
7The MSCI USA Index is a free float-adjusted market capitalization index that is designed to measure large and midcap U.S. equity market performance. MSCI World ex USA Index is an unmanaged index of equity securities in the developed markets, excluding the United States. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the Trust. Returns of the MSCI indexes are stated net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.
8The indicated foreign tax credit represents the federal income tax credit for foreign taxes paid that was available to a Trust account income beneficiary for units of the Trust held the entire period.
