Calculated on the basis of market prices and dividend reinvestment, total returns over three- and five-year periods were impacted by the lack of liquidity for closed-end funds, which has resulted in the Fund’s shares trading at a discount to NAV.\u00a0 However, long-term income investors with no current intention of selling their shares have no cash impact from this volatility in market prices.<\/p>\n\t\t\t\t![\"Note:](\"https:\/\/ubsprfunds.com\/wp-content\/uploads\/2021\/11\/fund-1-perf-es.jpg\" "\\"fund-1-perf\\"")
\n
\n\t\tTHE BOARD’S OVERSIGHT OF THE FUND’S PERFORMANCE\n\t<\/h2>\n\t
Como resultado del manejo de inversiones prudente y acertado del Fondo, seg\u00fan supervisado por su Junta de Directores, el Fondo ha generado rendimientos positivos en efectivo a trav\u00e9s de su trayectoria, a pesar de importantes retos del mercado.<\/p>\n
In fact, the Fund performed well from its inception through 2012.\u00a0 The crash of the Puerto Rico municipal bond market beginning in 2013 through the end of 2015 affected all investors in these markets, as reflected in the Fund’s returns during that period.\u00a0 However, under the Board’s leadership, the Fund continued to deliver monthly tax-advantaged income, conducting share repurchases to provide liquidity to selling shareholders while accreting value to those who held their investment.<\/p>\n
Aunque los mercados de bonos de Puerto Rico a\u00fan no se han recuperado completamente, el Fondo ha tenido un rendimiento s\u00f3lido desde finales de 2015 y ha continuado brindando a sus accionistas ingresos mensuales uniformes. Hoy en d\u00eda, el Fondo ofrece rendimientos muy atractivos y con ventajas contributivas<\/b>, lo cual ser\u00eda dif\u00efcil encontrar en otro lugar con un perfil de riesgo similar.<\/p>\n\n\t\tTHE FUND’S Positive outlook\n\t<\/h2>\n\t
As the Puerto Rico bond market emerges, both the income and liquidity of the Fund can be expected to improve.\u00a0 At the current Board’s direction, the Fund continues to work tirelessly to maximize shareholder returns, including registration with the U.S. Securities and Exchange Commission under the Investment Company Act of 1940, which may contribute to increased liquidity and reduced market discount to NAV, paving the way for further positive returns.\u00a0 The Board is keenly aware of the need for liquidity in the Fund shares and will continue to make this a strategic priority.<\/p>\n\t
[1] Rendimientos anuales calculados en dividendos acumulados y preservaci\u00f3n del NAV, definidos como dividendos en efectivo acumulados m\u00e1s el aumento (o la disminuci\u00f3n) en el valor neto de los activos (net asset value, NAV) durante el per\u00edodo, en relaci\u00f3n con el NAV inicial.<\/p>\n
<\/p>\n
[2] Fund inception of 7\/31\/03. Pre-cash period defined as inception through 12\/31\/12, Crash defined as 12\/31\/12 through 12\/31\/15; post crash defined as 12\/31\/15 through 6\/30\/21. All other figures as of 6\/30\/21. Cash returns defined as cumulative cash dividends plus increase (decrease) in net asset value (NAV) over period, relative to starting NAV.<\/p>","protected":false},"excerpt":{"rendered":"
Tax-Free Fixed Income Fund for Puerto Rico Residents, Inc. FUND PERFORMANCE A TRACK RECORD OF CONSISTENT, TAX-ADVANTAGED INCOME The Fund’s investment objective is to provide its shareholders with current income, while preserving capital. \u00a0In fact, as noted in the table below, the Fund has distributed significant cumulative dividends to its shareholders since inception. Measured according…<\/p>","protected":false},"author":1,"featured_media":0,"parent":383,"menu_order":1,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-385","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/ubsprfunds.com\/es\/wp-json\/wp\/v2\/pages\/385","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ubsprfunds.com\/es\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/ubsprfunds.com\/es\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/ubsprfunds.com\/es\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ubsprfunds.com\/es\/wp-json\/wp\/v2\/comments?post=385"}],"version-history":[{"count":0,"href":"https:\/\/ubsprfunds.com\/es\/wp-json\/wp\/v2\/pages\/385\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/ubsprfunds.com\/es\/wp-json\/wp\/v2\/pages\/383"}],"wp:attachment":[{"href":"https:\/\/ubsprfunds.com\/es\/wp-json\/wp\/v2\/media?parent=385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}