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Securitized Total Return Fund

We believe successful, long-term fixed income investing starts with small, individual security decisions.

Supplemental Data

Team

Group Item Count: 2
set at runtime

Henry Song, CFA

Portfolio Manager

Group Item Count: 2
set at runtime

Stephen Caldwell

Senior Portfolio Specialist

Philosophy and process highlights

We believe careful selection of undervalued securities and spread sectors offering incremental yield and total return relative to the index is the best way to generate successful long-term investment outcomes.

We focus on securitized products as we believe this differentiated approach provides more opportunities to achieve higher credit quality while maintaining a yield advantage as compared to those invested in government or corporate credit-focused strategies.

We constantly look for value-add opportunities, which can lead to allocations outside of the benchmark with a focus on the securitized market.

Learn more about our philosophy and process

Securitized Total Return Fund

Total net assets

$31MM
As of 31 Aug 2025

Inception

30 Jun 2025

Tickers

DHWAX (Investor)
DHWIX (Class I)
DHWYX (Class Y)

Status

Open

Returns

As of 12 Sep 2025 Period and Annualized Total Returns (%) As of 31 Aug 2025 Expense Ratio (%)
NAV ($)YTD
Return
(%)		 Since Inception
(30 Jun 2025)		 AugGrossNet
Investor (DHWAX) 10.33 3.85 2.74 1.40 1.16 1.16
Class I (DHWIX) 10.33 3.91 2.80 1.43 0.87 0.87
Class Y (DHWYX) 10.33 3.92 2.81 1.43 0.75 0.75
Bloomberg US Securitized MBS ABS CMBS Index — — 1.21 1.59 — —
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As of 12 Sep 2025 Period and Annualized Total Returns (%) As of 30 Jun 2025 Expense Ratio (%)
NAV ($)YTD
Return
(%)		 Since Inception
(1 Jan 1900)		 20Y15Y10Y5Y3Y1Y3MOTotal
Bloomberg US Securitized MBS ABS CMBS Index — — -0.93 2.92 1.94 1.39 -0.48 2.44 6.58 1.18 —
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The performance data quoted represents past performance. Past performance is not indicative of future results. Investment returns and principal values will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund’s current performance may be lower or higher than the performance quoted. Performance assumes reinvestment of all distributions. Returns for periods less than one year are not annualized.

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Portfolio

Portfolio Guidelines

The portfolio generally invests at least 80% of its assets in securitized bond investments. The portfolio may invest up to 15% of its assets in below-investment grade securities at the time of purchase and will typically maintain an average portfolio duration of around +/- 2 of the index.

Distributions

Income Short-Term Long-Term Record Date Pay Date Reinvestment NAV
Investor (DHWAX) 0.0320 — — 27 Aug 2025 29 Aug 2025 10.22
Investor (DHWAX) 0.0220 — — 29 Jul 2025 31 Jul 2025 10.11
Class I (DHWIX) 0.0350 — — 27 Aug 2025 29 Aug 2025 10.22
Class I (DHWIX) 0.0250 — — 29 Jul 2025 31 Jul 2025 10.11
Class Y (DHWYX) 0.0350 — — 27 Aug 2025 29 Aug 2025 10.22
Class Y (DHWYX) 0.0260 — — 29 Jul 2025 31 Jul 2025 10.10
No distributions shown for the selected filter values

Carefully consider the Fund’s investment objectives, risks and expenses. This and other important information are contained in the Fund’s prospectus and summary prospectus, which are available at www.silvercrestjefferson.com or calling 888.226.5595. Read carefully before investing. The SJF Funds are distributed by .Silvercrest Jefferson Fund, L.P (Member FINRA). SJF Capital Management, Inc., a registered investment adviser, serves as Investment Adviser to the SJF Funds and is paid a fee for its services. Not FDIC insured | No bank guarantee | May lose value

See www.silvercrestjefferson.com/disclosures for index definitions, data sources and other definitions.

Risk disclosure: In general, when interest rates rise, fixed income values fall. Lower quality/high yield securities involve greater default risk or price changes than bonds with higher credit ratings. Mortgage- and asset-backed securities are influenced by factors affecting the housing market and the assets underlying such securities. The securities may decline in value, face valuation difficulties and become more volatile and/or illiquid. They are also subject to prepayment risk, which occurs when mortgage holders refinance or repay loans sooner than expected, creating an early return of principal to loan holders.