# Interval Funds **PROBLEM** Reduced liquidity, valuation uncertainty, leverage, and concentration \ can heighten volatility and delay exits; investors may receive less than \ their full tender request during oversubscribed intervals. **Non-Listed Interval Fund Risk:** Interval funds have the feature of being purchased and sold \ at NAV, however in most cases the purchase can be daily and the redemption is often \ quarterly. Many funds allow 5% of their assets each quarter to be tendered, but this level and \ schedule can be fund specific. If many investors want out of a fund in the same quarter, it can \ take a long time to fully redeem. Most custodians also charge a small fee each time a purchase \ or sale is submitted for an Interval Fund. The primary reason for this fund feature is the \ holdings tend to be 70%+ private equity, debt or level 3 assets --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.xft.finance/learn/flows/interval-funds.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.