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Morningstar has awarded its first-ever Medalist Ratings to semiliquid funds, with Pimco Flexible Credit Income and Pimco Flexible Municipal Income receiving Silver and Bronze ratings, respectively. Semiliquid funds limit investor withdrawals to periodic, often capped, windows, allowing managers to invest in illiquid securities. The ratings are based on five pillars: Process, People, Parent, Price, and Performance, and provide a single data point for investors to evaluate a fund's ability to outperform over a market cycle.

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