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pacini hatfield investments with high returns

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JavaScript seems to be disabled in your browser. For the best experience on our site, be sure to turn on Javascript in your browser. Microsoft PowerPoint Template and Background with taking a risk in the stock market. Presenting risk reward matrix ppt presentation. This is a risk reward matrix ppt presentation. This is four stage process. The stages in this process are risk reward matrix, investment reward, investment risk, high, med, low.

Pacini hatfield investments with high returns forex gold live charts

Pacini hatfield investments with high returns

The Adviser assesses three primary factors to determine the level of opportunity and risk presented in equity markets broadly. These factors include an assessment of economic growth looking at factors such as the leading economic indicators; an assessment of investor sentiment as a contrary indicator; and an assessment of overall equity market valuation. While few companies may. There is no guarantee that the Adviser will be able to successfully screen out all companies that are inconsistent with its principles.

The Adviser seeks to invest in companies that reflect the following values:. Distribution Policy. The frequency of distributions will be based on the availability of distributable income and the investment needs of the Fund. Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits. However, all or a portion of a distribution may consist of a return of capital.

Shareholders should not assume that the source of a distribution from the Fund is net profit. Principal Risks of Investing in the Fund. As with any mutual fund, the Fund may not achieve its investment objective. Distribution Policy Risk. However, all or a portion of a distribution may consist of a return of capital i. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares.

Emerging Market Risk. Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default. Emerging market securities also tend to be less liquid. Equity Security Risk. Stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.

Warrants and rights may expire worthless if the price of a common stock is below the conversion price of the warrant or right. Convertible bonds may decline in value if the price of a common stock falls below the conversion price. Investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction and global or regional political, economic and banking crises.

Ethical Investment Risk. Foreign Securities Risk. The value of foreign securities is subject to currency fluctuations. Foreign companies are generally not subject to the same regulatory requirements of U. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.

Hedging Risk. Hedging is a strategy in which the Fund uses a derivative to offset the risks associated with other Fund holdings. The Fund is not required to use hedging and may choose not to do so. Limited History of Operations. The Fund has a limited history of operations for investors to evaluate. Liquidity Risk. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

Management Risk. Market Risk. Overall stock market risks may also affect the value of the Fund. During periods of interest rate volatility, these investments may not provide attractive returns. Depending on the state of interest rates in general, the use of MLPs or MLP-related securities could enhance or harm the overall performance of the Fund.

MLP Tax Risk. MLPs, typically, do not pay U. A change in current tax law or in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U. The classification of an MLP as a corporation for U. Options Risk. There are risks associated with the sale and purchase of call and put options. As the seller writer of a covered call option, the Fund assumes the risk of a decline in the.

The use of derivative instruments, such as options, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments, including the risk that the counterparty to an options transaction may not fulfill its contractual obligations. Security Risk. Segregation Risk. In order to secure its obligations to cover its short positions on options, the Fund will either own the underlying assets, enter into offsetting transactions or set aside cash or readily marketable securities.

This requirement may cause the Fund to miss favorable trading opportunities, due to a lack of sufficient cash or readily marketable securities. This requirement may also cause the Fund to realize losses on offsetting or terminated derivative contracts or special transactions. Small and Mid-Capitalization Stock Risk. To the extent the Fund invests in the stocks of small and mid-sized companies, the Fund may be subject to additional risks, including the risk that earnings and prospects of these companies are more volatile than larger companies.

Yieldcos Risk. Yieldcos typically remain dependent on the management and administration services provided by or under the direction of the Yieldco Sponsor and on the ability of the Yieldco Sponsor to identify and present the yieldco with acquisition opportunities, which may often be assets of the Yieldco Sponsor itself. To the extent that the yieldco relies on the Yieldco Sponsor for developing new assets for potential future acquisitions, the yieldco may be dependent on the development capabilities and financial health of the Yieldco Sponsor.

Yieldco Sponsors may have interests that conflict with the interests of the yieldco, and may retain control of the yieldco via classes of stock held by the Yieldco Sponsor. Because the Fund is a new fund and does not yet have a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of this Prospectus.

Updated performance information will be available at no cost by calling and on the. Portfolio Manager. Martin A. Purchase and Sale of Fund Shares. Tax Information. Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred plan.

If you are investing in a tax-deferred plan, distributions may be taxable upon withdrawal from the plan. If you purchase the Fund through a broker-dealer or other financial intermediary such as a bank , the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment.

The investment objective of the Fund is non-fundamental and may be changed by the Board of Trustees without shareholder approval. These other securities may include ADRs, yieldcos e. Securities may be sold when the Adviser believes that they no longer represent relatively attractive investment opportunities or when the Adviser believes the underlying company is.

Income may be distributed regardless of whether such income will be treated as return of capital. The Fund generally distributes to shareholders substantially all of its net income for example, interest and dividends approximately four times per year and substantially all of its net capital gains that is, long-term capital gains from the sale of portfolio securities and short-term capital gains from both the sale of portfolio securities and option premium earned annually.

In addition, pursuant to its distribution policy, the Fund may make distributions that are treated as a return of capital. Return of capital is the portion of a distribution that is the return of your original investment dollars in the Fund. As required under the Act, the Fund will provide a notice to shareholders at the time of distribution when such distribution does not consist solely of net income. Additionally, each distribution payment will be accompanied by a written statement which discloses the estimated source or sources of each distribution.

The IRS requires you to report these amounts, excluding returns of capital, on your income tax return for the year declared. The Fund will provide disclosures, with each quarterly distribution, that estimate the percentages of the current and year-to-date distributions that represent 1 net investment income, 2 capital gains and 3 return of capital.

At the end of the year, the Fund may be required under applicable law to recharacterize distributions made previously during that year among 1 ordinary income, 2 capital gains and 3 return of capital for tax purposes. An additional distribution may be made in December, and other additional distributions may be made with respect to a particular fiscal year in order to comply with applicable law.

Distributions declared in December, if paid to shareholders by the end of January, are treated for federal income tax purposes as if received in December. Non-Principal Investment Strategy. Manager-of-Managers Order. The Order permits the Adviser, subject to the approval of the Board of Trustees, to replace sub-advisers or amend sub-advisory agreements, including fees, without shareholder approval whenever the Adviser and the Trustees believe such action will benefit the Fund and its shareholders.

Temporary Defensive Positions. For example, the Fund may hold all or a portion of its assets in money market instruments, including cash, cash equivalents, U. The Fund may also use options strategies that the Adviser believes may mitigate the effects of adverse conditions in order to continue to pursue its investment objective. If the Fund invests in a money market fund, the shareholders of the Fund generally will be subject to duplicative management fees.

Although the Fund would do this only in seeking to avoid losses, the Fund will not be able to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. The Fund may also invest in money market instruments at any time to maintain liquidity or pending selection of investments in accordance with its policies. All mutual funds carry a certain amount of risk, including the risk that the Fund may not achieve its investment objective.

An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Also, an investment in the Fund is not a complete investment program. The following summarizes the principal risks of the Fund. These risks could adversely affect the net asset value, total return and the value of the Fund and your investment. The risk descriptions below provide a more detailed explanation of some of the principal investment risks described in the Fund's Fund Summary section of the Prospectus.

Return of capital is the portion of distribution that is a return of your original investment dollars in the Fund. The Fund will provide disclosures, with each monthly distribution, that estimate the percentages of the current and year-to-date distributions that represent 1 net investment income, 2 capital gains and 3 return of capital.

At the end of the year, the Fund may be required under applicable law to re-characterize distributions made previously during that year among 1 ordinary income, 2 capital gains and 3 return of capital for tax purposes. Emerging Markets Risk.

Investing in emerging markets involves not only the risks described below with respect to investing in foreign securities, but also other risks, including exposure to economic structures that are generally less diverse and mature, and to political systems that can be expected to have less stability, than those of developed countries.

For example, emerging markets may experience significant declines in value due to political and currency volatility. Other characteristics of emerging markets that may affect investment include certain national policies that may restrict investment by foreigners in issuers or industries deemed sensitive to relevant national interests and the absence of developed structures governing private and foreign investments and private property.

The typically small size of the markets of securities of issuers located in emerging markets and the possibility of a low or nonexistent volume of trading in those securities may also result in a lack of liquidity and in price volatility of those securities. Common and preferred stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.

Depository receipts maintain substantially the same risks as those associated with investments in foreign securities and may be under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities. The Fund is a relatively new mutual fund and has a limited history of operations for investors to evaluate.

Liquidity risk exists when particular investments are difficult to sell. When the Fund holds illiquid investments, the Fund's investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemptions or for other cash needs, the Fund may suffer a loss. In addition, when there is illiquidity in the market for certain securities, the Fund, due to limitations on investments in illiquid securities, may be unable to achieve its desired level of exposure to a certain sector.

The net asset value of the Fund changes daily based on the performance of the securities in which it invests. Overall stock or bond market volatility may also affect the value of the Fund. The Fund's investments may decline in value if markets perform poorly. There is also a risk that the. Fund's investments will underperform either the securities markets generally or particular segments of the securities markets. As the seller writer of a covered call option, the Fund assumes the risk of a decline in the market price of the underlying security below the purchase price of the underlying security less the premium received, and gives up the opportunity for gain on the underlying security above the exercise option price.

As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option. As a seller writer of a put option, the Fund will lose money if the value of the security falls below the strike price.

The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. There can be no guarantee the securities held by the Fund will appreciate in value.

The value of certain types of securities can be more. Smaller and Mid Capitalization Stock Risk. Smaller companies may experience higher failure rates than larger companies and generally have lower trading volume than larger companies. This can lead to more volatile price declines in response to selling pressure when compared to larger companies. Smaller companies may also have limited markets, product lines, or financial resources and may lack management experience.

Congress voted not to extend bonus depreciation in for qualifying capital equipment, meaning new yieldco assets could be subject to slower depreciation schedules and less ability to minimize tax liabilities. Prices of yieldco securities also can be affected by fundamentals unique to the company, including the robustness and consistency of its earnings and its ability to meet debt obligations including the payment of. Yieldcos may distribute all or substantially all of the cash available for distribution, which may limit new acquisitions and future growth.

Portfolio Holdings Disclosure Policies. The computer systems, networks and devices used by the Fund and its service providers to carry out routine business operations employ a variety of protections designed to prevent damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches. Despite the various protections utilized by the Fund and its service providers, systems, networks, or devices potentially can be breached.

The Fund and its shareholders could be negatively impacted as a result of a cybersecurity breach. Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. In addition, substantial costs may be incurred by these entities in order to prevent any cybersecurity breaches in the future.

Purchasing Shares. You may buy shares on any business day. The NYSE normally closes at p. All shares will be purchased at the NAV per share plus applicable sales charges, if any next determined after the Fund receives your application or request in good order. All requests received in good order by the Fund before p. Eastern Time will be processed on that same day. Requests received after p. Good Order : When making a purchase request, make sure your request is in good order.

The availability of certain sales charge waivers and discounts may depend on whether you purchase your shares directly from the fund or through a financial intermediary. Intermediaries may impose different sales charges other than those listed below for Class A, Class C shares and Class T shares and may have different policies and procedures regarding the availability of sales load and waivers or reductions. Appendix A is incorporated by reference into or legally considered part of this prospectus.

For reductions and waivers not available. Multiple Classes. Each Class of shares has a different distribution arrangement and expenses to provide for different investment needs. This allows you to choose the class of shares most suitable for you depending on the amount and length of investment and other relevant factors. Sales personnel may receive different compensation for selling each class of shares.

Each class of shares represents an interest in the same portfolio of investments in the Fund. Not all share classes may be available in all states. Class A Shares. You can buy Class A shares at the public offering price, which is the NAV plus an up-front sales charge.

You may qualify for a reduced sales charge as described below. The up-front sales charge also does not apply to Class A shares acquired through reinvestment of dividends and capital gains distributions. Class A shares are subject to a 12b-1 fee that is lower than the 12b-1 fee for the Class C shares, and higher than the 12b-1 fee for Class N shares. The up-front Class A sales charge and the commissions payable by you at the time of investment to dealers for the Fund is as follows:. Class A Sales Charge Reductions.

We offer a number of ways to reduce or eliminate the up-front sales charge on Class A shares. In addition, you may qualify for reduced sales charges under the following circumstances. Letter of Intent. An investor may qualify for a reduced sales charge immediately by stating his or her intention to invest in the Fund, during a month period, an amount that would qualify for a reduced sales charge and by signing a Letter of Intent, which may be signed at any time within 90 days after the first investment to be included under the Letter of Intent.

However, if an investor does not buy enough shares to qualify for the lower sales charge by the end of the month period or when you sell your shares, if earlier , the additional shares that were purchased due to the reduced sales charge credit the investor received will be liquidated to pay the additional sales charge owed. Rights of Accumulation. You may add the current value of all of your existing Eventide Fund shares to determine the front-end sales charge to be applied to your current Class A purchase.

Only balances currently held entirely at the Fund or, if held in an account through a financial services firm, at the same firm through whom you are making your current purchase, will be eligible to be added to your current purchase for purposes of determining your Class A sales charge.

You may include the value of investments in funds advised by the Adviser held by the members of your immediate family, including the value of investments held by you or them in individual retirement plans, such as individual retirement accounts, or IRAs, provided such balances are also currently held entirely at the Fund or, if held in an account through a financial services firm, at the same financial services firm through whom you are making your current purchase.

The value of shares eligible for a cumulative quantity discount equals the cumulative cost of the shares purchased not including reinvested dividends or the current account market value; whichever is greater. If you believe there are cumulative quantity discount eligible shares that can be combined with your current purchase to achieve a sales charge breakpoint, you must, at the time of your purchase including at the time of any future purchase specifically identify those shares to your current purchase broker-dealer.

Class A Sales Charge Waivers. Reinvestment Privilege. Within 90 days of redeeming certain Class A shares, the redemption proceeds may be reinvested without a sales charge in Class A shares of any fund in the Eventide family of funds. This privilege applies to redemptions of Class A shares that were subject to an initial sales charge. However, you may be subject to a 1.

The holding period for the CDSC begins on the day you buy your shares. Your shares will age one month on that same date the next month and each following month. For example, if you buy shares on the 15th of the month, they will age one month on the 15th day of the next month and each following month. To keep your CDSC as low as possible, each time you place a request to sell shares we will first sell any shares in your account that are not subject to a CDSC.

If there are not enough of these to meet your request, we will sell the shares in the order they were purchased. Additional information is available by calling Your financial adviser can also help you prepare any necessary application forms. You or your financial adviser must notify the Fund at the time of each purchase if you are eligible for any of these programs.

The Fund may modify or discontinue these programs at any time. Information on sales charge. Class C Shares. You can buy class C shares at NAV. Class C shares are subject to a 12b-1 fee of 1. Class N Shares.

You can buy class N shares at NAV. Class N shares are subject to a 12b-1 fee of 0. Class I Shares. Sales of Class I shares are not subject to a front-end sales charge or an annual 12b-1 fee. Availability of Class I shares is subject to agreement between the distributor and financial intermediary. Class T Shares.

You can buy Class T shares at the public offering price, which is the NAV plus an up-front sales charge. The up-front sales charge also does not apply to Class T shares acquired through reinvestment of dividends and capital gains distributions. Class T shares are subject to a 12b-1 fee, which the same as the 12b-1 fee for Class A and Class I shares but is lower than the 12b-1 fee for the Class C shares.

The up-front Class T shares sales charge and the commissions paid to dealers for the Fund is set forth in the table below. The availability of certain sales charge reductions and waivers may depend on whether you purchase your shares directly from the Fund or through a financial intermediary. Different intermediaries may impose different sales charges other than those listed below and may offer potential reductions in or waivers of sales charges. Opening an Account.

If you purchase shares through a brokerage firm or other financial institution, you may be charged a fee by the firm or institution. If you are investing directly in the Fund for the first time, please call toll-free or visit www. You will need to establish an account before investing. Be sure to sign up for all the account options that you plan to take advantage of. For example, if you would like to be able to redeem your shares by telephone, you should select this option on your Shareholder Account Application.

Doing so when you open your account means that you will not need to complete additional paperwork later. All purchases must be made in U. No cash, credit cards or third party checks will be accepted. If a check does not clear your bank or the Fund is unable to debit your predesignated bank account on the day of purchase, the Fund reserves the right to cancel the purchase. If your. Your investment in the Fund should be intended to serve as a long-term investment vehicle.

The Fund is not designed to provide you with a means of speculating on the short-term fluctuations in the stock market. The Fund reserves the right to reject any purchase request that it regards as disruptive to the efficient management of the Fund, which includes investors with a history of excessive trading.

The Fund also reserves the right to stop offering shares at any time. A wire purchase will not be considered made until the wired money and purchase order are received by the Fund. Any delays that may occur in wiring money, including delays that may occur in processing by the banks, are not the responsibility of the Fund or the transfer agent. The Fund presently does not charge a fee for the receipt of wired funds, but the Fund may charge shareholders for this service in the future.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. This means that when you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask for other identifying documents or information, and may take additional steps to verify your identity.

We may not be able to open your account or complete a transaction for you until we are able to verify your identity. Minimum Purchase Amount. The Fund reserves the right to change the amount of these minimums from time to time or to waive them in whole or in part for certain accounts. Investment minimums may be higher or lower for investors purchasing shares through a brokerage firm or other financial institution. To the extent investments of individual investors are aggregated into an omnibus account established by an investment adviser, broker or other intermediary, the account minimums apply to the omnibus account, not to the account of the individual investor.

Automatic Investment Plan. If you have an existing account that does not include the automatic. The automatic investment plan provides a convenient method to have monies deducted directly from your bank account for investment in the Fund. The Fund may alter, modify or terminate this plan at any time. To begin participating in this plan, please complete the Automatic Investment Plan Section found on the application or contact the Fund at Additional Investments. You may purchase additional shares of the Fund by check or wire.

Your bank wire should be sent as outlined above. You also may purchase Fund shares by making automatic periodic investments from your bank account. To use this feature, select the automatic investment option in the account application and provide the necessary information about the bank account from which your investments will be make. You may revoke your election to make automatic investments by calling or by writing to the Fund at:.

Other Purchase Information. The Fund may limit the amount of purchases and refuse to sell to any person. If your electronic funds transfer is incomplete, payment is not completed due to insufficient funds, stop payment, closed account, a check does not clear your bank, or the Fund is unable to debit your predesignated bank account, you will be responsible for any loss incurred by the Fund.

If you are already a shareholder, the Fund can, with notice, redeem shares from any identically registered account in the Fund as reimbursement for any loss incurred. You may be prohibited or restricted from making future purchases in the Fund. The Fund has authorized certain broker-dealers and other financial institutions including their designated intermediaries to accept on its behalf purchase and sell orders. These broker-dealers and financial institutions may charge a fee for their services.

The Fund is deemed to have received an order when the authorized person or designee receives the order, and the order is processed at the NAV next calculated thereafter. Market Timing. The Fund discourages market timing. To the extent that the Fund significantly invests in small or mid-capitalization equity securities or derivative investments, because these securities are often infrequently traded, investors may seek to trade Fund shares in an effort to benefit from their understanding of the value of these securities referred to as price arbitrage.

Market timing may result in dilution of the value of Fund shares held by long term shareholders, disrupt portfolio management and increase Fund expenses for all shareholders. The Board of Trustees has adopted a policy directing the Fund to reject any purchase order with respect to one investor, a related group of investors or their agent s , where it detects a pattern of purchases and sales of the Fund that indicates market timing or trading that it determines is abusive.

This policy applies uniformly to all Fund shareholders. While the Fund attempts to deter market timing, there is no assurance that they will be able to identify and eliminate all market timers. Omnibus accounts typically provide the Fund with a net purchase or redemption request on any given day where purchasers of Fund shares and redeemers of Fund shares are netted against one another and the identities of individual purchasers and redeemers whose orders are aggregated are not known by the Fund.

The netting effect often makes it more difficult for the Fund to detect market timing, and there can be no assurance that the Fund will be able to do so. You may redeem your shares on any business day. Your brokerage firm or financial institution may have an earlier cut-off time. Shares of the Fund may be redeemed by mail or telephone. You may receive redemption payments in the form of a check or federal wire transfer, subject to any applicable redemption fee.

Any charges for wire redemptions will be deducted from your account by redemption of shares. If you redeem your shares through a broker-dealer or other institution, you may be charged a fee by that institution. By Mail. You may redeem any part of your account in the Fund at no charge by mail. Your request, in good order, should be addressed to:. Good Order means your request for redemption must include:.

The Fund may require that the signatures be guaranteed if the mailing address of the account has been changed within 30 days of the redemption request. Signature guarantees are for the protection of shareholders. You can obtain a signature guarantee from most banks and securities dealers, but not from a notary public. For joint accounts, both signatures must be guaranteed. Please call the transfer agent at if you have questions.

At the discretion of the Fund, you may be required to furnish additional legal documents to insure proper authorization. The Fund will not make checks payable to anyone other than the shareholder of record. By Telephone. You may redeem any part of your account in the Fund by calling the transfer agent at You must first complete the Optional Telephone Redemption and Exchange section of the investment application to institute this option. The Fund, the transfer agent and the custodian are not liable for following redemption instructions communicated by telephone to the extent that they reasonably believe the telephone instructions to be genuine.

However, if they do not employ reasonable procedures to confirm that telephone instructions are genuine, they may be liable for any losses due to unauthorized or fraudulent instructions. Procedures employed may include recording telephone instructions and requiring a form of personal identification from the caller.

The Fund may terminate the telephone redemption procedures at any time. During periods of extreme market activity it is possible that shareholders may encounter some difficulty in telephoning the Fund, although neither the Fund nor the transfer agent have ever experienced difficulties in receiving and in a timely fashion responding to telephone requests for redemptions or exchanges. If you are unable to reach The Fund by telephone, you may request a redemption or exchange by mail.

Redemption Fee. Currently, the Fund does not charge a redemption fee. Shares held longest will be treated as being redeemed first and shares held for the shortest amount of time will be treated as being redeemed last. Shares held for days or more are not subject to the 1. Redemption fees are paid to the Fund directly and are designed to offset costs associated with fluctuations in Fund asset levels and cash flow caused by short-term shareholder trading. Waivers of Redemption Fees. The Fund reserves the right to modify the redemption fee or waivers at any time.

Redemptions in Kind. A shareholder will be exposed to market risk until these securities are converted to cash and may incur transaction expenses in converting these securities to cash. However, the Board of Trustees of the Trust has determined that, until otherwise approved by the Board, all redemptions in the Fund be made in cash only.

If the Board determines to allow the Fund to redeem in kind in the future, the Fund will provide shareholders with notice of such change to the redemption policy. Additional Information. If you are not certain of the requirements for redemption please call the transfer agent at Redemptions specifying a certain date or share price cannot be accepted and will be returned. You will be mailed the proceeds on or before the fifth business day following the redemption.

You may be assessed a fee if the Fund incurs bank charges because you request that the Fund re-issue a redemption check. Also, when the NYSE is closed or when trading is restricted for any reason other than its customary weekend or holiday closing or under any emergency circumstances, as determined by the.

Securities and Exchange Commission, the Fund may suspend redemptions or postpone payment dates. You may increase the value of your shares in the Fund to the minimum amount within the day period. All shares of the Fund are also subject to involuntary redemption if the Board of Trustees determines to liquidate the Fund. An involuntary redemption will create a capital gain or a capital loss, which may have tax consequences about which you should consult your tax adviser. Exchange Privilege.

You may exchange shares of a particular class except Class T shares of the Fund only for shares of the same class of another fund in the Eventide family of funds. Shares of the fund selected for exchange must be available for sale in your state of residence.

You must meet the minimum purchase requirements for the fund you purchase by exchange. For tax purposes, exchanges of shares involve a sale of shares of the Fund you own and a purchase of the shares of the other Eventide Fund, which may result in a capital gain or loss. Converting Shares. Shareholders of the Fund may elect on a voluntary basis to convert their shares in one class of the Fund into shares of a different class of the same Fund, subject to certain restrictions and satisfying the eligibility requirements for investment in the new share class.

The restrictions may be waived in certain circumstances based on the policies and procedures of specific intermediaries or at the discretion of the Adviser. Shares may only be converted into a share class with a lower expense ratio than the original share class.

An investor may directly or through his or her financial intermediary contact the Fund to request a voluntary conversion between share classes of the same Fund as described above. You may be required to provide sufficient information to establish eligibility to convert to the new share class.

All permissible conversions will be made on the basis of the relevant NAVs of the two classes without the imposition of any sales load, redemption fee or other charge. A share conversion within the Fund will not result in a capital gain or loss for federal income tax purposes.

The Fund may change, suspend or terminate this conversion feature at any time. Because these fees are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

The Fund is currently paying a 12b-1 fee of up to 0. If authorized by the Board of Trustees and upon notice to shareholders, the Fund may increase the percentage paid under the Plan up to the Class A 12b-1 Fee amount. All or a portion of the distribution and services fees may be paid to your financial adviser for providing ongoing services to you. A portion of the distribution and services fees may be paid to your financial adviser for providing ongoing service to you.

All or a portion of the distribution and services fees may be paid to your financial advisor for providing ongoing service to you. In these cases, the Fund's NAV will reflect certain portfolio securities' fair value rather than their market price. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security is materially different than the value that could be realized upon the sale of that security.

The fair value prices can differ from market prices when they become available or when a price becomes available. Without a fair value price, short term traders could take advantage of the arbitrage opportunity and dilute the NAV of long term investors. Securities trading on overseas markets present time zone arbitrage opportunities when events effecting portfolio security values occur after the close of the overseas market, bur prior to the close of the U. The Fund may use pricing services to determine market value.

The NAV for the Fund investing in other investment companies is calculated based upon the NAV of the underlying investment companies in its portfolio, and the prospectuses of those companies explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing.

Because the Fund may invest in securities primarily listed on foreign exchanges, and these exchanges may trade on weekends or other days when the Fund does not price its shares, the value of some of the Fund's portfolio securities may change on days when you may not be able to buy or sell Fund shares. Dividends and Distributions. The Fund typically distributes substantially all of its net investment income in the form of dividends, interest and taxable capital gains to its shareholders.

These distributions are automatically reinvested in the Fund unless you request cash distributions on your application or through a written request to the Fund. The Fund expects that its distributions will consist of both capital gains, interest and dividend income. The Fund may make distributions of its net realized capital gains after any reductions for capital loss carry forwards annually. In general, selling shares of the Fund and receiving distributions whether reinvested or taken in cash are taxable events.

Depending on the purchase price and the sale price, you may have a gain or a loss on any shares sold. Any tax liabilities generated by your transactions or by receiving distributions are your responsibility. You may want to avoid making a substantial investment when the Fund is about to make a taxable distribution because you would be responsible for any taxes on the distribution regardless of how long you have owned your shares.

The Fund may produce capital gains even if it does not have income to distribute and performance has been poor. Early each year, the Fund will mail to you a statement setting forth the federal income tax information for all distributions made during the previous year. If you do not provide your taxpayer identification number, your account will be subject to backup withholding.

The tax considerations described in this section do not apply to tax-deferred accounts or other non-taxable entities. The Adviser was formed in April Management of the Fund is currently its primary business. Portfolio Managers. In addition to his role at Eventide, Mr. He also serves as a consultant for Kristen Coombs, Financial Advisors since From to , Mr. In his role, Mr. Previously, Mr. Wildy was an equity analyst at Investment Advisers, Inc. Advisory Fees.

The Fund is authorized to pay the Adviser an annual fee based on its average daily net assets. The advisory fee is paid monthly. The following table describes i the contractual advisory fee, and ii the expense limitation for the Fund. The Adviser intends to contribute a portion of its profits from managing the Fund to charities and service organizations. Specific intermediaries may have different policies and procedures regarding the availability of sales charge reductions and waivers, which are discussed below.

The information below was provided by the Financial Intermediary. The Fund is not responsible for the accuracy of the information. Class T shares are available to Morgan Stanley Wealth Management clients who purchase fund shares through a transactional brokerage account. Sales Charge Waivers. Class T shares are available for purchase by Morgan Stanley Wealth Management clients with the front-end load waived as follows:.

Unless specifically described above, no other front-end load waivers are available to mutual fund purchases by Morgan Stanley Wealth Management clients in transactional brokerage accounts. The information disclosed in the appendix is part of, and incorporated in, the prospectus. The types of personal information we collect and share depends on the product or service that you have with us.

This information can include:. Social Security number and wire transfer instructions. When you are no longer our customer, we continue to share your information as described in this notice. How does Mutual Fund Series Trust protect my personal information? To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.

How does Mutual Fund Series Trust collect my personal information? We collect your personal information, for example, when you. We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. Federal law gives you the right to limit only:. State laws and individual companies may give you additional rights to limit sharing.

Companies related by common ownership or control. They can be financial and non-financial companies. Mutual Fund Series Trust has no affiliates. Companies not related by common ownership or control. Summary A self-starting, dedicated, hardworking investment manager who has a successful and consistent track record of achieving high level returns while mitigating risk for clients.

February - July Accountant Maricopa County. Companies Teams 1. Following 0. People Followers Following 5. Jacob Pacini has not indicated any interests. See all followers. To: Subject: Message:.

MAKING CAPITAL INVESTMENT DECISIONS MCQS OF PHYSICS

Opening an Account. If you purchase shares through a brokerage firm or other financial institution, you may be charged a fee by the firm or institution. If you are investing directly in the Fund for the first time, please call toll-free or visit www.

You will need to establish an account before investing. Be sure to sign up for all the account options that you plan to take advantage of. For example, if you would like to be able to redeem your shares by telephone, you should select this option on your Shareholder Account Application. Doing so when you open your account means that you will not need to complete additional paperwork later.

All purchases must be made in U. No cash, credit cards or third party checks will be accepted. If a check does not clear your bank or the Fund is unable to debit your predesignated bank account on the day of purchase, the Fund reserves the right to cancel the purchase. If your. Your investment in the Fund should be intended to serve as a long-term investment vehicle. The Fund is not designed to provide you with a means of speculating on the short-term fluctuations in the stock market. The Fund reserves the right to reject any purchase request that it regards as disruptive to the efficient management of the Fund, which includes investors with a history of excessive trading.

The Fund also reserves the right to stop offering shares at any time. A wire purchase will not be considered made until the wired money and purchase order are received by the Fund. Any delays that may occur in wiring money, including delays that may occur in processing by the banks, are not the responsibility of the Fund or the transfer agent. The Fund presently does not charge a fee for the receipt of wired funds, but the Fund may charge shareholders for this service in the future.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. This means that when you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.

We may also ask for other identifying documents or information, and may take additional steps to verify your identity. We may not be able to open your account or complete a transaction for you until we are able to verify your identity. Minimum Purchase Amount. The Fund reserves the right to change the amount of these minimums from time to time or to waive them in whole or in part for certain accounts. Investment minimums may be higher or lower for investors purchasing shares through a brokerage firm or other financial institution.

To the extent investments of individual investors are aggregated into an omnibus account established by an investment adviser, broker or other intermediary, the account minimums apply to the omnibus account, not to the account of the individual investor. Automatic Investment Plan. If you have an existing account that does not include the automatic. The automatic investment plan provides a convenient method to have monies deducted directly from your bank account for investment in the Fund.

The Fund may alter, modify or terminate this plan at any time. To begin participating in this plan, please complete the Automatic Investment Plan Section found on the application or contact the Fund at Additional Investments. You may purchase additional shares of the Fund by check or wire.

Your bank wire should be sent as outlined above. You also may purchase Fund shares by making automatic periodic investments from your bank account. To use this feature, select the automatic investment option in the account application and provide the necessary information about the bank account from which your investments will be make. You may revoke your election to make automatic investments by calling or by writing to the Fund at:.

Other Purchase Information. The Fund may limit the amount of purchases and refuse to sell to any person. If your electronic funds transfer is incomplete, payment is not completed due to insufficient funds, stop payment, closed account, a check does not clear your bank, or the Fund is unable to debit your predesignated bank account, you will be responsible for any loss incurred by the Fund.

If you are already a shareholder, the Fund can, with notice, redeem shares from any identically registered account in the Fund as reimbursement for any loss incurred. You may be prohibited or restricted from making future purchases in the Fund. The Fund has authorized certain broker-dealers and other financial institutions including their designated intermediaries to accept on its behalf purchase and sell orders. These broker-dealers and financial institutions may charge a fee for their services.

The Fund is deemed to have received an order when the authorized person or designee receives the order, and the order is processed at the NAV next calculated thereafter. Market Timing. The Fund discourages market timing. To the extent that the Fund significantly invests in small or mid-capitalization equity securities or derivative investments, because these securities are often infrequently traded, investors may seek to trade Fund shares in an effort to benefit from their understanding of the value of these securities referred to as price arbitrage.

Market timing may result in dilution of the value of Fund shares held by long term shareholders, disrupt portfolio management and increase Fund expenses for all shareholders. The Board of Trustees has adopted a policy directing the Fund to reject any purchase order with respect to one investor, a related group of investors or their agent s , where it detects a pattern of purchases and sales of the Fund that indicates market timing or trading that it determines is abusive.

This policy applies uniformly to all Fund shareholders. While the Fund attempts to deter market timing, there is no assurance that they will be able to identify and eliminate all market timers. Omnibus accounts typically provide the Fund with a net purchase or redemption request on any given day where purchasers of Fund shares and redeemers of Fund shares are netted against one another and the identities of individual purchasers and redeemers whose orders are aggregated are not known by the Fund.

The netting effect often makes it more difficult for the Fund to detect market timing, and there can be no assurance that the Fund will be able to do so. You may redeem your shares on any business day. Your brokerage firm or financial institution may have an earlier cut-off time. Shares of the Fund may be redeemed by mail or telephone. You may receive redemption payments in the form of a check or federal wire transfer, subject to any applicable redemption fee.

Any charges for wire redemptions will be deducted from your account by redemption of shares. If you redeem your shares through a broker-dealer or other institution, you may be charged a fee by that institution. By Mail. You may redeem any part of your account in the Fund at no charge by mail. Your request, in good order, should be addressed to:. Good Order means your request for redemption must include:. The Fund may require that the signatures be guaranteed if the mailing address of the account has been changed within 30 days of the redemption request.

Signature guarantees are for the protection of shareholders. You can obtain a signature guarantee from most banks and securities dealers, but not from a notary public. For joint accounts, both signatures must be guaranteed. Please call the transfer agent at if you have questions. At the discretion of the Fund, you may be required to furnish additional legal documents to insure proper authorization.

The Fund will not make checks payable to anyone other than the shareholder of record. By Telephone. You may redeem any part of your account in the Fund by calling the transfer agent at You must first complete the Optional Telephone Redemption and Exchange section of the investment application to institute this option.

The Fund, the transfer agent and the custodian are not liable for following redemption instructions communicated by telephone to the extent that they reasonably believe the telephone instructions to be genuine. However, if they do not employ reasonable procedures to confirm that telephone instructions are genuine, they may be liable for any losses due to unauthorized or fraudulent instructions.

Procedures employed may include recording telephone instructions and requiring a form of personal identification from the caller. The Fund may terminate the telephone redemption procedures at any time. During periods of extreme market activity it is possible that shareholders may encounter some difficulty in telephoning the Fund, although neither the Fund nor the transfer agent have ever experienced difficulties in receiving and in a timely fashion responding to telephone requests for redemptions or exchanges.

If you are unable to reach The Fund by telephone, you may request a redemption or exchange by mail. Redemption Fee. Currently, the Fund does not charge a redemption fee. Shares held longest will be treated as being redeemed first and shares held for the shortest amount of time will be treated as being redeemed last. Shares held for days or more are not subject to the 1. Redemption fees are paid to the Fund directly and are designed to offset costs associated with fluctuations in Fund asset levels and cash flow caused by short-term shareholder trading.

Waivers of Redemption Fees. The Fund reserves the right to modify the redemption fee or waivers at any time. Redemptions in Kind. A shareholder will be exposed to market risk until these securities are converted to cash and may incur transaction expenses in converting these securities to cash.

However, the Board of Trustees of the Trust has determined that, until otherwise approved by the Board, all redemptions in the Fund be made in cash only. If the Board determines to allow the Fund to redeem in kind in the future, the Fund will provide shareholders with notice of such change to the redemption policy.

Additional Information. If you are not certain of the requirements for redemption please call the transfer agent at Redemptions specifying a certain date or share price cannot be accepted and will be returned. You will be mailed the proceeds on or before the fifth business day following the redemption. You may be assessed a fee if the Fund incurs bank charges because you request that the Fund re-issue a redemption check.

Also, when the NYSE is closed or when trading is restricted for any reason other than its customary weekend or holiday closing or under any emergency circumstances, as determined by the. Securities and Exchange Commission, the Fund may suspend redemptions or postpone payment dates.

You may increase the value of your shares in the Fund to the minimum amount within the day period. All shares of the Fund are also subject to involuntary redemption if the Board of Trustees determines to liquidate the Fund. An involuntary redemption will create a capital gain or a capital loss, which may have tax consequences about which you should consult your tax adviser. Exchange Privilege.

You may exchange shares of a particular class except Class T shares of the Fund only for shares of the same class of another fund in the Eventide family of funds. Shares of the fund selected for exchange must be available for sale in your state of residence. You must meet the minimum purchase requirements for the fund you purchase by exchange.

For tax purposes, exchanges of shares involve a sale of shares of the Fund you own and a purchase of the shares of the other Eventide Fund, which may result in a capital gain or loss. Converting Shares. Shareholders of the Fund may elect on a voluntary basis to convert their shares in one class of the Fund into shares of a different class of the same Fund, subject to certain restrictions and satisfying the eligibility requirements for investment in the new share class.

The restrictions may be waived in certain circumstances based on the policies and procedures of specific intermediaries or at the discretion of the Adviser. Shares may only be converted into a share class with a lower expense ratio than the original share class. An investor may directly or through his or her financial intermediary contact the Fund to request a voluntary conversion between share classes of the same Fund as described above.

You may be required to provide sufficient information to establish eligibility to convert to the new share class. All permissible conversions will be made on the basis of the relevant NAVs of the two classes without the imposition of any sales load, redemption fee or other charge. A share conversion within the Fund will not result in a capital gain or loss for federal income tax purposes. The Fund may change, suspend or terminate this conversion feature at any time.

Because these fees are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. The Fund is currently paying a 12b-1 fee of up to 0. If authorized by the Board of Trustees and upon notice to shareholders, the Fund may increase the percentage paid under the Plan up to the Class A 12b-1 Fee amount. All or a portion of the distribution and services fees may be paid to your financial adviser for providing ongoing services to you.

A portion of the distribution and services fees may be paid to your financial adviser for providing ongoing service to you. All or a portion of the distribution and services fees may be paid to your financial advisor for providing ongoing service to you. In these cases, the Fund's NAV will reflect certain portfolio securities' fair value rather than their market price. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security is materially different than the value that could be realized upon the sale of that security.

The fair value prices can differ from market prices when they become available or when a price becomes available. Without a fair value price, short term traders could take advantage of the arbitrage opportunity and dilute the NAV of long term investors. Securities trading on overseas markets present time zone arbitrage opportunities when events effecting portfolio security values occur after the close of the overseas market, bur prior to the close of the U.

The Fund may use pricing services to determine market value. The NAV for the Fund investing in other investment companies is calculated based upon the NAV of the underlying investment companies in its portfolio, and the prospectuses of those companies explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing.

Because the Fund may invest in securities primarily listed on foreign exchanges, and these exchanges may trade on weekends or other days when the Fund does not price its shares, the value of some of the Fund's portfolio securities may change on days when you may not be able to buy or sell Fund shares. Dividends and Distributions. The Fund typically distributes substantially all of its net investment income in the form of dividends, interest and taxable capital gains to its shareholders.

These distributions are automatically reinvested in the Fund unless you request cash distributions on your application or through a written request to the Fund. The Fund expects that its distributions will consist of both capital gains, interest and dividend income. The Fund may make distributions of its net realized capital gains after any reductions for capital loss carry forwards annually.

In general, selling shares of the Fund and receiving distributions whether reinvested or taken in cash are taxable events. Depending on the purchase price and the sale price, you may have a gain or a loss on any shares sold.

Any tax liabilities generated by your transactions or by receiving distributions are your responsibility. You may want to avoid making a substantial investment when the Fund is about to make a taxable distribution because you would be responsible for any taxes on the distribution regardless of how long you have owned your shares.

The Fund may produce capital gains even if it does not have income to distribute and performance has been poor. Early each year, the Fund will mail to you a statement setting forth the federal income tax information for all distributions made during the previous year. If you do not provide your taxpayer identification number, your account will be subject to backup withholding.

The tax considerations described in this section do not apply to tax-deferred accounts or other non-taxable entities. The Adviser was formed in April Management of the Fund is currently its primary business.

Portfolio Managers. In addition to his role at Eventide, Mr. He also serves as a consultant for Kristen Coombs, Financial Advisors since From to , Mr. In his role, Mr. Previously, Mr. Wildy was an equity analyst at Investment Advisers, Inc. Advisory Fees. The Fund is authorized to pay the Adviser an annual fee based on its average daily net assets. The advisory fee is paid monthly. The following table describes i the contractual advisory fee, and ii the expense limitation for the Fund.

The Adviser intends to contribute a portion of its profits from managing the Fund to charities and service organizations. Specific intermediaries may have different policies and procedures regarding the availability of sales charge reductions and waivers, which are discussed below. The information below was provided by the Financial Intermediary. The Fund is not responsible for the accuracy of the information.

Class T shares are available to Morgan Stanley Wealth Management clients who purchase fund shares through a transactional brokerage account. Sales Charge Waivers. Class T shares are available for purchase by Morgan Stanley Wealth Management clients with the front-end load waived as follows:. Unless specifically described above, no other front-end load waivers are available to mutual fund purchases by Morgan Stanley Wealth Management clients in transactional brokerage accounts.

The information disclosed in the appendix is part of, and incorporated in, the prospectus. The types of personal information we collect and share depends on the product or service that you have with us. This information can include:. Social Security number and wire transfer instructions. When you are no longer our customer, we continue to share your information as described in this notice.

How does Mutual Fund Series Trust protect my personal information? To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. How does Mutual Fund Series Trust collect my personal information? We collect your personal information, for example, when you. We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.

Federal law gives you the right to limit only:. State laws and individual companies may give you additional rights to limit sharing. Companies related by common ownership or control. They can be financial and non-financial companies. Mutual Fund Series Trust has no affiliates. Companies not related by common ownership or control. A formal agreement between nonaffiliated financial companies. Several additional sources of information are available to you.

Call the Fund at to request free copies of the SAI, the annual report and the semi-annual report, to request other information about the Fund and to make shareholder inquiries. Call the SEC at for room hours and operation. Investment Company Act File No. This SAI has been incorporated in its entirety into the Prospectus. Copies of the Prospectus and the Annual Report to Shareholders may be obtained at no charge from the Funds by writing to the above address or calling The information in this SAI is not complete and may be changed.

This SAI is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted. The Trust Agreement permits the Trustees to issue an unlimited number of shares of beneficial interest of separate series without par value.

The Fund is classified as diversified. The Trust does not issue share certificates. Each share of a series represents an interest in the assets and liabilities belonging to that series and is entitled to such dividends and distributions out of income belonging to the respective class of that series as are declared by the Trustees. The shares do not have cumulative voting rights or any preemptive or conversion rights, and the Trustees have the authority from time to time to divide or combine the shares of any series into a greater or lesser number of shares of that series so long as the proportionate beneficial interest in the assets belonging to that series and the rights of shares of any other series are in no way affected.

In case of any liquidation of a series, the holders of shares of the series being liquidated will be entitled to receive as a class a distribution out of the assets, net of the liabilities, belonging to that series. Expenses attributable to any series are borne by that series.

There can be no assurance that a series will grow to an economically viable size, in which case the Trustees may determine to liquidate the series at a time that may not be opportune for shareholders. Any general expenses of the Trust not readily identifiable as belonging to a particular series are allocated by or under the direction of the Trustees in such manner as the Trustees determine to be fair and equitable. No shareholder is liable to further calls or to assessment by the Trust without his or her express consent.

Each share class represents an interest in the same assets of the Fund, has the same rights and is identical in all material respects except that i each class of shares may bear different distribution fees; ii each class of shares may be subject to different or no sales charges; iii certain other class specific expenses will be borne solely by the class to which such expenses are attributable; and iv each class has exclusive voting rights with respect to matters relating to its own distribution arrangements.

The Board of Trustees may classify and reclassify the shares of the Fund into additional classes of shares at a future date. As a matter of fundamental policy, the Fund unless otherwise indicated may not:. With respect to interpretations of the SEC or its staff described in paragraph a and b above, the SEC and its staff have identified various securities trading practices and derivative instruments used by mutual funds that give rise to potential senior security issues under Section 18 f of the Act.

However, rather than rigidly deeming all such practices as impermissible forms of issuing a "senior security" under Section 18 f , the SEC and its staff through interpretive releases, including Investment Company Act Release No.

In particular, the common theme in this line of guidance has been to use methods of "covering" fund obligations that might otherwise create a senior security-type. Thus, a potential Section 18 f senior security limitation is not applicable to activities that might be deemed to involve a form of the issuance or sale of a senior security by the Fund, provided that the Fund's engagement in such activities is consistent with or permitted by Section 18 of the Act, the rules and regulations promulgated thereunder or interpretations of the SEC or its staff.

The following investment policies of the Fund are not fundamental and may be changed by the Board without the approval of the shareholders of the Fund:. Temporary Defensive Positions From time to time, the Fund may take temporary defensive positions, which are inconsistent. Although the Fund may do this to seek to avoid losses, the Fund will be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market.

The Fund also may invest in money market instruments at any time to maintain liquidity or pending selection of investments in accordance with its policies. Unless restricted by the fundamental policies of the Fund, the following policies supplement the investment objective and policies of the Fund as set forth in the Prospectus.

Common Stocks. The Fund may invest in common stocks, which include the common stock of any class or series of domestic or foreign corporations or any similar equity interest, such as a trust or partnership interest. These investments may or may not pay dividends and may or may not carry voting rights. The Fund may also invest in warrants and rights related to common stocks. Investments in Small and Unseasoned Companies.

Unseasoned and small companies may have limited or unprofitable operating histories, limited financial resources, and inexperienced management. In addition, they often face competition from larger or more established firms that have greater resources. Securities of small and unseasoned companies are frequently traded in the over-the-counter market or on regional exchanges where low trading volumes may result in erratic or abrupt price movements. To dispose of these securities, the Fund may need to sell them over an extended period or below the original purchase price.

Investments by the Fund in these small or unseasoned companies may be regarded as speculative. Securities of Other Investment Companies. The Fund may invest in securities issued by other investment companies. The Fund intends to limit its investments in accordance with applicable law or as permitted by an SEC rule or exemptive order. Under certain sets of conditions, different sets of restrictions may be applicable.

These expenses would be in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations. Investment companies in which the Fund may invest may also impose a sales or distribution charge in connection with the purchase or redemption of their Shares and other types of commissions or charges. Such charges will be payable by the Fund and, therefore, will be borne directly by Shareholders. Exchange Traded Funds. An ETF is an investment company that offers investors a proportionate share in a portfolio of stocks, bonds, commodities, currencies or other securities.

Like individual equity securities, ETFs are traded on a stock exchange and can be bought and sold throughout the day. To mirror the performance of a market index, an ETF invests either in all of the securities in the index or a representative sample of securities in the index. Some ETFs also invest in futures contracts or other derivative instruments to track their benchmark index. Unlike traditional indexes, which generally weight their holdings based on relative size market capitalization , enhanced or fundamentally weighted indexes use weighting structures that include other criteria such as earnings, sales, growth, liquidity, book value or dividends.

Some ETFs also use active investment strategies instead of tracking broad market indexes. These risks could include those associated with small companies, illiquidity risk, sector risk, foreign and emerging market risk, short selling, leverage as well as risks associated with fixed income securities, real estate investments, and commodities. ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices or sector they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities.

In addition, the ETFs in which the Fund invests will incur expenses not incurred by their applicable indices. When the Fund invests in sector ETFs, there is a risk that securities within the same group of industries will decline in price due to sector-specific market or economic developments.

If the Fund invests more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector. Additionally, some sectors could be subject to greater government regulation than other sectors.

Therefore, changes in regulatory policies for those sectors may have a material effect on the value of securities issued by companies in those sectors. The sectors in which the Fund may be more heavily invested will vary. To offset the risk of declining security prices, the Fund may invest in inverse ETFs.

Inverse ETFs are funds designed to rise in price when stock prices are falling. Inverse ETF index funds seek to provide investment results that will match a certain percentage of the inverse of the performance of a specific benchmark on a daily basis.

For example, if an inverse ETFs current benchmark is the inverse of the Russell Index and the ETF meets its objective, the value of the ETF will tend to increase on a daily basis when the value of the underlying index decreases e. ETFs or Inverse ETFs may employ leverage, which magnifies the changes in the underlying stock index upon which they are based. Any strategy that includes inverse or leveraged securities could cause the Fund to suffer significant losses.

Closed-End Investment Companies. Typically, the common shares of closed-end funds are offered to the public in a one-time initial public offering by a group of underwriters who retain a spread or underwriting commission. Such securities are then listed for trading on a national securities exchange or in the over-the-counter markets.

Because the common shares of closed-end funds cannot be redeemed upon demand to the issuer like the shares of an open-end investment company such as the Fund , investors seek to buy and sell common shares of closed-end funds in the secondary market. There can be no assurance that a market discount on common shares of any closed-end fund will ever decrease. Similarly, there can be no assurance that the common shares of closed-end funds which trade at a premium will continue to trade at a premium or that the premium will not decrease subsequent to a purchase of such shares by the Fund.

The Fund may also invest in preferred shares of closed-end funds. An investor in the Fund should recognize that he may invest directly in closed-end funds and that by investing in closed-end funds indirectly through the Fund he will bear not only his proportionate share of the expenses of the Fund including operating costs and investment advisory and administrative fees but also, indirectly, similar fees of the underlying closed-end funds. An investor may incur increased tax liabilities by investing in the Fund rather than directly in the underlying funds.

The SPAC must sign a letter of intent for a merger or acquisition. Otherwise it will be forced to dissolve and return the assets held in the trust to the public stockholders. However, if a letter of intent is signed within 18 months, the SPAC can close the transaction within 24 months. When a deal is proposed, a shareholder can stay with the transaction by voting for it or elect to sell his shares in the SPAC if voting against it.

SPACs are more transparent than private equity as they may be subject to certain SEC regulations, including registration statement requirements under the Securities Act of and K, Q and 8-K financial reporting requirements. Since SPACs are publicly traded, they provide limited liquidity to an investor i.

Options on Securities. The Fund may purchase put or call options on equity securities including securities of ETFs. The Fund may also write call options and put options on stocks only if they are covered, as described below, and such call options must remain covered so long as the Fund is obligated as a writer. So long as the obligation of the writer seller of a call option continues, the writer may be assigned an exercise notice by the broker-dealer through which such option was sold, requiring the writer to deliver the underlying security against payment of the exercise price.

This obligation terminates upon the expiration of the call option, or such earlier time at which the writer effects a closing purchase transaction by purchasing an option identical to that previously sold. The purpose of writing covered call options is to generate additional premium income for the Fund. Covered call options will generally be written on securities which, in the opinion of the Adviser, are not expected to make any major price moves in the near future but which, over the long term, are deemed to.

In addition, the Fund will not permit the call to become uncovered without segregating liquid assets as described above prior to the expiration of the option or termination through a closing purchase transaction as described below. If the Fund writes a call option, the purchaser of the option has the right to buy and the Fund has the obligation to sell the underlying security at the exercise price throughout the term of the option.

There can be no assurance that a closing purchase transaction can be effected at any particular time or at all. The Fund would not be able to effect a closing purchase transaction after it had received notice of exercise. When writing a covered call option, the Fund, in return for the premium, gives up the opportunity for profit from a price increase in the underlying security above the exercise price, but retains the risk of loss should the price of the security decline.

Unlike one who owns securities not subject to an option, the Fund has no control over when the Fund may be required to sell the underlying securities, since it may be assigned an exercise notice at any time prior to the expiration of its obligation as a writer. If a call option which the Fund has written expires, the Fund will realize a gain in the amount of the premium; however, such gain may be offset by a decline in the market value of the underlying security during the option period.

If the call option is exercised, the Fund will realize a gain or loss from the sale of the underlying security. The premium received is the market value of an option. The premium the Fund will receive from writing a call option will reflect, among other things, the current market price of the underlying security, the relationship of the exercise price to such market price, the historical price volatility of the underlying security, and the length of the option period.

Once the decision to write a call option has been made, the Adviser, in determining whether a. The liability will be extinguished upon expiration of the option, the purchase of an identical option in a closing transaction, or delivery of the underlying security upon the exercise of the option. Closing transactions will be effected to realize a profit on an outstanding call option, to prevent an underlying security from being called, or to permit the sale of the underlying security.

Furthermore, effecting a closing transaction will permit the Fund to write another call option on the underlying security with either a different exercise price or expiration date or both. There is, of course, no assurance that the Fund will be able to effect such closing transactions at a favorable price. The Fund will pay transaction costs in connection with the writing of options to close out previously written options.

Such transaction costs are normally higher than those applicable to purchases and sales of portfolio securities. The exercise price of the options may be below, equal to, or above the current market values of the underlying securities at the time the options are written. From time to time, the Fund may purchase an underlying security for delivery in accordance with an exercise notice of a call option assigned to the Fund, rather than delivering such security from its portfolio.

In such cases, additional costs will be incurred. The Fund will realize a profit or loss from a closing purchase transaction if the cost of the transaction is less or more than the premium received from the writing of the option. It is possible that the cost of effecting a closing transaction may be greater than the premium received by the Fund for writing the option. Because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from the purchase of a call option is likely to be offset in whole or in part by appreciation of the underlying security owned by the Fund.

In order to write a call option, the Fund is required to comply with the OCC rules and the rules of the various exchanges with respect to collateral requirements. The Fund may also purchase put options so long as they are listed on an exchange. If the Fund purchases a put option, it has the option to sell the subject security at a specified price at any time during the term of the option. Purchasing put options may be used as a portfolio investment strategy when the Adviser perceives significant short-term risk but substantial long-term appreciation for the underlying security.

The put option acts as an insurance policy, as it protects against significant downward price movement while it allows full participation in any upward movement. If the Fund is holding a stock that the Adviser feels has strong fundamentals, but for some reason may be weak in the near term, it may purchase a listed put on such security, thereby giving itself the right to sell such security at a certain strike price throughout the term of the option.

Consequently, the Fund will exercise the put only if the price of such security falls below the strike price of the put. If the price of the underlying security increases, the profit the Fund realizes on the sale of the security will be reduced by the premium paid for the put option less any amount for which the put may be sold.

If the Fund writes a put option, the purchaser of the option has the right to sell and the Fund has the obligation to buy the underlying security at the exercise price throughout the term of the option. The Fund may purchase a call option or sell a put option on a stock including securities of ETFs it may purchase at some point in the future. The purchase of a call option or sale of a put option is viewed as an alternative to the purchase of the actual stock. The number of option contracts purchased multiplied by the exercise price times the option multiplier will normally not be any greater than the number of shares that would have been purchased had the underlying security been purchased.

If the Fund purchases a call option, it has the right but not the obligation to purchase and the seller has the obligation to sell the underlying security at the exercise price throughout the term of the option. If during the period of the option the market price of the underlying security remains at or below the exercise price, the Fund will be able to purchase the security at the lower market price.

The profit or loss the Fund may realize on the eventual sale of a security purchased by means of the exercise of a call option will be reduced by the premium paid for the call option. Stock Index Options. However, if the Fund holds a call on the same index as the call written where the exercise price of the call held is equal to or less than the exercise price of the call written or greater than the exercise price of the call written if the difference is maintained in cash, short-term U.

Government securities, or other liquid securities including common stocks in a segregated account with the Custodian, it will not be subject to the requirements described in this section. Risks of Transactions in Stock Options. Purchase and sales of options involves the risk that there will be no market in which to effect a closing transaction.

An option position may be closed out only on an exchange that provides a secondary market for an option of the same series or if the transaction was an over-the-counter transaction, through the original broker-dealer. Although the Fund will generally buy and sell options for which there appears. Risks of Options on Stock Indexes. In addition, the distinctive characteristics of options on stock indexes create certain risks that are not present with stock options.

Since the value of a stock index option depends upon the movements in the level of the stock index, rather than the price of a particular stock, whether the Fund will realize a gain or loss on the purchase or sale of an option on a stock index depends upon movements in the level of stock prices in the stock market generally or in an industry or market segment rather than movements in the price of a particular stock. This requires skills and techniques different from predicting changes in the price of individual stocks.

Stock index prices may be distorted if trading of certain stocks included in the stock index is interrupted. Trading in the stock index options also may be interrupted in certain circumstances, such as if trading were halted in a substantial number of stocks included in the stock index. If this occurred, the Fund would not be able to close out options that it had purchased or written and, if restrictions on exercise were imposed, might not be able to exercise an option that it was holding, which could result in substantial losses to the Fund.

Since that time, a number of additional stock index option contracts have been introduced, including options on industry stock indexes. Although the markets for certain stock index option contracts have developed rapidly, the markets for other stock index options are still relatively illiquid. The ability to establish and close out positions on such options will be subject to the development and maintenance of a liquid secondary market.

It is not certain that this market will develop in all stock index option contracts. Hedging is a means of transferring risk that an investor does not wish to assume during an uncertain market environment. Hedging activity in the Fund may involve the use of derivatives including, but not limited to, buying or selling writing put or call options on stocks, shares of exchange traded funds or stock indexes, entering into stock index futures contracts or buying or selling options on stock index futures contracts or financial futures contracts, such as futures contracts on U.

Treasury securities and interest related indices, and options on financial futures, or purchasing foreign currency forward contracts or options on foreign currency. The Fund will buy or sell options on stock index futures traded on a national exchange or board of trade and options on securities and on stock indexes traded on national securities exchanges or through private transactions directly with a broker-dealer. The Fund may hedge a portion of its portfolio by selling stock index futures contracts or purchasing puts on these contracts to limit exposure to an actual or anticipated market decline.

All hedging transactions must be appropriate for reduction of risk and they cannot be for speculation. The Fund may engage in transactions in futures contracts and options on futures contracts. Regulation as a Commodity Pool Operator.

Accordingly, the Funds are not currently subject to registration or regulation as a commodity pool operator. Convertible Securities. The Fund may invest in convertible securities, including debt securities or preferred stock that may be converted into common stock or that carry the right to purchase common stock.

Convertible securities entitle the holder to exchange the securities for a specified number of shares of common stock, usually of the same company, at specified prices within a certain period of time. They also entitle the holder to receive interest or dividends until the holder elects to exercise the conversion privilege.

Preferred Stock. The Fund may invest in preferred stock. Preferred stock dividends may be cumulative or non-cumulative, participating, or auction rate. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of the preferred stocks to decline.

The Fund may invest in warrants. The Fund may purchase warrants issued by domestic and foreign companies to purchase newly created equity securities consisting of common and preferred stock. Warrants are securities that give the holder the right, but not the obligation to purchase equity issues of the company issuing the warrants, or a related company, at a fixed price either on a date certain or during a set period. The equity security underlying a warrant is authorized at the time the warrant is issued or is issued together with the warrant.

Investing in warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security, and, thus, can be a speculative investment. At the time of issue, the cost of a warrant is substantially less than the cost of the underlying security itself, and price movements in the underlying security are generally magnified in the price movements of the warrant. This leveraging effect enables the investor to gain exposure to the underlying security with a relatively low capital investment.

In addition, the price of a warrant tends to be more volatile than, and may not correlate exactly to, the price of the underlying security. If the market price of the underlying security is below the exercise price of the warrant on its expiration date, the warrant will generally expire without value. The value of a warrant may decline because of a decline in the value of the underlying security, the passage of time, changes in interest rates or in the dividend or other policies of the company whose equity underlies the warrant or a change in the perception as to the future price of the underlying security, or any combination thereof.

Warrants generally pay no dividends and confer no voting or other rights other than to purchase the underlying security. United States Government Obligations. The Fund may invest in obligations issued or guaranteed by the United States Government, or by its agencies or instrumentalities. In the case of securities not backed by the full faith and credit of the United States, the Fund must look principally to the agency issuing or guaranteeing the obligation for ultimate repayment and may not be able to assert a claim against the United States itself in the event the agency or instrumentality does not meet its commitments.

Securities that are not backed by the full faith and credit of the United States include, but are not limited to, obligations of the Tennessee Valley Authority, the Federal National Mortgage Association and the United States Postal Service, each of which has the right to borrow from the United States Treasury to meet its obligations, and obligations of the Federal Farm Credit System and the Federal Home Loan Banks, both of whose obligations may be satisfied only by the individual credits of each issuing agency.

Foreign Government Obligations. The Fund may invest in short-term obligations of foreign sovereign governments or of their agencies, instrumentalities, authorities or political subdivisions. These securities may be denominated in United States dollars or in another currency.

Bank Obligations. Certificates of deposit are negotiable certificates issued against funds deposited in a commercial bank or a savings and loan association for a definite period of time and earning a specified return. Commercial Paper. Commercial paper consists of unsecured promissory notes, including Master Notes, issued by corporations.

Issues of commercial paper normally have maturities of less than nine months and fixed rates of return. Master Notes, however, are obligations that provide for a periodic adjustment in the interest rate paid and permit daily changes in the amount borrowed. Master Notes are governed by agreements between the issuer and the adviser acting as agent, for no additional fee, in its capacity as adviser to the Fund and as fiduciary for other clients for whom it exercises investment discretion.

The monies loaned to the borrower come from accounts maintained with or managed by the adviser or its affiliates pursuant to arrangements with such accounts. Interest and principal payments are credited to such accounts.

The adviser, acting as a fiduciary on behalf of its clients, has the right to increase or decrease the amount provided to the borrower under an obligation. The borrower has the right to pay without penalty all or any part of the principal amount then outstanding on an obligation together with interest to the date of payment. Since these obligations typically provide that the interest rate is tied to the Treasury bill auction rate, the rate on Master Notes is subject to change.

Repayment of Master Notes to participating accounts depends on the ability of the borrower to pay the accrued interest and principal of the obligation on demand which is continuously monitored by the adviser. Master Notes typically are not rated by credit rating agencies. Other Fixed Income Securities. Other fixed income securities in which the Fund may invest include nonconvertible preferred stocks and nonconvertible corporate debt securities.

Reverse Convertible Notes. The Fund may invest in reverse convertible notes. A reverse convertible is a short-to-intermediate term structured product, generally issued by a financial institution, in which performance is based on that of an underlying security, commodity or index. Variable Amount Master Demand Notes. Variable amount master demand notes are unsecured demand notes that permit the indebtedness thereunder to vary and provide for periodic readjustments in the interest rate according to the terms of the instrument.

They are also referred to as variable rate demand notes. Because master demand notes are direct lending arrangements between the Fund and the issuer, they are not normally traded. Employs strong technical and statistical approach to investing in U.

A self-taught investment manager whose passion for investing and thirst for knowledge has led to the successful operation and launch of the PHI Single Index Option Fund. Devashish Biswas is now connected to Jacob Pacini A few days ago.

Art Quintana is now connected to Jacob Pacini A few days ago. Pete Horlacher is now connected to Jacob Pacini A few days ago. Profile Following Followers. Company Affiliations Advisor. Summary A self-starting, dedicated, hardworking investment manager who has a successful and consistent track record of achieving high level returns while mitigating risk for clients. February - July Accountant Maricopa County.

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To the extent investments of individual investors are aggregated into an omnibus account established by an investment advisor, broker or other intermediary, the account minimums apply to the omnibus account, not to the account of the individual investor. Automatic Investment Plan.

The automatic investment plan provides a convenient method to have monies deducted directly from your bank account for investment in the Fund. The Fund may alter, modify or terminate this plan at any time. You may purchase additional shares of the Fund by check or wire.

Your bank wire should be sent as outlined above. You also may purchase Fund shares by making automatic periodic investments from your bank account. To use this feature, select the automatic investment option in the account application and provide the necessary information about the bank account from. The Fund may limit the amount of purchases and refuse to sell to any person. If your electronic funds transfer is incomplete, payment is not completed due to insufficient funds, stop payment, closed account, a check does not clear your bank, or the Fund is unable to debit your predesignated bank account, you will be responsible for any loss incurred by the Fund.

If you are already a shareholder, the Fund can, with notice, redeem shares from any identically registered account in the Fund as reimbursement for any loss incurred. You may be prohibited or restricted from making future purchases in the Fund.

The Fund has authorized certain broker-dealers and other financial institutions including their designated intermediaries to accept on their behalf purchase and sell orders. These broker-dealers and financial institutions may charge a fee for their services. The Fund is deemed to have received an order when the authorized person or designee receives the order, and the order is processed at the NAV next calculated thereafter.

Market Timing. The Fund discourages market timing. To the extent that the Fund significantly invests in small or mid-capitalization equity securities or derivative investments, because these securities are often infrequently traded, investors may seek to trade Fund shares in an effort to benefit from their understanding of the value of these securities referred to as price arbitrage.

Market timing may result in dilution of the value of Fund shares held by long term shareholders, disrupt portfolio management and increase Fund expenses for all shareholders. The Board of Trustees has adopted a policy directing the Fund to reject any purchase order with respect to one investor, a related group of investors or their agent s , where it detects a pattern of purchases and sales of the Fund that indicates market timing or trading that it determines is abusive.

This policy applies uniformly to all Fund shareholders. While the Fund attempt to deter market timing, there is no assurance that they will be able to identify and eliminate all market timers. Omnibus accounts typically provide the Fund with a net purchase or redemption request on any given day where purchasers of Fund shares and redeemers of Fund shares are netted against one another and the identities of individual purchasers and redeemers whose orders are aggregated are not known by the Fund.

You may redeem your shares on any business day. Your brokerage firm or financial institution may have an earlier cut-off time. Shares of the Fund may be redeemed by mail or telephone. You may receive redemption payments in the form of a check or federal wire transfer, subject to any applicable redemption fee. Any charges for wire redemptions will be deducted from your account by redemption of shares. If you redeem your shares through a broker-dealer or other institution, you may be charged a fee by that institution.

By Mail. You may redeem any part of your account in the Fund at no charge by mail. Your request, in good order, should be addressed to the Fund at:. The Fund may require that the signatures be guaranteed if you request the redemption check be mailed to an address other than the address of record, or if the mailing address has been changed within 30 days of the redemption request.

Signature guarantees are for the protection of shareholders. You can obtain a signature guarantee from most banks and securities dealers, but not from a notary public. For joint accounts, both signatures must be guaranteed. At the discretion of the Fund, you may be required to furnish additional legal documents to insure proper authorization.

By Telephone. You must first complete the Optional Telephone Redemption and Exchange section of the investment application to institute this option. The Fund, the transfer agent and the custodian are not liable for following redemption instructions communicated by telephone to the extent that they reasonably believe the telephone instructions to be genuine.

However, if they do not employ reasonable procedures to confirm that telephone instructions are genuine, they may be liable for any losses due to unauthorized or fraudulent instructions. Procedures employed may include recording telephone instructions and requiring a form of personal identification from the caller. The Fund may terminate the telephone redemption procedures at any time.

During periods of extreme market activity it is possible that shareholders may encounter some difficulty in telephoning the Fund, although neither the Fund nor the transfer agent have ever experienced difficulties in receiving and in a timely fashion responding to telephone requests for redemptions or exchanges. If you are unable to reach the Fund by telephone, you may request a redemption or exchange by mail.

A shareholder will be exposed to market risk until these securities are converted to cash and may incur transaction expenses in converting these securities to cash. However, the Board of Trustees of the Trust has determined that, until otherwise approved by the Board, all redemptions in the Fund be made in cash only.

If the Board determines to allow the Fund to redeem in kind in the future, the Fund will provide shareholders with notice of such change to the redemption policy. Additional Information. Redemptions specifying a certain date or share price cannot be accepted and will be returned.

You will be mailed the proceeds on or before the fifth business day following the redemption. You may be assessed a fee if the Fund incurs bank charges because you request that the Fund re-issue a redemption check. Also, when the NYSE is closed or when trading is restricted for any reason other than its customary weekend or holiday closing or under any emergency circumstances, as determined by the Securities and Exchange Commission, the Fund may suspend redemptions or postpone payment dates.

You may increase the value of your shares in the Fund to the minimum amount within the day period. All shares of the Fund are also subject to involuntary redemption if the Board of Trustees determines to liquidate the Fund. An involuntary redemption will create a capital gain or a. An exchange involves the redemption of shares of one fund and the purchase of shares of another fund.

Converting Shares. Shareholders of the Fund may elect on a voluntary basis to convert their shares in one class of the Fund into shares of a different class of the Fund, subject to satisfying the eligibility requirements for investment in the new share class. Shares may only be converted into a share class with a lower expense ratio than the original share class.

An investor may directly or through his or her financial intermediary contact the Fund to request a voluntary conversion between share classes of the Fund as described above. You may be required to provide sufficient information to establish eligibility to convert to the new share class.

All permissible conversions will be made on the basis of the relevant NAVs of the two classes without the imposition of any sales load, redemption fee or other charge. A share conversion within the Fund will not result in a capital gain or loss for federal income tax purposes. The Fund may change, suspend or terminate this conversion feature at any time. Because these fees are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

All or a portion of. If a security, such as a small cap security, is so thinly traded that reliable market quotations are unavailable, the advisor may need to price the security using fair value pricing guidelines. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security is materially different than the value that could be realized upon the sale of that security.

The fair value prices can differ from market prices when they become available or when a price becomes available. Without a fair value price, short term traders could take advantage of the arbitrage opportunity and dilute the NAV of long term investors.

The Fund may use pricing services to determine market value. The Fund typically distributes substantially all of its net investment income in the form of dividends and taxable capital gains to its shareholders. These distributions are automatically reinvested in the Fund unless you request cash distributions on your application or through a written request to the Fund.

The Fund intends to make annual dividend distributions. The Fund may make distributions of its net realized capital gains after any reductions for capital loss carry forwards annually. In general, selling shares of the Fund and receiving distributions whether reinvested or taken in cash are taxable events. Depending on the purchase price and the sale price, you may have a gain or a loss on any shares sold. Any tax liabilities generated by your transactions or by receiving distributions are your responsibility.

You may want to avoid making a substantial investment when the Fund is about to make a taxable distribution because you would be responsible for any taxes on the distribution regardless of how long you have owned your shares. The Fund may produce capital gains even if it does not have income to distribute and performance has been poor. Early each year, the Fund will mail to you a statement setting forth the federal income tax information for all distributions made during the previous year.

If you do not provide your taxpayer identification number, your account will be subject to backup withholding. The tax considerations described in this section do not apply to tax-deferred accounts or other non-taxable entities. Donald L. In addition to serving as investment sub-advisor to the Fund, provides investment advice to separately managed accounts. In addition, the Sub-Advisor is responsible for maintaining certain transaction and compliance related records of the Fund.

Portfolio Managers. Jacob Pacini is primarily responsible for the day-to-day management of the Hedged Strategy Fund portfolio. Pacini received his B. S and M. The Advisor is entitled to receive a fee equal to 1. The Hedged Strategy Fund is managed using the same proprietary investment models that the Sub-Advisor of the Fund had used for separately managed accounts since This information is provided to illustrate the past performance of the Sub-Advisor in managing all client accounts that were managed in a substantially similar manner as the Fund but does not represent the performance of the Fund.

Past performance is no guarantee of future results. Performance results may be materially affected by market and economic conditions. Investors should not consider this performance data as an indication of future performance of the Fund, or the return an individual investor might achieve by investing in the Fund. The performance information for the composite is net of all fees and expenses of the private accounts managed by the Sub-Advisor.

The performance results are calculated based upon the change in beginning and ending balances after factoring in monthly contributions and withdrawals and a hypothetical management fee of 1. Composite Net Dollar Weighted Returns. Average Annual Total Returns for the period ended October 19, June 1, Index returns shown reflect no deduction for fees, expenses or taxes. Specific intermediaries may have different policies and procedures regarding the availability of sales charge reductions and waivers, which are discussed below.

Mutual Fund Series Trust. June The types of personal information we collect and share depends on the product or service that you have with us. This information can include:. How does Mutual Fund Series Trust protect my personal information? To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.

How does Mutual Fund Series Trust collect my personal information? We collect your personal information, for example, when you. We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. Federal law gives you the right to limit only:. State laws and individual companies may give you additional rights to limit sharing. Companies related by common ownership or control.

They can be financial and non-financial companies. Companies not related by common ownership or control. A formal agreement between nonaffiliated financial companies. Several additional sources of information are available to you. Call the SEC at for room hours and operation. Investment Company Act File No. March [ ], Omaha, Nebraska This SAI is incorporated in its entirety into the Prospectus.

The information in this SAI is not complete and may be changed. This SAI is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted. The Trust Agreement permits the Trustees to issue an unlimited number of shares of beneficial interest of separate series without par value. The Hedged Strategy Fund is a separate non-diversified series of the Trust.

The Trust does not issue share certificates. Each share of a series represents an equal proportionate interest in the assets and liabilities belonging to that series with each other share of that series and is entitled to such dividends and distributions out of income belonging to the series as are declared by the Trustees. The shares do not have cumulative voting rights or any preemptive or conversion rights, and the Trustees have the authority from time to time to divide or combine the shares of any series into a greater or lesser number of shares of that series so long as the proportionate beneficial interest in the assets belonging to that series and the rights of shares of any other series are in no way affected.

In case of any liquidation of a series, the holders of shares of the series being liquidated will be entitled to receive as a class a distribution out of the assets, net of the liabilities, belonging to that series. Expenses attributable to any series are borne by that series. There can be no assurance that a series will grow to an economically viable size, in which case the Trustees may determine to liquidate the series at a time that may not be opportune for shareholders.

Any general expenses of the Trust not readily identifiable as belonging to a particular series are allocated by or under the direction of the Trustees in such manner as the Trustees determine to be fair and equitable. No shareholder is liable to further calls or to assessment by the Trust without his or her express consent.

Each share class represents an interest in the same assets of the Fund, has the same rights and is identical in all material respects except that i each class of shares may bear different distribution fees; ii each class of shares may be subject to different or no sales charges; iii certain other class specific expenses will be borne solely by the class to which such expenses are attributable; and iv each class has exclusive voting rights with respect to matters relating to its own distribution arrangements.

The Board of Trustees may classify and reclassify the shares of the Fund into additional classes of shares at a future date. As a matter of fundamental policy, the Fund may not:. This limitation is not applicable to investments in obligations issued or guaranteed by the U. The following investment policies are not fundamental and may be changed by the Board without the approval of the shareholders of the Fund:.

Rule A securities with registration rights are not considered to be illiquid;. Margin deposits, security interests, liens and collateral arrangements with respect to transactions involving options, futures contracts, short sales, securities lending and other permitted investments and techniques are not deemed to be a mortgage, pledge or hypothecation of assets for purposes of this limitation;.

From time to time, the Fund may take temporary defensive positions, which are inconsistent with the Fund's principal investment strategies, in attempting to respond to adverse market, economic, political, or other conditions. Although the Fund would do this only in seeking to avoid losses, the Fund will be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market.

The Fund also may also invest in money market instruments at any time to maintain liquidity or pending selection of investments in accordance with its policies. Unless restricted by the fundamental policies of the Fund, the following policies supplement the investment objective and policies of the Fund as set forth in the Prospectus. Common Stocks. The Fund may invest in common stocks, which include the common stock of any class or series of domestic or foreign corporations or any similar equity interest, such as a trust or partnership interest.

These investments may or may not pay dividends and may or may not carry voting rights. The Fund may also invest in warrants and rights related to common stocks. Investments in Small and Unseasoned Companies. Unseasoned and small companies may have limited or unprofitable operating histories, limited financial resources, and inexperienced management.

In addition, they often face competition from larger or more established firms that have greater resources. Securities of small and unseasoned companies are frequently traded in the over-the-counter market or on regional exchanges where low trading volumes may result in erratic or abrupt price movements. To dispose of these securities, the Fund may need to sell them over an extended period or below the original purchase price.

Investments by the Fund in these small or unseasoned companies may be regarded as speculative. Securities of Other Investment Companies. The Fund may invest in securities issued by other investment companies. The Fund intends to limit its investments in accordance with applicable law or as permitted by an SEC rule or exemptive order. Under certain sets of conditions, different sets of restrictions may be applicable. These expenses would be in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations.

Investment companies in which the Fund may invest may also. Such charges will be payable by the Fund and, therefore, will be borne directly by Shareholders. Exchange Traded Funds. The Fund may invest in a range of exchange-traded funds "ETFs".

An ETF is an investment company that offers investors a proportionate share in a portfolio of stocks, bonds, commodities, currencies or other securities. Like individual equity securities, ETFs are traded on a stock exchange and can be bought and sold throughout the day. To mirror the performance of a market index, an ETF invests either in all of the securities in the index or a representative sample of securities in the index.

Some ETFs also invest in futures contracts or other derivative instruments to track their benchmark index. Unlike traditional indexes, which generally weight their holdings based on relative size market capitalization , enhanced or fundamentally weighted indexes use weighting structures that include other criteria such as earnings, sales, growth, liquidity, book value or dividends. Some ETFs also use active investment strategies instead of tracking broad market indexes.

These risks could include those associated with small companies, illiquidity risk, sector risk, foreign and emerging market risk, short selling, leverage as well as risks associated with fixed income securities, real estate investments, and commodities. ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices or sector they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities.

In addition, the ETFs in which the Fund invests will incur expenses not incurred by their applicable indices. Certain securities comprising the indices tracked by the ETFs may, from time to time, temporarily be unavailable, which may further impede the ETFs' ability to track their applicable indices. When the Fund invests in sector ETFs, there is a risk that securities within the same group of industries will decline in price due to sector-specific market or economic developments.

If the Fund invests more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector. Additionally, some sectors could be subject to greater government regulation than other sectors.

Therefore, changes in regulatory policies for those sectors may have a material effect on the value of securities issued by companies in those sectors. The sectors in which the Fund may be more heavily invested will vary. Closed-End Investment Companies. Typically, the common shares of closed-end funds are offered to the public in a one-time initial public offering by a group of underwriters who retain a spread or underwriting commission.

Such securities are then listed for trading on a national securities exchange or in the over-the-counter markets. Because the common shares of closed-end funds cannot be redeemed upon demand to the issuer like the shares of an open-end investment company such as the Fund , investors seek to buy and sell common shares of closed-end funds in the secondary market. There can be no assurance that a market discount on common shares of any closed-end fund will ever decrease.

Similarly, there can be no assurance that the common shares of closed-end funds which trade at a premium will continue to trade at a premium or that the premium will not decrease subsequent to a purchase of such shares by the Fund. The Fund may also invest in preferred shares of closed-end funds. An investor in the Fund should recognize that he may invest directly in closed-end funds and that by investing in closed-end funds indirectly through the Fund he will bear not only his proportionate share of the expenses of the Fund including operating costs and investment advisory and administrative fees but also, indirectly, similar fees of the underlying closed-end funds.

An investor may incur increased tax liabilities by investing in the Fund rather than directly in the underlying funds. Otherwise it will be forced to dissolve and return the assets held in the trust to the public stockholders.

However, if a letter of intent is signed within 18 months, the SPAC can close the transaction within 24 months. When a deal is proposed, a shareholder can stay with the transaction by voting for it or elect to sell his shares in the SPAC if voting against it. SPACs are more transparent than private equity as they may be subject to certain SEC regulations, including registration statement requirements under the Securities Act of and K, Q and 8-K financial reporting requirements.

Since SPACs are publicly traded, they provide limited liquidity to an investor i. Options on Securities. The Fund may purchase put or call options on equity securities including securities of ETFs. The Fund may also write call options and put options on stocks only if they are covered, as described below, and such options must remain covered so long as the Fund is obligated as a writer.

Option transactions can be. So long as the obligation of the writer seller of a call option continues, the writer may be assigned an exercise notice by the broker-dealer through whom such option was sold, requiring the writer to deliver the underlying security against payment of the exercise price. This obligation terminates upon the expiration of the call option, or such earlier time at which the writer effects a closing purchase transaction by purchasing an option identical to that previously sold.

The purpose of writing covered call options is to generate additional premium income for the Fund. Covered call options will generally be written on securities which, in the opinion of the advisor, are not expected to make any major price moves in the near future but which, over the long term, are deemed to be attractive investments for the particular Fund.

In addition, the Fund will not permit the call to become uncovered without segregating liquid assets as described above prior to the expiration of the option or termination through a closing purchase transaction as described below. If the Fund writes a call option, the purchaser of the option has the right to buy and the Fund has the obligation to sell the underlying security at the exercise price throughout the term of the option.

There can be no assurance that a closing purchase transaction can be effected at any particular time or at all. The Fund would not be able to effect a closing purchase transaction after it had received notice of exercise. When writing a covered call option, the Fund, in return for the premium, gives up the opportunity for profit from a price increase in the underlying security above the exercise price, but retains the risk of loss should the price of the security decline.

Unlike one who owns securities not subject to an option, the Fund has no control over when the Fund may be required to sell the underlying securities, since it may be assigned an exercise notice at any time prior to the expiration of its obligation as a writer. If a call option which the Fund has written expires, the Fund will realize a gain in the amount of the premium; however, such gain may be offset by a decline in the market value of the underlying security during the option period.

If the call option is exercised, the Fund will realize a gain or loss from the sale of the underlying security. The premium received is the market value of an option. The premium the Fund will receive from writing a call option will reflect, among other things, the current market price of the underlying security, the relationship of the exercise price to such market price, the historical price volatility of the underlying security, and the length of the option period.

Once the decision to write a call option has been made, the advisor, in determining whether a particular call option should be written on a particular security, will consider the reasonableness of the anticipated premium and the likelihood that a liquid secondary market will exist for such option.

The liability will be extinguished upon expiration of the option, the purchase of an identical option in a closing transaction, or delivery of the underlying security upon the exercise of the option. Closing transactions will be effected in order to realize a profit on an outstanding call option, to prevent an underlying security from being called, or to permit the sale of the underlying security.

Furthermore, effecting a closing transaction will permit the Fund to write another call option on the underlying security with either a different exercise price or expiration date or both. There is, of course, no assurance that the Fund will be able to effect such closing transactions at a favorable price. The Fund will pay transaction costs in connection with the writing of options to close out previously written options.

Such transaction costs are normally higher than those applicable to purchases and sales of portfolio securities. The exercise price of the options may be below, equal to, or above the current market values of the underlying securities at the time the options are written. From time to time, the Fund may purchase an underlying security for delivery in accordance with an exercise notice of a call option assigned to the Fund, rather than delivering such security from its portfolio.

In such cases, additional costs will be incurred. The Fund will realize a profit or loss from a closing purchase transaction if the cost of the transaction is less or more than the premium received from the writing of the option. It is possible that the cost of effecting a closing transaction may be greater than the premium received by the Fund for writing the option. Because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from the purchase of a call option is likely to be offset in whole or in part by appreciation of the underlying security owned by the Fund.

In order to write a call option, the Fund is required to comply with OCC rules and the rules of the various exchanges with respect to collateral requirements. The Fund may also purchase put options so long as they are listed on an exchange. If the Fund purchases a put option, it has the option to sell the subject security at a specified price at any time during the term of the option. Purchasing put options may be used as a portfolio investment strategy when the advisor perceives significant short-term risk but substantial long-term appreciation for the underlying security.

The put option acts as an insurance policy, as it protects against significant downward price movement while it allows full participation in any upward movement. If the Fund is holding a stock that the advisor feels has strong fundamentals, but for some reason may be weak in the near term, it may purchase a listed put on such security, thereby giving itself the right to sell such security at a certain strike price throughout the term of the option.

Consequently, the Fund will exercise the put only if the price of such security falls below the strike price of the put. If the price of the underlying security increases, the profit the Fund realizes on the sale of the security will be reduced by the premium paid for the put option less any amount for which the put may be sold.

If the Fund writes a put option, the purchaser of the option has the right to sell and the Fund has the obligation to buy the underlying security at the exercise price throughout the term of the option. The initial amount paid to the Fund by the purchaser of the option is the. The Fund may purchase a call option or sell a put option on a stock including securities of ETFs it may purchase at some point in the future.

The purchase of a call option or sale of a put option is viewed as an alternative to the purchase of the actual stock. The number of option contracts purchased multiplied by the exercise price times the option multiplier will normally not be any greater than the number of shares that would have been purchased had the underlying security been purchased. If the Fund purchases a call option, it has the right but not the obligation to purchase and the seller has the obligation to sell the underlying security at the exercise price throughout the term of the option.

If during the period of the option the market price of the underlying security remains at or below the exercise price, the Fund will be able to purchase the security at the lower market price. The profit or loss the Fund may realize on the eventual sale of a security purchased by means of the exercise of a call option will be reduced by the premium paid for the call option.

Stock Index Options. However, if the Fund holds a call on the same index as the call written where the exercise price of the call held is equal to or less than the exercise price of the call written or greater than the exercise price of the call written if the difference is maintained in cash, short-term U. Government securities, or other liquid securities including common stocks in a segregated account with the Custodian, it will not be subject to the requirements described in this section.

Risks of Transactions in Stock Options. Purchase and sales of options involves the risk that there will be no market in which to effect a closing transaction. An option position may be closed out only on an exchange that provides a secondary market for an option of the same series or if the transaction was an over-the-counter transaction, through the original broker-dealer.

Although the Fund will generally buy and sell options for which there appears to be an active secondary market, there is no assurance that a liquid secondary market on an exchange will exist for any particular option, or at any particular time, and for some options no secondary market on an exchange may exist. Risks of Options on Stock Indexes. In addition, the distinctive characteristics of options on stock indexes create certain risks that are not present with stock options.

Since the value of a stock index option depends upon the movements in the level of the stock index, rather than the price of a particular stock, whether the Fund will realize a gain or loss on the purchase or sale of an option on a stock index depends upon movements in the level of stock prices in the stock market generally or in an industry or market segment rather than movements in the price of a particular stock.

This requires skills and techniques different from predicting changes in the price of individual stocks. Stock index prices may be distorted if trading of certain stocks included in the stock index is interrupted. Trading in the stock index options also may be interrupted in certain circumstances, such as if trading were halted in a substantial number of stocks included in the stock index.

If this occurred, the Fund would not be able to close out options that it had purchased or written and, if restrictions on exercise were imposed, might not be able to exercise an option that it was holding, which could result in substantial losses to the Fund. Since that time, a number of additional stock index option contracts have been introduced, including options on industry stock indexes. Although the markets for certain stock index option contracts have developed rapidly, the markets for other stock index options are still relatively illiquid.

The ability to establish and close out positions on such options will be subject to the development and maintenance of a liquid secondary market. It is not certain that this market will develop in all stock index option contracts. Hedging is a means of transferring risk that an investor does not wish to assume during an uncertain market environment.

Treasury securities and interest related indices, and options on financial futures. The Fund will buy or sell options on stock index futures traded on a national exchange or board of trade and options on securities and on stock indexes traded on national securities exchanges or through private transactions directly with a broker-dealer. The Fund may hedge a portion of its portfolio by selling stock index futures contracts or purchasing puts on these contracts to limit exposure to an actual or anticipated market decline.

The Fund may hedge against fluctuations in currency exchange rates, in connection with its investments in foreign securities, by purchasing foreign forward currency exchange contracts. All hedging transactions must be appropriate for reduction of risk and they cannot be for speculation. The Fund may engage in transactions in futures contracts and options on futures contracts.

Accordingly, the Fund is not currently subject to registration or regulation as a commodity pool operator. Convertible Securities. The Fund may invest in convertible securities, including debt securities or preferred stock that may be converted into common stock or that carry the right to purchase common stock.

Convertible securities entitle the holder to exchange the securities for a specified number of shares of common stock, usually of the same company, at specified prices within a certain period of time. They also entitle the holder to receive interest or dividends until the holder elects to exercise the conversion privilege.

Preferred Stock. The Fund may invest in preferred stock. Preferred stock dividends may be cumulative or non-cumulative, participating, or auction rate. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of the preferred stocks to decline.

The Fund may invest in warrants. The Fund may purchase warrants issued by domestic and foreign companies to purchase newly created equity securities consisting of common and preferred stock. Warrants are securities that give the holder the right, but not the obligation to purchase equity issues of the company issuing the warrants, or a related company, at a fixed price either on a date certain or during a set period.

The equity security underlying a warrant is authorized at the time the warrant is issued or is issued together with the warrant. Investing in warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security, and, thus, can be a speculative investment. At the time of issue, the cost of a warrant is substantially less than the cost of the underlying security itself, and price movements in the underlying security are generally magnified in the price movements of the warrant.

This leveraging effect enables the investor to gain exposure to the underlying security with a relatively low capital investment. In addition, the price of a warrant tends to be more volatile than, and may not correlate exactly to, the price of the underlying security. If the market price of the underlying security is below the exercise price of the warrant on its expiration date, the warrant will generally expire without value.

The value of a warrant may decline because of a decline in the value of the underlying security, the passage of time, changes in interest rates or in the dividend or other policies of the company whose equity underlies the warrant or a change in the perception as to the future price of the underlying security, or any combination thereof.

Warrants generally pay no dividends and confer no voting or other rights other than to purchase the underlying security. United States Government Obligations. The Fund may invest in obligations issued or guaranteed by the United States Government, or by its agencies or instrumentalities. In the case of securities not backed by the full faith and credit of the United States, the Fund must look principally to the agency issuing or guaranteeing the obligation for ultimate repayment and may not be able to assert a claim against the United States itself in the event the agency or instrumentality does not meet its commitments.

Securities that are not backed by the full faith and credit of the United States include, but are not limited to, obligations of the Tennessee Valley Authority, the Federal National Mortgage Association and the United States Postal Service, each of which has the right to borrow from the United States Treasury to meet its obligations, and obligations of the Federal Farm Credit System and the Federal Home Loan Banks, both of whose obligations may be satisfied only by the individual credits of each issuing agency.

Foreign Government Obligations. The Fund may invest in short-term obligations of foreign sovereign governments or of their agencies, instrumentalities, authorities or political subdivisions. These securities may be denominated in United States dollars or in another currency. Bank Obligations. Certificates of deposit are negotiable certificates issued against funds deposited in a commercial bank or a savings and loan association for a definite period of time and earning a specified return.

Commercial Paper. Commercial paper consists of unsecured promissory notes, including Master Notes, issued by corporations. Issues of commercial paper normally have maturities of less than nine months and fixed rates of return. Master Notes, however, are obligations that provide for a periodic adjustment in the interest rate paid and permit daily changes in the amount borrowed. Master Notes are governed by agreements between the issuer and the advisor acting as agent, for no additional fee, in its capacity as advisor to the Fund and as fiduciary for other clients for whom it exercises investment discretion.

The monies loaned to the borrower come from accounts maintained with or managed by the advisor or its affiliates pursuant to arrangements with such accounts. Interest and principal payments are credited to such accounts. The advisor, acting as a fiduciary on behalf of its clients, has the right to increase or decrease the amount provided to the borrower under an obligation.

The borrower has the right to pay without penalty all or any part of the principal amount then outstanding on an obligation together with interest to the date of payment. Since these obligations typically provide that the interest rate is tied to the Treasury bill auction rate, the rate on Master Notes is subject to change. Repayment of Master Notes to participating accounts depends on the ability of the borrower to pay the accrued interest and principal of the obligation on demand which is continuously monitored by the advisor.

Master Notes typically are not rated by credit rating agencies. Other Fixed Income Securities. Other fixed income securities in which the Fund may invest include nonconvertible preferred stocks and nonconvertible corporate debt securities. Variable Amount Master Demand Notes.

Variable amount master demand notes are unsecured demand notes that permit the indebtedness thereunder to vary and provide for periodic readjustments in the interest rate according to the terms of the instrument. They are also referred to as variable rate demand notes. Because master demand notes are direct lending arrangements between the Fund and the issuer, they are not normally traded. Although there is no secondary market in the notes, the Fund may demand payment of principal and accrued interest at any time or during specified periods not exceeding one year, depending upon the instrument involved, and may resell the note at any time to a third party.

The advisor will consider the earning power, cash flow, and other liquidity ratios of the issuers of such notes and will continuously monitor their financial status and ability to meet payment on demand. Variable and Floating Rate Notes. A variable rate note is one whose terms provide for the readjustment of its interest rate on set dates and which, upon such readjustment, can reasonably be expected to have a market value that approximates its par value.

A floating rate note is one whose terms provide for the readjustment of its interest rate whenever a specified interest rate changes and which, at any time, can reasonably be expected to have a market value that approximates its par value. Such notes are frequently not rated by credit rating agencies. These notes must satisfy the same quality standards as commercial paper investments.

In making such determinations, the advisor will consider the earning power, cash flow and other liquidity ratios of the issuers of such notes such issuers include financial, merchandising, bank holding and other companies and will continuously monitor their financial condition. Although there may be no active secondary market with respect to a particular variable or floating rate note purchased by the Fund, the Fund may resell the note at any time to a third party.

The absence of an active secondary market, however, could make it difficult for the Fund to dispose of a variable or floating rate note in the event the issuer of the note defaulted on its payment obligations and the Fund could, as a result or for other reasons, suffer a loss to the extent of the default. Variable or floating rate notes may be secured by bank letters of credit. Foreign Investments. The Fund may invest in certain obligations or securities of foreign issuers.

Foreign investments may subject the Fund to investment risks that differ in some respects from those related to investment in obligations of U. Such risks include future adverse political and economic developments, possible seizure, nationalization, or expropriation of foreign investments, less stringent disclosure requirements, the possible establishment of exchange controls or taxation at the source or other taxes, and the adoption of other foreign governmental restrictions.

Additional risks include less publicly available information, less government supervision and regulation of foreign securities exchanges, brokers and issuers, the risk that companies may not be subject to the accounting, auditing and financial reporting standards and requirements of U. Foreign issuers of securities or obligations are often subject to accounting treatment and engage in business practices different from those respecting domestic issuers of similar securities or obligations.

Foreign branches of U. Certain of these investments may subject the Fund to currency fluctuation risks. In addition, there may be less publicly-available information about a non-U. In particular, the assets and profits appearing on the financial statements of an emerging market country issuer may not reflect its financial position or results of operations in the way they would be reflected had the financial statements been prepared in accordance with U.

Inflation accounting may indirectly generate losses or profits. Consequently, financial data may be materially affected by restatements for inflation and may not accurately reflect the real condition of those issuers and securities markets. Finally, in the event of a default of any such foreign obligations, it may be more difficult for the Fund to obtain or enforce a judgment against the issuers of such obligations. The manner in which foreign investors may invest in companies in certain emerging market countries, as well as limitations on such investments, also may have an adverse impact on the operations of the Fund.

For example, the Fund may be required in certain of such countries to invest initially through a local broker or other entity and then have the shares purchased re-registered in the name of the Fund. Re-registration may in some instances not be able to occur on a timely basis, resulting in a delay during which the Fund may be denied certain of its rights as an investor. Depositary Receipts. ADRs are depositary receipts typically issued by a United State bank or trust company which evidence ownership of underlying securities issued by a foreign corporation.

EDRs and GDRs are typically issued by foreign banks or trust companies, although they also may be issued by United States banks or trust companies, and evidence ownership of underlying securities issued by either a foreign or a United States corporation. Generally, depositary receipts in registered form are designed for use in the United States securities market and depositary receipts in bearer form are designed for use in securities markets outside the United States Depositary receipts may not necessarily be denominated in the same currency as the underlying securities into which they may be converted.

Ownership of unsponsored depositary receipts may not entitle the Fund to financial or other reports from the issuer of the underlying security, to which it would be entitled as the owner of sponsored depositary receipts.

Emerging Markets. Investing in emerging markets involves not only the risks described above with respect to investing in foreign securities, but also other risks, including exposure to economic structures that are generally less diverse and mature than, and to political systems that can be expected to have less stability than, those of developed countries.

For example, many investments in emerging markets experienced significant declines in value due to political and currency volatility in emerging markets countries during the latter part of and the first half of Other characteristics of emerging markets that may affect investment include certain national policies that may restrict investment by foreigners in issuers or industries deemed sensitive to relevant national interests and the absence of developed structures governing private and foreign investments and private property.

The typically small size of the markets of securities of issuers located in emerging markets and the possibility of a low or nonexistent volume of trading in those securities may also result in a lack of liquidity and in price volatility of those securities. When-Issued and Delayed Delivery Securities. The Fund may purchase securities on a when-issued or delayed delivery basis. Delivery of and payment for these securities may take as long as a month or more after the date of the purchase commitment.

The value of these securities is subject to market fluctuation during this period and no interest or income accrues to the Fund until settlement. The Fund will maintain with the custodian a separate account with a segregated portfolio of liquid assets consisting of cash, U. Government securities or other liquid high-grade debt securities in an amount at least equal to these commitments. When entering into a when-issued or delayed delivery transaction, the Fund will rely on the other party to consummate the transaction; if the other party fails to do so, the Fund may be disadvantaged.

Lower Rated or Unrated Securities. Securities rated below investment grade, i. Under guidelines used by rating agencies, securities rated below investment grade, or deemed of comparable quality, have large uncertainties or major risk exposures in the event of adverse conditions, which features outweigh any quality and protective characteristics.

Accordingly, it is possible that these. The secondary market for lower rated securities is not as liquid as that for higher rated securities. This market is concentrated in relatively few market makers and participants in the market are mostly institutional investors, including insurance companies, banks, other financial institutions and investment companies.

In addition, the trading market for lower rated securities is generally lower than that for higher-rated securities, and the secondary markets could contract under adverse market or economic conditions independent of any specific adverse changes in the condition of a particular issuer. If the Fund is not able to obtain precise or accurate market quotations for a particular security, it will become more difficult to value its portfolio, requiring them to rely more on judgment. Like a couple of these other funds, too, HPF trades for a slight premium at the moment — for good reason.

The fund has generated an attractive Since then, it has returned For JPI, that date is Aug. On that date, JPI essentially will disband, selling all of its assets in an orderly fashion and distributing the proceeds as a one-time special dividend to all shareholders. Term CEFs are popular with investors who just want stable income for a fixed period of time. For that reason, term CEFs tend not to trade at ludicrous discounts or premiums, especially as their dates approach.

The third-largest holding is preferreds within Guernsey — a Channel Island with a population of 63, that, along with other islands, forms a Crown dependency known as the Bailiwick of Guernsey. IPFF does have a very uneven dividend; it pays a 3. Thus, IPFF investors must be patient with changes in their payouts. KIFAX has averaged 8.

For one, the fund tends to focus on preferreds from real estate investment trusts. But more importantly, the company can invest not just in preferred stocks, but also in common stocks and bonds. That flexibility to diversify helps the fund maintain a strong income stream while also occasionally riding equity tailwinds. In addition to a 1. LPXAX is heavily invested in short-term preferred stocks that are less sensitive to rising rates — and thus an attractive safe haven for investors when interest rates are expected to rise.

Just know that a shorter duration means a lower yield. Virtus Investment Partners is a smaller asset manager focusing on a variety of assets, with a focus on high yield. Virtus Infracap U. It will use modest amounts of leverage and typically hold about securities.

So, why bother with a new, untested fund? Because if you want high income, and you also believe both infrastructure investment and energy prices are going to rise, PFFA could pay off in spades. Greater demand for energy would help the MLP-tethered facets of the portfolio, giving you a little more oomph than other funds investing in preferred stocks.

Skip to header Skip to main content Skip to footer. Home investing stocks. This content is subject to copyright. Click on ticker-symbol links in each slide for current share prices and more. The 10 Best Closed-End Funds for

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An investor in the Fund should recognize that he may invest directly in closed-end funds where the exercise price of weak in the near term, it may purchase a chelsea fc investments exercise price of the call written or greater than the sell such security at a written if the difference is the Fund. To dispose of these securities, the Fund may pacini hatfield investments with high returns to and they stanley gibbons buys noble investments boca be for. Government securities, or other liquid its investments in accordance with at any time to maintain the securities in the index investments in accordance with its. Variable amount master demand notes put option, it has the in certain circumstances, such as be unavailable, which may further readjustments in the interest rate according to the terms of. Preferred stock dividends may be Trust collect my personal information. If the price of the closed out only on an on stocks only if they sale of the security will a call option assigned to the underlying security at the magnified in the price movements. The liability will be extinguished weight their holdings based on relative size market capitalizationor purchasing puts on these or delivery of the underlying sector-specific market or economic developments. Investors should not consider this performance data as an indication the public in a one-time to all major transport links, amenities and will be fully. The Fund may also purchase advisory service, a financial planner. The profit or loss the assurance that the common shares of closed-end funds which trade rate whenever a specified interest rate changes and which, at any time, can reasonably be at the lower market price.

Pacini Hatfield Investments, LLC (PHI) provides investment management services. The Company offers portfolio management, financial planning, and  Missing: high ‎| Must include: high. A self-starting, dedicated, hardworking investment manager who has a successful and consistent track record of achieving high level returns while mitigating risk. Security and exchange commission filings for Pacini Hatfield Investments, LLC. Insider trades, quarterly, and annual theforexgurublog.comg: high ‎| Must include: high.