babyproffsen kalmar investments

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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.

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Babyproffsen kalmar investments

Baby Store. Get Directions. They have a large selection of Emmaljunga Products and have chosen to invest in Emmaljunga. Many of our Premium Partners have been in the Emmaljunga factory and can tell you how the prams have been manufactured in Sweden. Your Premium Partner has very good service and will be happy to assist you. Our Full Range Retailers have a large selection of Emmaljunga Products and help you with advice and service at the store. Read more Accept. Homepage Find Retailer.

Our Emmaljunga Partners Our Emmaljunga Partners are certified retailers that are experts on our products and the best advisors to help you with your stroller choice. We work in close collaboration with our Partners to make sure you have expert service close to hand. Convertible Securities. Traditional convertible securities include corporate bonds, notes and preferred stocks that may be converted into or exchanged for common stock, and other securities that also provide an opportunity for equity participation.

These securities are generally convertible either at a stated price or a stated rate that is, for a specific number of shares of common stock or other security. As with other fixed income securities, the price of a convertible security generally. While providing a fixed-income stream generally higher in yield than the income derivable from a common stock but lower than that afforded by a non-convertible debt security , a convertible security also affords the investor an opportunity, through its conversion feature, to participate in the capital appreciation of the common stock into which it is convertible.

As the market price of the underlying common stock declines, convertible securities tend to trade increasingly on a yield basis and so may not experience market value declines to the same extent as the underlying common stock. When the market price of the underlying common stock increases, the price of a convertible security tends to rise as a reflection of the value of the underlying common stock. To obtain such a higher yield, the Fund may be required to pay for a convertible security an amount in excess of the value of the underlying common stock.

In some cases, a forward commitment may be conditioned upon the occurrence of a subsequent event, such as approval and consummation of a merger, corporate reorganization or debt restructuring, i. When such transactions are negotiated, the price is fixed at the time of the commitment, with payment and delivery taking place in the future, generally a month or more after the date of the commitment.

While the Fund will only enter into a forward commitment with the intention of actually acquiring the security, the Fund may sell the security before the settlement date if it is deemed advisable. Securities purchased under a forward commitment are subject to market fluctuation, and no interest or dividends accrues to the Fund prior to the settlement date.

The Fund will maintain in a segregated manner with the custodian cash or liquid securities in an aggregate amount at least equal to the amount of its outstanding forward commitments. Foreign Securities and ADRs. ADRs are receipts typically issued by a U. Holders of unsponsored ADRs generally bear all the costs of such facilities and the depository of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts in respect of the deposited securities.

Therefore, there may not be a correlation between information concerning the issuer of the security and the market value of an unsponsored ADR. Holding ADRs may result in a withholding tax by the foreign country of source which will have the effect of reducing the income distributable to shareholders. Investments in foreign securities may involve risks not ordinarily associated with investments in domestic securities. These risks may include legal, political or economic developments such as fluctuations in currency rates, imposition of withholding taxes or exchange controls or other government restrictions or political or policy changes.

In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, or political or social unrest that could adversely affect the value of foreign securities. There may be less publicly available information about foreign companies than about U. Lending of Portfolio Securities. The Fund may lend portfolio securities to brokers, dealers, banks and other financial organizations that meet capital and other credit requirements or other criteria pursuant to the Securities Lending Customer Agreement.

When a Fund lends its portfolio securities, the collateral i. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U. Collateral must be valued daily by the Adviser and the borrower will be required to provide additional collateral should the market value of the loaned securities increase.

During the time portfolio securities are on loan, the borrower pays the Fund any dividends or interest paid on such securities. While the Fund does not have the right to vote securities on loan, it intends to terminate the loan and regain the right to vote if this is considered important with respect to the investment. The Fund will continue to receive interest on the securities lent while simultaneously earning interest on the investment of the cash collateral in short-term money market instruments.

However, the Fund will normally pay lending fees to broker-dealers and related expenses from the interest earned on such invested collateral. There may be risks of delay in receiving additional collateral or risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans are made only to borrowers deemed by the Adviser to be of good standing and when, in the judgment of the Adviser, the consideration which can be earned currently from such securities loans justifies the attendant risk.

Any loan may be terminated by either party upon reasonable notice to the other party. Short Sales. The Fund is authorized to engage in short sales of stocks which the Adviser believes are substantially overvalued. If the Fund anticipates that the price of a security will decline, it may sell the security short and borrow the same security from a broker or other institution to complete the sale.

The Fund may realize a profit or loss depending upon whether the market price of the security decreases or increases between the date of the short sale and the date on which the Fund must replace the borrowed security. Until the Fund replaces the security it borrowed to make the short sale, it must maintain daily the segregated assets at such a level that the amount designated plus the amount deposited with the broker as collateral will equal the current market value of the securities sold short.

As a matter of fundamental policy, the Fund may borrow up to one third of its total assets, taken at market value as a temporary measure for extraordinary or emergency purposes to meet redemptions or to settle securities transactions. Debt Securities. The Fund is also authorized to invest in debt securities, which may include bonds, debentures, or notes and cash equivalent debt securities as described earlier. The Fund may invest its assets in debt securities pending investment in suitable equity securities or if the Adviser believes such securities have the potential for capital appreciation as a result of improvement in the creditworthiness of the issuer.

Lower rated securities also tend to be more sensitive to economic conditions than higher rated securities. Issuers of high yielding, fixed-income securities are often highly leveraged and may not have more traditional methods of financing available to them. Therefore, the risk associated with acquiring the securities of such issuers is generally greater than is the case with higher rated securities. For example, during an economic downturn or a sustained period of rising interest rates, highly leveraged issuers of high yielding securities may experience financial stress.

During these periods, such issuers may not have sufficient cash flow to meet their interest payment obligations. The risk of loss due to default by the issuer may be significantly greater for the holders of high yielding securities because such securities are generally unsecured and are often subordinated to other creditors of the issuer.

The Fund may retain an issue that has defaulted because such issue may present an opportunity for subsequent price recovery. High yielding, fixed-income securities frequently have call or buy-back features which permit an issuer to call or repurchase the securities from the Fund.

Although such securities are typically not callable for a period from three to five years after their issuance, if a call were exercised by the issuer during periods of declining interest rates, the Fund would likely have to replace such called securities with lower yielding securities, thus decreasing the net investment income to the Fund and dividends to shareholders.

The Fund may have difficulty disposing of certain high yielding securities because there may be a thin trading market for a particular security at any given time. The market for lower rated, fixed-income securities generally tends to be concentrated among a smaller number of dealers than is the case for securities which trade in a broader secondary retail market.

Generally, purchasers of these securities are predominantly dealers and other institutional buyers, rather than individuals. To the extent the secondary trading market for a particular high yielding, fixed-income security does exist, it is generally not as liquid as the secondary market for higher rated securities.

Real Estate Securities. Each of these types of investments are subject to risks similar to those associated with direct ownership of real estate, including loss to casualty or condemnation, increases in property taxes and operating expenses, zoning law amendments, changes in interest rates, overbuilding and increased competition, variations in market value and possible environmental liabilities.

The Fund may also invest in rights or warrants to purchase income-producing common and preferred shares of issuers in real estate-related industries. It is anticipated that substantially all of the equity securities of issuers in real estate-related industries in which the Fund intends to invest will be traded on a national securities exchange or in the over-the-counter market.

REITs are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income other than net capital gains , then it is not taxed on the income distributed to shareholders.

Equity REITs invest primarily in direct fee ownership or leasehold ownership of real property; they derive most of their income from rents. Mortgage REITs invest mostly in mortgages on real estate, which may secure construction, development or long-term loans, and the main source of their income is mortgage interest payments. Hybrid REITs hold both ownership and mortgage interests in real estate.

Along with the risks common to different types of real estate-related securities, REITs, no matter the type, involve additional risk factors. Furthermore, REITs are not diversified and are heavily dependent on cash flow.

A call option is a contract that gives the holder of the option the right, in return for a premium paid, to buy from the seller the security underlying the option at a specified exercise price at any time during the term of the option or, in some cases, only at the end of the term of the option. The seller of the call option has the obligation upon exercise of the option to deliver the underlying security upon payment of the exercise price.

A put option is a contract that gives the holder of the option the right, in return for a premium paid, to sell to the seller the underlying security at a specified price. The seller of the put option, on the other hand, has the obligation to buy the underlying security upon exercise at the exercise price.

If the Fund has sold an option, it may terminate its obligation by effecting a closing purchase transaction. This is accomplished by purchasing an option of the same series as the option previously sold. There can be no assurance that a closing purchase transaction can be effected when the Fund so desires. The purchaser of an option risks a total loss of the premium paid for the option if the price of the underlying security does not increase or decrease sufficiently to justify exercise.

The seller of an option, on the other hand, will recognize the premium as income if the option expires unrecognized but forgoes any capital appreciation in excess of the exercise price in the case of a call option and may be required to pay a price in excess of current market value in the case of a put option. Options purchased and sold other than on an exchange in private transactions also impose on the Fund the credit risk that the counterparty will fail to honor its obligations.

Writing Covered Call Options. The general reason for writing call options is to attempt to realize income. By writing covered call options, the Fund gives up the opportunity, while the option is in effect, to profit from any price increase in the underlying security above the option exercise price.

Covered call options serve as a partial hedge against the price of the underlying security declining. The Fund writes only covered options, which means that so long as the Fund is obligated as the writer of the option it will, through its custodian, have deposited the underlying security of the option or, if there is a commitment to purchase the security, segregate a reserve of cash or liquid securities with a securities depository with a value equal to or greater than the exercise price of the underlying securities.

By writing a put, the Fund will be obligated to purchase the underlying security at a price that may be higher than the market value of that security at the time of exercise for as long as the option is outstanding. The Fund may engage in closing transactions in order to terminate put options that it has written.

Purchasing Options. A put option may be purchased to partially limit the risks of the value of an underlying security or the value of a commitment to purchase that security for forward delivery. The amount of any appreciation in the value of the underlying security will be partially offset by the amount of the premium paid for the put option and any related transaction costs.

Prior to its expiration, a put option may be sold in a closing sale transaction and profit or loss from a sale will depend on whether the amount received is more or less than the premium paid for the put option plus the related transaction costs. In certain circumstances, the Fund may purchase call options on securities held in its investment portfolio on which it has written call options or on securities which it intends to purchase. Repurchase Agreements. For purposes of cash management only, the Fund may enter into repurchase agreements with qualified brokers, dealers, banks and other financial institutions deemed creditworthy by the Adviser under standards adopted by the Board of Trustees.

Under repurchase agreements, the Fund may purchase any of the cash equivalent securities described above and simultaneously commit to resell such securities at a future date to the seller at an agreed upon price plus interest. The seller will be required to collateralize the agreement by transferring securities to the Fund with an initial market value, including accrued interest, that equals or exceeds the repurchase price, and the seller will be required to transfer additional securities to the Fund on a daily basis to ensure that the value of the collateral does not decrease below the repurchase price.

If the seller of the underlying security under the repurchase agreement should default on its obligation to repurchase the underlying security, the Fund may experience delay or difficulty in recovering its cash. To the extent that in the meantime, the value of the security purchased had decreased, the Fund could experience a loss.

While management of the Fund acknowledges these risks, it is expected that they can be controlled through stringent security selection and careful monitoring procedures. The Fund may invest in shares of other open and closed-end investment companies, including exchange traded funds, which principally invest in securities of the type in which the Fund invests. Certain exchange traded funds have an exemption from the limits set by the Investment Company Act, which allows for a larger investment.

Investments in other investment companies, including exchange traded funds, will generally involve duplication of advisory fees and other expenses. Illiquid and Restricted Securities. Generally, an illiquid security is any security that cannot be disposed of within seven days in the ordinary course of business at approximately the amount at which the Fund has valued the security.

While maintaining oversight, the Board of Trustees has delegated the day-to-day function of determining liquidity to the Adviser. As a matter of fundamental policy, the Fund may not:. Purchase or sell commodities or commodity contracts, except that the Fund may purchase or sell stock index options, stock index futures, financial futures and related options on such futures. The policies set forth below are non-fundamental policies of the Fund and may be amended without the approval of the shareholders of the Fund.

The Fund will not:. The following tables present certain information regarding the Board of Trustees and officers of the Trust. Name and. Date of Birth. Term of Office and Length of Time. Principal Occupation s.

Five Years. Held by. Date of Birth: May Date of Birth: March Date of Birth: July Date of Birth: October Date of Birth: November Date of Birth: August Date of Birth: January Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Trustees have determined that Mr. Draper satisfies the principles set forth in the statement of policy and that Mr.

The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman. Nonetheless, as currently composed, the Independent Trustees constitute a substantial majority of the Board.

The responsibilities of each committee and its members are described below. The Audit Committee is comprised of Messrs. Wakefield serves as the chairman of the Committee. The Nominating and Governance Committee is comprised of Messrs. Fenton serves as chairman of the Committee. Pursuant to its charter, the Nominating and Governance Committee is responsible for assessing the size, structure and composition of the Board; determining trustee qualification guidelines as well as compensation, insurance and indemnification of trustees; and identifying qualified candidates to serve as Trustee candidates.

The Nominating and Governance Committee will consider nominee candidates recommended by shareholders. Shareholders who wish to recommend individuals for consideration by the Committee as nominee candidates may do so by submitting a written recommendation to the Secretary of the Trust at: Barley Mill House, Kennett Pike, Wilmington, DE The submission must be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected.

Recommendations must be received in a sufficient period of time, as determined by the Committee in its sole discretion, prior to the date proposed for the consideration of nominee candidates by the Board. Trustee Qualifications.

In determining that a particular Trustee was qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which was controlling. Giordano has been a consultant for financial services organizations since and was formerly the President of LaSalle University from to and President and Chief Executive Officer of the Philadelphia Stock Exchange from to ; Mr.

Reese is presently semi-retired, but formerly served as a portfolio manager and research analyst for Kalmar Investments from through March ; Mr. Wakefield has been a private investor since , prior to which he served as Executive Secretary of Longwood Foundations and Welfare Foundation from to , and Chairman and President of J. Morgan Delaware from to ; and Mr.

Risk Oversight. Security and Other Interests. Name of Trustee. Wendell Fenton. Nicholas A. David M. David D. Advisory Agreement Approval. The fees and expenses of the Independent Trustees are paid by the Trust. Independent Trustee. Nicholas Giordano. Reese, Jr.

Codes of Ethics. Each Code significantly restricts the personal investing activities of directors and officers of the Adviser and employees of the Adviser and the Trust with access to information about current portfolio transactions. Among other provisions, each Code requires that such directors, officers and employees with access to information about the purchase or sale of portfolio securities obtain preclearance before executing personal trades.

On an annual basis or whenever deemed necessary, the Board of Trustees reviews reports regarding Codes of Ethics relative to the Trust, including information about any material violations of the Codes. Proxy Voting Policies and Procedures. The Board of Trustees of the Trust has delegated responsibility for decisions regarding proxy voting for securities held by the Fund to the Adviser. The Adviser will vote such proxies in accordance with the proxy voting policies and procedures, which are included as Appendix B to this SAI.

Disclosure of Portfolio Holdings. The Board of Trustees has adopted policies and procedures regarding the disclosure of portfolio holdings. The Trust provides portfolio holdings information as required in regulatory filings and shareholder reports and may disclose portfolio holdings information in response to requests from government authorities. The Fund may post portfolio holdings on its website or in another public distribution released at regular intervals or from time to time at the discretion of the Fund in accordance with applicable law.

Such portfolio holdings information will be as of a date at least 7 days prior to its release. In addition to the schedule of portfolio holdings, the Fund may release information about. This additional portfolio holdings information will also be as of a date at least 7 days prior to its release.

Control Persons and Principal Holders of Securities. As a result, those persons or organizations could have the ability to take action with respect to the Fund without the consent or approval of other shareholders.

Investment Advisory Services. The Adviser selects investments and supervises the assets of the Fund in accordance with the investment objective, policies and restrictions of the Fund, and places orders for the purchase and sale of portfolios securities with broker-dealers, subject to the supervision and direction of the officers and Board of Trustees of the Trust. Pursuant to the Advisory Agreement, the Fund is obligated to pay the Adviser a monthly fee equal to an annual rate of 0.

General expenses of the Fund such as costs of maintaining corporate existence, legal fees, insurances, etc. Kalmar is entirely owned by fifteen principals with Mr. Other Accounts Managed. Draper and Walker are the portfolio managers responsible for the day-to-day management of the Fund. They are also responsible for the day-to-day management of other accounts, as indicated by the following table. Total Assets.

Registered Investment Co. Other Pooled Inv. Other Accounts:. Dana F. Potential Conflicts of Interest. The Adviser does not believe any material conflicts of interest exist as a result of the portfolio managers managing the Fund and managing the other accounts noted above. The investment strategies of the Fund and the other accounts managed by the portfolio managers do not materially conflict.

In such circumstances, it will be the policy of the Adviser to allocate purchases and sales among the Fund and its other clients in a manner which the Adviser deems equitable, taking into consideration such factors as size of accounts, concentration of holdings, investment objectives, tax status, cash availability, purchase costs, holding periods and other pertinent factors relative to each account.

Simultaneous transactions could adversely affect the ability of the Fund to obtain or dispose of the full amount of a security which it seeks to purchase or sell or the price at which such security can be purchased or sold. Portfolio managers receive a base salary, an incentive bonus opportunity, a benefits package, and an opportunity if invited by the Board to purchase equity in the Adviser.

Portfolio manager compensation is reviewed and modified each year as appropriate to reflect changes in the market place, as well as to adjust the factors used to determine bonuses in order to promote good sustained Fund and separate account performance. Annual Bonus : Each portfolio manager is eligible to receive an annual cash bonus which has quantitative and non-quantitative components.

Such ownership is purchased from the firm, rather than awarded as a bonus. Disclosure of Securities Ownership. Name of. Investment Committee Members. Dollar Value of Fund Shares. Beneficially Owned. Legal Counsel. Independent Registered Public Accounting Firm. Principal Underwriter. Pursuant to a Distribution Agreement with the Trust, Foreside acts as the agent of the Trust in connection with the continuous offering of shares of the Fund.

Foreside continually distributes shares of the Fund on a best efforts basis. Foreside has no obligation to sell any specific quantity of Fund shares. Foreside and its officers have no role in determining the investment policies or which securities are to be purchased or sold by the Trust. Foreside may enter into agreements with selected broker-dealers, banks or other financial intermediaries for distribution of shares of the Fund.

These financial intermediaries may charge a fee for their services and may receive shareholder service or other fees from parties other than Foreside. These financial intermediaries may otherwise act as processing agents and are responsible for promptly transmitting purchase, redemption and other requests to the Fund. Investors who purchase shares through financial intermediaries will be subject to the procedures of those intermediaries through which they purchase shares, which may include charges, investment minimums, cutoff times and other restrictions in addition to, or different from, those listed herein.

Information concerning any charges or services will be provided to customers by the financial intermediary through which they purchase shares. The financial intermediary, and not its customers, will be the shareholder of record, although customers may have the right to vote shares depending upon their arrangement with the intermediary.

Foreside does not receive compensation from the Fund for its distribution services. The Adviser pays Foreside a fee for certain distribution-related services. The Distribution Agreement provides that Foreside, in the absence of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of reckless disregard of its obligations and duties under the agreement, will not be liable to the Trust or its shareholders for losses arising in connection with the distribution of Fund shares.

The Fund shall continue to bear the expense of all notice filing fees incurred in connection with the qualification of its shares under state securities laws. The 12b-1 Plan provides that the Underwriter may use all or any portion of such Distribution Fee to finance any activity that is principally intended to result in the sale of Fund shares, subject to the terms of the 12b-1 Plan, or to provide certain shareholder services.

The Distribution Fee is payable to the Underwriter regardless of the distribution-related expenses actually incurred. Because the Distribution Fee is not directly tied to expenses, the amount of distribution fees paid by the Retail Class shares of the Fund during any year may be more or less than actual expenses incurred pursuant to the 12b-1 Plan. The Underwriter may use the Distribution Fee to pay for services covered by the 12b-1 Plan including, but not limited to, advertising, compensating underwriters, dealers and selling personnel engaged in the distribution of Fund shares, the printing and mailing of prospectuses, statements of additional information and reports, the printing and mailing of sales literature pertaining to the Fund, and obtaining whatever information, analyses and reports with respect to marketing and promotional activities that the Fund may, from time to time, deem advisable.

The 12b-1 Plan and any related agreements may not be amended to materially increase the amounts to be spent for distribution expenses without approval of shareholders holding a majority of the Fund shares outstanding. All material amendments to the 12b-1 Plan or any related agreements must be approved by a vote of a majority of the Board and the Qualified Trustees, cast in person at a meeting called for the purpose of voting on any such amendment. The 12b-1 Plan requires that the Underwriter provide to the Board, at least quarterly, a written report on the amounts and purpose of any payment made under the 12b-1 Plan.

The Underwriter is also required to furnish the Board with such other information as may reasonably be requested in order to enable the Board to make an informed determination of whether the 12b-1 Plan should be continued. As noted above, the 12b-1 Plan provides for the ability to use Fund assets to pay financial intermediaries including those that sponsor mutual fund supermarkets , plan administrators and other service providers to finance any activity that is principally intended to result in the sale of Fund shares distribution services and for the provision of personal services to shareholders.

The payments made by the Fund to financial intermediaries are based primarily on the dollar amount of assets invested in the Fund through the financial intermediaries. These financial intermediaries may pay a portion of the payments that they receive from the Fund to their investment professionals.

In addition, the Fund may make payments under the 12b-1 Plan for exhibition space and otherwise help defray the expenses these financial intermediaries incur in hosting client seminars where the Fund is discussed. In connection with its participation in such platforms, the Underwriter may use all or a portion of the Distribution Fee to pay one or more supermarket sponsors a negotiated fee.

As compensation for the Shareholder Servicing Activities, the Fund is authorized to pay a fee of up to 0. Administrator, Accounting Agent and Transfer Agent. As Administrator, BNY Mellon supplies office facilities, non-investment related statistical and research data, stationery and office supplies, executive and administrative services, internal auditing and certain regulatory compliance services.

BNY Mellon also assists in the preparation of reports to shareholders, updates prospectuses and makes filings with the SEC and state securities authorities. BNY Mellon performs certain budgeting, financial reporting and compliance monitoring activities.

The Trust may also appoint financial intermediaries to serve as sub-transfer agent or shareholder service agent to process transactions and maintain records on behalf of the Fund or its shareholders. Such agents are compensated on a percentage of net assets serviced by the agent directly by the Fund. The quoted brokerage commission is only one of a number of factors used in evaluating best price and execution, and can be outweighted by other considerations, especially if the transaction is believed to require more than routine execution skill and service.

Kalmar shall periodically and systematically evaluate the execution performance of broker-dealers executing their transactions and the reasonableness of brokerage commissions based on all the foregoing factors. Research services may include, but are not limited to, any one or more of the following: information as to the availability of securities for purchase or sale; statistical or factual information; or opinions pertaining to investments.

In such cases, the Adviser receives services it otherwise might have had to perform itself. Portfolio transactions, however, will not be directed by the Fund to dealers solely on the basis of the research services provided. The Adviser may use research and services provided to it by brokers and dealers in servicing all its clients, and not all such services will be used by the Adviser in connection with the Fund.

Occasionally, recommendations made to other clients may result in their purchasing or selling securities simultaneously with the Fund. Consequently, the demand for securities being purchased or the supply of securities being sold may increase, and this could have an adverse effect on the price of those securities.

It is the policy of the Adviser not to favor one client over another in making recommendations or in placing orders. In the event of a simultaneous transaction, purchases or sales are averaged as to price, transaction costs are allocated between the Fund and other clients participating in the transaction on a pro rata basis and purchases and sales are normally allocated between the Fund and the other clients as to amount according to a formula determined prior to the execution of such transactions.

Because of its longer-term investment philosophy, the Fund does not intend to engage in frequent trading tactics which could result in high turnover, less favorable tax consequences i. Shares of Beneficial Interest and Voting Rights. Each series, in effect, represents a separate mutual fund with its own investment objective and policies.

The Board of Trustees has the power to designate additional series or classes of shares of beneficial interest and to classify or reclassify any unissued shares with respect to such series or classes. The shares of the Fund, when issued and paid for in accordance with the Prospectus, will be fully paid and non-assessable shares, with equal voting rights and no preferences as to conversion, exchange, dividends, redemption or any other feature.

The separate classes of shares of the Fund represent interests in the same portfolio of investments, have the same rights and are identical in all respects, except that the Retail Class shares bear distribution 12b-1 servicing fees and have exclusive voting rights with respect to a 12b-1 Plan with respect to the Retail Class pursuant to which the distrubiton servicing fees may be paid.

The net income attributable to a class of shares and the dividends payable on such shares will be reduced by the amount of any applicable distribution servicing or shareholder servicing fees. Accordingly, the NAV of the Retail Class shares and Advisor Class shares will be reduced by such amount to the extent the Fund has undistributed net income.

The shares of the Fund when issued, will be fully paid and non-assessable and have no preference as to conversion, exchange, dividends, retirement or other features. In the event of a liquidation or dissolution of the Trust, shareholders of the Fund are entitled to receive the assets available for distribution belonging to the Fund. The shares of the Trust which the Trustees may, from time to time, establish, shall have no preemptive rights. A shareholder is entitled to one vote for each full share held and a fractional vote for each fractional share held , then standing in their name on the books of the Trust.

On any matter submitted to a vote of shareholders, all shares of the Trust then issued and outstanding and entitled to vote on a matter shall vote without differentiation between separate series on a one-vote-per share basis. If a matter to be voted on does not affect the interests of all series of the Trust, then only the shareholders of the affected series shall be entitled to vote on the matter.

Shareholder Meetings. Under normal circumstances, you may purchase your shares at any time without a fee. Customer Identification Program: The Fund is required to comply with various federal anti-money laundering laws and regulations. Under normal circumstances, you may redeem your shares at any time without a fee. The redemption price will be based upon the net asset value per share next determined after receipt of the redemption request, provided it has been submitted in the manner described in the Prospectus.

The redemption price may be more or less than your cost, depending upon the net asset value per share at the time of redemption. Any redemption beyond this amount will also be in cash unless the Trustees determine that payments should be in-kind. In such a case, the Fund will pay all or a portion of the remainder of the redemption in portfolio instruments, valued in the same way as the Fund determines net asset value.

The portfolio instruments will be selected in a manner that the Trustees deem fair and equitable. Redemption in-kind is not as liquid as cash redemption. If redemption is made in-kind, shareholders receiving portfolio securities and selling them could receive less than the redemption value of their Fund shares and could incur certain transaction costs including federal income taxes.

Pricing of Shares. The Fund determines its net asset value per share, normally as of the close of regular trading currently p. Prices will be calculated earlier when the New York Stock Exchange closes early because trading has been halted for the day.

In the absence of any official closing price on that day, the security is valued at the mean between the closing asked and bid quotations. An unlisted security that is not quoted on NASDAQ, and for which over-the-counter quotations are readily available is valued at the mean between the closing asked and bid quotations in the over-the-counter market.

The amortized. Trading in foreign securities and on foreign securities exchanges and over-the-counter markets is normally completed well before the close of business on each Business Day. In addition, foreign securities trading generally or in a particular country or countries may not take place on all Business Days.

This summary is for general information only and does not constitute tax advice. You are urged and advised to consult your own tax advisor regarding the retirement plans described below in connection with your tax situation. Income earned by an IRA account will not be currently taxed, but will be taxed upon distribution. Another option available to investors is a Roth IRA, which is available to individuals within specified income limits. If the fee is not paid by the date due, shares of the Fund owned in the IRA account will be redeemed automatically for purposes of making the payment.

In all of these Retirement Plans, distributions of net investment income and capital gains will be automatically reinvested. The Fund intends to declare and pay annual distributions to its shareholders of substantially all of its net investment income, if any. Reinvestment of distributions in additional shares of the Fund will be made at the net asset value determined on the ex date of the distribution unless you have elected in writing to receive distributions in cash.

The following discussion summarizes certain U. This discussion is for general information only and does not purport to consider all aspects of U. Therefore, the summary discussion that follows may not be considered to be individual tax advice and may not be relied upon by any shareholder. The summary is based upon current provisions of the IRC, applicable U.

Persons who may be subject to tax in more than one country should consult the provisions of any applicable tax treaty to determine the potential tax consequences to them. The IRS could adopt positions contrary to those discussed below and such positions could be sustained. In addition, the following discussion applicable to shareholders of the Fund addresses only some of the federal income tax considerations generally affecting investments in the Fund.

Shareholders are urged and advised to consult their own tax advisor with respect to the tax consequences of the ownership, purchase and disposition of an investment in the Fund including, but not limited to, the applicability of state, local, foreign and other tax laws affecting the particular shareholder and to possible effects of changes in federal or other tax laws.

By qualifying as a RIC, the Fund but not the shareholders will not be subject to federal income tax on that portion of its investment company taxable income and net realized capital gains that it distributes to its shareholders. Shareholders should be aware that investments made by the Fund, some of which are described below, may involve complex tax rules some of which may result in income or gain recognition by a shareholder without the concurrent receipt of cash.

Although the Fund seeks to avoid significant noncash income, such noncash income could be recognized by the Fund, in which case it may distribute cash derived from other sources in order to meet the minimum distribution requirements described below. Cash to make the required minimum distributions may be obtained from sales proceeds of securities held by the Fund even if such sales are not advantageous or, if permitted by its governing documents and other regulatory restrictions, through borrowing the amounts required to be distributed.

The Treasury Department is authorized to promulgate regulations under which gains from foreign currencies and options, futures, and forward contracts on foreign currency would constitute qualifying income for purposes of the Qualifying Income Requirement only if such gains are directly related to the principal business of the Fund in investing in stock or securities or options and futures with respect to stock or securities.

To date, no such regulations have been issued. The Fund may retain for investment all or a portion of its net capital gain i. If the Fund retains any investment company taxable income or net capital gain, it will be subject to tax at regular corporate rates on the amount retained. In general, for purposes of the Qualifying Income Requirement described above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying income if realized directly by the RIC.

In general, such entities will be treated as partnerships for federal income tax purposes if they meet the passive income requirement under section c 2 of the RIC. In addition, although in general the passive loss rules of the IRC do not apply to RICs, such rules do apply to a RIC with respect to items attributable to an interest in a qualified publicly traded partnership.

If the Fund fails to satisfy the Qualifying Income Requirement or the Diversification Requirement in any taxable year, it may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements.

Additionally, relief is provided for certain de minimis failures to satisfy the Diversification Requirements where the Fund corrects the failure within a specified period of time. Such distributions will be taxable to shareholders other than those not subject to federal income tax in the calendar year in which the distributions are declared, rather than the calendar year in which the distributions are received.

The Fund intends to actually distribute or be deemed to have distributed substantially all of its net income and gain, if any, by the end of each calendar year in compliance with these requirements so that it will generally not be required to pay the Excise Tax.

The Fund may, in certain circumstances, be required to liquidate its investments in order to make sufficient distributions to avoid Excise Tax liability at a time when an investment adviser might not otherwise have chosen to do so. Liquidation of investments in such circumstances may affect the ability of the Fund to satisfy the requirements for qualification as a RIC. However, no assurances can be given that the Fund will not be subject to the Excise Tax and, in fact, in certain instances if warranted, the Fund may choose to pay the Excise Tax as opposed to making an additional distribution.

If future capital gains are offset by carried forward capital losses, such future capital gains are not subject to Fund-level federal income taxation, regardless of whether they are distributed to shareholders. The Fund cannot carry back or carry forward any net operating losses.

Generally, the Fund will be required to include the OID in income over the term of the debt security, even though it will not receive cash payments for such OID until a later time, usually when the debt security matures. The Fund may make one or more of the elections applicable to debt securities having OID which could affect the character and timing of recognition of income.

Inflation-protected bonds generally can be expected to produce OID income as their principal amounts are adjusted upward for inflation. A portion of the OID includible in income with respect to certain high-yield corporate debt securities may be treated as a dividend for federal income tax purposes. A debt security acquired in the secondary market by the Fund may be treated as having market discount if acquired at a price below redemption value or adjusted issue price if issued with original issue discount.

Market discount generally is accrued ratably, on a daily basis, over the period from the date of acquisition to the date of maturity even though no cash will be received. Absent an election by the Fund to include the market discount in income as it accrues, gain on its disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of the accrued market discount.

In addition, pay-in-kind securities will give rise to income which is required to be distributed and is taxable even though the Fund receives no interest payments in cash on such securities during the year. The Fund generally will be required to make distributions to shareholders representing the income accruing on the debt securities, described above, that is currently includable in income, even though cash representing such income may not have been received by the Fund.

In the event the Fund realizes net capital gains from such transactions, its shareholders may receive a larger capital gain distribution, if any, than they would have in the absence of such transactions. The writing selling and purchasing of options and futures contracts and entering into forward currency contracts, involves complex rules that will determine for income tax purposes the amount, character and timing of recognition of the gains and losses the Fund realizes in connection with such transactions.

Gains and losses on the sale, lapse, or other termination of options and futures contracts, options thereon and certain forward contracts except certain foreign currency options, forward contracts and futures contracts will generally be treated as capital gains and losses. These provisions may require the Fund to recognize income or gains without a concurrent receipt of cash. Transactions that qualify as designated hedges are exempt from the mark-to-market rule, but may require the Fund to defer the recognition of losses on futures contracts, foreign currency contracts and certain options to the extent of any unrecognized gains on related positions held by it.

When a covered call or put option written sold by the Fund expires such Fund will realize a short-term capital gain equal to the amount of the premium it received for writing the option. When the Fund terminates its obligations under such an option by entering into a closing transaction, it will realize a short-term capital gain or loss , depending on whether the cost of the closing transaction is less than or exceeds the premium received when it wrote the option.

When a covered call option written by the Fund is exercised, such Fund will be treated as having sold the underlying security, producing long-term or short-term capital gain or loss, depending upon the holding period of the underlying security and whether the sum of the option price received upon the exercise plus the premium received when it wrote the option is more or less than the basis of the underlying security.

Depending on which election is made, if any, the results with respect to the Fund may differ. Generally, to the extent the straddle rules apply to positions established by the Fund, losses realized by it may be deferred to the extent of unrealized gain in any offsetting positions. Moreover, as a result of the straddle rules, short-term capital loss on straddle positions may be characterized as long-term capital loss, and long-term capital gain may be characterized as short-term capital gain.

As a result, the straddle rules could cause distributions that would otherwise. Further, the Fund may be required to capitalize, rather than deduct currently, any interest expense and carrying charges applicable to a position that is part of a straddle. Because the application of the straddle rules may affect the character and timing of gains and losses from affected straddle positions, the amount which must be distributed to shareholders, and which will be taxed to shareholders as ordinary income or long-term capital gain, may be increased or decreased substantially as compared to the situation where the Fund had not engaged in such transactions.

The amount of long-term capital gain is limited to the amount of such gain the Fund would have had if it directly invested in the pass-through entity during the term of the derivative contract. Any gain in excess of this amount is treated as ordinary income. An interest charge is imposed on the amount of gain that is treated as ordinary income. Certain rules may affect the timing and character of gain if the Fund engages in transactions that reduce or eliminate its risk of loss with respect to appreciated financial positions.

If the Fund enters into certain transactions including a short sale, an offsetting notional principal contract, a futures or forward contract, or other transactions identified in Treasury regulations in property while holding an appreciated financial position in substantially identical property, it will be treated as if it had sold and immediately repurchased the appreciated financial position and will be taxed on any gain but not loss from the constructive sale.

In addition, if the appreciated financial position is itself a short sale or such a contract, acquisition of the underlying property or substantially identical property by the Fund will be deemed a constructive sale. The Fund may make short sales of securities. Short sales may increase the amount of short-term capital gain realized by the Fund, which is taxed as ordinary income when distributed to its shareholders. Certain limitations may apply on the extent to which the credit may be claimed.

The Fund may invest in a non-U. The Fund will not be permitted to pass through to its shareholders any credit or deduction for taxes and interest charges incurred with respect to a PFIC. In most instances it will be very difficult, if not impossible, to make this election because of certain requirements in making the election. Pursuant to the election, the Fund also may deduct as an ordinary, not capital, loss the excess, if any, of its adjusted basis in the PFIC stock over the fair market value thereof as of the taxable year-end, but only to the extent of any net mark-to-market gains with respect to that stock it included in income for prior taxable years under the election.

In either case, the Fund may be required to recognize taxable income or gain without the concurrent receipt of cash. In some cases elections may be available that would alter this treatment, but such elections could be detrimental to the Fund by creating current recognition of income without the concurrent recognition of cash. Income received by the Fund from sources within foreign countries may be subject to foreign withholding and other taxes.

Tax conventions between certain countries and the United States may reduce or eliminate such taxes. The limitation on the foreign tax credit is applied separately to foreign source passive income, and to certain other types of income. Shareholders may be unable to claim a credit for the full amount of their proportionate share of the foreign taxes paid by the Fund. Various limitations, including a minimum holding period requirement, apply to limit the credit and deduction for foreign taxes for purposes of regular federal tax and alternative minimum tax.

Investments in REIT equity securities may require the Fund to accrue and distribute taxable income without the concurrent receipt of cash. To generate sufficient cash to make the requisite distributions, the Fund may be required to sell securities in its portfolio including when it is not advantageous to do so that it otherwise would have continued to hold. This notice also provides, and the regulations are expected to provide, that excess inclusion income of RICs, such as the Fund, will be allocated to shareholders of the RIC in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related REMIC residual interest or invested in the TMP directly.

As a result, the Fund may not be a suitable investment for certain tax-exempt-shareholders, including a qualified pension plan, an individual retirement account, a k plan, a Keogh plan and other tax-exempt entities. For federal income tax purposes, distributions of investment company taxable income are generally taxable as ordinary income, and distributions of gains from the sale of investments that the Fund owned for one year or less will be taxable as ordinary income.

Such dividends do not qualify as dividends for purposes of the dividends received deduction described below. For eligible corporate shareholders, the dividends received deduction may be subject to certain reductions, and a distribution by the Fund attributable to dividends of a domestic corporation will be eligible for the deduction only if certain holding period and other requirements are met.

Under current law, beginning in , a new 3. The Fund will furnish a statement to shareholders providing the federal income tax status of its dividends and distributions including the portion of such dividends, if any, that qualifies as long-term capital gain. Different tax treatment, including penalties on certain excess contributions and deferrals, certain pre-retirement and post-retirement distributions, and certain prohibited transactions, is accorded to accounts maintained as qualified retirement plans.

Shareholders are urged and advised to consult their own tax advisors for more information. Prior to purchasing shares in the Fund, the impact of dividends or distributions which are expected to be or have been declared, but not paid, should be carefully considered.

Upon the disposition of shares of the Fund whether by redemption, sale or exchange , a shareholder may realize a capital gain or loss. The capital gain will be long-term if the shares were held for more than 12 months and short-term if held for 12 months or less.

In such a case, the basis of the shares acquired will be adjusted to reflect the disallowed loss. Any loss realized by a shareholder on a disposition of shares held by the shareholder for six months or less will be treated as a long-term capital loss to the extent of any distributions of capital gain dividends received by the shareholder and disallowed to the extent of any distributions of tax-exempt interest dividends received by the shareholder with respect to such shares.

The 3. The Fund generally is required to withhold, and remit to the U. If the backup withholding provisions are applicable, any such distributions or proceeds, whether taken in cash or reinvested in shares, will be reduced by the amounts required to be withheld. Backup withholding is not an additional tax. State and local laws often differ from federal income tax laws with respect to the treatment of specific items of income, gain, loss, deduction and credit.

Shareholders are urged and advised to consult their own tax advisors as to the state and local tax rules affecting investments in the Fund. Distributions made to non-U. Notwithstanding the foregoing, if a distribution described above is effectively connected with the conduct of a trade or business carried on by a non-U. Under U. Such distributions may be subject to U. Subject to the additional rules described herein, federal income tax withholding will apply to distributions attributable to dividends and other investment income distributed by the Fund.

The federal income tax withholding rate may be reduced and, in some cases, eliminated under an applicable tax treaty between the United States and the non-U. In order to qualify for treaty benefits, a non-U. Recently enacted rules require the reporting to the IRS of direct and indirect ownership of foreign financial accounts and foreign entities by U. The IRS has issued final guidance with respect to these new rules.

However, since the regulations have been so recently promulgated, all aspects their application are not yet clear and their scope remains subject to change.

EXPLOSION VEST

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SCHUBITZ INVESTMENT COMPANY

If you continue to visit the site without changing your browser's cookie settings, you agree to our use of cookies. You can change your browser's cookies settings at any time. You will find more detailed information on how to use cookies on this site by clicking "Read More". Baby Store. Get Directions. They have a large selection of Emmaljunga Products and have chosen to invest in Emmaljunga. Many of our Premium Partners have been in the Emmaljunga factory and can tell you how the prams have been manufactured in Sweden.

Your Premium Partner has very good service and will be happy to assist you. Our Full Range Retailers have a large selection of Emmaljunga Products and help you with advice and service at the store. Read more Accept. Neither the Fund nor any of its service contractors will be liable for any loss or expense in acting upon any telephone instructions that are reasonably believed to be genuine. In attempting to confirm that telephone instructions are genuine, the Fund will use such procedures as are considered reasonable, including requesting a shareholder to correctly state his or her Fund account number, the name in which his or her account is registered, the number of shares to be redeemed and certain other information necessary to identify the shareholder.

During times of drastic economic or market changes, the telephone redemption privilege may be difficult to implement. In the event that you are unable to reach BNY Mellon by telephone, you may make a redemption request by mail. The Fund or BNY Mellon reserves the right to refuse a wire or telephone redemption if it is believed advisable to do so.

Procedures for redeeming Fund shares by wire or telephone may be modified or terminated at any time by the Fund. Redemption through a Financial Intermediary. If you purchased shares through a financial intermediary, you must place all redemption orders for Retail Class shares through that financial intermediary in accordance with instructions or limitations pertaining to your account with such financial intermediary. Your financial intermediary is responsible for sending your order to the Fund and for crediting your account with the proceeds.

Redemption orders are effected at the NAV next determined after the order is received by the Transfer Agent from the financial intermediary. Some financial intermediaries have entered into arrangements with the Fund to accept orders on behalf of the Fund in which case redemption orders are effected at the NAV next determined after the order is received by the financial intermediary.

Your financial intermediary may charge your account for redemption services. Wiring of Redemption Proceeds. The receiving bank may charge you a fee for this service. Amounts redeemed by wire are normally wired on the next business day after receipt of a redemption request in proper form if received before the close of regular trading on the NYSE , but in no event later than five days following such receipt.

In-Kind Redemption. Involuntary Redemption. The Fund will not redeem your account if it is worth less than the appropriate minimum amount solely because of a market decline. Systematic Withdrawal Plan. Under this Plan, you may automatically redeem a portion of your Fund shares monthly, quarterly, semiannually or annually. The redemption of Fund shares will be effected at net asset value at the close of the NYSE on or about the 25th day of the month at the frequency selected by you.

If you expect to purchase additional Fund shares, it may not be to your advantage to participate in the Systematic Withdrawal Plan because contemporary purchases and redemptions may result in adverse tax consequences. Exchanging into Other Shares Classes.

You may transfer your shares into another class of shares of this Fund if you meet the eligibility requirements for the class into which you would like to transfer. If you purchased your shares through a financial intermediary, you should contact such financial intermediary for information on exchanging shares into another class of the Fund. Transfers between classes of a single Fund are generally not considered a taxable transaction.

Exchanges into Other Kalmar Funds. You may exchange all or a portion of your shares in one Kalmar Fund for shares in another Kalmar Fund. An exchange means that you purchase shares of a Fund using the proceeds from the simultaneous redemption of your shares in another Fund. Redemption and purchase of shares through an exchange will be effected at the NAV per share next determined after the transfer agent receives your exchange request.

An exchange will be treated as a sale for Federal income tax purposes. Exchange transactions will be subject to the minimum initial investment and other requirements of the other Kalmar Fund into which the exchange is made. The Funds reserve the right to reject any purchase request including exchange purchases from another Fund that is deemed to be disruptive to efficient portfolio management.

To obtain more information about exchanges, or to place exchange orders, contact the transfer agent, or, if your shares are held in an account with a financial intermediary, contact the financial intermediary. The Funds may terminate or modify the exchange privilege at any time. You should contact your financial intermediary or the transfer agent for further information regarding redeeming your shares, including the availability of wire or telephone redemption privileges, or whether you may elect to participate in a systematic withdrawal plan.

The Fund intends to declare and pay annual dividends to its shareholders of substantially all of its net investment income, if any, earned during the year from its investments. The Fund will distribute net realized capital gains, if any, once each year. Reinvestment of dividends and distributions in additional shares of the Fund will be made at the net asset value determined on the ex date of the dividend or distribution unless you have elected in writing to receive dividends or distributions in cash.

You may call BNY Mellon for more information. Expenses of the Fund, including the advisory fee, are accrued each day. It is anticipated that expenses incurred by each class of shares will differ and, accordingly, that the dividends distributed with respect to each class may differ. The tax information in this prospectus is provided only for general information purposes for U. As such, the Fund will not be subject to federal income taxes on the earnings they distribute to shareholders provided it satisfies certain requirements and restrictions of the Code one of which is to distribute to its shareholders substantially all of its income and gains each year.

The Fund will make distributions to you that may be taxed as ordinary income or capital gains which may be taxed at different rates depending on the length of time the Fund holds its assets. The dividends and distributions you receive may be subject to federal, state and local taxation, depending upon your tax situation. Distributions are taxable whether you reinvest such distributions in additional shares of the Fund or choose to receive cash.

For example, a shareholder who purchases shares on or just before the record date of the Fund distribution will pay full price for the shares and may receive a portion of the investment back as a taxable distribution. Ordinary Income. Short-term capital gains that are distributed to you are taxable as ordinary income for federal income tax purposes regardless of how long you have held your Fund shares. Net Capital Gains.

Net capital gains i. Sale or Exchange of Shares. It is a taxable event for you if you sell shares of a Fund or exchange shares of a Fund for shares of another Fund. Depending on the purchase price and the sale price of the shares you sell or exchange, you may have a taxable gain or loss on the transaction.

Any realized gain will be taxable to you, and, generally, will be capital gain, assuming you held the shares of the Fund as a capital asset. The capital gain will be long-term or short-term depending on how long you have held your shares in the Fund. Sales of shares of the Fund that you have held for twelve months or less will be a short-term capital gain or loss and if held for more than twelve months will constitute a long-term capital gain or loss.

Any loss realized by a shareholder on a disposition of shares held for six months or less will be treated as a long-term capital loss to the extent of any distributions of capital gain dividends received by the shareholder and disallowed to the extent of any distributions of exempt-interest dividends, if any, received by the shareholder with respect to such shares.

Returns of Capital. Medicare Contribution Tax. Under current law, beginning in , U. Backup Withholding. The Fund may be required to withhold U. State and Local Income Taxes. This Prospectus does not discuss the state and local tax consequences of an investment in the Fund. You are urged and advised to consult your own tax advisor concerning state and local taxes, which may have different consequences from those of the federal income tax laws.

This Prospectus does not discuss the U. Accordingly, non-U. Statements and Notices. You will receive an annual statement outlining the tax status of your distributions. You may also receive written notices of certain foreign taxes and distributions paid by the Fund during the prior taxable year. Important Tax Reporting Considerations. If a shareholder is a corporation and has not instructed the Fund that it is a C corporation in its Account Application or by written instruction, the Fund will treat the shareholder as an S corporation and file a Form B.

This section is only a summary of some important income tax considerations that may affect your investment in the Fund. You are urged and advised to consult your own tax advisor regarding the effects of an investment in the Fund on your tax situation.

BOX Copies of these documents, other information about the Fund and answers to questions about the Fund may be obtained without charge, upon request, by contacting:. Providence, Rhode Island Eastern time. Copies of this information may be obtained, upon payment of a duplicating fee, by writing the Public Reference Room of the SEC, Washington, DC or by electronic request at the following e-mail address: publicinfo sec.

The investment company registration number for Kalmar Pooled Investment Trust is Statement of Additional Information. The Prospectus and any Annual or Semi-Annual Report to shareholders may be obtained without charge at the addresses and telephone numbers listed below. Berwyn, PA Investment Strategies And Risks. Investment Restrictions.

Service Providers. Distribution 12b-1 Plan Retail Class Shares. Portfolio Brokerage And Turnover. General Information. Dividends and Distributions. Appendix A. Appendix B. Fund History and Classification. The Fund is a series of the Trust, an open-end, diversified management investment company.

Equity Securities. Equity securities include common stocks, preferred stocks, warrants, rights to acquire common or preferred stocks, and securities convertible into or exchangeable for common stocks. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests will cause the net asset value of the Fund to fluctuate. Cash or Cash Equivalents. Although the Fund intends to remain substantially fully invested, the Fund may invest its assets in cash or cash equivalents, during periods when excess cash is generated through purchases and sales of its shares, or when the Fund desires to hold cash to maintain liquidity for redemptions or pending investments in suitable securities.

The Fund may purchase U. Government obligations including bills, notes, bonds and other debt securities issued by the U. Treasury; and may invest in U. Government agency securities issued or guaranteed by U. Government sponsored instrumentalities and federal agencies. The Fund may also invest in repurchase agreements collateralized by the securities listed above.

Convertible Securities. Traditional convertible securities include corporate bonds, notes and preferred stocks that may be converted into or exchanged for common stock, and other securities that also provide an opportunity for equity participation.

These securities are generally convertible either at a stated price or a stated rate that is, for a specific number of shares of common stock or other security. As with other fixed income securities, the price of a convertible security generally. While providing a fixed-income stream generally higher in yield than the income derivable from a common stock but lower than that afforded by a non-convertible debt security , a convertible security also affords the investor an opportunity, through its conversion feature, to participate in the capital appreciation of the common stock into which it is convertible.

As the market price of the underlying common stock declines, convertible securities tend to trade increasingly on a yield basis and so may not experience market value declines to the same extent as the underlying common stock. When the market price of the underlying common stock increases, the price of a convertible security tends to rise as a reflection of the value of the underlying common stock.

To obtain such a higher yield, the Fund may be required to pay for a convertible security an amount in excess of the value of the underlying common stock. In some cases, a forward commitment may be conditioned upon the occurrence of a subsequent event, such as approval and consummation of a merger, corporate reorganization or debt restructuring, i.

When such transactions are negotiated, the price is fixed at the time of the commitment, with payment and delivery taking place in the future, generally a month or more after the date of the commitment. While the Fund will only enter into a forward commitment with the intention of actually acquiring the security, the Fund may sell the security before the settlement date if it is deemed advisable. Securities purchased under a forward commitment are subject to market fluctuation, and no interest or dividends accrues to the Fund prior to the settlement date.

The Fund will maintain in a segregated manner with the custodian cash or liquid securities in an aggregate amount at least equal to the amount of its outstanding forward commitments. Foreign Securities and ADRs. ADRs are receipts typically issued by a U.

Holders of unsponsored ADRs generally bear all the costs of such facilities and the depository of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts in respect of the deposited securities. Therefore, there may not be a correlation between information concerning the issuer of the security and the market value of an unsponsored ADR.

Holding ADRs may result in a withholding tax by the foreign country of source which will have the effect of reducing the income distributable to shareholders. Investments in foreign securities may involve risks not ordinarily associated with investments in domestic securities.

These risks may include legal, political or economic developments such as fluctuations in currency rates, imposition of withholding taxes or exchange controls or other government restrictions or political or policy changes. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, or political or social unrest that could adversely affect the value of foreign securities.

There may be less publicly available information about foreign companies than about U. Lending of Portfolio Securities. The Fund may lend portfolio securities to brokers, dealers, banks and other financial organizations that meet capital and other credit requirements or other criteria pursuant to the Securities Lending Customer Agreement.

When a Fund lends its portfolio securities, the collateral i. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U. Collateral must be valued daily by the Adviser and the borrower will be required to provide additional collateral should the market value of the loaned securities increase. During the time portfolio securities are on loan, the borrower pays the Fund any dividends or interest paid on such securities.

While the Fund does not have the right to vote securities on loan, it intends to terminate the loan and regain the right to vote if this is considered important with respect to the investment. The Fund will continue to receive interest on the securities lent while simultaneously earning interest on the investment of the cash collateral in short-term money market instruments.

However, the Fund will normally pay lending fees to broker-dealers and related expenses from the interest earned on such invested collateral. There may be risks of delay in receiving additional collateral or risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans are made only to borrowers deemed by the Adviser to be of good standing and when, in the judgment of the Adviser, the consideration which can be earned currently from such securities loans justifies the attendant risk.

Any loan may be terminated by either party upon reasonable notice to the other party. Short Sales. The Fund is authorized to engage in short sales of stocks which the Adviser believes are substantially overvalued. If the Fund anticipates that the price of a security will decline, it may sell the security short and borrow the same security from a broker or other institution to complete the sale.

The Fund may realize a profit or loss depending upon whether the market price of the security decreases or increases between the date of the short sale and the date on which the Fund must replace the borrowed security. Until the Fund replaces the security it borrowed to make the short sale, it must maintain daily the segregated assets at such a level that the amount designated plus the amount deposited with the broker as collateral will equal the current market value of the securities sold short.

As a matter of fundamental policy, the Fund may borrow up to one third of its total assets, taken at market value as a temporary measure for extraordinary or emergency purposes to meet redemptions or to settle securities transactions. Debt Securities. The Fund is also authorized to invest in debt securities, which may include bonds, debentures, or notes and cash equivalent debt securities as described earlier. The Fund may invest its assets in debt securities pending investment in suitable equity securities or if the Adviser believes such securities have the potential for capital appreciation as a result of improvement in the creditworthiness of the issuer.

Lower rated securities also tend to be more sensitive to economic conditions than higher rated securities. Issuers of high yielding, fixed-income securities are often highly leveraged and may not have more traditional methods of financing available to them. Therefore, the risk associated with acquiring the securities of such issuers is generally greater than is the case with higher rated securities.

For example, during an economic downturn or a sustained period of rising interest rates, highly leveraged issuers of high yielding securities may experience financial stress. During these periods, such issuers may not have sufficient cash flow to meet their interest payment obligations. The risk of loss due to default by the issuer may be significantly greater for the holders of high yielding securities because such securities are generally unsecured and are often subordinated to other creditors of the issuer.

The Fund may retain an issue that has defaulted because such issue may present an opportunity for subsequent price recovery. High yielding, fixed-income securities frequently have call or buy-back features which permit an issuer to call or repurchase the securities from the Fund. Although such securities are typically not callable for a period from three to five years after their issuance, if a call were exercised by the issuer during periods of declining interest rates, the Fund would likely have to replace such called securities with lower yielding securities, thus decreasing the net investment income to the Fund and dividends to shareholders.

The Fund may have difficulty disposing of certain high yielding securities because there may be a thin trading market for a particular security at any given time. The market for lower rated, fixed-income securities generally tends to be concentrated among a smaller number of dealers than is the case for securities which trade in a broader secondary retail market.

Generally, purchasers of these securities are predominantly dealers and other institutional buyers, rather than individuals. To the extent the secondary trading market for a particular high yielding, fixed-income security does exist, it is generally not as liquid as the secondary market for higher rated securities. Real Estate Securities. Each of these types of investments are subject to risks similar to those associated with direct ownership of real estate, including loss to casualty or condemnation, increases in property taxes and operating expenses, zoning law amendments, changes in interest rates, overbuilding and increased competition, variations in market value and possible environmental liabilities.

The Fund may also invest in rights or warrants to purchase income-producing common and preferred shares of issuers in real estate-related industries. It is anticipated that substantially all of the equity securities of issuers in real estate-related industries in which the Fund intends to invest will be traded on a national securities exchange or in the over-the-counter market.

REITs are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income other than net capital gains , then it is not taxed on the income distributed to shareholders. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real property; they derive most of their income from rents.

Mortgage REITs invest mostly in mortgages on real estate, which may secure construction, development or long-term loans, and the main source of their income is mortgage interest payments. Hybrid REITs hold both ownership and mortgage interests in real estate.

Along with the risks common to different types of real estate-related securities, REITs, no matter the type, involve additional risk factors. Furthermore, REITs are not diversified and are heavily dependent on cash flow. A call option is a contract that gives the holder of the option the right, in return for a premium paid, to buy from the seller the security underlying the option at a specified exercise price at any time during the term of the option or, in some cases, only at the end of the term of the option.

The seller of the call option has the obligation upon exercise of the option to deliver the underlying security upon payment of the exercise price. A put option is a contract that gives the holder of the option the right, in return for a premium paid, to sell to the seller the underlying security at a specified price.

The seller of the put option, on the other hand, has the obligation to buy the underlying security upon exercise at the exercise price. If the Fund has sold an option, it may terminate its obligation by effecting a closing purchase transaction.

This is accomplished by purchasing an option of the same series as the option previously sold. There can be no assurance that a closing purchase transaction can be effected when the Fund so desires. The purchaser of an option risks a total loss of the premium paid for the option if the price of the underlying security does not increase or decrease sufficiently to justify exercise.

The seller of an option, on the other hand, will recognize the premium as income if the option expires unrecognized but forgoes any capital appreciation in excess of the exercise price in the case of a call option and may be required to pay a price in excess of current market value in the case of a put option. Options purchased and sold other than on an exchange in private transactions also impose on the Fund the credit risk that the counterparty will fail to honor its obligations.

Writing Covered Call Options. The general reason for writing call options is to attempt to realize income. By writing covered call options, the Fund gives up the opportunity, while the option is in effect, to profit from any price increase in the underlying security above the option exercise price. Covered call options serve as a partial hedge against the price of the underlying security declining.

The Fund writes only covered options, which means that so long as the Fund is obligated as the writer of the option it will, through its custodian, have deposited the underlying security of the option or, if there is a commitment to purchase the security, segregate a reserve of cash or liquid securities with a securities depository with a value equal to or greater than the exercise price of the underlying securities. By writing a put, the Fund will be obligated to purchase the underlying security at a price that may be higher than the market value of that security at the time of exercise for as long as the option is outstanding.

The Fund may engage in closing transactions in order to terminate put options that it has written. Purchasing Options. A put option may be purchased to partially limit the risks of the value of an underlying security or the value of a commitment to purchase that security for forward delivery. The amount of any appreciation in the value of the underlying security will be partially offset by the amount of the premium paid for the put option and any related transaction costs.

Prior to its expiration, a put option may be sold in a closing sale transaction and profit or loss from a sale will depend on whether the amount received is more or less than the premium paid for the put option plus the related transaction costs.

In certain circumstances, the Fund may purchase call options on securities held in its investment portfolio on which it has written call options or on securities which it intends to purchase. Repurchase Agreements. For purposes of cash management only, the Fund may enter into repurchase agreements with qualified brokers, dealers, banks and other financial institutions deemed creditworthy by the Adviser under standards adopted by the Board of Trustees.

Under repurchase agreements, the Fund may purchase any of the cash equivalent securities described above and simultaneously commit to resell such securities at a future date to the seller at an agreed upon price plus interest. The seller will be required to collateralize the agreement by transferring securities to the Fund with an initial market value, including accrued interest, that equals or exceeds the repurchase price, and the seller will be required to transfer additional securities to the Fund on a daily basis to ensure that the value of the collateral does not decrease below the repurchase price.

If the seller of the underlying security under the repurchase agreement should default on its obligation to repurchase the underlying security, the Fund may experience delay or difficulty in recovering its cash. To the extent that in the meantime, the value of the security purchased had decreased, the Fund could experience a loss. While management of the Fund acknowledges these risks, it is expected that they can be controlled through stringent security selection and careful monitoring procedures.

The Fund may invest in shares of other open and closed-end investment companies, including exchange traded funds, which principally invest in securities of the type in which the Fund invests. Certain exchange traded funds have an exemption from the limits set by the Investment Company Act, which allows for a larger investment.

Investments in other investment companies, including exchange traded funds, will generally involve duplication of advisory fees and other expenses. Illiquid and Restricted Securities. Generally, an illiquid security is any security that cannot be disposed of within seven days in the ordinary course of business at approximately the amount at which the Fund has valued the security.

While maintaining oversight, the Board of Trustees has delegated the day-to-day function of determining liquidity to the Adviser. As a matter of fundamental policy, the Fund may not:. Purchase or sell commodities or commodity contracts, except that the Fund may purchase or sell stock index options, stock index futures, financial futures and related options on such futures.

The policies set forth below are non-fundamental policies of the Fund and may be amended without the approval of the shareholders of the Fund. The Fund will not:. The following tables present certain information regarding the Board of Trustees and officers of the Trust. Name and. Date of Birth. Term of Office and Length of Time. Principal Occupation s. Five Years. Held by. Date of Birth: May Date of Birth: March Date of Birth: July Date of Birth: October Date of Birth: November Date of Birth: August Date of Birth: January Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management.

The Trustees have determined that Mr. Draper satisfies the principles set forth in the statement of policy and that Mr. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman.

Nonetheless, as currently composed, the Independent Trustees constitute a substantial majority of the Board. The responsibilities of each committee and its members are described below. The Audit Committee is comprised of Messrs. Wakefield serves as the chairman of the Committee. The Nominating and Governance Committee is comprised of Messrs. Fenton serves as chairman of the Committee.

Pursuant to its charter, the Nominating and Governance Committee is responsible for assessing the size, structure and composition of the Board; determining trustee qualification guidelines as well as compensation, insurance and indemnification of trustees; and identifying qualified candidates to serve as Trustee candidates.

The Nominating and Governance Committee will consider nominee candidates recommended by shareholders. Shareholders who wish to recommend individuals for consideration by the Committee as nominee candidates may do so by submitting a written recommendation to the Secretary of the Trust at: Barley Mill House, Kennett Pike, Wilmington, DE The submission must be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected.

Recommendations must be received in a sufficient period of time, as determined by the Committee in its sole discretion, prior to the date proposed for the consideration of nominee candidates by the Board. Trustee Qualifications. In determining that a particular Trustee was qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which was controlling. Giordano has been a consultant for financial services organizations since and was formerly the President of LaSalle University from to and President and Chief Executive Officer of the Philadelphia Stock Exchange from to ; Mr.

Reese is presently semi-retired, but formerly served as a portfolio manager and research analyst for Kalmar Investments from through March ; Mr. Wakefield has been a private investor since , prior to which he served as Executive Secretary of Longwood Foundations and Welfare Foundation from to , and Chairman and President of J.

Morgan Delaware from to ; and Mr. Risk Oversight. Security and Other Interests. Name of Trustee. Wendell Fenton. Nicholas A. David M. David D. Advisory Agreement Approval. The fees and expenses of the Independent Trustees are paid by the Trust. Independent Trustee. Nicholas Giordano. Reese, Jr. Codes of Ethics. Each Code significantly restricts the personal investing activities of directors and officers of the Adviser and employees of the Adviser and the Trust with access to information about current portfolio transactions.

Among other provisions, each Code requires that such directors, officers and employees with access to information about the purchase or sale of portfolio securities obtain preclearance before executing personal trades. On an annual basis or whenever deemed necessary, the Board of Trustees reviews reports regarding Codes of Ethics relative to the Trust, including information about any material violations of the Codes.

Proxy Voting Policies and Procedures. The Board of Trustees of the Trust has delegated responsibility for decisions regarding proxy voting for securities held by the Fund to the Adviser. The Adviser will vote such proxies in accordance with the proxy voting policies and procedures, which are included as Appendix B to this SAI. Disclosure of Portfolio Holdings. The Board of Trustees has adopted policies and procedures regarding the disclosure of portfolio holdings. The Trust provides portfolio holdings information as required in regulatory filings and shareholder reports and may disclose portfolio holdings information in response to requests from government authorities.

The Fund may post portfolio holdings on its website or in another public distribution released at regular intervals or from time to time at the discretion of the Fund in accordance with applicable law. Such portfolio holdings information will be as of a date at least 7 days prior to its release.

In addition to the schedule of portfolio holdings, the Fund may release information about. This additional portfolio holdings information will also be as of a date at least 7 days prior to its release. Control Persons and Principal Holders of Securities.

As a result, those persons or organizations could have the ability to take action with respect to the Fund without the consent or approval of other shareholders. Investment Advisory Services. The Adviser selects investments and supervises the assets of the Fund in accordance with the investment objective, policies and restrictions of the Fund, and places orders for the purchase and sale of portfolios securities with broker-dealers, subject to the supervision and direction of the officers and Board of Trustees of the Trust.

Pursuant to the Advisory Agreement, the Fund is obligated to pay the Adviser a monthly fee equal to an annual rate of 0. General expenses of the Fund such as costs of maintaining corporate existence, legal fees, insurances, etc. Kalmar is entirely owned by fifteen principals with Mr.

Other Accounts Managed. Draper and Walker are the portfolio managers responsible for the day-to-day management of the Fund. They are also responsible for the day-to-day management of other accounts, as indicated by the following table. Total Assets. Registered Investment Co. Other Pooled Inv. Other Accounts:. Dana F. Potential Conflicts of Interest.

The Adviser does not believe any material conflicts of interest exist as a result of the portfolio managers managing the Fund and managing the other accounts noted above. The investment strategies of the Fund and the other accounts managed by the portfolio managers do not materially conflict. In such circumstances, it will be the policy of the Adviser to allocate purchases and sales among the Fund and its other clients in a manner which the Adviser deems equitable, taking into consideration such factors as size of accounts, concentration of holdings, investment objectives, tax status, cash availability, purchase costs, holding periods and other pertinent factors relative to each account.

Simultaneous transactions could adversely affect the ability of the Fund to obtain or dispose of the full amount of a security which it seeks to purchase or sell or the price at which such security can be purchased or sold. Portfolio managers receive a base salary, an incentive bonus opportunity, a benefits package, and an opportunity if invited by the Board to purchase equity in the Adviser.

Portfolio manager compensation is reviewed and modified each year as appropriate to reflect changes in the market place, as well as to adjust the factors used to determine bonuses in order to promote good sustained Fund and separate account performance. Annual Bonus : Each portfolio manager is eligible to receive an annual cash bonus which has quantitative and non-quantitative components. Such ownership is purchased from the firm, rather than awarded as a bonus.

Disclosure of Securities Ownership. Name of. Investment Committee Members. Dollar Value of Fund Shares. Beneficially Owned. Legal Counsel. Independent Registered Public Accounting Firm. Principal Underwriter. Pursuant to a Distribution Agreement with the Trust, Foreside acts as the agent of the Trust in connection with the continuous offering of shares of the Fund.

Foreside continually distributes shares of the Fund on a best efforts basis. Foreside has no obligation to sell any specific quantity of Fund shares. Foreside and its officers have no role in determining the investment policies or which securities are to be purchased or sold by the Trust. Foreside may enter into agreements with selected broker-dealers, banks or other financial intermediaries for distribution of shares of the Fund.

These financial intermediaries may charge a fee for their services and may receive shareholder service or other fees from parties other than Foreside. These financial intermediaries may otherwise act as processing agents and are responsible for promptly transmitting purchase, redemption and other requests to the Fund. Investors who purchase shares through financial intermediaries will be subject to the procedures of those intermediaries through which they purchase shares, which may include charges, investment minimums, cutoff times and other restrictions in addition to, or different from, those listed herein.

Information concerning any charges or services will be provided to customers by the financial intermediary through which they purchase shares. The financial intermediary, and not its customers, will be the shareholder of record, although customers may have the right to vote shares depending upon their arrangement with the intermediary.

Foreside does not receive compensation from the Fund for its distribution services. The Adviser pays Foreside a fee for certain distribution-related services. The Distribution Agreement provides that Foreside, in the absence of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of reckless disregard of its obligations and duties under the agreement, will not be liable to the Trust or its shareholders for losses arising in connection with the distribution of Fund shares.

The Fund shall continue to bear the expense of all notice filing fees incurred in connection with the qualification of its shares under state securities laws. The 12b-1 Plan provides that the Underwriter may use all or any portion of such Distribution Fee to finance any activity that is principally intended to result in the sale of Fund shares, subject to the terms of the 12b-1 Plan, or to provide certain shareholder services.

The Distribution Fee is payable to the Underwriter regardless of the distribution-related expenses actually incurred. Because the Distribution Fee is not directly tied to expenses, the amount of distribution fees paid by the Retail Class shares of the Fund during any year may be more or less than actual expenses incurred pursuant to the 12b-1 Plan. The Underwriter may use the Distribution Fee to pay for services covered by the 12b-1 Plan including, but not limited to, advertising, compensating underwriters, dealers and selling personnel engaged in the distribution of Fund shares, the printing and mailing of prospectuses, statements of additional information and reports, the printing and mailing of sales literature pertaining to the Fund, and obtaining whatever information, analyses and reports with respect to marketing and promotional activities that the Fund may, from time to time, deem advisable.

The 12b-1 Plan and any related agreements may not be amended to materially increase the amounts to be spent for distribution expenses without approval of shareholders holding a majority of the Fund shares outstanding. All material amendments to the 12b-1 Plan or any related agreements must be approved by a vote of a majority of the Board and the Qualified Trustees, cast in person at a meeting called for the purpose of voting on any such amendment.

The 12b-1 Plan requires that the Underwriter provide to the Board, at least quarterly, a written report on the amounts and purpose of any payment made under the 12b-1 Plan. The Underwriter is also required to furnish the Board with such other information as may reasonably be requested in order to enable the Board to make an informed determination of whether the 12b-1 Plan should be continued. As noted above, the 12b-1 Plan provides for the ability to use Fund assets to pay financial intermediaries including those that sponsor mutual fund supermarkets , plan administrators and other service providers to finance any activity that is principally intended to result in the sale of Fund shares distribution services and for the provision of personal services to shareholders.

The payments made by the Fund to financial intermediaries are based primarily on the dollar amount of assets invested in the Fund through the financial intermediaries. These financial intermediaries may pay a portion of the payments that they receive from the Fund to their investment professionals. In addition, the Fund may make payments under the 12b-1 Plan for exhibition space and otherwise help defray the expenses these financial intermediaries incur in hosting client seminars where the Fund is discussed.

In connection with its participation in such platforms, the Underwriter may use all or a portion of the Distribution Fee to pay one or more supermarket sponsors a negotiated fee. As compensation for the Shareholder Servicing Activities, the Fund is authorized to pay a fee of up to 0.

Administrator, Accounting Agent and Transfer Agent. As Administrator, BNY Mellon supplies office facilities, non-investment related statistical and research data, stationery and office supplies, executive and administrative services, internal auditing and certain regulatory compliance services. BNY Mellon also assists in the preparation of reports to shareholders, updates prospectuses and makes filings with the SEC and state securities authorities. BNY Mellon performs certain budgeting, financial reporting and compliance monitoring activities.

The Trust may also appoint financial intermediaries to serve as sub-transfer agent or shareholder service agent to process transactions and maintain records on behalf of the Fund or its shareholders. Such agents are compensated on a percentage of net assets serviced by the agent directly by the Fund. The quoted brokerage commission is only one of a number of factors used in evaluating best price and execution, and can be outweighted by other considerations, especially if the transaction is believed to require more than routine execution skill and service.

Kalmar shall periodically and systematically evaluate the execution performance of broker-dealers executing their transactions and the reasonableness of brokerage commissions based on all the foregoing factors. Research services may include, but are not limited to, any one or more of the following: information as to the availability of securities for purchase or sale; statistical or factual information; or opinions pertaining to investments.

In such cases, the Adviser receives services it otherwise might have had to perform itself. Portfolio transactions, however, will not be directed by the Fund to dealers solely on the basis of the research services provided. The Adviser may use research and services provided to it by brokers and dealers in servicing all its clients, and not all such services will be used by the Adviser in connection with the Fund.

Occasionally, recommendations made to other clients may result in their purchasing or selling securities simultaneously with the Fund. Consequently, the demand for securities being purchased or the supply of securities being sold may increase, and this could have an adverse effect on the price of those securities.

It is the policy of the Adviser not to favor one client over another in making recommendations or in placing orders. In the event of a simultaneous transaction, purchases or sales are averaged as to price, transaction costs are allocated between the Fund and other clients participating in the transaction on a pro rata basis and purchases and sales are normally allocated between the Fund and the other clients as to amount according to a formula determined prior to the execution of such transactions.

Because of its longer-term investment philosophy, the Fund does not intend to engage in frequent trading tactics which could result in high turnover, less favorable tax consequences i. Shares of Beneficial Interest and Voting Rights. Each series, in effect, represents a separate mutual fund with its own investment objective and policies.

The Board of Trustees has the power to designate additional series or classes of shares of beneficial interest and to classify or reclassify any unissued shares with respect to such series or classes. The shares of the Fund, when issued and paid for in accordance with the Prospectus, will be fully paid and non-assessable shares, with equal voting rights and no preferences as to conversion, exchange, dividends, redemption or any other feature. The separate classes of shares of the Fund represent interests in the same portfolio of investments, have the same rights and are identical in all respects, except that the Retail Class shares bear distribution 12b-1 servicing fees and have exclusive voting rights with respect to a 12b-1 Plan with respect to the Retail Class pursuant to which the distrubiton servicing fees may be paid.

The net income attributable to a class of shares and the dividends payable on such shares will be reduced by the amount of any applicable distribution servicing or shareholder servicing fees. Accordingly, the NAV of the Retail Class shares and Advisor Class shares will be reduced by such amount to the extent the Fund has undistributed net income.

The shares of the Fund when issued, will be fully paid and non-assessable and have no preference as to conversion, exchange, dividends, retirement or other features. In the event of a liquidation or dissolution of the Trust, shareholders of the Fund are entitled to receive the assets available for distribution belonging to the Fund.

The shares of the Trust which the Trustees may, from time to time, establish, shall have no preemptive rights. A shareholder is entitled to one vote for each full share held and a fractional vote for each fractional share held , then standing in their name on the books of the Trust.

On any matter submitted to a vote of shareholders, all shares of the Trust then issued and outstanding and entitled to vote on a matter shall vote without differentiation between separate series on a one-vote-per share basis. If a matter to be voted on does not affect the interests of all series of the Trust, then only the shareholders of the affected series shall be entitled to vote on the matter. Shareholder Meetings. Under normal circumstances, you may purchase your shares at any time without a fee.

Customer Identification Program: The Fund is required to comply with various federal anti-money laundering laws and regulations. Under normal circumstances, you may redeem your shares at any time without a fee. The redemption price will be based upon the net asset value per share next determined after receipt of the redemption request, provided it has been submitted in the manner described in the Prospectus.

The redemption price may be more or less than your cost, depending upon the net asset value per share at the time of redemption. Any redemption beyond this amount will also be in cash unless the Trustees determine that payments should be in-kind. In such a case, the Fund will pay all or a portion of the remainder of the redemption in portfolio instruments, valued in the same way as the Fund determines net asset value.

The portfolio instruments will be selected in a manner that the Trustees deem fair and equitable. Redemption in-kind is not as liquid as cash redemption. If redemption is made in-kind, shareholders receiving portfolio securities and selling them could receive less than the redemption value of their Fund shares and could incur certain transaction costs including federal income taxes.

Pricing of Shares. The Fund determines its net asset value per share, normally as of the close of regular trading currently p. Prices will be calculated earlier when the New York Stock Exchange closes early because trading has been halted for the day. In the absence of any official closing price on that day, the security is valued at the mean between the closing asked and bid quotations.

An unlisted security that is not quoted on NASDAQ, and for which over-the-counter quotations are readily available is valued at the mean between the closing asked and bid quotations in the over-the-counter market. The amortized. Trading in foreign securities and on foreign securities exchanges and over-the-counter markets is normally completed well before the close of business on each Business Day.

In addition, foreign securities trading generally or in a particular country or countries may not take place on all Business Days. This summary is for general information only and does not constitute tax advice. You are urged and advised to consult your own tax advisor regarding the retirement plans described below in connection with your tax situation.

Income earned by an IRA account will not be currently taxed, but will be taxed upon distribution.

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