We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Entergy Mississippi First Mortgage Bonds, 6.20% Series Due April 15, 2040 | NYSE:EFM.CL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.99 | 0 | 01:00:00 |
[x]
|
immediately upon filing pursuant to paragraph (b) of Rule 485
|
[ ]
|
on _______________ pursuant to paragraph (b) of Rule 485
|
[ ]
|
60 days after filing pursuant to paragraph (a)(1) of Rule 485
|
[ ]
|
on _______________ pursuant to paragraph (a)(1) of Rule 485
|
[ ]
|
75 days after filing pursuant to paragraph (a)(2) of Rule 485
|
[ ]
|
on _______________ pursuant to paragraph (a)(2) of Rule 485
|
BPV Large Cap Value Fund (Institutional Shares – BPVAX)
a series of the
|
PROSPECTUS
April 1, 2014
|
These securities have not been approved or disapproved by the Securities and Exchange Commission or any state securities commission nor has the Securities and Exchange Commission or any state securities commission passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.
|
SUMMARY OF THE BPV LARGE CAP VALUE FUND
|
1
|
MORE ABOUT THE FUND’S PRINCIPAL INVESTMENT STRATEGIES
|
3
|
RISKS AND ADDITIONAL INFORMATION ABOUT THE FUND
|
4
|
Principal Risks of Investing in the Fund
|
4
|
Temporary Defensive Positions
|
4
|
Disclosure of Portfolio Holdings
|
4
|
MANAGEMENT
|
4
|
SHAREHOLDER INFORMATION
|
5
|
INVESTING IN THE FUND
|
6
|
Purchasing Shares
|
7
|
Additional Information About Purchases and Redemptions
|
9
|
OTHER IMPORTANT INFORMATION
|
10
|
Distributions
|
10
|
Federal Taxes
|
10
|
Financial Highlights
|
11
|
Maximum Sales Charge (Load) Imposed on Purchases
|
None
|
Redemption Fee
(as a percentage of amount redeemed (sold) within
sixty (60) days of the initial purchase of shares in the Fund)
|
1.00%
|
Management Fees
|
0.65%
|
Distribution and/or Service (12b-1) Fees
|
None
|
Other Expenses
1
|
1.85%
|
Total Annual Fund Operating Expenses
|
2.50%
|
Fee Waiver and/or Expense Reimbursement
1,2
|
-1.70%
|
Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement
1,
2
|
0.80%
|
1
|
Because the Fund is new, “Other Expenses” are estimated for the current fiscal year.
|
2
|
BPV Capital Management, LLC (the “Adviser”) has entered into a contractual agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage fees and commissions, Acquired Fund Fees and Expenses, 12b-1 fees, if any, and extraordinary expenses) to not more than 0.80%. Subject to approval by the Fund’s Board, any waiver under the Expense Limitation Agreement is subject to repayment by the Fund within the three fiscal years following the fiscal year in which such waiver occurred, if the Fund is able to make the payment without exceeding the 0.80% expense limitation. The current contractual agreement cannot be terminated prior to August 1, 2015 without the Board of Trustees’ approval.
|
Period Invested
|
1 Year
|
3 Years
|
Institutional Shares
|
$82
|
$616
|
|
·
|
Quantitative Model Risk:
The share price of the Fund changes daily based on the performance of the securities in which the Fund invests, the selection of which is determined primarily by a quantitative model. The ability of the Fund to meet its investment objective is directly related to the ability of the quantitative model to measure accurately value indicators or other factors and appropriately react to current and developing market trends. There can be no assurance that the use of the quantitative model will enable the Fund to achieve positive returns or outperform the market, and if the quantitative model fails to accurately evaluate market risk or appropriately react to current and developing market conditions, the Fund’s share price may be adversely affected.
|
|
·
|
Market Risk
. Securities prices can be volatile, and the value of securities in the Fund’s portfolio may decline due to fluctuations in the securities markets generally.
|
|
·
|
Equity Securities Risk
. The prices of equity securities will fluctuate – sometimes dramatically – over time, and the Fund could lose a substantial part, or even all, of its investment in a particular issue.
|
|
·
|
Undervalued Stocks Risk
. Undervalued stocks include stocks that the Sub-Adviser believes are undervalued and/or are temporarily out of favor in the market. If these stocks are not undervalued, or they continue to be out of favor in the marketplace, then the Fund may suffer losses.
|
|
·
|
New Fund Risk
. The Fund was formed in 2014, and while the investment strategy of the Fund is similar to the other registered investment companies sub-advised by the Sub-Adviser, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy.
|
|
·
|
Quantitative Model Risk:
The share price of the Fund changes daily based on the performance of the securities in which the Fund invests, the selection of which is determined primarily by a quantitative model. The ability of the Fund to meet its investment objective is directly related to the ability of the quantitative model to measure accurately value indicators or other factors and appropriately react to current and developing market trends. There can be no assurance that the use of the quantitative model will enable the Fund to achieve positive returns or outperform the market, and if the quantitative model fails to accurately evaluate market risk or appropriately react to current and developing market conditions, the Fund’s share price may be adversely affected.
|
|
·
|
Market Risk
. Securities prices can be volatile, and the value of securities in the Fund’s portfolio may decline due to fluctuations in the securities markets generally.
|
|
·
|
Equity Securities Risk
. The prices of equity securities will fluctuate – sometimes dramatically – over time, and the Fund could lose a substantial part, or even all, of its investment in a particular issue.
|
|
·
|
Undervalued Stocks Risk
. Undervalued stocks include stocks that the Sub-Adviser believes are undervalued and/or are temporarily out of favor in the market. If these stocks are not undervalued, or they continue to be out of favor in the marketplace, then the Fund may suffer losses.
|
|
·
|
New Fund Risk
. The Fund was formed in 2014, and while the investment strategy of the Fund is similar to the other registered investment companies sub-advised by the Sub-Adviser, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy.
|
|
·
|
Redemption of shares purchased through certain qualified plans pursuant to Sections 401, 403, and 457 of the Internal Revenue Code;
|
|
·
|
Redemption of shares purchased through wrap-fee programs or similar investment programs;
|
|
·
|
Omnibus level accounts will be excluded where the fee will be assessed by the financial intermediary according to the requirements outlined herein and provided back to the Fund;
|
|
·
|
Redemptions due to required minimum distributions;
|
|
·
|
Redemptions due to death;
|
|
·
|
Redemption of shares accumulated through reinvestment of capital gains and dividends; and
|
|
·
|
Redemption of shares initiated by the Fund (i.e., liquidation or merger of a fund).
|
|
o
|
an adverse effect on portfolio management, as determined by the Adviser in its sole discretion, such as causing the Fund to maintain a higher level of cash than would otherwise be the case, or causing the Fund to liquidate investments prematurely; and
|
|
o
|
reducing returns to long-term shareholders through increased brokerage and administrative expenses.
|
WHAT DOES BPV FAMILY OF FUNDS DO WITH YOUR PERSONAL INFORMATION?
|
|||
Why?
|
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
|
||
What?
|
The types of personal information we collect and share depend on the product or service you have with us. This information can include:
§
Social Security number
§
Assets
§
Retirement Assets
§
Transaction History
§
Checking Account Information
§
Purchase History
§
Account Balances
§
Account Transactions
§
Wire Transfer Instructions
When you are
no longer
our customer, we continue to share your information as described in this notice.
|
||
How?
|
All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons BPV Family of Funds chooses to share; and whether you can limit this sharing.
|
||
Reasons we can share your personal information
|
Does BPV Family of Funds share?
|
Can you limit this sharing?
|
|
For our everyday business purposes –
Such as to process your transactions, maintain your account(s), respond
to court orders and legal investigations, or report to credit bureaus
|
Yes
|
No
|
|
For our marketing purposes –
to offer our products and services to you
|
No
|
We don’t share
|
|
For joint marketing with other financial companies
|
No
|
We don’t share
|
|
For our affiliates’ everyday business purposes –
information about your transactions and experiences
|
No
|
We don’t share
|
|
For our affiliates’ everyday business purposes –
information about your creditworthiness
|
No
|
We don’t share
|
|
For nonaffiliates to market to you
|
No
|
We don’t share
|
|
Questions?
|
Call
855-784-2399
|
Who we are
|
||
Who is providing this notice?
|
BPV Family of Funds
ALPS Fund Services, Inc. (Administrator)
ALPS Distributors, Inc. (Distributor)
|
|
What we do
|
||
How does BPV Family of Funds
protect my personal information?
|
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
|
|
How does BPV Family of Funds
collect my personal information?
|
We collect your personal information, for example, when you
§
Open an account
§
Provide account information
§
Give us your contact information
§
Make deposits or withdrawals from your account
§
Make a wire transfer
§
Tell us where to send the money
§
Tell us who receives the money
§
Show your government-issued ID
§
Show your driver’s license
We also collect your personal information from other companies.
|
|
Why can’t I limit all sharing?
|
Federal law gives you the right to limit only
§
Sharing for affiliates’ everyday business purposes – information about your creditworthiness
§
Affiliates from using your information to market to you
§
Sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing.
|
|
Definitions
|
||
Affiliates
|
Companies related by common ownership or control. They can be financial and nonfinancial companies.
§
BPV Capital Management, LLC, the investment adviser to the BPV Family of Funds, could be deemed an affiliate.
|
|
Nonaffiliates
|
Companies not related by common ownership or control. They can be financial and nonfinancial companies
§
BPV Family of Funds does not share with nonaffiliates so they can market to you.
|
|
Joint marketing
|
A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
§
BPV Family of Funds does not jointly market.
|
BPV Large Cap Value Fund (Advisor Shares – BPAAX)
a series of the
|
PROSPECTUS
April 1, 2014
|
These securities have not been approved or disapproved by the Securities and Exchange Commission or any state securities commission nor has the Securities and Exchange Commission or any state securities commission passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.
|
SUMMARY OF THE BPV LARGE CAP VALUE FUND – ADVISOR SHARES
|
1
|
MORE ABOUT THE FUND’S PRINCIPAL INVESTMENT STRATEGIES
|
3
|
RISKS AND ADDITIONAL INFORMATION ABOUT THE FUND
|
4
|
Principal Risks of Investing in the Fund
|
4
|
Temporary Defensive Positions
|
4
|
Disclosure of Portfolio Holdings
|
4
|
MANAGEMENT
|
4
|
Portfolio Managers
|
5
|
SHAREHOLDER INFORMATION
|
5
|
INVESTING IN THE FUND
|
6
|
Purchasing Shares
|
7
|
Additional Information About Purchases and Redemptions
|
9
|
OTHER IMPORTANT INFORMATION
|
11
|
Distributions
|
11
|
Federal Taxes
|
11
|
Financial Highlights
|
11
|
Maximum Sales Charge (Load) Imposed on Purchases
|
None
|
Redemption Fee
(as a percentage of amount redeemed (sold) within
sixty (60) days of the initial purchase of shares in the Fund)
|
1.00%
|
Management Fees
|
0.65%
|
Distribution and/or Service (12b-1) Fees
|
0.25%
|
Other Expenses
1
|
1.85%
|
Total Annual Fund Operating Expenses
|
2.75%
|
Fee Waiver and/or Expense Reimbursement
1,2
|
-1.70%
|
Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement
1,
2
|
1.05%
|
1
|
Because the Fund is new, “Other Expenses” are estimated for the current fiscal year.
|
2
|
BPV Capital Management, LLC (the “Adviser”) has entered into a contractual agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, taxes, brokerage fees and commissions, Acquired Fund Fees and Expenses, 12b-1 fees, if any, and extraordinary expenses) to not more than 0.80%. Subject to approval by the Fund’s Board, any waiver under the Expense Limitation Agreement is subject to repayment by the Fund within the three fiscal years following the fiscal year in which such waiver occurred, if the Fund is able to make the payment without exceeding the 0.80% expense limitation. The current contractual agreement cannot be terminated prior to August 1, 2015 without the Board of Trustees’ approval.
|
Period Invested
|
1 Year
|
3 Years
|
Advisor Shares
|
$107
|
$692
|
|
·
|
Quantitative Model Risk:
The share price of the Fund changes daily based on the performance of the securities in which the Fund invests, the selection of which is determined primarily by a quantitative model. The ability of the Fund to meet its investment objective is directly related to the ability of the quantitative model to measure accurately value indicators or other factors and appropriately react to current and developing market trends. There can be no assurance that the use of the quantitative model will enable the Fund to achieve positive returns or outperform the market, and if the quantitative model fails to accurately evaluate market risk or appropriately react to current and developing market conditions, the Fund’s share price may be adversely affected.
|
|
·
|
Market Risk
. Securities prices can be volatile, and the value of securities in the Fund’s portfolio may decline due to fluctuations in the securities markets generally.
|
|
·
|
Equity Securities Risk
. The prices of equity securities will fluctuate – sometimes dramatically – over time, and the Fund could lose a substantial part, or even all, of its investment in a particular issue.
|
|
·
|
Undervalued Stocks Risk
. Undervalued stocks include stocks that the Sub-Adviser believes are undervalued and/or are temporarily out of favor in the market. If these stocks are not undervalued, or they continue to be out of favor in the marketplace, then the Fund may suffer losses.
|
|
·
|
New Fund Risk
. The Fund was formed in 2014, and while the investment strategy of the Fund is similar to the other registered investment companies sub-advised by the Sub-Adviser, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy.
|
|
·
|
Quantitative Model Risk:
The share price of the Fund changes daily based on the performance of the securities in which the Fund invests, the selection of which is determined primarily by a quantitative model. The ability of the Fund to meet its investment objective is directly related to the ability of the quantitative model to measure accurately value indicators or other factors and appropriately react to current and developing market trends. There can be no assurance that the use of the quantitative model will enable the Fund to achieve positive returns or outperform the market, and if the quantitative model fails to accurately evaluate market risk or appropriately react to current and developing market conditions, the Fund’s share price may be adversely affected.
|
|
·
|
Market Risk
. Securities prices can be volatile, and the value of securities in the Fund’s portfolio may decline due to fluctuations in the securities markets generally.
|
|
·
|
Equity Securities Risk
. The prices of equity securities will fluctuate – sometimes dramatically – over time, and the Fund could lose a substantial part, or even all, of its investment in a particular issue.
|
|
·
|
Undervalued Stocks Risk
. Undervalued stocks include stocks that the Sub-Adviser believes are undervalued and/or are temporarily out of favor in the market. If these stocks are not undervalued, or they continue to be out of favor in the marketplace, then the Fund may suffer losses.
|
|
·
|
New Fund Risk
. The Fund was formed in 2014, and while the investment strategy of the Fund is similar to the other registered investment companies sub-advised by the Sub-Adviser, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy.
|
|
·
|
Redemption of shares purchased through certain qualified plans pursuant to Sections 401, 403, and 457 of the Internal Revenue Code;
|
|
·
|
Redemption of shares purchased through wrap-fee programs or similar investment programs;
|
|
·
|
Omnibus level accounts will be excluded where the fee will be assessed by the financial intermediary according to the requirements outlined herein and provided back to the Fund;
|
|
·
|
Redemptions due to required minimum distributions;
|
|
·
|
Redemptions due to death;
|
|
·
|
Redemption of shares accumulated through reinvestment of capital gains and dividends; and
|
|
·
|
Redemption of shares initiated by the Fund (i.e., liquidation or merger of a fund).
|
|
o
|
an adverse effect on portfolio management, as determined by the Adviser in its sole discretion, such as causing the Fund to maintain a higher level of cash than would otherwise be the case, or causing the Fund to liquidate investments prematurely; and
|
|
o
|
reducing returns to long-term shareholders through increased brokerage and administrative expenses.
|
Who we are
|
||
Who is providing this notice?
|
BPV Family of Funds
ALPS Fund Services, Inc. (Administrator)
ALPS Distributors, Inc. (Distributor)
|
|
What we do
|
||
How does BPV Family of Funds
protect my personal information?
|
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
|
|
How does BPV Family of Funds
collect my personal information?
|
We collect your personal information, for example, when you
§
Open an account
§
Provide account information
§
Give us your contact information
§
Make deposits or withdrawals from your account
§
Make a wire transfer
§
Tell us where to send the money
§
Tell us who receives the money
§
Show your government-issued ID
§
Show your driver’s license
We also collect your personal information from other companies.
|
|
Why can’t I limit all sharing?
|
Federal law gives you the right to limit only
§
Sharing for affiliates’ everyday business purposes – information about your creditworthiness
§
Affiliates from using your information to market to you
§
Sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing.
|
|
Definitions
|
||
Affiliates
|
Companies related by common ownership or control. They can be financial and nonfinancial companies.
§
BPV Capital Management, LLC, the investment adviser to the BPV Family of Funds, could be deemed an affiliate.
|
|
Nonaffiliates
|
Companies not related by common ownership or control. They can be financial and nonfinancial companies
§
BPV Family of Funds does not share with nonaffiliates so they can market to you.
|
|
Joint marketing
|
A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
§
BPV Family of Funds does not jointly market.
|
INVESTMENT OBJECTIVES, POLICIES AND RISKS
|
3
|
General Investment Risks
|
3
|
Equity Securities
|
3
|
ETFs
|
3
|
Derivative Instruments
|
3
|
Other Investment Companies
|
4
|
Real Estate Securities
|
5
|
Money Market Instruments
|
5
|
U.S. Government Securities
|
5
|
Illiquid Securities
|
6
|
Convertible Securities
|
6
|
Repurchase Agreements
|
7
|
Reverse Repurchase Agreements
|
7
|
Forward Commitment & When-Issued Securities
|
7
|
Short Sales of Securities
|
7
|
Lending of Portfolio Securities
|
8
|
INVESTMENT RESTRICTIONS
|
8
|
Fundamental Restrictions
|
8
|
Non-
Fundamental Restrictions
|
9
|
PORTFOLIO TRANSACTIONS AND BROKERAGE ALLOCATION
|
10
|
Brokerage Selection
|
10
|
Aggregated Trades
|
11
|
Portfolio Turnover
|
11
|
PORTFOLIO HOLDINGS DISCLOSURE
|
11
|
DESCRIPTION OF THE TRUST
|
12
|
BOARD OF TRUSTEES, OFFICERS AND PRINCIPAL SHAREHOLDERS
|
13
|
Trustees and Officers
|
13
|
Board Structure
|
14
|
Qualification of Trustees
|
14
|
Trustee Standing Committees
|
15
|
Beneficial Equity Ownership Information
|
15
|
Compensation
|
16
|
Principal Holders of Voting Securities
|
16
|
MANAGEMENT AND ADMINISTRATION
|
16
|
Investment Adviser
|
16
|
Investment Sub-Adviser
|
17
|
Portfolio Manager
|
17
|
Distributor
|
20
|
Custodian
|
21
|
Independent Registered Public Accounting Firm
|
21
|
Legal Counsel
|
21
|
(1)
|
Issue senior securities, except as permitted by Section 18(f)(1) of the 1940 Act;
|
(2)
|
Borrow money, except to the extent permitted under Section 18(f)(1) the 1940 Act (including, but not limited to, reverse repurchase agreements and borrowing to meet redemptions). For purposes of this investment restriction, the entry into options, forward contracts, futures contracts, including those relating to indices, and options on futures contracts or indices shall not constitute borrowing.
|
(3)
|
Pledge, mortgage or hypothecate its assets, except, with up to one third of its assets, as necessary to secure permitted borrowings and to the extent related to the deposit of assets in escrow in connection with writing covered put and call options and the purchase of securities on a when-issued or forward commitment basis and collateral and initial or variation margin arrangements with respect to options, forward contracts, futures contracts, including those relating to indices, and options on futures contracts or indices;
|
(4)
|
Act as underwriter except to the extent that, in connection with the disposition of portfolio securities, the Fund may be deemed to be an underwriter under certain federal securities laws;
|
(5)
|
Make loans, provided that the Fund may lend its portfolio securities in an amount up to 33% of the Fund’s total assets, and provided further that, for purposes of this restriction, investment in U.S. Government obligations, short-term commercial paper, certificates of deposit, bankers’ acceptances, corporate loans and repurchase agreements shall not be deemed to be the making of a loan;
|
(6)
|
Purchase or sell real estate or interests in real estate directly; provided, however, that the Fund may purchase and sell securities that are secured by real estate and securities of companies that invest or deal in real estate (including, without limitation, investments in REITs and mortgage-backed securities);
|
(7)
|
Purchase or sell commodities, except that the Fund may purchase and sell options, forward contracts, futures contracts, including those relating to indices, and options on futures contracts or indices and may purchase interests in equity securities issued by companies (including, without limitation, investment companies) that hold or invest in one or more commodities as their sole or principal business activity; or
|
(8)
|
With respect to 75% of its total assets, the Fund may not: (i) purchase 10% or more of the outstanding voting securities of any one issuer; or (ii) purchase securities of any issuer if, as a result, 5% or more of the Fund’s total assets would be invested in that issuer’s securities. This limitation does not apply to obligations of the United States Government, its agencies, or instrumentalities. Additionally, the Fund will limit the aggregate value of holdings of a single industry or group of industries to a maximum of 25% of the Fund’s total assets. For purposes of this limitation, securities of the U.S. Government (including its agencies and instrumentalities), securities of state or municipal governments and their political subdivisions (other than revenue bonds issued in connection with an identifiable industry; e.g., healthcare or education) and investments in other registered investment companies are not considered to be issued by members of any industry; provided, however, that if the Fund invests in investment companies that concentrate their investments in a particular industry in a manner reasonably ascertainable by the Fund, the Fund will consider such investment to be issued by a member of the industry in which the other investment company invests.
|
(1)
|
Purchase securities on margin; provided, however, that the Fund may obtain such short-term credits as may be necessary for the clearance of transactions, may make short sales to the extent permitted by the 1940 Act and may enter into options, forward contracts, futures contracts or indices options on futures contracts or indices;
|
(2)
|
Make investments for the purpose of exercising control or management over a portfolio company;
|
(3)
|
Invest in securities of other registered investment companies, except as permitted under the 1940 Act;
|
(4)
|
Invest in interests in oil, gas or other mineral exploration or development programs, although the Fund may invest in the common stock of companies that invest in or sponsor such programs;
|
(5)
|
Purchase warrants if as a result the Fund would then have more than 5% of its total net assets (taken at the lower of cost or current value) invested in warrants; or
|
(6)
|
Invest more than 15% of its net assets in illiquid securities, which are investments that cannot be sold or disposed of in the ordinary course of business within seven days at approximately the prices at which they are valued by the Fund.
|
·
|
With respect to the “fundamental” and “non-fundamental” investment restrictions above, if a percentage limitation is adhered to at the time of investment, a later increase or decrease in percentage resulting from any change in value or net assets will not result in a violation of such
restriction (i.e., percentage limitations are determined at the time of purchase); provided, however, that the percentage limitations on borrowing under the Fund’s second fundamental investment restriction and illiquid securities under the Fund’s sixth non-fundamental investment restriction apply at all times. If through a change in values, net assets, or other circumstances, the Fund is in a position where more than 15% of its net assets are invested in illiquid securities, it would seek to take appropriate steps to protect liquidity.
|
·
|
Senior securities may include any obligation or instrument issued by a fund evidencing indebtedness. The 1940 Act generally prohibits funds from issuing senior securities, although it does not treat certain transactions as senior securities, such as certain borrowings, short sales, reverse repurchase agreements, firm commitment agreements and standby commitments, with appropriate earmarking or segregation of assets to cover such obligation.
|
·
|
The 1940 Act presently allows a fund to borrow from any bank (including pledging, mortgaging or hypothecating assets) in an amount up to 33 1/3% of its total assets (not including temporary borrowings not in excess of 5% of its total assets).
|
|
·
|
Public disclosure regarding the securities held by the Fund (“Portfolio Securities”) is made available for the most recent month-end period and only after a 30 calendar day delay from the end of such month.
|
|
·
|
Public disclosure regarding the Fund’s Portfolio Securities is made quarterly through the Fund’s Form N-Q and Semi-Annual and Annual Reports (“Official Reports”).
|
|
·
|
Information regarding Portfolio Securities, and other information regarding the investment activities of the Portfolios, may be disclosed to rating and ranking organizations for use in connection with their rating or ranking of the Trust or the Fund, but only if such disclosure has been publicly disclosed or approved in writing by the Chief Compliance Officer of the Trust (the “CCO”). The CCO will not approve arrangements prior to public disclosure unless persons receiving the information provide assurances that the information will not be used for inappropriate trading in the Fund’s shares.
|
|
·
|
The Trust’s policy relating to disclosure of the Trust’s holdings of Portfolio Securities does not prohibit: (i) disclosure of information to the Trust’s investment adviser or sub-adviser or to other Trust service providers, including but not limited to the Trust’s administrator, distributor, custodian, legal counsel and auditors as identified in the Prospectus and this SAI, financial printers such as Filepoint EDGAR Services or to the brokers and dealers through which the Trust purchases and sells Portfolio Securities; and (ii) disclosure of holdings of or transactions in Portfolio Securities by the Fund that are made on the same basis to all the Fund’s shareholders. This information is disclosed to third parties under conditions of confidentiality that include a duty not to trade on non-public information. ”Conditions of confidentiality” include (i) confidentiality clauses in written agreements, (ii) confidentiality implied by the nature of the relationship (e.g., attorney-client relationship), (iii) confidentiality required by fiduciary or regulatory principles (e.g., custody relationships), and (iv) understandings or expectations between the parties that the information will be kept confidential. Notwithstanding the foregoing, the Fund is subject to the risk that one or more third parties subject to conditions of confidentiality, particularly those third parties not bound by confidentiality clauses in written agreements, will front-run the Fund.
|
|
·
|
The CCO is required to approve any arrangements other than disclosure to service providers under which information relating to Portfolio Securities held by the Fund, or purchased or sold by the Fund, are disclosed to a shareholder or other person before disclosure in the Official Reports. In making such a determination, the CCO may consider, among other things, the information to be disclosed, the timing of the disclosure, the intended use of the information, whether the arrangement is reasonably necessary to aid in conducting the ongoing business of the Fund, and whether the arrangement will adversely affect the Trust, the Fund or their shareholders. The CCO will not approve such arrangements unless persons receiving the information provide assurances that the information will not be used for inappropriate trading in the Fund’s shares.
|
|
·
|
The CCO shall inform the Board of any special portfolio holdings disclosure arrangements that are approved by the CCO, and the rationale supporting approval.
|
|
·
|
No person (including the Adviser, the Sub-Adviser and the Trust (or any affiliated person, employee, officer, trustee or director of the Adviser, the Sub-Adviser or the Trust)), for themselves or on behalf of the Fund, may receive any direct or indirect compensation or other consideration in exchange for the disclosure of information relating to Portfolio Securities held, purchased or sold by the Fund.
|
Name, Address and Age
|
Position(s) Held with Trust
|
Length of Service
|
Principal Occupation(s)
During Past 5 Years
|
Number of Funds Overseen
|
Other
Directorships During Past
5 Years
|
Independent Trustees
|
|||||
Ann O’Connell
9202 South Northshore Dr.,
Suite 300
Knoxville, TN 37922
Year of Birth: 1953
|
Trustee
|
Since I
nception
|
Partner, Newport Board Group, a professional management consulting firm (2012-present);
Actuary and Principal, Global Human Resources Services Leadership Team, PriceWaterhouseCoopers LLP (2002-2011)
|
Four
|
None
|
Joseph M. O’Donnell
9202 South Northshore Dr.,
Suite 300
Knoxville, TN 37922
Year of Birth: 1946
|
Trustee
|
Since Inception
|
President and CEO, Inmar Inc., a logistics and supply chain software and services company (2008-2009); Chairman and CEO, Artesyn Technologies, Inc., a designer and manufacturer of electronic subsystems (1994-2006).
|
Four
|
Comverge, Inc.; Comverse, Inc.; ModusLink Global Solutions
|
Jan R. Williams
9202 South Northshore Dr.,
Suite 300
Knoxville, TN 37922
Year of Birth: 1941
|
Trustee
|
Since Inception
|
Dean and Professor Emeritus, College of Business Administration, University of Tennessee (2001-2013).
|
Four
|
None
|
Interested Trustee*
|
|||||
Reed Keller
9202 South Northshore Dr.,
Suite 300
Knoxville, TN 37922
Year of Birth: 1948
|
Trustee, President and Secretary
|
Since Inception
|
Funds Managing Partner for the Adviser (2011 – present), Operating Executive for portfolio companies of private equity firm Welsh, Carson Anderson & Stowe (2002-2010).
|
Four
|
None
|
Name, Address and Age
|
Position(s) Held with Trust
|
Length of Service
|
Principal Occupation(s)
During Past 5 Years
|
Number of Funds Overseen
|
Other
Directorships During Past
5 Years
|
Officers
|
|||||
Melanie Zimdars
1290 Broadway, Suite 1100
Denver, CO 80203
Year of Birth: 1976
|
Chief Compliance Officer
|
Since Inception
|
Deputy Chief Compliance Officer with ALPS (Since 2009). Previously, Ms. Zimdars served as Principal Financial Officer, Treasurer and Secretary for the Wasatch Funds from February 2007 to December 2008. From November 2006 to February 2007, she served as Assistant Treasurer for the Wasatch Funds and served as a Senior Compliance Officer for Wasatch Advisors, Inc. since 2005.
|
N/A
|
N/A
|
Kim Storms
1290 Broadway, Suite 1100
Denver, CO 80203
Year of Birth: 1972
|
Treasurer
|
Since Inception
|
Director of Fund Administration and Senior Vice President of ALPS. Ms. Storms joined ALPS in 1998 as Assistant Controller.
|
N/A
|
N/A
|
*
|
The Interested Trustee is an Interested Trustee because he is an employee of the Adviser.
|
Ann O’Connell
|
Ms. O’Connell spent her career as a human resources consultant, most recently with PricewaterhouseCoopers LLP. Prior to her retirement in June 2011, Ms. O’Connell was Principal of PwC’s Global Human Resources Services Leadership Team.
|
Joseph M. O’Donnell
|
Mr. O’Donnell has held numerous executive positions in software, electronics and manufacturing companies. Mr. O’Donnell also currently serves on the Board of Directors of three public companies, and has in the past served as a director of seven other public companies.
|
Jan R. Williams
|
Mr. Williams has over 40 years’ experience in the accounting field, as an accountant, consultant and professor of accounting. Mr. Williams served as Dean of the College of Business Administration and Professor of Accounting at the University of Tennessee from 2001 to 2013, and is currently Dean and Professor Emeritus.
|
Reed Keller
|
Mr. Keller is Funds Managing Partner of the Adviser. Prior to working with the Adviser, Mr. Keller was an executive for several portfolio companies of the private equity firm of Welsh, Carson Anderson & Stowe.
|
Name of Trustee*
|
Dollar Range of Equity
Securities in the Fund
|
Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen By Trustee in Family of Investment Companies
|
Ann O’Connell
|
A
|
C
|
Joseph M. O’Donnell
|
A
|
C
|
Jan R. Williams
|
A
|
C
|
Reed Keller
|
A
|
E
|
Name of Trustee*
|
Aggregate
Compensation
From the Fund
|
Pension or Retirement Benefits Accrued As Part of Fund Expenses
|
Estimated
Annual Benefits
Upon Retirement
|
Total Compensation From Fund and Fund Complex Paid to Trustees
|
Independent Trustees
|
||||
Ann O’Connell
|
$17,000
|
None
|
None
|
$17,000
|
Joseph M. O’Donnell
|
$17,000
|
None
|
None
|
$17,000
|
Jan R. Williams
|
$17,000
|
None
|
None
|
$17,000
|
Interested Trustees
|
||||
Reed Keller
|
None
|
None
|
None
|
None
|
*
|
Each of the Trustees serves as a Trustee to all of the Funds.
|
Name of
Portfolio Manager
|
Dollar Range of Equity
Securities in the Fund
|
Theodore R. Aronson
|
A
|
Stefani Cranston
|
A
|
Gina Marie N. Moore
|
A
|
Martha E. Ortiz
|
A
|
Gregory J. Rogers
|
A
|
R. Brian Wenzinger
|
A
|
Christopher J. W. Whitehead
|
A
|
Name
|
Registered Investment
Companies
|
Other Pooled Investment
Vehicles
|
Other Accounts
|
|||
Number of
Accounts
|
Total Assets $mm
|
Number of Accounts
|
Total
Assets
$mm
|
Number of Accounts
|
Total Assets $mm
|
|
Theodore R. Aronson
Stefani Cranston
Gina Marie N. Moore
Martha E. Ortiz
Gregory J. Rogers
R. Brian Wenzinger
Christopher J. W. Whitehead
|
16
|
$4,642.3
|
16
|
$3,175.1
|
89
|
$15,746.6
|
Accounts where advisory fee is based upon account performance
|
1
|
$147.1
|
1
|
$76.9
|
47
|
$6,477.8
|
|
·
|
The management of multiple funds and/or other accounts may result in a portfolio manager devoting varying periods of time and attention to the management of each fund and/or other account. As a result, a portfolio manager may not be able to formulate as complete a strategy or identify equally attractive investment opportunities for each of those accounts as might be the case if he or she were to devote substantially more attention to the management of a single fund.
|
|
·
|
If a portfolio manager identifies an investment opportunity that may be suitable for more than one fund or other account, a fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible funds and other accounts.
|
|
·
|
At times, a portfolio manager may determine that an investment opportunity may be appropriate for only some of the funds or other accounts for which he or she exercises investment responsibility, or may decide that certain of the funds or other accounts should take differing positions with respect to a particular security. In these cases, the portfolio manager may place separate transactions for one or more funds or other accounts, which may affect the market price of the security or the execution of the transaction, or both, to the detriment of one or more other funds or accounts.
|
|
·
|
With respect to securities transactions for the funds, the Advisers determine which broker to use to execute each order, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts (such as other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals), the Adviser or the Sub-Adviser may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, the respective Adviser or Sub-Adviser or their affiliates may place separate, non-simultaneous, transactions for a fund and another account that may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the fund or the other account.
|
|
·
|
The appearance of a conflict of interest may arise where the respective Adviser or Sub-Adviser has an incentive, such as a performance based management fee or other differing fee structure, that relates to the management of one fund or other account but not all funds and accounts with respect to which a portfolio manager has day-to-day management responsibilities.
|
|
·
|
Securities that are listed on a securities exchange are valued at the last quoted sales price at the time the valuation is made. Price information on listed securities is taken from the exchange where the security is primarily traded by the Fund.
|
|
·
|
Securities that are listed on an exchange and that are not traded on the valuation date are valued at the bid price.
|
|
·
|
Unlisted securities for which market quotations are readily available are valued at the latest quoted sales price, if available, at the time of valuation, otherwise, at the latest quoted bid price.
|
|
·
|
Temporary cash investments with maturities of 60 days or less will be valued at amortized cost, which approximates market value.
|
|
·
|
Securities for which no current quotations are readily available are valued at fair value as determined in good faith using methods approved by the Trustees. Securities may be valued on the basis of prices provided by a pricing service when such prices are believed to reflect the fair market value of such securities.
|
|
·
|
Securities may be valued on the basis of prices provided by a pricing service when such prices are believed to reflect the fair value of such securities.
|
Where
|
P = a hypothetical initial payment of $1,000
|
Where
|
P = a hypothetical initial payment of $1,000
|
ATV
D
=
|
Ending Redeemable Value of a hypothetical initial payment of $1,000, after taxes on fund distributions but not after taxes on redemption
|
Where
|
P = a hypothetical initial payment of $1,000
|
ATV
DR
=
|
Ending Redeemable Value of a hypothetical initial payment of $1,000, after taxes on the Fund’s distributions and redemption
|
The following proxy voting policies are provided:
|
(1)
|
the Trust’s Proxy Voting and Disclosure Policy and
|
(2)
|
the Sub-Adviser’s Proxy Voting and Disclosure Policy, including a detailed description of the Sub-Adviser’s specific proxy voting guidelines.
|
(1)
|
PROXY VOTING AND DISCLOSURE POLICY FOR THE BPV FAMILY OF FUNDS
|
I.
|
Introduction
|
II.
|
Specific Proxy Voting Policies and Procedures
|
|
A.
|
General
|
|
B.
|
Delegation to Funds’ Sub-Adviser
|
|
C.
|
Conflicts
|
III.
|
Fund Disclosure
|
|
A.
|
Disclosure of Fund Policies and Procedures With Respect to Voting Proxies Relating to Portfolio Securities
|
|
B.
|
Disclosure of the Funds’ Complete Proxy Voting Record
|
|
(i)
|
The name of the issuer of the portfolio security;
|
|
(ii)
|
The exchange ticker symbol of the portfolio security (if available through reasonably practicable means);
|
|
(iii)
|
The Council on Uniform Security Identification Procedures (“CUSIP”) number for the portfolio security (if available through reasonably practicable means);
|
|
(iv)
|
The shareholder meeting date;
|
|
(v)
|
A brief identification of the matter voted on;
|
|
(vi)
|
Whether the matter was proposed by the issuer or by a security holder;
|
|
(vii)
|
Whether the Funds cast their vote on the matter;
|
|
(viii)
|
How the Funds cast their vote (e.g., for or against proposal, or abstain; for or withhold regarding election of directors); and
|
|
(ix)
|
Whether the Funds cast their vote for or against management.
|
IV.
|
Recordkeeping
|
|
(i)
|
A copy of this Policy;
|
|
(ii)
|
Proxy Statements received regarding the Funds’ securities;
|
|
(iii)
|
Records of votes cast on behalf of the Funds; and
|
|
(iv)
|
A record of each shareholder request for proxy voting information and each Fund’s response, including the date of the request, the name of the shareholder, and the date of the response.
|
V.
|
Proxy Voting Committee
|
|
A.
|
General
|
|
B.
|
Powers and Methods of Operation
|
VI.
|
Other
|
ITEM 28.
|
Exhibits
|
|
(a)
|
Agreement and Declaration of Trust (“Trust Instrument”).
1
|
|
(b)
|
By-Laws.
1
|
|
(c)
|
Articles III, V, and VI of the Trust Instrument, Exhibit 28(a) hereto, define the rights of holders of the securities being registered. (Certificates for shares are not issued.)
|
|
(d)(1)
|
Investment Advisory Agreement between the Registrant and BPV Capital Management, LLC (“Adviser”) for the Core Diversification Fund.
2
|
|
(d)(2)
|
Investment Advisory Agreement between the Registrant and the Adviser for the Wealth Preservation Fund.
2
|
|
(d)(3)
|
Investment Sub-Advisory Agreement between the Registrant, the Adviser and Quintium Advisors, LLC for the Core Diversification Fund.
2
|
|
(d)(4)
|
Investment Sub-Advisory Agreement between the Registrant, the Adviser and Quintium Advisors, LLC for the Wealth Preservation Fund.
2
|
|
(d)(5)
|
Investment Advisory Agreement between the Registrant and the Adviser for the Low Volatility Fund.
7
|
|
(d)(6)
|
Investment Sub-Advisory Agreement between the Registrant, the Adviser and Quintium Advisors, LLC for the Low Volatility Fund.
7
|
|
(d)(7)
|
Form of Investment Advisory Agreement between the Registrant and the Adviser for the Large Cap Value Fund.
6
|
|
(d)(8)
|
Form of Investment Sub-Advisory Agreement between the Registrant, the Adviser and AJO, LP for the Large Cap Value Fund.
|
|
(e)(1)
|
Form of Distribution Agreement between the Registrant and ALPS Distributors, Inc.
(“Distributor”) for the BPV Family of Funds.
5
|
|
(e)(2)
|
Amendment to Distribution Agreement regarding the Low Volatility Fund and the Large Cap Value Fund.
|
|
(f)
|
Not Applicable.
|
|
(g)
|
Custodian Agreement between BPV Family of Funds and Union Bank.
2
|
|
(h)(1)
|
Administration, Bookkeeping and Pricing Services Agreement between the Registrant and ALPS Fund Services, Inc. as Administrator.
2
|
|
(h)(2)
|
Transfer Agency and Services Agreement between the Registrant and ALPS Fund Services, Inc. as Transfer Agent.
2
|
|
(h)(3)
|
Expense Limitation Agreement for the Core Diversification Fund between the Registrant and the Adviser.
3
|
|
(h)(4)
|
Expense Limitation Agreement for the Wealth Preservation Fund between the Registrant and the Adviser.
3
|
|
(h)(5)
|
Amendment to Administration, Bookkeeping and Pricing Services Agreement, effective December 31, 2012.
5
|
|
(h)(6)
|
Amendment to Transfer Agency and Services Agreement; effective December 31, 2012.
5
|
|
|
(h)(7)
|
Expense Limitation Agreement for the Low Volatility Fund between the Registrant and the Adviser.
7
|
|
(h)(8)
|
Expense Limitation Agreement for the Large Cap Value Fund between the Registrant and the Adviser.
|
|
(h)(9)
|
Amendment to Administration, Bookkeeping and Pricing Services Agreement, regarding the Low Volatility Fund and the Large Cap Value Fund.*
|
(h)(10)
|
Amendment to Transfer Agency and Services Agreement, regarding the Low Volatility Fund and the Large Cap Value Fund.*
|
(h)(11)
|
PFO Services Agreement with ALPS Fund Services, Inc.
|
|
(i)
|
Opinion and Consent of Kilpatrick Townsend & Stockton LLP regarding the legality of securities registered with respect to the BPV Family of Funds.
2
|
|
(j)
|
Not applicable.
|
|
(k)(1)
|
Balance Sheet of the Core Diversification Fund dated September 27, 2011.
2
|
|
(k)(2)
|
Balance Sheet of the Wealth Preservation Fund dated September 27, 2011.
2
|
|
(l)(1)
|
Initial Subscription Agreement for the Core Diversification Fund.
2
|
|
(l)(2)
|
Initial Subscription Agreement for the Wealth Preservation Fund.
2
|
|
(m)(1)
|
Form of Distribution Plan under Rule 12b-1 for the Registrant for the Core Diversification Fund.
4
|
|
(m)(2)
|
Form of Distribution Plan under Rule 12b-1 for the Registrant for the Wealth Preservation Fund.
4
|
|
(m)(3)
|
Form of Distribution Plan under Rule 12b-1 for the Registrant for the Large Cap Value Fund.
|
|
(n)
|
Form of Rule 18f-3 Plan.
4
|
|
(o)
|
Reserved.
|
|
(p)(1)
|
Code of Ethics for the Registrant.
2
|
|
(p)(2)
|
Code of Ethics for the Adviser.
2
|
|
(p)(3)
|
Code of Ethics for Quintium Advisors, LLC.
2
|
|
(p)(3)
|
Code of Ethics for AJO, LP.
|
|
(q)
|
Copy of Powers of Attorney.
2
|
ITEM 29.
|
Persons Controlled by or Under Common Control with the Registrant.
|
ITEM 30.
|
Indemnification.
|
|
(a)
|
Subject to the exceptions and limitations contained in Subsection (b) below:
|
|
(b)
|
No indemnification shall be provided hereunder to a Covered Person:
|
ITEM 31.
|
Business and other Connections of the Investment Adviser
|
ITEM 32.
|
Principal Underwriter
|
Name*
|
Position with Underwriter
|
Positions with Fund
|
Edmund J. Burke
|
Director
|
|
Thomas A. Carter
|
President, Director
|
|
Jeremy O. May
|
Executive Vice President, Director
|
|
Kevin J. Ireland
|
Senior Vice President, Director of Institutional Sales
|
|
Mark R. Kiniry
|
Senior Vice President, National Sales Director – Investments
|
|
Bradley J. Swenson
|
Senior Vice President, Chief Compliance Officer
|
|
Robert J. Szydlowski
|
Senior Vice President, Chief Technology Officer
|
|
Kenneth V. Hager
|
Vice President, Treasurer and Assistant Secretary
|
*
|
The principal business address for each of the above directors and executive officers is 1290 Broadway, Suite 1100, Denver, Colorado 80203.
|
|
(c)
|
Not applicable.
|
BPV Family of Funds
|
|||
By:
|
/s/ Reed Keller
|
||
Reed Keller, Trustee
|
1 Year Entergy Mississippi, Inc. Chart |
1 Month Entergy Mississippi, Inc. Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions