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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Publicis Groupe Act (QX) | USOTC:PGPEF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 115.79 | 103.69 | 109.84 | 51 | 21:05:08 |
Generation Wave Growth Fund
Trading Symbols:
Investor Class Shares (GWGFX)
Summary Prospectus
July 29, 2013
|
|
Shareholder Fees
(fees paid directly from your investment)
|
Class A
Shares
|
Class C
Shares
|
Maximum Front-End Sales Charge (Load) Imposed on Purchases
(as a percentage of the offering price)
|
5.75%
|
None
|
Maximum Contingent Deferred Sales Charge (Load)
(as a percentage of the shares redeemed within 12 months of purchase)
|
None
|
1.00%
|
Maximum Contingent Deferred Sales Charge (Load)
(as a percentage of purchases of $1,000,000 or more that are redeemed within 18 months of purchase)
|
1.00%
|
None
|
Redemption Fee
(as a percentage of amount redeemed on shares held 60 days or less)
|
1.00%
|
1.00%
|
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
|
||
Management Fees
|
0.95%
|
0.95%
|
Distribution (12b-1) Fees
(1)
|
0.25%
|
1.00%
|
Other Expenses
(2)
|
1.35%
|
1.35%
|
Acquired Fund Fees and Expenses
|
0.02%
|
0.02%
|
Total Annual Fund Operating Expenses
|
2.57%
|
3.32%
|
Less: Fee Waiver/Expense Reimbursement
|
-0.55%
|
-0.55%
|
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement
(3)
|
2.02%
|
2.77%
|
(1)
|
The Fund has adopted a distribution plan pursuant to Rule 12b-1 (the “Rule 12b-1 Plan”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Under the Rule 12b-1 Plan, the Fund may pay an annual Rule 12b-1 distribution fee of up to 0.50% for Class A shares. For the 12-month period covered by this prospectus, the Fund’s Board of Trustees (the “Board of Trustees”) has authorized a Rule 12b-1 distribution fee of only 0.25% for Class A shares.
|
(2)
|
Other expenses are based on estimated amounts for the current fiscal year.
|
(3)
|
Mutual Advisors, Inc. (“MAI” or “Advisor”), the Fund’s investment adviser, has contractually agreed to limit the Fund’s total annual fund operating expenses (exclusive of taxes, interest and dividends on short positions, brokerage, acquired fund fees and expenses and extraordinary expenses) to 2.00% and 2.75% of average net assets of the Fund for Class A shares and Class C shares, respectively, through July 31, 2014, with such renewal terms of one year, each measured from the date of renewal, as may be approved by the Board of Trustees, unless either the Board of Trustees or MAI terminates the agreement prior to such renewal. The current term of the agreement may only be terminated by the Board of Trustees of the Trust. The Advisor shall be reimbursed for management fee reductions and/or expense payments made in the prior three fiscal years, subject to the limitations on Fund expenses described herein.
|
Class A Shares
|
|||
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$768
|
$1,279
|
$1,816
|
$3,274
|
Class C Shares
|
|||
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$380
|
$970
|
$1,684
|
$3,576
|
·
|
Long/Short Equity Strategy-This strategy employs long and short trading in common stock and preferred stock of U.S. and foreign issuers and attempts to achieve capital appreciation.
|
·
|
Relative Value-Long/Short Debt Strategy - This strategy is designed to take advantage of perceived discrepancies in the market prices related to credit or maturities of fixed income securities.
|
·
|
Equity Option Strategy-Option strategies include selling call options against long equity positions to provide the ability to participate in high quality equity securities, while seeking income potential and downside protection.
|
·
|
Real Assets/Commodity Strategy-Economic cycles provide opportunities to profit from positions in real estate, copper, lumber, precious metals and other commodities.
|
·
|
Tactical Allocation Strategy-Using market trend indicators, this portion of the portfolio is allocated to aggressive, neutral or defensive market positions. For example, if trends indicate a defensive position is justified, the Advisor may allocate Fund assets to government bonds or precious metals. Precious metals may be used as a defensive position during times when inflation expectations are increasing. An aggressive position may include a small cap equity dor emerging markets position.
|
·
|
you could lose all or portion of your investment in the Fund;
|
·
|
certain stocks selected for the Fund’s portfolio may decline in value more than the overall stock market;
|
·
|
investment strategies employed by MAI in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments;
|
·
|
asset allocation to a particular strategy may not reflect actual market movement or the effect of economic conditions;
|
·
|
because the Fund is non-diversified (meaning that compared to diversified mutual funds, the Fund may invest a greater percentage of its assets in a particular issuer), its shares may be more susceptible to adverse changes in the value of a particular security than would be the shares of a diversified mutual fund;
|
·
|
of investing in small- to mid-capitalization companies whose performance can be more volatile and who face greater risk of business failure could increase the volatility of the Fund’s portfolio;
|
·
|
the Fund may have difficulty selling small- to mid-capitalization securities during a down market due to lower liquidity;
|
·
|
political, social or economic instability in foreign developed and emerging markets may cause the value of the Fund’s investments in foreign securities to decline;
|
·
|
the notes issued by ETNs are unsecured debt of the issuer, and the value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in the underlying securities markets, changes in the applicable interest rates, changes in the issuer’s credit rating and economic, legal, political or geographic events that affect the referenced index;
|
·
|
currency-rate fluctuations due to political, social or economic instability may cause the value of the Fund’s investments to decline;
|
·
|
options and futures contracts may be more volatile than investments directly in the underlying securities, involve additional costs, may involve a small initial investment relative to the risk assumed, and may be less liquid than investments directly in the underlying securities;
|
·
|
swap contracts may not be assigned without the consent of the counterparty, and may result in losses in the event of a default or bankruptcy of the counterparty;
|
·
|
the Fund may not be able to sell or close out a derivative instrument and underlying investments in a derivative instrument may lose value due to interest rate changes;
|
·
|
the value of a security sold short increases prior to the scheduled delivery date the Fund will lose money, since the Fund must pay more for the security than it has received from the purchaser in the short sale;
|
·
|
fixed income securities held by the Fund are subject to interest rate risk, call risk, prepayment and extension risk, credit risk, and high yield securities risk;
|
·
|
fixed income securities that are rated below investment grade (sometimes referred to as “junk bonds”) are subject to risk factors such as increased possibility of default, illiquidity of the security, and changes in value based on public perception of the issuer (such securities are generally considered speculative because they present a greater risk of loss, including default, than higher quality fixed income securities);
|
·
|
there is no assurance the U.S. Government will provide financial support on securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities;
|
·
|
the risk that leveraging may exaggerate the effect on net asset value of any increase or decrease in the value of the Fund’s portfolio;
|
·
|
ETFs bear the risk that the market price of an ETFs shares may trade at a discount to their NAV or that an active trading market for an ETFs shares may not develop or be maintained;
|
·
|
the Fund may bear indirect fees and expenses charged by any underlying investment companies in which the Fund may invest in addition to its direct fees and expenses, and may indirectly bear the principal risks of those investment companies;
|
·
|
exposure to commodity markets through investments in commodity-linked instruments, which may subject the Fund to greater volatility than investments in traditional securities (this difference is because the value of companies in commodity-related businesses may be affected by overall market movements and other factors affecting the value of a particular industry or commodity, such as weather, disease, embargoes, or political and regulatory developments;
|
·
|
investments in real estate may be impacted by adverse changes in general economic and local market conditions, supply or demand for similar or competing properties, taxes, governmental regulations or interest rates, as well as the risks associated with improving and operating property, which may decrease the value of REITs in which the Fund may invest (additionally, there is always a risk that a REIT will fail to qualify for favorable tax treatment); and
|
·
|
MLP investment returns are enhanced during periods of declining or low interest rates and tend to be negatively influenced when interest rates are rising. In addition, most MLPs are fairly leveraged and typically carry a portion of a “floating” rate debt. As such, a significant upward swing in interest rates would also drive interest expense higher. Furthermore, most MLPs grow by acquisitions partly financed by debt, and higher interest rates could make it more difficult to make acquisitions. MLP investments also entail many of the general tax risks of investing in a partnership. Limited partners in an MLP typically have limited control and limited rights to vote on matters affecting the partnership.
|
(1)
|
The returns in the bar chart are for the Fund’s Investor Class shares which are offered in a separate prospectus but would have substantially similar annual returns because the Fund’s Investor Class, Class A and Class C shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the classes do not have the same expenses. Sales loads are not reflected in the bar chart or in the best and worst quarterly returns set forth below. If sales loads were reflected, the returns shown would have been lower.
|
(For the periods ended December 31, 2012)
|
||||
Investor Class Shares
|
One Year
|
Five Years
|
Ten Years
|
Since
Inception
(6/21/2001)
|
Return Before Taxes
|
12.65
%
|
-1.93
%
|
5.40
%
|
2.07
%
|
Return After Taxes on Distributions
|
12.56
%
|
-3.04
%
|
4.66
%
|
1.44
%
|
Return After Taxes on Distributions and Sale of Fund Shares
|
8.34
%
|
-1.74
%
|
4.65
%
|
1.71
%
|
S&P 500 Index
®
(reflects no deductions for fees, expenses or taxes)
|
16.00
%
|
8.59
%
|
7.10
%
|
3.24
%
|
(1)
|
The returns in the table are for the Fund’s Investor Class shares which are offered in a separate prospectus but would have substantially similar annual returns because the Fund’s Investor Class, Class A and Class C shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the classes do not have the same expenses. Sales loads are not reflected in the bar chart or in the best and worst quarterly returns set forth below. If sales loads were reflected, the returns shown would have been lower.
|
1 Year Publicis Groupe Act (QX) Chart |
1 Month Publicis Groupe Act (QX) Chart |
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