https://www.sec.gov/Archives/edgar/data/1689322/000117120019000065/i19086_mft-497.htm
497 1 i19086_mft-497.htm
Filed pursuant to Rule 497(e)
Securities Act File No. 333-214468
Investment Company Act File No. 811-23213
USCF Mutual Funds Trust (the “Trust”)
USCF Commodity Strategy Fund (the “Fund”)
Class A Shares (USCFX)
and
Class I Shares (USCIX)
Supplement dated February 21, 2019 to the Prospectus for the Fund dated October 30, 2018. This supplement provides new and additional information beyond that contained in the Prospectus. Please review this supplement carefully.
After careful consideration, USCF Advisers, LLC, the Fund’s investment adviser, has recommended, and the Board of Trustees of the Trust has approved, the liquidation and termination of the Fund pursuant to a Plan of Liquidation. Shareholder approval of the Plan of Liquidation is not required.
Pursuant to the Plan of Liquidation, the last day on which orders will be accepted for the sale of Fund shares will be February 22, 2019. Shareholders may continue to redeem shares of the Fund as described in the Prospectus until the Fund has been liquidated.
The Fund will liquidate on or around March 21, 2019 (the “Liquidation Date”). In connection with the liquidation and termination of the Fund, the Fund’s wholly-owned subsidiary incorporated in the Cayman Islands shall also be liquidated in a manner necessary to effectuate the Fund’s Plan of Liquidation.
On or about March 14, 2019, the Fund will begin converting its portfolio assets to cash and cash equivalents. This will cause the Fund to increase its cash and cash equivalent holdings and deviate from its investment objective and principal investment strategies stated in the Prospectus.
On or about the Liquidation Date, the Fund will distribute its holdings pro rata to all remaining shareholders of the Fund. These distributions are taxable events for shareholders investing through taxable accounts. In addition, these payments will include accrued capital gains and dividends, if any. You should consult your personal tax advisor concerning your particular tax situation. As calculated on the Liquidation Date, the Fund's net asset value will reflect the costs of liquidating the Fund. Once the distributions are complete, the Fund will terminate.
If you would like additional information, please contact Shareholder Services at 1-844-312-2114.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

FYI: Initial Jobless Claims this week are breathing a sigh of relief after a string of concerningly weak prints. On a seasonally adjusted basis, claims came in at 216K, which was well below consensus expectations of 229K and also down from last week’s reading of 239K. Moving back down towards the lower end of the range the indicator has been at for much of the past year, the seasonally adjusted number has now spent a record 207 weeks under 300K.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/initial-jobless-claims-drop-back-to/

@Derf and @FD1000 thanks.

FYI: Warren Buffett is always on the hunt for “elephants,” as he calls large acquisitions. But three years have passed since he bagged a new one.
One reason: The Omaha, Neb., billionaire faces unprecedented competition from private equity and other funds looking to make fast acquisitions, often at higher prices than Mr. Buffett is willing to pay. His last major deal, the $32 billion purchase of aerospace manufacturer Precision Castparts Corp., closed in January 2016.
Regards,
Ted
https://www.wsj.com/articles/warren-buffett-cant-find-anything-big-to-buy-11550745001?mod=hp_lead_pos5

https://www.sec.gov/Archives/edgar/data/764624/000119312519046170/d706429d497.htm
(LGSYX, WTYIX, LGSTX affected)
497 1 d706429d497.htm WESTERN ASSET SHORT TERM YIELD FUND
LOGO
LEGG MASON PARTNERS INCOME TRUST
SUPPLEMENT DATED FEBRUARY 21, 2019
TO THE SUMMARY PROSPECTUS, PROSPECTUS
AND STATEMENT OF ADDITIONAL INFORMATION, EACH DATED
NOVEMBER 30, 2018, OF
WESTERN ASSET SHORT TERM YIELD FUND (THE “FUND”)
The following language is added to the Fund’s Summary Prospectus, Prospectus and Statement of Additional Information:
The Fund’s Board of Trustees has determined that it is in the best interests of the Fund and its shareholders to terminate and wind up the Fund. The Fund is expected to cease operations on or about March 29, 2019. In preparation for the termination of the Fund, and at the discretion of the Fund manager, the assets of the Fund will be liquidated and the Fund will cease to pursue its investment objective.
Shareholders of the Fund who elect to redeem their shares prior to the completion of the liquidation will be redeemed in the ordinary course at the Fund’s net asset value per share. Each shareholder who remains in the Fund will receive a liquidating distribution equal to the aggregate net asset value of the shares of the Fund that such shareholder then holds.
In the interim, effective February 22, 2019, the Fund will be closed to new purchases and incoming exchanges, except that dividend reinvestment will continue until the Fund is terminated.
Shareholders are encouraged to consider options that may be suitable for the reinvestment of their liquidation proceeds. Shareholders subject to federal income tax should be aware that an exchange or redemption of Fund shares or the receipt of distributions or liquidation proceeds is generally considered a taxable event.
Please retain this supplement for future reference.
WASX504764

Generally, I'm at 10-15% in stocks but I can be up to 30-40% in certain times for several days. This can happen when SPY goes down and rebound, I watch the MACD, it has to go to negative(around -50) and rebound, I buy on the first positive day and sell after several days, it has a very high success rate(chart).

Record corporate debt being a market timebomb has received a lot of attention recently from the likes of Gundlach and other bond market mavens. We heard about it a lot last year too. Actually have been hearing about the maturity wall since around 2011 or so. That maturity wall they have been saying will cause stocks and lower rated bonds to come crashing down. So you would think the would the last place you would want to be would be the junk bond market. But at least for now you would be dead wrong as junk bonds have been hitting all time highs almost daily the past week. I would think the major stock market indexes will eventually follow junk bonds to all time highs sooner than later.

Heartland Advisors isn't quite the place I'd go for insight into the bond market. Remember that Will's dad (William J. Nasgovitz), CEO and controlling shareholder at the time, settled with the SEC for mispricing two muni bond funds. As a result of the mispricing, the funds' NAVs dropped by 69.4% and 44% in a single day.
https://www.twincities.com/2008/01/29/heartland-advisors-agrees-to-3-5-million-settlement-of-sec-suit/
https://www.nytimes.com/2001/03/23/business/sec-freezes-the-assets-of-three-heartland-funds.html
Some corporations have their act together a bit better than Heartland (which got out of the bond fund business around 2003). Here's S&P's report from six months ago entitled U.S. Refinancing Study--$4.88 Trillion Of Rated Corporate Debt Is Scheduled To Mature Through 2023
https://www.allnews.ch/sites/default/files/files/20180822_SP_US-Refinancing-Study-Rated-Corporate-Debt.pdf

Maturities are set to rise above $1 trillion annually in 2021 and 2022, up from $721 billion in 2019. While this is a substantial amount of debt, credit markets in the U.S. have shown sufficient depth and demand for corporate credit to facilitate companies' issuance of new debt to manage pending maturities. ...
While the maturity wall steepens as debt mounts in 2021 and 2022, we expect that companies will issue new debt between now and then, and that the amount of debt maturing in those years will decline in the intervening years.

It's a solid 17 page report, covering different grades of bonds, financial and non-financial corporate. If the subject is of interest, this is a good place to start.

https://www.marketwatch.com/story/a-3-trillion-tsunami-is-about-to-wash-over-the-stock-market-warns-fund-manager-2019-02-20
"Will Nasgovitz, who oversees about $1.3 billion in assets as the chief executive of Heartland Advisors, isn’t calling for a “full blown financial crisis,” but, with trillions in corporate debt coming due in the coming years, the industry veteran’s not exactly predicting smooth sailing in the stock market, either."
eventually a crash will occur ...the 3 trillion dollars ?! Answer is when
It's like crying wolf

X-Ray at M* tells me I'm down to 3.55% of portf. in EM, worldwide. In retirement-mode, I don't need the extra volatility. A while ago, I thought about PRIJX but never pulled the trigger. Just as well. Today, I see it's up, YTD by 8.37..... My PRWCX is up by 8.86. I know the EM can run hot and cold, in streaks. The whole portf. is now just 34% in equities. PRWCX is my biggest chunk, at 32% of portf. And 5% cash, 2% "other."
PRIDX gives me almost all of my international & EM exposure.
X-Ray says:
full portf. carries Asia EM 2.47 of total.
...And what about "Australasia?" Is that Oz plus NZ plus out of the way places like The Maldives and the Solomons and the Marshall Islands, or what? (0.62% there.)
Africa/M.E =0.19%
Europe EM = 0.
LatAm =0.89%.
Ethical filters as well as portf. protection will keep me much more Stateside, from now on, though I still want just one finger in the EM pie.
...Although, judging from the ones in the seats of power these days, "ethics" is a thing they are unaware of. But what are ya gonna do. Untrammeled capitalism is the only game in town. Until Leadership grows or re-grows a conscience. ("Can you say, 'con-science,' boys and girls? I KNEW you COULD," said Mr. Rogers, in his trademark creepy voice, from the grave.)
BONDS are in PTIAX and the lion's share is in PRSNX. ALL bonds in portf. these days = 59% of total.

Obviously written from a UK perspective. In the US, internet savings accounts are almost always practical for taxable accounts. For IRAs, less so, though I find that MMFs like FZDXX at Fidelity ($10K to open, $2K to maintain in an IRA) and VMMXX at Vanguard serve just fine.
Note that the reported 7.93% return in 2018 for MINT must be an unhedged return. If you're anticipating a no-plan Brexit (whether via Corbyn as suggested in the article, or via May), then any unhedged investment seems like a winner for those in the UK .

Concur with davidmoran's assessment. Several funds are overlapping, perhaps from different sources, 401k and IRA - something can be done in the next 6 months or so. Consolidating them would simplify the management going forward with respect to the target allocation and the desired 3% yield.

Hi @Ken: I see that you are a relative new poster on the board. With this, I say welcome.
In review of the funds you have listed I am finding that only one has better than the 3% yield goal that you seek for your portfolio. This fund is VWIAX which has a yield of 3.14% according to Morningstar. So, working within the confines of what your have and if you are ok with putting most all of your eggs in one basket, so to speak, then you can get there through putting 96% into VWIAX along with keeping some cash with 4% going into VMMXX.
This asset allocation bubbles in Xray at 5% cash, 60% bonds and 35% stocks; and, it has a yield of 3.02%.
Perhaps some other members might know of some other Vanguard funds that you might consider switching into that will help you to better achieve your portfolio's 3% yield goal.
Old_Skeet

My two emerging market funds are NEWFX and DWGAX. Combined, they account for a little better than 5% of the equity area of my portfolio. Plus, I have some other funds that provide emerging market exposure which amounts to a couple of percent. With this ... I'm thinking ... I'm already positioned at somewhere around 7% (or better) in emerging markets within my equity allocation. Overall, this puts me at about the 3% to 4% range in emerging markets. Remember, at 70+ years in age, I'm in the distribution phase of investing so my emerging market exposure might be a little light for some.
I'm wondering what others might think is a reasonable percent of their portfolio that should be held in emerging markets? Any thoughts?
I have linked below a Forbe's article on the subject. It is titled "Should Long Term Investors Own More Emerging Market Equities?"
https://www.forbes.com/sites/advisor/2018/08/01/should-long-term-investors-own-more-emerging-market-equities/#31769cfc54ee

% all depends on where you're at in your life. Early savers could be upwards of 10%+ of equities.
What's so great about NEWFX and DWGAX? I don't get everybody's infatuation with American Funds......

My two emerging market funds are NEWFX and DWGAX. Combined, they account for a little better than 5% of the equity area of my portfolio. Plus, I have some other funds that provide emerging market exposure which amounts to a couple of percent. With this ... I'm thinking ... I'm already positioned at somewhere around 7% (or better) in emerging markets within my equity allocation. Overall, this puts me at about the 3% to 4% range in emerging markets. Remember, at 70+ years in age, I'm in the distribution phase of investing so my emerging market exposure might be a little light for some.
I'm wondering what others might think is a reasonable percent of their portfolio that should be held in emerging markets? Any thoughts?
I have linked below a Forbe's article on the subject. It is titled "Should Long Term Investors Own More Emerging Market Equities?"
https://www.forbes.com/sites/advisor/2018/08/01/should-long-term-investors-own-more-emerging-market-equities/#31769cfc54ee

FYI: Worries about trade wars and decelerating global growth in 2018 left their imprint on developing economies and the funds that invest in them. Between Jan. 29 and Oct. 29, the MSCI Emerging Markets Index lost a fourth of its value, peak to trough. Popular Chinese stocks like Tencent and Alibaba (BABA) helped lead the race to bottom. While the months of November and December brought somewhat of a reprieve, the typical diversified emerging-markets Morningstar Category fund shed 16.1% in 2018. Investors who had the temerity to increase their exposure to emerging markets during the last bear market ended on Jan. 21, 2016, reaped a handsome reward as the MSCI Emerging Markets Index almost doubled prior to its 2018 downturn. Here are a few ideas for betting on another rebound.
Regards,
Ted
https://www.morningstar.com/articles/913835/time-to-buy-emerging-markets.html

Hi @BrianW: Thanks for making comment.
There are two school of thoughts on this. Now that we are at (or towards) a market top ... Well, I'm thinking ... In holding a capital appreciation fund there is no dividend or income generation that can be used to buy more shares should the market tank. In the route I went, with three growth & income funds plus one growth fund, there is dividend generation that gives the portfolio some buying power should the market pull back. Needless to say, I'm looking for a pull back in the stock market since I went the second route with some dividend generation with the opening positions.
In addition, as additional gifts are made to the custodial account this money can be positioned accordingly. By using American Funds A shares they have a nav exchange program where an investor can make nav exchanges between their A share funds commission free. So, just because the portfolio started in this configuration does not mean it will always be this way.
Also, there are no wrap fees on this account and Morningstar estimates the total expense ratio on this portfolio at 0.69%. In back testing this portfolio it had a three year total return of 12.67% and a ten year total return of 12.2%. While this is back of the returns of a S&P 500 Index fund that I sometime use I am happy with what is projected for this portfolio in its current configuration which offers greater global exposure than the 500 Index fund.

Because the best investment is in education.

@JoJo26 +1
“If a man empties his purse into his head, no man can take it away from him. An investment in knowledge always pays the best interest.” - Ben Franklin
I don’t see Ol’Skeet’s view and yours as mutually exclusive. When I saw his post earlier today my first thought was the educational value in getting a youngster started in investing. Once you have “skin in the game” as an investor you start to pay close attention to all the different aspects of the game. A child so motivated will sharpen many skills beyond money related: critical thinking, compare and contrast (a subset of critical thinking), math, reading, etc. Love the idea.
Don’t know which type of investment plan or goal works best. I’d say the one that most interests the child should be best. Motivation is the key here IMHO.

Thanks for inputs. If Max Drawdown is/was almost equal, but long term since inception VADAX has outperformed SPY 363% vs 225% total return (since around Jan 1999), why hasn't the industry AUM seen more migration to EW? What am I missing? Each one of Old Skeets "cons" is already baked into the total return.

I started my grand daughter investing at age 1 month. I told my son the quicker you get her a ss# the quicker I'll open a custodial account for her. He had her ss card within three weeks of birth.
Today she owns four funds. They are AMECX, ANCFX, CAIBX & SMCWX. According to Xray this portfolio bubbles at 5% cash, 15% bonds and 80% stocks. Within stocks it is about 65% domestic and 35% foreign with a growth tilt. From a style perspective it is about 70% large and 30% small/mid.

Great way to do it. Best approach is to do this and do it via 529.