https://www.sec.gov/Archives/edgar/data/1806095/000119312522101665/d250292d497.htm
(Both funds were previously FPA funds)
497 1 d250292d497.htm 497
DATUM ONE SERIES TRUST
Phaeacian Accent International Value Fund
Phaeacian Global Value Fund
Supplement dated April 11, 2022
to the Prospectus and Statement of Additional Information dated July 29, 2021
The Board of Trustees (the “Board”) of Datum One Series Trust has approved the liquidation and termination of the Phaeacian Accent International Value Fund and the Phaeacian Global Value Fund (each a “Fund” together the “Funds”). The Board approved the liquidation pursuant to the provisions of the Trust’s Amended and Restated Declaration of Trust after making a determination that the continuation of each Fund is not in the best interest of such Fund or in the best interest of the Fund’s respective shareholders.
Effective April 12, 2022, shares of the Funds will no longer be available for purchase by new or existing investors. The liquidation of the Funds is scheduled to take place on or about May 26, 2022 (the “Liquidation Date”).
On or before the Liquidation Date, each Fund will seek to convert substantially all of its respective portfolio securities and other assets to cash or cash equivalents. Therefore, each Fund may depart from its stated investment objectives and policies as it prepares to liquidate its assets and distribute them to shareholders. Any shares of a Fund outstanding on the Liquidation Date will be automatically redeemed on that date. As soon as practicable after the Liquidation Date, each Fund will distribute pro rata to the Fund’s shareholders of record as of the close of business on the Liquidation Date all of the remaining assets of such Fund, after paying, or setting aside the amount to pay, any expenses and liabilities of the Fund. At any time prior to the Liquidation Date shareholders may redeem their shares of a Fund pursuant to the procedures set forth under “How to Redeem Shares” in the Funds’ Prospectus.
The Funds may each make one or more distributions of income and/or net capital gains on or prior to the Liquidation Date in order to eliminate Fund-level taxes. For taxable shareholders, the automatic redemption on the Liquidation Date generally will be treated like other redemptions of shares generally, that is, as a sale by the shareholder that may result in a gain or loss to the shareholder for U.S. federal income tax purposes.
This Supplement and the Prospectus should be retained for future reference.

Neighbor chat being, brief overview.......Married couple assured of having a net inheritance this year of about $500,000. Both age 70, one still employed, both have Medicare, one receiving SS, likely forthcoming sale of a business (that may or may not provide a sale profit), clear ownership of a 8 unit apartment with positive cash flow (don't know how much annually), both have T-IRA's (total less than $50,00) and clear ownership of their house.
A side note to them regarding taxation: The fact that many actively managed equity funds have been seeing redemptions has exacerbated capital gains tax bills for many investors, jacking up tax-cost ratios.
The obvious to me, is for them to invest in etf's, index funds or tax managed mutual funds,and perhaps some muni bond exposure. Their account will likely be with Fidelity, which would offer them many path choices. I will also suggest to them a 30% exposure to U.S. equity. I don't know at this time whether they may choose to place the balance in CD's or other similar. The wife has some knowledge about the investing markets; while the husband does not. My suggestion thoughts for equity would be: SP-500 (12 U.S. sectors), perhaps QQQ etf (more growth equity, although some overlap with SP-500) and perhaps a large cap blend for international exposure. I don't expect any "exotic" type of holdings for them.
The below link will be provided for them, to help have a better understanding for tax reduction, while still having exposure to equity investing.
M* write outlining keeping taxes to a minimum, in a taxable account; and possible choices.
Thank you for your thoughts, regarding this subject; as I've likely omitted something.
Remain curious,
Catch

Same investment adviser (Mairs & Power, Inc.), no "change to the ... investment objectives, strategies, or investment policies". What more are you looking for? To compare the prospectus of the current funds and of the new funds?
Current: https://www.mairsandpower.com/images/reports/prospectuses/Mairs__Power_Prospectus.pdf
New: https://www.sec.gov/Archives/edgar/data/1141819/000089418922001017/mairspowercombined485a.htm
Current Principal Investment Strategies of M&P Growth Fund:

The Fund invests primarily in U.S. common stocks. In selecting securities for the Fund, the Fund’s investment adviser, Mairs & Power, Inc. (the Adviser), gives preference to companies that
exhibit the potential for above-average growth and durable competitive advantages at
reasonable valuations. In the Adviser’s experience, these securities typically have strong returns on invested capital. The Adviser follows a multi-cap approach and the Fund invests in stocks of small-cap, mid-cap and large-cap companies. The Adviser focuses generally on companies located in Minnesota and other states in the Upper Midwest region of the U.S. (which the Adviser considers to be the states of Illinois, Iowa, Minnesota, North Dakota, South Dakota and Wisconsin).

New Principal Investment Strategies of M&P Growth Fund: [Why bother? It is the same, verbatim.]
P.S. The independent registered public accounting firm is changing, from Earnst & Young LLP headquartered in Minneapolis to Cohen & Kahn, Ltd based in Milwaukee. Legal counsel is changing as well, from Godfrey & Kahn, S.C. in Milwaukee to Vedder Prince P.C. in Chicago.
So we can already see how changing the board will affect things. We can likely expect the annual statements to have a different format. Maybe even a different color :-)
No change in fund administrator, transfer agent, or accountant. US Bankcorp Fund Services (based in Milwaukee) provides these services to both the current funds and the new ones.

https://www.artisanpartners.com/content/dam/documents/press-releases/mf/EMsights-Capital-Group-Launch-07-Apr-2022-vR.pdf
or
https://www.artisanpartners.com/individual-investors/news-insights/news/press-releases/2022/artisan-partners-launches-global-unconstrained-and-emerging-markets-debt-opportunities.html

If you can look past that 25.62% drop in the first quarter of 2020, it’s had a nice run. Generally, commodities performed even worse than the S&P & other major equity indexes during that quarter. Canada? Think lumber, oil, precious metals and stones. Likely, other parts of the economy like banking and retail are heavily / indirectly dependent on the commodities trade.
To explain: A big hit to commodities should ripple through other sectors.
ADDED: “Oil exports account for a larger share of GDP in Canada than they do in any other nation in the rich world, with the exception of Norway or the Gulf Arab monarchies.”
https://canadianvisa.org/life-in-canada/economy/structure

"These restrictions are the reasons that I suggest that I-Bonds be compared with 5-yr CDs (the best national rate is only 1.79%)"
From Schwab- New 5-yr issues:
Beal Bank USA NV 2.7% CD 04/14/2027
Synchrony Bank UT 2.7% CD 04/14/2027
Beal Bank TX 2.7% CD 04/14/2027
Capital One Bank US VA 2.7% CD 04/13/2027
Also a number of issues at 2.65%

My 403b is entirely in RWMGX (AF WashMu R-6, related to WSHFX) and I've been quite pleased with its performance this year. Kudos to Capital for a job well-done thus far.

If something is truly free, there may be no commercial reason to promote it. And if it isn't really free, there's every reason (aside from a small matter of possible fraud) to promote it as such. Worth keeping in mind when investing in NTF funds.
As to truly free programs:

The I.R.S. Free File program offers no-cost online tax programs to people who earn $73,000 or less. The program began in 2003 as a way to offer do-it-yourself tax software to the public, through a pact between the I.R.S. and the Free File Alliance, a collection of commercial vendors.
But the program was not widely used, in part because the I.R.S. lacked money to promote it. While 70 percent of filers were eligible to use it, just 2.4 percent did, according to a federal review. H&R Block dropped out of the federal program in 2020, and last year Intuit, which makes the popular TurboTax program, said it was leaving as well. In its regulatory filings, Intuit said it had left because the Free File agreement was changed in 2019 to “eliminate the pledge by the I.R.S.” that the agency wouldn’t offer a competing service.
Still, eight software providers are participating this year, including TaxAct and TaxSlayer.

NYTimes, Free Options for Filing Your Taxes, February 25, 2022
https://www.nytimes.com/2022/02/25/your-money/taxes/filing-taxes-online-free.html

Recently added money to FSMEX, FYLD, PEY, IHDG, CSB, SCHD in my taxable account after some tax-loss harvesting from two large stakes in muni funds. I still have lots of dry powder.
I also plan on making some purchases in my IRA in the near future. Particularly funds that have been punished severely. I still have dry powder from selling most of my bond funds back in February 2020.
I typically rebalance, and rearrange the deck chairs, in the early part of the year. But this year I have been working on a large reconfiguration of our vegetable garden.

I understand this will be part of their just-launched Wealth Management Solutions Group which consolidates a bunch of related services.....
https://www.prnewswire.com/news-releases/morningstar-plans-to-acquire-leveraged-commentary--data-301516351.html
CHICAGO and SEATTLE, April 4, 2022 /PRNewswire/ -- Morningstar Inc. (MORN), a leading provider of independent investment research (Nasdaq: MORN), has reached an agreement to acquire Leveraged Commentary & Data (LCD), a market leader in news, research, data, insights, and indexes for the leveraged finance market from S&P Global. The purchase price is up to $650 million in cash, comprised of $600 million at closing, subject to certain adjustments, and a contingent payment of up to $50 million six months after closing, upon the achievement of certain conditions related to the transition of LCD customer relationships.
LCD is the industry standard for leveraged loan data, news, analysis, and indexes, providing coverage across the full lifecycle of loans. The leveraged loan market data provider will integrate with Morningstar's PitchBook Platform, which delivers data, research, and technology covering the breadth of the private and public capital markets. This unique dataset combined with PitchBook's already robust data, insights, and technology will create a centralized platform for participants in the leveraged finance market.
< - >
The acquisition of LCD will complement PitchBook's robust product and research capabilities and provide coverage of every metric of the leveraged loan market, including structure, pricing, yield, volume, along with secondary market performance and LBO/private equity activity. LCD is the only provider of real-time coverage of the U.S. and European leveraged loan and high-yield bond markets, from deal inception through the trading life of the debt. It also provides growing coverage of investment grade bond issuance, distressed debt, corporate bankruptcies, middle market transactions and CLO/fundraising. Over 20 years, LCD has provided data on over 30,000 issuers and 85,000 transactions.
LCD has more than 500 leveraged loan indexes in the U.S. and Europe tracking performance, index characteristics, and risk measures comprised of over 1,800 loans. The S&P/LSTA Leveraged Loan Index—the flagship benchmark for this asset class—and related indexes will become part of the expanding fixed-income capabilities from Morningstar Indexes, one of the fastest-growing global index providers.
< - >

It is a difficult year, especially and the "bond ballast" has sunk.
My wife and my retirement accounts are up about 2.4% as we are overwieght energy and commodities, but still only 30% in equity positions. Recent Value focus helps too
Non-retirement accounts are up about 1.5%, a little more equities because I am cautious selling winners as the capital gains push our IRRMA up for Medicare, and are taxed at 12% in Massachusetts
I think the risk to the downside is far higher than risk of missing new bull market.

Pretty much everything is automated for me. Palm Valley Capital and Riverpark Short-Term are both up. Seafarer and FPA Crescent are is near the top of their respective heaps. The others... meh. A bit above average or a bit below average. Nothing tragic, nothing triumphant. So, I just stick with the plan.

I feel bad for the people who bought near the top. This graph near the end is particularly interesting:

Wood has suggested that risk management lies not with her but with those who invest in ARK’s funds. It’s tough to see why that should be so. ARK could do more to avert severe drawdowns of wealth, and its carelessness on the topic has hurt many investors of late. It could hurt more in the future.

That is a rather interesting managerial attitude towards risk that seems to me to emerge more from the trader ETF world than the older more paternalistic mutual fund one. But I think it is also unrealistic to think investors who pay for active management don't also expect risk management. It's one thing to buy an index ETF which just tracks a benchmark and getting in and out of it is on the investor, as the fund is unmanaged. It's another to entrust one's money to a manager as a steward of capital long-term. To me, such an attitude is a big caveat emptor. I wonder how many investors in this ETF realized it was really meant more as a trading vehicle than a long-term investment.

Count me in as perhaps one of the few who would agree with Wood. Expecting Wood to be responsible for risk management would be like expecting a high growth tech or biotech fund or an actively managed aggressive mid cap or small cap growth fund to have risk management (maybe some do, but having to hold stocks in those categories I would not expect too much alleviation of risk). Ark funds should be thought of as sector funds in the innovative growth category, and should understandably live or die by how innovative growth stocks are performing. That should be why someone is choosing to invest in ark funds, to gain exposure to that category (and for me personally if I chose to invest in that category I would not want the manager to deviate from that style). If an investor has an outsized degree of exposure to such an aggressive growth type fund, that is the investor’s fault. If an investor is concerned about risk, ark funds should only be held on the periphery compared to the core of the portfolio. It is up to the investor to have at least some degree of knowledge what they are investing in (and some degree of knowledge about investing in general), particularly if deciding to venture outside conventional passively managed index funds. It is up to individuals to understand asset allocation and that various investments should only serve as part of the greater whole, and if they don’t understand that then maybe they should not be making their own investing decisions.

I feel bad for the people who bought near the top. This graph near the end is particularly interesting:

Wood has suggested that risk management lies not with her but with those who invest in ARK’s funds. It’s tough to see why that should be so. ARK could do more to avert severe drawdowns of wealth, and its carelessness on the topic has hurt many investors of late. It could hurt more in the future.

That is a rather interesting managerial attitude towards risk that seems to me to emerge more from the trader ETF world than the older more paternalistic mutual fund one. But I think it is also unrealistic to think investors who pay for active management don't also expect risk management. It's one thing to buy an index ETF which just tracks a benchmark and getting in and out of it is on the investor, as the fund is unmanaged. It's another to entrust one's money to a manager as a steward of capital long-term. To me, such an attitude is a big caveat emptor. I wonder how many investors in this ETF realized it was really meant more as a trading vehicle than a long-term investment.

M* finally downgraded ARKK from neutral to negative.

Manager Cathie Wood has since doubled down on her perilous approach in hopes of a repeat of 2020 ... [nearly halving the number of holdings]. ...
[No successor with prior management experience; high analyst turnover.]
The firm has no risk-management personnel. ... Wood has suggested that risk management lies not with her but with those who invest in ARK’s funds.

https://www.morningstar.com/articles/1086987/why-weve-downgraded-ark-innovation
The column starts off presenting the fund's less than sterling performance. But we've already beaten that to death.

A couple of weeks ago, most PR bonds (G/O and PBA) were converted to a slew of other bonds, plus cash. This is as part of the settlement to get PR out of bankruptcy.

Puerto Rico’s direct debt will be reduced to $7.4 billion from $34.3 billion. General obligation (GO) and public building authority (PBA) bondholders will receive $7.4 billion in new GO bonds and a $7 billion cash consideration. An additional contingent value instrument (CVI) will allow creditors to benefit from a portion of the outperformance in sales tax collections as well. Annual debt service (inclusive of COFINA sales tax bonds) will be reduced to $1.15 billion from $4.2 billion, an over 70% reduction.

https://www.nuveen.com/en-us/insights/municipal-bond-investing/municipal-market-update
From EMMA (MSRB), here are the information docs for the replacement bonds:
10 coupon (current interest) bonds and 2 zero (capital appreciation) bonds
CVI bonds
Bonds (other than the CVI) that mature in 2033 or later are callable.
I held one G/O bond. It wasn't until today that the transactions and figures for the 13(!) bonds added up. This could have been confusion on the PR end, or it could have been poorly recorded by my broker's clearing house (Pershing).
For example, early on the broker was reporting a 100% loss on the original bond, meaning that there were zero proceeds. Yet there were proceeds - part used to pay the cash (mentioned in the Nuveen piece, above), and part used to pay for the bakers dozen bonds that were issued as replacements.
Has anyone else had a bond replaced? Do your broker's figures make any better sense?

@davfor, I also watch HMEZX, looks really interesting, but I am confused by mixed record of its manager James D. Dondero, e.g. at HSZAX, HHCZX, etc., see also https://www.institutionalinvestor.com/article/b1l0wrph2lc0j6/Nothing-Can-Stop-This-Hedge-Fund-Soap-Opera
Did you check it?

I was aware of the issues with Dondero and reviewed articles about them in the past as well as concerns raised by board members at this discussion site. But, NexPoint Advisors' real estate/REIT and BDC focus were a plus in my mind given the small cap focus of HMEZX. In the end, the 5 1/2 year performance record of HMEZX outweighed the concerns raised about the Highland Capital issues. So, I was comfortable to invest 3.2% of my invest portfolio in this fund.....but will remain on the watch for new developments related to Dondero's problems.

https://www.sec.gov/Archives/edgar/data/1587551/000158064222001627/fullerthalersmcap497.htm
497 1 fullerthalersmcap497.htm 497
March 22, 2022
Fuller & Thaler Behavioral Small-Cap Equity Fund
A Shares – FTHAX
C Shares – FTYCX
Investor Shares – FTHNX
Institutional Shares – FTHSX
R6 Shares – FTHFX
A series of the Capitol Series Trust (the “Trust”)
Supplement to the Summary Prospectuses, Prospectus and Statement of Additional Information,
Each Dated January 28, 2022
Fuller & Thaler Behavioral Small-Cap Equity Fund – Limited Offering
Effective as of the close of business on May 23, 2022 (the “Closing Date”), the Fuller & Thaler Behavioral Small-Cap Equity Fund (the “Fund”) will become offered on a limited basis and investors will be eligible to purchase shares of the Fund only as described below. Certain types of investors will be allowed to invest in the Fund after the Closing Date without any additional authorization. Other types of investors may invest in the Fund after the Closing Date only if approved to do to so by Fuller & Thaler Asset Management, Inc. (the “Adviser”) and the Fund. Investors who fall in neither of these categories will not be allowed to invest in the Fund after the Closing Date:
Investors Who Will Be Permitted To Purchase Fund Shares After The Closing Date Without Additional Authorization
The following types of investors may invest in the Fund after Closing Date as specified without additional authorization:
Shareholders of record of the Fund as of the Closing Date may continue to purchase additional shares in their existing Fund accounts and may continue to reinvest dividends or capital gains distributions from shares owned in the Fund, and may add to their existing Fund accounts through exchanges from other Fuller & Thaler Funds;
If the shareholder of record is an omnibus account, beneficial owners in that account as of the Closing Date may also continue to purchase additional shares in their existing Fund accounts, may reinvest dividends or capital gain distributions from shares owned in the Fund, and may add to their existing Fund accounts through exchanges from other Fuller & Thaler Funds;
Group Retirement Plans (and their successor, related and affiliated plans) which have the Fund available to participants prior to the Closing Date may continue to open accounts for new participants and may purchase additional shares in existing participant accounts. In addition, new Group Retirement Plans (and their successor, related and affiliated plans) may invest in the Fund after the Closing Date, may open accounts for new participants, and may purchase shares in such participant accounts. The term “Group Retirement Plans” refers to employer-sponsored retirement, deferred compensation and employee benefit plans, and includes without limitation: (a) group employer-sponsored 401(k) plans, (b) 457 plans; (c) employer-sponsored 403(b) plans; (d) profit-sharing and money purchase pension plans; (e) defined benefit plans; (f) retiree health benefit plans; (g) group annuity separate accounts offered to retirement plans; (g) non-qualified deferred compensation plans; (h) health savings plans; and (i) trusts used to fund any of the foregoing plans.
To establish eligibility as a Group Retirement Plan, the plan must satisfy the following requirements:
The plan must be a group plan (more than one participant);
The shares cannot be held in a commission-based brokerage account; and
Shares must be either held at a plan level or at the Fund level through an omnibus account of a retirement plan recordkeeper
Consequently, the term “Group Retirement Plans” does not include traditional IRAs, Roth IRAs, Coverdell Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs, KEOGHs, individual 401(k) or individual 403(b) plans.
Existing fully discretionary fee-based advisory programs, where investment discretion (fund and investment allocations) solely resides with the Financial Intermediary’s home office and where the Financial Intermediary’s home office has full authority to make investment changes without approval from the shareholder, may continue to utilize the Fund for new and existing program accounts;
Registered Investment Advisory firms that have included the Fund in their discretionary models by the Closing Date and utilize an approved clearing platform may continue to make Fund shares available to new and existing accounts;
Principals and employees of Fuller & Thaler Asset Management, Inc. and their immediate family members, may utilize the Fund for both new accounts and existing Fund accounts; and
Fuller & Thaler Asset Management, Inc. may utilize the Fund in new and existing fund accounts.
Investors Who Will Be Permitted To Purchase Fund Shares After The Closing Date Only With the Approval of the Adviser and the Fund
The following types of investors may invest in the Fund after Closing Date only with the prior approval of the Fund’s Adviser and the Fund:
Institutional Investors (including successor, related, or affiliated accounts) may establish a new account with the Fund only if the account has been accepted for investment by the Fund’s Adviser and the Fund. The term “Institutional Investors” includes, but is not limited to, corporations, qualified non-profit organizations, charitable trusts, foundations and endowments, governmental entities (including states, counties and other municipalities, or any instrumentality, department, authority or agency thereof), and banks, trust companies or other depository institutions investing for their own account or on behalf of their clients. The term “Institutional Investors” also includes fee-based “wrap” account sponsors that offer discretionary and non-discretionary arrangements (provided they have an agreement covering the arrangement with the Fund) where the financial advisor or client, as applicable, has investment discretion;
After the Closing Date, new fully discretionary (including rep as portfolio manager) and non-discretionary (including rep as advisor) fee-based advisory programs may utilize the Fund for program accounts only with the approval by the Fund’s Adviser and the Fund;
Third party investment manager model portfolios will be able to open new program accounts after the Closing Date only if approved by the Fund’s Adviser and the Fund.
Except as permitted above, investors will not be permitted to invest in the Fund after the Closing Date. If the Fund receives a purchase order directly from an investor who is not eligible to purchase shares of the Fund after the Closing Date, the Fund will attempt to contact the investor to determine whether he or she would like to purchase shares of another Fund advised by Fuller & Thaler Asset Management, Inc. or would prefer that the investment be refunded. If the Fund cannot contact the investor within 30 days, the entire investment will be refunded.
* * *
2
The Fund in its sole discretion reserves the right at any time to change these policies, including limiting new purchases into the Fund or otherwise modifying the closure policy based on the Fund’s net asset levels and other factors.
Please refer to the Prospectus of the Fuller & Thaler Behavioral Small-Cap Equity Fund for additional information regarding buying and selling shares.
Further Information
For further information, please contact the Fund toll-free at 1-888-912-4562. You may also obtain additional copies of the Fund’s Summary Prospectuses, Prospectus and Statement of Additional Information, free of charge, by writing to the Fund c/o Ultimus Fund Solutions, LLC at P.O. Box 46707, Cincinnati, Ohio 45246-0707, by calling the Fund toll-free at the number above or by visiting the Fund’s website at www.fullerthalerfunds.com.
3

I don’t necessarily think the markets have bottomed. But then if they have I wouldn’t be surprised. Markets always bottom when the fundamentals and news look the worse. That has always been the case on Wall Street. March 2020 was a classic example when COVID was just in its infancy. While not needed, I would still prefer to see a strong upside/downside day on the NYSE. Something that has yet to occur. This is looking more like the 2015/16 bear/ correction bottom than the December 2019 or March 2020 bottom.
But I am also aware that bear markets are notorious for sucker rallies that reel in the unsuspecting. As we stand today though the Dow, S@P and NASDAQ are closer to their all times highs than their recent bottoms.

Not enough users...
https://www.sec.gov/Archives/edgar/data/1587982/000139834422006487/fp0074517_497.htm
Cannabis Growth ETF
(Ticker Symbol: BUDX)
A series of Investment Managers Series Trust II (the “Trust”)
Supplement dated March 28, 2022 to the currently effective
Prospectus, Summary Prospectus and Statement of Additional Information (“SAI”).
The Board of Trustees of the Trust has approved a Plan of Liquidation for the Cannabis Growth ETF (the “Fund”). The Plan of Liquidation authorizes the termination, liquidation and dissolution of the Fund.
The Fund will create and redeem creation units through April 25, 2022 (the “Closing Date”), which will also be the last day of trading of the Fund’s shares on the NYSE Arca, Inc., the Fund’s principal U.S. listing exchange. On or about April 29, 2022 (the “Liquidation Date”), the Fund will cease operations, liquidate its assets, and prepare to distribute proceeds to shareholders of record as of the Liquidation Date. Shareholders of record on the Liquidation Date will receive cash at the net asset value of their shares as of such date. While Fund shareholders remaining on the Liquidation Date will not incur transaction fees, any liquidation proceeds paid to shareholders should generally be treated as received in exchange for shares and will therefore generally give rise to a capital gain or loss depending on a shareholder’s tax basis. Shareholders should contact their tax adviser to discuss the income tax consequences of the liquidation.
In anticipation of the liquidation of the Fund, Foothill Capital Management, LLC, the Fund’s advisor, may manage the Fund in a manner intended to facilitate its orderly liquidation, such as by raising cash or making investments in other highly liquid assets. As a result, during this time, all or a portion of the Fund may not be invested in a manner consistent with its stated investment strategies, which may prevent the Fund from achieving its investment objective. Shareholders of the Fund may sell their holdings on the NYSE Arca, Inc. on or prior to the Closing Date. Customary brokerage charges may apply to such transactions. After the Closing Date, we cannot assure you that there will be a market for your shares.
Please contact the Fund at 1-888-885-0588 if you have any questions or need assistance.
Please file this Supplement with your records.