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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

Morningstar article on ARK
The whole thing w 'escape velocity' of tech companies = 'no stopping them', quite aside from the Trump support, religious devotion, Laffer influence, makes for a challenge for my moneys. Looking at etf Moon in lieu.
These, from a while ago, are fun to read:
https://www.reddit.com/r/ArkInvestorsClub/comments/lqugs1/cathie_wood_reveals_starting_ark_was_fulfilling/
https://www.coindesk.com/cathie-wood-most-influential-2020

davidrmoran April 2021 in Fund Discussions
Two High-Yield CEFs That Never Cut Their Distributions Since Inception
Agreed, there are nuances, but the notion that a fund has "never cut its distribution" when it's returning capital is misleading. And even if positive returns of the fund's underlying portfolio on the surface appears to counteract the NAV erosion from return of capital, that NAV would've been even higher if the capital hadn't been returned in the first place. Yet some investors buying the fund at a deep discount can still produce better returns with a return of capital.

LewisBraham March 2021 in Other Investing
Two High-Yield CEFs That Never Cut Their Distributions Since Inception
NAV does not always decline from ROC payments And not all ROC payments are bad depending on the source of that capital.
Closed-End Fund Return Of Capital: Good, Bad, Or Other

Mark March 2021 in Other Investing
Two High-Yield CEFs That Never Cut Their Distributions Since Inception
If a fund is paying out distributions that are a return of capital as UTG has done in the past--https://prnewswire.com/news-releases/reaves-utility-income-fund-section-19a-notice-301138164.html--then the idea that the fund has "never cut its dividend" is really an illusion. It's really kind of like Ponzi where he was just using new investors' money to pay out old ones, shuffling existing assets around without actually generating any income. The actual net asset value declines from such payouts.

LewisBraham March 2021 in Other Investing
Why in the World Would You Own Bond (Funds) When…
@AndyJ, read several discussion that the 10 years treasury yield will reach 2% by year end. Not sure about holding too much lower quality or junk bonds while trading off the negative correlation to stocks. One can shift some of the bonds to dividend oriented and balanced funds, but this change the overall risk profile. While the Fed is maintaining a near zero interest rate, this low yield environment is challenging for income investors.
@bee et al, REITs are slowly coming back from the depth of drawdown. Shopping malls and hotels were heavily impacted by the lockdown during the pandemic as many tenants cannot pay their rent or low usage. Other sectors of REITs are not as bad. Situation is improving and there is still a way to go before reaching the height prior to March 2020.

Sven March 2021 in Fund Discussions
Why in the World Would You Own Bond (Funds) When…
Agree with the consensus. But looking back to a year ago, the 3 funds I cited had very good years - even starting from a rather low interest rate level. (Price’s GNMA has been a laggard for years - plus they had an incredibly short duration on it when I looked at it around year end, around 4-5 years.)
2020 1-year returns (From Yahoo)
PBDIX +8.15%
DODIX +9.45%
PRGMX +4.21%
Average GMMA fund + 5.65%
“The stock market is rotating ... “
What if instead of rotating the markets were really only levitating? Alan Greenspan infamously remarked that you can’t identify a bubble until after it implodes. So, if Ol’ Al couldn’t tell ahead of time, who are we to know?

hank March 2021 in Fund Discussions
18% More Of A Reason To Invest
Vanguard’s first quarter dividend for 2021 is in the amount of $0.65640, up 18.4%. ...
Vanguard's first quarter dividend for 2021 is in the amount of $0.65640. This is far superior to the first quarter for 2020, which had the amount of $0.55440. ...
Do you see what % of an increase that equates to? We are talking about 18.4% baby!
We are talking about an 18.9% decline Q/Q, a dividend far inferior to the fourth quarter of 2020 which had the amount of $0.8096. Not to mention a 0.65% quarterly yield vs. a 0.72% quarterly yield in 1Q20.

msf March 2021 in Other Investing
Integrity Energized Dividend Fund is no longer energized (to be liquidated)
Certainly the two classification systems - Morningstar and Refinitiv Lipper - are different. But the Lipper classification system familiar to users is, like M*'s, composition based not investment objective based (except for sectors; see below).
Until the 1990s, funds were typically classified according to their stated objectives such as Equity Income, Growth and Income, Growth, and Capital Appreciation.
By the early 1990s, advancements in technology permitted a new approach. Armed with funds' portfolio holdings and the computational power to evaluate them, Morningstar jettisoned fund companies' definitions, opting instead to impose its own [portfolio based] structure.
https://www.morningstar.com/articles/931013/about-morningstars-fund-classifications
Lipper took a different path, maintaining the old system while promulgating its portfolio-based system:
Refinitiv Lipper originally grouped all funds by their prospectus-based objective. The introduction of Refinitiv Lipper's holdings-based classification model and the demand for more granular peer groups paved the way for the creation of a classification scheme. ...
OPEN-END [Domestic] EQUITY FUNDS
Prospectus-based [classification]
    Capital Appreciation Funds
    Equity Income Funds
    Equity Leverage Funds
    Growth & Income Funds
    Growth Funds
    Micro-Cap Funds
    Mid-Cap Funds
    Options Arbitrage/Option Strategies
    S&P 500 Index Objective Funds
    Small-Cap Funds
Portfolio-based [classification]
    Equity Income Funds
    Large-Cap Core Funds
    Large-Cap Growth Funds
    Large-Cap Value Funds
    Mid-Cap Core Funds
    Mid-Cap Growth Funds
    Mid-Cap Value Funds
    Multi-Cap Core Funds
    Multi-Cap Growth Funds
    Multi-Cap Value Funds
    S&P 500 Index Funds
    S&P Midcap 400 Index Funds
    Small-Cap Core Funds
    Small-Cap Growth Funds
    Small-Cap Value Funds
    Specialty Diversified Equity Funds
Refinitiv Lipper U.S. Fund Classifications, Aug 15, 2020
It's this latter group of categories of diversified domestic equity funds that one finds in Lipper-based screeners. One doesn't see the objective-based categories like G&I funds.
With respect to sector funds, Refinitiv Lipper classifies them according to their stated objectives, not according to their holdings. So what Prof. Snowball wrote about Lipper classifying NRGDX by its stated objective, not its holdings, is correct because this is a sector fund. With 95% AUM invested in energy stocks, it's hard to say otherwise.
But if Lipper is regarding it as a sector fund (and thus classifying it according to its objective), then given its stated 25%+ concentration in energy, not to mention its 95% actual concentration, IMHO Lipper still misclassified it.

msf March 2021 in Fund Discussions
Just discovered (single stock prospect: AQN)
Not to be too incredibly derivative, and this was from a post from the great Chowder, of Seeking Alpha (and the “Chowder Number,” or dividend yield plus growth) fame, and its slightly dated (especially after a run up in utilities over last few weeks) dated 2/28, but its related to discussion:
[Quote] On the dividend front, I have declared tomorrow as Utility Monday. I will be adding to the following utility companies.
AWK .. BEPC .. NEP .. WEC .. RNRG .. XEL.
Most of the focus here is on clean energy.
Utilities seem to be undervalued to me and they can almost be considered growth assets going forward just to achieve new price highs. Although D is a favorite best-in-class at JP Morgan, I already own a large amount of them and would prefer building the other utilities up in size.
A news blurb from Barron's:
Utility company stocks ( XLU, VPU) and funds are a cheap way to plug into the seismic shift away from coal and toward wind and solar power over the next 15 years, providing a potential boon to both the environment and investors, according to the latest Barron's cover feature.
"Utilities are a stealth green energy play, with much lower valuations than most alternative-energy providers and less risk," says Hugh Wynne, co-head of utilities and renewable energy research at SSR.
The conventional view is to buy tech or renewable companies as a way to participate in the energy transition, but the "most efficient and optimal risk-adjusted manner to participate in the energy transition is through well-run electric utilities," says George Bilicic, vice chairman of investment banking at Lazard.
Barron's identifies companies that offer attractive yields and inexpensive valuations, including Alliant Energy (NASDAQ: LNT), American Electric Power (NASDAQ: AEP), CMS Energy (NYSE: CMS), Dominion Energy (NYSE: D), Entergy (NYSE: ETR), Exelon (NASDAQ: EXC), NextEra Energy (NYSE: NEE), Pinnacle West Capital (NYSE: PNW) and Xcel Energy (NASDAQ: XEL).
Morgan Stanley analyst Stephen Byrd favors American Electric Power, which he calls a "coal-heavy company that is moving away from that in a big way" and thinks the stock, which is down 20% in the past year, could rise as its transformation continues.
Reaves Asset Management's John Bartlett says CMS Energy is "cleaning up its emissions, while holding increases in electric bills to around the rate of inflation."J.P. Morgan's Jeremy Tonet likes Dominion as a "best-in-class, pure-play regulated utility with attractive green growth plans," and Entergy, which has one of the best hydrogen logistics networks on the Gulf Coast. [End quote]
BEPC (Brookfield Renewable Resources, not K-1 issuing)....NEP (yieldco like AY)....CWEN/CWEN.A (another yieldco)....NEE (utility sponsor of NEP, and the leader in renewable utilities). Also HASI, a REIT that serves renewable energy projects. These are some other ideas. NEE has a yield around 2%, BEPC and HASI about 2.5-3%, NEP about 3.5%, and CWEN almost 5%. May be getting a little far afield for @Crash :)

Graust March 2021 in Other Investing
Preparing Your Portfolio for Inflation
I have read so many inflation/rate scary stories in the last several weeks. Let me know when inflation is high (over 3%) for several months.
Inflation will be higher in the next 2-4 months on annual basis because they compare it to the same month of 2020 when we had a black swan. Let's see if inflation will be over 3% after August and stay high for months.
Inflation is a rate of change. It may be up 2% in one month and if in the second month there is no inflation than it equals zero.
Remember, the Fed wants inflation at 2-2.5%.
And then rates will go to sky, let me know when the 10 year treasury is going to be over 2.5% in the next 6 months, after all so many scream it's coming any minute.
The usual, scary stories sell better.
What funds I would own? The ones that are going up. SP500 was up very nicely in 2020 and it's up 6.2% in 2021. Bonds: plenty of Munis + Multi/Non Trad funds are up YTD.

FD1000 March 2021 in Other Investing
Guinness Atkinson Asia Pacific Dividend Builder and Dividend Builder Funds converted to ETFs
https://www.sec.gov/Archives/edgar/data/919160/000139834421007074/fp0063825_497.htm
497 1 fp0063825_497.htm
GUINNESS ATKINSON FUNDS
Guinness Atkinson Asia Pacific Dividend Builder Fund (GAADX)
Guinness Atkinson Dividend Builder Fund (GAINX)
SUPPLEMENT DATED MARCH 26, 2021
This Supplement provides new information beyond that contained in the currently effective Summary Prospectus dated May 5, 2020, Prospectus, and Statement of Additional Information (“SAI”) each dated May 1, 2020, as supplemented, for each of the Funds identified above.
Effective March 29, 2021, each of the Guinness Atkinson Asia Pacific Dividend Builder Fund (GAADX) and the Guinness Atkinson Dividend Builder Fund (GAINX) are no longer available for purchase. The funds were converted into exchange traded funds (“ETFs”) on March 26, 2021. The names of the successor ETFs are SmartETFs Asia Pacific Dividend Builder ETF (ADIV) and SmartETFs Dividend Builder ETF (DIVS), and each ETF is listed for trading on the NYSE Arca stock exchange.
For further information, you may contact the funds at 1-800-915-6566 or visit the funds website at www.gafunds.com. You can also call the SmartETFs customer service line at 866-307-5990 or visit the SmartETFs website at www.SmartETFs.com.
For each Fund, this Supplement, the existing Prospectus and SAI provide relevant information for all shareholders and should be retained for future reference. Each Fund’s Prospectus and the SAI have been filed with the Securities and Exchange Commission, are incorporated by reference, and can be obtained without charge by calling the Fund toll-free:
Guinness Atkinson Funds (800) 915-6566

TheShadow March 2021 in Fund Discussions
Amazon Versus the Unions
From the New Yorker article:
The Democratic congressman Andy Levin, of Michigan, a union stalwart, has described it as “the most important election for the working class in this country in the twenty-first century.” On Monday, the Reverend Dr. William Barber, as prominent a figure as exists in the modern civil-rights movement, travelled to Alabama and said, “Bessemer is now our Selma.”
That this election is about the future has something to do with the workers themselves, who embody the political transformation of the South to which progressives pin their dreams. According to union officials, a majority of the people employed at the facility, which is outside of Birmingham, are Black, and a majority are women....
....The Amazon union drive has drawn a rare intensity out of the usual suspects. Abrams, Levin, and Bernie Sanders have announced their support for it, and so has President Joe Biden, who recorded a strong message encouraging the organizers and discouraging any effort to interfere with them. It has also drawn some unusual allies, above all the conservative Republican senator Marco Rubio, of Florida, who published an op-ed in USA Today declaring his support for the organizing workers and his opposition to Amazon’s ways: “The days of conservatives being taken for granted by the business community are over.”
Amazon’s influence is so vast—touching on issues from wealth and income inequality to antitrust policy, the American relationship with China, the omnipotence of workplace surveillance, and the atomizing effect of big business, in its most concentrated and powerful form, on families and communities—that it can scramble ordinary politics. For a moment, at least, it can put Marco Rubio and Stacey Abrams on the same side. Most organizing campaigns have a symbolic quality, in which the employer and its workers stand for different models of economic organization. The fight in Bessemer is different because it is so direct. Amazon isn’t a proxy for the future of the economy but its heart.
A year into a pandemic that has kept many Americans cooped up at home, ordering supplies and streaming their entertainment, seems an unpromising time to take on Amazon, which supplies many of those services. Amazon’s revenue grew by nearly forty per cent in 2020, and its workforce grew by about fifty per cent; Jeff Bezos’s wealth reportedly increased by nearly seventy billion dollars last year. The company has become so ubiquitous that even to inquire about it entangles you in its machinery: type “is Amazon popular?” into a search engine and you might find, as I did, that most of the top results are books about popularity which are sold on Amazon. You can find evidence that Amazon both is and isn’t popular in survey data. In one poll, ninety-one per cent of respondents said that they had a favorable view of Amazon; in another, fifty-nine per cent thought the company was bad for small business. To count on broad opposition to Amazon right now is to assume such cognitive dissonance: that Americans may increasingly rely on Amazon and view it favorably while also believing that the company needs to change....
...What is rare about the Bessemer campaign is how neatly it encapsulates the modern economic system—it is, in many ways, a pinnacle of a pinnacle. Amazon represents an extreme expression of the twenty-first century’s extreme inequality and concentration of wealth and economic power, which has already changed the Democratic Party and some elements of the G.O.P. The Bessemer facility represents Amazon’s system fully realized, and so it carries one potential future for work. The union proposition is that, in Amazon, in Bezos, in Bessemer, after a year of the pandemic, the whole system can be seen clearly. Now the choice belongs to those six thousand workers. Appelbaum suspects that the early vote was unfavorable to the organizing effort, but that the late vote—once the union presented this vision—was more friendly, and that Monday’s outcome will hinge on when the most votes were cast. “We’re going up against the wealthiest human being since the beginning of time, and this incredibly powerful corporation,” Appelbaum said. “And they still can be beat.”

LewisBraham March 2021 in Other Investing
DGHM MicroCap Value Fund to be liquidated
https://www.sec.gov/Archives/edgar/data/1396092/000138713121003897/dghm-497_032521.htm
497 1 dghm-497_032521.htm SUPPLEMENT DATED MARCH 25, 2021
DGHM MicroCap Value Fund
Investor Class Shares (DGMMX)
Institutional Class Shares (DGMIX)
Supplement dated March 25, 2021
to the Prospectus and Statement of Additional Information (“SAI”),
each dated June 29, 2020
The Board of Trustees (the “Board”) of World Funds Trust (the “Trust”) has approved a Plan of Liquidation (the “Plan”) for the DGHM MicroCap Value Fund (the “Fund”), which became effective on March 25, 2021. Dalton, Greiner, Hartman, Maher & Co., LLC (the “Adviser”) recommended that the Board approve the Plan due to a diminished asset base and correspondingly rising expenses of the Fund, which the Adviser has indicated that it is no longer willing to continue to subsidize. As a result, the Board concluded that it is in the best interest of the Fund’s shareholders to liquidate the Fund. The Fund is expected to liquidate on or about April 26, 2021 (the “Liquidation Date”).
Effective March 25, 2021, the Fund was closed to new and subsequent investments. Until the Liquidation Date, Fund shareholders may continue to reinvest dividends and distributions in the Fund or redeem their shares. Any remaining shareholders on the Liquidation Date will receive a distribution of their remaining investment value in the Fund based on the instructions listed on your account. The sale or liquidation of your shares will generally be a taxable event. You should consult your tax advisor about your tax situation.
As shareholders redeem shares of the Fund between March 25, 2021 and the Liquidation Date, the Fund may not be able to maintain its stated investment goal and other investment policies. Accordingly, the Fund may deviate from its stated investment goal and other investment policies during the period between March 25, 2021 and the Liquidation Date.
If you have questions or need assistance, please contact your financial advisor directly or the Fund toll-free at 1-800-673-0550.
This Supplement and the existing Prospectus provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the SAI have been filed with the Securities and Exchange Commission, are incorporated by reference, and can be obtained without charge by calling the Fund toll-free at 1-800-673-0550.

TheShadow March 2021 in Fund Discussions
Just discovered (single stock prospect: AQN)
@Crash (and others)—they also have two preferred shares, AQNA (~6.2% yield) and AQNB (just over 5.5%), that offer yields above the common (which yields 3.94%). The -A preferred is call protected until 2023, at which time it will either float its dividend rate, or be called, and the -B preferred until 2024. Just a couple of options to consider :)
I think utilities that are already into renewables, such as AQN, will be rewarded in the future, as they will be ahead of the curve, similar to TSLA having a very large head start over the traditional car makers. Some others to look at are NextEra Energy, NEE, and Dominion, D, which sold off a pipeline last year in an effort to pivot to more “green” power generation/distribution.
I had forgotten about AQN, Crash....thanks for bringing it up! And not trying to take over the thread, but the “renewablization” of utilities is something I think the 2020’s will bring also!

Graust March 2021 in Other Investing
FRIFX , VGSIX, VGPMX and Other Steady Eddys
I have not sold off a large FRIFX holding yet, but it provides no real diversity, its steadiness insufficient last March.
I agree... Draw down - peak to valley (Feb-Mar 2020) was almost 27%.

bee March 2021 in Fund Discussions
FRIFX , VGSIX, VGPMX and Other Steady Eddys
@Mark,
Patience has paid off with POAGX this past year. Three year (2018-2020) performance was average to awful, but much better since March 2020. It has required a long term approach which I continue to have.
I guess what I mean by "steady eddys" is what many experienced with PONDX (Pimco Income) for a very long period of time. A fund that day to day, week to week, month to month... exhibits low volatility / positive performance.
FRIFX has had a nice steady short term (low volatility) run as a of late (since March 2020 lows). YTD, POAGX just broke down below FRIFX which has me monitoring POAGX. I don't own MGGPX, but it has broke down even further.
Curious what seems to be holding up (still positive) in your portfolio YTD.
YTD:
FRIFX up over 6%
POAGX up 4%
MGGPX down 2%
This article falls into my thinking lately:
It would be better if the market ripped the band-aid off these growth names instead of dragging it out with false rallies. Just crash them already and get it over with. But unfortunately, the market is not here to provide us with comfort. Risk hurts.
Maybe this is a buying opportunity. Or maybe there is still time to sell. How you think about these things depends on your past experiences, your style of investing, your timeframe, and a whole host of other items.
I think the risk I’m taking today will be rewarded in the future, but I’m ready for more pain tomorrow.
the-worst-type-of-sell-off

bee March 2021 in Fund Discussions
FRIFX , VGSIX, VGPMX and Other Steady Eddys
POAGX fell 35.34% and currently is up 26.13% over it's March 2020 high.
MGGPX fell 27.28% and currently is up 39.14%.
Not sure if they qualify as steady eddys but it works for me.

Mark March 2021 in Fund Discussions
FRIFX , VGSIX, VGPMX and Other Steady Eddys
Since February 2020 FRIFX has bounced back close to even from its 35% draw down.
VGSIX fell 43% and has clawed back all but 5% of its draw down.
YTD they both have had steady returns of:
FRIFX up 6.27% with very little volatility
VGSIX up 10.77%
On a short term (1 month basis), many of my funds are testing their early March 2021 lows today while the RE sector holds steady.
Other sector funds holding steady:
VGPMX & PRNEX - Natural Resource
Any other steady eddys in equity / bond land?

bee March 2021 in Fund Discussions
prtxx mmf. TRP
PRTXX
Just opened TRP brokerage account, and afterwards, I saw that PRTXX is the sweep account. Morningstar never heard of it. "No results." Is this one of those funds @TheShadow alerted us about, recently? Something was being done..... Then a follow-up informed us that the TRP funds that were being monkeyed with were funds that are already closed, and somehow connected to ANNUITIES. As I recall, there were TWO funds undergoing whatever those changes were about. PRTXX = U.S. Treasury Money. That's how TRP has labeled it.
Bloomberg and MarketWatch both DO recognize it. So, maybe it IS real, after all. This is disconcerting.
...Found that item:
https://www.sec.gov/Archives/edgar/data/920467/000174177321000689/c497.htm
497 1 c497.htm
T. Rowe Price Government Money Portfolio
Supplement to Prospectus and Summary Prospectus Dated May 1, 2020
At a Board meeting held on March 9, 2021, the fund’s Board of Directors approved the liquidation and dissolution of the fund. The liquidation is expected to occur on May 6, 2022 (“Liquidation Date”). Prior to the Liquidation Date, the assets of the fund will be liquidated at the discretion of the fund’s portfolio management and the fund will cease to pursue its investment objective. In anticipation of the liquidation, effective May 3, 2021, the fund will be closed to new insurance providers. At any time prior to the termination, we welcome you to exchange your shares of the fund for the same class of shares of another T. Rowe Price fund. After the fund is liquidated, the fund will no longer be offered to shareholders for purchase.
The date of this supplement is March 16, 2021.
E306-041 3/16/21
...So, am I to understand that THIS fund, which is being monkeyed with, is NOT the same as PRTXX?

Crash March 2021 in Fund Discussions
Selective Opportunity Fund to liquidate
update:
https://www.sec.gov/Archives/edgar/data/1199046/000139834421006921/fp0063764_497.htm
497 1 fp0063764_497.htm
SELECTIVE OPPORTUNITY FUND
Supplement to the Prospectus
and
Statement of Additional Information
dated April 29, 2020
Supplement dated March 24, 2021
In a Supplement dated February 26, 2021, we notified you that the Board of Trustees has determined that it is in the best interest of shareholders to liquidate the Selective Opportunity Fund (the “Fund”), that as of February 26, 2021, the Fund is no longer accepting purchase orders for its shares, and that the Fund will close effective June 21, 2021 (the “Closing Date”).
Shareholders may redeem Fund shares at any time prior to the Closing Date. Procedures for redeeming your account, including reinvested distributions, are contained in the section “How to Redeem Shares” of the Fund’s Prospectus. Any shareholders that have not redeemed their shares of the Fund prior to the Closing Date will have their shares automatically redeemed as of that date, with proceeds being sent to the address of record. If your Fund shares were purchased through a broker-dealer and are held in a brokerage account, redemption proceeds may be forwarded by the Fund directly to the broker-dealer for deposit into your brokerage account.
In the Supplement dated February 26, 2021, we notified you that the Fund will continue to pursue its investment objective through the Closing Date. Effective immediately, the Fund will no longer pursue its investment objective and may begin to liquidate the holdings in its portfolio. The Fund expects that all holdings will be liquidated by April 12, 2021. The proceeds of liquidated holdings will be invested in money market instruments or held in cash.
Any capital gains will be distributed as soon as practicable to shareholders and reinvested in additional Fund shares, unless you have requested payment in cash.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax adviser regarding the consequences of a redemption of Fund shares. If you receive a distribution from an Individual Retirement Account (IRA) or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another IRA within 60 days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you are the trustee of a qualified retirement plan or the custodian of a 403(b)(7) custodian account (tax-sheltered account) or a Keogh account, you may reinvest the proceeds in any way permitted by its governing instrument.
* * * * * *
This supplement and the Prospectus provide the information a prospective investor should know about the Fund and should be retained for future reference. A Statement of Additional Information dated April 29, 2020 has been filed with the Securities and Exchange Commission and is incorporated herein by reference. You may obtain the Prospectus or Statement of Additional Information without charge by calling the Fund at (434) 515-1517 or visiting www.selectivewealthmanagement.com.

TheShadow March 2021 in Fund Discussions