Reply to @Junkster: There are bonds that act like equities and there are are bonds that don't. So, you can construct an all bond portfolio that has an equivalent balanced portfolio with same volatility and risk/reward and sensitivity to market conditions. The reason you don't have many equity funds with that lower volatility is because they don't sell when their performance looks relatively poor in bull markets so they take much more risks. You are just managing your beta exposure via bonds. That can work.
One advantage with equivalent equity exposure is that you can tax manage them better than bonds if they are not in tax-advantage accounts because of the treatment of capital gains vs dividends. That may or may not be an issue depending on one's circumstances but it could be a showstopper for some.
I agree with you on this simulation nonsense above and beyond simple return projection calculators but they can be good for entertainment and self deception.

Reply to @hank: I remained fully invested through the '08-'09 Crash, and kept adding to my portfolio, every single month. (Stopped---at retirement, in 2011.) So I'm not among those who missed the substantial gains when the Market took off again later in '09, after having pulled out. But I was, particularly after this past summer, swimming upstream, trying to grow my monthly bond dividend (and reinvest it all) in a stinky environment for bonds and bond funds.
I'm very much aware of the mistake made by those "chasing profits," who get onto the bandwagon late. I've used information gained here at MFO to very beneficial effect, in choosing my mutual funds. I am learning that one can get OUT too late, though. And it's ONE thing to switch from one fund to another while the Market is at or near all-time highs. It's ANOTHER to switch from bond funds to equity funds when the numbers have already been run-up. Leaves a bad taste in my mouth, but I cannot dwell on NOT having exited sooner. ...At this point, the end-of-year December pay-outs are something to look forward to. At this moment, my.........
-EM bond stake is down to 3.89% of holdings; (PREMX)
-"global" bonds (MAINX) 3.64% (And I notice the biggest holding is Cayman Islands stuff. This fund is going nowhere in terms of share price, but the quarterly divs. are nice. I take that as a good thing in the current negative environment. It's not fallen nearly as much as some other global and/or EM bond funds. And overall, I have indeed made money with it: +7.58%, actually.)
-.....domestic bonds (DLFNX) 2.51%
-That's 10.04% in bonds, so far....
MACSX and SFGIX holds some convertibles, I do believe; and MAPOX and PRWCX hold bonds, too.
MACSX 2.62% of portfolio.
MAPOX 8.02%
PRWCX 17.65%
TRAMX 3.14%
MSCFX 3.24%
SFGIX 2.83%
PRESX 15.34% (developed Europe. I looked. Not a thing "emerging.")
MAPIX 37.11% (I plan to move some of that to MPACX and some to MPGFX.)
Thanks to all. It's one thing to learn. Another to execute. And maybe sometimes, the only way to learn is by executing. "Break a leg," everyone.

I would urge caution with bank loan funds. A safer option might be to go with a flexible fixed-income fund, where the managers are able to adjust allocations. A number of these kind of funds have reduced exposure to bank loan securities recently, believing the big gains have already occurred and that there is the beginnings of 'froth' in the sector.

Not much in main portfolio. In play portfolio of leveraged ETFs, part of UWM got stopped out in today's dip for 11% in <3 mo. All positions have moving stop limits. Holding on to QLD with avg 17.5% gains over last 2-3 mo. Bought small position in TBT today. Part of SCO got stopped out today at 6% loss. Too volatile. Pondering entry into SRS. Don't trade frequently unless triggered by stops. Last trade was in early Nov.

From Seeking Alpha
Investors continue to pour assets into depreciating gold miner ETFs
Go figure: The Market Vectors Gold Miners ETF (GDX) has now slid ~55% YTD to a five-year low, yet the fund has nearly doubled in size to $6.8B, as investors have added ~$2.5B despite the dismal performance.With stocks at record highs, miners may look relatively cheap vs. other sectors, and funds like GDX and GDXJ appeal to many institutional investors who turn to miner equities as their favorite proxy for gold; indeed, the SPDR Gold Trust has lost $23B-plus YTD in assets under management.But demand for gold miner funds isn’t always tied to value investors or long-term buy-and-hold types: Direxion Daily Gold Miners Bull 3X Shares (NUGT) has attracted net asset inflows of more than $1.3B despite a difficult year for returns, while the bearish counterpart fund (DUST) has seen YTD net outflows despite gains of ~200%.Also: GLDX, GGGG, RING, PSAU, JNUG, JDST.
More details from Original Source
http://www.indexuniverse.com/sections/features/20604-depreciating-gold-miner-etfs-rake-in-aum.html?showall=&fullart=1&start=2

I'm not sure that I understand all of this. The bottom line is: What is the expected yield on this fund moving forward? I'm seeing a lot of references to capital gains and accrued interest, but what kind of monthly yield can shareholders who bought the fund expect? Will the yield be the equivalent of a ST bond, IT Bond or what? Hopefully, this is explained during the conference call on Dec. 9.

Brown Capital Management Funds
http://www.browncapital.com/distributions.html
Allianz Global Funds
http://us.allianzgi.com/ShareholderCommunications/External Documents/2013_Cap_Gains_Estimates.pdf
Metropolitan West Funds
http://www.mwamllc.com/funds_cap_gains.php
Homestead Funds
http://www.homesteadfunds.com/AccountServices/TrackEarnings.htm#yearend

I saw this filing yesterday, but I didn't understand it until I read the morningstar article you posted. I didn't know what the prior conditions were when the fund closed in comparison with the new conditions posted. (it is clear as mud.)
http://www.sec.gov/Archives/edgar/data/1494928/000139834413005642/fp0008858_497.htm
497 1 fp0008858_497.htm
RiverPark Funds Trust
RiverPark Short Term High Yield Fund
Supplement dated December 2, 2013 to the Summary Prospectus, Prospectus and Statement of Additional Information (“SAI”) dated January 28, 2013.
This supplement provides new and additional information beyond that contained in the Summary Prospectus, Prospectus and SAI and should be read in conjunction with the Summary Prospectus, Prospectus and SAI.
Effective as of 4pm on December 2, 2013 (the "Closing Date"), Retail and Institutional Class Shares of the RiverPark Short Term High Yield Fund (the "Fund") are closed to new investors.
After the Closing Date, existing shareholders of Retail and Institutional Class Shares of the Fund and certain eligible investors, as set forth below, may purchase additional Retail and Institutional Class Shares of the Fund through existing or new accounts and reinvest dividends and capital gains distributions. Existing shareholders and eligible investors include:
· Shareholders of Retail Class Shares and Institutional Class Shares of the Fund as of the Closing Date (although once a shareholder closes all accounts in the Fund, additional investments into the Fund may not be accepted).
· Any trustee of RiverPark Funds Trust, or employee of RiverPark Advisors, LLC or Cohanzick Management, LLC, or an investor who is an immediate family member of any of these individuals.
The Fund reserves the right, in its sole discretion, to determine the criteria for qualification as an eligible investor and to reject any purchase order. Sales of Retail Class Shares and Institutional Class Shares of the Fund may be further restricted or reopened in the future.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

Hi Scott and others,
Thanks for putting the thread up again. I always enjoy reading what others are thinking and what they might be up to plus I enjoy writing about my thoughts too. For me, I have not been doing much of anything during the past couple months, or so, except watching the markets and collecting all my fund distributions in cash thus building cash within my portfolio.
With Friday’s market close I have the S&P 500 Index priced at 1806 and using the trailing twelve month’s earnings of $96.43 I compute the TTM P/E Ratio to be 18.7. I favor the TTM method over forward price to earnings methodology as this is often based upon wishful thinking, erroneous assumptions and analyst bias whereas the TTM is based upon actual results. Morningstar has been reporting that stocks, in general, have been recently selling at a four to five percent premium. To me this is saying stocks are not cheap or even selling at fair value … They are selling at a premium based upon historical (TTM) and fundamental (Morningstar) methodology. And, Ted has provided links to Bespoke that show reports that many sectors within the S&P 500 Index are in overbought territory. Yes, it is for sure investor and trader hype is present as valuations have become stretched.
As we move through December and come January our elected in Washington will have to again deal with the Federal Budget and Debt Ceiling debates … Yes, again! With this, I feel better stock prices might be coming as it seems our elected in Washington can only agree, not to agree. This from my thinking is not good for the economy or for the stock market. Then there is the FOMC getting a new chairperson … So, is the taper on or off? And, there is 4Q2013 earning season and revenue reporting that begins in January. Will it be stellar enough to support stocks selling at these premiums? Perhaps, as analyst will dial back expectations just before certain companies report so a good beat rate can continue. After all the beat rate seems to get hyped a lot but no one seems to mentioned the revisions to expectations that are made often just before a company reports.
Since, I currently have pretty much an all weather asset allocation which is set based upon my risk tolerance and needs … I am just watching while letting cash build as my investments make distributions.
As a long term investor, I have "never" made good money when I bought at, or near, the top or in an "overvalued" market. Now as a trader that is something else as they follow momentum and they could care less about valuation. From my thinking it is the traders and hedge funds that have been pushing stock valuations upward and to a premium that exist today. And, on top of that there are many who have levered up their positions through the use of margin which is very aggressive positioning ... and, margin calls can be made in market pullbacks for additional capital requirements to protect positions or the positions get sold out. So not only are we dealing with an overvalued market we are dealing with one that is levered up.
For me, I have positioned somewhat defensively by holding a good sum of cash (20+%) within my portfolio and overweighting the defensive sectors plus holding some investments that can position defensively and even short when these fund managers feel market conditions warrant. Over the past couple of days my portfolio has declined about just half of what the Lipper Balanced Index has and although I trail my bogey year-to-date, I am happy with my current positioning as I feel caution is most definitely warranted. Over the past five years my portfolio has had an average annual return of better than sixteen percent and has a distribution yield of better than five percent on amount invested. And, folks I'll take that and not look back with any regrets.
I wish all ... "Good Investing."
Old_Skeet

Dear friends,
The guys wrote today to let us know that they're live on the Fidelity platform. John adds:

We also noticed on the discussion board that someone attempted to invest in the fund through Fidelity. Although we did complete the paperwork and contract with Fidelity a few weeks ago, we were told they still have to do some testing with our fund distributor before allowing it to be purchased on their platform. The latest we have been told is Wednesday of this week, although that is subject to various tests passing. In any event, most investors will probably want to wait until next week regardless given our income and capital gain distribution will be made early next week for record holders as of this Friday. We will include Fidelity in our Invest section of our website and notify you the minute it is available.
On a related note, we received notice today that, while only an estimate, about 95% of the income dividend will be in the form of qualified dividends (from the dividends of the fund's stocks) and as such will be treated more favorably than ordinary income for tax purposes. Caveats apply of course regarding all estimates being subject to change.

For what interest it holds,
David

Not about U S Markets,but the word PANIC has appeared
Time to panic over Brazil? • 4:18 PM From Seeking Alpha
“Brazil’s capital markets appear to be suffering from a sudden flight of capital," says Michael Shaoul, warning of a danger of "abrupt collapse in investor confidence ... Brazil should be watched closely in the days ahead."
The Bovespa slid another 1.75% today, but more alarmingly, the country's 10-year yield spread (vs. the U.S.) shot to its highest level since the summer of 2009.
This morning, Q3 GDP was reported to have contracted by 0.5%, worse than expectations. From Capital Economics: "Brazil is not particularly attractive to foreign firms ... Woefully low domestic savings mean that Brazil relies on attracting foreign capital in order to fund investment projects. But with the current account already in a significant deficit, there is little scope for running up an even larger external deficit to fund investment."
Off 1.3% today, the iShares MSCI Brazil Index ETF (EWZ) is down 20% YTD.
ETFs: EWZ, BRF, BZF, BRXX, EWZS, BRAQ, BRAZ, BZQ, BRAF, UBR, BRZU, FBZ, BRZS, DBBR
http://blogs.barrons.com/emergingmarketsdaily/2013/12/03/are-investors-fleeing-brazil-after-the-q3-gdp-contraction/?source=email_rt_mc_body&app=n
From Ted's Morgan Stanley Letter; Morgan Stanley's Adam Parker
MAKING THE CASE. So can the
market multiple continue to expand?
Three things need to be in place. First,
the dream of higher real interest rates
must remain intact. If investors believe
that the 10-year US Treasury yield can
move to the 3.0%-to-3.5% range
without a material change in inflation,
there is a precedent for a higher
multiple. Second, the Federal Reserve
will have to effectively communicate
that tapering securities purchases is not
tightening monetary policy. Finally, the
probability of the bear case in earnings,
now 20%, must not grow, even if the
base case remains mediocre. 
Oh, brother.
"When I was a whippersnapper in London, many years ago, a grayhair in the City (the financial district) warned me about this. “A bull market doesn’t peak,” he growled at me over lunch in an old, dark tavern, “till the last bear turns bullish.” That, he explained, was the moment of final capitulation — when the final doubters got on board.
After that happened, there was no one left to convert. Share prices then reflected widespread optimism — and the smart money got out. "
From Brett Arends's ROI Archives |
Oct. 29, 2013, 6:03 a.m. ED
From Seeking Alpha
Morgan's Parker unveils S&P 500 target of 2014 in 2014 • 11:31 AM 12/02/2012
Morgan Stanley's Adam Parker completes his turn from one of the Street's most bearish to its most bullish investment strategist with his S&P 500 2014 in 2014 target - an 11.5% advance from here. "The only thing people are worried about is that no one is worried about anything," he says ... "That isn't a real worry."
He's not discounting the chance of a "Pavlovian" sell-off amid taper banter, but says any spring dip as the taper commences will be a buying opportunity "unless our outlook for corporate earnings markedly deteriorates.”
"It isn’t preposterous to say that we could be in an environment of synchronous global economic expansion in 2014, and tapering or not, that isn’t fully in today’s prices.”
http://blogs.wsj.com/moneybeat/2013/12/02/morgan-stanleys-adam-parker-the-most-bullish-strategist-on-wall-street/?mod=yahoo_hs&source=email_rt_mc_body&app=n

It appears the fund paid a dividend at an annual rate around 1.445 % per annum and the fund's NAV increased another $0.08 which approximates a return at an annual rate of 9.458 %. That increased NAV includes mostly accrued interest and possible capital gains that eventually will be paid out to shareholders in cash or additional shares.All accrued interest and cap gains held by the fund are accounted for on a daily basis in the day's end NAV. So if you sell shares on any one day,you will recieve your pro-rated accrued interest/cap gains amount.Most bonds do not pay interest monthly.This makes it difficult for a new fund to "pay " a dividend at months end but that accrued interest is included in the rising NAV.
http://financial-dictionary.thefreedictionary.com/accrued+interest
A term used to describe an accrual accounting method when interest that is either payable or receivable has been recognized, but not yet paid or received.
From M* 12/02/2013
In October, RiverPark launched its second fixed income fund, the RiverPark Strategic Income Fund (RSIVX - Retail; RSIIX - Institutional), which seeks to deliver high current income and capital appreciation, consistent with conservation of capital. The RiverPark Strategic Income Fund, which takes a “go anywhere” approach, will also seek to remain nimble and because of its small size believes it can purchase securities with above market yields with limited risk if held to maturity.
In its first two months, the fund has gathered $88 million in assets through November 29, 2013, mostly from RiverPark Short Term High Yield fund shareholders. Both the Strategic Income and Short Term High Yield funds are managed by David Sherman of Cohanzick Management.
December Conference Call: David Sherman, RiverPark Strategic Income
We’d be delighted if you’d join us on Monday, December 9th, for a conversation with David Sherman of Cohanzick Asset Management and Morty Schaja, president of the RiverPark funds

A Seeking Alpha Article with Mutual Fund Recommendations for more Diversification
Courtesy of Montecito Capital Management (M C M) The firm's clients hold positions in many of the securities/funds referenced.
CORE PORTFOLIO* (70% Portfolio) ETFs/
Mutual Funds
Mutual Hedge Funds (L/S) (QEH)/ MFLDX, DIAMX
Alternative Asset (MNA)/ GATEX, GTSOX
Domestic/Int'l Equity (Large Weighting) (CVY)(SDY)/ GHUAX, ICMBX
Multiple Strategy (Large Weighting) (GYLD)/ GRSPX, PRPFX
US Fixed Income (Moderate Weighting) (BSV)(BKLN)/ AVEFX, PYTRX
Emerging Market Debt (VWOB) (PFEM)/ PYEWX
Global/Int'l Debt (BWZ)/ HABDX
SATELLITE PORTFOLIO (30% Portfolio) ETFs/ Mutual Funds
Preferred Shares (PFF)/ CPXAX
High Yield (HYLD) (NSL)/ MWHYX, SFHYX
Convertible Bonds (CWB)/ VCVSX, PCVDX
Hard Assets (REIT,MLP, Commodity, Metals) (SCHH) (AMLP)/ GHAAX, EGLAX
S-Term Trade (F/X, Energy, Volatility)
(XOP)/ MERKX
*All Mutual Funds are Load Waived within our Charles Schwab
http://seekingalpha.com/article/1872341-portfolio-diversification-traditional-alternative-core-with-satellite-tactical-allocations?source=feed

Another Step Back 3:25 PM Seeking Alpha
GDX
Gold miner ETF sinks to five-year low, gold closes at lowest since July
The Market Vectors Gold Miners ETF (GDX -5.5%) plunges to a fresh five-year low thanks to the newest PMI manufacturing data, which climbed to the highest reading since 2011; BTIG analyst Dan Greenhaus calls the data "stunning,” and bad for precious metals.Comex gold dropped $28.50, or 2.3%, to settle at $1,221.90 for its lowest close since July; the SPDR Gold Trust (GLD) is down 2.5% to kick off December’s trading.Silver slumped 3.7% to $19.29, also the lowest since July.ABX -5.3%, NEM -3.8%, GG -4.6%, KGC -3.4%, GFI -3.5%, NGD -8.2%, EGO -7.5%, AEM -7%, AUY -5.5%, AGI -8.9%, SLW -5.7%.Other ETFs: GDXJ, NUGT, IAU, PHYS, DUST, SGOL, UGL, DGP, GLL, GLDX, DZZ, UGLD, DGL, DGZ, AGOL, GLDI, DGLD, GGGG, RING, PSAU, TBAR, JNUG, UBG, JDST, SLV, AGQ, SIVR, ZSL, USLV, DBS, DSLV, SLVO, USV.
Not a precious metal miner,but a continuing trend:via S A
RIO
Rio Tinto plans to cut capital spending 20% each year through 2015
Rio Tinto (RIO) is the latest miner to guide capital spending lower, announcing a 20% capex cut in each of the next three years to ~$8B in 2015; iron ore output will reach ~350M metric tons/year.In an investor presentation to be delivered tomorrow, RIO says its YTD spending is ~50% lower than in 2012 and has already exceeded its target of $750M in full-year spending on exploration and evaluation.
Casey Research
Rock & Stock Stats
Last
One Month Ago
One Year Ago
Gold 1,252.10 1,345.50 1,729.50
Silver 20.03 22.49 34.35
Copper 3.19 3.28 3.59
Oil 92.72 98.20 88.07
Gold Producers (GDX) 22.28 25.78 48.04
Gold Junior Stocks (GDXJ) 32.50 39.26 87.60
Silver Stocks (SIL) 11.65 13.32 23.03
TSX (Toronto Stock Exchange) 13.395.40 13,440.61 12,202.85
TSX Venture 934.89 968.44 1,218.38

Maybe but, if so, this fund wouldn't be evidence of it. RiverNorth hired M&N to manage a portion of the RiverNorth fund in the same style that M&N uses on their Dividend Focus Fund (MNDFX). MNDFX is just over five years old. Two of the founding managers of the fund are still with it and I spent an hour with one of them (Chris Petrosino) at Morningstar in June. Very bright, low-key guy who pointed out that M&N launched their fund in the midst of a market collapse but the research convinced them that dividends were a source of re-investable income, a measure of corporate strength and a check on management's capital allocation dreams. MNDFX has been a solid corporate citizen - low profile, low expense, low turnover, low risk with more-or-less average returns.
As I'll mention in this month's essay, the RiverNorth folks want to hold off talking until the hand over becomes final. Looking at a chart of the RiverNorth fund and the Manning & Napier fund suggests that the RN sleeve has been consistently more profitable than the MN one, which I suspect explains the change.
For what that's worth,
David

From Seeking Alpha
Gundlach: Time to buy interest rate risk
"People are absolutely freaking out about interest-rate risk," says Jeff Gundlach, sitting down with Robert Shiller to size up the investment landscape. Ever the contrarian, Gundlach suggests last year's 1.4% low in the 10-year Treasury yield could still get taken out. The catalyst? "You never know until after the fact; otherwise, it would be priced in the market. But there is no inflation." To see "freaking out" in a picture, check out the price charts of the mortgage REITs, particularly the two proxies for riding the long end of the curve - Annaly (NLY) and American Capital Agency (AGNC). Gundlach: "You can take advantage of pockets of opportunity in what people don't want ... If you're willing to take the interest-rate [risk], you can get yields of 11% in the agency mortgage market."Constructive on housing (but not homebuilders), Gundlach is also bullish on non-agency mortgage paper, calling it the cheapest sector in fixed income on a risk-adjusted basis. Fans of also beaten-up non-agency mREITs like American Capital Mortgage (MTGE), MFA Financial, Dynex (DX), and Two Harbors (TWO) may want to take notice.Mortgage REIT ETFs: REM, MORT, MORLLong-duration Treasury ETFs: TBT, TLT, TMV, TBF, EDV, TTT, TMF, TLH, ZROZ, SBND, DLBS, VGLT, UBT, TLO, LBND, TENZ, TYBS, DLBL
Also A Good Read
Thirdly, monetary policy is being enlisted to try to generate the economic growth that politicians need to meet spending and entitlement pledges made to voters.
"Long term, it's not so much a financial crisis that we face. It's more a political and social crisis because these promises that we have made for ourselves will be broken," King told the BreakingViews conference.
Seen in that light, if the West is in the grip of ‘secular stagnation', as Summers suggested, the welfare state will have to shrink or taxes will have to rise to pay for it.
http://www.reuters.com/article/2013/11/29/us-economy-global-stagnation-insight-idUSBRE9AS03O20131129

Reply to @Ted: Thanks...always good hearing it from the horse's mouth. Seems to be a fund with a flexible mandate.
from your link:
"Invests up and down the capital structure, primarily in high-yield bonds, bank loans, convertible securities and preferreds"
Also...pretty steep fee structure,

http://www.sec.gov/Archives/edgar/data/1370177/000119312513456268/d636189d497.htm
Excerpt:
"On November 20, 2013, the Board of Trustees of RiverNorth Funds voted to approve the termination of the Subadvisory Agreement between RiverNorth Capital Management, LLC and Manning & Napier Advisors, LLC related to the RiverNorth/Manning & Napier Dividend Income Fund (the “Fund”). Effective January 1, 2014, RiverNorth Capital Management, LLC will take over full management of the Fund and the Fund’s name will be changed to the RiverNorth Equity Opportunity Fund..."

Reply to @kevindow:
Hi kevindow and others,
No doubt the market can trend higher as you have pointed out from the Novemeber 1st date. What was conveyed to me, by the article, was that there are some investment headwinds brewing that could become storms sometime in perhaps January as this is when our elected in Washington will be revisiting the debt ceiling and budget issues. There are many indicators that score the market as being ouverbought as I write. With this and to me the article was conveying that for those that have some good unrealized gains and do not wish to sell their positions now might be a good time to buy some protection in the form of long dated put spreads. In this way, should the market pull back ten or more percent then one has some protection against this anticipated downdraft should it turn into a good size extended downdraft then with the long dated put spreads you have someting that will absorb some of the downdraft. This, seems logical to me.
Most of my defense is found in my asset allocation with cash being currently at about 20% of my portfolio. Some more protection can be found in some funds that I hold that can, if warranted, short. Plus I am overweight the defensive sectors by about 15%. I plan to revisit my portfolio at the first of the year and might trim my equity allocation back by about five percent, which is currently about 45% of the portfolio, to about 40%. While, I don't plan to sell out of equities, I just might sell down some of my equity positions. After all I soon turn sisty six and retired. I have seen too often equity gains get vaporized. This seems to be an unpresidented long run for equities without a major pullback. When it comes, I think there is a good number of investors that will be quick to sell to lock in their gains and this could easily become a rout as valuations drop resulting in margin calls.
Anyway, this is my current thinking. And, let us not forget, it is our different outlooks and perspectives that make the market.
Thanks for stopping by and expressing your view and planned course of action. It is indeed respected.
Old_Skeet

http://www.sec.gov/Archives/edgar/data/1300746/000089418913006590/intrepid_497e.htm
Excerpt:
"Closing of Investor Class Shares of Intrepid Income Fund
The Board of Trustees (the “Board”) of Intrepid Capital Management Funds Trust (the “Trust”), based on the recommendation of Intrepid Capital Management, Inc. (the “Adviser”) has approved closing the Investor Class shares of the Intrepid Income Fund (the “Fund”) as of the close of business on January 31, 2014. Accordingly, as of January 31, 2014, the Fund will no longer offer Investor Class shares as a class of the Fund.
On January 31, 2014, the Fund will convert its Investor Class shares into Institutional Class shares. Prior to the conversion, shareholders of the Investor Class may redeem those shares as described in the Fund’s Prospectus.
Please see the Fund’s prospectus for detailed information about the fees and expenses associated with the Institutional Class shares. Set forth below is a table showing the fees and expenses of the Investor Class shares and the Institutional Class shares, as reflected in the Prospectus..."