August 2012, Funds in Registration

Dreyfus ACWI Ex-U.S. Index Fund

Dreyfus ACWI Ex-U.S. Index Fund seeks to match the performance of the Morgan Stanley Capital International All Country World Ex-U.S. Index (MSCI ACWI Ex-US Index). The fund’s portfolio managers, Thomas J. Durante, Karen Q. Wong and Richard A. Brown, select portfolio investments for the fund using a “sampling” process so that the securities, market capitalizations, country and industry weightings and other fundamental benchmark characteristics of the fund’s portfolio are similar to those of the MSCI ACWI Ex-US Index as a whole. The fund may enter into futures contracts and other financial instruments to manage its short-term liquidity or as a substitute for comparable market positions in the securities included the MSCI ACWI Ex-US Index. The expense ratio has not yet been set. The minimum initial investment is $2,500 for investor shares, with a $100 minimum for subsequent investments.

Huntington Longer Duration Fixed Income Fund

Huntington Longer Duration Fixed Income Fund seeks total return from a non-diversified portfolio of longer duration fixed income instruments. They can invest in securities issued by various U.S. and non-U.S. public- or private-sector entities, though only 20% can be in non-dollar-denominated issues.  They can also hedge their currency exposure.   The average portfolio duration equals the Barclays Capital Long Term Government/Credit Index, plus or minus two years.   Kirk Mentzer leads their management team. Expense ratio 1.08%, no redemption fee. The minimum initial purchase for the Fund’s Trust Shares is $1,000.

Icon Opportunities Fund

Icon Opportunities Fund seeks capital appreciation by investing in U.S. small cap stocks that are “underpriced relative to value” (as opposed to “overpriced relative to coffee”?).  Dr Craig Callahan, Founder, President and Chairman of the Investment Committee, and Scott Callahan, are the Portfolio Managers.  Expense ratio 1.50%, no redemption fee. The minimum initial investment is $1,000.

KKR Alternative High Yield Fund

KKR Alternative High Yield Fund seeks to generate an attractive total return consisting of a high level of current income and capital appreciation. The fund will invest in a portfolio of fixed-income investments, including high yield bonds, notes, debentures, convertible securities and preferred stock, with the potential for attractive risk-adjusted returns. The Adviser seeks to identify and capture discounts or premiums over purchase price in response to changes in market environments and credit events. The majority of the Fund’s investments are expected to be in fixed-income instruments issued by U.S. companies, but the Fund may, from time to time, be invested outside the United States, including investments in issuers located in emerging markets. The Fund will not invest more than 30% of its total assets in non-U.S. dollar-denominated securities or instruments issued by non-U.S. issuers that are not publicly traded in the United States. The Fund may also invest in loans and loan participations. The Fund may seek to obtain market exposure to the securities and instruments in which it invests by investing in ETFs and may invest in various types of derivatives, including swaps, futures and options, and structured products in pursuing its investment objective or for hedging purposes. The Fund is co-managed by Erik A. Falk, Frederick M. Goltz, Christopher A. Sheldon and William C. Sonneborn. Expenses and minimum initial investments have not yet been determined.

Scout Emerging Markets Fund

Scout Emerging Markets Fund seeks long-term growth by investing in emerging market stocks.  For their purposes, e.m. stocks include firms domiciled in developed markets “that derive a majority of their revenue from emerging market countries” and as well those in the MSCI Frontier Markets Index. They’ll try to remain diversified by country and industry, but market events might force them to be less so. Mark G. Weber, a former Morningstar equity analyst who co-managed Scout International Discovery, leads the management team. Expense ratio 1.40%, no redemption fee. Minimum initial investment is $1000 for standard accounts and $100 for IRAs.

TIAA-CREF Social Choice Bond Fund

TIAA-CREF Social Choice Bond Fund seeks a favorable long-term total return while preserving capital and giving special consideration to certain social criteria. The Fund primarily invests in a broad range of investment-grade bonds and fixed-income securities, but may also invest in other fixed-income securities, including those of non-investment grade quality. Fund investments are subject to certain environmental, social and governance (“ESG”) screening criteria provided by a vendor of the Fund, MSCI, Inc. The ESG evaluation process generally favors corporate issuers that are: (i) strong stewards of the environment; (ii) committed to serving local communities where they operate and to human rights and philanthropy; (iii) committed to higher labor standards for their own employees and those in the supply chain; (iv) dedicated to producing high-quality and safe products; and (v) managed in an exemplary and ethical manner. Additionally, Advisors targets 10% of the Fund’s assets to be invested in fixed-income instruments that reflect proactive social investments that provide direct exposure to socially beneficial issuers and/or individual projects such as: affordable housing, community and economic development, renewable energy and climate change, and natural resources. The fund will be managed by Stephen M. Liberatore, Joseph Higgins, and Steven Raab. The expense ratio for retail class investors is 0.75%, with a minimum initial investment of $2,000 for Traditional IRA, Roth IRA and Coverdell accounts and $2,500 for all other account types. Subsequent investments for all account types must be at least $100. There is no minimum initial or subsequent investment for Retirement Class shares offered through employer-sponsored employee benefit plans, with a 0.65% expense ratio.

Vanguard Short-Term Inflation-Protected Securities Index Fund

Vanguard Short-Term Inflation-Protected Securities Index Fund seeks to track the performance of the Barclays U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index. The Fund attempts to replicate the target index by investing all, or substantially all, of its assets in the securities that make up the Index, holding each security in approximately the same proportion as its weighting in the Index. The fund will be managed by Joshua C. Barrickman and Gemma Wright-Casparius. The expense ratio has not yet been set, but as a Vanguard fund can be expected to be low. The minimum initial investment is $3,000 for investor shares, with $100 minimum for subsequent investments.

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