@VF - The article mentioned one, "An investor who bought MFA financial five years ago was up 70% as of February 20th. Now they’re down 73%. It went from $8 to $1.28 in 28 days. Unbelievable move."
Others include NRZ (-68.9%), TWO (-73.9%), LADR (-73.7%), WMC (-77.8%) and ABR (-65.9%). In addition there are several more with YTD losses of between -50 to -60%.

https://www.putnam.com/dcio/content/perspectives/7540-manager-insights-bulls-bears-and-bond-markets-2
/Manager insights: Bulls, bears, and bond markets
Commenting on the extreme swings in the market over the past few weeks, several of Putnam’s senior fixed income managers shared their insights on the bond markets, liquidity, and the Federal Reserve’s actions as of March 24.
Extreme dislocations in money markets, corporate bonds, and securitized debt, as spreads widen and flows near a record pace, will eventually lead to potential opportunities for investors as they look to redeploy cash.
The Fed has acted swiftly and often by announcing numerous lending facilities to ease a liquidity crunch in the financial markets amid the coronavirus (COVID-19) pandemic.
High-yield bonds are pricing in the probability of higher default rates, particularly in the energy sector as oil prices have plummeted./
Article discuss current bonds environments, Feds' actions, risks assessments, and certain directions that their managers implement that may have favorable outcomes with future investments.

Speaking of things budgetary, I just found this article in this morning's Chron. Edited for brevity:

The staggering economic fallout from the COVID-19 pandemic is expected to create a budget deficit in San Francisco of from $1.1 billion to $1.7 billion over the next two fiscal years, city officials said Tuesday.
The grim projections accompanied an announcement that San Francisco’s budget-setting process would be delayed for two months to buy the city’s financial experts time to readjust their spending plans in light of stark revenue losses.
In December, the projected budget shortfall over the next two fiscal years was pegged at around $420 million. That gap between the city’s spending plans and available revenue has roughly quadrupled. Last year’s budget, the largest in the city’s history, was $12.3 billion.
“The coronavirus pandemic is an immediate threat to our public health, and we’re doing everything we can to slow its spread and save lives, but we know that it is also having a major impact on our economy and our city’s revenue,” Breed said in a statement.
The city has already sustained substantial losses brought on by the threat of the coronavirus and its attendant impact on the economy. The estimated losses reflect evaporated revenue the city otherwise would have expected to receive.
Over the next three months, city officials expect a shortfall of from $167 million to $288 million, driven primarily by losses in hotel and real estate-transfer taxes. The 2020-21 fiscal year is shaping up to be worse, according to the projections, with $330 million to $581 million in revenue drained away. Losses in the 2021-22 fiscal year are estimated at between $214 million and $382 million.

Yes, not unexpected. I have REIT investments and have seen their valuations cut 50-60%. In my mind selling now would be ridiculous as I don't expect that all of them will magically go out of business although some very well may. The only single REIT I currently own is Realty Income bought during the financial crisis. Others are held within a CEF whose managers I am comfortable with. For now I wait patiently for them to stabilize and eventually start to rise before considering add-on buys. My magic 8-ball has been in for repairs for some time now so my timing, unlike others, is never perfect.

https://www.sec.gov/Archives/edgar/data/747546/000168386320001575/f2978d1.htm
497 1 f2978d1.htm 497
PARNASSUS FUNDS
PARNASSUS INCOME FUNDS
Parnassus FundSM
Investor Shares: PARNX | Institutional Shares: PFPRX
April 1, 2020
Supplement dated April 1, 2020 to the
Summary Prospectus and Statutory Prospectus, each dated May 1, 2019, as amended and restated March 17, 2020
Name Change and Strategy Change
Effective as of May 1, 2020, the name of the Parnassus Fund will change to the Parnassus Mid Cap Growth Fund, and all references in the Prospectus are hereby changed to the new name as of that date. As of that same date, the Fund will move from being a "multi-cap" fund to a fund that primarily invests in mid-sized growth companies. So, while the Fund currently invests materially in mid-sized growth companies, effective as of May 1, 2020, this will be its primary focus, and effective as of that date, the Fund's "Principal Investment Strategies" disclosure is amended and restated as set forth below. In connection with this change, the Fund's investment objective will remain the same and the Fund may continue to hold any company that it has previously purchased regardless of changes to its market capitalization.
The Parnassus Mid Cap Growth Fund seeks capital appreciation through investing primarily (normally at least 80% of its net assets) in mid-sized growth companies. The Fund considers a mid-sized company to be one that has a market capitalization between that of the smallest and largest constituents of the Russell Midcap® Growth Index (which was between $1 billion and $33.7 billion as of May 31, 2019) measured at the time of purchase. The Fund will not automatically sell or cease to purchase stock of a company it already owns just because the company's market capitalization grows or falls outside the ranges of the Russell Midcap® Growth Index, which are subject to change. The Fund may normally invest up to 20% of its net assets in smaller- and larger-capitalization companies. A growth company is a company that the Adviser believes has a superior and pragmatic growth strategy and the potential for above-average revenue and earnings growth. The Fund invests mainly in domestic stocks of companies that are financially sound and have good prospects for the future, and to a lesser extent may also invest in foreign securities of similar companies. The Fund may purchase foreign securities directly on foreign markets. The Fund is fossil-fuel free, as it does not invest in companies that derive significant revenues from the extraction, exploration, production or refining of fossil fuels; the Fund may invest in companies that use fossil fuel-based energy to power their operations or for other purposes. To determine a company's prospects, the Adviser reviews the company's income statement, cash flow statement and balance sheet, and analyzes the company's sustainable strategic advantage and management team. The Adviser also takes environmental, social and governance ("ESG") factors into account in making investment decisions. The Fund will sell a security if the Adviser believes a company's fundamentals will deteriorate, if it believes a company's stock has little potential for appreciation or if the company no longer meets the Adviser's ESG criteria.
And the following risk factor is added to the "Principal Risks" disclosure, effective as of May 1, 2020:
Growth Investing Risk. The Adviser may be wrong in its assessment of a company's potential for growth and the growth stocks the Fund holds may not grow as the Adviser anticipates. Finally, there are periods when investing in growth stocks falls out of favor with investors and these stocks may underperform.
The following risk factor has been modified as shown below to fit the revised investment strategy of the Fund, effective as of May 1, 2020:
Small- and Mid-Capitalization Company Risk. The Fund invests primarily in mid-capitalization companies, and may also invest in small-capitalization companies, both of which can be particularly sensitive to changing economic conditions since they do not have the financial resources or the well- established businesses of large-capitalization companies. Relative to the stocks of large-capitalization companies, the stocks of small- and mid-capitalization companies are often thinly traded, and purchases and sales may result in higher transaction costs. Also, small-capitalization companies tend to perform poorly during times of economic stress.
The paragraph with the heading "Large-Capitalization Company Risk" is removed from the "Principal Risk" disclosure, effective as of May 1, 2020.
In the "Selection Process for Equity Securities" section, the paragraph with the heading "Parnassus Fund" has been replaced with the following, effective as of May 1, 2020:
Parnassus Mid Cap Growth Fund
The Parnassus Mid Cap Growth Fund seeks capital appreciation through investing primarily (normally at least 80% of its net assets) in mid-sized growth companies. The Fund considers a mid-sized company to be one that has a market capitalization between that of the smallest and largest constituents of the Russell Midcap® Growth Index (which was between $1 billion and $33.7 billion as of May 31, 2019) measured at the time of purchase. A growth company is a company that the Adviser believes has a superior and pragmatic growth strategy and the potential for above-average revenue and earnings growth. While mid- capitalization companies can be riskier than larger companies, they can also possess more potential for future growth.
A significant portion of the securities held by the Fund may be disposed of in connection with the change in investment strategy to align the securities portfolio of the Fund with the mandate that the Fund invest primarily (normally at least 80% of its net assets) in mid-sized growth companies. Any realignment could result in additional portfolio transaction costs to the Fund.
******
Please Read Carefully and Keep for Future Reference

Yes, I agree with what @mcmarasco said about the funds "financial" holding being Visa and MasterCard, 2 great long term holdings. If you look up those stocks you will see they are categorized as IT, not financial.
As far as manager succession John Neff, co-manager, has been mentoring with Aker for 6 years. I've listened to interviews and have been impressed. I don't have a problem with succession. I doubt Aker would walk away totally anyway. I wouldn't be surprised if he retires and still hangs as a consultant.

@LewisBraham - I am familiar with the Brookings study and I was not trying to insinuate that one should only look at the 'home' when viewing a persons total assets. However when looking at your average everyday buyer of a home i.e. the other 80% who do not fall in the top 20% of those controlling 77% of America's net worth, it most often is their largest asset (assuming it's paid for) and they don't have large sums held in stocks, bonds, funds, etc.. They may have an equal amount compared to their other financial assets but I truly wonder how many do. Furthermore in the eyes of the lender those held assets (stocks etc.) are no more liquid than the home is unless and except for the borrower who can demonstrate "income" generated by them. "Income" is all that matters. Period. Held assets certainly adds props to a borrowers credit worthiness in the eyes of the lender but they will insist on demonstrable income sufficient to service the proposed loan. I don't see how that will ever change. If I were a loan officer how would I decide if a borrowers assertion or promise to sell off assets when/if necessary to service a loan payment is true? What will the value of those assets be when that happens, or tomorrow, or next week, or next year? To me that is as unpredictable as Forrest Gump's box of chocolates.
I hate to say it and I think it's a shame but that is the condition under which most of the other 80% operate and are required to operate. I'd be all for changes in this matter.

Just found the SEC Filing so it is not an April Fools joke!
https://www.sec.gov/Archives/edgar/data/915802/000139834420007183/fp0052318_497.htm
497 1 fp0052318_497.htm
FINANCIAL INVESTORS TRUST
SUPPLEMENT DATED MARCH 31, 2020 TO THE SUMMARY PROSPECTUSES AND PROSPECTUS FOR THE GRANDEUR PEAK EMERGING MARKETS OPPORTUNITIES FUND, GRANDEUR PEAK GLOBAL MICRO CAP FUND, GRANDEUR PEAK GLOBAL OPPORTUNITIES FUND, GRANDEUR PEAK GLOBAL REACH FUND AND GRANDEUR PEAK INTERNATIONAL OPPORTUNITIES FUND (EACH A “FUND,” AND TOGETHER, THE “GRANDEUR PEAK FUNDS”) DATED AUGUST 31, 2019
Effective April 1, 2020, the Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, and Grandeur Peak International Opportunities Fund will reopen to all shareholders.
Also, effective April 1, 2020, the Grandeur Peak Global Micro Cap Fund will reopen to all shareholders who purchase directly from Grandeur Peak Funds. The Fund remains open through financial intermediaries to shareholders who currently hold a position in the Fund. Financial advisors with clients in the Fund are able to invest in the Fund for both existing as well as new clients. The Fund also remains open to all participants of retirement plans currently holding a position in the Fund.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

@Mark Yes, a home is an illiquid asset that is hard to value or to liquidate to pay debts. Yet looking at just that is thinking like the average person whose home is his/her largest asset. According to Brookings, "Almost three-quarters of aggregate household assets are in the form of financial assets—namely stocks and mutual funds, retirement accounts, and closely-held businesses. Real estate makes up the vast majority of nonfinancial assets."https://brookings.edu/blog/up-front/2019/06/25/six-facts-about-wealth-in-the-united-states/Since the top 20% controls 77% of America's net worth, much of their assets is not in their residence but in more liquid forms--cash, stocks, bonds, funds, etc: "In fact, the top one percent alone holds more wealth than the middle class. They owned 29 percent—or over $25 trillion—of household wealth in 2016, while the middle class owned just $18 trillion.[iii]" When Bernie Sanders talked about a 2.5% wealth tax he wasn't asking people to sell their homes to pay it.

Just received this email (the table in the email has been adjusted below)
March 31, 2020
Dear Clients and Fellow Shareholders,
We are re-opening the Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, and Grandeur Peak International Opportunities Fund to all shareholders as of Wednesday, April 1, 2020.
We continue to be encouraged by the limited redemptions by our shareholders as we experience increasing volatility in the markets, and believe it is in the best interest of both shareholders and portfolio managers to have the funds open at this time. Opening the Funds to new shareholders may provide an opportunity to make investment decisions in today’s depressed markets that we believe will benefit shareholders for the long term.
Grandeur Peak Emerging Markets Opportunities Fund GPEOX/GPEIX Open
Grandeur Peak Global Contrarian Fund GPGCX Open
Grandeur Peak Global Micro Cap GPMCX Open*
Grandeur Peak Global Opportunities Fund GPGOX/GPGIX Open
Grandeur Peak Global Reach Fund GPROX/GPRIX Open
Grandeur Peak Global Stalwarts Fund GGSOX/GGSXY Open
Grandeur Peak International Stalwarts Fund GPIOX/GPIIX Open
Grandeur Peak International Stalwarts Fund GISOX/GISYX Open
Grandeur Peak US Stalwarts Fund GUSYX Open
In the event the market has an unexpected rebound or the flows into the funds exceed our target asset levels, we are prepared to return back to a Soft Closed status to maintain a relatively small asset base and preserve the nimbleness for our research team. We will, of course, notify you in advance of any future changes to the funds’ status.
To learn more about any of our funds, call any of us on the client team (contacts below) or our shareholder services team at 855-377-7325. Additional information is also posted on our website: www.grandeurpeakglobal.com.
Best Regards,
Mark Siddoway, CFA, CAIA, MBA
Head of Client Relations
* The Grandeur Peak Global Micro Cap Fund is open through financial intermediaries to shareholders who currently hold a position in the Fund. Financial advisors with clients in the Fund are able to invest in the Fund for both existing as well as new clients. The Fund also remains open to all participants of retirement plans currently holding a position in the Fund.
The objective of all the Grandeur Peak Funds is long-term growth of capital. The Global Contrarian and US Stalwarts Funds are new and have limited operating history.
RISKS:
Mutual fund investing involves risks and loss of principal is possible. Diversification does not eliminate the risk of experiencing investment loss. Investing in small-cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds.
An investor should consider investment objectives, risks, charges, and expenses carefully before investing. To obtain a prospectus, containing this and other information, visit www.grandeurpeakglobal.com or call 1-855-377-PEAK (7325). Please read it carefully before investing.
Grandeur Peak Funds will deduct a 2.00% redemption proceeds fee on Fund shares held 60 days or less. For more complete information including charges, risks and expenses, read the prospectus carefully.

Fido FullView remains quite sketchy and laggy. Perhaps this has been noted already; I certainly have posted such for many years now. It seemed the last few months to have finally settled down and gotten quicker and actually accurate, but tonight is back to its old laggy and outdated ways.
The best I know, and even it is not perfect, is ML My Financial Picture. It too used to lag even within the ML / BoA system, but not so much anymore, and is the one I rely on. If you are a BoA customer it is almost worth it to get a ML brokerage accounts and stick some moneys into and then see whether it properly does the draw and aggregation of everything else you have in other firms.

Even at -20% loss, the 60/40 stocks/bonds allocation is still a lot better than 30+ % loss of S&P500.
The massive QE seem to stabilize the bond market and the liquidity. One data point on commercial (corporate) bonds was released today.

Friday’s data represents the most consistent fall in those rates across the quality spectrum since March 4. It suggests that there has finally been a return of some liquidity to the market since the Fed on March 17 said that it would reinstate the Commercial Paper Funding Facility (CPFF), an operation used during the 2008 financial crisis, in which the central bank acts as a lender of last resort for companies otherwise unable to borrow in the short-term market.

https://reuters.com/article/us-usa-corporate-debt-commerical-paper/commercial-paper-rates-fall-signaling-feds-program-working-idUSKBN21H2FD
If the bond market returns and functioning, there is no reason the 60/40 porfolio will not fare well going forward. The psychological element of losing less allow one to maintain their perspective and stay invested until recovery. Going to all cash is only a temporary solution since it pays little in today's low interest rate environment.

Charles noted:

Our friend Junkster always touted the importance of having predefined "exit" criteria. He was/is a day trader so he watches for instabilities typically in price movements of what he calls "tight channel" funds. If he sees them, he exits the trade.

For me, the most important word above is, "see"; in regard to its meaning below.
@Junkster offered pieces now and then, of what he could "see". He didn't make such a notation to impel or compel any one investor to take a particular action within their own portfolio. But for me, his observation(s); based upon his credibility with me, would be enough to cause me to be more curious as to a given circumstance.
To see: discern or deduce mentally after reflection or from information; understand.
We all "see" differently. I noted on March 11 what I could see relative to our portfolio:

>>>>> From a long ago song lyric: "Nowhere to run to, nowhere to hide."
All of the below government bill through bond types are down in pricing.
Our 72% bond/28% equity portfolio has no support from any area as of 12:30 EST.
Has this happened before in modern times??? Where the correlation between UST issues and equity markets have little meaning to one another.
ADD: Is the U.S. Treasury playing in the background to support yields???
--- SHY = (1-3 yr bills)
--- IEI = (3-7 yr notes)
--- IEF = (7-10 yr notes)
--- TLT = (20+ Yr UST Bond
--- EDV = (Vanguard extended duration gov't)
--- ZROZ = (UST., AAA, long duration zero coupon bonds) >>>>
This was my observation then, from my years of watching and learning, I could "see" that something was broken to hell in the AAA Treasury issues. Was this actionable information for others? I don't know, as this was only my observation.
One's escape plan is personal to the point of what was "seen", to find a portfolio that has arrived to where it is now, and what one "see's" now, relative to the composition of the portfolio going forward.
As to an escape plan for this house. Barring a fully worthless portfolio, which would suggest a full collapse of the global financial structure, for any number of reasons; we will remain with a 75% bond/25% equity portfolio at this time. We're fully invested, and can not invest in other areas without a sale of some other area.
Hoping this is understandable for most.
NOTE: more could be added, but other priorities exist for the moment.
Take care of you and yours,
Catch

I share your fear @Charles. I want to treat this as a typical bear market that will come back in some historically defined amount of time, but in the back of my mind I know this is unprecedented. It feels like possibly the only thing that comes close to it historically in a financial way is the great depression. And that took decades and a world war to get over.
At 66, my plan to semi-retire in May has been put on hold (self imposed) until I see what this will ultimately end up as. So far I've been buy-and-hold except for selling my remaining shares of IOFAX. But even with that I took 1/2 the proceeds to buy into BRK/B and put 1/2 into MM. So I guess I remain B and H in a sense.
One comfort I do have and what keeps the exit door closed is that I set aside 3 years of withdrawal money (safe bucket) in anticipation of semi-retirement. I'm not trying to make suggestions to others, but I think that bucket would be prudent for retirees, even setting one up now, (damn, that is a suggestion :) ). If only for it's mental affect, knowing it gives you some time for the rest of your portfolio to recover.
Good luck to all, especially retirees. I'm trying to stay optimistic for now.

At the end of January the advisor for my retirement funds asked me if I'd be comfortable with a 17% drawdown in return for a chance at equivalent higher returns. I said yes, but I too was really not thinking that my portfolio (then about 57% equities) would decline precipitously. Not sure how I would answer the question today, nor how financial advisors are going to have to alter their advice. Maybe in hindsight this period won't feel like a game changer, but it certainly does now. FWIIW, no advised me to get into Alpha Centric.

Hi @Derf- When new data from M* is input, the spreadsheet automatically calculates the actual totals for each fund and computes the YTD, "since purchase", and "since last entry" gain or loss update for each fund, generates multiple charts showing performance by category- by YTD and by quarter.
The spreadsheet deals not only with the input data from M*, but also covers each and every source of financial data- bank accounts, CD's, MMKT funds, the estimated value of our weekend place, etc. Basically, all assets other than the value of our home in SF, the value of which isn't covered since we need that to live in.
Sometimes, like now that we're stuck here at home, I input the M* data daily. Other times it's weekly or maybe just when I feel like it.
Weekend? We've totally lost track of that because each day we're confined to the house is very much like every other day. Please be careful and stay healthy!
OJ

https://www.sec.gov/Archives/edgar/data/806633/000119312520017093/d842170d485bpos.htm
From the 1/31/2020 prospectus:
Open/Closed Status of Funds. The Emerging India Fund, Emerging Markets Select Fund, Emerging Markets Small Cap Fund, Frontier Emerging Small Countries Fund, Global Opportunities Fund, Global Select Fund, Global Value Fund, International Select Fund, Micro Cap Fund, Micro Cap Value Fund, Small Cap Value Fund, Ultra Growth Fund, and U.S. Treasury Fund are each open to investors.
The Core Growth Fund, International Growth Fund, International Opportunities Fund and Small Cap Growth Fund are each closed to new purchases, except purchases by new or existing shareholders purchasing directly from Wasatch Funds, existing shareholders purchasing through intermediaries, and current and future shareholders purchasing through financial advisors and retirement plans with an established position in the Fund. Fund officers may waive or revise the conditions of a closed fund for an intermediary depending on its ability to systematically apply the conditions .

RiverNorth, whose strategy centers on CEF arbitrage as the key to their competitive advantage, posts the following "Cliff Notes" version of their recent conference call.

The following provides a brief recap of the RiverNorth conference call held on March 19th.
Capital markets and economic volatility/uncertainty has led to unprecedented volatility in the CEF markets
RiverNorth estimates that 90%+ of the CEF market is owned by retail – and they are in full retreat
Co-portfolio manager Steve O’Neill described some of the CEF price action last week as a “9.5 out of 10 on the CEF panic scale”
Discounts hit (and in some cases exceeded) levels last seen during the Global Financial Crisis of 2008
To keep investors appraised of the opportunity set, RiverNorth started posting discount data here: rivernorth.com/cef-discount-info
The opportunity is broad based – nearly all CEF asset classes trading at historically wide discounts

@msf- thanks again. Actually, I had found that page and downloaded the pdf file. After your link reference, I did so a number of times and was getting really frustrated because there was NO reference to NAV.
FINALLY I noticed that the script blocker on this computer's browser (a Firefox-based variant optimized for these old Apple G5's) was indicating that some resource had been blocked. When I overrode that the section with the NAV info appeared as if by magic. I'll certainly keep an eye on that info.
We actually have a couple of mac Mini's which are much faster and able to handle browsing with no problems, but I generally use the old G5 because it can handle the ancient (Apple OS 9) financial SS which I've been using for some 20 years. It has certain macro functionality which can't be replicated in current spreadsheets, and the financial SS uses a fair number of those automated macro computing routines. All I have to do is copy the daily M* portfolio report, paste it into the SS, push a couple of buttons, and it's all done... everything computed and updated, with graphs showing complete results quarter-by-quarter, and a page showing each fund's performance, both since the previous entry session and YTD.
The SS is certainly dated- Apple had this SS when MS was still using DOS. Old, but good. Like my wife. :)

https://www.sec.gov/Archives/edgar/data/30126/000089418920002257/rmbmendonreorganization497.htm
497 1 rmbmendonreorganization497.htm RMB MENDON 497E
RMB Mendon Financial Long/Short Fund
Class A Ticker RMBFX
Class C Ticker RMBCX
Class I Ticker RMBIX
Supplement dated March 26, 2020 to the
Statutory Prospectus and Summary Prospectus dated May 1, 2019
IMPORTANT NOTICE REGARDING FUND REORGANIZATION
At a special meeting of the Board of Trustees (the “Board”) of RMB Investors Trust (the “Trust”) held on March 25, 2020, RMB Capital Management, LLC (“RMB”) proposed, and the Board approved, the reorganization of the RMB Mendon Financial Long/Short Fund (the “Financial Long/Short Fund”), a series of the Trust, into the RMB Mendon Financial Services Fund (the “Financial Services Fund”), also a series of the Trust (the “Reorganization”) (each, a “Fund” and together, the “Funds”). In making its decision, the Board considered the recommendation of RMB, the Funds’ investment advisor, that the Reorganization has the potential to benefit shareholders of both Funds through increased efficiencies leading to lower Fund operating expenses borne by shareholders.
Pursuant to an Agreement and Plan of Reorganization, the Financial Long/Short Fund will transfer all of its assets and liabilities to the Financial Services Fund and Class A, Class C and Class I shareholders of the Financial Long/Short Fund will receive the same class of shares of the Financial Services Fund that are equal in value to their shares of the Financial Long/Short Fund that they held immediately prior to the closing of the Reorganization (although the number of shares and the net asset value per share may be different). Upon receipt of the Financial Services Fund shares, the shares of the Financial Long/Short Fund will be null and void. Shareholders of the Financial Long/Short Fund will not pay any sales load, commission, or other similar fee in connection with the Financial Services Fund shares received in the Reorganization. Expenses associated with the Reorganization will be borne by the Funds to the extent of a Fund’s estimated operating expense reduction during the first year following completion of the Reorganization.
It is currently anticipated that the Reorganization will be completed as of the close of business on or about June 12, 2020. It is also intended that the Reorganization will qualify as a tax-free reorganization under the Internal Revenue Code of 1986, as amended, which means that generally no gain or loss will be recognized for federal income tax purposes by the Financial Long/Short Fund or its shareholders as a direct result of the Reorganization. However, prior to completion of the Reorganization, the Financial Long/Short Fund may make net investment income and capital gains distributions to shareholders. Shareholders of the Financial Long/Short Fund should consult their tax advisors regarding the effect of the Reorganization and income and capital gains distributions on their particular tax situation.
Shareholders of the Financial Long/Short Fund will receive an Information Statement/Prospectus that describes the Reorganization in greater detail, as well as important information about the Financial Services Fund. The Board determined that the Reorganization does not require approval by the Funds’ shareholders.
Please retain this Supplement with the Statutory Prospectus and the
Summary Prospectus.