http://www.sec.gov/Archives/edgar/data/1396092/000120928615000762/e1791.htm
497 1 e1791.htm
Big 4 OneFund
Investor Class Shares (FOUIX)
Institutional Class Shares (FOURX)
Supplement dated December 23, 2015
to the Prospectus and Statement of Additional Information
each dated September 19, 2014
The Board of Trustees (the “Board”) of World Funds Trust (the “Trust”) has approved a Plan of Liquidation (the “Plan”) relating to the Big 4 OneFund (the “Fund”), effective December 23, 2015. Chicago Partners Investment Group, LLC, the Fund’s investment adviser (the “Adviser”), has recommended to the Board to approve the Plan based on its representations of its inability to market the Fund and the Adviser’s indication that it does not desire to continue to support the Fund. As a result, the Board has concluded that it is in the best interest of the Fund’s shareholders to liquidate the Fund.
In connection with the proposed liquidation and dissolution of the Fund called for by the Plan, the Board has directed the Trust’s principal underwriter to cease offering shares of the Fund immediately as of the date of this Supplement. Shareholders may continue to reinvest dividends and distributions in the Fund or redeem their shares until the liquidation.
It is anticipated that the Fund will liquidate on or about December 31, 2015. Any remaining shareholders on the date of liquidation will receive a distribution of their remaining investment value in full liquidation of the Fund. If you have questions or need assistance, please contact your financial advisor directly or the Fund toll-free at 1.800.673.0550.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of any redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (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 receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
This Supplement, and the existing Prospectus dated September 19, 2014, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information dated September 19, 2014 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.

Bought bunch of oil bonds since last yr and you do see a declines in prices.

Is there such a thing as oil preferred shares? A stock beat up by the market that still has the ability to "weather the storm" and continues to pay a dividend (has low debt/ relatively high revenue) might even be better than a preferred share.
I second @little5bee recent quote:

"CVX is yielding 4.5% and XOM is yielding almost 4%. I won't get rich, but I think these two companies have the financial resources to protect those dividends. If they keep sliding, I'm planning to buy more. No, they are not the most exciting positions from a risk/reward standpoint, but I'd rather have a "safe" dividend than roll the dice on a capital gain."

@Old_Joe CVX is yielding 4.5% and XOM is yielding almost 4%. I won't get rich, but I think these two companies have the financial resources to protect those dividends. If they keep sliding, I'm planning to buy more. No, they are not the most exciting positions from a risk/reward standpoint, but I'd rather have a "safe" dividend than roll the dice on a capital gain.
Which MLPs are best positioned to weather this downturn and protect their dividends? Any recommendations? I'd like to start buying those, as well, but since some of the stalwarts...like Kinder Morgan...have been decimated, I don't know where to start.

Financial crisis has left me w/bad taste in my mouth for holding BANK stocks. Plus their preferreds are rarely cumulative on the dividend, which in my view is a giant "f-you" to retail investors who want the stability of income.
One ETF that's not on the list you posted but has been on my watch list for ages if I want more preferred exposure is PFXF ... preferred stocks, ex-banks. It does hold a lot of REITs but no 'banks' per se.

Treasury Bills Beat Oil 30 Years On
Posted on December 22, 2015 by David Ott Acropolis Investment Management
The annualized standard deviation of monthly returns for WTI spot was 25.21 percent. To put that in perspective, it was 16.86 percent for the S&P 500 during the same period, which include the tech bubble/burst and the 2008 financial crisis.
That’s right, oil was 50 percent more volatile than stocks, but it yielded lower returns than Treasury bills over a 32 year period.

The orange line below takes the historical prices and puts them into today’s dollars ... I find it remarkable that oil was trading at the equivalent of $65 per barrel when the data first started (1983)compared to the $35 level today.

http://acrinv.com/treasury-bills-beat-oil-30-years-on/
Update 12/23/15 Oil and Energy Stocks
Posted on December 23, 2015 by David Ott
One of my favorite long-timer readers asked me today to follow up on the chart from yesterday to include the performance of energy stocks
The best quality sector data from S&P only dates back to 1989, so this data set isn't quite as long as what I showed yesterday, but the story is basically the same and I have to admit that I was surprised by how well energy stocks have done over the last 25 or so years.
In fact, despite the absolute bear market in energy stocks, which have fallen by about a third since their peak last year, they are still outperforming the S&P 500 when you look at the entire period. (1989-present0
In that same vain, when we look at this shortened period, WTI crude has kept pace with inflation, unlike the chart yesterday that showed crude failing to keep up with inflation - it just goes to show how so much data is period specific.

http://acrinv.com/oil-and-energy-stocks/

MANNING & NAPIER has been a wonderful financial investment house from my neck of the world (Fairport NY, an affluent suburb of Rochester) for many years. Recently they bought a majority holding in Rainier Investment Management. I wonder if closings like this will be a consolidation of similar type funds from these companies.

The Yahoo Finance article presenting these 29 funds,linked to in the original article, is here:
http://finance.yahoo.com/news/why-the-current-credit-crisis-might-be-35-times-worse-than-you-thought-134706002.html
Its video is okay (talking about junk bond pricing, energy sector), but the $27B and 29 funds are nonsense. The table is not one of funds with particularly high amounts of illiquid assets, but rather one of 10%+ draw downs in 2015.
While many are bond (and notably high yield bond) funds, the list also includes funds like Victory CEMP US 500 Enhanced Volatility Weighted Index (CUHAX). That is not a mistake; M* reports a draw down of 10.39% between May 22 and Aug 25. (CEMP is the management company). This "at risk" fund's top holdings are such illiquid securities as Coke, Clorox, American Financial Group, Berkshire Hathaway B, Pepsi. Oh, and Yahoo seems to think this fund is Credit Suisse Global Health & Science.
I'm not saying that perhaps many of the funds listed are at risk - just that this does not reflect a "revelation" by Yahoo, or much of anything, beyond an attention getting headline.
Regarding Ms. Yellen's reported statement that the SEC is in the process of implementing measures to address the problem, the SEC put out a proposal months ago. Does "swing pricing" ring any bells here?
Here's my exasperated critique of the initial press coverage of the SEC proposal:
http://www.mutualfundobserver.com/discuss/discussion/23781/sec-wants-to-stem-liquidity-risk-of-open-end-funds-etfs
and Prof. Snowball's subsequent fine presentation of the proposal:
http://mutualfundobserver.com/discuss/discussion/23894/the-variable-impact-of-sec-s-proposed-liquidity-management-program

All the pure plays are pretty volatile - the ups and downs have been a fact of life to this point. I've owned a tiny bit of NEXTX for a while - the theme is "new economy," including renewables - and I've bought and sold some QCLN and ICLN a time or two.
Depending on a bunch of factors specific to your situation (e.g., your utility rates, the laws in your state governing net metering, the orientation of your house) one of the best long-term investments in renewables may be not a financial product, but solar panels on your roof. The investment calculus works where I live, and it isn't in California. Things are moving fast on the solar front.

OK, so if that happens, then OPEC will again own the market. The only problem is that their income won't be anywhere close to what they need to maintain their living standards. "Production cost" is one thing; required national income is quite another. Saudi Arabia, for example, needs oil at around $100 to satisfy their income needs, from what I've read, and at the moment they are drawing down their financial reserves to supply the income difference.
The house of Saud may be many things, but stupid with respect to the world oil market probably isn't one of them. So where does that leave them?
It seems highly possible to me that there's something else going on here, that we're just not seeing yet. I wouldn't be too surprised if the threat of a major production increase from Iran is a factor in Saudi thinking, but even so, I can't see any commercial logic to the present situation.

That's too bad. I'm invested in RAIIX and have been very pleased with its performance and small asset base. I'm particularly concerned by this sentence in the press release:
"The transaction is structured with an initial upfront cash payment funded through the Company’s available cash position, with additional payments based on Rainier achieving certain financial targets over a four year period." Certain financial targets being AUM?
I fear another Marketfield fund scenario where asset bloat (after being acquired by NY Life) ruined a good fund.
I need to reconsider my investment in RAIIX. What other alternatives might one suggest for small-mid international growth? Perhaps GISOX?
Disappointed.
Mike_E

http://www.sec.gov/Archives/edgar/data/1523624/000114420415071495/v426142_497.htm
497 1 v426142_497.htm 497
Filed Pursuant to Rule 497(e)
1933 Act Registration No. 333-175116
1940 Act Registration No. 811-22574
WHITEBOX TACTICAL OPPORTUNITIES FUND
WHITEBOX MARKET NEUTRAL EQUITY FUND
WHITEBOX TACTICAL ADVANTAGE FUND
Supplement dated December 17, 2015, to the Prospectuses dated January 16, 2015 (as supplemented March 5, 2015, September 1, 2015 and November 16, 2015)
The Board of Trustees (the “Trustees”) of Whitebox Mutual Funds (the “Trust”) has determined that it is in the best interests of the shareholders of the Whitebox Tactical Opportunities Fund, the Whitebox Market Neutral Equity Fund and the Whitebox Tactical Advantage Fund (collectively, the “Funds”) to liquidate and terminate the Funds.
The liquidation of the Funds is expected to be effective on or about January 19, 2016 or at such other time as may be authorized by the Trustees (the “Liquidation Date”). Termination of the Funds is expected to occur as soon as practicable following liquidation.
Effective at market close on December 17, 2015, the Funds will cease accepting purchase orders from new or existing investors. The Funds anticipate making a distribution of any income and/or capital gains of the Funds in connection with its liquidation. This distribution may be taxable. The tax year for the Fund will end on the Liquidation Date.
Shareholders of the Funds may redeem their shares at any time prior to the Liquidation Date.
If a shareholder has not redeemed his or her shares as of the Liquidation Date, the shareholder’s account will be automatically redeemed and proceeds will be sent to the shareholder at his or her address of record. Liquidation proceeds will be paid in cash for the redeemed shares at their net asset value.
To prepare for the closing and liquidation of the Funds, the Funds’ portfolio managers will likely increase the Funds’ assets held in cash and similar instruments in order to pay for Fund expenses and meet redemption requests. As a result, the Funds are expected to deviate from their stated investment strategies and policies and will no longer be managed to meet their investment objectives.
Redemptions of shares (including liquidating redemptions) are generally taxable. Shareholders should consult their personal tax adviser concerning their particular tax situations.
All expenses of the liquidation of the Funds will be borne by Whitebox Advisors LLC.
A shareholder may obtain additional information by contacting Investor Services at (855) 296-2866 Monday through Friday 9:00am to 8:00pm EST or by contacting his or her plan sponsor, broker-dealer, or financial institution.
* * *
Prospectus Supplement Dated December 17, 2015
Please Read Carefully and Keep for Future Reference

Updated:
http://www.sec.gov/Archives/edgar/data/915802/000091580215000113/stickerredmontfundiliquidati.htm
497 1 stickerredmontfundiliquidati.htm
FINANCIAL INVESTORS TRUST
REDMONT RESOLUTE FUND I
Supplement dated December 17, 2015
to the
Prospectus and Statement of Additional Information each dated August 31, 2015
for the Redmont Resolute Fund I,
a series of Financial Investors Trust (the “Trust”)
The below information supersedes the information in the supplement dated December 16, 2015.
The Board of Trustees (the “Board”) of the Trust, based upon the recommendation of Highland Associates, Inc. (the “Adviser”), the investment adviser to the Redmont Resolute Fund I (the “Fund”), a series of the Trust, has determined to close and liquidate the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders that the Fund be closed and liquidated as a series of the Trust effective as of the close of business on January 29, 2016.
The Board approved a Plan of Liquidation (the “Plan”) that determines the manner in which the Fund will be liquidated. Pursuant to the Plan and in anticipation of the Fund’s liquidation, the Fund will be closed to new purchases effective as of the close of business on December 16, 2015. However, any distributions declared to shareholders of the Fund after December 16, 2015, and until the close of trading on the New York Stock Exchange on January 29, 2016 will be automatically reinvested in additional shares of the Fund unless a shareholder specifically requests that such distributions be paid in cash. Although the Fund will be closed to new purchases as of December 16, 2015, you may continue to redeem your shares of the Fund after December 16, 2015, as provided in the Prospectus. Please note, however, that the Fund will be liquidating its assets as of the close of business on January 29, 2016.
Pursuant to the Plan, if the Fund has not received your redemption request or other instruction prior to the
close of business on January 29, 2016, the effective time of the liquidation, your shares will be redeemed,
and you will receive proceeds representing your proportionate interest in the net assets of the Fund as of
January 29, 2016, subject to any required withholdings. As is the case with any redemption of fund shares, these liquidation proceeds will generally be subject to federal and, as applicable, state and local income taxes if the redeemed shares are held in a taxable account and the liquidation proceeds exceed your adjusted basis in the shares redeemed. If the redeemed shares are held in a qualified retirement account such as an IRA, the liquidation proceeds may not be subject to current income taxation under certain conditions. You should consult with your tax adviser for further information regarding the federal, state and/or local income tax consequences of this liquidation that are relevant to your specific situation.
The Fund will bear the expenses incurred by the Fund in carrying out the Plan.
Please retain this supplement with your Prospectus and Statement of Additional Information.

http://www.sec.gov/Archives/edgar/data/915802/000091580215000110/stickerredmontfundiliquidati.htm
FINANCIAL INVESTORS TRUST
REDMONT RESOLUTE FUND I
Supplement dated December 16, 2015
to the Prospectus and Statement of Additional Information each dated August 31, 2015
for the Redmont Resolute Fund I,
a series of Financial Investors Trust (the “Trust”)
The Board of Trustees (the “Board”) of the Trust, based upon the recommendation of Highland Associates, Inc. (the “Adviser”), the investment adviser to the Redmont Resolute Fund I (the “Fund”), a series of the Trust, has determined to close and liquidate the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders that the Fund be closed and liquidated as a series of the Trust effective as of the close of business on January 18, 2016.
The Board approved a Plan of Liquidation (the “Plan”) that determines the manner in which the Fund will be liquidated. Pursuant to the Plan and in anticipation of the Fund’s liquidation, the Fund will be closed to new purchases effective as of the close of business on December 16, 2015. However, any distributions declared to shareholders of the Fund after December 16, 2015, and until the close of trading on the New York Stock Exchange on January 18, 2016 will be automatically reinvested in additional shares of the Fund unless a shareholder specifically requests that such distributions be paid in cash. Although the Fund will be closed to new purchases as of December 16, 2015, you may continue to redeem your shares of the Fund after December 16, 2015, as provided in the Prospectus. Please note, however, that the Fund will be liquidating its assets as of the close of business on January 18, 2016.
Pursuant to the Plan, if the Fund has not received your redemption request or other instruction prior to the
close of business on January 18, 2016, the effective time of the liquidation, your shares will be redeemed,
and you will receive proceeds representing your proportionate interest in the net assets of the Fund as of
January 18, 2016, subject to any required withholdings. As is the case with any redemption of fund shares, these liquidation proceeds will generally be subject to federal and, as applicable, state and local income taxes if the redeemed shares are held in a taxable account and the liquidation proceeds exceed your adjusted basis in the shares redeemed. If the redeemed shares are held in a qualified retirement account such as an IRA, the liquidation proceeds may not be subject to current income taxation under certain conditions. You should consult with your tax adviser for further information regarding the federal, state and/or local income tax consequences of this liquidation that are relevant to your specific situation.
The Fund will bear the expenses incurred by the Fund in carrying out the Plan.
Please retain this supplement with your Prospectus and Statement of Additional Information.

The Fed has talked this one up, so it'd be surprising if they don't move now.
But all the blather about it over the past years is coming mainly from the financial press, most of whom have never had any idea what they're talking about.

@BenWP No luck on the distributions but full speed ahead with asset growth !
Eventide Hires Ultra High Net Worth Sales Veteran as Head of Distribution
Marketwired
December 09, 2015: 08:30 AM ET
Eventide Funds (NASDAQ: ETGLX)(NASDAQ: ETNHX)(NASDAQ: ETNMX)(NASDAQ: ETAGX)(NASDAQ: ETAHX)(NASDAQ: ETAMX), a values-based mutual fund family, is pleased to announce that Jeff Cave will lead its sales and distribution efforts. As Head of Distribution, Mr. Cave will specifically lead sales and distribution to institutional channels and will continue to improve Eventide's quality of service to financial advisors and clients. Mr. Cave brings extensive experience from his prior role as an Ultra High Net Worth (UHNW) Wealth Management Specialist for the Private Banking and Investment Group at Merrill Lynch.
"There is a significant and growing group of clients and advisors who want to connect means and meaning," said Mr. Cave. "I'm excited to now connect with advisors in all channels and to combine my passion for faith and finances on a full time basis. Eventide has created something very special, and I'm thrilled to be a part of this group of caring, thoughtful and very talented people who are working to make a difference in the growing movement of values-based investing."
http://money.cnn.com/news/newsfeeds/articles/marketwire/11G075081-001.htm

Hi @TPS Transfer,
Yes, energy is currrently taking it on the chin and would be a contrarian move. I will not start to change much of anything until I begin to see some positive upward movement in the markets. Fourth Quarter 2015 reporting will, I believe, set the stage for much of 2016.
Currently, my current overweights are financials (+3%), communication services (+3%), Industrials (+1%), technology (+1%), consumer staples (+3%), healthcare (+3%) and utilities (+3%). Keep in mind my target weightings for the four minor sectors of materials, real estate, communication services and utilities is 5% each and my target weighting for the majority sectors of consumer cyclical, financial services, energy, industrials, technology, consumer defensive, and healthcare is 9% each. This leaves 17% that can be moved around, to overweight, from my target weightings.

FYI; This week’s mid-week reading covers a lot of ground, from hedge fund and managed futures performance for November, to the increasing buildup of the private equity industry’s “dry powder.”
One particular article that resonates with me is the post by Kenneth Masse of Invesco on equity market neutral strategies. Just this morning I had a conversation with an advisor about how these strategies can be used as a fixed income substitute. There are a lot of reasons for investors to consider this, and Masse’s blog post hits on the key points. Finally, if you want to get a head start on stocking stuffers, David Merkel provides a solid list of book ideas on The Aleph Blog.
Regards,
Ted
http://dailyalts.com/mid-week-reading/

Large value, it's said. Below are its investments. Help. Not a balanced fund?
Collateralized Loan Obligations 20.5%
Non-Agency Commercial Mortgage-Backed Obligations 16.5%
US Government Bonds and Notes 14.3%
Non-Agency Residential Collateralized Mortgage Obligations 11.4%
Banking 7.9%
US Government / Agency Mortgage-Backed Obligations 5.9%
Short-Term Investments 4.1%
Utilities 2.2%
Oil & Gas 2.1%
Transportation 1.7%
Healthcare 1.7%
Telecommunications 1.4%
Foreign Government Bonds and Notes, Supranationals and
Foreign Agencies 1.3%
Finance 1.2%
Media 1.0%
Consumer Products 0.9%
Technology 0.9%
Building and Development 0.8%
Business Equipment and Services 0.7%
Retailers (other than Food/Drug) 0.6%
Mining 0.6%
Chemicals/Plastics 0.6%
Asset-Backed Obligations 0.6%
Food Products 0.6%
Industrial Equipment 0.6%
Electronics/Electric 0.5%
Food/Drug Retailers 0.5%
Insurance 0.5%
Automotive 0.4%
Conglomerates 0.4%
Pharmaceuticals 0.4%
Beverage and Tobacco 0.4%
Real Estate 0.4%
Leisure 0.4%
Construction 0.3%
Financial Intermediaries 0.3%
Hotels/Motels/Inns and Casinos 0.2%
Energy 0.2%
Aerospace & Defense 0.2%
Environmental Control 0.2%
Containers and Glass Products 0.1%
Pulp & Paper 0.1%
Cosmetics/Toiletries 0.1%
Other Assets and Liabilities (5.7)%

@Mark Well, that didn't take long; I thought they'd at least ruminate about doing it for a month or so. Perhaps things are more acute than they appear (which is bad enough)? From 51/qtr to 50/yr--- whew, hello sailor!
Good memory, @hawkmountain. More and more, it is looking like this entire sector, and the people who populate these businesses, will be great destroyers of OPM before all is shaken out.
@little5bee You might want to go back and read a white paper I posted several months ago. The guy made a strong case for the decline of the MLP business model; peruse the last couple of financial reports of any MLP you might be considering for reentry, and you can see he probably has it more right than wrong. Now, even then, you might still think you can grab a good dvd. and avoid problems by investing in an ETF or CEF potpourri of MLPs, but IMO the trend here is not your friend and that would be a little bit of Magical Thinking.
http://www.mutualfundobserver.com/discuss/discussion/comment/69515/#Comment_69515

For those who feel like really rolling the dice, Kinder Morgan warrants are now.... (drumroll)....11 cents. They were $5.50 or so in April. I continue to ponder the Kinder preferred.
I am not selling what I have left in terms of oil-related names (pipelines), but I'm glad that what I had in terms of oil producers months ago went into financial/commodity exchanges (CME, ICE.) ICE in particular has done quite well since the oil decline started. I will probably not be going back into oil producers, but may add to pipelines but I am waiting to see how the situation goes - I'm willing to miss the initial few % of a turn rather than trying to pick bottoms.