* Distribution Rate is the annual yield an investor would receive if the most recent distribution remained the same going forward. The yield represents a single distribution from the fund and does not represent total return to the fund. The distribution yield is calculated by annualizing the most recent distribution—from both dividend and option income—and dividing it by the most recent NAV. Distributions have included a return of capital. Please click here for more information.
** 30-Day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparisons among bond funds. It is based on the most recent month end. This figure reflects the income earned from dividends—excluding option income—during the period after deducting the Fund’s expenses for the period.
Estimates Only – Do Not Use for Tax Reporting Purposes
These tables provide estimates of the Fund’s distribution sources at the time of payment and should not be relied upon or used for tax planning or tax reporting purposes. Please see notice Pursuant to Rule 19a-1 under the Investment Company Act of 1940 (the “Notice”) here. The amounts and sources of distributions reported in the Notice are estimates on a book basis, are not being provided for tax reporting purposes and may later be determined to be from taxable net investment income, short‐term gains, long‐term gains (to the extent permitted by law), and return of capital. A return of capital occurs when a portion of the money that you invested is paid back to you and should not be confused with “yield” or “income.” The Fund may report a return of capital quarterly on the Notice. This is because the Fund intends to distribute quarterly short-term option capital gains which will be categorized as an estimated return of capital at the time of distribution. The actual amounts and sources for tax reporting purposes will depend upon the Funds investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulation.
The final determination of the source and tax characteristics of all distributions will be made after year-end and reported to you on Form 1099-DIV and these final amounts may vary significantly from the estimates provided above. Form 1099-DIV, which is mailed after the close of the calendar year, will specify how the distributions paid by the Fund during the year should be characterized and reported on your tax return (e.g. ordinary income, return of capital and capital gain).
Mutual fund investing involves risk. Principal loss is possible.
An investor should consider the investment objectives, risks, charges and expenses carefully before investing. A prospectus containing this and other information may be obtained by calling 1-800-869-1679 or clicking here. Please read the prospectus carefully before investing.
NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
Distributed by Arbor Court Capital, LLC (Member FINRA)
Important Information
Expense Ratio as disclosed in the December 10, 2018 prospectus:
A Share
Gross Expense Ratio 3.07%
Net Expense Ratio 1.80%
I Share
Gross Expense Ratio 2.74%
Net Expense Ratio 1.55%
(1) Expense ratio as disclosed in the December 10, 2018 prospectus. Innovative Portfolios, LLC, the Fund’s investment advisor (the Advisor), has contractually agreed to waive its fee and/or reimburse expenses, at least through January 31, 2020, so that the Fund’s total annual operating expenses (excluding acquired fund fees and expenses, taxes and extraordinary expenses) do not exceed 1.75% for the class A shares and 1.50 for the class I shares.
(2) Par: Equal to the nominal or face value of a security. Par value has no relation to market value, the market price for a bond or preferred stock may be above or below par. Par value has importance with bonds and preferred stock, as preferred dividends and bond interest are normally stated as a percentage of the par value of a preferred stock or bond issue.
Portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation or solicitation to buy, sell or hold any particular security.
NAV per share is as of the prior day’s market close of regular trading on the NYSE, generally 4:00 p.m. Eastern time, on each day the NYSE is open for trading.
The Fund invests in options. All investment strategies carry risk, and transactions in options may carry a high degree of risk. Investors should carefully consider a Fund’s risks and investment objectives as an investment in a Fund may not be appropriate for all investors and is not designed to be a complete investment program. Investing in the Funds involves risk. It is possible that investing in the Funds may result in a loss. Before making an investment/allocation decision, investors and registered investment advisers (RIAs) allocating to clients’ account should consider the suitability of this investment with respect to such investor’s or client’s net worth, income, age, and risk tolerance. Investment should be avoided where an investor has a short-term investing time horizon and/or cannot bear the loss of some or all of their investment. Before investing in the Fund, investors and RIAs allocating to client’s account should read the discussion of risks of investing in the prospectus. You can obtain a prospectus by clicking here.
This material represents an assessment of the market environment at a specific point in time and should not be relied upon as investment advice, does not constitute a recommendation to buy or sell a security or other investment and is not intended to predict or depict performance of any investment. This material is not being provided in a fiduciary capacity and is not intended to recommend any investment policy or investment strategy or take into account the specific objectives or circumstances of any investor. Please consult with your investment, tax or legal adviser regarding your individual circumstances prior to investing.
The Funds are offered only to United States residents, and information on this site is intended only for such persons.
