October 24, 2019

The United States and China de-escalated their trade war in advance of planned meetings in October.

July 23, 2019

The U.S. Federal Reserve moved further into an accommodative stance at the June meeting, with 8 of 17 voting members indicating one or more interest rate cuts would be needed in 2019. On the trade front, presidents Trump and Xi agreed to meet at the G20 gathering with...

April 24, 2019

The U.S. Federal Reserve (Fed) confirmed their patient posturing during the March meeting. The Fed is now projecting no hikes for the remainder of 2019, in-line with market expectations. They also indicated the run-off of their balance sheet will end in September. The...

January 19, 2019

Despite the trade war truce between the U.S. and China, equities struggled under concerns of slowing global growth and the risk of a Fed policy mistake. Foreign equities fared better than domestic equities, but all segments were materially negative. Long/ short equity...

September 30, 2018

U.S. equities were mixed, with the S&P 500 setting a new high, but retreating late in the month to end with a small positive return. Small cap did not fare as well, posting meaningful losses. Long/short equity produced a slight negative return, being impacted by the ov...

August 31, 2018

U.S equities had another strong month, with the S&P 500 setting a new record for the longest bull market. Long/short equity was one of the better performing strategies, as both sector and security selection contributed. Information technology is the top sector exposure...

August 28, 2018

Alternative investments are gradually becoming accepted as a core component of an investment portfolio as a strategy that may help produce more consistent returns. Alternative mutual funds, including multi-alternative or multi-strategy funds have become a mainstay in t...

August 24, 2018

U.S equities had a strong month, resulting in positive performance from long/short equity strategies. The majority of S&P 500 companies have reported earnings for Q2, with the growth rate in earnings per share at 24%, higher than the expected level of 20%. The percenta...

August 24, 2018

All too often, investors make one of three choices regarding alternative or lower-correlated mutual funds. Some do not invest, as they correlate “different” with “risky”. Some choose to invest in the highest performing funds, considering them as just another growth dri...

July 18, 2018

U.S. equities were once again positive, supported by the strong domestic economy. However, international equities were impacted by the looming trade war, with both developed and emerging markets falling. Long/short equity strategies struggled,posting a negative return...

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Important Information

Investors in alternative investments should bear in mind these can be highly speculative products and may not be suitable for all clients.

An investor should consider the Fund’s investment objectives, risks and charges and expenses carefully before investing or sending money. This and other important information about the investment company can be found in the Fund’s prospectus. To obtain a prospectus, please call 1-844-838-2120 or visit www.milescapitalfunds.com and download one here. Please read the prospectus carefully before investing. 

The fund is distributed by Unified Financial Securities, LLC (Member FINRA). Miles Capital, Inc. is the investment advisor. Investment in the Fund involves risk, including the possible loss of principal. An investment in the Fund is not insured or guaranteed by the FDIC or any other government agency. 

Circumstances could create a situation whereby utilizing a hedge fund strategy could have the adverse effect of increasing volatility.

 

A Word About Risk

All investments involve risk, and the Fund cannot guarantee that it will achieve its investment objective.  The Fund’s returns and share price will fluctuate, and you may lose money by investing in the Fund.

Diversification does not ensure a profit or guarantee against loss.

Investors in alternative investments should bear in mind that these products can be highly speculative and may not be suitable for all clients.  Alternative strategies pursued by the Fund may be subject to a number of risks either directly or indirectly through its investments in other Investment Companies or other securities and investment instruments.  These risks include:

Allocation risk – the Fund may at times favor an asset category or strategy that performs poorly relative to other asset categories and strategies.

Commodity risk – investments in commodities and commodity-linked ETNS may subject the Fund to additional volatility.  The value of commodities may be affected by overall market movements and factors affecting a particular commodity or industry, including adverse weather conditions, diseases, embargoes, taxes and other political and regulatory developments.  Any income received from commodities-related investments will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.

Concentration risk – if an underlying fund is concentrated in a particular industry or economic sector, events that affect that industry or economic sector will have a greater effect on the underlying fund than they would on a fund that is more diversified among a number of unrelated industries or sectors.

Credit and counterparty risk – the counterparty to a transaction with the Fund or an underlying Fund may be unwilling or unable to meet its obligations.

Currency risk – currencies in which an underlying fund’s investments are traded, or currencies in which an underlying fund has taken an active position, may decline in value relative to the U.S. dollar.

Derivatives risk, including futures risk and option risk – the use of derivatives by an underlying fund could lead to substantial volatility and losses.  Derivatives may be illiquid and difficult to price, and the counterparty to a derivatives contract may be unable or unwilling to fulfill its obligations under the contract.  An underlying fund’s use of futures could expose the underlying fund to gains or losses that far exceed the level of the underlying fund’s initial investment.  An underlying fund may lose the entire value of the premium paid to purchase a put or call option.

Equities securities risk – equity securities are subject to changes in the company’s financial condition over overall market and economic condition.  Small-cap stock may pose greater market and liquidity risks than large-cap stock.

Exchange-traded note risk – and ETN reflects the risk of owning the assets that compose the market index the ETN is designed to track.  The Fund’s decision to sell an ETN may be limited by the availability of a secondary market.

Fixed-income securities risk – rising interest rates typically cause the value of bonds and other debt instruments to fall, while declining interest rates generally increase the value of existing bonds and other debt instruments.  The issuer of a fixed-income security may default on payment of interest or principal. 

Foreign securities risk – investing in foreign issuers may involve risks not associated with US investments, including settlement risks, currency fluctuation, local withholding and other taxes, different financial reporting practices and regulatory standards, high costs of trading, changes in political conditions, expropriation, investment and repatriation restrictions, and settlement and custody risks.

Hedging risk – although underlying funds may use certain hedging strategies intended to limit or reduce investment risk, these strategies may be unsuccessful.

Leverage risk – the use of leverage typically magnifies both gains and losses.

Liquidity risk – underlying funds may hold less liquid securities.  When there is no willing buyer and a security cannot be readily sold, an underlying fund may be unable to sell the security at an advantageous time or price.

Management risk – the Fund’s performance is dependent upon the Adviser’s skill in selecting underlying funds and making appropriate investments.

Market risk – the price of securities held by the Fund or underlying funds may decline in response to world events and conditions affecting the general economy.

New fund risk – there can be no assurance that the Fund will grow to an economically viable size, in which case the Fund may cease operations, and your interest in the Fund may be liquidated at an inopportune time.

Other investment company securities risk – the Fund’s investment in underlying investment companies, including mutual fund and ETFs, exposes the Fund to the investment performance and risks of those investment companies.  The underlying funds in which the Fund invests will pay management fees, brokerage commissions, operating expenses and performance based fees to each manager it retains.  As a result, the cost of investing in the Fund may be higher than other mutual funds that invest directly in stocks and bonds.  There is no guarantee that any of the trading strategies used by the underlying managers will be profitable or avoid losses. 

Quantitative methods risk – the Adviser’s use of quantitative methods in managing the Fund’s portfolio may not be successful or work as expected.

Real estate investment risk – an underlying fund’s investment in companies in the real estate industry will expose the underlying fund to the risks of owning real estate directly, including economic downturns that have a negative effect on the real estate markets, possible lack of available financing, and changes in interest rates or property values.

Short sales risk – short sales have the possibility of unlimited losses.