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Market Neutral Fund - A (HSKAX)

Market Neutral Fund - A (HSKAX)
Overview Performance and Ratings Holdings and Details Management Dividends and Capital Gains Fees and Expenses Sales Resources

Objective

The Fund seeks to provide long-term capital appreciation from a broadly diversified portfolio of U.S. stocks while neutralizing the general risks associated with stock market investing.

Strategy/Investment process

  • Takes long and short positions in mid- and large-cap companies.
  • Purchases securities that may be undervalued and sells short securities that appear overvalued.
  • Balances the dollars invested in the long and short positions within each sector to achieve sector and market neutrality.
  • Focuses on stock selections as the primary means of generating returns.
Performance basics
  Annualized returns (as of 3/31/2014)
  1 Year 3 Year 5 Year Incept
at NAV -0.62% -1.85% -2.17% 0.27%
With 5.25% max. sales charge -5.82% -3.59% -3.22% -0.38%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index 0.07% 0.08% 0.12% 1.52%
Lipper Alternative Equity Market Neutral Funds Index 1.17% 2.02% 3.77% 2.53%

Performance Inception Date:11/30/05

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Current performance may be higher or lower than the performance data shown. For performance current to the most recent month-end, please call 1-800-480-4111.

Benchmark since inception returns are as of month-end. The performance quoted is past performance and is not a guarantee of future results.

Annual operating expenses (%)
Expense cap expiration date 02/28/2015
Expense cap 1.50%
Total annual operating expenses 3.81%
Fee waivers and/or expense reimbursements 0.47%
Net expenses 3.34%

Net Expenses,Fee waivers and/or expense reimbursements
The Investment Advisor, Administrator and Distributor (the "Service Providers") have contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Operating Expenses (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed the expense cap of the average daily net assets through the expense cap expiration date. This contract continues through that date, at which time the Service Providers will determine whether or not to renew or revise it.

Ratings (as of 3/31/2014)
Morningstar overall rating: (87 funds)
Morningstar category: Market Neutral

Overall rating A Shares; Market Neutral Category; 87 funds. Three year rating 2 stars; 87 funds. Five year rating 1 stars; 54 funds. 10 year period not yet rated.

2014, Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its providers; (2) may not be copied or distributed; (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damage or losses arising from any use of this information. Past performance is not a guarantee of future results. For each fund with a three-year history, Morningstar calculates a Morningstar Rating™ metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the fund's load-adjusted return for the same period, and then adjusting this excess return for risk. The top 10% of funds in each broad asset class receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. Different share classes may have different ratings.

The ranking information is provided by Lipper Analytical Services. Past performance is no guarantee of future results. Rankings are calculated based upon the total returns of multiple share classes within their respective Lipper category. Different share classes may have different rankings.

Minimum investments
Minimum investments Minimum subsequent investments
Regular $1000 Regular $25
IRA $1000 IRA $25
Daily stats (as of 4/24/2014)
NAV YTD
$14.43 0.91%
$0.02 | 0.14%  
 
NAV as of:
  • Mon
    Mar 17
    2014
    $14.41
     
  • Tue
    Mar 18
    2014
    $14.43
     
  • Wed
    Mar 19
    2014
    $14.45
     
  • Thu
    Mar 20
    2014
    $14.45
     
  • Fri
    Mar 21
    2014
    $14.43
     
  • Mon
    Mar 24
    2014
    $14.41
     
  • Tue
    Mar 25
    2014
    $14.43
     
  • Wed
    Mar 26
    2014
    $14.39
     
  • Thu
    Mar 27
    2014
    $14.40
     
  • Fri
    Mar 28
    2014
    $14.40
     
  • Mon
    Mar 31
    2014
    $14.39
     
  • Tue
    Apr 01
    2014
    $14.38
     
  • Wed
    Apr 02
    2014
    $14.39
     
  • Thu
    Apr 03
    2014
    $14.36
     
  • Fri
    Apr 04
    2014
    $14.33
     
  • Mon
    Apr 07
    2014
    $14.29
     
  • Tue
    Apr 08
    2014
    $14.31
     
  • Wed
    Apr 09
    2014
    $14.39
     
  • Thu
    Apr 10
    2014
    $14.34
     
  • Fri
    Apr 11
    2014
    $14.33
     
  • Mon
    Apr 14
    2014
    $14.32
     
  • Tue
    Apr 15
    2014
    $14.34
     
  • Wed
    Apr 16
    2014
    $14.38
     
  • Thu
    Apr 17
    2014
    $14.35
     
  • Mon
    Apr 21
    2014
    $14.33
     
  • Tue
    Apr 22
    2014
    $14.38
     
  • Wed
    Apr 23
    2014
    $14.41
     
  • Thu
    Apr 24
    2014
    $14.43
     
 
52 Week High $14.65
(5/10/2013)
52 Week Low $14.17
(9/13/2013)
YTD Total Return w/Load -4.37%
Net Asset Class $63,508,718.31
Net Asset Fund $178,876,405.94
Basics
Ticker HSKAX
CUSIP 4812A2454
Share Class Inception Date 11/30/2005
Fund Number 1009
Asset Class Specialty
Cut-off time1 4:00 P.M.

Formerly Highbridge Statistical Market Neutral Fund.

The Fund may use derivatives in connection with its investment strategies. Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund's original investment. Many derivatives will give rise to a form of leverage. Derivatives are also subject to the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index. The use of derivatives may not be successful, resulting in losses to the Fund, and the cost of such strategies may reduce the Fund's returns. Derivatives also expose the Fund to the credit risk of the derivative counterparty. In addition, the Fund may use derivatives for non-hedging purposes, which increases the Fund's potential for loss.

There is no guarantee that the use of long and short positions will succeed in limiting the Fund's exposure to domestic stock market movements, capitalization, sector swings or other risk factors. Investment in a portfolio involved in long and short selling may have higher portfolio turnover rates. The Fund anticipates a very high degree of portfolio turnover (likely to be in excess of 600% per year). This will likely result in additional tax consequences. Short selling involves certain risks, including additional costs associated with covering short positions and a possibility of unlimited loss on certain short sale positions.

Asset allocation/diversification does not guarantee investment returns and does not eliminate the risk of loss.

1Please refer to the prospectus for additional information about cut-off times.

The BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond 3 months from the rebalancing date. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. An individual cannot invest directly in an index.

The performance of the Lipper Alternative Equity Market Neutral Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund. An individual cannot invest directly in an index.

Total return assumes reinvestment of dividends and capital gains distributions and reflects the deduction of any sales charges, where applicable. Performance may reflect the waiver of a portion of the Fund's advisory or administrative fees for certain periods since the inception date. If fees had not been waived, performance would have been less favorable.

©2014, American Bankers Association, CUSIP Database provided by the Standard & Poor's CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. All rights reserved.