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Tuesday, August 9, 2016

Stork and Reaper - August 9, 2016

by: Neil Anderson, Managing Editor


Amplify plans to launch the YieldShares Prime 5 Dividend ETF.

Deutsche plans to launch the Deutsche X-trackers USD High Yield Corporate Bond ETF and the Deutsche X-trackers iBoxx Emerging Markets Quality Weighted Bond ETF, as series of the DBX ETF Trust.

TOBAM plans to launch the TOBAM Emerging Markets Fund, as a series of the Fundvantage Trust.

TIAA's Nuveen plans to launch the Nuveen California Intermediate Municipal Bond Fund.

Van Eck plans to launch the VanEck Vectors AMT-Free 6-8 Year Municipal Index ETF.

CSat Investment Advisor, dba ASCI Funds, plans to launch the American Customer Satisfaction Index ETF.

Shelton Capital Management plans to launch the Shelton International Select Equity Fund.

James Alpha Management plans to launch the James Alpha Equity Hedge Portfolio.

United States Commodity Funds plans to launch the USCF Restaurant Leaders Fund.

Fidelity plans to launch the Fidelity Advisor Global Real Estate Fund.


Merging or Liquidating

The MFS Lifetime 2015 Fund target date fund merged into another TDF in the series, the MFS Lifetime Income Fund, on August 5.

FFCM's FQF Trust warns that the NYSE regulatory staff claim that the QuantShares U.S. Market Neutral Size Fund is "not in compliance with NYSE Arca's ... continued listing standards with respect to the number of record or beneficial holders." FQF sent the NYSE a plan on August 5 "to bring the Fund into compliance," yet FQF warns that if the NYSE delists the fund then FFCM will recommend liquidating the fund.

Advance Capital Management will shut down its four mutual funds by March 31, 2017, and the funds are closed to all new investments in the meantime. The funds are: the Advance Capital I Balanced Fund, the Advance Capital I Core Equity Fund, the Advance Capital I Equity Growth Fund, and the Advance Capital I Retirement Income Fund.

Two RS funds, the Victory RS Focused Growth Opportunity Fund and the Victory RS Focused Opportunity Fund, will liquidate on August 26.



On August 5 the redemption fee period for the Palmer Square Income Plus Fund dropped to within 30 days of purchase. The redemption fee period previously extended to within 180 days of purchase.

Goldman Sachs is limiting to 0.4 basis points the "other expenses" part of the expense ratio for the Goldman Sachs Short-Term Conservative Income Fund. The limit took effect on July 29, 2016 and will last at least through July 29, 2017.

Aristotle Capital Management will limit the total expense ratios of the Aristotle/Saul Opportunities Fund and the Aristotle International Equity Fund to 98 basis points and 93 basis points, respectively, effective September 1.

Natixis revised, for all its funds, the tables explaining commissions and related fees for A shares, effective August 8.



Two new independent trustees, B.O.A.R.D.S. CEO Angela Brock-Kyle and M.A. Mortenson Companies chief financial officer and senior vice president Sandra Sponem, will join Guggenheim's Rydex Funds board, effective August 18.

Bessemer Investment Management's Old Westbury Funds [profile] added Arizona State University vice president of strategy Keith Walton as an independent director last month. Thomas Kennedy and Lisa King also replaced Nicola Knight and William Wallace, respectively, as the funds' chief compliance officer and secretary, respectively.



Lazard Asset Management joined the subadvisor roster for the Goldman Sachs Multi-Manager U.S. Dynamic Equity Fund.

Martingale Asset Management became a subadvisor to Bessemer Investment Management's Old Westbury Small & Mid Cap Fund, effective today. Martingale president and CEO William Jacques, chief investment officer James Eysenbach, and senior vice president Samuel Nathans joined the PM team for the fund.



The James Alpha Global Enhanced Real Return Portfolio, a series of the Saratoga Advantage Trust, has been rebranded as the James Alpha Macro Portfolio. The fund also has a new PM team, with James Alpha's Akos Beleznay (chief investment officer), Kevin Greene (managing partner), Michael Montague (chief operating officer, chief compliance officer), and James Vitalie (CEO) as the new PMs. Tim Alford and John Brynjolfsson previously PMed the fund.


Exemptive Relief

Wells Fargo requested exemptive relief to create ETFs.

BlackRock submitted a third amended and restated request for exemptive relief to create "an interfund lending facility" so that its mutual funds can lend each other money when needed.

Foreside amended and restated its request for exemptive relief to create ETFs.

Check our last Stork and Reaper column for more SEC filing updates. For the latest new hires and fund launches, explore our People on the Move and New Fund Fuss columns. If you have a fund filing, a mutual fund launch, a product change or a new hire that you would like to announce, please contact the MFWire team at editors@investmentwires.com. 

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