Aberdeen Emerging Markets Debt Fund

Aberdeen Emerging Markets Debt Fund seeks long-term total return by investing in investment grade and high yield emerging markets debt securities. The fund is managed using a team-based approach with Kevin Daly as the lead portfolio manager. The expense ratio is 1.45% and $1000 minimum for “A” shares.

Calvert Social Index Fund

Calvert Social Index Fund, “Y” shares, seeks to match the performance of the Calvert Social Index®, which measures the investment return of large- and mid-capitalization stocks. The management team is led by Eric R. Lessnau, of World Asset Management (the subadviser) who is the Senior Portfolio Manager. The minimum initial investment for Y class shares, which are available only through financial advisers, is $5000 for regular accounts and $2000 for IRAs. The expense ratio is 0.60% after waivers.

Cincinnati Asset Management Funds: Broad Market Strategic Income Fund

Cincinnati Asset Management Funds: Broad Market Strategic Income Fund seeks to achieve a high level of income consistent with a secondary goal of preservation of capital. They’ll pursue the goal by investing in all types of income-producing securities including fixed income securities of U.S. companies and foreign companies with significant U.S. operations or subsidiaries of foreign companies based in the U.S., preferred stock, master limited partnerships and ETFs.  The management team is headed by Richard M. Balestra, CFA. The expense ratio is 0.65% and the minimum investment is $5,000 ($1,000 for tax-deferred and tax-exempt accounts, including IRA accounts).

Dynamic Energy Income Fund

Dynamic Energy Income Fund seeks to achieve high income generation and long-term growth of capital by investing in energy and utility company stocks. The Fund may invest in U.S., Canadian and other foreign companies of any size and capitalization, and in equity securities of master limited partnerships (“MLPs”) and Canadian income trusts to the extent permitted by applicable law. The Fund also seeks to provide shareholders with current income through investing in energy and utility MLPs. Portfolio managers Oscar Belaiche and Jennifer Stevenson head the management team. The expense ratio after waivers is 1.30% and the investment minimum is $2000.

Pinebridge Merger Arbritrage Fund

Pinebridge Merger Arbritrage Fund seeks capital appreciation through the use of merger and acquisition (“M&A”) arbitrage. Under normal market conditions, the Fund invests its net assets (plus the amount of borrowings for investment purposes) primarily in equity securities of companies that are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts and other corporate reorganizations (“Publicly Announced M&A Transactions”).The Fund generally invests in equity securities of U.S. Companies. The management team is led by Managing Director, Lan Cai. The minimum investment for class R shares is $2500 with a minimum for retirement accounts of $1000. The expense ratio is 1.69% after waivers.

Samson STRONG Nations Currency Fund

Samson STRONG Nations Currency Fund seeks positive returns with limited drawdowns over full market cycles. The Fund will invest in currencies, securities and instruments that are associated with strong nations. Normally the fund will invest in high-quality, short maturity sovereign bonds, provincial bonds, obligations of multilateral institutions and forward currency contracts. However The fund may also invest in other companies ( including ETFs) that provide exposure to foreign currencies and securities. The Fund will be managed by a team led by Chief Investment Officer of the Adviser, Jonathan E. Lewis. Expenses after waivers for Investor class are 1.35%; the minimum initial investment is $10,000

Scout Low Duration Bond Fund

Scout Low Duration Bond Fund seeks a high level of total return consistent with the preservation of capital. Normally The Fund will invest at least 80% of its assets in fixed income instruments of varying maturities, issued by various U.S. and non-U.S. public- or private-sector entities. These include bonds, debt securities, mortgage- and asset-backed securities (including to-be-announced securities) and other similar instruments. Up to 25% of assets may also be invested in non-investment grade securities, also known as high yield securities or “junk” bonds. The lead portfolio manager of the fund is Mark M. Egan. Expenses after waivers are 0.40% and the minimum initial investment is $1000 for regular accounts.

TWC International Growth Fund

TCW International Growth Fund seeks long term capital appreciation by investing in an all-cap portfolio of international growth stocks.  The Fund may invest in companies that are not currently generating cash flow, but are expected to do so in the future in the portfolio manager’s opinion. The portfolio manager is Rohit Sah. The minimum investment is $2000 for class N regular accounts and $500 for class N IRAs. Expenses not yet set.

TIAA-CREF Social Choice Bond Fund

TIAA-CREF Social Choice Bond Fund seeks a favorable long-term total return through income and capital appreciation as is consistent with preserving capital while giving special consideration to certain social criteria. The fund primarily invests in a broad range of investment-grade bonds and fixed-income securities, including, but not limited to, U.S. Government securities, corporate bonds, taxable municipal securities and mortgage-backed or other asset backed-securities. The Fund may also invest in other fixed-income securities, including those of non-investment grade quality.  The fund will be managed by Stephen M. Liberatore, CFA. The expense ratio after waivers is 0.75%. The minimum initial investment for Retail Class shares is $2,000 for Traditional IRA, Roth IRA and Coverdell accounts and $2,500 for all other account types.

American Beacon The London Company Income Equity Fund

American Beacon The London Company Income Equity Fund (ABCVX) will pursue current income, with a secondary objective of capital appreciation. The plan is to invest in a wide variety of equity-linked securities (common and preferred stock, convertibles, REITs, ADRs), with the option of putting up to 20% in investment-grade fixed income securities. Their stock holdings focus on profitable, financially stable, core companies that focus on generating high dividend income, are run by shareholder-oriented management, and trade at reasonable valuations. The fund will be managed by a team headed by Stephen Goddard, The London Company’s chief investment officer. The minimum investment is $2500 and the expense ratio for Investor Class shares is 1.17% after waivers.

Pathway Advisors Conservative Fund

Pathway Advisors Conservative Fund will seek total return with a primary emphasis on income and a secondary emphasis on growth.  It will be a fund-of-funds (including mutual funds,  ETFs, CEFs, and ETNs) which will target 20-30% exposure to stocks and 70% to 80% to bonds and money market securities. The underlying funds might invest in foreign and domestic stocks of all sizes, REITs, high yield bonds, commodities, emerging market debate, floating rate securities and options.  They can also invest in funds which short the market and up to 15% of the portfolio may be in illiquid assets.. The fund will be managed by David Schauer of Hanson McClain Strategic Advisors.  The investment minimum is $2500 and the expenses have not yet been set.

Pathway Advisors Growth and Income Fund

Pathway Advisors Growth and Income Fund will seek total return through growth of capital and income.  It will be a fund-of-funds (including mutual funds,  ETFs, CEFs, and ETNs) which will target 60% exposure to stocks and 40% to bonds and money market securities. The underlying funds might invest in foreign and domestic stocks of all sizes, REITs, high yield bonds, commodities, emerging market debate, floating rate securities and options.  They can also invest in funds which short the market and up to 15% of the portfolio may be in illiquid assets.. The fund will be managed by David Schauer of Hanson McClain Strategic Advisors.  The investment minimum is $2500 and the expenses have not yet been set.

Pathway Advisors Aggressive Growth Fund

Pathway Advisors Aggressive Growth Fund will seek total return through a primary emphasis on growth with a secondary emphasis on income.  It will be a fund-of-funds (including mutual funds,  ETFs, CEFs, and ETNs) which will target 95% exposure to stocks and 5% to bonds and money market securities. The underlying funds might invest in foreign and domestic stocks of all sizes, REITs, high yield bonds, commodities, emerging market debate, floating rate securities and options.  They can also invest in funds which short the market and up to 15% of the portfolio may be in illiquid assets.. The fund will be managed by David Schauer of Hanson McClain Strategic Advisors.  The prospectus enumerates 24 principal and non-principal risks, no one of which “the fund manager has never run a mutual fund before and has no public performance record.”  But it should be.   The investment minimum is $2500 and the expenses have not yet been set.

TacticalShares Multi-Sector Index Fund

TacticalShares Multi-Sector Index Fund will seek to achieve long-term capital appreciation. It will be a tactical asset allocation fund which will invest in four global equity sectors: 1) U.S. equity market, 2) non-U.S. developed market, 3) emerging markets, and 4) the natural resources market.  The fund will invest in a collection of ETFs to gain market exposure.  Its neutral allocation places 25% in each sector, but they plan on actively managing their exposure.  The allocation is reset on a monthly basis depending on market conditions. The portfolio will be managed by a team headed by  Keith C. Goddard, CFA, President, CEO and Chief Investment Officer for Capital Advisors of Tulsa, OK. The minimum investment is $5000 for regular accounts, $500 for retirement plan accounts and $1000 for automatic investment plans. There is a redemption fee of 1% for funds held less than 30 days and the expense ratio after waivers is 1.9%.

William Blair International Leaders Fund

William Blair International Leaders Fund will seek long-term capital appreciation by investing in the stocks (and, possibly, convertible shares) of companies at different stages of development, although primarily in stocks with a market cap greater than $3 billion.The Fund’s investments will be divided among Continental Europe, the United Kingdom, Canada, Japan and the markets of the Pacific Basin.  It may invest up to 40% in emerging markets, which would be about twice the normal weighting of such stocks. George Greig, who also managed William Blair Global Growth and William Blair International Growth, and Kenneth J. McAtamney, co-managed of Global Growth, will co-manage the Fund.  The expense ratio will be 1.5% after waivers, and there will be a 2% redemption fee on shares held fewer than 60 days.

Bernzott U.S. Small Cap Value Fund

Bernzott U.S. Small Cap Value Fund will pursue long-term capital appreciation, primarily by investing in common stock of small cap US companies. They will target companies with a market capitalization of between $500 million and $5 billion. The Fund may also invest (a maximum of 20 % of assets) in real estate investment trusts (REITs) . The portfolio will be managed by Kevin Bernzott, CEO of Bernzott Capital Advisors, Scott T. Larson, CFA, CIO, and Thomas A. Derse, Senior Vice President. The team has no experience managing mutual funds but they have managed separate accounts using the same discipline since 1995.  The good news: over the past 3, 5 and 10 years, their separate accounts have beaten the Russell 2000 Value by 1-2% per year.  Bad news: the separate accounts beat their benchmark only about half the time, the number of separate accounts is down 80% from its peak, assets are down by 50%.  All of which might help explain the decision to launch this fund  The minimum investment for regular accounts is $25,000. IRA’s, Gift Accounts for minors and Automatic Investment Plans carry a minimum investment of $10,000.  The expense ratio is 0.95% after waivers.  There’s a 2% fee for redemptions before 30 days.

Contravisory Strategic Equity Fund (CSEFX)

Contravisory Strategic Equity Fund (CSEFX) seeks long-term capital appreciation. The Fund will invest at least 80% of its net assets in common stocks of companies of any market capitalization and other equity securities, including shares of exchange-traded funds (“ETFs”). Up to 20% of its net assets may also be invested in the stocks of foreign companies which are U.S. dollar denominated and traded on a domestic national securities exchange, including American Depositary Receipts (“ADRs”). The strategy is based on a proprietary quantitative/technical model, which uses internally generated research. A private database tracks over 2000 stocks, industry groups, and market sectors.  The goal is to create a portfolio which seeks capital appreciation primarily through the purchase of domestic equity securities.  The approach is designed to separate strong performing stocks from weak performing stocks within the equity markets. The Advisor will consider selling a security if it believes the security is no longer consistent with the Fund’s objective or no longer meets its valuation criteria. The fund’s management team will be headed by William M Noonan who is the president and CEO.  The minimum investment for regular and retirement accounts is $2500. There is a fee of 2.00% for redemptions within 60 days of purchase. The expense ratio is 1.51%.

The DF Dent Small Cap Growth Fund

The DF Dent Small Cap Growth Fund will seek long-term capital appreciation. To achieve this the fund will normally invest at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies with small market capitalizations. The Fund will target U.S.-listed equity securities, including common stocks, preferred stocks, securities convertible into U.S. common stocks, real estate investment trusts (“REITs”), American Depositary Receipts (“ADRs”) and exchange-traded funds (“ETFs”). While the fund will target companies that in the Adviser’s view possess superior long-term growth characteristics and have strong, sustainable earnings prospects and reasonably valued stock prices, it   may invest in companies that do not have particularly strong earnings histories but do have other attributes that in the Adviser’s view may contribute to accelerated growth in the foreseeable future.

The Fund’s portfolio will be managed by Matthew F. Dent and Bruce L. Kennedy, II, each a Vice President of D.F. Dent who are jointly responsible for the day-to-day management of the Fund.The minimum investment for both standard and retirement account is $2500.00. The redemption Fee ( within 60 days of purchase ) is 2.00%. There is an expense ratio of 1.10%

Jacobs Broel Value Fund

Jacobs  Broel Value Fund seeks long-term capital appreciation, and will invest in securities of companies of any market capitalization that the “Adviser” believes are undervalued. The Fund may invest in publicly traded equity securities, including common stocks, preferred stocks, convertible securities, and similar instruments of various issuers. The Adviser will focus on identifying companies that have good long-term fundamentals (e.g., financial condition, capabilities of management, earnings, new products and services) yet whose securities are currently out of favor with the majority of investors. The Fund will typically hold between 15-30 securities. The number of securities held by the Fund may occasionally exceed this range depending on market conditions. The Fund may, at times, hold up to 25% of its assets in cash. Up to a total of 25% of its assets may be invested in other investment companies, including exchange-traded funds and closed-end funds.  The fund is managed by Peter S. Jacobs and Jesse M. Broel. Mr. Jacobs is President and Chief Investment Officer of the Adviser and Mr. Broel is Portfolio Manager and Chief Operating Officer of the Adviser. The minimum investment is $5000.00 for regular accounts and $1000.00 for IRAs. There is a redemption fee of 2.99% ( funds held 90 days or less) and the expense ratio is 1.48%

Kellner Merger Fund

Kellner Merger Fund will seek positive risk-adjusted absolute returns with low volatility.  The Fund invests primarily  in equity securities of U.S. and foreign companies that are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations.  The types of equity securities in which the Fund may invest include common stocks, preferred stocks, limited partnerships, and master limited partnerships  of any size market capitalization. George A. Kellner (Founder & Chief Executive Officer) and Christopher Pultz (Managing Director) are the portfolio managers.  The minimum initial investment is $2000 for regular accounts, reduced to $100 for retirement accounts or those set up with automatic investment plans.  The expense ratio, after a fee waiver, will be 2.00%.

Logan Capital International Fund

Logan Capital International Fund will pursue long-term growth of capital and income.  They’ll invest primarily in dividend-paying, large-cap stocks (or ADRs) in developed foreign markets.  Among their other tools: up to 20% emerging markets, up to 15% in ETFs, up to 10% in options and up to 10% short.  Marvin I. Kline and Richard E. Buchwald of Logan Capital will manage the fund.  The team manages about a quarter billion in separately managed accounts, but there is no public report of their composite performance.  The minimum initial investment is $5000, reduced to $1000 for IRAs.  The expense ratio is 1.5%.  There’s a 1% redemption fee on shares held less than six months.

Logan Capital Large Cap Core Fund

Logan Capital Large Cap Core Fund will pursue long-term capital appreciation.  They’ll invest primarily in US stocks, with permissible capitalizations between $500 million and about $500 billion.  The anticipate 50-60% growth and 40-50% value, which they define as financially stable, high dividend yielding companies.  The managers combine macroeconomic projections with fundamental and technical analysis. Among their other tools: up to 20% international, up to 15% in ETFs, up to 10% in options and up to 10% short.  Al Besse, Stephen S. Lee and Dana H. Stewardson of Logan Capital will manage the fund.  The team manages almost two billion in separately managed accounts, but there is no public report of their composite performance. The minimum initial investment is $5000, reduced to $1000 for IRAs.  The expense ratio is 1.5%.  There’s a 1% redemption fee on shares held less than six months.

Logan Capital Large Cap Growth Fund

Logan Capital Large Cap Growth Fund will pursue long-term capital appreciation.  They’ll invest primarily in US stocks, with permissible capitalizations between $500 million and about $500 billion. The managers combine macroeconomic projections with fundamental and technical analysis. Among their other tools: up to 20% international, up to 15% in ETFs, up to 10% in options and up to 10% short.  Al Besse, Stephen S. Lee and Dana H. Stewardson of Logan Capital will manage the fund. The team manages almost two billion in separately managed accounts, but there is no public report of their composite performance.  The minimum initial investment is $5000, reduced to $1000 for IRAs.  The expense ratio is 1.5%.  There’s a 1% redemption fee on shares held less than six months.

Logan Capital Small Cap Growth Fund

Logan Capital Small Cap Growth Fund will pursue long-term capital appreciation.  They’ll invest primarily in US stocks, with permissible capitalizations between $20 million and about $4 billion. The managers combine macroeconomic projections with fundamental and technical analysis. Among their other tools: up to 20% international, up to 15% in ETFs, up to 10% in options and up to 10% short.  Al Besse, Stephen S. Lee and Dana H. Stewardson of Logan Capital will manage the fund. The team manages almost two billion in separately managed accounts, but there is no public report of their composite performance.  The minimum initial investment is $5000, reduced to $1000 for IRAs.  The expense ratio is 1.5%.  There’s a 1% redemption fee on shares held less than six months.

Longboard Managed Futures Strategy Fund

Longboard Managed Futures Strategy Fund, Class N shares, will seek positive absolute returns.  The Fund will hold a mix of fixed-income securities and futures and forward contracts.  Like other managed futures funds, it will invest globally in equities, energies, interest rates, grains, meats, soft commodities (such as sugar, coffee, and cocoa), currencies, and metals sector.  It may offer some emerging markets exposure. The fund will be managed by a team headed by Longboard’s CEO, Cole Wilcox.  Mr. Wilcox ran a managed futures hedge fund for Blackstar Funds, LLC, for eight years.  There’s no publicly-available record of that fund’s performance.  The minimum initial investment is $2500.  Expenses will start at 3.24% plus a 1% fee of shares held for fewer than 30 days.  The fund expects to launch in June, 2012.

Manning & Napier Strategic Income, Conservative

Manning & Napier Strategic Income, Conservative (“S” class shares) will be managed against capital risk and its secondary objective is to generate income and pursue capital growth. This will be a fund of Manning and Napier funds, with a flexible but conservative asset allocation.  It targets 15%-45% in equities (via Dividend Focus and Real Estate) and 55%-85% in bonds (through Core Bond and High Yield Bond).  The allocation will be adjusted based on the team’s reading of market conditions and valuations of the different asset classes.   It will be managed by the same large team that handles Manning’s other funds.  The expense ratio is set at 1.06% and the minimum initial investment is $2000.  The minimum is waived for accounts set up with an automatic investing plan.

Manning & Napier Strategic Income, Moderate

Manning & Napier Strategic Income, Moderate (“S” class shares) will pursue capital growth with the secondary objectives of generating income and managing capital risk. . This will be a fund of Manning and Napier funds, with a flexible asset allocation in the same range as most “moderate target” funds.  It targets 45%-75% in equities (via Dividend Focus and Real Estate) and 25%-55% in bonds (through Core Bond and High Yield Bond). The allocation will be adjusted based on the team’s reading of market conditions and valuations of the different asset classes.  It will be managed by the same large team that handles Manning’s other funds.  The expense ratio is set at 1.03% and the minimum initial investment is $2000.  The minimum is waived for accounts set up with an automatic investing plan.

Northern Multi-Manager Global Listed Infrastructure Fund

Northern Multi-Manager Global Listed Infrastructure Fund will seek total return through both income and capital appreciation. To achieve its objectives the Fund will invest, under normal circumstances, at least 80% of its net assets in securities of infrastructure companies listed on a domestic or foreign exchange. The Fund invests primarily in equity securities, including common stock and preferred stock, of infrastructure companies. The Fund will invest at least 40%, and may invest up to 100%, of its net assets in the securities of infrastructure companies economically tied to a foreign (non-U.S.) country, including emerging and frontier market countries. The Fund may invest in  infrastructure companies of all capitalizations. For a company to be considered it must derive at least 50% of its revenues or earnings from, or devotes at least 50% of its assets to, infrastructure-related activities. The Fund defines “infrastructure” as the systems and networks of energy.  The fund will be managed by Christopher E. Vella, CFA, who is a Senior Vice President and Chief Investment Officer. The management team also includes Senior Vice President Jessica K. Hart. The minimum initial investment is $2,500 in the Fund ($500 for an IRA; $250 under the Automatic Investment Plan; and $500 for employees of Northern Trust and its affiliates). There is a redemption fee of 2.00% (within 30 days of purchase), and the expense ratio is 1.10%

RiverNorth / Manning & Napier Equity Income Fund

RiverNorth / Manning & Napier Equity Income Fund (“R” class shares) will pursue overall total return consisting of long term capital appreciation and income. The advisor will allocate the fund’s assets between two distinct strategies, either one of which might hypothetically receive 100% of the fund’s assets.  One strategy is a Tactical Closed-End Fund Equity (managed by RiverNorth)  and the other is a Dividend Focus (managed by Manning & Napier). The amount allocated to each of the principal strategies may change depending on the adviser’s assessment of market risk, security valuations, market volatility, and the prospects for earning income and total return.   At base, you’re buying two very good funds,  RiverNorth Core Opportunity (RNCOX) and Manning & Napier Dividend Focus (MNDFX), in a single package and allowing the managers to decide how much go place in each strategy.  The RiverNorth sleeve and the fund’s asset allocation decisions are handled by Patrick Galley and Stephen O’Neill who also run RiverNorth Core Opportunity, and the M&N sleever is run by the team that runs all of the M&N funds. The expense ratio is not yet set.  The minimum initial investment is $5000 for regular accounts and $1000 for retirement accounts.

Swan Defined Risk Fund

Swan Defined Risk Fund seeks income and growth of capital. To achieve this the fund will invest primarily in: exchange-traded funds (“ETFs”) that invest in equity securities that are represented in the S&P 500 Index and/or individual sectors of the S&P 500 Index, exchange-traded long-term put options on the S&P 500 Index for hedging purposes, and buying and selling exchange-traded put and call options on various equity indices to generate additional returns. The fund will target equity securities of large capitalization (over $5 billion) US companies through ETFs, but it may also have small investments in equity securities of smaller and foreign companies through sector-based or S&P 500 Index ETFs. The adviser employs a proprietary “Defined Risk Strategy” (“DRS”) to select Fund investments.  Randy Swan, CPA, President of the adviser (and the creator of the DRS system back in 1997 ) serves as the portfolio manager. The minimum investment is $5000.00 and there is a redemption fee of 1.00% ( 30 days). The expense ratio is 1.80%.

Black Select Long/Short

Black Select Long/Short will seek long-term capital appreciation over a full market cycle.  They invest both long and short in a focused, global portfolio of mid- to large-cap companies. Gary Black, president of the adviser, will manage the fund.  This is the same Gary Black who was president, CEO and/or chief investment officer of Janus from 2004-2009. During his watch, at least 15 equity managers left Janus and one won a multi-million dollar suit against the company.  Despite a war on the star managers, he’s credited with an important reorganization of the place.  Before that he was chief investment officer for Goldman Sachs’ global equities group. Minimum initial investment will be $2500. Expenses for the Investor share class are capped at 2.25%.

Braver Tactical Equity Opportunity Fund

Braver Tactical Equity Opportunity Fund will seek capital appreciation with low volatility and low correlation to the broad domestic equity markets.  The plan is to both time the market (they may go 100% to cash in order to avoid market declines) and to rotate among sectors using ETFs.  It will be managed by a team led by Andrew Griesinger, Braver’s chief investment officer. The team uses the same strategy in their separate accounts.  Information in the prospectus shows those accounts trailing the S&P500 and a hedge fund benchmark for the trailing year, three years and period since inception (though leading over the trailing five years).  They provide no volatility data. $1000 minimum initial investment.  Expenses capped at 1.5%.

Global X

Global X Top Hedge Fund Equity Holdings, Top Value Guru Holdings, Top Activist Investor Holdings, Listed Hedge Funds ETFs will all invest in indexes designed to track the activities of the mythically talented.  They will all be managed by Global X’s top two executives, Bruno del Ama and Jose C. Gonzalez. Expenses not yet set.

ProShares Listed Private Equity and ProShares Merger Arbitrage

ProShares Listed Private Equity and ProShares Merger Arbitrage ETFs.  With great conviction, ProShares reports: “ProShares Merger Arbitrage (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the [            ] Merger Arbitrage Index (the “Index”). The Index was created by [            ] (the “Index Sponsor”).” Trans: we’re going to track some index (we don’t  know which), created by somebody (we don’t know who).  Trust us, this is a compelling idea whose time has come.  Alexander Ilyasov will manage the ETFs.  Expenses not yet set.

Reinhart Mid Cap Private Market Value Fund

Reinhart Mid Cap Private Market Value Fund will seek long-term capital appreciation by purchasing a diversified portfolio of mid-cap stocks which are selling at a 30% discount to their “true intrinsic value.”  Brent Jesko, Principal and Senior Portfolio Manager of the Adviser, is the Fund’s lead portfolio manager.  $5000 minimum initial investment.  Expenses not yet set.

T. Rowe Price Emerging Markets Corporate Bond Fund

T. Rowe Price Emerging Markets Corporate Bond Fund will pursue high current income, with a secondary goal of capital appreciation.  The plan is to buy bonds, primarily dollar-denominated and primarily intermediate-term, that are issued by companies that are located or listed in, or conduct the predominant part of their business activities in, emerging markets. Michael J. Conelius will manage the fund. $2500 investment minimum for regular accounts, $1000 for various tax-advantaged products. Expenses are capped at 1.15%.  They intend to launch on May 24, 2012.

USAA Cornerstone Funds

USAA Cornerstone Funds (Conservative, Moderately Conservative, Aggressive, Equity) will each invest in other funds.  Each has a set asset allocation, ranging from 20 – 100% equities.  Two existing funds will be rebranded as Moderate and Moderately Aggressive to round out the collection.  Each will be team managed, with John P. Toohey and Wasif A. Latif, Vice President of Equity Investments being present on all of the teams.  Expenses vary, but are uniformly low.  The minimum initial investment is $3000, reduced to $500 for accounts established with automatic investment plans. They anticipate launch in June 2012.

Baron Global Growth

Baron Global Growth will pursue capital appreciation. It will be a diversified fund that uses the same selection criteria as the other Baron products. It will invest domestically, and in developed and developing markets. It’s nominally an all-cap fund, though Baron’s tradition is to focus especially on small- to mid-cap stocks. Alex Umansky, a former Morgan Stanley manager who also runs Baron Fifth Avenue Growth (BFTHX), will manage the fund. $2,000 investment minimum, reduced to $500 for accounts with an AIP. Expenses not yet set.

Fidelity Global Bond

Fidelity Global Bond Fund will seek high current income by investing, mostly, in investment grade corporate and government bonds.  Up to 20% of the fund might be in junk bonds.  As with the International Bond fund (below), there’s an odd promise of index-hugging:   “FMR uses the Barclays Capital® Global Aggregate GDP Weighted Index as a guide in structuring the fund and selecting its investments.” The fund will be managed by Jamie Stuttard, formerly head of European and U.K. Fixed Income for Schroder Investment Management (London) and a portfolio manager.  $2500 minimum initial investment, reduced to $500 for IRAs.  0.75% e.r.  Expect the fund to launch in May 2012.

Fidelity Global Equity Income Fund

Fidelity Global Equity Income Fund will seek “reasonable income” but will also “consider the potential for capital appreciation.”   The plan is to invest in dividend-paying stocks, but they won’t rule out the possibility to high-yield bonds.   One goal is to provide a higher yield than its benchmark, currently 2.3%.  Ramona Persaud will manage the fund.  She managed Select Banking for a couple years , became an analyst for Diversified International (since November 2011) and comanages Equity- Income (FEQIX). I’m not sure what to make of that.  Equity-Income has been consistently mediocre.  A new team, including Persaud, took over in October but hasn’t made a measurable difference yet.   Expenses of 1.20%.  Minimum investment of $2500.  Expect the fund to launch in May 2012.

Fidelity International Bond Fund

Fidelity International Bond Fund will seek a high level of current income by investing in investment-grade non-U.S securities, including some in the emerging markets.  In a vaguely disquieting commend, the prospectus notes “FMR uses the Barclays Capital® Global Aggregate Ex USD GDP Weighted Index as a guide in structuring the fund and selecting its investments.”  That seems to rule out adding much value beyond what the index offers.  The fund will be managed by Jamie Stuttard, formerly head of European and U.K. Fixed Income for Schroder Investment Management (London) and a portfolio manager.  He’ll be assisted by Curt Hollingsworth, a long-time Fidelity employee.  There’s a $2500 investment minimum, reduced to $500 for IRAs, and an e.r. of 0.80%.  This is also set to be a May 2012 launch.

Fidelity Spartan Inflation-Protected Bond Index Fund

Fidelity Spartan Inflation-Protected Bond Index Fund will own the inflation-protected debt securities included in the Barclays Capital U.S. Treasury Inflation-Protected Securities.  The fund will be co-managed by Alan Bembenek and Curt Hollingsworth.  There will be a $10,000 investment minimum and a 0.20% e.r.  The fund will launch in May 2012.

Flex-Funds Spectrum Fund

Flex-Funds Spectrum Fund will seek long-term capital appreciation by investing in domestic and foreign mutual funds, ETFs, closed-end funds, unit investment trusts, S&P Drawing Rights, futures and common stocks. It will be global and all-cap.  It can go 100% to fixed income if the equity market gets scary.  The fund will be managed by a team led by Robert Meeder, who’s been with the advisor since 2005. Expenses not yet set.  Initial minimum investment of $2500, reduced to $500 for IRAs.

iShares Morningstar Multi Asset High Income Index ETF

iShares Morningstar Multi Asset High Income Index ETF will try to match a proprietary Morningstar index which is global, broadly diversified and seeks to deliver high current income while gaining some long term capital appreciation.  This will be a fund of funds, investing mostly in ETFs.  Its asset allocation target is 20% equities (two dividend and two infrastructure funds), 60% fixed income (including Treasuries, high-yield and emerging markets) and 20% in REITs and preferred shares (designated as an “alternatives” asset class).  It will be managed, to the extent index funds are, by James Mauro and Scott Radell.  Expenses not yet set.

Martin Focused Value Fund

Martin Focused Value Fund will be a focused, global, all-cap stock fund which pursues long-term growth of capital.  The manager reserves the right to move to cash and bonds “during market downturns, or until compelling bargains in the securities markets are found.” Frank K. Martin, who earned his BA in 1964 and advertises “45 years of investment industry experience,” will manage the fund.  Expenses capped at 1.40% for the retail shares.  $2500 minimum initial investment.

CONESTOGA MID CAP FUND

Conestoga Mid Cap Fund seeks to provide long-term growth of capital.  They will invest in mid-cap (under $10 billion) stocks, including ADRs, convertible securities, foreign and domestic common and preferred stocks, rights and warrants.  They don’t  expect investment in foreign securities to exceed 20% of the fund’s total assets.  William C. Martindale will be the lead manager.  He also manages the exceptionally solid Conestoga Small Cap (CCASX) fund.  The minimum initial investment is $2500, reduced to $500 for accounts with an automatic investment plan. The expense ratio is capped at 1.35%.

DRIEHAUS INTERNATIONAL CREDIT OPPORTUNITIES FUND

Driehaus International Credit Opportunities Fund seeks to provide positive returns under a variety of market conditions.   The fund will hold both long and short positions in debt securities (both sovereign and corporate), equity securities and currencies. The debt securities held in the Fund may be fixed income or floating rate securities.  The portfolio will be concentrated and relatively high turnover (100-300%).  The fund will be managed by Adam Weiner.   Expenses not yet set. $10,000 minimum initial purchase, reduced to $2000 for tax-deferred accounts and ones with an automatic investing plan.  The fund will launch February 23.

HAMLIN HIGH DIVIDEND EQUITY

Hamlin High Dividend Equity Fund will seek high current income and long-term capital appreciation.  They intend to invest in “sustainable, dividend-paying equity securities,” which might include REITs, royalty trusts and master limited partnerships.  UP to 25% might be invested overseas.  The managers will be Charles Garland and Christopher D’Agnes, both of Hamlin Capital.  The minimum initial purchase is $2500. The initial expense ratio is 1.50% after a very large (165 bps) expense waiver.

ROCKY PEAK SMALL CAP VALUE FUND

Rocky Peak Small Cap Value Fund seeks long-term capital appreciation with a focus on preservation of capital.  They’ll invest in stocks with a capitalization under $3 billion.   The fund is non-diversified and the managers expect a low-turnover, tax-efficient style. Tom Kerr of Rocky Peak Capital will manage the fund.  Expense ratio will be 1.50% with a 2% redemption fee on shares held fewer than 90 days.  The minimum investment is $10,000 but reduced to $1,000 for tax-deferred accounts and those with automatic investing plans.

SEXTANT GLOBAL HIGH INCOME FUND

Sextant Global High Income Fund (SGHIX) will seek high income and capital preservation.  The Global High Income Fund invests in a globally diversified portfolio of income-producing debt and equity securities.  They cap US securities, stocks and investment grade bonds at 50% of the portfolio, and emerging markets securities at 33%.  The fund is clearly risk-conscious but also warns that exploiting a market panic will involve high short-term volatility.  Bryce Fegley, Saturna’s chief investment officer, and John Scott will run the fun.  The minimum initial investment is $1000.  The expense ratio is capped at 0.90%.   The fund launches March 30, 2012.

U.S. EQUITY HIGH VOLATILITY PUT WRITE INDEX FUND (HVPW)

U.S. Equity High Volatility Put Write Index Fund will seek the match the NYSE Arca U.S. Equity High Volatility Put Write Index which measures the return of a hypothetical portfolio consisting of exchange traded put options which have been sold on each of the 20 largest, most volatile stocks available.  Kevin Rich and Jeff Klearman manage the fund. The expense ratio is 0.95%.

Driehaus International Credit Opportunities Fund

Driehaus International Credit Opportunities Fund seeks to provide positive returns under a variety of market conditions.   It will hold long and short positions in a variety of developed and developing market fixed-income instruments.  It may use derivatives to hedge its exposure.  The fund will be non-diversified in terms of both the number of securities held and the number of nations or regions represented in the portfolio.  Its annual portfolio turnover is estimated to be 100 – 300%.  The fund will be managed by Adam Weiner who has managed emerging markets fixed income and currency strategies for Oppenheimer and Frontpoint Partners/Morgan Stanley.  In 2011, he joined Driehaus as a portfolio manager for international credit-oriented strategies.  He is not a member of the team which runs Driehaus’s other two “nontraditional bond” funds. $10,000 minimum initial investment.  Expenses not yet set.

Aviva Investors Emerging Markets Local Currency Bond Fund

Aviva Investors Emerging Markets Local Currency Bond Fund popped up in the SEC database this month.  Oddly enough, the fund already exists but is not available for sale to either individual or institutional investors.  The coolest aspect of the offering is its heritage; it’s based on a SiCav, “a sub-fund of a socioto anonyme formed under the laws of the Grand Duchy of Luxembourg.”  The least cool aspect is that the fund in question consistently trails its index.  When available, it will be team managed, will charge1.15% and will be available for a $5000 minimum.

FAM Small Cap Fund

FAM Small Cap Fund will attempt to “maximize long-term return on capital” by investing in a non-diversified portfolio of quite small companies.  They’re targeting stocks valued at between $50 million and $1 billion.  The managers will determine each firm’s “true business worth” as the basis for their investments.   The managers are Thomas Putnam, Chairman of the adviser, and Marc Roberts, a research analyst for them.   Mr. Putnam’s two other FAM funds, Value and Equity-Income, have been solidly unspectacular for years. The minimum initial purchase is  $5000 for a regular  account and $2000 for an IRA.   Expenses of 1.5%. The proposed launch date is February 12, 2012.

Forward Managed Futures Strategy Fund

Forward Managed Futures Strategy Fund will pursue long term total return.  The Fund will generally invest in the futures contracts included in the Credit Suisse Multi-Asset Futures Strategy Index.  The primary asset classes included in the CSMF Index are commodities, currencies, equity indexes and fixed income. The CSMF Index will take long positions in futures contracts with strong positive positioning relative to its 250-day moving average price and short positions in futures contracts with strong negative positioning relative to the 250-day moving average price.   Their goal is positive returns regardless of market conditions, with a target volatility level of approximately 15% per year.  This strategy is employed by a variety of managed futures funds; they work really well when markets show sustained movements in either direction but suffer in volatile, directionless ones. The Fund will be team managed.  The team leader is Nathan Rowader, Forward’s Director of Investments.  The other team members include Forward’s president and CIO, Jim O’Donnell, Paul Herber and David Ruff. Expenses not yet set.  Investment minimum is $4000, reduced to $2000 for Coverdells and accounts with e-delivery options, $500 for accounts with an automatic investment plan.

Hussman Strategic Dividend Value Fund

Hussman Strategic Dividend Value Fund seeks total return through a combination of dividend income and capital appreciation, with added emphasis on protection of capital during unfavorable market conditions.  It pursues this objective by investing primarily in dividend-paying common stocks.  The Fund has the ability to vary its exposure to market fluctuations based on factors its investment manager believes are indicative of prevailing market return and risk characteristics.  John Hussman, founder and manager of nearly $9 billion in the three other Hussman funds, will run the show.  In general, the Hussman funds have been more distinguished for their strong risk management than for exceptional long-term returns.  Expenses of 1.27% after a substantial “fee deferral.” The minimum initial investment is $1,000, except the minimum is $500 for IRA/UTMA accounts.  Oddly, Morningstar already lists the fund on its site, though it’s not scheduled to open until February 12, 2012.

Satuit Capital U.S. Small Cap Fund

Satuit Capital U.S. Small Cap Fund will seek long-term growth by investing in a diversified portfolio of U.S. small cap stocks. Small cap translates to “comparable to the Russell 2000.”  They’ll start with quantitative screens to construct a Focus List, and then qualitative ones to sort through the Focused stocks.  The management team is the same folks who run Satuit Capital U.S. Emerging Companies (SATMX).  It includes Robert Sullivan, Satuit’s chairman, president and Chief Investment Officer.  Here’s the good news: SATMX (formerly Satuit Microcap) is a really strong fund, with returns in the top 1% of its peer group over the past decade.  The bad news: Satuit offered a small cap fund once before, became discouraged and shut it down rather quickly.  Expenses will be 1.5%. The minimum initial investment is quite low, at $1000.

Satuit Capital U.S. SMID Cap Fund

Satuit Capital U.S. SMID Cap Fund seeks to provide investors with long-term capital appreciation by investing in a diversified portfolio of U.S. small- to mid-cap stocks.  SMID is operationalized as “comparable to the Russell 2500” index.  The managers will use the same combination of quantitative and qualitative screens here as they do in their small cap fund. The management team is the same folks who run Satuit Capital U.S. Emerging Companies (SATMX).  It includes Robert Sullivan, Satuit’s chairman, president and Chief Investment Officer.   Expenses will be 1.5%. The minimum initial investment is quite low, at $1000.

Wasatch Frontier Emerging Small Countries Fund

Wasatch Frontier Emerging Small Countries Fund will pursue long-term capital appreciation by investing in a non-diversified portfolio of stocks represented in “frontier market or small emerging market country.”  The firms in question need either to be domiciled in those markets, or to generate more than 50% of revenues or earnings in them.  Wasatch warns that these include  “the least developed markets even by emerging markets standards.”  Nominally it’s an all-cap fund, practically it’s a small cap one.  The fund will be managed by Laura Geritz who helps manage the Wasatch Emerging Markets Small Cap and International Opportunity funds.  She has an interesting history, having come up through the ranks from “bilingual customer service representative” to “analyst” to “manager.”  Expense ratio not yet announced, but it’ll be high.  The minimum initial investment is $2000 except for college savings accounts and funds with an automatic investing plan, in which case the minimum is reduced to $1000.  The proposed launch date is late January, 2012.

Ariel Global Equity Fund

Ariel Global Equity Fund pursues long-term capital appreciation. The fund will invest in between 40-150 stocks, foreign, domestic and emerging. Unlike Ariel’s domestic funds, there are no social responsibility screens here. Rupal J. Bhansali will manage the fund. Mr. Bhansali recently joined Ariel. Before that, he was Head of International Equities at MacKay Shields, the institutional investing arm of New York Life. Expense ratio of 1.4%, $1,000 minimum initial investment.

Ariel International Equity Fund

Ariel International Equity Fund pursues long-term capital appreciation. The fund will invest in between 40-150 developed market stocks outside the US. Unlike Ariel’s domestic funds, there are no social responsibility screens here. Rupal J. Bhansali will manage the fund. Mr. Bhansali recently joined Ariel. Before that, he was Head of International Equities at MacKay Shields, the institutional investing arm of New York Life. Expense ratio of 1.4%, $1,000 minimum initial investment.

ASTON/Silvercrest Small Cap Fund

ASTON/Silvercrest Small Cap Fund The manager is Roger Vogel, Managing Director of Silvercrest and lead portfolio manager for Silvercrest’s small cap value investment strategy. Prior to Silvercrest, he co-managed both small-cap and large-cap portfolios for Credit Suisse. His private account composite has returned 6.4% since inception in 2003, while the Russell 2000 Value returned 4%. For better or worse, most of his advantage comes in a dramatic outperformance in 2008. Expense ratio of 1.41%, minimum initial investment of $2500, reduced to $500 for IRAs.

Forward Endurance Fund

Forward Endurance Fund seeks long-term growth by investing, long and short, in a global stock portfolio. Their focus will be “to identify trends that may have large and disruptive impacts on global business markets.” David Readerman and Jim O’Donnell will manage the fund. They recently took over Forward Small Cap as well. Expenses not yet set, $4000 minimum initial investment, reduced to $2000 if you sign up for eDelivery, $500 for accounts with automatic investing plans.

Forward Floating NAV Short Duration Fund

Forward Floating NAV Short Duration Fund seeks maximum current income consistent with the preservation of principal and liquidity. Their investment strategy is generic (investment grade, US and non-US, government and corporate debt), but they’re benchmarked against the three-month T-bill and the prospectus goes to pains to say that they’re not a money market. That, of course, says that they’re trying to market themselves as “better than a money market.” David L. Ruff and Paul Broughton will manage the fund. Both have extensive experience, though not in fund management. Expenses not yet set, $4000 minimum initial investment, reduced to $2000 if you sign up for eDelivery, $500 for accounts with automatic investing plans.

FPA International Value Fund (FPIVX)

FPA International Value Fund (FPIVX) seeks above average capital appreciation while attempting to minimize the risk of capital loss. FPA looks in all their funds for well-managed, financially strong, high quality businesses whose stock sells at a significant discount. The managers, Eric Bokota and Pierre Py, are both former Harris Associate (i.e., Oakmark) analysts. Initial expense ratio of 1.98% (they don’t believe in fee waivers), but at least the minimum initial investment ($1500) is low.

Gerstein Fisher Multi-Factor International Growth Equity Fund

Gerstein Fisher Multi-Factor International Growth Equity Fund will seek long-term capital appreciation. They’ll focus on “smaller growth companies that may also display characteristics typically associated with value-oriented investments.” Gregg S. Fisher, the firm’s chief investment officer, will manage the fund. Expenses of 1.37%, $5,000 minimum initial investment.

Granite Value Fund

Granite Value Fund will seek long-term growth by investing globally in about 40 mid- to large-cap stocks. Scott B. Schermerhorn will manage the fund. Expense ratio of 1.35%, $10,000 minimum initial investment, reduced to $5000 for tax-advantaged accounts.

IASG Managed Futures Strategy Fund (“N” shares)

IASG Managed Futures Strategy Fund (“N” shares) will seek positive long-term absolute returns. The plan is to invest 75% in fixed income and 25% in a combination of “commodity pools” and ETFs. This has “bad idea” written all over it. The strategy is obscure and depends, largely, on investing in a bunch of actively managed “pooled investment vehicles,” each of which has a manager pursued his own commodity strategy, often derivative based or in ETFs that have price momentum. The fund will be managed by Perry Lynn and JonPaul Jonkheer of IASG Capital Management. $2500 investment minimum, expense ratio not yet set.

Kottke Commodity Strategies Fund (“N” shares)

Kottke Commodity Strategies Fund (“N” shares) will seek positive absolute returns. The plan is to invest 75% in cash and 25% in exchange-traded commodity futures and options. The cash – currently offering negative real returns – is collateral for the commodity positions. The fund will be managed by a team led by Michael Crouch (“head trader”). $2500 investment minimum, expense ratio not yet set.

Miller Tabak Merger Arbitrage and Event Driven Fund

Miller Tabak Merger Arbitrage and Event Driven Fund will pursue capital appreciation by investing the stocks of companies that are undergoing, or may undergo, “transformational corporate events” such as “announced merger transactions, announced or have possible spin-offs, split-offs or sales of divisions; businesses that are exploring “strategic alternatives” such as stock buybacks, or sales of the entire companies; companies that may announce or have completed attractive acquisitions; and other special situations.” Michael Broudo will manage the fund, and also manages Miller Tabak’s merger arbitrage and event-driven equity group. Miller Tabak is a heavy weight institutional firm that executes trades for hedge funds and institutions, and this has the feel of a “friends and family” fund for those unable to afford MT’s private accounts. $1000 investment minimum, but an expense ratio (after waivers!) of 2.75%.

Scharf Fund

Scharf Fund will seek long-term capital appreciation. The fund will mostly invest in stocks (daringly, the manager targets stocks which “have significantly more appreciation potential than downside risk over the long term”), might invest up to 50% in international stocks and might invest up to 30% in bonds. Brian A. Krawez, former “Head of Research at Belden and Associates<” will manage the fund. $10,000 investment minimum, reduced to $5000 for tax-advantaged accounts and those with automatic-investing plans, expense ratio of 1.25%.

Sierra Strategic Income Fund

Sierra Strategic Income Fund wants “to provide total return (with income contributing a significant part) and to limit volatility and downside risk.” It will be a fund of income funds, including funds or ETFs which invest in foreign, emerging or domestic bonds, issued by governments or corporations, and REITs. They look with asset classes with price momentum, try to find high-alpha managers in those classes and have a fairly severe stop-loss discipline. The fund will be managed by a team from Wright Fund Management, which has been using this strategy in separate accounts since the late 1980s. Expenses not yet set, $10,000 minimum initial investment.

TFS Hedged Futures Fund

TFS Hedged Futures Fund will pursue long-term capital appreciation. It will be a global long/short equity fund. It will be managed by a six-person team. Expenses, after waivers, of 2.30%, $5000 minimum investment.

Vanguard Emerging Markets Government Bond Index Fund

Vanguard Emerging Markets Government Bond Index Fund will track the performance of the Barclays Capital Emerging Markets Sovereign Index (USD) that measures the investment return of U.S. dollar-denominated bonds issued by governments of emerging market countries. They anticipate a weighted average maturity of 10-15 years. Greg Davis and Yan Pu will manage the fund. Expense ratio of 0.50%, minimum initial investment is $3000.

Vanguard Target Retirement 2060 Fund

Vanguard Target Retirement 2060 Fund will seek to provide capital appreciation and current income consistent with its current asset allocation. It invests in just three underlying funds, Vanguard Total Stock Market Index (63%), Vanguard Total International Stock Index (27%) and Vanguard Total Bond Market II Index (10%). As with all such funds, it was slowly become more conservative as 2060 approaches. (Given that I’m not going to be here to confirm it, I’ll take Vanguard’s word on the matter.) The investment minimum is a remarkably low $1000, expense ratio is equally remarkable, at 0.18%.

Vanguard Total International Bond Index Fund

Vanguard Total International Bond Index Fund will track the Barclays Capital Global Aggregate ex-USD Float-Adjusted Index (Hedged) that measures the investment return of investment-grade bonds issued outside of the US. They anticipate a weighted average maturity of 5-10 years. Greg Davis and Yan Pu will manage the fund. Expense ratio of 0.40%, minimum initial investment is $3000.

William Blair Small-Mid Cap Value Fund

William Blair Small-Mid Cap Value Fund will seek long-term capital appreciation, which they’ll pursue by investing in domestic small- and mid-cap stocks. The management team are the same folks who run Blair Small Cap Value and Mid Cap Value, neither of which is bad. Expenses not yet set, $5000 minimum initial investment, reduced to $3000 for IRAs.