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Hedged High Income Fund

INCSX - S SHARES INCIX - I SHARES INCAX - A SHARES INCCX - C SHARES

Overview

AT A GLANCE
  • $37.1 M

    Portfolio Assets 04-06-2020

  • $7.92 NAV 4/6/2020
  • 2.62%

    Gross Expenses1

  • 2.13%*

    Net Expenses1

  • 803431 196

    CUSIP

  • 12-31-2013

    Inception Date

*The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses until at least December 31, 2019 for I Shares to ensure that net annual operating expenses will not exceed 1.85%, subject to possible recoupment from the Fund in future years.

68%

More than two-thirds of recently surveyed global corporate bond fund managers expect default rates to climb over the next 12 months.2

Are you exposed to this risk?

Bond Envy

“Investors are jumping into bonds like they’re a hot new commodity or even stock, but strategists warn the prices are getting rich as the yields shrink in the Treasury market.” – CNBC August 20193

$3.8 Trillion

That’s the size of the investment grade (BBB-rated or higher) bond market.4

That’s a big market. How is your investment grade portfolio diversified?

THE RELENTLESS PURSUIT OF YIELD

Let’s face it. This longest-running bull market has been a gift to both equity and bond investors. Yet while returns have been consistently strong, clients seeking current income from their investments have found the last several years quite challenging. Many investors have been forced to migrate towards higher risk investment grade of junk bonds in pursuit of higher yields. But what happens if the economy slows or interest rates rise, as many economists are predicting? Higher yielding bonds could be at great risk, which raises the question of how to seek to protect fixed income portfolios.

OUR SOLUTION

The James Alpha Global Hedged High Income Fund is a potential solution for your clients who desire higher income but also want to minimize portfolio risk. Under normal market conditions, the fund generally invests its assets in hedged and long-short strategies which utilize fixed income and fixed income-related securities. The Portfolio intends to focus on three sub strategies in order to achieve its objectives:

  • Senior Loan Floating Rate Strategy – Concentrates on liquid investment opportunities in senior-secured and second-lien loans and bonds.
  • Short Duration High Yield Strategy – Seeks to generate uncorrelated returns through stable income and reduced volatility. The Portfolio managers seek to identify short-maturity high yield bonds in smaller, less followed companies.
  • Relative Value Long/Short Debt Strategy – Seeks to take advantage of perceived discrepancies in the market prices of certain fixed income strategies, as well as certain convertible bond, common stock, and derivative securities.

WHICH TYPE OF CLIENT IS THIS FUND SUITABLE FOR?

When considering the James Alpha Hedged High Income Fund, it may be most appropriate for investors seeking:

  • Monthly Distribution: The Fund has been designed to provide monthly distributions
  • Risk Mitigation: Shorter durations may help minimize losses should interest rates rise
  • Diversification: Diversification may help create a less volatile portfolio
  • Low volatility: Lower volatility may help improve multi-year compounding of positive returns

FUND OBJECTIVE

The primary objective of the James Alpha Hedged High Income Fund is to seek to provide high current income. The Portfolio’s secondary investment objective is to seek capital preservation, with the potential for capital appreciation.

Performance


Daily Prices and Returns as of 4/6/2020
Ticker Share Class NAV Chg % POP YTD
INCSX S 8.04 -0.37% -12.38%
INCIX I 7.92 -0.38% -12.45%
INCAX A 7.86 -0.51% 8.32 -12.68%
INCCX C 7.89 -0.50% -12.81%

*Shares of Class S of the Portfolios are available exclusively to investment advisers and broker-dealers that are affiliated with the Manager as a means of implementing asset allocation recommendations for their clients

Inception date for A, C, and I Shares was 12/29/2013; Inception date for S Shares was 8/17/2017. Performance data quoted above is historical. Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed may be worth more or less than their original cost. The Fund’s management has contractually waived a portion of its management fees until December 31, 2019 for I, A, C Shares and December 31, 2020 for S Shares. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reduction/reimbursement are 2.67% for S Shares, 2.62% for I Shares, 2.93% for A Shares, and 3.63% for C Shares; total annual operating expenses after the expense reduction/reimbursement are 1.71% for S Shares, 2.13% for I Shares, 2.68% for A Shares, and 3.27% for C Shares. The Fund’s investment adviser has contractually agreed to reduce and/or absorb expenses until at least December 31, 2019 for I, A, C Shares and December 31, 2020 for S Shares,  to ensure that Total Annual Portfolio Operating Expenses for the Portfolio will not exceed 1.39% for S Shares, 1.85% for I Shares, 2.39% for A Shares, and 2.99% for C Shares. 5.75% is the maximum sales charge on purchases of A shares. For performance information current to the most recent month-end, please call 888.814.8180.

Performance as of 3/31/2020
Ticker Share Class 1 MO YTD 1 YR 3 YR 5 YR Since Inception
INCSX S -10.64% -11.18% -7.25% N/A N/A -1.39%
INCIX I -10.68% -11.23% -7.65% -1.00% 1.29% 1.38%
INCAX A -10.77% -11.46% -8.16% -1.52% 0.82% 0.92%
INCCX C -10.89% -11.59% -8.75% -2.12% 0.20% 0.30%

*Shares of Class S of the Portfolios are available exclusively to investment advisers and broker-dealers that are affiliated with the Manager as a means of implementing asset allocation recommendations for their clients

Inception date for A, C, and I Shares was 12/29/2013; Inception date for S Shares was 8/17/2017. Performance data quoted above is historical. Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate, so that shares when redeemed may be worth more or less than their original cost. The Fund’s management has contractually waived a portion of its management fees until December 31, 2019 for I, A, C Shares and December 31, 2020 for S Shares. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reduction/reimbursement are 2.67% for S Shares, 2.62% for I Shares, 2.93% for A Shares, and 3.63% for C Shares; total annual operating expenses after the expense reduction/reimbursement are 1.71% for S Shares, 2.13% for I Shares, 2.68% for A Shares, and 3.27% for C Shares. The Fund’s investment adviser has contractually agreed to reduce and/or absorb expenses until at least December 31, 2019 for I, A, C Shares and December 31, 2020 for S Shares,  to ensure that Total Annual Portfolio Operating Expenses for the Portfolio will not exceed 1.39% for S Shares, 1.85% for I Shares, 2.39% for A Shares, and 2.99% for C Shares. 5.75% is the maximum sales charge on purchases of A shares. For performance information current to the most recent month-end, please call 888.814.8180.

Dividend and Capital Gains Distributions: S Shares (INCSX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
11/25/2019 9.18 0.0000 0.0000 0.0000 0.0350 0.0350
10/28/2019 9.17 0.0000 0.0000 0.0000 0.0350 0.0350
09/25/2019 9.19 0.0000 0.0000 0.0000 0.0271 0.0271
08/27/2019 9.17 0.0000 0.0000 0.0000 0.0350 0.0350
07/26/2019 9.19 0.0000 0.0000 0.0000 0.0331 0.0331
06/25/2019 9.19 0.0000 0.0000 0.0000 0.0221 0.0221
05/28/2019 9.21 0.0000 0.0000 0.0000 0.0350 0.0350
04/25/2019 9.23 0.0000 0.0000 0.0000 0.0315 0.0315
03/26/2019 9.19 0.0000 0.0000 0.0000 0.0310 0.0310
02/25/2019 9.18 0.0000 0.0000 0.0000 0.0308 0.0308
01/28/2019 9.12 0.0000 0.0000 0.0000 0.0350 0.0350
12/27/2018 9.02 0.0000 0.0000 0.0000 0.0574 0.0574
11/27/2018 9.18 0.0000 0.0000 0.0000 0.0226 0.0226
10/26/2018 9.28 0.0000 0.0000 0.0000 0.0320 0.0320
09/25/2018 9.32 0.0000 0.0000 0.0000 0.0320 0.0320
08/28/2018 9.34 0.0000 0.0000 0.0000 0.0350 0.0350
07/26/2018 9.37 0.0000 0.0000 0.0000 0.0350 0.0350
06/26/2018 9.36 0.0000 0.0000 0.0000 0.0350 0.0350
05/25/2018 9.39 0.0000 0.0000 0.0000 0.0424 0.0424
04/25/2018 9.43 0.0000 0.0000 0.0000 0.0314 0.0314
03/26/2018 9.43 0.0000 0.0000 0.0000 0.0365 0.0365
02/26/2018 9.50 0.0000 0.0000 0.0000 0.0319 0.0319
01/26/2018 9.58 0.0000 0.0000 0.0000 0.0279 0.0279
12/27/2017 9.51 0.0000 0.0000 0.0000 0.0406 0.0406
11/27/2017 9.49 0.0000 0.0000 0.0000 0.0400 0.0400
10/26/2017 9.55 0.0000 0.0000 0.0000 0.0312 0.0312
09/26/2017 9.50 0.0000 0.0000 0.0000 0.0239 0.0239


Dividend and Capital Gains Distributions: I Shares (INCIX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
11/25/2019 9.06 0.0000 0.0000 0.0000 0.0350 0.0350
10/28/2019 9.06 0.0000 0.0000 0.0000 0.0350 0.0350
09/25/2019 9.08 0.0000 0.0000 0.0000 0.0271 0.0271
08/27/2019 9.06 0.0000 0.0000 0.0000 0.0350 0.0350
07/26/2019 9.09 0.0000 0.0000 0.0000 0.0331 0.0331
06/25/2019 9.09 0.0000 0.0000 0.0000 0.0221 0.0221
05/28/2019 9.11 0.0000 0.0000 0.0000 0.0350 0.0350
04/25/2019 9.13 0.0000 0.0000 0.0000 0.0315 0.0315
03/26/2019 9.09 0.0000 0.0000 0.0000 0.0310 0.0310
02/25/2019 9.09 0.0000 0.0000 0.0000 0.0308 0.0308
01/28/2019 9.04 0.0000 0.0000 0.0000 0.0350 0.0350
12/27/2018 8.94 0.0000 0.0000 0.0000 0.0574 0.0574
11/27/2018 9.10 0.0000 0.0000 0.0000 0.0226 0.0226
10/26/2018 9.21 0.0000 0.0000 0.0000 0.0320 0.0320
09/25/2018 9.26 0.0000 0.0000 0.0000 0.0320 0.0320
08/28/2018 9.27 0.0000 0.0000 0.0000 0.0350 0.0350
07/26/2018 9.31 0.0000 0.0000 0.0000 0.0350 0.0350
06/26/2018 9.30 0.0000 0.0000 0.0000 0.0350 0.0350
05/25/2018 9.34 0.0000 0.0000 0.0000 0.0424 0.0424
04/25/2018 9.39 0.0000 0.0000 0.0000 0.0314 0.0314
03/26/2018 9.39 0.0000 0.0000 0.0000 0.0365 0.0365
02/26/2018 9.47 0.0000 0.0000 0.0000 0.0319 0.0319
01/26/2018 9.55 0.0000 0.0000 0.0000 0.0279 0.0279
12/27/2017 9.49 0.0000 0.0000 0.0000 0.0406 0.0406
11/27/2017 9.46 0.0000 0.0000 0.0000 0.0400 0.0400
10/26/2017 9.53 0.0000 0.0000 0.0000 0.0312 0.0312
09/26/2017 9.49 0.0000 0.0000 0.0000 0.0239 0.0239
08/28/2017 9.47 0.0000 0.0000 0.0000 0.0215 0.0215
07/26/2017 9.50 0.0000 0.0000 0.0000 0.0275 0.0275
06/27/2017 9.46 0.0000 0.0000 0.0000 0.0240 0.0240
05/25/2017 9.45 0.0000 0.0000 0.0000 0.0339 0.0339
04/25/2017 9.45 0.0000 0.0000 0.0000 0.0346 0.0346
03/28/2017 9.42 0.0000 0.0000 0.0000 0.0396 0.0396
02/23/2017 9.39 0.0000 0.0000 0.0000 0.0327 0.0327
01/26/2017 9.35 0.0000 0.0000 0.0000 0.0332 0.0332
12/27/2016 9.24 0.0000 0.0000 0.0000 0.0695 0.0695
11/25/2016 9.17 0.0000 0.0000 0.0000 0.0410 0.0410
10/28/2016 9.17 0.0000 0.0000 0.0000 0.0415 0.0415
09/28/2016 9.14 0.0000 0.0000 0.0000 0.0318 0.0318
08/30/2016 9.06 0.0000 0.0000 0.0000 0.0317 0.0317
07/27/2016 8.97 0.0000 0.0000 0.0000 0.0321 0.0321
06/22/2016 8.85 0.0000 0.0000 0.0000 0.0354 0.0354
05/25/2016 8.85 0.0000 0.0000 0.0000 0.0291 0.0291
04/27/2016 8.89 0.0000 0.0000 0.0000 0.0183 0.0183
03/23/2016 8.75 0.0000 0.0000 0.0000 0.0461 0.0461


Dividend and Capital Gains Distributions: A Shares (INCAX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
11/25/2019 9.01 0.0000 0.0000 0.0000 0.0333 0.0333
10/28/2019 9.01 0.0000 0.0000 0.0000 0.0331 0.0331
09/25/2019 9.03 0.0000 0.0000 0.0000 0.0254 0.0254
08/27/2019 9.02 0.0000 0.0000 0.0000 0.0328 0.0328
07/26/2019 9.05 0.0000 0.0000 0.0000 0.0313 0.0313
06/25/2019 9.05 0.0000 0.0000 0.0000 0.0201 0.0201
05/28/2019 9.08 0.0000 0.0000 0.0000 0.0332 0.0332
04/25/2019 9.10 0.0000 0.0000 0.0000 0.0298 0.0298
03/26/2019 9.06 0.0000 0.0000 0.0000 0.0291 0.0291
02/25/2019 9.06 0.0000 0.0000 0.0000 0.0291 0.0291
01/28/2019 9.01 0.0000 0.0000 0.0000 0.0332 0.0332
12/27/2018 8.92 0.0000 0.0000 0.0000 0.0554 0.0554
11/27/2018 9.08 0.0000 0.0000 0.0000 0.0208 0.0208
10/26/2018 9.19 0.0000 0.0000 0.0000 0.0300 0.0300
09/25/2018 9.24 0.0000 0.0000 0.0000 0.0303 0.0303
08/28/2018 9.26 0.0000 0.0000 0.0000 0.0334 0.0334
07/26/2018 9.30 0.0000 0.0000 0.0000 0.0330 0.0330
06/26/2018 9.29 0.0000 0.0000 0.0000 0.0331 0.0331
05/25/2018 9.34 0.0000 0.0000 0.0000 0.0406 0.0406
04/25/2018 9.38 0.0000 0.0000 0.0000 0.0296 0.0296
03/26/2018 9.39 0.0000 0.0000 0.0000 0.0347 0.0347
02/26/2018 9.46 0.0000 0.0000 0.0000 0.0301 0.0301
01/26/2018 9.55 0.0000 0.0000 0.0000 0.0260 0.0260
12/27/2017 9.49 0.0000 0.0000 0.0000 0.0374 0.0374
11/27/2017 9.47 0.0000 0.0000 0.0000 0.0371 0.0371
10/26/2017 9.53 0.0000 0.0000 0.0000 0.0278 0.0278
09/26/2017 9.49 0.0000 0.0000 0.0000 0.0209 0.0209
08/28/2017 9.47 0.0000 0.0000 0.0000 0.0182 0.0182
07/26/2017 9.50 0.0000 0.0000 0.0000 0.0242 0.0242
06/27/2017 9.46 0.0000 0.0000 0.0000 0.0207 0.0207
05/25/2017 9.45 0.0000 0.0000 0.0000 0.0307 0.0307
04/25/2017 9.45 0.0000 0.0000 0.0000 0.0315 0.0315
03/28/2017 9.42 0.0000 0.0000 0.0000 0.0369 0.0369
02/23/2017 9.39 0.0000 0.0000 0.0000 0.0298 0.0298
01/26/2017 9.35 0.0000 0.0000 0.0000 0.0302 0.0302
12/27/2016 9.24 0.0000 0.0000 0.0000 0.0656 0.0656
11/25/2016 9.17 0.0000 0.0000 0.0000 0.0382 0.0382
10/28/2016 9.17 0.0000 0.0000 0.0000 0.0386 0.0386
09/28/2016 9.14 0.0000 0.0000 0.0000 0.0289 0.0289
08/30/2016 9.06 0.0000 0.0000 0.0000 0.0282 0.0282
07/27/2016 8.97 0.0000 0.0000 0.0000 0.0289 0.0289
06/22/2016 8.85 0.0000 0.0000 0.0000 0.0324 0.0324
05/25/2016 8.85 0.0000 0.0000 0.0000 0.0262 0.0262
04/27/2016 8.89 0.0000 0.0000 0.0000 0.0154 0.0154
03/23/2016 8.76 0.0000 0.0000 0.0000 0.0434 0.0434


Dividend and Capital Gains Distributions: C Shares (INCCX)

Distribution  Date Distribution  NAV Long-Term  Capital Gain Short-Term  Capital Gain Return of  Capital Dividend  Income Distribution  Total
11/25/2019 9.03 0.0000 0.0000 0.0000 0.0280 0.0280
10/28/2019 9.03 0.0000 0.0000 0.0000 0.0272 0.0272
09/25/2019 9.06 0.0000 0.0000 0.0000 0.0197 0.0197
08/27/2019 9.04 0.0000 0.0000 0.0000 0.0266 0.0266
07/26/2019 9.07 0.0000 0.0000 0.0000 0.0257 0.0257
06/25/2019 9.07 0.0000 0.0000 0.0000 0.0141 0.0141
05/28/2019 9.09 0.0000 0.0000 0.0000 0.0277 0.0277
04/25/2019 9.11 0.0000 0.0000 0.0000 0.0222 0.0222
03/26/2019 9.08 0.0000 0.0000 0.0000 0.0234 0.0234
02/25/2019 9.07 0.0000 0.0000 0.0000 0.0251 0.0251
01/28/2019 9.02 0.0000 0.0000 0.0000 0.0273 0.0273
12/27/2018 8.93 0.0000 0.0000 0.0000 0.0491 0.0491
11/27/2018 9.09 0.0000 0.0000 0.0000 0.0153 0.0150
10/26/2018 9.20 0.0000 0.0000 0.0000 0.0240 0.0240
09/25/2018 9.25 0.0000 0.0000 0.0000 0.0249 0.0249
08/28/2018 9.26 0.0000 0.0000 0.0000 0.0276 0.0276
07/26/2018 9.31 0.0000 0.0000 0.0000 0.0267 0.0267
06/26/2018 9.30 0.0000 0.0000 0.0000 0.0273 0.0273
05/25/2018 9.34 0.0000 0.0000 0.0000 0.0357 0.0357
04/25/2018 9.38 0.0000 0.0000 0.0000 0.0232 0.0232
03/26/2018 9.39 0.0000 0.0000 0.0000 0.0294 0.0294
02/26/2018 9.46 0.0000 0.0000 0.0000 0.0243 0.0243
01/26/2018 9.55 0.0000 0.0000 0.0000 0.0201 0.0201
12/27/2017 9.48 0.0000 0.0000 0.0000 0.0305 0.0305
11/27/2017 9.46 0.0000 0.0000 0.0000 0.0327 0.0327
10/26/2017 9.53 0.0000 0.0000 0.0000 0.0224 0.0224
09/26/2017 9.48 0.0000 0.0000 0.0000 0.0164 0.0164
08/28/2017 9.46 0.0000 0.0000 0.0000 0.0134 0.0134
07/26/2017 9.50 0.0000 0.0000 0.0000 0.0195 0.0195
06/27/2017 9.46 0.0000 0.0000 0.0000 0.0160 0.016
05/25/2017 9.45 0.0000 0.0000 0.0000 0.0263 0.0263
04/25/2017 9.45 0.0000 0.0000 0.0000 0.0273 0.0273
03/28/2017 9.42 0.0000 0.0000 0.0000 0.0320 0.0320
02/23/2017 9.40 0.0000 0.0000 0.0000 0.0256 0.0256
01/26/2017 9.35 0.0000 0.0000 0.0000 0.0271 0.0271
12/27/2016 9.25 0.0000 0.0000 0.0000 0.0600 0.0600
11/25/2016 9.17 0.0000 0.0000 0.0000 0.0342 0.0342
10/28/2016 9.18 0.0000 0.0000 0.0000 0.0344 0.0344
09/28/2016 9.14 0.0000 0.0000 0.0000 0.0242 0.0242
08/30/2016 9.06 0.0000 0.0000 0.0000 0.0240 0.0240
07/27/2016 8.98 0.0000 0.0000 0.0000 0.0239 0.0239
06/22/2016 8.85 0.0000 0.0000 0.0000 0.0281 0.0281
05/25/2016 8.85 0.0000 0.0000 0.0000 0.0214 0.0214
04/27/2016 8.89 0.0000 0.0000 0.0000 0.0111 0.0111
03/23/2016 8.76 0.0000 0.0000 0.0000 0.0387 0.0387

As of 9/30/2019
Fund Share Class 12 Mo Distribution Yield1,3,4 SEC 30 Day Yield Unsubsidized2,3 SEC 30 Day Yield Subsidized2,3,5
S Shares (INCSX) – Prospectus 4.27% 6.46% 5.25%
I Shares (INCIX) – Prospectus 4.32% 6.00% 5.26%
A Shares (INCAX) – Prospectus 4.10% 5.17% 4.74%
C Shares (INCCX) – Prospectus 3.31% 4.82% 4.22%

1 12-Month Distribution Yield is calculated by adding each fund’s trailing 12-month income distributions, and dividing the sum by the fund’s most recent month ended NAV. A fund may pay distributions in excess of its net investment company taxable income and, to the extent this occurs, the distribution yield quoted will include a return of capital. However, please note that distributions are subject to recharacterization for tax purposes and the final tax treatment of these distributions will be reported to shareholders after the close of each calendar year on form 1099-DIV.

2 The SEC yield is calculated by dividing annualized net investment income per share during a 30-day period by the maximum offering price per share as of the close of that period. SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities. Since certain distributions received by the funds from real estate investment trusts (REITs) may consist of dividend income, return of capital and capital gains, and the character of these distributions cannot be determined until after the end of the year, the SEC yield has been adjusted for the funds that invest significantly in REITs based on estimates of return of capital and capital gains. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. Subsidized (Sub.) yields reflect fee waivers in effect. Without such waivers, yields would be reduced. Unsubsidized yields do not reflect fee waivers in effect. The Fund’s management has contractually waived a portion of its management fees until December 31, 2019.

3 12-Month Distribution Yield will fluctuate from month to month, and is not equivalent to the subsidized or unsubsidized 30-day SEC yield of the fund. You should consult each fund’s prospectus for additional information about the Fund’s dividends and distributions policy.

4 12-Month Distribution Yield for the Fund may vary significantly year-over-year due to tax adjustments, and are subject to change from the yields quoted. No distribution is guaranteed by the Fund.

5 A Shares do not currently have a fee waiver in effect.

The Fund’s distribution rate may be affected by numerous factors, including changes in realized and projected market returns, Fund performance, and other factors. There can be no assurance that an unanticipated change in market conditions or other unforeseen factors will not result in a change in the Fund’s distribution rate at a future time. The distribution rate does not reflect other non-income items.

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment return and the principal value of an investment will fluctuate, and shares, if redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Annualized total returns of the open-end funds current to the most recent month-end can be obtained on the performance tab of this site.

PORTFOLIO MANAGERS

Akos Beleznay, Ph.D.

Akos Beleznay, Ph.D.

(Chief Investment Officer, James Alpha Advisors)

Dr. Beleznay serves as Chief Investment Officer for James Alpha Advisors and is a member of the James Alpha Investment Committee and responsible for manager research and asset allocation amongst the James Alpha suite of managers and funds.

Dr. Beleznay has been successfully allocating capital to hedge funds for over 15 years. Prior to joining James Alpha, he was the Chief Investment Officer at Riverside, the asset management arm of HFR (Hedge Fund Research, Inc.) managing over $1 billion of fund of hedge fund products. Before Riverside, Dr. Beleznay served as the Chief Investment Officer at Commerce Asset Management and CSG Asset Management with responsibility for managing funds of hedge funds and a hedge fund index replication product. He also served as the Director of Consulting Research for Equitas Capital Advisors, LLC from 2002 to 2010 and the Chief Investment Officer of Equitas Evergreen Fund LP, a fund of hedge funds with $300 million in assets, from 2003 to 2010.

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Dr. Beleznay serves as Chief Investment Officer for James Alpha Advisors and is a member of the James Alpha Investment Committee and responsible for manager research and asset allocation amongst the James Alpha suite of managers and funds.

Dr. Beleznay has been successfully allocating capital to hedge funds for over 15 years. Prior to joining James Alpha, he was the Chief Investment Officer at Riverside, the asset management arm of HFR (Hedge Fund Research, Inc.) managing over $1 billion of fund of hedge fund products. Before Riverside, Dr. Beleznay served as the Chief Investment Officer at Commerce Asset Management and CSG Asset Management with responsibility for managing funds of hedge funds and a hedge fund index replication product. He also served as the Director of Consulting Research for Equitas Capital Advisors, LLC from 2002 to 2010 and the Chief Investment Officer of Equitas Evergreen Fund LP, a fund of hedge funds with $300 million in assets, from 2003 to 2010.

Mr. Beleznay has a PhD degree in Physics from Eotvos Lorand University, Hungary and an MBA from Tulane University.

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Sal Naro

Sal Naro

(Chief Executive Officer, Chief Investment Officer, Coherence Capital Partners)

Mr. Naro is the managing member, Chief Executive Officer, and Chief Investment Officer of Coherence Capital Partners which he founded in January 2012. Prior, Mr. Naro was the Vice Chairman of Jefferson National Financial Corp and CEO of Jefferson National Asset Management. Prior to Jefferson National, Mr. Naro has held several senior management positions most recently as Executive Director at Markit Group, a financial services technology firm. After being a shareholder and board member from inception through UBS and Sailfish, Mr. Naro joined Markit Group as one of their senior executives. Over 2 1/2 years, Mr. Naro led various businesses and, as co-head of the acquisitions committee, oversaw four strategic and accretive acquisitions. Additionally he restructured two other business and drove the sale of some non core assets. Mr. Naro continues as an advisor and shareholder to Markit.

Prior to Markit, Mr. Naro was the Co-CEO and President of Sailfish Capital Partners, LLC, an asset management company he co-founded in 2005. Prior to Sailfish, Mr. Naro worked at UBS Investment Bank where he was a Managing Director and the Global Co-Head of Fixed Income.

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Mr. Naro is the managing member, Chief Executive Officer, and Chief Investment Officer of Coherence Capital Partners which he founded in January 2012. Prior, Mr. Naro was the Vice Chairman of Jefferson National Financial Corp and CEO of Jefferson National Asset Management. Prior to Jefferson National, Mr. Naro has held several senior management positions most recently as Executive Director at Markit Group, a financial services technology firm. After being a shareholder and board member from inception through UBS and Sailfish, Mr. Naro joined Markit Group as one of their senior executives. Over 2 1/2 years, Mr. Naro led various businesses and, as co-head of the acquisitions committee, oversaw four strategic and accretive acquisitions. Additionally he restructured two other business and drove the sale of some non core assets. Mr. Naro continues as an advisor and shareholder to Markit.

Prior to Markit, Mr. Naro was the Co-CEO and President of Sailfish Capital Partners, LLC, an asset management company he co-founded in 2005. Prior to Sailfish, Mr. Naro worked at UBS Investment Bank where he was a Managing Director and the Global Co-Head of Fixed Income. He was also a member of the Board of Directors of UBS Investment Bank. Prior to joining UBS, he was a Senior Managing Director and Global Head of Credit Trading at Bear Stearns from 1989 to 1998. Mr. Naro served on the global risk committees of both firms. While at UBS and Bear Stearns, Mr. Naro managed an investment team and traded a significant proprietary book. Mr. Naro began his career on Wall Street in 1982 as a fixed income associate for Dreyfus and has been a member of senior management in fixed income for the last 22 years. Mr. Naro is a 1983 graduate of C.W. Post College of Long Island University and currently sits on the Board of Trustees of Long Island University.

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Vincent Mistretta

Vincent Mistretta

(Coherence Capital Partners)

Mr. Mistretta serves as President of Coherence Capital Partners. Prior, Mr. Mistretta was the Senior Portfolio Manager at Jefferson National Asset Management. Prior to Jefferson National, Mr. Mistretta was a founding partner and portfolio manager at L Plus LLC, an asset manager. Prior to L Plus, Mr. Mistretta worked at UBS Investment Bank where he was a Managing Director and Head of GCS (Global Credit Strategies), a multi-strategy proprietary investment business he founded in 2006. Prior to establishing GCS, Mr. Mistretta was the Global COO for Credit Fixed Income from 2004-2005 and Head of U.S. Credit Derivatives Trading from 2003-2004. Mr. Mistretta also served on several management committees and was instrumental in recruiting new talent to UBS. During his time at UBS, Mr. Mistretta was a member of the board of directors of ISDA (International Swaps Dealers Association 2005-2006) and Markit Group (2004-2005). Prior to joining UBS, Mr. Mistretta held senior Trading and Portfolio Management positions at SAC Capital Advisors, HSBC, DLJ and Bear Stearns. Mr. Mistretta is a 1986 graduate of Bucknell University where he earned a Bachelor of Arts in Economics.

Michael Cannon

Michael Cannon

(Coherence Capital Partners)

Prior to Coherence Capital, Mr. Cannon spent 16 years at UBS Investment Bank, most recently as Managing Director and Co-Head of Investment Grade Credit Trading. Mr. Cannon has extensive experience in trading Distressed, High Yield, and Investment Grade Credit. At UBS, Mr. Cannon worked directly for Coherence CEO, Sal Naro, from 1999 to 2005 in addition to trading alongside Coherence partner, Vincent Mistretta. Additionally, Mr. Cannon worked with fellow Coherence colleagues, Edgar Benavides and Robert Del Grande. Mr. Cannon is a 1993 graduate of the Cooper Union for Advancement of Science and Art where he earned a Bachelor’s of Engineering, Electrical Engineering.

Glenn Koach

Glenn Koach

(Concise Capital Management)

Mr. Koach is the President at Concise Capital Management, LP, sub-advisor to the Portfolio. Glenn has more than 25 years of experience in managing short-term, high yield funds. Mr. Koach co-founded Riverside Capital Advisers in 1984, a boutique institutional investment management firm specializing in short-term, high-yield securities, which grew to over $400 million under management. The Riverside portfolio included, publicly traded seasoned securities for large non-taxable accounts such as, pension plans, endowments, and offshore funds, as well as private placements, tax liens, and structured settlements. He sold his interest in Riverside in 1997. Riverside sold the high yield business in 1999. As a corporate board director, Mr. Koach has guided several companies through difficult financial situations including, turn-arounds, workouts and bankruptcies. This experience gives him far greater insight into the under-pinning of high-yield offerings. In addition, Mr. Koach is an experienced corporate executive holding key positions with both public and private companies, including: CEO of Group Long Distance, Inc. (GLDI) and Vice President of Strategic Planning for Tribune Cable Communications. Mr. Koach holds a Bachelor of Economics with a degree in Accounting from the Wharton School at the University of Pennsylvania.

Tom Krasner

Tom Krasner

(Concise Capital Management)

Mr. Krasner is a Principal and Portfolio Manager at Concise Capital Management, LP, sub-advisor to the Portfolio. Tom has spent more than 20 years in distressed debt and high yield bonds. He has extensive experience in corporate restructurings, credit analysis, and portfolio management, including substantial hands-on involvement in the workouts of troubled companies. Between 1999 and 2003, Mr. Krasner was Executive Vice President at Harch Capital Management and was responsible for working out and restructuring distressed securities, high yield bonds, and bank loans for a $600 million hedge fund. Between 1996 and 1999, Mr. Krasner was a Principal and Portfolio Manager at Riverside Capital Advisers, where he co-managed the short-term high yield portfolio with Mr. Koach. Between 1985 and 1996 he worked at John Alden Asset Management, a $4 billion life insurance company, where he was responsible for the $250 million private placement portfolio. In 2003 Mr. Krasner was appointed as Trustee by the U.S. Bankruptcy Court to administer the liquidating trust of Premier Operations. Mr. Krasner holds a BA in Economics/English/Mathematical Sciences and a MA in Economics from Rice University and is a Chartered Financial Analyst (CFA).

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Mr. Krasner is a Principal and Portfolio Manager at Concise Capital Management, LP, sub-advisor to the Portfolio. Tom has spent more than 20 years in distressed debt and high yield bonds. He has extensive experience in corporate restructurings, credit analysis, and portfolio management, including substantial hands-on involvement in the workouts of troubled companies. Between 1999 and 2003, Mr. Krasner was Executive Vice President at Harch Capital Management and was responsible for working out and restructuring distressed securities, high yield bonds, and bank loans for a $600 million hedge fund. Between 1996 and 1999, Mr. Krasner was a Principal and Portfolio Manager at Riverside Capital Advisers, where he co-managed the short-term high yield portfolio with Mr. Koach. Between 1985 and 1996 he worked at John Alden Asset Management, a $4 billion life insurance company, where he was responsible for the $250 million private placement portfolio. In 2003 Mr. Krasner was appointed as Trustee by the U.S. Bankruptcy Court to administer the liquidating trust of Premier Operations. Mr. Krasner holds a BA in Economics/English/Mathematical Sciences and a MA in Economics from Rice University and is a Chartered Financial Analyst (CFA). Between 1996 and 1998 he was president of the Miami Society of Financial Analysts. He currently is a Director of Institutional Deposits Corporation and has served on the boards of Birch Telecom, Doe Run Resources, FWT, Nutritek, Sterling Chemicals, and Trism.

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Jon Duensing

Jon Duensing

(Amundi Pioneer)

Jonathan M. Duensing, CFA is a Principal and Senior Portfolio Manager at Amundi Pioneer, Inc, sub-advisor to the Portfolio. Mr. Duensing heads the Corporate Credit Investment Team and is the Senior Portfolio Manager responsible for the firm’s credit related absolute return portfolios. Prior to joining Amundi in 1996, Mr. Duensing was the Credit Officer for a member bank of Old National Bancorp. He became a Chartered Financial Analyst (CFA) charter holder in 1999. Mr. Duensing holds a BA in Finance from the University of Illinois, Urbana-Champaign, graduating with distinction and departmental honors.

Documents

Title Release Date Download PDF
Fourth Quarter Fact Sheet December 31,2019 Download
Third Quarter Fact Sheet September 30, 2019 Download
Prospectus December 27, 2019 Download

Risks

There is no assurance that the portfolio will achieve its investment objective. The Fund is subject to stock market risk, which is the risk that stock prices overall will decline over short or long periods, adversely affecting the value of an investment.

Mutual funds involve risk including the possible loss of principal. The Portfolio may engage in frequent trading of portfolio securities resulting in higher transaction costs, a lower return and increased tax liability. There are a number of risks associated with an investment in bank loans including credit risk, interest rate risk, liquidity risk and prepayment risk. Investments in convertible securities subject the Portfolio to the risks associated with both fixed-income securities and common stocks. Certain derivative and “over-the-counter” instruments in which the Portfolio may invest, such as over-the-counter swaps and forwards, are subject to the risk that the other party to a contract will not fulfill its contractual obligations. There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. Adverse changes in currency exchange rates may erode or reverse any potential gains from the Fund’s investments. The liquidity of the futures market depends on participants entering into offsetting transactions rather than making or taking delivery. OTC swap transactions are two-party transactions and are therefore often less liquid than other types of investments, and the Portfolio may be unable to sell or terminate its swap positions at a desired time or price. If the Portfolio sells (writes) a put option, there is risk that the Portfolio may be required to buy the underlying investment at a disadvantageous price. ETF’s are subject to specific risks, depending on the nature of the underlying strategy of the fund. These risks could include liquidity risk, sector risk, as well as risks associated with fixed income securities, real estate investments will be affected by changes in the foreign country’s exchange rates; political and social instability; changes in economic or taxation policies; difficulties when enforcing obligations; decreased liquidity; and increased volatility. It is possible that the hedging strategy could result in losses and/or expenses that are greater than if the Portfolio did not include the hedging strategy. High yield bonds (junk bonds) involve greater risk of default or price changes due to changes in the credit quality of the issuer. The Portfolio may hold illiquid securities that it is unable to sell at the preferred time or price and could lose its entire investment in such securities. Mortgage- and asset-backed securities are subject to prepayment rates on underlying loans. Short sales may cause the Portfolio to repurchase a security at a higher price, thereby causing the Portfolio to incur a loss.

1The Fund’s management has contractually waived a portion of its management fees until December 31, 2019 for I, A, C Shares and December 31, 2020 for S Shares. The performance shown reflects the waivers without which the performance would have been lower. Total annual operating expenses before the expense reduction/reimbursement are 2.67% for S Shares, 2.62% for I Shares, 2.93% for A Shares, and 3.63% for C Shares; total annual operating expenses after the expense reduction/reimbursement are 1.71% for S Shares, 2.13% for I Shares, 2.68% for A Shares, and 3.27% for C Shares. The Fund’s investment adviser has contractually agreed to reduce and/or absorb expenses until at least December 31, 2019 for I, A, C Shares and December 31, 2020 for S Shares,  to ensure that Total Annual Portfolio Operating Expenses for the Portfolio will not exceed 1.39% for S Shares, 1.85% for I Shares, 2.39% for A Shares, and 2.99% for C Shares. 5.75% is the maximum sales charge on purchases of A shares. For performance information current to the most recent month-end, please call 888.814.8180.

2Bloomberg, October 17, 2019. Global Credit Managers See More Default Ahead.

2CNBC Market Insider, August 12, 2019. Investors are rushing into bonds, like they’re the new ‘Beyond Meat’.

3S&P Global, May 17, 2019. U.S. Corporate Debt Market: The State of Play in 2019.