ESTCX — Emerald Select trueLiberty Income Fund

ESTCX Fund Overview

ESTCX — Emerald Select trueLiberty Income Fund is a US mutual fund managed by Financial Investors Trust, categorised as Emerging Markets Value Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Financial Investors Trust
• Category: Emerging Markets Value Equity
• Assets under management: $1.04M
• Ticker: ESTCX
• SEC CIK: 0000915802
• SEC series ID: S000066801
• Share class ID: C000217844

ESTCX Investment Objective and Strategy

Emerald Select trueLiberty Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Financial Investors Trust.

Investment objective

The Fund's primary investment objective is to seek to provide current income,

Principal investment strategy

"Under normal circumstances, the Emerald Select trueLiberty Income Fund (the ""Fund"") will seek to achieve its investment objective by investing up to 25% of its net assets, plus any borrowings for investment purposes, in exchange-traded master limited partnership (""MLP"") securities. Utilizing the portfolio managers' trueMLP strategy, the Fund's MLP investments, which typically is expected to comprise 20-50 different holdings, may include the following: MLPs structured as limited partnerships (""LPs"") or limited liability companies (""LLCs"") which are treated in the same manner as MLPs for federal income tax purposes; MLPs that are taxed as ""C"" corporations; businesses that operate and have the economic characteristics of MLPs but are organized and taxed as ""C"" corporations; securities issued by MLP affiliates; and private investments in public equities (""PIPEs"") issued by MLPs.

MLPs, also known as publicly traded partnerships, predominately operate, or directly or indirectly own, energy-related assets. In addition, the Fund will, under normal circumstances, invest up to 25% of its net assets in a wholly-owned subsidiary organized under the laws of the Cayman Islands (the ""Subsidiary""). The Subsidiary, which will also be managed by the Adviser and by the Sub-Adviser, is expected to invest primarily in one or more total return swaps, the reference asset for which will be indices of MLPs or individual MLPs. Because total return swaps are valued at mark-to-market value, not notional exposure, the Fund can, (within the percentage limit invested in the subsidiary), provide indirect economic exposure to MLPs that exceeds the Funds 25% limit on direct MLPs. In addition to the total return swap, the Subsidiary is expected to hold cash, cash equivalents, and equity securities of U.S.

issuers and non-U.S. issuers (which may include issuers in emerging markets). When it enters into a total return swap, the Subsidiary agrees with the swap counterparty to ""swap"" the total return (including typically, income and capital gains distributions, principal prepayment, credit losses, etc.) of an underlying reference asset (such as an index, security or underlying pool of securities) in exchange for a regular payment, at a floating rate, at a fixed rate, or the total rate of return on another financial instrument. The Subsidiary is subject to the oversight of an independent director who is not a member of the Fund's board. The remaining balance of the Fund's portfolio is expected to be invested in a basket of other non-MLP equity securities, one or more total return swaps, the reference assets for which will be the aforementioned non-MLP equity securities, options on MLPs, exchange-traded notes, cash, cash equivalents, and U.S.

Treasuries. The basket of non-MLP equity securities, the related total return swap, exchange-traded notes, and the options on MLPs are expected to comprise, in the aggregate, not more than 25% of the Fund's portfolio. The Fund complies with applicable investment policies on an aggregate basis with the Subsidiary. The Fund and the Subsidiary may invest in equity securities of issuers of any market capitalization."

ESTCX Costs and Fees

ESTCX costs about $76 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.76%
• Gross expense ratio: 52.48%
• Portfolio turnover: 439%
• Brokerage commissions: 3.67 bps of average net assets (SEC N-CEN)

ESTCX Cashflows

Over the 12 months to 2020-10, Emerald Select trueLiberty Income Fund had net inflows of $2.04M, from monthly SEC N-PORT filings.

ESTCX Debt Constituents

No individual debt constituents are reported in Emerald Select trueLiberty Income Fund's latest SEC N-PORT filing.

ESTCX Prospectus and SEC Filings

Official Emerald Select trueLiberty Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-09-16
• Prospectus (485BPOS) — filed 2019-12-12
• Portfolio holdings (N-PORT) — filed 2020-12-29
• Portfolio holdings (N-PORT) — filed 2020-09-29
• Portfolio holdings (N-PORT) — filed 2020-06-26
• Annual census (N-CEN) — filed 2020-07-14

Related Funds

Other Emerging Markets Value Equity funds tracked on ABC INVEST:

• iShares Emerging Markets Dividend ETF (DVYE)
• SPDR® S&P® Emerging Markets Dividend ETF (EDIV)
• Cambria Emerging Shareholder Yield ETF (EYLD)
• Fidelity Emerging Markets Multifactor ETF (FDEM)
• VictoryShares Emerging Markets Value Momentum ETF (UEVM)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.