497

0001193125-12-482260.txt : 20121127 0001193125-12-482260.hdr.sgml : 20121127 20121127171644 ACCESSION NUMBER: 0001193125-12-482260 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121127 DATE AS OF CHANGE: 20121127 EFFECTIVENESS DATE: 20121127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PYXIS FUNDS I CENTRAL INDEX KEY: 0001354917 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-132400 FILM NUMBER: 121227199 BUSINESS ADDRESS: STREET 1: 13455 NOEL ROAD STREET 2: SUITE 800 CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: 972-628-4100 MAIL ADDRESS: STREET 1: 13455 NOEL ROAD STREET 2: SUITE 800 CITY: DALLAS STATE: TX ZIP: 75240 FORMER COMPANY: FORMER CONFORMED NAME: Highland Funds I DATE OF NAME CHANGE: 20060302

0001354917 S000012407 Pyxis Long/Short Equity Fund

C000033657 Class Z HEOZX

C000033776 Class A HEOAX

C000033777 Class C HEOCX

0001354917 S000021242 Pyxis Long/Short Healthcare Fund

C000060521 Class A HHCAX

C000060522 Class C HHCCX

C000060523 Class Z HHCZX

0001354917 S000032571 Pyxis Floating Rate Opportunities Fund

C000100403 Class A

C000100404 Class B

C000100405 Class C

C000100406 Class Z

497 1 d435830d497.htm 497 497

Pyxis Funds I

c/o Pyxis Capital, L.P.

200 Crescent Court, Suite 700

Dallas, Texas 75201

November 27, 2012

Ethan Powell

972-419-2575

epowell@pyxiscap.com

BY EDGAR

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Re:	Pyxis Funds I (File Nos. 333-132400 and 811-21866)

Ladies and Gentlemen:

On behalf of Pyxis Funds I, and pursuant to Rule 497(c) under the Securities Act of 1933, as amended, attached for filing are exhibits containing interactive data format risk/return summary information. The interactive data files included as exhibits to this filing relate to the prospectuses filed with the Securities and Exchange Commission on behalf of Pyxis Funds I pursuant to Rule 497(c) on November 5, 2012 (Accession No. 0001193125-12-451965), which are incorporated by reference into this Rule 497 filing. The 497(c) is being filed for the sole purpose of submitting the exhibits containing interactive data format risk/return summary information for the series of Pyxis Funds I to which the 497(c) relates.

Very truly yours,

/s/ Ethan Powell

Ethan Powell

Enclosures

EX-101.INS 2 pf3-20121105.xml XBRL INSTANCE DOCUMENT 0001354917 pf3:S000012407Member pf3:C000033777Member 2011-11-02 2012-11-01 0001354917 pf3:S000032571Member pf3:C000100404Member 2011-11-02 2012-11-01 0001354917 pf3:S000032571Member pf3:C000100405Member 2011-11-02 2012-11-01 0001354917 pf3:S000021242Member pf3:C000060522Member 2011-11-02 2012-11-01 0001354917 pf3:S000012407Member pf3:C000033776Member 2011-11-02 2012-11-01 0001354917 pf3:S000032571Member pf3:C000100403Member 2011-11-02 2012-11-01 0001354917 pf3:S000021242Member 2011-11-02 2012-11-01 0001354917 pf3:S000012407Member 2011-11-02 2012-11-01 0001354917 pf3:S000032571Member 2011-11-02 2012-11-01 0001354917 pf3:S000021242Member pf3:C000060521Member 2011-11-02 2012-11-01 0001354917 pf3:S000012407Member pf3:C000033657Member 2011-11-02 2012-11-01 0001354917 pf3:S000032571Member pf3:C000100406Member 2011-11-02 2012-11-01 0001354917 pf3:S000021242Member pf3:C000060523Member 2011-11-02 2012-11-01 0001354917 2011-11-02 2012-11-01 0001354917 pf3:S000021242Member rr:AfterTaxesOnDistributionsMember pf3:C000060521Member 2011-11-02 2012-11-01 0001354917 pf3:S000021242Member rr:AfterTaxesOnDistributionsAndSalesMember pf3:C000060521Member 2011-11-02 2012-11-01 0001354917 pf3:S000012407Member rr:AfterTaxesOnDistributionsMember pf3:C000033776Member 2011-11-02 2012-11-01 0001354917 pf3:S000012407Member rr:AfterTaxesOnDistributionsAndSalesMember pf3:C000033776Member 2011-11-02 2012-11-01 0001354917 pf3:S000012407Member pf3:StandardAndPoorsFiveHundredIndexMember 2011-11-02 2012-11-01 0001354917 pf3:S000021242Member pf3:StandardAndPoorsFiveHundredIndexMember 2011-11-02 2012-11-01 0001354917 pf3:S000021242Member pf3:StandardAndPoorsHealthcareIndexMember 2011-11-02 2012-11-01 0001354917 pf3:S000032571Member pf3:CreditSuisseLeveragedLoanIndexMember 2011-11-02 2012-11-01 0001354917 pf3:S000032571Member rr:AfterTaxesOnDistributionsAndSalesMember pf3:C000100403Member 2011-11-02 2012-11-01 0001354917 pf3:S000032571Member rr:AfterTaxesOnDistributionsMember pf3:C000100403Member 2011-11-02 2012-11-01 pure iso4217:USD 2215 1410 1484 2051 2012-09-30 2012-09-30 Expense Example. Expense Example 2360 Expense Example <div style="display:none">~ http://www.pyxisais.com/role/ScheduleShareholderFeesPyxisLong/ShortEquityFund column period compact * ~</div> 2012-09-30 <div style="display:none">~ http://www.pyxisais.com/role/ScheduleShareholderFeesPyxisFloatingRateOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.pyxisais.com/role/ScheduleShareholderFeesPyxisLong/ShortHealthcareFund column period compact * ~</div> 0.0053 0.0053 0.0053 2215 1750 1542 1510 1484 1057 2199 2051 1577 0.2172 0.0109 0.0109 0.0109 Pyxis Long/Short Equity Fund Pyxis Floating Rate Opportunities Fund You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) 0.055 0 0 Shareholder Fees (fees paid directly from your investment) Pyxis Long/Short Healthcare Fund 0.035 0 0 0 Shareholder Fees (fees paid directly from your investment) The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the expense example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 1,336% of the average value of its portfolio. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the expense example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 650% of the average value of its portfolio. 0.055 0 0 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the expense example, affect the Funds performance. During the fiscal year ended June 30, 2012, the portfolio turnover rate of the Fund was 50% of the average value of its portfolio. https://www.pyxisais.com/Funds Performance/Mutual-Funds/Alternative-Investment/Long-Short-Equity 0.0629 You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. <div style="display:none">~ http://www.pyxisais.com/role/ScheduleAnnualFundOperatingExpensesPyxisLong/ShortEquityFund column period compact * ~</div> https://www.pyxisais.com/Funds Performance/Mutual-Funds/Alternative-Investment/Floating-Rate-Opportunities 0.1447 -0.0254 You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. https://www.pyxisais.com/FundsPerformance/Mutual-Funds/Alternative-Investment/Long-Short-Healthcare <div style="display:none">~ http://www.pyxisais.com/role/ScheduleAnnualFundOperatingExpensesPyxisFloatingRateOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.pyxisais.com/role/ScheduleAnnualFundOperatingExpensesPyxisLong/ShortHealthcareFund column period compact * ~</div> Other PYXIS FUNDS I The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial intermediary and in Shareowner Guide How to Invest in the Pyxis Funds Sales Charges Class A Shares on page 44 of the Funds Prospectus and in Programs for Reducing or Eliminating Sales Charges on page 44 of the Funds Statement of Additional Information. The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial intermediary and in Shareowner Guide How to Invest in the Pyxis Funds Sales Charges Class A Shares on page 44 of the Funds Prospectus and in Programs for Reducing or Eliminating Sales Charges on page 44 of the Funds Statement of Additional Information. Annual Fund Operating Expenses (expenses that you pay each year as % of the value of your investment) The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial intermediary and in Shareowner Guide How to Invest in the Pyxis Funds Sales Charges Class A Shares on page 44 of the Funds Prospectus and in Programs for Reducing or Eliminating Sales Charges on page 44 of the Funds Statement of Additional Information. Annual Fund Operating Expenses (expenses that you pay each year as % of the value of your investment) Annual Fund Operating Expenses (expenses that you pay each year as % of the value of your investment) This Example helps you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example assumes that (i) you invest $10,000 in the Fund for the time periods indicated and then sell or redeem all your shares at the end of those periods, (ii) your investment has a 5% return each year, and (iii) operating expenses remain the same. Your actual costs may be higher or lower. -0.0123 -0.0123 -0.0123 -0.0123 Total Annual Fund Operating Expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses. This Example helps you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example assumes that (i) you invest $10,000 in the Fund for the time periods indicated and then sell or redeem all your shares at the end of those periods, (ii) your investment has a 5% return each year, and (iii) operating expenses remain the same. Your actual costs may be higher or lower. 903 537 339 4502 This Example helps you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example assumes that (i) you invest $10,000 in the Fund for the time periods indicated and then sell or redeem all your shares at the end of those periods, (ii) your investment has a 5% return each year, (iii) operating expenses remain the same, and (iv) the Fund has borrowed an average of 21.14% of the Funds assets annually. Your actual costs may be higher or lower. 478 493 283 97 The highest calendar quarter total return for Class A Shares of the Fund was 16.25% for the quarter ended December 31, 2009 and the lowest calendar quarter total return was -11.78% for the quarter ended March 31, 2009. Performance Table Annualized Total Returns for the period ended December 31, 2011 3033 3259 After-tax returns in the table above are shown for Class A Shares only and will differ for Class C and Class Z Shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. For example, after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The bar chart and the performance table below provide an indication of the risks of investing in the Fund by showing changes in the performance of the Funds Class A Shares from year to year and by showing how the Funds average annual returns for the Funds Class A, Class C and Class Z Shares compared to those of a broad measure of market performance. (877) 665-1287 The highest calendar quarter total return for Class A Shares of the Fund was 10.42% for the quarter ended September 30, 2009 and the lowest calendar quarter total return was -5.59% for the quarter ended September 30, 2008. Performance Table Annualized Total Returns for the period ended December 31, 2011 (sales charge included) After-tax returns in the table above are shown for Class A Shares only and will differ for Class C and Class Z Shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. For example, after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The 1 year average annual return after taxes on distributions and sale of fund shares is higher than the 1 year average annual return after taxes on distributions because of realized losses that would have been sustained upon the sale of fund shares immediately after the relevant periods. The calculations assume that an investor holds the shares in a taxable account, is in the actual historical highest individual federal marginal income tax bracket for each year and would have been able to immediately utilize the full realized loss to reduce his or her federal tax liability. However, actual individual tax results may vary and investors should consult their tax advisers regarding their personal tax situations. 869 502 303 The highest calendar quarter total return for Class A Shares of the Fund was 12.03% for the quarter ended September 30, 2009 and the lowest calendar quarter total return was -33.78% for the quarter ended December 31, 2008. Performance Table Annualized Total Returns for the period ended December 31, 2011 (sales charge included) 4206 The 1 year average annual return after taxes on distributions and sale of fund shares is higher than the 1 year average annual return after taxes on distributions because of realized losses that would have been sustained upon the sale of fund shares immediately after the relevant periods. After-tax returns in the table above are shown for Class A Shares only and will differ for Class B, Class C and Class Z Shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. For example, after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 50000 The bar chart and the performance table below provide an indication of the risks of investing in the Fund by showing changes in the performance of the Funds Class A Shares from year to year and by showing how the Funds average annual returns for the Funds Class A, Class B, Class C and Class Z Shares compared to those of a broad measure of market performance. 877-665-1287 2008-05-05 2008-05-05 2008-05-05 2008-05-05 2008-05-05 2006-12-05 2006-12-05 2006-12-05 2006-12-05 2006-12-05 2006-11-30 2008-04-30 <div style="display:none">~ http://www.pyxisais.com/role/ScheduleAnnualTotalReturnsPyxisLong/ShortEquityFundBarChart column period compact * ~</div> 50000 Total Annual Fund Operating Expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses. The bar chart and the performance table below provide an indication of the risks of investing in the Fund by showing changes in the performance of the Funds Class A Shares for the most recent calendar year and by showing how the Funds average annual returns for the Funds Class A, Class C and Class Z Shares compared to those of a broad measure of market performance. (877) 665-1287 <div style="display:none">~ http://www.pyxisais.com/role/ScheduleAnnualTotalReturnsPyxisFloatingRateOpportunitiesFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.pyxisais.com/role/ScheduleAnnualTotalReturnsPyxisLong/ShortHealthcareFundBarChart column period compact * ~</div> 2012-06-30 0001354917 Investment Objective 2012-11-05 Fees and Expenses for Class A, Class C and Class Z Shares Investment Objective Fees and Expenses for Class A, Class B, Class C and Class Z Shares 0 0 0 Investment Objective 0 0 0 0 Fees and Expenses for Class A, Class C and Class Z Shares 0 0.0325 0.01 0 0.0033 0.0033 0.0033 0.0371 0.0436 0.0336 Portfolio Turnover Principal Investment Strategies 0.0042 0.0042 0.0042 0.0042 0.0068 0.0068 0.0068 0.0068 0.0253 0.0288 0.0303 0.0218 The Fund invests, under normal circumstances, at least 80% of the value of its total assets (net assets plus any borrowings for investment purposes) in securities of companies principally engaged in the design, development, production, sale, management or distribution of products, services or facilities used for or in connection with healthcare or medicine (healthcare companies). These healthcare companies include, among others, pharmaceutical firms, medical supply companies, and businesses that operate hospitals and other healthcare facilities, as well as companies engaged in medical, diagnostic, biochemical and other healthcare-related research and development activities. These healthcare companies may also include investment companies, including ETFs. The Fund considers a company principally engaged in the healthcare industry if (i) it derives at least 50% of its revenues or profits from goods produced or sold, investments made or services performed in the healthcare industry, or (ii) at least 50% of its assets are devoted to such activities. The Fund generally will take long and short positions in securities of healthcare companies and Cummings Bay Capital Management, L.P. (CBCM or the Sub-Adviser) will vary the Funds long-short exposure over time based on its assessment of market conditions and other factors. Although the Fund intends to invest primarily in common stocks of healthcare companies, it may also invest in preferred stocks, warrants, convertible securities, debt securities and other securities issued by such companies. The Fund may invest up to 50% of the value of its total assets in securities of non-U.S. issuers, which may include, without limitation, emerging market issuers. Such securities may be denominated in U.S. dollars, non-U.S. currencies or multinational currency units. In addition, the Fund may invest up to 20% of the value of its total assets in a wide variety of securities and financial instruments, of all kinds and descriptions, issued by non-healthcare companies. The Fund may invest in securities of issuers of any market capitalization. The Fund may invest in securities issued by other investment companies, including ETFs. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use derivatives, including futures, forwards, swaps (including credit default swaps), options and foreign currency transactions, as tools in the management of portfolio assets. The Fund may also use derivatives, such as options and foreign currency transactions, to hedge various investments for risk management and for income enhancement, which is also known as speculation. The Fund may invest in derivative instruments, including for hedging and speculative purposes, to the extent permitted by the Investment Company Act of 1940, as amended (the 1940 Act). The Fund may borrow an amount up to 33 1/3% (or such other percentage permitted by law) of its total assets (including the amount borrowed) less all liabilities other than borrowings. The Fund may borrow for investment purposes, to meet redemption requests and for temporary, extraordinary or emergency purposes. The use of borrowing for investment purposes (i.e., leverage) increases both investment opportunity and investment risk. However, the Fund has no present intention to use borrowing for investment purposes. The Fund may seek additional income by making secured loans on its portfolio securities. The Funds investment strategy utilizes the analytical models of the Sub-Adviser to evaluate long and short securities of healthcare companies of varying market capitalizations and seeks to identify those securities the Sub-Adviser believes have the greatest potential for capital appreciation. The Sub-Adviser also seeks to take advantage of temporary market inefficiencies in order to boost the overall performance of the Fund. In selecting investments for long positions of the Fund, the Sub-Adviser focuses on issuers that it believes: (i) have strong, free cash flow and pay regular dividends; (ii) have potential for long-term earnings per share growth; (iii) may be subject to a value catalyst, such as industry developments, regulatory changes, changes in management, sale or spin-off of a division or the development of a profitable new business; (iv) are well-managed; and (v) will benefit from sustainable long-term economic dynamics, such as globalization of demand for an issuers products or an issuers increased focus on productivity or enhancement of services. The Sub-Adviser may sell short securities of a company that the Sub-Adviser believes: (i) is overvalued relative to normalized business and industry fundamentals or to the expected growth that the Sub-Adviser believes the company will achieve; (ii) has a faulty business model; (iii) engages in questionable accounting practices; (iv) shows declining cash flow and/or liquidity; (v) has earnings estimates which the Sub-Adviser believes are too high; (vi) has weak competitive barriers to entry; (vii) suffers from deteriorating industry and/or business fundamentals; (viii) has a weak management team; (ix) will see multiple contraction; (x) is not adapting to changes in technological, regulatory or competitive environments; or (xi) provides a hedge against the Funds long exposure, such as a broad based market ETF. Technical analysis may be used to help in the decision making process. The Sub-Adviser generates investment ideas from a variety of different sources. These include, but are not limited to, screening software using both fundamental and technical factors, industry contacts, consultants, company press releases, company conference calls, conversations with company management teams, buy-side contacts, sell-side contacts, brokers, third-party research, independent research of financial and corporate information, third-party research databases, and news services. The Sub-Adviser will make investment decisions based on its analysis of the securitys value, and will also take into account its view of macroeconomic conditions and healthcare industry trends. The Sub-Adviser will make investments without regard to a companys level of capitalization or the tax consequences of the investment (short or long term capital gains). Once an investment opportunity is determined to be attractive as a stand-alone investment, the Sub-Adviser will evaluate the effect of adding that investment to the Funds portfolio. In doing so, the Sub-Adviser may seek to minimize the market-related portfolio volatility as well as the risk of a capital loss by hedging such risks primarily through the use of options and other derivatives. The Fund is non-diversified as defined in the 1940 Act. The Fund is not intended to be a complete investment program. 1622 1321 1033 437 Portfolio Turnover Principal Investment Strategies 997 976 821 563 When you sell Fund shares, they may be worth less than what you paid for them. Consequently, you can lose money by investing in the Fund. No assurance can be given that the Fund will achieve its objective, and investment results may vary substantially over time and from period to period. An investment in the Fund is not appropriate for all investors. Counterparty Risk. A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Credit Risk. The issuers of certain securities might not be able to make interest and principal payments when due. Non-payment would result in a reduction of income to the Fund, a reduction in the value of the obligation experiencing non-payment and a potential decrease in the NAV of the Fund. Currency Risk. Fluctuations in exchange rates will adversely affect the value of the Funds foreign currency holdings and investments denominated in foreign currencies. Debt Securities Risk. The value of debt securities typically changes as interest rates fluctuate. During periods of rising interest rates, debt securities generally decline in value. Conversely, during periods of falling interest rates, debt securities generally rise in value. This kind of market risk is generally greater for Funds investing in debt securities with longer durations. The Funds ability to invest in high-yield debt securities generally subjects the Fund to greater risk than securities with higher ratings. Such securities are regarded by the rating organizations as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. Derivatives Risk. Derivatives, such as futures, forwards, options, swaps (including credit default swaps) and foreign currency transactions, are subject to the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index. Derivatives also expose the Fund to the credit risk of the derivative counterparty, for example, if the counterparty does not meet its obligations. Derivative contracts, including options, may expire worthless and the use of derivatives may result in losses to the Fund. In addition, recent legislation has called for a new regulatory framework for the derivatives market. The impact of the new regulations are still unknown, but has the potential to increase the costs of using derivatives, may limit the availability of some forms of derivatives or the Funds ability to use derivatives, and may adversely affect the performance of some derivative instruments used by the Fund as well as the Funds ability to pursue its investment objective through the use of such instruments. Emerging Markets Risk. Investing in securities of issuers tied economically to emerging markets entails all of the risks of investing in securities of non-U.S. issuers detailed below under Non-U.S. Securities Risk to a heightened degree. These heightened risks include: (i) greater risks of expropriation, confiscatory taxation, nationalization, and less social, political and economic stability; (ii) the smaller size of the markets for such securities and a lower volume of trading, resulting in lack of liquidity and in price volatility; (iii) greater fluctuations in currency exchange rates; and (iv) certain national policies that may restrict a Funds investment opportunities, including restrictions on investing in issuers or industries deemed sensitive to relevant national interests. Equity Securities Risk. Because it purchases common stocks and other equity securities, the Fund is subject to the risk that stock prices will fall over short or long periods of time. In addition, common stocks represent a share of ownership in a company, and rank after bonds and preferred stock in their claim on the companys assets in the event of bankruptcy. ETF Risk. The price movement of an ETF may not track the underlying index and may result in a loss. In addition, shareholders bear both their proportionate share of the Funds expenses and similar expenses of the underlying investment company when the Fund invests in shares of another investment company. Hedging Risk. Although intended to limit or reduce investment risk, hedging strategies may also limit or reduce the potential for profit. There is no assurance that hedging strategies will be successful. Illiquid and Restricted Securities Risk. The Sub-Adviser may not be able to sell illiquid or restricted securities at the price it would like or may have to sell them at a loss. Industry Concentration Risk. Because the Fund normally invests at least 80% of the value of its assets in healthcare companies, the Funds performance largely depends on the overall condition of the healthcare industry and the Fund is susceptible to economic, political and regulatory risks or other occurrences associated with the healthcare industry. Interest Rate Risk. When interest rates decline, the value of fixed rate securities already held by the Fund can be expected to rise. Conversely, when interest rates rise, the value of existing securities generally declines. Leverage Risk. The Fund is authorized to borrow in an amount up to 33 1/3% of its total assets (including the amount borrowed). The use of leverage for investment purposes creates opportunities for greater total returns, but at the same time involves risks. Any investment income or gains earned with respect to the amounts borrowed that are in excess of the interest that is due on the borrowing will augment the Funds income. Conversely, if the investment performance with respect to the amounts borrowed fails to cover the interest on such borrowings, the value of the Funds shares may decrease more quickly than would otherwise be the case, and dividends on Fund shares could be reduced or eliminated. Interest payments and fees incurred in connection with such borrowings will reduce the amount of net income available for payment to Fund shareholders. Management Risk. The Fund relies on the Sub-Advisers ability to achieve its investment objective. The Sub-Adviser may be incorrect in its assessment of the intrinsic value of companies whose securities the Fund holds, which may result in a decline in the value of Fund shares. Market Disruption Risk. In recent years, domestic and international markets have experienced a period of acute stress starting in the real estate and financial sectors and then moving to other sectors of the world economy. This stress has resulted in unusual and extreme volatility in the equity markets and in the prices of individual stocks. These market conditions could add to the risk of short-term volatility of the Fund. Market Risk. The Funds share price will fluctuate with changes in the market value of its portfolio securities. Many factors can affect this value and you may lose money by investing in the Fund. Micro, Small and Mid-Cap Securities Risk. Investments in securities of companies with micro, small or medium capitalization involve certain risks that may differ from, or be greater than, those for larger companies, such as higher volatility, lower trading volume, fewer business lines and lack of public information. Non-Diversification Risk. As a non-diversified fund for the purposes of the 1940 Act, the Fund may invest a larger portion of its assets in the securities of fewer issuers than a diversified fund. A non-diversified funds investment in fewer issuers may result in the Funds shares being more sensitive to the economic results of those issuers. An investment in the Fund could fluctuate in value more than an investment in a diversified fund. This risk is particularly pronounced for the Fund, which from time to time may own a very small number of positions, each of which is a relatively large portion of the Funds portfolio. Non-U.S. Securities Risk. Investments in securities of non-U.S. issuers involve certain risks not involved in domestic investments (for example, fluctuations in foreign exchange rates; future foreign economic, financial, political and social developments; different trading and settlement practices; less governmental supervision; and different accounting, auditing and financial recordkeeping standards and requirements). These risks are magnified for investments in issuers tied economically to emerging markets, the economies of which tend to be more volatile than the economies of developed markets. In addition, certain investments in non-U.S. securities may be subject to foreign withholding taxes on interest, dividends, capital gains or other income. Those taxes will reduce the Funds yield on any such securities. See the Taxation section below. Portfolio Turnover Risk. High portfolio turnover will increase the Funds transaction costs and may result in increased realization of net short-term capital gains, higher taxable distributions and lower after-tax performance. During the last fiscal year, the Fund experienced a high portfolio turnover rate. Risk of Substantial Redemptions. If substantial numbers of shares in the Fund were to be redeemed at the same time or at approximately the same time, the Fund might be required to liquidate a significant portion of its investment portfolio quickly to meet the redemptions. The Fund might be forced to sell portfolio securities at prices or at times when it would otherwise not have sold them. Securities Lending Risk. The fund may make secured loans of its portfolio securities. Any decline in the value of a portfolio security that occurs while the security is out on loan is borne by the Fund, and will adversely affect performance. Also, there may be delays in recovery of securities loaned, losses in the investment of collateral, and loss of rights in the collateral should the borrower of the securities fail financially while holding the security. Short Sales Risk. Short sales that are not made against-the-box (as defined under Description of Principal Investments) theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. As with any mutual fund, there is no guarantee that the Fund will achieve its goal. The Fund invests, under normal circumstances, at least 80% of the value of its total assets (net assets plus the amount of any borrowings for investment purposes) in equity securities. Equity securities of U.S. or non-U.S. issuers in which the Fund may invest include common stocks, preferred stocks, convertible securities, depositary receipts, warrants to buy common stocks and derivatives (as defined below) on any of the foregoing securities. The Fund may invest in equity securities of issuers of any market capitalization and the Fund may invest in securities issued by other investment companies, including ETFs. The Fund will generally take long and short positions in equity securities and the Adviser will vary the Funds long-short exposure over time based on its assessment of market conditions and other factors. This is not a market-neutral strategy. In addition, the Fund may invest up to 20% of the value of its assets in a wide variety of other U.S. and non-U.S. non-equity securities and financial instruments, including but not limited to bonds and other debt securities, money market instruments, illiquid securities, cash and cash equivalents. The Fund may invest up to 50% of the value of its total assets in securities of non-U.S. issuers, including emerging market issuers. Such securities may be denominated in U.S. dollars, non-U.S. currencies or multinational currency units. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use derivatives, including options, futures, forwards and swaps (including credit default swaps) as tools in the management of portfolio assets. The Fund may use derivatives, such as options and foreign currency transactions, to hedge various investments for risk management and for income enhancement, which is also known as speculation. The Fund may invest in derivative instruments, including for hedging and speculative purposes, to the extent permitted by the Investment Company Act of 1940, as amended (the 1940 Act). The Fund may borrow an amount up to 33 1/3% (or such other percentage permitted by law) of its total assets (including the amount borrowed) less all liabilities other than borrowings. The Fund may borrow for investment purposes, to meet redemption requests and for temporary, extraordinary or emergency purposes. The use of borrowing for investment purposes (i.e., leverage) increases both investment opportunity and investment risk. In addition, the Fund may seek additional income by making secured loans of its portfolio securities. The Funds investment strategy utilizes a variety of methods to evaluate long and short equity investments of various market capitalizations to find securities that the Adviser believes offer the potential for capital gains. As part of this strategy, the Adviser seeks to invest in industries, sectors and securities that it believes are more attractive on either a relative basis or on an absolute basis. In addition to purchasing, or taking long positions in equity securities, the Funds investment strategy includes short selling, and may include investments in derivatives, ETFs, and/or fixed income securities. The Adviser seeks to invest in the common equity of companies that the Adviser believes are trading below their intrinsic value. To do so, the Adviser will typically perform fundamental investment analysis, which may involve comparing the value of the companys common equity to that of its: (a) historical and/or expected cash flows; (b) historical and/or expected growth rates; (c) historical and/or expected strategic positioning; and (d) historical and/or current valuation on an absolute basis or relative to its industry, the overall market and/or historical valuation levels. The Adviser may purchase securities of a company that the Adviser believes: (i) is undervalued relative to normalized business and industry fundamentals or to the expected growth that the Adviser believes the company will achieve; (ii) has assets not fully valued by the marketplace; (iii) is experiencing strong underlying secular growth trends or strong visibility into growth prospects; (iv) has earnings estimates that the Adviser believes are too low or has the potential for long-term earnings growth; (v) has strong competitive barriers to entry; (vi) is experiencing strong business fundamentals; (vii) has a strong management team; (viii) will see increased multiple expansion or will benefit from sustainable economic dynamics; and/or (ix) may be subject to an identifiable catalyst that the Adviser believes will unlock value. The Adviser will typically focus on companies that are exhibiting one or more of these indicators. Technical analysis may also be used to help in the decision making process. In selecting investments for long positions of the Fund, the Adviser focuses on issuers that it believes: (i) have strong, free cash flow and pay regular dividends; (ii) have potential for long-term earnings per share growth; (iii) may be subject to a value catalyst, such as industry developments, regulatory changes, changes in management, sale or spinoff of a division or the development of a profitable new business; (iv) are well-managed; and (v) will benefit from sustainable long-term economic dynamics, such as globalization of an issuers industry or an issuers increased focus on productivity or enhancement of services. The Adviser may sell short securities of a company that the Adviser believes: (i) is overvalued relative to normalized business and industry fundamentals or to the expected growth that the Adviser believes the company will achieve; (ii) has a faulty business model; (iii) engages in questionable accounting practices; (iv) shows declining cash flow and/or liquidity; (v) has earnings estimates which the Adviser believes are too high; (vi) has weak competitive barriers to entry; (vii) suffers from deteriorating industry and/or business fundamentals; (viii) has a weak management team; (ix) will see multiple contraction; (x) is not adapting to changes in technological, regulatory or competitive environments; or (xi) provides a hedge against the Funds long exposure, such as a broad based market ETF. Technical analysis may be used to help in the decision making process. The Adviser generates investment ideas from a variety of different sources. These include, but are not limited to, screening software using both fundamental and technical factors, industry and company contacts, consultants, company press releases, company conference calls, buy-side contacts, sell-side contacts, brokers, third-party research, independent research of financial and corporate information, and news services. The Adviser will make investment decisions based on its analysis of a securitys value, and will also take into account its view of macroeconomic conditions and industry trends. The Adviser will make investments without regard to a companys level of capitalization or the tax consequences of the investment (short or long term capital gains). Once an investment opportunity is determined to be attractive as a stand-alone investment, the Adviser will evaluate the effect of adding that investment to the Funds portfolio. In doing so, the Adviser will seek to minimize the market-related portfolio volatility as well as the risk of a capital loss by hedging such risks primarily by short selling, and, to a lesser extent, through the use of derivatives. The Fund is non-diversified as defined in the 1940 Act. The Fund is not intended to be a complete investment program. 168 183 When you sell Fund shares, they may be worth less than what you paid for them. Consequently, you can lose money by investing in the Fund. No assurance can be given that the Fund will achieve its objective, and investment results may vary substantially over time and from period to period. An investment in the Fund is not appropriate for all investors. Counterparty Risk. A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Credit Risk. The issuers of certain securities might not be able to make interest and principal payments when due. Non-payment would result in a reduction of income to the Fund, a reduction in the value of the obligation experiencing non-payment and a potential decrease in the NAV of the Fund. Currency Risk. Fluctuations in exchange rates will adversely affect the value of the Funds foreign currency holdings and investments denominated in foreign currencies. Debt Securities Risk. The value of debt securities typically changes as interest rates fluctuate. During periods of rising interest rates, debt securities generally decline in value. Conversely, during periods of falling interest rates, debt securities generally rise in value. This kind of market risk is generally greater for Funds investing in debt securities with longer durations. The Funds ability to invest in high-yield debt securities generally subjects the Fund to greater risk than securities with higher ratings. Such securities are regarded by the rating organizations as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. Derivatives Risk. Derivatives, such as futures, forwards, options, swaps (including credit default swaps) and foreign currency transactions, are subject to the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index. Derivatives also expose the Fund to the credit risk of the derivative counterparty, for example, if the counterparty does not meet its obligations. Derivative contracts, including options, may expire worthless and the use of derivatives may result in losses to the Fund. In addition, recent legislation has called for a new regulatory framework for the derivatives market. The impact of the new regulations are still unknown, but has the potential to increase the costs of using derivatives, may limit the availability of some forms of derivatives or the Funds ability to use derivatives, and may adversely affect the performance of some derivative instruments used by the Fund as well as the Funds ability to pursue its investment objective through the use of such instruments. Emerging Markets Risk. Investing in securities of issuers tied economically to emerging markets entails all of the risks of investing in securities of non-U.S. issuers detailed below under Non-U.S. Securities Risk to a heightened degree. These heightened risks include: (i) greater risks of expropriation, confiscatory taxation, nationalization, and less social, political and economic stability; (ii) the smaller size of the markets for such securities and a lower volume of trading, resulting in lack of liquidity and in price volatility; (iii) greater fluctuations in currency exchange rates; and (iv) certain national policies that may restrict a Funds investment opportunities, including restrictions on investing in issuers or industries deemed sensitive to relevant national interests. Equity Securities Risk. Because it purchases common stocks and other equity securities, the Fund is subject to the risk that stock prices will fall over short or long periods of time. In addition, common stocks represent a share of ownership in a company, and rank after bonds and preferred stock in their claim on the companys assets in the event of bankruptcy. ETF Risk. The price movement of an ETF may not track the underlying index and may result in a loss. In addition, shareholders bear both their proportionate share of the Funds expenses and similar expenses of the underlying investment company when the Fund invests in shares of another investment company. Hedging Risk. Although intended to limit or reduce investment risk, hedging strategies may also limit or reduce the potential for profit. There is no assurance that hedging strategies will be successful. Illiquid and Restricted Securities Risk. The Adviser may not be able to sell illiquid or restricted securities at the price it would like or may have to sell them at a loss. Interest Rate Risk. When interest rates decline, the value of fixed rate securities already held by the Fund can be expected to rise. Conversely, when interest rates rise, the value of existing securities generally declines. Leverage Risk. The Fund is authorized to borrow in an amount up to 33 1/3% of its total assets (including the amount borrowed). The use of leverage for investment purposes creates opportunities for greater total returns, but at the same time involves risks. Any investment income or gains earned with respect to the amounts borrowed that are in excess of the interest that is due on the borrowing will augment the Funds income. Conversely, if the investment performance with respect to the amounts borrowed fails to cover the interest on such borrowings, the value of the Funds shares may decrease more quickly than would otherwise be the case, and dividends on Fund shares could be reduced or eliminated. Interest payments and fees incurred in connection with such borrowings will reduce the amount of net income available for payment to Fund shareholders. Management Risk. The Fund relies on Pyxis ability to achieve its investment objective. Pyxis may be incorrect in its assessment of the intrinsic value of companies whose securities the Fund holds, which may result in a decline in the value of Fund shares. Market Disruption Risk. In recent years, domestic and international markets have experienced a period of acute stress starting in the real estate and financial sectors and then moving to other sectors of the world economy. This stress has resulted in unusual and extreme volatility in the equity markets and in the prices of individual stocks. These market conditions could add to the risk of short-term volatility of the Fund. Market Risk. The Funds share price will fluctuate with changes in the market value of its portfolio securities. Many factors can affect this value and you may lose money by investing in the Fund. Micro, Small and Mid-Cap Securities Risk. Investments in securities of companies with micro, small or medium capitalization involve certain risks that may differ from, or be greater than, those for larger companies, such as higher volatility, lower trading volume, fewer business lines and lack of public information. Non-Diversification Risk. As a non-diversified fund for the purposes of the 1940 Act, the Fund may invest a larger portion of its assets in the securities of fewer issuers than a diversified fund. A non-diversified funds investment in fewer issuers may result in the Funds shares being more sensitive to the economic results of those issuers. An investment in the Fund could fluctuate in value more than an investment in a diversified fund. Non-U.S. Securities Risk. Investments in securities of non-U.S. issuers involve certain risks not involved in domestic investments (for example, fluctuations in foreign exchange rates; future foreign economic, financial, political and social developments; different trading and settlement practices; less governmental supervision; and different accounting, auditing and financial recordkeeping standards and requirements). These risks are magnified for investments in issuers tied economically to emerging markets, the economies of which tend to be more volatile than the economies of developed markets. In addition, certain investments in non-U.S. securities may be subject to foreign withholding taxes on interest, dividends, capital gains or other income. Those taxes will reduce the Funds yield on any such securities. See the Taxation section below. Portfolio Turnover Risk. High portfolio turnover will increase the Funds transaction costs and may result in increased realization of net short-term capital gains, higher taxable distributions and lower after-tax performance. During the last two fiscal years, the Fund has experienced high portfolio turnover rates. Risk of Substantial Redemptions. If substantial numbers of shares in the Fund were to be redeemed at the same time or at approximately the same time, the Fund might be required to liquidate a significant portion of its investment portfolio quickly to meet the redemptions. The Fund might be forced to sell portfolio securities at prices or at times when it would otherwise not have sold them. Securities Lending Risk. The fund may make secured loans of its portfolio securities. Any decline in the value of a portfolio security that occurs while the security is out on loan is borne by the Fund, and will adversely affect performance. Also, there may be delays in recovery of securities loaned, losses in the investment of collateral, and loss of rights in the collateral should the borrower of the securities fail financially while holding the security. Short Sales Risk. Short sales that are not made against-the-box (as defined under Description of Principal Investments) theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. As with any mutual fund, there is no guarantee that the Fund will achieve its goal. Portfolio Turnover 0 0 0 When you sell Fund shares, they may be worth less than what you paid for them. Consequently, you can lose money by investing in the Fund. 0 0.01 0 Principal Investment Strategies Non-Diversification Risk. As a non-diversified fund for the purposes of the 1940 Act, the Fund may invest a larger portion of its assets in the securities of fewer issuers than a diversified fund. A non-diversified funds investment in fewer issuers may result in the Funds shares being more sensitive to the economic results of those issuers. An investment in the Fund could fluctuate in value more than an investment in a diversified fund. Under normal market conditions, the Fund seeks to achieve its objective by investing directly and indirectly (e.g., through derivatives that are the economic equivalent of floating rate loans and other floating rate investments) at least 80% of its net assets (plus any borrowings for investment purposes) in floating rate loans and other securities deemed to be floating rate investments. Floating rate investments are debt obligations of companies or other entities, the interest rates of which float or vary periodically based upon a benchmark indicator of prevailing interest rates. Floating rate investments may include, by way of example, floating rate debt securities, money market securities of all types and repurchase agreements with remaining maturities of no more than 60 days. Floating rate loans in which the Fund invests are expected to be adjustable rate senior loans (“Senior Loans”) to domestic or foreign corporations, partnerships and other entities that operate in a variety of industries and geographic regions (“Borrowers”). Senior Loans are business loans that have a right to payment senior to most other debts of the Borrower. Senior Loans generally are arranged through private negotiations between a Borrower and several financial institutions (the “Lenders”) represented in each case by one or more such Lenders acting as agent (the “Agent”) of the several Lenders. On behalf of the Lenders, the Agent is primarily responsible for negotiating the loan agreement (“Loan Agreement”) that establishes the relative terms and conditions of the Senior Loan and rights of the Borrower and the Lenders. The Fund may invest in securities of any credit quality. Senior Loans are typically below investment grade securities (also known as “high yield securities” or “junk securities”). Such securities are rated below investment grade by a nationally recognized statistical rating organization (“NRSRO”) or are unrated but deemed by the Adviser to be of comparable quality. The Fund may invest without limitation in below investment grade or unrated securities, including in insolvent borrowers or borrowers in default. The Fund may invest in participations (“Participations”) in Senior Loans, may purchase assignments (“Assignments”) of portions of Senior Loans from third parties, and may act as one of the group of Lenders originating a Senior Loan (“Primary Lender”). Senior Loans often are secured by specific assets of the Borrower, although the Fund may invest without limitation in Senior Loans that are not secured by any collateral. When the Fund acts as a Primary Lender, the Fund or the investment adviser could be subject to allegations of lender liability. Senior Loans in which the Fund invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a spread. In addition, the Fund may invest up to 20% of its total assets in equity or debt securities other than floating rate investments. The Fund may invest in equity securities of companies of any market capitalization, market sector or industry. Equity securities of U.S. or non-U.S. issuers in which the Fund may invest include common stocks, preferred stocks, convertible securities, depositary receipts and warrants to buy common stocks. The Fund may invest in securities issued by other investment companies, including exchange-traded funds. The Fund may invest in derivatives and may use derivatives as tools in the management of portfolio assets. The Fund may use derivatives, such as credit default swaps and credit default index investments, including loan credit default swaps and loan credit default index swaps, options, warrants, futures and forwards, to hedge various investments for risk management and as a substitute for a direct investment in an asset class or a particular issuer. The Fund may invest in derivative instruments, including for hedging and substitution purposes, to the extent permitted by the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund may also engage in short sales of securities and may seek additional income by making secured loans of its portfolio securities. The Fund may invest without limitation in securities (including loans) of non-U.S. issuers, including emerging market issuers. Such securities (including loans) may be denominated in U.S. dollars, non-U.S. currencies or multinational currency units. The Fund may borrow an amount up to 33 1/3% of its total assets (including the amount borrowed). The Fund may borrow for investment purposes, to meet redemption requests and for temporary, extraordinary or emergency purposes. To the extent the Fund borrows more money than it has cash or short-term cash equivalents and invests the proceeds, the Fund will create financial leverage. The use of borrowing for investment purposes increases both investment opportunity and investment risk. The foregoing percentage limitations and ratings criteria apply at the time of purchase of securities. The Fund is non-diversified as defined in the 1940 Act, but it will adhere to the diversification requirements applicable to regulated investment companies (“RICs”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Fund is not intended to be a complete investment program. 0.0066 0.0066 0.0066 0.0335 0.04 0.03 When you sell Fund shares, they may be worth less than what you paid for them. Consequently, you can lose money by investing in the Fund. No assurance can be given that the Fund will achieve its objective, and investment results may vary substantially over time and from period to period. An investment in the Fund is not appropriate for all investors. Counterparty Risk. A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. Credit Risk. The issuers of certain securities might not be able to make interest and principal payments when due. Debt securities are subject to the risk of non-payment of scheduled interest and/or principal. Non-payment would result in a reduction of income to the Fund, a reduction in the value of the obligation experiencing non-payment and a potential decrease in the Net Asset Value (“NAV”) of the Fund. Currency Risk. Fluctuations in exchange rates will adversely affect the value of the Fund’s foreign currency holdings and investments denominated in foreign currencies. Debt Securities Risk. The Fund’s ability to invest in high-yield debt securities generally subjects the Fund to greater risk than securities with higher ratings. Such securities are regarded by the rating organizations as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. Derivatives Risk. Derivatives, such as credit default swaps and credit default index investments, including loan credit default swaps and loan credit default index swaps, options, warrants, futures and forwards, are subject to the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index. Derivatives also expose the Fund to the credit risk of the derivative counterparty, for example, if the counterparty does not meet its obligations. Derivative contracts, including options, may expire worthless and the use of derivatives may result in losses to the Fund. In addition, recent legislation has called for a new regulatory framework for the derivatives market. The impact of the new regulations are still unknown, but has the potential to increase the costs of using derivatives, may limit the availability of some forms of derivatives or the Fund’s ability to use derivatives, and may adversely affect the performance of some derivative instruments used by the Fund as well as the Fund’s ability to pursue its investment objective through the use of such instruments. Emerging Markets Risk. Investing in securities of issuers tied economically to emerging markets entails all of the risks of investing in securities of non-U.S. issuers detailed below under “Non-U.S. Securities Risk” to a heightened degree. These heightened risks include: (i) greater risks of expropriation, confiscatory taxation, nationalization, and less social, political and economic stability; (ii) the smaller size of the markets for such securities and a lower volume of trading, resulting in lack of liquidity and in price volatility; (iii) greater fluctuations in currency exchange rates; and (iv) certain national policies that may restrict a Fund’s investment opportunities, including restrictions on investing in issuers or industries deemed sensitive to relevant national interests. Equity Securities Risk. Because it may purchase common stocks and other equity securities, the Fund is subject to the risk that stock prices will fall over short or long periods of time. In addition, common stocks represent a share of ownership in a company, and rank after bonds and preferred stock in their claim on the company’s assets in the event of bankruptcy. ETF Risk. The price movement of an exchange-traded fund (“ETF”) may not track the underlying index and may result in a loss. In addition, shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying investment company when the Fund invests in shares of another investment company. Focused Investment Risk. The Fund’s investments in Senior Loans arranged through private negotiations between a Borrower and several financial institutions may expose the Fund to risks associated with the financial services industry. The financial services industry is subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments financial services companies can make and the interest rates and fees they can charge. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Because financial services companies are highly dependent on short-term interest rates, they can be adversely affected by downturns in the U.S. and foreign economies or changes in banking regulations. Losses resulting from financial difficulties of borrowers can negatively affect financial services companies. The financial services industry is currently undergoing relatively rapid change as existing distinctions between financial service segments become less clear. This change may make it more difficult for the Adviser to analyze investments in this industry. Additionally, the recently increased volatility in the financial markets and implementation of the recent financial reform legislation may affect the financial services industry as a whole in ways that may be difficult to predict. Hedging Risk. Although intended to limit or reduce investment risk, hedging strategies may also limit or reduce the potential for profit. There is no assurance that hedging strategies will be successful. High Yield Securities Risk. The Fund’s ability to invest in high-yield debt securities (or “junk securities”) generally subjects the Fund to greater risk than securities with higher ratings. Such securities are regarded by the rating organizations as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. Illiquid and Restricted Securities Risk. The Adviser may not be able to sell illiquid or restricted securities at the price it would like or may have to sell them at a loss. Interest Rate Risk. When interest rates decline, the value of fixed rate securities already held by the Fund can be expected to rise. Conversely, when interest rates rise, the value of existing fixed rate portfolio securities can be expected to decline. However, the Fund will primarily invest in floating rate obligations, including Senior Loans, the rates on which periodically adjust with changes in market interest rates. Consequently, the Fund’s exposure to fluctuations in interest rates will generally be limited to the time that the interest rates on the Senior Loans in its portfolio are reset. Leverage Risk. The Fund is authorized to borrow in an amount up to 33 1/3% of its total assets (including the amount borrowed). The use of leverage for investment purposes creates opportunities for greater total returns, but at the same time involves risks. Any investment income or gains earned with respect to the amounts borrowed that are in excess of the interest that is due on the borrowing will augment the Fund’s income. Conversely, if the investment performance with respect to the amounts borrowed fails to cover the interest on such borrowings, the value of the Fund’s shares may decrease more quickly than would otherwise be the case, and dividends on Fund shares could be reduced or eliminated. Interest payments and fees incurred in connection with such borrowings will reduce the amount of net income available for payment to Fund shareholders. Limited Information Risk. The types of Senior Loans in which the Fund will invest historically may not have been rated by a NRSRO, have not been registered with the SEC or any state securities commission, and have not been listed on any national securities exchange. Although the Fund will generally have access to financial and other information made available to the Lenders in connection with Senior Loans, the amount of public information available with respect to Senior Loans will generally be less extensive than that available for rated, registered or exchange-listed securities. As a result, the performance of the Fund and its ability to meet its investment objective is more dependent on the analytical ability of the Adviser than would be the case for an investment company that invests primarily in rated, registered or exchange-listed securities. Management Risk. The Fund relies on Pyxis’ ability to achieve its investment objective. Pyxis may be incorrect in its assessment of the intrinsic value of companies whose securities the Fund holds, which may result in a decline in the value of Fund shares. Market Disruption Risk. In recent years, domestic and international markets have experienced a period of acute stress starting in the real estate and financial sectors and then moving to other sectors of the world economy. This stress has resulted in unusual and extreme volatility in the equity and debt markets and in the prices of individual investments. These market conditions could add to the risk of short-term volatility of the Fund. Market Risk. The Fund’s share price will fluctuate with changes in the market value of its portfolio securities. Many factors can affect this value and you may lose money by investing in the Fund. Non-Diversification Risk. As a non-diversified fund for purposes of the 1940 Act, the Fund may invest a larger portion of its assets in the securities of fewer issuers than a diversified fund. A non-diversified fund’s investment in fewer issuers may result in the Fund’s shares being more sensitive to the economic results of those issuers. An investment in the Fund could fluctuate in value more than an investment in a diversified fund. Non-Payment Risk. Debt securities are subject to the risk of non-payment of scheduled interest and/or principal. Non-payment would result in a reduction of income to the Fund, a reduction in the value of the obligation experiencing non-payment and a potential decrease in the Net Asset Value (“NAV”) of the Fund. Non-U.S. Securities Risk. Investments in securities of non-U.S. issuers involve certain risks not involved in domestic investments (for example, fluctuations in foreign exchange rates (for non-U.S. securities not denominated in U.S. dollars); future foreign economic, financial, political and social developments; different trading and settlement practices; less governmental supervision; and different accounting, auditing and financial recordkeeping standards and requirements). These risks are magnified for investments in issuers tied economically to emerging markets, the economies of which tend to be more volatile than the economies of developed markets. In addition, certain investments in non-U.S. securities may be subject to foreign withholding taxes on interest, dividends, capital gains or other income. Those taxes will reduce the Fund’s yield on any such securities. See the “Taxation” section below. Ongoing Monitoring Risk. On behalf of the several Lenders, the Agent generally will be required to administer and manage the Senior Loans and, with respect to collateralized Senior Loans, to service or monitor the collateral. Financial difficulties of Agents can pose a risk to the Fund. Unless, under the terms of the loan, the Fund has direct recourse against the Borrower, a Fund may have to rely on the Agent or other financial intermediary to apply appropriate credit remedies against a Borrower. Payment-in-Kind Securities Risk. The value of payment-in-kind securities (“PIKs”) held by the Fund may be more sensitive to fluctuations in interest rates than other securities. PIKs pay all or a portion of their interest or dividends in the form of additional securities. Federal tax law requires that the interest on PIK bonds be accrued as income to the Fund regardless of the fact that the Fund will not receive cash until such securities mature. Since the income must be distributed to shareholders, the Fund may be forced to liquidate other securities in order to make the required distribution. Portfolio Turnover Risk. High portfolio turnover will increase the Fund’s transaction costs and may result in increased realization of net short-term capital gains, higher taxable distributions and lower after-tax performance. Prepayment Risk. Borrowers may pay back principal before the scheduled due date. Such prepayments may require the Fund to replace a debt security with a lower-yielding security. This may adversely affect the NAV of the Fund’s shares. Regulatory Risk. To the extent that legislation or state or federal regulators impose additional requirements or restrictions with respect to the ability of financial institutions to make loans in connection with highly leveraged transactions, the availability of Senior Loan interests for investment by the Fund may be adversely affected. Risk of Substantial Redemptions. If substantial numbers of shares in the Fund were to be redeemed at the same time or at approximately the same time, the Fund might be required to liquidate a significant portion of its investment portfolio quickly to meet the redemptions. The Fund might be forced to sell portfolio securities at prices or at times when it would otherwise not have sold them. Securities Lending Risk. The fund may make secured loans of its portfolio securities. Any decline in the value of a portfolio security that occurs while the security is out on loan is borne by the Fund, and will adversely affect performance. Also, there may be delays in recovery of securities loaned, losses in the investment of collateral, and loss of rights in the collateral should the borrower of the securities fail financially while holding the security. Senior Loans Risk. The risks associated with Senior Loans are similar to the risks of below investment grade securities. Senior Loans and other debt securities are also subject to the risk of price declines and to increases in prevailing interest rates. The Fund’s investments in Senior Loans are typically below investment grade and are considered speculative because of the credit risk of their issuers. The secondary market for loans is generally less liquid than the market for higher grade debt. Less liquidity in the secondary trading market could adversely affect the price at which the Fund could sell a loan, and could adversely affect the NAV of the Fund’s shares. The volume and frequency of secondary market trading in such loans varies significantly over time and among loans. Short Sales Risk. Short sales that are not made “against-the-box” (as defined under “Description of Principal Investments”) theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. As with any mutual fund, there is no guarantee that the Fund will achieve its goal. 1523 1218 927 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. For example, after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 402 -0.0002 -0.0347 0 0.043 0.0612 0.0209 0.1273 2009-09-30 0.1042 -0.0098 -0.4434 0.0293 lowest calendar quarter total return 2008-09-30 -0.1048 -0.023 (sales charge included) 0.0584 0.01 0 0 When you sell Fund shares, they may be worth less than what you paid for them. Consequently, you can lose money by investing in the Fund. Non-Diversification Risk. As a non-diversified fund for purposes of the 1940 Act, the Fund may invest a larger portion of its assets in the securities of fewer issuers than a diversified fund. A non-diversified fund’s investment in fewer issuers may result in the Fund’s shares being more sensitive to the economic results of those issuers. An investment in the Fund could fluctuate in value more than an investment in a diversified fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. For example, after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. October 31, 2013 -0.0803 -0.0395 (sales charge included) 2009-09-30 0.1203 lowest calendar quarter total return 2008-12-31 2009-12-31 0.1625 lowest calendar quarter total return 2009-03-31 When you sell Fund shares, they may be worth less than what you paid for them. Consequently, you can lose money by investing in the Fund. Non-Diversification Risk. As a non-diversified fund for the purposes of the 1940 Act, the Fund may invest a larger portion of its assets in the securities of fewer issuers than a diversified fund. A non-diversified funds investment in fewer issuers may result in the Funds shares being more sensitive to the economic results of those issuers. An investment in the Fund could fluctuate in value more than an investment in a diversified fund. This risk is particularly pronounced for the Fund, which from time to time may own a very small number of positions, each of which is a relatively large portion of the Funds portfolio. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. For example, after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 0.047 0.0184 0.01 0.0121 -0.0032 -0.0126 0.0114 false 2012-11-05 2012-11-01 The investment objective of Pyxis Floating Rate Opportunities Fund (Floating Rate Opportunities Fund or the Fund) is to provide a high level of current income, consistent with preservation of capital. 0.02 0.02 0.02 -0.02 -0.02 -0.02 The investment objective of Pyxis Long/Short Healthcare Fund (Long/Short Healthcare Fund or the Fund) is to seek long-term capital appreciation. 0.02 0.02 0.02 0.02 0.0245 0.0245 0.0245 0.0035 0.01 0 0.0086 0.0086 0.0086 0.0005 0.0005 0.0005 0.0108 0.0108 0.0108 0.0108 0.0035 0.007 0.0085 0 0.011 0.011 0.011 0.011 0.013 0.0165 0.018 0.0095 Principal Risks 4291 4502 3649 1321 6.5 2417 3259 3033 3026 Principal Risks Risk/Return Bar Chart and Table The bar chart and the performance table below provide an indication of the risks of investing in the Fund by showing changes in the performance of the Funds Class A Shares for the most recent calendar year and by showing how the Funds average annual returns for the Funds Class A, Class C and Class Z Shares compared to those of a broad measure of market performance. As with all mutual funds, the Funds past performance (before and after taxes) does not predict how the Fund will perform in the future. Both the chart and the table assume the reinvestment of dividends and distributions. The table reflects the deduction of applicable sales charges for Class A and Class C Shares. The bar chart does not reflect the deduction of applicable sales charges for Class A Shares. If sales charges had been reflected, the returns for Class A Shares would be less than those shown below. Updated information on the Funds performance can be obtained by visiting https://www.pyxisais.com/FundsPerformance/Mutual-Funds/Alternative-Investment/Long-Short-Healthcare or by calling (877) 665-1287. Annual Total Return (As of December 31 for Class A Shares) 776 821 0.02 0.02 0.02 An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. Risk/Return Bar Chart and Table The bar chart and the performance table below provide an indication of the risks of investing in the Fund by showing changes in the performance of the Funds Class A Shares from year to year and by showing how the Funds average annual returns for the Funds Class A, Class C and Class Z Shares compared to those of a broad measure of market performance. As with all mutual funds, the Funds past performance (before and after taxes) does not predict how the Fund will perform in the future. Both the chart and the table assume the reinvestment of dividends and distributions. The bar chart does not reflect the deduction of applicable sales charges for Class A Shares. If sales charges had been reflected, the returns for Class A Shares would be less than those shown below. Updated information on the Funds performance can be obtained by visiting https://www.pyxisais.com/Funds Performance/Mutual-Funds/Alternative-Investment/Long-Short-Equity or by calling (877) 665-1287. -0.02 -0.02 -0.02 Principal Risks 0.012 0.012 0.012 0.0035 0.01 0 0.0175 0.0175 As with all mutual funds, the Funds past performance (before and after taxes) does not predict how the Fund will perform in the future. 0.0175 The bar chart does not reflect the deduction of applicable sales charges for Class A Shares. If sales charges had been reflected, the returns for Class A Shares would be less than those shown below. 0.0005 0.0005 0.0005 Annual Total Return (As of December 31 for Class A Shares) Risk/Return Bar Chart and Table for the Fund The bar chart and the performance table below provide an indication of the risks of investing in the Fund by showing changes in the performance of the Funds Class A Shares from year to year and by showing how the Funds average annual returns for the Funds Class A, Class B, Class C and Class Z Shares compared to those of a broad measure of market performance. As with all mutual funds, the Funds past performance (before and after taxes) does not predict how the Fund will perform in the future. Both the chart and the table assume the reinvestment of dividends and distributions. The bar chart does not reflect the deduction of applicable sales charges for Class A Shares. If sales charges had been reflected, the returns for Class A Shares would be less than those shown below. The Fund is the successor to Highland Floating Rate Advantage Fund, a Delaware statutory trust, a closed-end interval fund with substantially similar investment objective, strategies, and policies (the Predecessor Fund). The performance of the Funds Class A, Class B, Class C and Class Z Shares provided in the chart and the table is that of the Predecessor Fund for all periods prior to June 13, 2011. Updated information on the Funds performance can be obtained by visiting https://www.pyxisais.com/Funds Performance/Mutual-Funds/Alternative-Investment/Floating-Rate-Opportunities or by calling 877-665-1287. Annual Total Return (As of December 31 for Class A Shares) 3990 4206 3318 After-tax returns in the table above are shown for Class A Shares only and will differ for Class C and Class Z Shares. 1218 0.0679 0.0524 0.0496 0.0785 0.0878 -0.0039 0.0493 year-to-date total return highest calendar quarter total return 0.0742 0.077 0.1078 -0.0114 0.2272 0.0812 -0.0559 0.0837 0.1807 0.0467 -0.0217 0.1404 0.5 An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. After-tax returns in the table above are shown for Class A Shares only and will differ for Class B, Class C and Class Z Shares. -0.0496 -0.0766 -0.0201 0.0209 0.0206 0.0153 0.0147 0.026 0.0355 -0.0025 0.0205 0.0153 0.0147 0.0258 0.0352 0.0003 As with all mutual funds, the Funds past performance (before and after taxes) does not predict how the Fund will perform in the future. The bar chart does not reflect the deduction of applicable sales charges for Class A Shares. If sales charges had been reflected, the returns for Class A Shares would be less than those shown below. year-to-date total return highest calendar quarter total return -0.3378 <div style="display:none">~ http://www.pyxisais.com/role/ScheduleExpenseExampleTransposedPyxisLong/ShortEquityFund column period compact * ~</div> <div style="display:none">~ http://www.pyxisais.com/role/ScheduleExpenseExampleNoRedemptionTransposedPyxisLong/ShortEquityFund column period compact * ~</div> -0.02 -0.02 -0.02 -0.02 year-to-date total return highest calendar quarter total return -0.1178 <div style="display:none">~ http://www.pyxisais.com/role/ScheduleAverageAnnualTotalReturnsTransposedPyxisLong/ShortEquityFund column period compact * ~</div> 13.36 An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. As with all mutual funds, the Funds past performance (before and after taxes) does not predict how the Fund will perform in the future. The bar chart does not reflect the deduction of applicable sales charges for Class A Shares. If sales charges had been reflected, the returns for Class A Shares would be less than those shown below. After-tax returns in the table above are shown for Class A Shares only and will differ for Class C and Class Z Shares. <div style="display:none">~ http://www.pyxisais.com/role/ScheduleExpenseExampleTransposedPyxisFloatingRateOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.pyxisais.com/role/ScheduleExpenseExampleNoRedemptionTransposedPyxisFloatingRateOpportunitiesFund column period compact * ~</div> The investment objective of Pyxis Long/Short Equity Fund (Long/Short Equity Fund or the Fund) is to seek consistent, above-average total returns primarily through capital appreciation, while also attempting to preserve capital and mitigate risk through hedging activities. <div style="display:none">~ http://www.pyxisais.com/role/ScheduleExpenseExampleTransposedPyxisLong/ShortHealthcareFund column period compact * ~</div> <div style="display:none">~ http://www.pyxisais.com/role/ScheduleExpenseExampleNoRedemptionTransposedPyxisLong/ShortHealthcareFund column period compact * ~</div> <div style="display:none">~ http://www.pyxisais.com/role/ScheduleAverageAnnualTotalReturnsTransposedPyxisLong/ShortHealthcareFund column period compact * ~</div> -0.0064 -0.0236 -0.004 -0.0061 0.0143 0.0312 0.0182 -0.0622 -0.0843 -0.0633 -0.0602 -0.0602 -0.0525 0.0332 <div style="display:none">~ http://www.pyxisais.com/role/ScheduleAverageAnnualTotalReturnsTransposedPyxisFloatingRateOpportunitiesFund column period compact * ~</div> Total Annual Fund Operating Expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses. Figures are based on borrowings of 21.14% of the Fund's total assets (including the proceeds of such borrowing), the actual average amount of leverage utilized during the Fund's prior fiscal period. Pyxis Capital, L.P. (the "Adviser") has contractually agreed to limit the total annual operating expenses (exclusive of fees paid by the Fund pursuant to its distribution plan under Rule 12b-1 under the Investment Company Act of 1940, as amended, taxes, brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) of the Fund to 0.95% of average daily net assets of the fund. The Expense Cap will continue through at least October 31, 2013, and may not be terminated prior to this date without the action or consent of the Fund's Board of Trustees. The Trust, on behalf of the Fund, has contractually agreed to pay the Adviser all amounts previously paid, waived or reimbursed by the Adviser with respect to the Fund pursuant to the Expense Cap, provided that the amount of such additional payment in any year, together with all other expenses of the Fund, in the aggregate, would not cause the Fund's total annual operating expenses in any such year to exceed the amount of the Expense Cap, and provided further that no additional payments by the Trust will be made with respect to amounts paid, waived or reimbursed by the Adviser more than 36 months after the date the Fund accrues a liability with respect to such amounts paid, waived or reimbursed by the Adviser. After reimbursement. The Fund's year-to-date total return for Class A Shares through September 30, 2012 was 14.47%. The Fund's year-to-date total return for Class A Shares through September 30, 2012 was 6.29%. The Fund's year-to-date total return for Class A Shares through September 30, 2012 was -2.54%. 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