-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MYnRyz7zmbVbr5cqrx0VC/eR+TU8oYnhSPUyS7G/itFNd/NkMnvxauOsRBPptaZ0 1qFHe94u9/3tmGLPwj7vsw== 0000894189-08-003024.txt : 20080916 0000894189-08-003024.hdr.sgml : 20080916 20080916165505 ACCESSION NUMBER: 0000894189-08-003024 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 5 FILED AS OF DATE: 20080916 DATE AS OF CHANGE: 20080916 EFFECTIVENESS DATE: 20080916 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WEXFORD TRUST/PA CENTRAL INDEX KEY: 0000829433 IRS NUMBER: 256297791 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-20158 FILM NUMBER: 081074568 BUSINESS ADDRESS: STREET 1: 5000 STONEWOOD, SUITE 300 CITY: WEXFORD STATE: PA ZIP: 15090 BUSINESS PHONE: 877-935-5520 MAIL ADDRESS: STREET 1: 5000 STONEWOOD, SUITE 300 CITY: WEXFORD STATE: PA ZIP: 15090 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WEXFORD TRUST/PA CENTRAL INDEX KEY: 0000829433 IRS NUMBER: 256297791 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05469 FILM NUMBER: 081074569 BUSINESS ADDRESS: STREET 1: 5000 STONEWOOD, SUITE 300 CITY: WEXFORD STATE: PA ZIP: 15090 BUSINESS PHONE: 877-935-5520 MAIL ADDRESS: STREET 1: 5000 STONEWOOD, SUITE 300 CITY: WEXFORD STATE: PA ZIP: 15090 0000829433 S000006804 Muhlenkamp Fund C000018426 Muhlenkamp Fund MUHLX 485BPOS 1 muhlen_485xbrl.htm POST EFFECTIVE AMENDMENT PEA #33 muhlen_485xbrl.htm
Filed with the Securities and Exchange Commission on September 16, 2008
 
1933 Act Registration File No.   033-20158
                                                                                                                                          60;1940 Act File No. 811-05469
 
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-1A
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
x
Pre-Effective Amendment No.           
¨
Post-Effective Amendment No.    33  
x
and
  
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
x
Amendment No.    33  
x
 
WEXFORD TRUST
(Exact Name of Registrant as Specified in Charter)
 

 
5000 Stonewood Drive, Suite 300
Wexford, PA 15090-8395
(Address of Principal Executive Offices) (Zip Code)
 
Registrant's Telephone Number, including Area Code:  (724) 935-5520 or 1-800-860-3863
 
Ronald H. Muhlenkamp
5000 Stonewood Drive, Suite 300
Wexford, PA  15090-8395
(Name and Address of Agent for Service)
 
 

 
 
It is proposed that this filing will become effective
 
o
immediately upon filing pursuant to paragraph (b)
ý
on September 16, 2008 pursuant to paragraph (b)
o
60 days after filing pursuant to paragraph (a)(1)
o
on (date) pursuant to paragraph (a)(1)
o
75 days after filing pursuant to paragraph (a)(2)
o
on (date) pursuant to paragraph (a)(2) of Rule 485.

 
If appropriate, check the following box:
 
 
____
This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Registration Statement to be signed below on its behalf by the undersigned, thereunto duly authorized, in the City of Wexford and the State of Pennsylvania on the 16th day of September, 2008.


WEXFORD TRUST


By:   /s/Ronald H. Muhlenkamp                                                                
Ronald H. Muhlenkamp
President


Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities indicated on September 16th, 2008.

Signature
  
Title
 
Ronald H. Muhlenkamp*
 
President and Trustee
Ronald H. Muhlenkamp    
     
Alfred E. Kraft*
  
Independent Trustee
Alfred E. Kraft    
     
Terrence McElligott*
  
Independent Trustee
Terrence McElligott    
 
/s/James S. Head          Vice President, Treasurer and Chief Compliance Officer
James S. Head
Attorney-in-Fact pursuant to Power of Attorney filed with the Registrant’s Post-Effective Amendment No. 26 to its Registration Statement on Form N-1A with the SEC on December 15, 2004.
 
 
 
 
 
 
EXHIBIT INDEX



Users of this data are advised pursuant to the rules and regulations governing the filing of voluntary XBRL disclosure that the following XBRL documents are not the official publicly filed disclosure of Professionally Managed Portfolios. The purpose of submitting these XBRL formatted documents is to test the related format and technology and, as a result, investors should continue to rely on the official version of the furnished documents and not rely on this information in making investment decisions.

Exhibit
Exhibit No.
   
XBRL – Instance Document
EX-100 INS
XBRL – Schema Document
EX-100-SCH
XBRL – Label Linkbase Document
EX-100 LAB
XBRL – Definition Linkbase Document
EX-100 DEF




 
 
EX-100.INS 2 r-09162008.xml INSTANCE DOCUMENT 0000829433ici:Registrant_item2008-09-160000829433filer:S0000068042008-09-160000829433filer:C0000184262008-09-160000829433filer:AllInstruments2008-09-16pureiso4217:USDFUND BASICSINVESTMENT OBJECTIVEThe investment objective of the Muhlenkamp Fund (the "Fund") is to maximize total return to its shareholders through capital appreciation, and income from dividends and interest, consistent with reasonable risk.PRINCIPAL STRATEGIESTo pursue its goal, the Fund principally invests in a diversified list of common stocks. The Fund invests primarily in companies determined by the investment adviser to be highly profitable, yet undervalued. The investment adviser looks for those companies it believes to have above average prof itability, as measured by corporate return on equity ("ROE"), that sell at below average prices as measured by price to earnings ratios ("P/E"). Company size, based on market capitalization, is of little importance to the investment adviser.The Fund does not subscribe to the philosophy that stocks can be acquired and held forever; however, the investment adviser purchases stocks for the Fund that it generally holds for three or more years. While short-term swings in the marketplace are not ignored, they are subordinate to the quest for long-term values.The Fund will sell a stock when the investment adviser believes the company's intrinsic value has been fully realized by the market, earnings disappoint, growth prospects dim due to changing market or economic conditions, the company falls short of the investment adviser's expectations, or the investment adviser finds a better investment.The Fund may purchase fixed-income or debt securities from time to time as substitutes for stocks when the investment adviser determines that market conditions warrant their purchase.Under adverse market conditions the Fund may take temporary defensive measures such as holding cash reserves without limit. In taking such measures, the Fund may not achieve its investment objective.The Fund intends to invest for the long-term, but may sell stocks and other securities regardless of how lon g they have been held. Over the Fund's lifetime, the average portfolio turnover has been less than 30% per year.PRINCIPAL RISKSHistorically common stocks have outperformed other types of investments; however, stock prices will fluctuate in the short-term. Like any investment, an investment in the Fund is subject to risk. The value of your investment can go up or down. This means that you could lose money.Management RiskThe Fund's success depends largely on the investment adviser's ability to select favorable investments. Different types of investments shift in and out of favor depending on market and economic conditions. Because of this, the Fund will perform better or worse than other types of funds depending on what is in "favor." In addition, there is the risk that the strategies, research or analysis techniques used by the investment adviser and/or the investment adviser's security selection may fail to produce the intended result.Small and Medium Companies RisksInvesting in securities of small and medium-sized companies may involve greater volatility than investing in larger and more established compani es because they can be subject to more abrupt or erratic share price changes than larger, more established companies. Small companies may have limited product lines, markets or financial resources and their management may be dependent on a limited number of key individuals. Securities of those companies may have limited market liquidity and their prices may be more volatile.Credit RisksThere is a possibility that companies or other issuers whose bonds are owned by the Fund may fail to pay their debts (including the debt owed to holders of their bonds). Bonds of companies with poor credit ratings generally will be subject to higher risk.Stock Market RisksStocks are selected by the investment adviser based upon what the investment adviser believes to be their potential for long-term growth; however, there can be no assurance that the objective will be met. The Fund is subject to risks that affect common stocks in general, such as economic conditions and adverse changes (generally increases) in interest rates. Investments in value stocks are subject to the risk that the market may never realize their value, or their prices may go down. Short-term volatility often accompanies a long-term approach to investing. These and other factors could adversely affect your investment.Bond Market RisksThe Fund's investment in bonds may be subject to risks that affect the bond markets in general, such as general economic conditions and adverse changes (generally increases) in interest rates.Foreign Investment RisksThe Fund may invest in foreign securities. These investments involve certain risks not generally associated with investments in the securities of United States issuers. There may be less information publicly available concerning foreign issuers than would be with respect to domestic issuers. Different accounting standards may be used by foreign issuers, and foreign trading markets may not be as liquid as U.S. markets. Foreign securities also involve such risks as currency fluctuation risk, pos sible imposition of withholding or confiscatory taxes, possible currency transfer restrictions, expropriation or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. These risks may be greater in emerging markets and in less developed countries.For your informationAn investment in this Fund is not a bank deposit. It is not FDIC insured or government endorsed. It should be considered a "long-term" investment, an investment for a period of three or more years.PAST PERFORMANCEThe bar chart and table below provide an indication of the risk of investing in the Fund. The bar chart shows the Fund's performance in each calendar year over a ten-year period. The table shows how the Fund's average annual total returns for one, five, ten and fifteen calendar years, and since the Fund's inception, compared with those of a broad-based securities market index. All presentations below assume reinvestment of dividends and distributions. Keep in mind that the Fund's past performance, before and after taxes, does not indicate how it will perform in the future.< /ici:Paragraph>Year-to-Year Total Return(as of 12/31 each year)19980.032219990.11420000.25320010.09332002-0.199220030.480720040.245120050.078820060.04082007-0.0966highest return for a quarter0.27512003-06-30lowest return for a quarter-0.21532002-09-30AVERAGE ANNUAL TOTAL RETURNSAs of 12/31/2007One YearPast 5 YearsPast 10 YearsSince Inception1988-11-01Return Before Taxes-0.09660.13340.08960.1263Return After Taxes on Distributions*-0.12020.12680.08490.1215Return After Taxes on Distributions and Sale of Fund Shares*-0.03090.11720.07890.1153S&P 500 Index**0.05490.12830.05910.1148*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 your situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or IRAs. Remember, the Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.**The S&P 500 Index is a widely recognized, unmanaged index of common stock prices. The figures above reflect all dividends reinvested but do not reflect any deductions for fees, expenses or taxes. A direct investment in an index is not possible.FUND EXPENSESAs an investor, you pay certain fees and expenses in connection with the Fund, which are described in the table below and example that follows. In the table you will see the f ees and expenses you would incur if you bought and held shares of the Fund. Shareholder transaction fees are paid from your account. Annual Fund operating expenses are paid out of the Fund assets, so their effect is included in the Fund's share price.SHAREHOLDER FEES12(expenses that are deducted from your account)Sales Charge (Load) Imposed on Purchases0.0000Sales Charge (Load) Imposed on Reinvested Dividends0.0000Deferred Sales Charge (Load)0.0000Redemption Fees (shares held longer than 30 days from purchase date)0Redemption Fees (shares redeemed within 30 days of pu rchase date)-0.0200ANNUAL FUND OPERATING EXPENSES (expenses that are deducted from Fund assets)Management Fees0.00953Distribution (12b-1) Fees0.0000Other Expenses0.0020Total Annual Fund Operating Expenses0.01151Investors may be charged an annual account maintenan ce fee if their account falls below the established minimums. Investors may be charged a fee by their broker if they effect transactions through a broker or agent. There are certain annual charges and other fees associated with retirement accounts offered by the Fund.2Shareholders will be charged a fee by the Transfer Agent for outgoing wire transfers, returned checks and stop payment orders.3The investment adviser charges a management fee equal to 1% per annum of the average daily market value of the Fund's net assets up to $1?billion and 0.9% per annum on Fund assets in excess of $1?billion. The management fee reflecte d above is for the Fund's prior fiscal year.Example: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, that you reinvest all dividends and distributions, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:1 Year3 Years5 Years10 Years11736563313982008-09-162008-09-16The purpose of submitting the XBRL-formatted information is to test the related format and technology and, as a result, investors should not rely on this information in making investment decisions. EX-100.SCH 3 reg.xsd SCHEMA DOCUMENT EX-100.LAB 4 reg_lab.xml LABEL LINKBASE DOCUMENT Wexford Trust PAAllInstrumentsMuhlenkamp FundMuhlenkamp Fund EX-100.DEF 5 reg_def.xml DEFINITION LINKBASE DOCUMENT -----END PRIVACY-ENHANCED MESSAGE-----