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<p><b>Investment Objective</b></p>
<p>The Fund seeks to achieve capital appreciation through all market cycles.</p>
<p><b>Fees and Expenses of the Fund</b></p>
<p>This table describes 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 and Class U shares if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Buy Shares on page 34 of the Fund's Prospectus.</p>
<p><b>Shareholder Fees (fees paid directly from your investment)</b></p>
<p><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></p>
<p><b>Example</b></p>
<p>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The 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 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:</p>
<p><b>Portfolio Turnover</b></p>
<p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).  A higher portfolio turnover 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 Example, affect the Fund's performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 492.70% of the average value of the portfolio.</p>
<p><b>Principal Investment Strategies</b></p>
<p>The Fund seeks to achieve its investment objective by investing, under normal circumstances, approximately 80% or more of its net assets in a portfolio of defensive, non-cyclical equity securities of foreign and domestic companies selected by applying a quantitative strategy.  Equity securities include common stock, preferred stock and convertible preferred stock. The Fund strategy was developed by the Fund's investment advisor, AmericaFirst Capital Management, LLC (the “Advisor”).</p> <p> </p> <p>The Fund seeks to select stocks of historically "defensive" companies.  Defensive companies tend to offer basic consumer necessities where consumer demand tends to be unaffected even in poor economic conditions and therefore may have the ability to weather economic downturns better than non-defensive companies.  The advisor believes that sales and earnings growth of stocks of these defensive companies may remain relatively constant regardless of the ups and downs of the economy due to the generally stable demand for these company’s products.  Industries that are comprised primarily of defensive, non-cyclical companies would include, but are not limited to, Consumer Staples (example: food products, cosmetics & toiletries, brewing, soft drinks, food processing and retail), Healthcare (pharmaceuticals, health care services, medical supplies and equipment) and Utilities (electric, natural gas and water utilities as well as telephone services).  Under normal market conditions, the Fund will overweight portfolio investments primarily in securities in the consumer staples and healthcare sectors which represent numerous industries.  These sectors generally are comprised of companies that are defensive in nature and are selected in an effort to provide capital appreciation while reducing overall portfolio volatility.  The Fund may also invest in securities of companies engaged in the utilities industry.</p> <p> </p> <p>The Fund may also sell short equity securities from any industry in an attempt to reduce volatility and risk in unfavorable market conditions.  Depending upon market conditions and prospects as determined by the Advisors quantitative models, the Fund will target having approximately 0% to 20% of its assets in short positions under normal market conditions.  The Fund will invest in securities of companies regardless of market capitalization.  The Fund will rebalance its holdings, based on the Advisor’s quantitative models, on at least a quarterly basis.  The Advisor’s quantitative models take into account and weight such variables that may include operating earnings yield, price momentum, share buyback, trading liquidity and others when selecting long positions.  In selecting short positions, the Advisor’s quantitative models considers such variables including, but not limited to, poor relative price momentum, poor technical indicators and poor fundamentals.</p> <p> </p> <p>The Fund is classified as “non-diversified” for purposes of the Investment Company Act of 1940 (the “1940 Act”), which means that it is not limited by the 1940 Act with regard to the portion of its assets that may be invested in the securities of a single issuer.</p>
<p><b>Principal Risks of Investing in the Fund</b></p>
<p>As with any mutual fund, there is no guarantee that the Fund will achieve its goal. The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p> <p> </p> <p><b>Consumer Staples Sector Risk.</b> Companies in the consumer staples sector may be adversely affected by changes in consumer spending, competition, demographics and consumer preferences. Companies in this sector are also affected by changes in government regulation, world events and economic conditions.  This sector can also be significantly affected by, among other things, changes in price and availability of underlying commodities, rising energy prices and global and economic conditions. Certain companies in the consumer staples sector are subject to government regulation affecting the permissibility of using various food additives and production methods, which regulations could affect company profitability. Tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Also, the success of food and soft drink may be strongly affected by fads, marketing campaigns and other factors affecting supply and demand.</p> <p> </p> <p><b>Credit Risk.</b>  There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund.</p> <p> </p> <p><b>Fixed Income Risk.</b> When the Fund invests in equity securities that may convert to fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates.  Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).</p> <p> </p> <p><b>Foreign and Currency Exposure Risk.</b> Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.  The value of foreign securities is also affected by the value of the local currency relative to the U.S. dollar.</p> <p> </p> <p><b>Healthcare Sector Risk.</b>  The profitability of companies in the healthcare sector may be affected by extensive government regulation, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, limited number of products, industry innovation, changes in technologies and other market developments. Companies in the healthcare sector are heavily dependent on patent protection. The process of obtaining patent approval can be long and costly, and the expiration of patents may adversely affect the profitability of the companies. Healthcare companies are also subject to extensive litigation based on product liability and similar claims. Companies in the healthcare sector are affected by rising costs of medical products, devices and services and the increased emphasis on the delivery of healthcare through outpatient services. Many new products are subject to regulatory approval and the process of obtaining such approval can be long and costly. Healthcare companies are also subject to competitive forces that may make it difficult to raise prices and, at times, may result in price discounting. Additionally, the profitability of some healthcare companies may be dependent on a relatively limited number of products and their products can become obsolete due to industry innovation, changes in technologies or other market developments. In addition, companies in the healthcare sector may be thinly capitalized and therefore may be susceptible to product obsolescence.</p> <p> </p> <p><b>Management Risk.</b>  The portfolio manager's judgments about the attractiveness, value and potential appreciation of particular asset classes, sectors or other securities in which the Fund invests may prove to be incorrect and there is no guarantee that the portfolio manager's judgment will produce the desired results.</p> <p> </p> <p><b>Non-diversification Risk.</b> Because a relatively high percentage of a non-diversified Fund’s assets may be invested in the securities of a limited number of companies that could be in the same or related economic sectors or industries, the Fund’s portfolio may be more susceptible to any single economic, technological or regulatory occurrence than the portfolio of a diversified fund.</p> <p> </p> <p><b>Preferred Stock Risk.</b>  The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock.  Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.</p> <p> </p> <p><b>Security Risk.</b>  The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio.</p> <p> </p> <p><b>Short Selling Risk.</b> If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. The Fund may not be able to successfully implement its short sale strategy due to limited availability of desired securities or for other reasons.</p> <p> </p> <p><b>Small and Medium (Mid) Capitalization Stock Risk.</b>  The earnings and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures.  In addition, stocks of small and mid-capitalization companies generally are less liquid than those of larger companies.  This means that the Fund could have greater difficulty selling such securities at the time and price that the Fund would like.</p> <p> </p> <p><b>Stock Market Risk.</b>  Overall stock market risks may also affect the value of the Fund.  Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.</p> <p> </p> <p><b>Stock Value Risk.</b>  Stocks involve the risk that they may never reach what the portfolio manager believes is their full market value, either because the market fails to recognize the stock's intrinsic worth or the manager misgauged that worth.</p> <p> </p> <p><b>Turnover Risk.</b>  Because the Fund will rebalance its holdings on an at least quarterly basis, the Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.</p> <p> </p> <p><b>Utilities Sector Risk.</b>  In most countries and localities, the utilities industry is regulated by governmental entities, which can increase costs and delays for new projects and make it difficult to pass increased costs on to consumers. In certain areas, deregulation of utilities has resulted in increased competition and reduced profitability for certain companies, and increased the risk that a particular company will become bankrupt or fail completely.  In addition, utilities companies face the risk of increases in the cost and reduced availability of fuel (such as oil, coal, natural gas or nuclear energy) and potentially high interest costs for borrowing to finance new projects.</p>
<p><b>Performance</b></p>
<p>The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Class A shares for the full calendar year since the Fund’s inception.  The sales charge is not reflected in the bar chart, and if it were, returns would be less than those shown.  The performance table compares the performance of the Fund’s shares over time to the performance of a broad-based market index.  The sales charge is reflected in the table, and if it was not included, the return would be more than that shown.  You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.  Updated performance information is available at no cost by calling 877-217-8363.</p> <p> </p> <p>The Fund was reorganized on January 4, 2013 from the AmericaFirst Defensive Growth Fund (“the Predecessor Fund”), a series of the Mutual Fund Series Trust, into a series of AmericaFirst Quantitative Funds, a Delaware statutory trust. The Fund is a continuation of the Predecessor Fund and, therefore, the performance information includes the performance of the Predecessor Fund.</p>
<p><b>Performance Bar Chart For Calendar Year Ended December 31</b>,</p>
<p>Best Quarter:     12/31/11   10.22%</p> <p>Worst Quarter:    9/30/12     0.31%</p>
<p><b>Performance Table</b></p> <p><b>Average Annual Total Returns</b></p> <p><b>(For period ended December 31, 2012)</b></p>
<p>After-tax returns are estimated and were 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 investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</p>
4.9270
<p>The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p>
<font style="font-size:12.0pt; font-family:Times New Roman">You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.  </font>
<font style="font-size:12.0pt; font-family:Times New Roman">877-217-8363</font>
<font style="font-size:12.0pt; font-family:Times New Roman">Best Quarter</font>
2011-12-31
.1022
<font style="font-size:12.0pt; font-family:Times New Roman">Worst Quarter</font>
2012-09-30
.0031
<font style="font-size:12.0pt; font-family:Times New Roman">After-tax returns are estimated and were calculated using the historical highest individual federal marginal income tax rates</font>
<p>after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</p>
<p><b>Investment Objective</b></p>
<p>The Fund seeks a high rate of current income with less volatility than common stocks as measured by the standard deviation.  The Fund seeks total return as a secondary investment objective.</p>
<p><b>Fees and Expenses of the Fund</b></p>
<p>This table describes 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 and Class U shares if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Buy Shares on page 34 of the Fund's Prospectus.</p>
<p><b>Shareholder Fees (fees paid directly from your investment)</b></p>
<p style="text-indent:0in; tab-stops:81.0pt"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></p>
<p><b>Example</b></p>
<p>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The 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 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:</p>
<p><b>Portfolio Turnover</b></p>
<p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).  A higher portfolio turnover 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 Example, affect the Fund's performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 411.30% of the average value of the portfolio.</p>
<p><b>Principal Investment Strategies</b></p>
<p>The Fund seeks to achieve its investment objective by investing in a portfolio of high income securities that may include (but not limited to) stocks, preferred stocks, convertible preferred stock, convertible bonds, real estate investment trusts (“REITS”), and bonds (including high-yield securities, commonly called “junk bonds”) selected by applying quantitative modeling techniques that use numerous factors including (but not limited to) dividend yield, price momentum, trading volume, bid/ask spread, and price as compared to simple and exponential moving averages.  The Fund rebalances on an at least a quarterly basis based upon the results of the model.  Investment decisions are strictly based on the results of the quantitative model without emotion or subjective analysis.  The model upon which the Fund is based was developed by the Fund’s advisor, AmericaFirst Capital Management, LLC. The Fund invests without restriction as to issuer capitalization, maturity, credit quality or whether the security is foreign or domestic.  Foreign bonds may include both domestic and sovereign bonds.  Additionally, the Fund may invest in the shares of investment companies that are exchange-traded funds (“ETFs”) that invest in securities that are consistent with the Fund’s investment objective and policies.  The Fund may also write (i.e., sell) covered call option contracts.  A “call option” is a contract sold for a price giving its holder the right to buy a specific number of securities at a specific price prior to a specified date.  A “covered call option” is a call option issued on securities already owned by the writer of the call option for delivery to the holder upon the exercise of the option.</p>
<p><b>Principal Risks of Investing in the Fund</b></p>
<p>As with any mutual fund, there is no guarantee that the Fund will achieve its goal. The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p> <p> </p> <p><b>Credit Risk.</b>  There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund.</p> <p> </p> <p><b>ETF Risk.</b>  When the Fund invests in another investment company, including an ETF, it will indirectly bear its proportionate share of any fees and expenses payable directly by the other investment company.  Therefore, the Fund will incur higher expenses, many of which may be duplicative.  In addition, the Fund may be affected by losses of the underlying funds and the level of risk arising from the investment practices of the underlying funds (such as the use of leverage by the funds).  The Fund has no control over the investments and related risks taken by the underlying funds in which it invests.  Additionally, investments in ETFs are also subject to the following risks: (i) the market price of an ETF’s shares may trade above or below their net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained; or (iii) trading of an ETF’s shares may be halted for a number of reasons.</p> <p> </p> <p><b>High-Yield Risk.</b> High-yield, high-risk securities, commonly called "junk bonds," are considered speculative. While generally providing greater income than investments in higher-quality securities, these lower-quality securities will involve greater risk of principal and income that higher-quality securities.</p> <p> </p> <p><b>Interest Rate Risk.</b>  Interest rate risk is the risk that bond prices overall, including the prices of securities held by the Fund, will decline over short or even long periods of time due to rising interest rates. Bonds with longer maturities tend to be more sensitive to interest rates than bonds with shorter maturities.</p> <p> </p> <p><b>Management Risk.</b>  The Advisor's reliance on the model and portfolio manager's judgments about the attractiveness, value and potential appreciation of particular securities in which the Fund invests may prove to be incorrect and there is no guarantee that the model's forecasts and/or the portfolio manager's judgments will produce the desired results.</p> <p> </p> <p><b>Preferred Stock Risk.</b>  The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock.  Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.  Preferred stock prices tend to move more slowly upwards than common stock prices.</p> <p> </p> <p><b>Fixed Income Risk.</b> When the Fund invests in equity securities that may convert to fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates.  Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).</p> <p> </p> <p><b>Foreign and Currency Exposure Risk.</b> Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. The value of foreign securities is also affected by the value of the local currency relative to the U.S. dollar.</p> <p> </p> <p><b>Real Estate Risk.</b>  Because of its investment in REITs, the Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate.</p> <p> </p> <p><b>Security Risk.</b>  The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio.</p> <p> </p> <p><b>Small and Medium (Mid) Capitalization Stock Risk.</b>  The earnings and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures.  In addition, stocks of small and mid-capitalization companies generally are less liquid than those of larger companies.  This means that the Fund could have greater difficulty selling such securities at the time and price that the Fund would like.</p> <p> </p> <p><b>Stock Market Risk.</b>  Overall stock market risks may also affect the value of the Fund.  Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.</p> <p> </p> <p><b>Turnover Risk.</b>  Because the Fund will rebalance its holdings on an at least quarterly basis, the Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.</p>
<p><b>Performance</b></p>
<p>The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Class A shares for each full calendar year since the Fund’s inception.  The sales charge is not reflected in the bar chart, and if it were, returns would be less than those shown.  The performance table compares the performance of the Fund’s shares over time to the performance of a broad-based market index.  The sales charge is reflected in the table, and if it was not included, the return would be more than that shown.  You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.  Updated performance information is available at no cost by calling 877-217-8363.</p> <p> </p> <p>The Fund was reorganized on January 4, 2013 from the AmericaFirst Income Trends Fund (“the Predecessor Fund”), a series of the Mutual Fund Series Trust, as a series of AmericaFirst Quantitative Funds, a Delaware statutory trust. The Fund is a continuation of the Predecessor Fund and, therefore, the performance information includes the performance of the Predecessor Fund.</p>
<p><b>Performance Bar Chart For Calendar Year Ended December 31,</b></p>
<p>Best Quarter:     3/31/12      6.23%</p> <p>Worst Quarter:   9/30/11   (14.77)%</p>
<p><b>Performance Table</b></p> <p><b>Average Annual Total Returns</b></p> <p><b>(For period ended December 31, 2012)</b></p>
<p>After-tax returns are estimated and were 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 investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</p>
4.1130
<p>The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p>
<font style="font-size:12.0pt; font-family:Times New Roman">You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.  </font>
<font style="font-size:12.0pt; font-family:Times New Roman">877-217-8363</font>
<font style="font-size:12.0pt; font-family:Times New Roman">Best Quarter</font>
2012-03-31
.0623
<font style="font-size:12.0pt; font-family:Times New Roman">Worst Quarter</font>
2011-09-30
-.1477
<font style="font-size:12.0pt; font-family:Times New Roman">After-tax returns are estimated and were calculated using the historical highest individual federal marginal income tax rates</font>
<p>after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</p>
<p><b>Investment Objective</b></p>
<p>The Fund seeks to achieve capital appreciation with a focus on producing positive returns regardless of the direction of the financial markets.</p>
<p><b>Fees and Expenses of the Fund</b></p>
<p>This table describes 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 and Class U shares if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Buy Shares on page 34 of the Fund's Prospectus.</p>
<p><b>Shareholder Fees (fees paid directly from your investment)</b></p>
<p><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></p>
<p><b>Example</b></p>
<p>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The 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 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:</p>
<p><b>Portfolio Turnover</b></p>
<p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).  A higher portfolio turnover 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 Example, affect the Fund's performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 680.35% of the average value of the portfolio.</p>
<p><b>Principal Investment Strategies</b></p>
<p><b>Principal Risks of Investing in the Fund</b></p>
<p>As with any mutual fund, there is no guarantee that the Fund will achieve its goal. The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p> <p> </p> <p><b>Acquired Funds Risk.</b>  Each Acquired Fund is subject to specific risks, depending on the nature of the Acquired Fund.  These risks could include liquidity risk, sector risk, foreign and emerging market risk, as well as risks associated with fixed income securities, real estate investments, and commodities.</p> <p> </p> <p><b>Commodity Related Risk.</b>  The Fund's exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities due to changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.</p> <p> </p> <p><b>Credit Risk.</b>  There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund.</p> <p> </p> <p><b>ETF Risk.</b>  When the Fund invests in another investment company, including an ETF, it will indirectly bear its proportionate share of any fees and expenses payable directly by the other investment company.  Therefore, the Fund will incur higher expenses, many of which may be duplicative.  In addition, the Fund may be affected by losses of the underlying funds and the level of risk arising from the investment practices of the underlying funds (such as the use of leverage by the funds).  The Fund has no control over the investments and related risks taken by the underlying funds in which it invests.  Additionally, investments in ETFs are also subject to the following risks: (i) the market price of an ETF’s shares may trade above or below their net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained; or (iii) trading of an ETF’s shares may be halted for a number of reasons.</p> <p> </p> <p><b>Fixed Income Risk.</b> When the Fund invests in fixed income securities, or Acquired Funds that own bonds, the value of your investment in the Fund will fluctuate with changes in interest rates.  Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).</p> <p> </p> <p><b>Foreign and Currency Exposure Risk.</b> Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.  The value of foreign securities is also affected by the value of the local currency relative to the U.S. dollar.</p> <p> </p> <p><b>High-Yield Risk.</b> High-yield, high-risk securities, commonly called "junk bonds," are considered speculative. While generally providing greater income than investments in higher-quality securities, these lower-quality securities will involve greater risk of principal and income that higher-quality securities.</p> <p> </p> <p><b>Interest Rate Risk.</b>  Interest rate risk is the risk that bond prices overall, including the prices of securities held by the Fund, will decline over short or even long periods of time due to rising interest rates. Bonds with longer maturities tend to be more sensitive to interest rates than bonds with shorter maturities.</p> <p> </p> <p><b>Inverse ETF Risk.</b>  Inverse or “short” ETFs seek to deliver returns that are opposite of the return of a benchmark (e.g., if the benchmark goes up by 1%, the ETF will go down by 1%), typically using a combination of derivative strategies.  Inverse ETFs contain all of the risks that regular ETFs present.  Because inverse ETFs typically seek to obtain their objective on a daily basis, holding inverse ETFs for longer than a day may produce unexpected results particularly when the benchmark index experiences large ups and downs. Inverse ETFs may also be leveraged.  Inverse ETFs contain all of the risks that regular ETFs present.</p> <p> </p> <p><b>Liquidity Risk.</b> Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring a Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.</p> <p> </p> <p><b>Management Risk.</b>  The portfolio manager's judgments about the attractiveness, value and potential appreciation of particular asset classes, sectors, Acquired Funds or other securities in which the Fund invests may prove to be incorrect and there is no guarantee that the portfolio manager's judgment will produce the desired results.</p> <p> </p> <p><b>Preferred Stock Risk.</b>  The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock.  Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.</p> <p> </p> <p><b>Real Estate Risk.</b>  Because of its investment in REITs, the Fund is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors that negatively impact the real estate market and the direct ownership of real estate.</p> <p> </p> <p><b>Security Risk.</b>  The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio.</p> <p> </p> <p><b>Short Selling Risk.</b>  If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. The Fund may not be able to successfully implement its short sale strategy due to limited availability of desired securities or for other reasons.</p> <p> </p> <p><b>Small and Medium (Mid) Capitalization Stock Risk.</b>  The earnings and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures.</p> <p> </p> <p><b>Stock Market Risk.</b>  Overall stock market risks may also affect the value of the Fund.  Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.</p> <p> </p> <p><b>Stock Value Risk.</b>  Stocks involve the risk that they may never reach what the portfolio manager believes is their full market value, either because the market fails to recognize the stock's intrinsic worth or the manager misgauged that worth.</p> <p> </p> <p><b>Tracking Risk.</b> Investment in the Fund should be made with the understanding that the Acquired Funds in which the Fund invests will not be able to replicate exactly the performance of the indices or sector they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities.</p> <p> </p> <p><b>Turnover Risk.</b>  Because the Fund will rebalance its holdings on an at least quarterly basis, the Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.</p>
<p><b>Performance</b></p>
<p>The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Class A shares for each full calendar year since the Fund’s inception.  The sales charge is not reflected in the bar chart, and if it were, returns would be less than those shown.  The performance table compares the performance of the Fund’s shares over time to the performance of a broad-based market index.  The sales charge is reflected in the table, and if it was not included, the return would be more than that shown.  You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.  Updated performance information is available at no cost by calling 877-217-8363.</p> <p> </p> <p>The Fund was reorganized on January 4, 2013 from the AmericaFirst Absolute Return Fund (“the Predecessor Fund”), a series of the Mutual Fund Series Trust, into a series of AmericaFirst Quantitative Funds, a Delaware statutory trust. The Fund is a continuation of the Predecessor Fund and, therefore, the performance information includes the performance of the Predecessor Fund.</p>
<p><b>Performance Bar Chart For Calendar Year Ended December 31,</b></p>
<p>Best Quarter:    12/31/10    15.35%</p> <p>Worst Quarter:   9/30/11   (13.89)%</p>
<p><b>Performance Table</b></p> <p><b>Average Annual Total Returns</b></p> <p><b>(For period ended December 31, 2012)</b></p>
<p>After-tax returns are estimated and were 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 investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</p>
6.8035
<p>The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p>
<font style="font-size:12.0pt; font-family:Times New Roman">You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.  </font>
<font style="font-size:12.0pt; font-family:Times New Roman">877-217-8363</font>
<font style="font-size:12.0pt; font-family:Times New Roman">Best Quarter</font>
2010-12-31
.1535
<font style="font-size:12.0pt; font-family:Times New Roman">Worst Quarter</font>
2011-09-30
-.1389
<font style="font-size:12.0pt; font-family:Times New Roman">After-tax returns are estimated and were calculated using the historical highest individual federal marginal income tax rates </font>
<p>after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</p>
<p><b>Investment Objective</b></p>
<p>The Fund seeks to achieve long-term capital appreciation and to achieve positive returns through all market cycles.</p>
<p><b>Fees and Expenses of the Fund</b></p>
<p>This table describes 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 and Class C 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 professional and in How to Buy Shares on page 34 of the Fund's Prospectus.</p>
<p><b>Shareholder Fees (fees paid directly from your investment)</b></p>
<p><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></p>
<p><b>Example</b></p>
<p>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The 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 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:</p>
<p><b>Portfolio Turnover</b></p>
<p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).  A higher portfolio turnover 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 Example, affect the Fund's performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 346.05% of the average value of the portfolio.</p>
<p><b>Principal Investment Strategies</b></p>
<p>The name “Quantitative Strategies” refers to the advisor’s use of objective, data-based quantitative information to make investment decisions rather than subjective or emotional investment decisions.  The “optimization process” refers to the computer-based process of analyzing and combining data from several dissimilar quantitative strategies to achieve an appropriate risk/return profile for the Fund. The Fund is a compilation of several AmericaFirst rules-based investment models.</p> <p> </p> <p>The Fund intends to achieve its investment objective by investing, under normal circumstances, in individual equity and fixed income securities.</p> <p> </p> <p>Security selection is based on the advisor's proprietary investment models that seek to provide diversification by nature of each model’s low correlation to each other. The advisor will sell a security when the security no longer meets the selection criteria, as part of the periodic evaluation process used to replace lower performing securities in the portfolio with more attractive securities, or when a security meets its target valuation.  The Fund will invest in equity securities regardless of market capitalization.  The Fund may invest in fixed income securities regardless of maturity or credit rating.  The Fund incorporates aspects of several of the Advisor’s proprietary investment models.  Specific portions of the Fund’s portfolio may be allocated towards models constructed to achieve a variety of objectives including, but not limited to: absolute return, income, total return and growth.  Investment selection is based upon rules-based criteria for each of the investment models selected.  </p> <p>The Fund's portfolio of securities may include common stocks of foreign and domestic companies, preferred securities, fixed income securities (i.e., bonds) of domestic or foreign issuers, closed-end management investment companies ("closed-end funds"), exchange-traded portfolios ("Exchange Traded Portfolios") and real estate investment trusts (“REITs”). For purposes of the strategy, we define Exchange Traded Portfolios to include open-end funds and unit investment trusts ("UITs") registered under the 1940 Act (commonly referred to as "ETFs"), commodity pools and investment funds that invest in physical commodities, in each case, that issue shares that are approved for listing and trading on a national securities exchange. Open-end funds, closed-end funds and exchange traded portfolios are collectively referred to as "Acquired Funds".  The Fund may invest a portion of its portfolio in Acquired Funds managed by the Advisor.  It is possible that the Fund may not include all of these types of securities and may only include one of these types of securities in the portfolio at any given time.</p> <p> </p> <p> The Fund will rebalance its holdings, based on the quantitative models, on an at least quarterly basis.</p>
<p><b>Principal Risks of Investing in the Fund</b></p>
<p>As with any mutual fund, there is no guarantee that the Fund will achieve its goal. The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p> <p> </p> <p><b>Acquired Funds Risk.</b>  Each Acquired Fund is subject to specific risks, depending on the nature of the Acquired Fund. These risks could include liquidity risk, sector risk, foreign and emerging market risk, as well as risks associated with fixed income securities, real estate investments, and commodities.</p> <p> </p> <p><b>Commodity Related Risks.</b>  The Fund's exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities due to changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.</p> <p> </p> <p><b>Credit Risk.</b>  There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund.</p> <p> </p> <p><b>ETF Risk.</b>  When the Fund invests in another investment company, including an ETF, it will indirectly bear its proportionate share of any fees and expenses payable directly by the other investment company.  Therefore, the Fund will incur higher expenses, many of which may be duplicative.  In addition, the Fund may be affected by losses of the underlying funds and the level of risk arising from the investment practices of the underlying funds (such as the use of leverage by the funds).  The Fund has no control over the investments and related risks taken by the underlying funds in which it invests.  Additionally, investments in ETFs are also subject to the following risks: (i) the market price of an ETF’s shares may trade above or below their net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained; or (iii) trading of an ETF’s shares may be halted for a number of reasons.</p> <p> </p> <p><b>Fixed Income Risk.</b>  When the Fund invests in fixed income securities, or Acquired Funds that own bonds, the value of your investment in the Fund will fluctuate with changes in interest rates.  Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).</p> <p> </p> <p><b>High-Yield Risk.</b>  High-yield, high-risk securities, commonly called "junk bonds," are considered speculative. While generally providing greater income than investments in higher-quality securities, these lower-quality securities will involve greater risk of principal and income that higher-quality securities.</p> <p> </p> <p><b>Inverse ETF Risk.</b>  Inverse or “short” ETFs seek to deliver returns that are opposite of the return of a benchmark (e.g., if the benchmark goes up by 1%, the ETF will go down by 1%), typically using a combination of derivative strategies.  Inverse ETFs contain all of the risks that regular ETFs present.  Because inverse ETFs typically seek to obtain their objective on a daily basis, holding inverse ETFs for longer than a day may produce unexpected results particularly when the benchmark index experiences large ups and downs. Inverse ETFs may also be leveraged.  Inverse ETFs contain all of the risks that regular ETFs present.</p> <p> </p> <p><b>Liquidity Risk.</b>  Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring a Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.</p> <p> </p> <p><b>Management Risk.</b>  The advisor's reliance on the Optimizer model and the portfolio manager's judgments about the attractiveness, value and potential appreciation of particular asset classes, sectors, Acquired Funds or other securities in which the Fund invests may prove to be incorrect and there is no guarantee that the Optimizer model and/or portfolio manager's judgments will produce the desired results.</p> <p> </p> <p><b>Preferred Stock Risk.</b>  The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock.  Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.</p> <p> </p> <p><b>Security Risk.</b>  The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio.</p> <p> </p> <p><b>Small and Medium (Mid) Capitalization Stock Risk.</b>  The earnings and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures.</p> <p> </p> <p><b>Stock Market Risk.</b>  Overall stock market risks may also affect the value of the Fund.  Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets.</p> <p> </p> <p><b>Stock Value Risk.</b>  Stocks involve the risk that they may never reach what the portfolio manager believes is their full market value, either because the market fails to recognize the stock's intrinsic worth or the manager misgauged that worth.</p> <p> </p> <p><b>Tracking Risk.</b>  Investment in the Fund should be made with the understanding that the Acquired Funds in which the Fund invests will not be able to replicate exactly the performance of the indices or sector they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities.</p> <p> </p> <p><b>Turnover Risk.</b>  Because the Fund will rebalance its holdings on an at least quarterly basis, the Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.</p>
<p><b>Performance</b></p>
<p>The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Class A shares for each full calendar year since the Fund’s inception.  The sales charge is not reflected in the bar chart, and if it were, returns would be less than those shown.  The performance table compares the performance of the Fund’s shares over time to the performance of a broad-based market index.  The sales charge is reflected in the table, and if it was not included, the return would be more than that shown.  You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.  Updated performance information is available at no cost by calling 877-217-8363.</p> <p> </p> <p>The Fund was reorganized on January 4, 2013 from the AmericaFirst Quantitative Strategies Fund (“the Predecessor Fund”), a series of the Mutual Fund Series Trust, into a series of AmericaFirst Quantitative Funds, a Delaware statutory trust. The Fund is a continuation of the Predecessor Fund and, therefore, the performance information includes the performance of the Predecessor Fund.</p>
<p><b>Performance Bar Chart For Calendar Year Ended December 31,</b></p>
<p>Best Quarter:       6/30/09    32.01%</p> <p>Worst Quarter:    9/30/08   (35.91)%</p>
<p><b>Performance Table</b></p> <p><b>Average Annual Total Returns</b></p> <p><b>(For period ended December 31, 2012)</b></p>
<p>After-tax returns are estimated and were 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 investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</p>
3.4605
<p>The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund.</p>
<font style="font-size:12.0pt; font-family:Times New Roman">You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.  </font>
<font style="font-size:12.0pt; font-family:Times New Roman">877-217-8363</font>
<font style="font-size:12.0pt; font-family:Times New Roman">Best Quarter</font>
2009-06-30
.3201
<font style="font-size:12.0pt; font-family:Times New Roman">Worst Quarter</font>
2008-09-30
-.3591
<font style="font-size:12.0pt; font-family:Times New Roman">After-tax returns are estimated and were calculated using the historical highest individual federal marginal income tax rates </font>
<p>after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</p>
<p>The Fund seeks to achieve its investment objective by investing in a broad range of asset classes and sectors, some of which are historically uncorrelated to the equity and fixed income markets.  The Fund may also sell short equity and fixed income securities.  The Fund will invest in securities regardless of market capitalization and regardless of industry sector.  With regard to fixed income securities, the Fund may invest in fixed income securities regardless of maturity or credit rating including High Yield Bonds, Investment Grade Bonds and US Treasury Securities, Foreign Corporate Bonds and Foreign Sovereign Bonds.</p> <p> </p> <p>The Fund's portfolio of securities may include common stocks of foreign and domestic companies, preferred securities, fixed income securities (i.e., bonds) of domestic or foreign issuers, closed-end management investment companies ("closed-end funds"), exchange-traded portfolios ("Exchange Traded Portfolios") and real estate investment trusts (“REITs”). For purposes of the strategy, we define Exchange Traded Portfolios to include open-end funds and unit investment trusts ("UITs") registered under the 1940 Act (commonly referred to as "ETFs"), commodity pools and investment funds that invest in physical commodities, in each case, that issue shares that are approved for listing and trading on a national securities exchange. Open-end funds, closed-end funds and exchange traded portfolios are collectively referred to as "Acquired Funds". It is possible that the Fund may not include all of these types of securities and may only include one of these types of securities in the portfolio at any given time.</p> <p> </p> <p>The Fund may also invest in ETFs with inverse market exposure. Inverse ETFs are designed to hedge portfolio investments by producing results opposite to market direction. Inverse ETFs seek daily investment results, before fees and expenses, which correspond to the inverse (opposite) of the daily performance of a specific benchmark, such as the S&P 500 Index.</p> <p> </p> <p>The Fund will sell equities short when the advisor's proprietary quantitative analysis indicates that current securities prices (either for an index ETF or an individual security) are overpriced and the Fund has an opportunity to achieve positive returns from shorting securities rather than holding them long.  The Fund’s quantitative model makes selections from a universe that may include nearly 30 investment indices.  The Fund’s rules-based model then selects a basket of the top indices based upon price strength and momentum.  Individual portfolio holdings are selected from the basket of indices based upon a proprietary, rules-based screen.  The universe of investment indices that the Fund may choose from include, but are not limited to, the following:</p> <p> </p> <p><b><u>Domestic Equity</u></b>                                                                     <b><u>Domestic Income</u></b></p> <p>Healthcare                                                                                High Yield Bonds</p> <p>Financial Services                                                                     Investment Grade Bonds</p> <p>Technology                                                                               Preferred Stock</p> <p>Industrials</p> <p>Oil & Gas                                                                                 <b><u>International Securities</u></b></p> <p>Basic Materials                                                                         Latin America</p> <p>Consumer Goods                                                                     Western Europe</p> <p>Consumer Services                                                                   Australia</p> <p>Utilities                                                                                     Asia</p> <p>Telecommunications                                                                  Russia</p> <p>                                                                                                  Africa</p> <p> </p> <p><b><u>Alternative Asset Classes (Purchased either</u></b></p> <p><b><u>Through ETF or investment pool)</u></b>                                         <b><u>International Income</u></b></p> <p>Base Metals                                                                             Established Market Global Bonds</p> <p>Precious Metals                                                                        Emerging Markets Global Bonds</p> <p>Energy</p> <p>Agriculture</p> <p>Currencies</p> <p>Real Estate Investment Trusts (Securities)</p> <p> </p> <p>The Fund will rebalance its holdings, based on the Advisor’s quantitative models, on an at-least quarterly basis.</p>
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The Advisor and the Trust have entered into an expense limitation agreement whereby the advisor has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses (exclusive of any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation) in order to limit annual fund operation expenses to 2.45%, 2.95% and 1.95% for Class A, Class U and Class I, respectively. These expense limitations will remain in effect until at least January 4, 2015. This agreement may be terminated by the Fund's Board of Trustees on 60 days' written notice to the advisor. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits.
The inception date of the Fund's Class A, I and U shares May 23, 2011.
The S and P 500 is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot invest directly in an index or benchmark.
The Advisor and the Trust have entered into an expense limitation agreement whereby the advisor has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses (exclusive of any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation) in order to limit annual fund operation expenses to 2.20%, 2.70% and 1.70% for Class A, Class U and Class I, respectively. These expense limitations will remain in effect until at least January 4, 2015. This agreement may be terminated by the Fund's Board of Trustees on 60 days' written notice to the advisor. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits.
The inception date of the Fund's Class A, I and U shares is July 1, 2010.
The Barclays Aggregate Bond Index is an unmanaged index which represents the U.S. investment-grade fixed-rate bond market (including government and corporate securities, mortgage pass-through securities and asset-backed securities). Investors cannot invest directly in an index or benchmark.
The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.
The inception date of the Fund's Class A and U shares is February 26, 2010. The inception date for the Fund's Class I shares is July 12, 2010.
The advisor and the Trust have entered into an expense limitation agreement whereby the advisor has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses (exclusive of any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation) in order to limit annual fund operation expenses to 1.50% and 2.25% for Class A and Class C, respectively. These expense limitations will remain in effect until at least January 4, 2015. This agreement may be terminated by the Fund's Board of Trustees on 60 days' written notice to the advisor. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits.
The inception date of the Fund's Class A and C Shares is September 28, 2007.