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FUND SUMMARY - EAS Crow Point Alternatives Fund
FUND SUMMARY - Crow Point Alternative Income Fund
FUND SUMMARY - Crow Point Global Tactical Allocation Fund
FUND SUMMARY - RVX Emerging Markets Equity Fund
FUND SUMMARY - Eagle Rock Floating Rate Fund
Investment Objective.
Investment Objective.
Investment Objective.
Investment Objective.
Investment Objective.
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b></b>The investment
objective of the EAS Crow Point Alternatives Fund (the “Fund”) is preservation and growth of capital.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b></b>The Crow Point
Alternative Income Fund (the “Fund”) seeks to provide shareholders with above-average total returns over a complete
market cycle primarily through capital appreciation and income generation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The investment
objective of the Crow Point Global Tactical Allocation Fund (the “Fund”) is to seek income with long-term growth of
capital as a secondary objective.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b></b>The RVX Emerging
Markets Equity Fund (the “Fund”) seeks long-term capital appreciation through investments in equity securities of emerging
market companies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Eagle Rock Floating Rate Fund’s
(the “Fund”) objective is to achieve as high a level of current income as is consistent with capital preservation.
The Fund’s secondary objective is long-term capital appreciation.</p>
Fees and Expenses of the Fund.
Fees and Expenses of the Fund.
Fees and Expenses of the Fund.
Fees and Expenses of the Fund.
Fees and Expenses of the Fund.
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. More information is available from
your financial professional and in the section captioned “Purchasing Shares” on page 84 of this prospectus.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b></b>This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. More information is available from
your financial professional and in the section captioned “Purchasing Shares” on page 84 of this prospectus.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. More information is available from
your financial professional and in the section captioned “Purchasing Shares” on page 84 of this prospectus.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. More information is available from
your financial professional and in the section captioned “Purchasing Shares” on page 84 of this prospectus.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b></b>This
table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. More information is available from
your financial professional and in the section captioned “Purchasing Shares” on page 84 of this prospectus.</p>
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees (fees paid directly from your investment)
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
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Example.
Example.
Example.
Example.
Example.
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is
intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. This Example also assumes
that your investment has a 5% return each year and the Fund’s operating expenses remain the same, and the contractual agreement
to limit expenses remains in effect only through January 31, 2020. Although your actual costs may be higher or lower, based on
these assumptions your cost would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is
intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. This Example also assumes
that your investment has a 5% return each year and the Fund’s operating expenses remain the same, and the contractual agreement
to limit expenses remains in effect only until January 31, 2020. Although your actual costs may be higher or lower, based on these
assumptions your cost would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is
intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. This Example also assumes
that your investment has a 5% return each year and the Fund’s operating expenses remain the same, and the contractual agreement
to limit expenses remains in effect only through January 31, 2020. Although your actual costs may be higher or lower, based on
these assumptions your cost would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is
intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. This Example also assumes
that your investment has a 5% return each year and the Fund’s operating expenses remain the same, and the contractual agreement
to limit expenses remains in effect only until March 31, 2021. Although your actual costs may be higher or lower, based on these
assumptions your cost would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example
is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4pt 0pt 0; text-align: justify">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. This
Example also assumes that your investment has a 5% return each year and the Fund’s operating expenses remain the same, and
the contractual agreement to limit expenses remains in effect only until January 31, 2020. Although your actual costs may be higher
or lower, based on these assumptions your cost would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
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Portfolio Turnover.
Portfolio Turnover.
Portfolio Turnover.
Portfolio Turnover.
Portfolio Turnover.
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 example, affect the Fund’s performance.
For the fiscal period ended September 30, 2018, the Fund’s portfolio turnover rate was 66% of the average value of its
portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 example, affect the Fund’s performance.
For the fiscal year ended September 30, 2018, the Fund’s portfolio turnover rate was 301% of the average value of its portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 example, affect the Fund’s performance.
For the fiscal period ended September 30, 2018, the Fund’s portfolio turnover rate was 73% of the average value of its portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 example, affect the Fund’s performance.
For the fiscal period ended September 30, 2018, the Fund’s portfolio turnover rate was 31% of the average value of its portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify">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 example, affect the Fund’s
performance. For the fiscal period ended September 30, 2018, the Fund’s portfolio turnover rate was 94% of the average value
of its portfolio.</p>
Principal Investment Strategy of the Fund.
Principal Investment Strategy of the Fund.
Principal Investment Strategy of the Fund.
Principal Investment Strategy of the Fund.
Principal Investment Strategy of the Fund.
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser’s investment philosophy centers on the preservation and growth of capital through both good and bad
markets. The Adviser believes that for most shareholders, investment success is about growing capital over time while protecting
it at all times, not about beating a market index which can frequently involve losses while still meeting the objective. Thus,
the Adviser follows an absolute return approach in managing the Fund, as defined below. In executing its strategy, the Adviser
attempts to generate consistent, positive returns regardless of market conditions by allocating the Fund’s investments among
multiple alternative investment styles. Alternative investment styles generally exhibit low volatility and relatively low long-term
market correlation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">“Low correlation” refers to
the extent to which the performance of an investment moves in synch with the broader equity and bond markets. The goal of the Adviser
in managing the Fund’s assets is to construct a portfolio of assets that exhibit low correlation with and downside capture
of the stock market. A correlation measure of 1 demonstrates perfect positive correlation; a correlation measure of 0 demonstrates
no correlation and a correlation measure of -1 demonstrates a perfect negative correlation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Many mutual funds are managed according
to a “relative return” approach (i.e., they aim to perform better than their mutual fund category, their mutual fund
peers or the general market as a whole). By contrast, “absolute return” refers to the strategy of seeking positive
investment performance regardless of overall or broader market performance. Absolute return strategies, which the Adviser believes
will be less volatile, differ from relative return because they are concerned with the return of a particular investment and do
not compare it to any other measure or benchmark.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund pursues its absolute return objective
by tactically allocating its capital among multiple potential alternative investment classes, including investments in private
funds. The Fund may, generally, pursue investments among the following alternative investment classes or strategies: Long-Short
Equity, Long-Short Credit, Asset Backed Securities, Arbitrage, Commodities, Convertibles, Floating Rate Debt, Currencies, Emerging
Market Bonds, Emerging Market Equities, High Yield, Managed Futures, and Real Estate (primarily through real estate investment
trusts (“REITs”)). </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A general overview of the Fund’s
investment classes is illustrated below. Allocations among the various investment classes or strategies will vary:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>image= (PIE CHART)</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Cash</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Arbitrage</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Commodities</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Currencies</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Convertibles</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Asset Backed Securities</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Emerging Markets</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Managed Futures</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Real Estate</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Long/Short Credit<b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><b></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest directly or through
other mutual funds, exchange traded funds (“ETFs”), closed-end funds and private funds, including hedge funds (“Underlying
Funds”) across these alternative investment classes. Investments in private funds, including hedge funds, will be limited
to no more than 15% of the Fund’s net assets. An ETF is an investment company that typically seeks to track the performance
of an index by holding in its portfolio either the contents of the index or a representative sample of the securities in the index.
The Adviser may invest a portion of the Fund’s assets in other mutual funds that are also advised by the Adviser. The Adviser
will adjust the asset allocation among each alternative investment class based on its assessment of market conditions and investment
opportunities. Depending on market conditions, the core of the Fund’s investments will ordinarily be in long-short equity
and long-short credit strategies managed by the Adviser. The Adviser also expects to utilize other alternative asset classes to
round out portfolio allocations, some of which may also be managed by the Adviser, others may be managed by a Sub-adviser. Whether
these asset classes are managed by the Adviser or not, they will generally show lower correlations to broader market indices to
seek to reduce the Fund’s volatility compared to the markets in general.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser or a Sub-adviser will execute
a portion of the Fund’s strategy by investing in a wholly owned and controlled subsidiary (the “Subsidiary”).
The Subsidiary invests the majority of its assets in commodities, commodity-linked derivative investments and other futures contracts.
The Subsidiary is subject to the same investment restrictions as the Fund, when viewed on a consolidated basis.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To assist in assessing the attractiveness
of each of the alternative asset classes, the Adviser utilizes a proprietary quantitative model that analyzes various technical
characteristics of each class and provides a risk score on the investment prospects of each. Specifically, the quantitative model
examines certain data to forecast which investment securities, asset classes, or strategies are likely to underperform or outperform
cash. The Adviser may allocate to cash or cash equivalents during periods of market duress. The Adviser does not employ market
timing, but rather a disciplined, repeatable process with a focus on low volatility, downside protection and portfolio consistency.
The Adviser believes the application of a disciplined, quantitative approach to portfolio management and asset allocation helps
the Adviser’s execution in its goal of generating positive absolute returns over time. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is designed to exhibit low volatility,
low correlation and low downside capture to the broad markets and to provide an effective absolute return alternative to long-only
equity strategies and traditional fixed-income strategies. “Broad markets” refer generally to the commonly recognized
securities exchanges and the indices that track the performance of those exchanges. Indices commonly used to track these markets
include the Standard & Poor’s 500 Index and the Barclays Capital Aggregate Bond Index, respectively. As the Fund pursues
a multi-strategy approach and utilizes a blend of alternative investment styles, the HFRI Fund-of-Funds Conservative Index is the
most relevant index to which the Fund should be benchmarked.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in securities directly,
or through other investment companies, including alternative (a.k.a. “hedged”) mutual funds, ETFs, closed end funds
and private funds. “Hedged mutual funds” are those mutual funds that employ a non-traditional investment style sometimes
found in the hedge fund investment world. For example, they may use a limited amount of leverage, sell securities short, use derivatives,
such as swaps, and hold cash positions as they deem appropriate to adjust to market cycles. The Fund may utilize derivatives such
as equity and index options in order to selectively hedge individual stock exposure. Given the broader investment flexibility,
hedged mutual funds can adjust their net long or short equity exposure much more liberally than traditional “long-only”
mutual funds. The Hedged mutual funds may pursue a variety of specific investment styles or “hedge fund-like strategies”
that fall under the aforementioned alternative investment classes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By combining multiple alternative asset
classes in the Fund, the Adviser pursues a diversified investment program designed with the goal of delivering low market volatility,
low market beta and relatively low market correlation. The Fund aims to isolate and extract the key benefits that may be found,
but not necessarily exclusively, in hedge fund investing (absolute return, low volatility, low – modest beta, relatively
low market correlation, investment flexibility, hedging capability, etc.) by selectively incorporating individual securities or
investments, mutual funds, ETFs, closed-end funds and private funds into a mutual fund investment vehicle.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investment Process: In its portfolio construction
process, the Adviser utilizes a rules-based, disciplined investment approach that begins with a quantitative evaluation of individual
securities and selected alternative investment classes. Using the same quantitative approach, the Adviser then utilizes its proprietary
quantitative investment tools to construct an expected return forecast for securities and asset classes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By employing a combined quantitative and
qualitative process, the Adviser applies a tactical, integrated approach in the investment process for the Fund. This covers all
stages of portfolio construction, including forming strategic allocation, identifying new potential investments within the allocation
parameters and determining whether such investments meet the Adviser’s standards and requirements set forth in its selection
process.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund’s market capitalization
target range for global equities is $250 million to $300 billion. The Fund’s investments in fixed income securities are
not limited by maturity or credit quality. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The desired result is a disciplined, repeatable
investment process that aims for effective market navigation, portfolio consistency and return stability, as illustrated in the
following chart.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><u>image=(FLOW CHART)</u></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Rebalance/Adjust Macro Allocations</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Conduct Rigorous Bottom-Up Analysis
and Investment Selection</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Monitor Asset Classes and Assess Risk
Levels </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund seeks to achieve its investment objective under normal market conditions of providing shareholders with above-average
total returns over a complete market cycle primarily through capital appreciation and income generation by allocating assets among
credit related instruments such as corporate bonds, municipal bonds, mortgage and asset-backed securities, and floating rate securities.
The Fund is designed and managed so as to generate more of its income and returns from assets that are less subject to yield-curve
risk than traditional duration-sensitive bonds. The Fund considers “above-average total returns” to be returns that
are uncorrelated to, and greater than, the Fund’s primary benchmark. The Fund may invest in investment grade as well as below
investment grade securities (also known as “junk bonds”). The Fund may invest without regard to maturity. In order
to achieve its objective, the Fund may also invest in equity securities including those of private issuers, debt securities of
private issuers, non-publicly traded real estate investments trusts (“REITs”), exchange-traded-notes (ETNs”),
exchange-traded funds (“ETFs”), mutual funds and publicly traded and non-publicly traded business development companies
(“BDCs”). In regard to investments in equity securities, the Fund may invest without regard to market capitalization.
Investments in private funds, including hedge funds, will be limited to no more than 15% of the Fund’s net assets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest, directly and indirectly
(through ETFs, ETNs, and mutual funds), in securities of issuers of any credit quality. The Fund may invest without limitation
in investments tied economically to any country in the world, including emerging market countries.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund intends to achieve its investment objective by utilizing an asset allocation strategy to invest in a global
portfolio of uncorrelated assets that can include exposure, through underlying vehicles, to common stocks and other investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund invests primarily in common stocks
of all issuers, exchange-traded funds (“ETFs”) and actively managed open-end registered investment companies (“open-end
funds”), as well as actively managed closed-end registered investment companies (“closed-end funds”). The Fund,
through underlying vehicles and securities in which it invests, may invest in non-U.S. companies (including those in emerging markets).
The Fund may also invest directly in debt securities. The Fund’s investment portfolio is concentrated in a relatively small
number of holdings. The Fund’s investment strategies may result in a turnover rate as high as or greater than 100%.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may, but is not required to: (i)
enter into equity, total return and currency swap agreements, futures contracts and options on futures contracts (including with
respect to index and commodities) and forward currency contracts; and (ii) write put and covered call options on securities (including
ETFs and exchange-traded notes (“ETNs”)), indexes and currencies, in each case for hedging purposes or to seek to increase
returns, including as a substitute for purchasing an underlying vehicle.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may, but is not required to, effect
short sales of securities. <font style="font-size: 10pt">A short sale involves the sale of a security that the </font>Fund <font style="font-size: 10pt">does
not own in the expectation of purchasing the same security (or a security exchangeable therefor) at a later date and at a lower
price and profiting from the price decline.</font> Similarly, when taking short positions with respect to securities through investments
in derivative instruments, the Adviser is expecting the value of such securities to fall during the period of the Fund’s
investment exposure.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the Fund is classified as “diversified”
under the 1940 Act, it may invest in a smaller number of issuers than other, more diversified, investment portfolios. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Capital growth is expected to be realized
from an increase in value of the underlying equities that comprise the Fund. Under normal conditions, the Fund intends to invest
in various classes of securities of issuers located in at least five different countries, including the United States. Additionally,
the Fund will normally invest between 40% and 70% of its total assets in foreign securities, including up to 15% of its total assets
in securities of issuers located in emerging markets. The Fund also has flexibility to invest up to 20% of its net assets in preferred
securities and up to 15% of its net assets in private investment funds, such as hedge funds and fund-of-funds. Securities will
be chosen using a proprietary fundamental investment process.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As an alternative to investments in equity
securities, the Fund may invest in debt securities that are convertible into common or preferred stocks, or that the Adviser otherwise
believes provide an investment return comparable to, or more favorable than, investment in equity securities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will not invest in debt securities
rated below B- or the equivalent by Moody’s Investors Service, Inc. (“Moody’s”) and Standard & Poor’s
Rating Service (“Standard & Poor’s”). High yield bonds are securities rated at the time of purchase BB or
Ba and below by credit rating agencies such as Moody’s and Standard & Poor’s. High yield debt securities are
commonly referred to as “junk bonds.” The Fund is not required to sell or otherwise dispose of any security that loses
its rating or has its rating reduced after the Fund has purchased it. However, the Fund would not normally expect that junk bonds
would exceed in the aggregate 5% of Fund’s total assets. The Fund intends to invest in debt securities of all maturity durations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser may enter into foreign currency
exchange transactions on behalf of the Fund with respect to the Fund’s equity investments, in order to hedge against changes
in the U.S. dollar value of dividend income the Fund expects to receive in the future and that is denominated in foreign currencies,
or in the U.S. dollar value of securities held by the Fund denominated in foreign currencies. Foreign currency exchange transactions
include the purchase or sale of foreign currency on a spot (or cash) basis, contracts to purchase or sell foreign currencies at
a future date (forward contracts), the purchase and sale of foreign currency futures contracts, and the purchase of exchange-traded
and over-the-counter call and put options on foreign currency futures contracts and on foreign currencies. There is no limit on
the amount of foreign currency exchange transactions that the Adviser may enter into on behalf of the Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may use listed/exchange-traded
options contracts and also expects to use unlisted (or “over-the-counter”) options to a substantial degree (as options
contracts on many foreign companies and sector-specific indices are currently available only in the over-the-counter market).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify">The Fund normally invests at least 80% of its net assets, including any borrowings for investment purposes, in
a diversified portfolio of equity securities of companies that are tied economically to emerging markets (including frontier market
countries) with up to 20% of the Fund’s net assets in frontier markets. The Fund will notify its shareholders at least 60
days before changing this policy. The Fund may also invest up to 20% of its net assets in developed market stocks. In seeking to
achieve its investment objective, the Fund will allocate up to 100% of its portfolio in equity securities and other securities
with equity characteristics, including but not limited to common stocks, preferred stocks, warrants (including participatory notes
structured as warrants), rights (which are issued by a company to allow holders to subscribe for additional securities issued by
that company), real estate investment trusts (REITs), convertible securities, depositary receipts, and derivatives (such as total
return swaps, participatory notes, and currency hedges).. The Fund may also invest in equity securities indirectly through the
purchase of closed end investment companies and exchange-traded funds (together, the “Underlying Funds”) that invest
primarily in equity securities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify">The Fund will generally invest
in equity securities of those companies tied to emerging and frontier markets (i) that are listed on an exchange in an emerging
market or frontier market country, (ii) that are legally domiciled in an emerging market or frontier market country; (iii) that
have at least 50% of their assets in an emerging market or frontier market country; (iv) or that derive at least 50% of their revenues
or profits from goods produced or sold, investments made, or services provided in an emerging market or frontier market country.
The Sub-Adviser believes that emerging and frontier markets countries offer investment opportunities that arise from long-term
trends in demographics, deregulation, offshore outsourcing and improving corporate governance.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify">The Sub-Adviser uses a process
of quantitative screening followed by “bottom-up” fundamental analysis with the goal of owning the highest quality,
undervalued companies that are tied economically to emerging and frontier market countries. When choosing equity investments for
the Fund, the Sub-Adviser applies a fundamental research driven, relative value-oriented, long-term approach, focusing on the market
price of a company’s securities relative to their evaluation of the company’s long-term earnings, asset value and cash
flow potential. As part of its due diligence, the Sub-Adviser may conduct on-site visits and meet with senior management of target
companies. The country’s macroeconomic outlook and qualitative factors such as competitive positioning and management strength
are also considered.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify">The Fund will not be required
to sell a security because the market to which it is economically tied is no longer considered to be an emerging market or frontier
market country. It may invest in the equity securities of companies of any size. The Fund may invest in initial public offerings
(IPOs). The Fund may also, when market signals warrant, go defensive, investing all or a substantial portion of Fund assets in
cash and/or cash equivalents. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify">An “Emerging market”
is any country that is not considered developed, and includes any country that is outside the Morgan Stanley Capital International
(MSCI) EAFE Index or similarly developed market indices. It also includes countries included in the MSCI Emerging Markets Index,
the FTSE Emerging Markets Index, the S&P Emerging Broad Market Index (BMI), or similar market indices. “Emerging market”
countries are generally considered to be developing by the World Bank, the International Finance Corporation, the United Nations,
or the European Bank for Reconstruction and Development. In general, emerging and frontier markets tend to have relatively low
gross national product per capita compared to the larger traditionally-recognized developed markets and the world’s major
developed economies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify">“Frontier markets”
are a subset of those considered emerging markets that are the least advanced. This includes any country that is outside of the
MSCI All Country World Index and, also may include any country that is currently included in the Russell Frontier Index, the S&P
Frontier Broad Market Index (BMI), the MSCI Frontier Markets Index, or similar market indices.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify">“Developed markets”
include countries that have highly developed economies with advanced capital market structures. These countries must be high income
countries, with formal stock market regulatory authorities, open to foreign investment, and provide for safe and easy movement
of capital. Developed markets will include those countries that are classified as “developed” by MSCI, FTSE and S&P.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify">In order to accomplish the Fund’s objectives, the Fund will invest in a portfolio composed mainly of corporate
senior secured bank loans (sometimes referred to as “adjustable rate loans” or “floating rate loans”).
These loans hold a senior position in the capital structure and, at the time of purchase, are typically rated between BBB and B
(commonly referred to as “high yield” or “junk bonds”). Such loans are considered to be speculative investments.
Although the Fund has no restrictions on the maturity of investments, normally the floating rate loans will have remaining maturities
of 10 years or less. Also, these loans have historically had recovery rates of 60% - 70% or more. The “recovery rate”
is the amount of an investment recovered through foreclosure or bankruptcy procedures in the event of a default, expressed as a
percentage of face value. The Fund will invest primarily in floating rate loans and other floating rate investments, but also may
invest in other high-yield securities from time to time based on the macroeconomic and interest rate outlook as determined by the
Fund’s sub-adviser.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify">Preservation of capital is essential
to the Fund’s sub-adviser and a key component of the Fund’s investment objectives. In its efforts to preserve capital,
the sub-adviser intends to maintain a highly diversified portfolio, generally limiting individual portfolio positions to 4% or
less of the Fund’s net assets. In addition, the sub-adviser will actively monitor recovery rates and credit quality, generally
avoiding loans with recovery ratings of 5 (<i>i.e.</i>, 10-30% expectation of recovery in the case of default) or lower and second
lien loan securities. The Fund’s sub-adviser intends to focus on deal sizes of $250 million or greater in efforts to preserve
capital and maintain liquidity.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify">The Fund’s sub-adviser
employs a disciplined fundamental value approach to investing in these floating and fixed rate securities. Each investment decision
carefully weighs potential risks to capital while seeking attractive yields. The sub-adviser seeks to add value through thoughtful
asset allocations and a disciplined, research-intensive approach to company and security selection.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify">Under normal market conditions,
the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in U.S. dollar denominated floating
rate secured loans and other floating rate debt instruments, including: floating rate bonds; floating rate notes; floating rate
debentures; and tranches of floating rate asset-backed securities, including structured notes, made to, or issued by, U.S. and
non-U.S. corporations or other business entities. As part of meeting the 80% test, the Fund’s sub-adviser may sell or hold
the equity securities received incidental to these investments for a period of time depending on market conditions. Similarly,
as part of meeting the 80% test, the Fund may also invest in other investment companies, including exchange traded funds (“ETFs”)
that focus their investments on floating rate debt investments. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify">The Fund may invest up to 20%
of its assets, measured at the time of purchase, in a combination of one or more of the following types of U.S. dollar denominated
investments: senior or subordinated fixed rate debt instruments, including notes and bonds, whether secured and unsecured; and
short-term debt obligations, repurchase agreements and other investment companies, including ETFs. The Fund may also invest up
to 10% of its assets in unrated and/or unregistered debt instruments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify">The Fund’s sub-adviser
employs a pro-active portfolio management approach and pursues both a “top down” industry view and a “bottom
up” individual credit analysis to maximize income and minimize losses.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify"> </p>
Principal Risks of Investing in the Fund.
Principal Risks of Investing in the Fund.
Principal Risks of Investing in the Fund.
Principal Risks of Investing in the Fund.
Principal Risks of Investing in the Fund.
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal
amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following describes the risks the Fund
bears directly or indirectly through investments in Underlying Funds.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Commodity Risk – </b>Investing in<b> </b>the
commodities markets may subject the Fund to greater volatility than investments in traditional securities. Commodity prices may
be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government
regulation such as tariffs, embargoes or burdensome production rules and restrictions.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Credit Risk</b> – Issuers of fixed-income
securities may default on interest and principal payments due to Underlying Funds. Generally, securities with lower debt ratings
have speculative characteristics and carry greater risk that the issuer may default on its obligation. Changes in economic conditions
or other circumstances are more likely to lead to a weakened capacity of those issuers to make principal or interest payments,
as compared to issuers of more highly rated securities.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Currencies Risk</b> – Currency trading risks
include market risk, credit risk and country risk. Market risk results from adverse changes in exchange rates in the currencies
the Fund is long or short. Credit risk results because a currency-trade counterparty may default. Country risk arises because
a government may interfere with transactions in its currency.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Derivatives Risk</b> – Derivatives strategies
such as managed futures strategies involve leverage risk and tracking risk. The Fund may utilize equity and index options to hedge
individual stock exposure. Options are a type of derivative instrument. The value of may rise or fall more rapidly than other
investments. For some derivatives, it is possible to lose more than the amount invested in the derivative. If the Fund uses derivatives
to “hedge” the risk of its portfolio, it is possible that the hedge may not succeed. Over the counter derivatives
are also subject to counterparty risk, which is the risk that the other party to the contract will not fulfill its contractual
obligation to complete the transaction with the Fund. Other risks of investments in derivatives include imperfect correlation
between the value of these instruments and the underlying assets; risks of default by the other party to the derivative transactions;
risks that the transactions may result in losses that offset gains in portfolio positions; and risks that the derivative transactions
may not be liquid. Specific risks that the Fund will seek to manage include the following: interest rate, liquidity, credit and
market risks. By investing in options, the Fund may be subject to the risk of counterparty default, as well as the potential for
unlimited loss. Certain types of options (such as OTC or “over the counter” options”) may be considered to be
illiquid investments.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Emerging Markets Risk</b> – Countries with
emerging markets have relatively unstable governments, social and legal systems that do not protect shareholders, economies based
on only a few industries, and securities markets that trade a small number of issues.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Foreign Investment Risk – </b>Changes in foreign
economies and political climates are more likely to affect the Fund than a mutual fund that invests exclusively in U.S. companies.
The value of foreign securities is also affected by the value of the local currency relative to the U.S. dollar. There may also
be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information.
The values of foreign investments may be affected by changes in exchange control regulations, application of foreign tax laws
(including withholding tax) changes in governmental administration or economic or monetary policy (in this country or abroad)
or changed circumstances in dealings between nations.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Interest Rate Risk</b> – In general, the price
of a debt security falls when interest rates rise. Securities with longer maturities tend to be more sensitive to interest rate
changes.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Lower-Rated Securities Risk</b> – The Fund
invests in securities rated below investment-grade, sometimes called “high-yield” or “junk” bonds that
generally have more credit risk than higher-rated securities. Companies issuing high yield fixed-income securities are not as
strong financially as those issuing securities with higher credit ratings. These companies are more likely to encounter financial
difficulties and are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates,
which could affect their ability to make interest and principal payments. These securities may be considered speculative and the
value of these securities can be move volatile due to increased sensitivity to adverse issuer, political, regulatory, market,
or economic developments and can be difficult to resell.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Management Risk</b> – The ability of the Fund
to meet its investment objective is directly related to the Adviser’s investment model. The Adviser’s assessment of
the attractiveness and potential appreciation of particular investments in which the Fund invests may prove to be incorrect and
there is no guarantee that the Adviser’s investment strategy will produce the desired results.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Market Risk</b> – The net asset value (“NAV”)
of the Fund will fluctuate based on changes in the value of the securities in which that Fund invests. The price of equity and
fixed income securities may rise or fall because of economic or political changes. Stock prices in general may decline over short
or even extended periods of time, and tend to be more volatile than other investment choices.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Merger Arbitrage Risk</b> – Investments in
companies that are expected to be, or already are, the subject of a publicly announced merger, takeover, tender offer, leveraged
buyout, spin-off, liquidation or other corporate reorganization carry the risk that the proposed or expected corporate event may
not be completed or may be completed on less favorable terms than originally expected.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Portfolio Turnover Risk – </b>Increased portfolio
turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs, and may result in taxable capital
gains. Higher costs associated with increased portfolio turnover may offset gains in the Fund’s performance.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Private Fund Risk</b> – The Fund may invest
in private investment funds, including “hedge funds,” which pursue alternative investment strategies. Certain investment
instruments and techniques that a private fund may use are speculative and involve a high degree of risk. Because of the speculative
nature of a private fund’s investments and trading strategies, the Fund may suffer a significant or complete loss of its
invested capital in one or more private funds. A shareholder will also bear fees and expenses charged by the underlying funds
in addition to the Fund’s direct fees and expenses. In addition, interests in a private fund may also be illiquid.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Real Estate Risk</b> – REIT share prices may
decline because of adverse developments affecting the real estate industry and real property values. In general, real estate values
can be affected by a variety of factors, including supply and demand for properties, the economic health of the country or of
different regions, and the strength of specific industries that rent properties.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Short Position Risk</b> – The Fund will incur
a loss as a result of a short position if the price of the short position instrument increases in value between the date of the
short position sale and the date on which an offsetting position is purchased. Short positions may be considered speculative transactions
and involve special risks, including greater reliance on the adviser’s ability to accurately anticipate the future value
of a security or instrument. The Fund’s losses are potentially unlimited in a short position transaction.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Small Company Risk</b> – Investments in smaller
capitalization companies may be more vulnerable than larger, more established organizations to adverse business or economic developments.
In particular, smaller capitalization companies may have limited product lines, markets, and financial resources and may be dependent
upon a relatively small management group.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Swaps Risk </b>– Investing in swaps involves
investment techniques, risk analyses, and tax planning different from those associated with ordinary securities transactions.
Swaps may be difficult to value and may be considered illiquid. Swaps create significant investment leverage such that a relatively
small price movement in a swap may result in immediate and substantial loss. Swap investments expose the Fund to counterparty
risk. This is the risk that the counterparty to a swap will default and be unable to meet its obligations under the terms of the
swap agreement. Certain swaps have the potential for unlimited loss, regardless of the size of the initial investment. To the
extent that the Fund invests in different types of swaps, the Fund will also be exposed to the risks of the underlying investment
in the swap transaction (<i>e.g.</i>, equity security risks for equity swaps).</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Taxation Risk</b> – By investing in commodities
indirectly through the Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements
that apply to the Fund. However, because the Subsidiary is a controlled foreign corporation, any income received from its investments
will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Underlying Funds Risk</b> – Mutual Funds,
ETFs, closed-end funds and private funds (“Underlying Funds”) shares may trade at a discount or a premium in market
price if there is a limited market in such shares. Investments in Underlying Funds are subject to brokerage and other trading
costs, which could result in greater expenses to the Fund. Underlying Funds and mutual funds also are subject to investment advisory
fees and other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing in the Fund that invests
in Underlying Funds will be higher than the cost of investing directly in Underlying Funds and may be higher than other mutual
funds that invest directly in stocks and bonds.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Wholly Owned Subsidiary Risk </b>– The Subsidiary
will not be registered under the 1940 Act and, unless otherwise noted in this Prospectus, will not be subject to all of the investor
protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the
Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as described
in this Prospectus and could negatively affect the Fund and its shareholders. Your cost of investing in the Fund will be higher
because you indirectly bear the expenses of the Subsidiary.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal
amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following describes the risks the Fund
bears directly or indirectly through investments in “Underlying Funds.” Underlying Funds include the Fund’s investments
in ETFs, mutual funds, and BDCs.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Credit Risk</b> – The Fund could lose money
if the issuer or guarantor of a fixed income security, or the counterparty of a derivatives contract or repurchase agreement,
is unable or unwilling (or is perceived to be unable or unwilling) to make timely payment of principal and/or interest, or to
otherwise honor its obligations.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Debt Securities Risk </b>– The issuer of a
debt security may fail to pay interest or principal when due, and that changes in market interest rates may reduce the value of
debt securities or reduce the Fund’s returns. The Fund may invest in debt securities, principally below investment grade
securities, but also including investment grade securities and other debt obligations. During periods of economic uncertainty
and change, the market price of the Fund’s investments in below investment grade securities may be particularly volatile.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Emerging Markets Risk</b> – Investing in securities
of companies located in emerging market countries includes increased foreign investment risk. In addition, there are greater risks
involved in investing in emerging markets, the economies of which tend to be more volatile than the economies of developed markets.
Emerging market securities may be less liquid than those issued in more developed countries.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Equity Securities Risk</b> – Stock prices
may 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.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Exchange-Traded Fund Risk </b>– ETFs in which
the Fund invests will not be able to replicate exactly the performance of the indices they track 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.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Exchange-Traded Notes Risk </b>– ETNs in which
the Fund may invest are subject to credit risk and the value of an ETN may vary and may be influenced by time to maturity, level
of supply and demand for the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates,
changes in the issuer’s credit rating, and economic, legal, political, or geographic events. ETNs are debt securities whose
returns are linked to a particular index.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Foreign Investment Risk</b> – Investing in
foreign (non-U.S.) securities either directly or indirectly may result in the Fund experiencing more rapid and extreme changes
in value than the Fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting,
accounting and auditing standards, nationalization, expropriation or confiscatory taxation, currency blockages and political changes
or diplomatic developments. The costs of investing in many foreign markets are higher than the U.S. and investments may be less
liquid. These risks may be heightened for emerging markets securities. Recently, additional risks have arisen related to the high
levels of debt of various European countries such as Greece, Italy and Spain. One or more member states might exit the European
Union, placing its currency and banking system in jeopardy. These problems, and related political and monetary efforts to address
these problems, may increase the potential for market declines in one or more member states that can spread to global markets.
These increased risks may persist and may result in greater volatility in the securities markets and the potential for impaired
liquidity and valuation.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>High Yield Securities Risk</b> – High yield
securities or unrated securities of similar credit quality (commonly known as “junk bonds”) are more likely to default
than higher rated securities. High yield securities are regarded as speculative with respect to the issuer’s capacity to
pay interest and to repay principal. The market value of these securities is more sensitive to corporate developments and economic
conditions and can be volatile. Market conditions can diminish liquidity and make accurate valuations difficult to obtain.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Illiquid and Restricted Securities Risk </b>–
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. Securities of non-U.S. issuers, non-publicly traded securities and emerging markets securities in particular, are subject
to illiquidity risk.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Interest Rate Risk</b> – Fixed income securities
will decline in value because of changes in interest rates. The Fund with a longer average portfolio duration will be more sensitive
to changes in interest rates than the Fund with a shorter average portfolio duration.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Management Risk </b>– The Adviser may be incorrect
in its assessment of the intrinsic value of the securities the Fund holds which may result in a decline in the value of Fund shares
and failure to achieve its investment objective. The Fund’s portfolio managers use qualitative analyses and/or models. Any
imperfections or limitations in such analyses and models could affect the ability of the portfolio managers to implement strategies.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Mid-Cap Company Risk</b> – Investing in securities
of mid-cap companies that could entail greater risks than investments in larger, more established companies. Mid-cap companies
tend to have more narrow product lines, more limited financial resources and a more limited trading market for their stocks, as
compared with larger companies. As a result, their stock prices may decline significantly as market conditions change.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Model Risk </b>– Models used by the Fund to
determine or guide investment decisions may not achieve the objectives of the Fund. Additionally, the portfolio manager of the
Fund is able to adjust the models or, under certain adverse conditions, to deviate from the models employed by the Fund. Such
adjustments or deviations may not achieve the objectives of the Fund and may produce lower returns and/or higher volatility compared
to what the returns and volatility of the Fund would have been if the portfolio manager had not adjusted or deviated from the
models. To the extent the Fund is invested heavily in cash, it may not achieve its investment objective and may experience negative
returns.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Municipal Securities Risk </b>– Changes in
the financial health of a municipality may make it difficult for it to make interest and principal payments when due. Changes
in the financial condition of one or more municipal issuers may affect the overall municipal securities market. High yield municipal
securities (commonly known as “junk bonds”) are more likely to default than higher rated securities. High yield municipal
securities are regarded as speculative with respect to the municipality’s capacity to pay interest and to repay principal.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Portfolio Turnover Risk</b> – The Fund’s
high portfolio turnover will increase its transaction costs and may result in increased realization of net short-term capital
gains (which are taxable to shareholders as ordinary income when distributed to them), higher taxable distributions and lower
after-tax performance.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>REIT Risk</b> – Investing in real estate investment
trusts, or “REITs”, involves certain unique risks in addition to those associated with the real estate sector generally.
REITs whose underlying properties are concentrated in a particular industry or region are also subject to risks affecting such
industries and regions. REITs (especially mortgage REITs) are also subject to interest rate risks. By investing in REITs through
the Fund, a shareholder will bear expenses of the REITs in addition to Fund expenses. Non-publicly traded REITs are subject to
significant commissions, expenses, and offering and organizational costs that reduce the value of the Fund’s investment.
Non-publicly traded REITs are not liquid, and investments in non-publicly traded REITs may not be accessible for an extended period
of time.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Securities Market Risk</b> – The value of
securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting particular companies
or the securities markets generally. A general downturn in the securities market may cause multiple asset classes to decline in
value simultaneously.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Small-Cap Company Risk</b> – Investing in
the securities of small-cap companies either directly or indirectly through investments in ETFs or mutual funds (may pose greater
market and liquidity risks than larger, more established companies, because of limited product lines and/or operating history,
limited financial resources, limited trading markets, and the potential lack of management depth. In addition, the securities
of such companies are typically more volatile than securities of larger capitalization companies.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Underlying Fund Risk</b> – Underlying Funds
are subject to investment advisory fees and other expenses, which will be paid by the Fund. As a result, your cost of investing
in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other mutual funds
that invest directly in bonds. Each Underlying Fund is subject to specific risks, depending on its investments. ETF shares may
trade at a discount or a premium in market price if there is a limited market in such shares. ETFs are also subject to brokerage
and other trading costs, which could result in greater expenses to the Fund.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An investment in the Fund is not a bank
deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. As with any
mutual fund, there is no guarantee that the Fund will achieve its goal.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal
amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>General Risk</b> <i>– </i>There is no assurance
that the Fund will meet its investment objective; you could lose money by investing in the Fund.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Market Risk</b> <i>– </i>Prices of equity
securities and the value of the Fund’s investments will fluctuate and may decline significantly over short-term or long-term
periods.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Equity Securities Risk</b> – Stock markets
are volatile. The price of an equity security fluctuates based on changes in a company’s financial condition and overall
market and economic conditions.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Convertible Securities Risk</b> – The market
value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value
of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not
be able to pay interest or dividends when due, and their market value may change based on changes in the issuer’s credit
rating or the market’s perception of the issuer’s creditworthiness.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Value Investing Risk – </b>Investing in undervalued
securities involves the risk that such securities may never reach their expected market value, either because the market fails
to recognize a security’s intrinsic worth or the expected value was misjudged. Over time, a value investing style may go
in and out of favor, causing the Fund to sometimes underperform other equity funds that use different investing styles.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Other Investment Companies Risk </b>– The
main risk of investing in other investment companies (including open-end funds, closed-end funds and ETFs) is the risk that the
value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies,
you will pay a proportionate share of the expenses of that other investment company (including management fees, administration
fees and custodial fees) in addition to the expenses of the Fund.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Exchange-Traded Funds Risk – </b>Investments
in ETFs carry security specific risks and market risk. Also, if the area of the market representing the underlying index or benchmark
does not perform as expected for any reason, the value of the investment in the ETF may decline. In addition, due to transactions
via market prices rather than at net asset value, the performance of an ETF may not completely replicate the performance of the
underlying index.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Derivatives Risk</b> – The Fund’s indirect
use of derivative instruments (including swap agreements, futures contracts, options on futures contracts, forward currency contracts
and put and call options) involves risks different from, or possibly greater than, the risks associated with investing directly
in securities including leverage risk, counterparty default risk and tracking risk.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Options Risk</b> – Options are subject to
sudden price movements and are highly leveraged, in that payment of a relatively small purchase price, called a premium, gives
the buyer the right to acquire an underlying futures contract, forward contract or commodity that has a face value substantially
greater than the premium paid. The buyer of an option risks losing the entire purchase price of the option. The writer, or seller,
of an option risks losing the difference between the purchase price received for the option and the price of the futures contract,
forward contract or commodity underlying the option that the writer must purchase or deliver upon exercise of the option. There
is no limit on the potential loss. These options may be listed on securities exchanges or traded in the over-the-counter market.
The Fund’s ability to terminate over-the-counter options is more limited than with exchange-traded options and may involve
the risk that broker/dealers participating in such transactions will not fulfill their obligations.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Short Position Risk</b> – The Fund will incur
a loss as a result of a short position if the price of the short position instrument increases in value between the date of the
short position sale and the date on which an offsetting position is purchased. Short positions may be considered speculative transactions
and involve special risks, including greater reliance on the Adviser’s ability to anticipate accurately the future value
of a security or instrument. The Fund’s losses are potentially unlimited in a short position transaction.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Foreign (Non-U.S.) Securities Risk </b>–
Investments in foreign securities carry special risks, including foreign political instability, greater volatility, less liquidity,
financial reporting inconsistencies, and adverse economic developments abroad, all of which may reduce the value of foreign securities.
Many of these risks can be even greater when investing in countries with developing economies and securities markets, also known
as “emerging markets.”</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Currency Risk – </b>The<b> </b>Fund
is subject to currency risk because fluctuations in the exchange rates between the U.S. Dollar and foreign currencies may negatively
affect the value of the Fund’s investments denominated in foreign securities.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Emerging Market Risk </b>– Foreign markets,
particularly emerging 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. Emerging markets can be subject
to greater social, economic, regulatory, and political uncertainties and can be extremely volatile.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Private Investment Fund Risk </b>– Investments
in private investment funds, such as hedge funds and fund-of-funds, carry various risks, including that some fund products: use
leverage and other speculative investment practices that may increase the risk of investment loss; can be illiquid; are not required
to provide periodic pricing or valuation information to investors; may involve complex tax structures and delays in distributing
important tax information; are not subject to the same regulatory requirements as mutual funds; often charge high fees; and in
many cases the underlying investments are not transparent.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Smaller Capitalization Risk </b>– Smaller
capitalization companies may have a narrower geographic and product/service focus and be less well known to the investment community,
resulting in more volatile share prices and a lack of market liquidity.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Large Capitalization Company Risk </b>– The
risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in
consumer tastes or innovative smaller competitors.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Mid-Capitalization Company Risk </b>– The
risk that the mid-cap companies in which the Fund may invest may be more vulnerable to adverse business or economic events than
larger, more established companies. In particular, these mid-sized companies may pose additional risks, including liquidity risk,
because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively
small management group. Therefore, mid-cap stocks may be more volatile than those of larger companies.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Interest Rate Risk </b>– The Fund’s
debt investments are subject to interest rate risk, which is the risk that the value of a security will vary as interest rates
fluctuate.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Credit Risk </b>– The Fund’s debt investments
are subject to credit risk. The value of a debt instrument is likely to fall if an issuer or borrower defaults on its obligation
to pay principal or interest or if the instrument’s credit rating is downgraded by a credit rating agency, which may cause
the Fund to lose money. Credit risk also exists whenever the Fund enters into a foreign exchange or derivative contract, because
the counterparty may not be able or may choose not to perform under the contract.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>High-Yield or “Junk” Security Risk
– </b>Investments<b> </b>in debt securities that are rated below investment grade by one or more nationally recognized
statistical rating organization (“NRSRO”) (“high-yield securities” also known as “junk securities”)
may be subject to greater risk of loss of principal and interest than investments in higher-rated debt securities. High-yield
securities are also generally considered to be subject to greater market risk than higher-rated securities. These securities may
be considered speculative and the value of these securities can be move volatile due to increased sensitivity to adverse issuer,
political, regulatory, market, or economic developments and can be difficult to resell.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Commodities Risk – </b>Exposure to the commodities
markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative
investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates or sectors
affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic,
political and regulatory developments.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Hedging Risk – </b>The Adviser from time
to time employs various hedging techniques. The success of the Fund’s hedging strategy will be subject to the Adviser’s
ability to correctly assess the degree of correlation between the performance of the instruments used in the hedging strategy
and the performance of the investments in the portfolio being hedged. Since the characteristics of many securities change as markets
change or time passes, the success of the Fund’s hedging strategy will also be subject to the Adviser’s ability to
continually recalculate, readjust and execute hedges in an efficient and timely manner. For a variety of reasons, the Adviser
may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Such
imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. In addition,
it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Managed Fund Risk</b> – The investment decisions
of the Adviser may cause the Fund to underperform other investments or benchmark indices. The Fund may also underperform other
mutual funds with similar investment strategies. As with any mutual fund investment, there can be no guarantee that the Fund will
achieve its investment goals.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>High Portfolio Turnover Risk</b> – The risk
that a high portfolio turnover rate has the potential to result in the realization by the Fund and distribution to shareholders
of a greater amount of gains than if the Fund had a low portfolio turnover rate, which may lead to a higher tax liability.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Cybersecurity Risk </b>– As the use of technology
has become more prevalent in the course of business, the Fund has become more susceptible to operational, financial and information
security risks resulting from cyber-attacks and/or technological malfunctions. Cyber-attacks have occurred and will continue to
occur. Cyber-attacks include, among other things, the attempted theft, loss, misuse, improper release, corruption or destruction
of, or unauthorized access to, confidential or highly restricted data relating to the Fund and its shareholders; and attempted
compromises or failures to systems, networks, devices and applications relating to the operations of the Fund and its service
providers. Cybersecurity breaches may result from unauthorized access to digital systems (<i>e.g.</i>, through “hacking”
or malicious software coding) or from outside attacks, such as denial-of-service attacks on websites (<i>i.e</i>., efforts to
make network services unavailable to intended users).</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify">As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended
to be a complete investment program but rather one component of a diversified investment portfolio. Many factors affect the Fund’s
net asset value and performance.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Convertible Securities Risk</b>. Securities that
can be converted into common stock, such as certain securities and preferred stock, are subject to the usual risks associated
with fixed income investments, such as interest rate risk and credit risk. In addition, because they react to changes in the value
of the equity securities into which they will convert, convertible securities are also subject to the risks associated with equity
securities.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: -18.5pt"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Closed End Fund Risk</b>. The Fund invests in closed
end investment companies or funds. The shares of many closed end funds, after their initial public offering, frequently trade
at a price per share that is less than the net asset value per share, the difference representing the “market discount”
of such shares. This market discount may be due in part to the investment objective of long-term appreciation, which is sought
by many closed end funds, as well as to the fact that the shares of closed end funds are not redeemable by the holder upon demand
to the issuer at the next determined net asset value, but rather, are subject to supply and demand in the secondary market. A
relative lack of secondary market purchasers of closed end fund shares also may contribute to such shares trading at a discount
to their net asset value. The Fund may invest in shares of closed end funds that are trading at a discount to net asset value
or at a premium to net asset value. There can be no assurance that the market discount on shares of any closed end fund purchased
by the Fund will ever decrease. In fact, it is possible that this market discount may increase and the Fund may suffer realized
or unrealized capital losses due to further decline in the market price of the securities of such closed end funds, thereby adversely
affecting the net asset value of the Fund’s shares. Similarly, there can be no assurance that any shares of a closed end
fund purchased by the Fund at a premium will continue to trade at a premium or that the premium will not decrease subsequent to
a purchase of such shares by the Fund. Closed end funds may issue senior securities (including preferred stock and debt obligations)
for the purpose of leveraging the closed end fund’s common shares in an attempt to enhance the current return to such closed
end fund’s common shareholders. The Fund’s investment in the common shares of closed end funds that are financially
leveraged may create an opportunity for greater total return on its investment, but at the same time may be expected to exhibit
more volatility in market price and net asset value than an investment in shares of investment companies without a leveraged capital
structure.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Currency Risk</b>. Foreign currencies, securities
that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies may fluctuate
in value relative to the U.S. dollar, adversely affecting the value of the Fund’s investments and its returns. Because the
Fund’s net asset value is determined on the basis of U.S. dollars, you may lose money if the local currency of a foreign
market depreciates against the U.S. dollar, even if the market value of the Fund’s holdings appreciates. In addition, fluctuations
in the exchange values of currencies could affect the economy or particular business operations of companies in a geographic region
in which the Fund invests, causing an adverse impact on the Fund’s investments in the affected region.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Cybersecurity Risk</b>. The Fund is at risk of unauthorized
breach and access to fund assets, customer data (including private shareholder information), or proprietary information, or the
risk of an incident occurring that causes the Fund, the investment adviser, sub-adviser, custodian, transfer agent, distributor
and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality.
Successful cyberattacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact the
Fund or its shareholders.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Derivatives Risk</b>. Using derivatives can increase
Fund losses and reduce opportunities for gains when market prices, interest rates, currencies, or the derivatives themselves,
behave in a way not anticipated by the Fund. Using derivatives also can have a leveraging effect and increase fund volatility.
Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivatives may be
difficult to sell, unwind or value, and the counterparty may default on its obligations to the Fund. Derivatives are generally
subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative. The value of a derivative
may fluctuate more than the underlying assets, rates, indices or other indicators to which it relates. Use of derivatives may
have different tax consequences for the Fund than an investment in the underlying security, and those differences may affect the
amount, timing and character of income distributed to shareholders.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Emerging Markets and Frontier Markets Risk</b>.
The Fund’s investments in emerging market countries and frontier market countries are subject to all of the risks of foreign
investing generally, and have additional heightened risks due to a lack of established legal, political, business and social frameworks
to support securities markets. These risks include less social, political and economic stability; smaller securities markets with
low or nonexistent trading volume and greater illiquidity and price volatility; more restrictive national policies on foreign
investment, including restrictions on investment in issuers or industries deemed sensitive to national interests; less transparent
and established taxation policies; less developed regulatory or legal structures governing private and foreign investment; more
pervasiveness of corruption and crime; less financial sophistication, creditworthiness and/or resources possessed by, and less
government regulation of, the financial institutions and issuers with which the Fund transacts; less government supervision and
regulation of business and industry practices, stock exchanges, brokers and listed companies than in the U.S.; greater concentration
in a few industries resulting in greater vulnerability to regional and global trade conditions; higher rates of inflation and
more rapid and extreme fluctuations in inflation rates; greater sensitivity to interest rate changes; increased volatility in
currency exchange rates and potential for currency devaluations and/or currency controls; greater debt burdens relative to the
size of the economy; more delays in settling portfolio transactions and heightened risk of loss from share registration and custody
practices; and less assurance that recent favorable economic developments will not be slowed or reversed by unanticipated economic,
political or social events in such countries. Because of these risk factors, the Fund’s investments in developing market
countries are subject to greater price volatility and illiquidity than investments in developed markets. Governments of emerging
market and frontier market countries may own or control parts of the private sector. Accordingly, government actions could have
a significant impact on economic conditions. Certain emerging market and frontier market countries require governmental approval
prior to investments by foreign persons, limit the amount of investment by foreign persons in a particular sector and/or company,
limit the investment by foreign persons to a specific class of securities of an issuer that may have less advantageous rights
than a domestically available class, require foreign investors to maintain a trading account with only one licensed securities
company in the relevant market and/or impose additional taxes on foreign investors. These may contribute to the illiquidity of
the relevant securities market, as well as create inflexibility and uncertainty as to the trading environment. Frontier market
countries generally have smaller economies or less developed capital markets than traditional emerging markets and, as a result,
the risks of investing in emerging market countries are magnified in frontier market countries. The economies of frontier market
countries are less correlated to global economic cycles than those of their more developed counterparts and their markets have
low trading volumes and the potential for extreme price volatility and illiquidity.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Equity-Linked Notes Risk (“ELNs”)</b>.
ELNs are generally subject to the same risks as the foreign equity securities or the basket of foreign securities to which they
are linked. If the linked securities decline in value, the ELN may return a lower amount at maturity. ELNs involve further risks
associated with purchases and sales of notes, including the exchange rate fluctuations and a decline in the credit quality of
the note’s issuer. ELNs are frequently secured by collateral. If an issuer defaults, an underlying fund would look to any
underlying collateral to recover its losses. Ratings of issuers of ELNs refer only to the issuers’ creditworthiness and
the related collateral. They provide no indication of the potential risks of the linked securities.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Foreign Exchange Risk</b>. When the Fund buys or
sells securities on a foreign stock exchange, the transaction is undertaken in the local currency rather than in U.S. dollars.
In purchasing or selling local currency to execute transactions on foreign exchanges, the Fund will be exposed to the risk that
the value of the foreign currency will increase or decrease, which may impact the value of the Fund’s portfolio holdings.
Some countries have, and may continue to adopt internal economic policies that affect their currency valuations in a manner that
may be disadvantageous for U.S. investors or U.S. companies seeking to do business in those countries. In addition, a country
may impose formal or informal currency exchange controls. These controls may restrict or prohibit the Fund’s ability to
repatriate both investment capital and income, which could undermine the value of the Fund’s portfolio holdings and potentially
place the Fund’s assets at risk of total loss. Currency risks may be greater in emerging and frontier market countries than
in developed market countries. Some emerging and frontier market currencies are controlled. Additionally, there is limited liquidity
in the foreign exchange markets for certain emerging and frontier market currencies.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Foreign (Non-U.S.) Investment Risk</b>. Foreign
(non-U.S.) securities present greater investment risks than investing in the securities of U.S. issuers and may experience more
rapid and extreme changes in value than the securities of U.S. companies, due to less information about foreign companies in the
form of reports and ratings than about U.S. issuers; different accounting, auditing and financial reporting requirements; smaller
markets; nationalization; expropriation or confiscatory taxation; currency blockage; or political changes or diplomatic developments.
Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers. As part of the Fund’s
foreign investments, it may invest in securities of foreign issuers in the form of depositary receipts, including ADRs, EDRs and
GDRs. Depositary receipts involve substantially identical risks to those associated with direct investment in securities of foreign
issuers. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary
receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through
to them any voting rights with respect to the deposited securities.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Investment Companies and Exchange-Traded Funds (“ETFs”)
Risk</b>. When the Fund invests in other investment companies, including ETFs, it will bear additional expenses based on its pro
rata share of the other investment company’s or ETF’s operating expenses, including the potential duplication of management
fees. The risk of owning an ETF generally reflects the risks of owning the underlying investments the ETF holds. The Fund also
will incur brokerage costs when it purchases and sells ETFs.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">   </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>IPO Risk</b>. IPO risk is the risk that the market
value of IPO shares will fluctuate considerably due to certain factors, such as the absence of a prior public market, unseasoned
trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares
may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When the Fund’s asset base
is small, a significant portion of the Fund’s performance could be attributable to investments in IPOs, because such investments
would have a magnified impact on the Fund. As the Fund’s assets grow, the effect of the Fund’s investments in IPOs
on the Fund’s performance probably will decline, which could reduce the Fund’s performance. Because of the price volatility
of IPO shares, the Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Fund’s
portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. In addition, the Sub-Adviser
cannot guarantee continued access to IPOs.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Legal and Regulatory Risks</b>. The laws and regulations
affecting an investment in securities in an emerging or frontier market are often not as well developed and/or established as
the laws and regulations of developed countries, may not have been drafted to cover specifically an investment via a fund vehicle,
may be drafted in a less concise or otherwise ambiguous manner which could lead to differences in interpretation and, in some
countries, may remain untested. Consequently, there may be a lower level of regulatory monitoring of the relevant securities markets
than is the case for securities markets in developed countries. Additionally, in the event of a securities related dispute involving
a foreign party, the laws and regulations of these countries would generally apply (unless an applicable international treaty
provides otherwise), the court systems of these countries may not be as transparent and effective as court systems in more developed
countries, there can be no assurance of obtaining effective enforcement of rights through legal proceedings and the judgments
of foreign courts may not be recognized.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Liquidity Risk</b>. Liquidity risk exists when particular
investments of the Fund would be difficult to purchase or sell at an advantageous time or price, possibly preventing the Fund
from selling such securities quickly at the price it has valued the holding, or possibly requiring the Fund to dispose of other
investments at unfavorable times or prices in order to satisfy its obligations.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Management Risk</b>. The risk that investment strategies
employed by the Fund’s Sub-Adviser in selecting investments for the Fund may not result in an increase in the value of your
investment or in overall performance equal to other similar investment vehicles having similar investment strategies.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Market Risk</b>. General market conditions, such
as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the
bond markets, volatility in the equities market or adverse investor sentiment could cause the value of your investment in the
Fund to decline. It includes the risk that a particular style of investing, such as growth or value, may underperform the market
generally.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Market Events Risk</b>. There has been increased
volatility, depressed valuations, decreased liquidity and heightened uncertainty in the financial markets during the past several
years. These conditions may continue, recur, worsen or spread. The U.S. government and the Federal Reserve, as well as certain
foreign governments and central banks, have taken steps to support financial markets, including by keeping interest rates at historically
low levels. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors
as being unlikely to achieve the desired results. The U.S. government and the Federal Reserve have recently reduced market support
activities. Further reduction, including interest rate increases, could negatively affect financial markets generally, increase
market volatility and reduce the value and liquidity of securities in which the Fund invests. Policy and legislative changes in
the United States and in other countries may also continue to contribute to decreased liquidity and increased volatility in the
financial markets. The impact of these changes on the markets, and the practical implications for market participants, may not
be fully known for some time.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">   </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Mid-Cap Risk</b>. The risk that the value of securities
issued by mid-capitalization companies may be more vulnerable than larger, more established organizations to adverse business
or economic developments.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>New Fund Risk</b>. The Fund is newly formed. Investors
bear the risk that the Fund may not grow to or maintain economically viable size, not be successful in implementing its investment
strategy, and may not employ a successful investment strategy, any of which could result in the Fund being liquidated at any time
without shareholder approval and/or at a time that may not be favorable for certain shareholders. Such a liquidation could have
negative tax consequences for shareholders. In addition, the Sub-Adviser has limited experience in managing a mutual fund.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Participation Notes Risk</b>. Participation notes
are designed to replicate the performance of the securities of foreign companies or foreign securities markets and can be used
by a Fund as an alternative means to access the securities market of a country. The performance results of participation notes
will not replicate exactly the performance of the securities of the foreign companies or foreign securities markets that they
seek to replicate due to transaction and other expenses. There can be no assurance that the trading price of participation notes
will equal the underlying value of the securities of the foreign companies or foreign securities markets that they seek to replicate.
Investments in participation notes involve the same risks associated with a direct investment in the securities of the underlying
foreign companies or foreign securities markets that the participation notes seek to replicate. Participation notes are subject
to counterparty risk, which is the risk that the issuer of the participation note (a bank or a broker-dealer) will not fulfill
its contractual obligation to complete the transaction with the Fund. Moreover, the Fund has no rights under a participation note
against the issuer of the underlying security.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Political Risk</b>. The risks associated with the
general political and social environment of a country. These factors may include among other things government instability, poor
socioeconomic conditions, corruption, lack of law and order, lack of democratic accountability, poor quality of the bureaucracy,
internal and external conflict, and religious and ethnic tensions. High political risk can impede the economic welfare of a country.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Preferred Stock Risk</b>. A preferred stock is a
blend of the characteristics of a bond and common stock. It may offer the higher yield of a bond and has priority over common
stock in equity ownership and receipt of dividends, but it does not have the seniority of a bond and, unlike common stock, its
participation in the issuer’s growth may be limited. Preferred stock has preference over common stock in any residual assets
after payment to creditors should the issuer be dissolved. Although the dividend of a preferred stock may be set at a fixed annual
rate, in some circumstances it may be changed or passed by the issuer.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>REIT Risk</b>. REITs may be affected by economic
forces and other factors related to the real estate industry. These risks include possible declines in the value of real estate,
possible lack of availability of mortgage funds and unexpected vacancies of properties. REITs that invest in real estate mortgages
are also subject to prepayment risk. Investing in REITs may involve risks similar to those associated with investing in small
capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume and may
be subject to more abrupt or erratic price movements than larger company securities. Historically, small capitalization stocks,
such as REITs, have been more volatile in price than the larger capitalization stocks included in the S&P 500® Index.
The Fund will indirectly bear its proportionate share of any expenses, including management fees, paid by an externally managed
REIT in which it invests.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">   </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Rights and Warrants Risk</b>. Rights and warrants
are types of securities that entitle the holder to purchase a proportionate amount of common stock at a specified price for a
specific period of time. Rights allow a shareholder to buy more shares directly from the company, usually at a price somewhat
lower than the current market price of the outstanding shares. Warrants are usually issued with bonds and preferred stock. Rights
and warrants can trade on the market separately from the company’s stock. The prices of rights and warrants do not necessarily
move parallel to the prices of the underlying common stock. Rights usually expire within a few weeks of issuance, while warrants
may not expire for several years. If a right or warrant is not exercised within the specified time period, it will become worthless
and the Fund will lose the purchase price it paid for the right or warrant and the right to purchase the underlying security.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Small and Micro-Cap Risk</b>. The securities of
small and micro-cap companies may be more volatile in price, have wider spreads between their bid and ask prices, and have significantly
lower trading volumes than the securities of larger capitalization companies. As a result, the purchase or sale of more than a
limited number of shares of the securities of a smaller company may affect its market price. The Fund may need a considerable
amount of time to purchase or sell its positions in these securities. Some small and micro-cap companies are followed by few,
if any, securities analysts, and there tends to be less publicly available information about such companies. Their securities
generally have even more limited trading volumes and are subject to even more abrupt or erratic market price movements than are
mid and large cap securities, and the Fund may be able to deal with only a few market-makers when purchasing and selling securities.
Such companies also may have limited markets, financial resources or product lines, may lack management depth, and may be more
vulnerable to adverse business or market developments. Smaller company stocks may fall out of favor relative to mid or large cap
stocks, which may cause the Fund to underperform other equity funds that focus on mid or large cap stocks.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Structured Securities Risk</b>. The payment and
credit qualities of structured securities derive from their underlying assets, and they may behave in ways not anticipated by
the Fund, or they may not receive tax, accounting or regulatory treatment anticipated by the Fund.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">●</font></td><td style="text-align: justify"><b>Swap Risk</b>. Swap agreements are subject to the
risk that the market value of the instrument will change in a way detrimental to the Fund’s interest. The Fund bears the
risk that the Adviser will not accurately forecast future market trends or the values of assets, reference rates, indexes, or
other economic factors in establishing swap positions for the Fund. If the Adviser attempts to use a swap as a hedge against,
or as a substitute for, a portfolio investment, the Fund will be exposed to the risk that the swap will have or will develop imperfect
or no correlation with the portfolio investment. This could cause substantial losses for the Fund. While hedging strategies involving
swap instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting
favorable price movements in other Fund investments. Many swaps are complex and often valued subjectively.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: -0.25in"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Trading Volumes and Volatility</b>. The securities
markets in emerging and frontier market countries are often smaller, with lower trading volumes and shorter trading hours than
securities markets in developed countries. The market capitalizations of the companies that are listed on emerging and frontier
markets’ securities exchanges are often smaller than those on the primary securities markets of more developed countries.
As a consequence, such securities are often materially less liquid, substantially more volatile and subject to significantly greater
bid/offer spreads than securities listed on the securities markets in developed countries.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">   </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Valuation Risk</b>. The sale price that the Fund
could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities
that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the
securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s
shares.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b>Value Stock Risk</b>. Value investing involves buying
stocks that are out of favor and/or undervalued in comparison to their peers or their prospects for growth. Typically, their valuation
levels are less than those of growth stocks. Because different types of stocks go out of favor with investors depending on market
and economic conditions, the Fund’s return may be adversely affected during a market downturn and when value stocks are
out of favor.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify; text-indent: -0.5pt">As with any mutual fund, there is no guarantee that the Fund will achieve its objective. Investment markets
are unpredictable and there will be certain market conditions where the Fund will not meet its investment objective and will lose
money. The Fund’s net asset value and returns will vary and you could lose money on your investment in the Fund and those
losses could be significant.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify">The following summarizes the
principal risks of investing in the Fund. These risks could adversely affect the net asset value, total return and the value of
the Fund and your investment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b><i>Acquired Fund Risk</i></b> – Because the
Fund may invest in other investment companies, the value of your investment will fluctuate in response to the performance of the
acquired funds. Investing in acquired funds involves certain additional expenses and certain tax results that would not arise
if you invested directly in the securities of the acquired funds.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b><i>Credit Risk</i></b> – Credit risk is the
risk that the issuer of a security and other instrument will not be able to make principal and interest payments when due. The
value of the Fund’s shares, and the Fund’s ability to pay dividends, is dependent upon the performance of the assets
in its portfolio. Prices of the Fund’s investments can fall if the actual or perceived financial health of the borrowers
or issuers of, such investments deteriorate, whether because of broad economic or issuer-specific reasons. In severe cases, the
borrower or issuer could be late in paying interest or principal, or could fail to pay altogether. In the event a borrower fails
to pay scheduled interest or principal payments on an investment held by the Fund, the Fund will experience a reduction in its
income and a decline in the market value of such investment. This will likely reduce the amount of dividends paid by the Fund
and likely lead to a decline in the net asset value of the Fund’s shares. To the extent that the Fund holds below investment
grade securities, these risks may be heightened.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b><i>Demand for Loans Risk</i></b> – An increase
in demand for loans may benefit a fund by providing increased liquidity for such loans and higher sales prices, but it may also
adversely affect the rate of interest payable on such loans acquired by the fund and the rights provided to the fund under the
terms of the applicable loan agreement, and may increase the price of loans that the fund wishes to purchase in the secondary
market. A decrease in the demand for loans may adversely affect the price of loans in a fund’s portfolio, which could cause
the fund’s net asset value to decline.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b><i>Equity Securities Incidental to Investments in
Loans Risk</i></b> – The value of equity securities in which the Fund invests may be affected more rapidly, and to a greater
extent, by company-specific developments and general market conditions. These risks may increase fluctuations in the Fund’s
net asset value.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b><i>Foreign Securities Risk</i></b> – Since
the Fund’s investments may include ADRs and foreign securities, the Fund is subject to risks beyond those associated with
investing in domestic securities. The value of foreign securities is subject is subject to currency fluctuations. Foreign companies
are generally not subject to the same regulatory requirements of U.S. companies thereby resulting in less publicly available information
about these companies. In addition, foreign accounting, auditing and financial reporting standards generally differ from those
applicable to U.S. companies.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">   </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b><i>Interest Rate Risk</i></b> – As interest
rates rise, prices of bonds generally fall, typically causing the Fund’s investments to lose value. Additionally, rising
interest rates or lack of market participants may lead to decreased liquidity in the fixed income markets. Interest rate changes
typically have a greater effect on the price of longer-term bonds, including inverse floaters, than on the price of shorter-term
bonds. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation,
and changes in general economic conditions. The Fund will be exposed to heightened interest rate risk as interest rates rise from
historically low levels. Changes in short-term market interest rates will directly affect the yield on the shares of a fund whose
investments are normally invested in floating rate debt. If short-term market interest rates fall, the yield on the Fund’s
shares will also fall. Conversely, when short-term market interest rates rise, because of the lag between changes in such short-term
rates and the resetting of the floating rates on the floating rate debt in the Fund’s portfolio, the impact of rising rates
will be delayed to the extent of such lag.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b><i>Junk Bond Risk</i></b> – Lower-quality
bonds, known as “high yield” or “junk” bonds, are considered speculative and present greater risk than
bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could
adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market
for these bonds could decrease the Fund’s share price. The credit rating for these securities could also be further downgraded
after they are purchased by the Fund, which would reduce their value.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b><i>Limited Secondary Market for Floating Rate Loans
Risk</i></b> – Although the re-sale, or secondary market for floating rate loans has grown substantially over the past decade,
both in overall size and number of market participants, there is no organized exchange or board of trade on which floating rate
loans are traded. Instead, the secondary market for floating rate loans is a private, unregulated inter-dealer or inter-bank re-sale
market. Floating rate loans usually trade in large denominations. Trades can be infrequent and the market for floating rate loans
may experience substantial volatility.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b><i>Liquidity for Floating Rate Loan Funds Risk</i></b>
– If a loan is illiquid, the Fund might be unable to sell the loan at a time when the Fund’s manager might wish to
sell, thereby having the effect of decreasing the Fund’s overall level of liquidity. The Fund could lose money if it cannot
sell a loan at the time and price that would be most beneficial to the Fund.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b><i>Management Risk</i></b> – The portfolio
manager’s judgments about the attractiveness, value and potential appreciation of particular stocks or other securities
in which the Fund invests or sells short may prove to be incorrect and there is no guarantee that the portfolio manager’s
judgment will produce the desired results.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b><i>Prepayment and Extension Risks</i></b><i> –
</i>Prepayment risk is the risk that principal on a debt obligation may be repaid earlier than anticipated. Extension risk is
the risk that an issuer will exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected.
Both prepayment and extension risks may impact the Fund’s profits and/or require it to pay higher yields than were expected.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">  </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b><i>Senior Bank Loans Risk</i></b> – Senior
loans are subject to the risk that a court could subordinate a senior loan, which typically holds the most senior position in
the issuer’s capital structure, to presently existing or future indebtedness or take other action detrimental to the holders
of senior loans. Senior loans may take significantly longer than seven days to settle and, as a result, proceeds related to the
sale of senior loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations.
Certain senior loans may not be considered “securities,” and purchasers, such as the Fund, therefore may not be entitled
to rely on the protections of federal securities laws, including anti-fraud provisions.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -18.5pt">   </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify"><b><i>Valuation Risk</i></b> – The Fund values
its assets daily. However, because the secondary market for floating rate loans is limited, it may be difficult to value loans.
Reliable market value quotations may not be readily available for some loans and valuation of such loans may require more research
than for liquid securities. In addition, elements of judgment may play a greater role in valuation of loans than for securities
with a more developed secondary market because there is less reliable, objective market value data available. In addition, if
the Fund purchases a relatively large portion of a loan, the limitations of the secondary market may inhibit the Fund from selling
a portion of the loan and reducing its exposure to a borrower when the adviser or Sub-Adviser deems it advisable to do so.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: left; text-indent: -18.5pt"> </p>
Performance.
Performance.
Performance.
Performance.
Performance.
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund was reorganized
on October 13, 2017 from a series of Northern Lights Fund Trust, a Delaware statutory trust (the “Predecessor Fund”),
to a series of 360 Funds, a Delaware statutory trust (the “Reorganization”). While the Fund is substantially similar
to the Predecessor Fund and theoretically would have invested in the same portfolio of securities, the Fund’s performance
may be different than the performance of the Predecessor Fund due to, among other things, differences in fees and expenses.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The bar chart and performance table below
show the variability of the Predecessor Fund’s returns, which is some indication of the risks of investing in the Fund. The
bar chart shows performance of the Predecessor Fund’s Class I shares for each full calendar year since the Predecessor Fund’s
inception, as well as the performance of the Fund’s Class I shares for the 2018 calendar year. The performance table compares
the performance of the Predecessor Fund’s/Fund’s Class A, Class C and Class I shares over time to the performance of
a broad-based securities market index. You should be aware that the Predecessor Fund’s past performance (before and after
taxes) may not be an indication of how the Fund will perform in the future. Effective January 28, 2019, the Fund’s Class A
shares and Class I shares were re-designated as the Investor Class shares and Institutional Class shares, respectively, and
the Fund’s Class C shares were converted to Investor Class shares and eliminated from the Fund. Updated performance
information will be available at no cost by calling (877) 244-6235.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund was reorganized
on October 6, 2017 from a series of Northern Lights Fund Trust, a Delaware statutory trust (the “Predecessor Fund”),
to a series of 360 Funds, a Delaware statutory trust (the “Reorganization”). While the Fund is substantially similar
to the Predecessor Fund and theoretically would have invested in the same portfolio of securities, the Fund’s performance
may be different than the performance of the Predecessor Fund due to, among other things, differences in fees and expenses.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The bar chart and performance table below
show the variability of the Predecessor Fund’s returns, which is some indication of the risks of investing in the Fund. The
bar chart shows performance of the Predecessor Fund’s Class I shares for each full calendar year since the Predecessor
Fund’s inception, as well as the performance of the Fund’s Class I shares after the Reorganization. The performance
table compares the performance of the Predecessor Fund’s/Fund’s Class A, Class C and Class I shares over time to the
performance of a broad-based securities market index. You should be aware that the Predecessor Fund’s past performance (before
and after taxes) may not be an indication of how the Fund will perform in the future. Effective January 28, 2019, the Fund’s
single share class was re-designated as Investor Class, and a new Institutional Class shares was added. Updated performance information
will be available at no cost by calling (877) 244-6235.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund was reorganized
on October 6, 2017 from a series of Northern Lights Fund Trust II, a Delaware statutory trust (the “Predecessor Fund”),
to a series of 360 Funds, a Delaware statutory trust (the “Reorganization”). The Fund’s performance may be different
than the performance of the Predecessor Fund due to, among other things, differences in principal investment strategies, fees and
expenses. In addition, e<font>ffective September 28, 2018, t</font>he Fund revised its principal
investment strategy, and as a result of this revision, the Fund’s performance may be different on and after September 28,
2018 than it was prior to that date.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The bar chart and performance table below
show the variability of the Predecessor Fund’s returns, which is some indication of the risks of investing in the Fund. The
bar chart shows performance of the Predecessor Fund’s Class A shares for each full calendar year since the Predecessor
Fund’s inception. The sales charge for the Class A shares is not reflected in the bar chart, and if it were, returns
would be less than those shown. The Average Annual Total Returns table shows how the Fund’s average annual returns compare
with those of a broad measure of market performance. 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 Predecessor Fund’s past performance (before and after
taxes) may not be an indication of how the Fund will perform in the future. Effective September 28, 2018, the Fund’s Class A
shares and Class I shares were re-designated as the Investor Class shares and Institutional Class shares, respectively. Updated
performance information will be available at no cost by calling (877) 244-6235.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because the Fund has
less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. In
the future, performance information will be presented in this section of this Prospectus. Updated performance information will
be available at no cost by calling (877) 244-6235.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because the Fund has
less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. In
the future, performance information will be presented in this section of this Prospectus. Updated performance information will
be available at no cost by calling (877) 244-6235.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">1.<font style="font: 10pt Times New Roman, Times, Serif">     </font>The returns shown in the bar chart are for Class I shares. The performance of Class A and Class C shares will differ due
to differences in expenses. Effective January 28, 2019, the Fund’s Class A shares and Class I shares were
re-designated as the Investor Class shares and Institutional Class shares, respectively, and the Fund’s Class C shares
were converted to Investor Class shares and eliminated from the Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">1.<font style="font: 10pt Times New Roman, Times, Serif">     </font>The returns shown in the bar chart are for the Fund’s single share class. Effective January 28, 2019, the Fund’s
single share class was re-designated as Investor Class, and a new Institutional Class was added.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">1.<font style="font: 10pt Times New Roman, Times, Serif">     </font>The returns shown in the bar chart are for Class A shares. The performance of Class I shares will differ due to differences
in expenses. Effective September 28, 2018, the Fund’s Class A shares and Class I shares were re-designated as the
Investor Class shares and Institutional Class shares, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The year-to-date return for the Fund’s
Class I shares as of the quarter ended December 31, 2018 was (4.18)%. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the periods shown in the bar chart,
the best performance for a quarter was 5.72% (for the quarter ended June 30, 2009). The worst performance for a quarter was
(11.75)% (for the quarter ended December 31, 2018).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The year-to-date return for the Fund’s
Investor Class shares as of the most recent quarter ended December 31, 2018 was (4.98)%.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the periods shown in the bar chart,
the best performance for a quarter was 2.05% (for the quarter ended December 31, 2017). The worst performance for a quarter was
(4.87)% (for the quarter ended December 31, 2018).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The calendar year-to-date return for the Fund’s
Investor Class shares as of December 31, 2018 was (6.72)%.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the periods shown in the bar chart,
the best performance for a quarter was 5.03% (for the quarter ended September 30, 2018). The worst performance for a quarter was
(9.97)% (for the quarter ended December 31, 2018).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
PERFORMANCE BAR CHART FOR CLASS I SHARES(1) (calendar year returns as of December 31)
PERFORMANCE BAR CHART(1) (calendar year returns as of December 31)
PERFORMANCE BAR CHART FOR CLASS A SHARES(1) (calendar year returns as of December 31)
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AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2018)
AVERAGE ANNUAL TOTAL RETURNS (for periods ended December 31, 2018)
AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, 2018)
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After-tax returns are calculated using
the highest historical individual federal marginal income tax rate in effect as of December 31, 2018 and do not reflect the impact
of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown.
The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts (“IRA”). Class A returns before taxes include maximum possible sale load. After-tax returns for
Class A and Class C shares, which are not shown, will vary from those of Class I shares. The Fund’s broad based securities
market index (benchmark) has been changed to the HFRI Fund-of-Funds Conservative Index from the S&P 500<sup>®</sup> Index
to better reflect the securities and strategies used by the Adviser.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is important to note that the Predecessor
Fund’s name was changed and the strategy of the EAS Crow Point Alternatives Fund was modified, effective March 1, 2013, and
the strategy was updated again, effective August 29, 2016. Under the investment approach prior to March 1, 2013, the EAS Crow Point
Alternatives Fund, formerly known as the “EAS Alternatives Fund” and the “EAS Genesis Fund,” had a broader
mandate and the Predecessor Fund was managed by a different investment adviser and portfolio manager. The Fund’s current
investment adviser, Crow Point Partners, LLC, began managing the Predecessor Fund in March, 2013. The historical performance information
illustrated above includes that of the Predecessor Fund’s former strategy, run by the former portfolio management team.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Current performance of the Fund may
be lower or higher than the performance quoted above. Effective January 28, 2019, the Fund’s Class A shares and
Class I shares were re-designated as the Investor Class shares and Institutional Class shares, respectively, and the Fund’s
Class C shares were converted to Investor Class shares and eliminated from the Fund. Updated performance information may be
obtained by calling (877) 244-6235.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The HFRX Absolute Return Index is designed
to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies;
including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro,
merger arbitrage, and relative value arbitrage. As a component of the optimization process, the index selects constituents which
characteristically exhibit lower volatilities and lower correlations to standard directional benchmarks of equity market and hedge
fund industry performance.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After-tax returns are calculated using
the historical highest individual federal income tax rates in effect as of December 31, 2018 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. After-tax
returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans
or IRAs. After-tax returns are shown for Investor Class shares and after-tax returns for other Classes will vary.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Current performance of the Fund may
be lower or higher than the performance quoted above. Effective January 28, 2019, the Fund’s single share class was
re-designated as Investor Class, and a new Institutional Class shares was added. Updated performance information may be obtained
by calling (877) 244-6235. </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After-tax returns are based on the highest
historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes; actual after-tax
returns depend on an individual investor’s tax situation and may differ from those shown. If you own shares of the Fund in a tax-deferred
account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment. A higher
after-tax return results when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits
the shareholder. After tax returns are shown for only Class A Shares. After tax returns for Class I shares will vary.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The S&P 500 Total Return Index is an
unmanaged market capitalization weighted index of 500 of the largest capitalized U.S. domiciled companies. Index returns assume
reinvestment of dividends. Investors may not invest in the indexes directly; unlike the Fund’s returns, the indexes do not reflect
any fees or expenses.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Barclays Capital U.S. Aggregate Bond
Index measures the performance of the U.S. investment grade bond market. The index invests in a wide spectrum of public, investment-grade,
taxable, fixed income securities in the United States – including government, corporate, and international dollar-denominated
bonds, as well as mortgage-backed and asset-backed securities, all with maturities of more than one year.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Current performance of the Fund may
be lower or higher than the performance quoted above. Effective September 28, 2018, the Fund’s Class A shares and Class I
shares were re-designated as the Investor Class shares and Institutional Class shares, respectively. Updated performance information
may be obtained by calling (877) 244-6235.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
4438
4231
3809
3584
3486
3253
2139
2024
1794
1674
1605
1482
1240
1169
1026
953
896
821
741
816
1294
1365
354
329
280
255
211
186
130
156
116
142
-.0418
-0.0498
-0.0672
0.0022
-0.0051
0.0048
0.0019
0.0024
0.0252
0.0003
-0.0167
-0.0081
0.0023
0.0849
0.0252
.0252
-0.0432
-0.0512
-0.0418
-0.0428
-0.0263
0.0001
-0.0672
-0.0690
-0.0423
-0.0676
-0.0438
0.0001
.0001
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0.1311
0.0348
.0205
2012-01-13
2012-01-13
2012-01-13
2012-06-01
2012-06-01
2012-06-01
2013-04-10
2012-01-13
2012-01-13
0
0
0
0
0
0
0
0
-.02
-.02
An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested.
An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested.
An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested.
As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.
Investment markets are unpredictable and there will be certain market conditions where the Fund will not meet its investment objective and will lose money. The Fund's net asset value and returns will vary and you could lose money on your investment in the Fund and those losses could be significant.
After-tax returns are calculated using the highest historical individual federal marginal income tax rate in effect as of December 31, 2018 and do not reflect the impact of state and local taxes.
After-tax returns are calculated using the historical highest individual federal income tax rates in effect as of December 31, 2018 and do not reflect the impact of state and local taxes.
After-tax returns are based on the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor's tax situation and may differ from those shown
The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA"). Class A returns before taxes include maximum possible sale load.
After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs.
If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment.
After-tax returns for Class A and Class C shares, which are not shown, will vary from those of Class I shares.
After-tax returns are shown for Investor Class shares and after-tax returns for other Classes will vary.
After tax returns are shown for only Class A Shares.
The Fund's broad based securities market index (benchmark) has been changed to the HFRI Fund-of-Funds Conservative Index from the S&P 500 Index to better reflect the securities and strategies used by the Adviser.
Updated performance information will be available at no cost by calling (877) 244-6235.
Updated performance information will be available at no cost by calling (877) 244-6235.
Updated performance information will be available at no cost by calling (877) 244-6235.
Updated performance information will be available at no cost by calling (877) 244-6235.
Updated performance information will be available at no cost by calling (877) 244-6235.
You should be aware that the Predecessor Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.
You should be aware that the Predecessor Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.
You should be aware that the Predecessor Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.
The bar chart and performance table below show the variability of the Predecessor Fund's returns, which is some indication of the risks of investing in the Fund.
The bar chart and performance table below show the variability of the Predecessor Fund's returns, which is some indication of the risks of investing in the Fund.
The bar chart and performance table below show the variability of the Predecessor Fund's returns, which is some indication of the risks of investing in the Fund.
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.
Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.
Shares currently not offered for sale.
This number represents the combined total fees and operating expenses of the underlying funds (e.g., investment companies and other pooled investment vehicles) owned by the Fund and is not a direct expense incurred by the Fund or deducted from the Fund’s assets. Since the number does not represent a direct operating expense of the Fund, the operating expenses set forth in the Fund’s financial highlights do not include this figure.
Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights. The information in the Financial Highlights reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses or the Expense Limitation Agreement described below. Acquired Fund Fees and Expenses are the fees and expenses incurred indirectly by the Fund as a result of its investments in investment companies and other pooled investment vehicles.
The Adviser has managed the Fund since March 1, 2013.
The HFRI Fund-of-Funds Conservative Index is included because it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives.
Pursuant to an operating expense limitation agreement between Crow Point and the Fund, the Adviser has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits "Total Annual Fund Operating Expenses" (exclusive of interest, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales and other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of such Fund's business) to not more than 1.35% of the average daily net assets of each share class of the Fund through January 31, 2020. This operating expense limitation agreement can be terminated only by, or with the consent of, the Board of Trustees. Each waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three fiscal years following the fiscal year in which the expense was incurred, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.
Pursuant to an operating expense limitation agreement between Crow Point and the Fund, the Adviser has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits "Total Annual Fund Operating Expenses" (exclusive of interest, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales and other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of such Fund's business) to not more than 2.25% of the average daily net assets of each share class of the Fund through January 31, 2020. This operating expense limitation agreement can be terminated only by, or with the consent of, the Board of Trustees. Each waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three fiscal years following the fiscal year in which the expense was incurred, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.
Based on estimated amounts for the current fiscal year.
Pursuant to an operating expense limitation agreement between Crow Point Partners, LLC (“Crow Point” or the “Adviser”) and the Fund, the Adviser has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales and other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of such Fund’s business) to not more than 1.25% of the average daily net assets of each share class of the Fund through March 31, 2021. This operating expense limitation agreement can be terminated only by, or with the consent of, the Board of Trustees. Each waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three fiscal years following the fiscal year in which the expense was incurred, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.
Pursuant to an operating expense limitation agreement between Crow Point Partners, LLC (“Crow Point” or the “Adviser”) and the Fund, the Adviser has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits “Total Annual Fund Operating Expenses” (exclusive of interest, expenses incurred under a plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales and other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of such Fund’s business) to not more than 1.05% of the average daily net assets of each share class of the Fund through January 31, 2020. This operating expense limitation agreement can be terminated only by, or with the consent of, the Board of Trustees. Each waiver or reimbursement of an expense by the Adviser is subject to repayment by the Fund within three fiscal years following the fiscal year in which the expense was incurred, provided that the Fund is able to make the repayment without exceeding the expense limitation in place at the time of the waiver or reimbursement and at the time the waiver or reimbursement is recouped.
Class A shares of the Fund commenced operations on June 1, 2012. Effective September 28, 2018, the Fund's Class A shares were re-designated as the Investor Class shares. Class I shares of the Fund commenced operations on April 10, 2013. Effective September 28, 2018, the Fund's Class I shares were re-designated as the Institutional Class shares.
Effective January 28, 2019, the Fund's single share class was re-designated as Investor Class, and a new Institutional Class was added.
The HFRX Absolute Return Index is included because it shows how the Fund's performance compares with the returns of an index of funds with similar investment objectives.