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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Investment Objective</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Investment Objective</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Investment Objective</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Investment Objective</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Investment Objective</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Investment Objective</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund seeks to achieve capital appreciation through all market
cycles.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund seeks a high rate of current income with less volatility
than common stocks as measured by the standard deviation. The Fund seeks total return as a secondary investment objective.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund seeks to achieve capital appreciation with a focus on producing
positive returns regardless of the direction of the financial markets.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund seeks to achieve long-term capital appreciation and to achieve
positive returns through all market cycles.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund seeks to achieve capital appreciation with a focus on producing
positive returns regardless of the direction of the financial markets.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund’s investment objective is to provide you with growth
of capital.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This table describes the fees and expenses that you may pay if you
buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A and Class U shares if you and
your family invest, or agree to invest in the future, at least $100,000 in the Fund. More information about these and other discounts
is available from your financial professional and in the section entitled <b>How to Buy Shares</b> on page 33 of the Fund’s
Prospectus and in <b>Purchase and Redemption of Shares</b> on page 37 of the Fund’s Statement of Additional Information.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This table describes the fees and expenses that you may pay if you
buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A and Class U shares if you and
your family invest, or agree to invest in the future, at least $100,000 in the Fund. More information about these and other discounts
is available from your financial professional and in the section entitled <b>How to Buy Shares</b> on page 33 of the Fund’s
Prospectus and in <b>Purchase and Redemption of Shares</b> on page 37 of the Fund’s Statement of Additional Information.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This table describes the fees and expenses that you may pay if you
buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A and Class U shares if you and
your family invest, or agree to invest in the future, at least $100,000 in the Fund. More information about these and other discounts
is available from your financial professional and in the section entitled <b>How to Buy Shares</b> on page 33 of the Fund’s
Prospectus and in <b>Purchase and Redemption of Shares</b> on page 37 of the Fund’s Statement of Additional Information.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This table describes the fees and expenses that you may pay if you
buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A shares if you and your family
invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available
from your financial professional and in the section entitled <b>How to Buy Shares</b> on page 33 of the Fund’s Prospectus
and in <b>Purchase and Redemption of Shares</b> on page 37 of the Fund’s Statement of Additional Information.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This table describes the fees and expenses that you may pay if you
buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A and Class U shares if you and
your family invest, or agree to invest in the future, at least $100,000 in the Fund. More information about these and other discounts
is available from your financial professional and in the section entitled <b>How to Buy Shares</b> on page 33 of the Fund’s
Prospectus and in <b>Purchase and Redemption of Shares</b> on page 37 of the Fund’s Statement of Additional Information.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This table describes the fees and expenses that you may pay if you
buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A and Class U shares if you and
your family invest, or agree to invest in the future, at least $100,000 in the Fund. More information about these and other discounts
is available from your financial professional and in the section entitled <b>How to Buy Shares</b> on page 33 of the Fund’s
Prospectus and in <b>Purchase and Redemption of Shares</b> on page 37 of the Fund’s Statement of Additional Information.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Shareholder Fees</b> (fees paid directly from your investment)</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Shareholder Fees</b> (fees paid directly from your investment)</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Shareholder Fees</b> (fees paid directly from your investment)</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Shareholder Fees</b> (fees paid directly from your investment)</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Shareholder Fees</b> (fees paid directly from your investment)</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Shareholder Fees</b> (fees paid directly from your investment)</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Annual Fund Operating Expenses</b> (expenses that you pay each
year as a percentage of the value of your investment)</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Annual Fund Operating Expenses</b> (expenses that you pay each
year as a percentage of the value of your investment)</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Annual Fund Operating Expenses</b> (expenses that you pay each
year as a percentage of the value of your investment)</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Annual Fund Operating Expenses</b> (expenses that you pay each
year as a percentage of the value of your investment)</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Annual Fund Operating Expenses</b> (expenses that you pay each
year as a percentage of the value of your investment)</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Annual Fund Operating Expenses</b> (expenses that you pay each
year as a percentage of the value of your investment)</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Example</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Example</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Example</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Example</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Example</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Example</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This Example is intended to help you compare the cost of investing
in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time
periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment
has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher
or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This Example is intended to help you compare the cost of investing
in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time
periods indicated, and then redeem all of your shares at the end of those periods. The Example also assumes that your investment
has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher
or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This Example is intended to help you compare the cost of investing
in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time
periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment
has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher
or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This Example is intended to help you compare the cost of investing
in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time
periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment
has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher
or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This Example is intended to help you compare the cost of investing
in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time
periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment
has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher
or lower, based on these assumptions, your costs would be:</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This Example is intended to help you compare the cost of investing
in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time
periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment
has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher
or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Portfolio Turnover</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Portfolio Turnover</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Portfolio Turnover</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Portfolio Turnover</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Portfolio Turnover</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Portfolio Turnover</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys
and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs
and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s
portfolio turnover rate was 341.27% of the average value of the portfolio.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys
and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs
and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s
portfolio turnover rate was 125.07% of the average value of the portfolio.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys
and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs
and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s
portfolio turnover rate was 354.88% of the average value of the portfolio.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys
and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs
and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s
portfolio turnover rate was 340.20% of the average value of the portfolio.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys
and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs
and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s
portfolio turnover rate was 426.81% of the average value of the portfolio.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund pays transaction costs, such as commissions, when it buys
and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs
and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the Example, affect the Fund’s performance.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Principal Investment Strategies</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Principal Investment Strategies</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Principal Investment Strategies</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Principal Investment Strategies</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Principal Investment Strategies</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Principal Investment Strategies</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund seeks to achieve its investment objective by investing,
under normal circumstances, a range of approximately 70% to 100% of its net assets in a portfolio of defensive, non-cyclical equity
securities of foreign and domestic companies selected by applying a rules-based strategy. Equity securities include common stock.
The Fund may not meet its target range during rebalancing transitions as well as upon the discretion of the Fund’s investment
advisor. The Fund strategy was developed by the Fund’s investment advisor, AmericaFirst Capital Management, LLC (the “Advisor”).</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund seeks to select stocks of historically “defensive”
industries. Defensive companies tend to offer basic consumer necessities where consumer demand tends to be unaffected even in poor
economic conditions and therefore may have the ability to weather economic downturns better than non-defensive companies. The Advisor
believes that sales and earnings growth of stocks of these defensive companies may remain relatively constant regardless of the
ups and downs of the economy due to the generally stable demand for these company’s products. Industries that are comprised
primarily of defensive, non-cyclical companies would include, but are not limited to, Consumer Staples (example: food products,
cosmetics & toiletries, brewing, soft drinks, food processing and retail), Healthcare (pharmaceuticals, health care services,
medical supplies and equipment), Aerospace & Defense (companies engaged in the production of spacecraft and commercial military
and private aircraft), and Utilities (electric, natural gas and water utilities as well as telephone services). Under normal market
conditions, the Fund may overweight portfolio investments primarily in securities in the consumer staples and healthcare sectors
which represent numerous industries. These sectors generally are comprised of companies that are defensive in nature and are selected
in an effort to provide capital appreciation while reducing overall portfolio volatility.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund may also sell short equity securities from any industry
in an attempt to reduce volatility and risk in unfavorable market conditions. Depending upon market conditions and prospects as
determined by the Advisor’s quantitative models, the Fund may target having approximately 0% to 30% of its assets in short
positions under normal market conditions. The Fund may target having approximately 70% to 100% of its assets in long positions
under normal market conditions. The Fund will invest in securities of companies regardless of market capitalization. The Fund will
rebalance a significant portion of its holdings, based on the Advisor’s quantitative models, on a quarterly basis or more
frequent basis. The Fund may hold significantly higher than normal short-term cash positions during rebalancing or when market
conditions warrant. The Advisor’s rules-based models take into account and weight such variables that may include operating
earnings yield, price momentum, share buyback, trading liquidity and others when selecting long positions. In selecting short positions,
the Advisor’s rules-based models considers such variables including, but not limited to, poor relative price momentum, poor
technical indicators and poor fundamentals. The Fund may employ seasonal and/or market timing trading strategies based upon the
Advisor’s quantitative models.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund seeks to achieve its investment objective by investing in
a portfolio of high income securities that may include (but not limited to) stocks, preferred stocks, master limited partnerships
(“MLPs”), convertible preferred stock, convertible bonds, real estate investment trusts (“REITs”), and
bonds (including high-yield securities, commonly called “junk bonds”) selected by applying a rules-based model. The
Fund may rebalance a significant portion of its holdings on a quarterly or more frequent basis based upon the results of the model.
The Fund may hold significantly higher than normal short-term cash positions during rebalancing or when market conditions warrant.
The Fund may employ seasonal and/or market timing trading strategies based upon the Advisor’s rules-based model. The strategy
upon which the Fund is based was developed by the Fund’s advisor, AmericaFirst Capital Management, LLC. The Fund invests
without restriction as to issuer capitalization, maturity, credit quality or whether the security is foreign or domestic. Foreign
bonds may include both domestic and sovereign bonds. Additionally, the Fund may invest in the shares of investment companies that
are exchange-traded funds (“ETFs”) that invest in securities that are consistent with the Fund’s investment objective
and policies.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The AmericaFirst Tactical Alpha Fund seeks to achieve its investment
objective through long positions in global equity, credit, commodity and interest rate markets. The Fund will invest in securities
regardless of market capitalization and regardless of industry sector. With regard to fixed income securities, the Fund may invest
in fixed income securities regardless of maturity or credit rating.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund's portfolio of securities may include common stocks of foreign
and domestic companies, preferred securities, fixed income securities (i.e., bonds) of domestic or foreign issuers, closed-end
management investment companies (“closed-end funds”), exchange-traded portfolios (“Exchange Traded Portfolios”),
master limited partnerships (“MLPs”), and real estate investment trusts (“REITs”). For purposes of the
strategy, we define Exchange Traded Portfolios to include exchange traded funds (“ETFs”), commodity pools and investment
funds that invest in physical commodities, in each case, that issue shares that are approved for listing and trading on a national
securities exchange. It is possible that the Fund may not include all of these types of securities and may only include one of
these types of securities in the portfolio at any given time.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund may also invest in ETFs with inverse market exposure and
leveraged ETFs. Inverse ETFs are designed to hedge portfolio investments by producing results opposite to market direction. Inverse
ETFs seek daily investment results, before fees and expenses, which correspond to the inverse (opposite) of the daily performance
of a specific benchmark, such as the S&P 500 Index. The Advisor does not rebalance inverse ETFs positions daily to adjust for
daily changes in the reference index. Leveraged ETFs seek to use financial derivatives and debt to amplify the returns of an underlying
index.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">When applicable, the Fund may rebalance a significant portion of
its holdings based on the Advisor’s rules-based models, on a quarterly or more frequent basis.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund is classified as a “Multi-Strategy” fund. By
definition, multi-strategy funds engage in a variety of investment strategies. By using a multi-strategy approach, we seek to smooth
out returns, reduce volatility, and mitigate asset-class and single-strategy risks.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund intends to achieve its investment objective by investing,
under normal circumstances, in individual equity and fixed income securities. The Fund will invest in equity securities regardless
of market capitalization. The Fund may invest in fixed income securities regardless of maturity or credit rating (including lower-rated
securities commonly known as “junk bonds” or “high yield bonds”). The Fund incorporates aspects of several
of the Advisor’s proprietary investment models. Specific portions of the Fund’s portfolio may be allocated towards
models constructed to achieve a variety of objectives including, but not limited to: absolute return, income, total return and
growth. Investment selection is based upon rules-based criteria for each of the investment models selected.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund’s portfolio of securities may include common stocks
of foreign and domestic companies, preferred securities, fixed income securities (i.e., bonds) of domestic or foreign issuers,
closed-end management investment companies (“closed-end funds”), exchange-traded portfolios (“Exchange Traded
Portfolios”), master limited partnerships (“MLPs”), and real estate investment trusts (“REITs”).
For purposes of the strategy, we define Exchange Traded Portfolios to include open-end funds and unit investment trusts (“UITs”)
registered under the 1940 Act (commonly referred to as “ETFs” including inverse ETFs), commodity pools and investment
funds that invest in physical commodities, in each case, that issue shares that are approved for listing and trading on a national
securities exchange. The Advisor does not rebalance inverse ETFs positions daily to adjust for daily changes in the reference index.
Open-end funds, closed-end funds and exchange traded portfolios are collectively referred to as “Acquired Funds”. It
is possible that the Fund may not include all of these types of securities and may only include one of these types of securities
in the portfolio at any given time.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund will rebalance a significant portion of its holdings, based
on the rules-based models, on a quarterly or more frequent basis. The Fund may hold significantly higher than normal short-term
cash positions during rebalancing or when conditions warrant. The Fund may employ seasonal and/or market timing trading strategies
based upon the Advisor’s rules-based models.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund seeks to achieve its investment objective by investing primarily
in a portfolio of domestically-traded equity and fixed-income securities. Equity securities include common stock, preferred stock
and convertible preferred stock. The Advisor selects equities it believes are relatively undervalued by applying rules-based methodology
that may include (but not limited to) technical and fundamental factors as well as price momentum. An exponential moving average
is similar to a simple moving average, except that more weight is given to the latest data. The Fund will invest in securities
regardless of market capitalization. With regard to fixed income securities, the Fund may invest in fixed income securities regardless
of maturity or credit rating including High Yield Bonds (commonly called “junk bonds”), Investment Grade Bonds and
US Treasury Securities.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund’s investment advisor, AmericaFirst Capital Management,
LLC (the “Advisor”) employs a “Seasonal” strategy to allocate assets between equity and fixed income securities.
This strategy is based on the Advisor’s study of seasonal price patterns in asset classes over various time periods. Pursuant
to one of the central tenets of this Seasonal strategy, the Advisor anticipates rebalancing Fund holdings to reduce equity exposure
in May and increasing it in November. This element of the Seasonal strategy is commonly referred to as the “sell in May and
walk away” tactic. The Fund may hold significantly higher than normal short-term cash positions during rebalancing or when
market conditions warrant. The Fund may employ market timing trading strategies based upon the Advisor’s quantitative models.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund invests primarily in the common stocks of large capitalization
domestic companies that have engaged in repurchasing a portion of the company’s outstanding shares over the last year. Under
normal conditions, the Fund will invest at least 80% of the Fund’s net assets, plus any borrowings for investment purposes,
in large capitalization companies, which the Advisor defines as companies with a market capitalization of $10 billion or more at
the time of purchase, that have purchased their own stock over the last year. While the Fund will primarily invest in large capitalization
companies, it may also invest in small or medium capitalization companies from time to time and when the large capitalization companies
in which the Fund invests lose capitalization between purchase and rebalancing of the portfolio.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund’s investment advisor, AmericaFirst Capital Management,
LLC (the “Advisor”), applies fundamental, technical and/or valuation criteria to select from a universe of large capitalization
companies that have purchased their own stock over the last twelve months. The Advisor analyses the companies based on market capitalizations,
the size of their buyback ratio (the amount the company has bought back), and their risk-adjusted price momentum and value momentum.
The companies selected for the Fund’s portfolio remain in the portfolio until the portfolio is rebalanced. The portfolio
is rebalanced as often as every four months in order to remove stocks that are no longer attractive or add stocks that have become
attractive according to the investment criteria used by the Advisor, which could result in high portfolio turnover.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund’s strategy is based on the premise that stocks of
companies that purchase their own stock will perform well because share buybacks are a signal to the market that the management
of a company believes the company’s shares are undervalued.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund is classified as “non-diversified” for purposes
of the Investment Company Act of 1940 (the “1940 Act”), which means a relatively high percentage of the Fund’s
assets may be invested in the securities of a limited number of companies.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Principal Risks of Investing in the Fund</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Principal Risks of Investing in the Fund</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Principal Risks of Investing in the Fund</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Principal Risks of Investing in the Fund</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Principal Risks of Investing in the Fund</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Principal Risks of Investing in the Fund</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As with any mutual fund, there is no guarantee that the Fund will
achieve its goal. The Fund’s net asset value and returns will vary and you could lose money on your investment in the Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Aerospace and Defense Sector Risk</b>. The aerospace and defense
industry may be significantly affected by changes in government regulations and spending policies, changes in economic conditions
and industry consolidation.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Consumer Staples Sector Risk</b>. Companies in the consumer staples
sector may be adversely affected by changes in consumer spending, competition, demographics and consumer preferences. Companies
in this sector are also affected by changes in government regulation, world events and economic conditions. This sector can also
be significantly affected by, among other things, changes in price and availability of underlying commodities, rising energy prices
and global and economic conditions. Certain companies in the consumer staples sector are subject to government regulation affecting
the permissibility of using various food additives and production methods, which regulations could affect company profitability.
Tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Also, the success of
food and soft drink may be strongly affected by fads, marketing campaigns and other factors affecting supply and demand.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Credit Risk</b>. There is a risk that issuers and counterparties
will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Fixed Income Risk</b>. When the Fund invests in equity securities
that may convert to fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates.
Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing
the amount of interest payments).</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Foreign and Currency Exposure Risk</b>. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments
and can perform differently from the U.S. market. The value of foreign securities is also affected by the value of the local currency
relative to the U.S. dollar.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Healthcare Sector Risk</b>. The profitability of companies in the
healthcare sector may be affected by extensive government regulation, restrictions on government reimbursement for medical expenses,
rising costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, limited number of
products, industry innovation, changes in technologies and other market developments. Companies in the healthcare sector are heavily
dependent on patent protection. The process of obtaining patent approval can be long and costly, and the expiration of patents
may adversely affect the profitability of the companies. Healthcare companies are also subject to extensive litigation based on
product liability and similar claims. Companies in the healthcare sector are affected by rising costs of medical products, devices
and services and the increased emphasis on the delivery of healthcare through outpatient services. Many new products are subject
to regulatory approval and the process of obtaining such approval can be long and costly. Healthcare companies are also subject
to competitive forces that may make it difficult to raise prices and, at times, may result in price discounting. Additionally,
the profitability of some healthcare companies may be dependent on a relatively limited number of products and their products can
become obsolete due to industry innovation, changes in technologies or other market developments. In addition, companies in the
healthcare sector may be thinly capitalized and therefore may be susceptible to product obsolescence.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Management Risk</b>. The portfolio manager’s judgments about
the attractiveness, value and potential appreciation of particular asset classes, sectors or other securities in which the Fund
invests may prove to be incorrect and there is no guarantee that the portfolio manager’s judgment will produce the desired
results.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Security Risk</b>. The value of the Fund may decrease in response
to the activities and financial prospects of an individual security in the Fund’s portfolio.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Short Selling Risk</b>. If a security sold short increases in price,
the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. The Fund may not
be able to successfully implement its short sale strategy due to limited availability of desired securities or for other reasons.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Small and Medium (Mid) Capitalization Stock Risk</b>. The earnings
and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure
rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market
price fall more disproportionately than larger companies in response to selling pressures. In addition, stocks of small and mid-capitalization
companies generally are less liquid than those of larger companies. This means that the Fund could have greater difficulty selling
such securities at the time and price that the Fund would like.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Stock Market Risk</b>. Overall stock market risks may also affect
the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political events
affect the securities markets.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Stock Value Risk</b>. Stocks involve the risk that they may never
reach what the portfolio manager believes is their full market value, either because the market fails to recognize the stock’s
intrinsic worth or the manager misgauged that worth.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Turnover Risk</b>. Because the Fund will rebalance its holdings
on an at least quarterly basis, the Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio
turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce
increased taxable distributions.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Utilities Sector Risk</b>. In most countries and localities, the
utilities industry is regulated by governmental entities, which can increase costs and delays for new projects and make it difficult
to pass increased costs on to consumers. In certain areas, deregulation of utilities has resulted in increased competition and
reduced profitability for certain companies, and increased the risk that a particular company will become bankrupt or fail completely.
In addition, utilities companies face the risk of increases in the cost and reduced availability of fuel (such as oil, coal, natural
gas or nuclear energy) and potentially high interest costs for borrowing to finance new projects.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As with any mutual fund, there is no guarantee that the Fund will
achieve its goal. The Fund’s net asset value and returns will vary and you could lose money on your investment in the Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Credit Risk.</b> There is a risk that issuers and counterparties
will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>ETF Risk.</b> When the Fund invests in another investment company,
including an ETF, it will indirectly bear its proportionate share of any fees and expenses payable directly by the other investment
company. Therefore, the Fund will incur higher expenses, many of which may be duplicative. In addition, the Fund may be affected
by losses of the underlying funds and the level of risk arising from the investment practices of the underlying funds (such as
the use of leverage by the funds). The Fund has no control over the investments and related risks taken by the underlying funds
in which it invests. Additionally, investments in ETFs are also subject to the following risks: (i) the market price of an ETF’s
shares may trade above or below their net asset value; (ii) an active trading market for an ETF’s shares may not develop
or be maintained; or (iii) trading of an ETF’s shares may be halted for a number of reasons.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Fixed Income Risk.</b> When the Fund invests in equity securities
that may convert to fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates.
Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing
the amount of interest payments).</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Foreign and Currency Exposure Risk.</b> Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments
and can perform differently from the U.S. market. The value of foreign securities is also affected by the value of the local currency
relative to the U.S. dollar.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>High-Yield Risk.</b> High-yield, high-risk securities, commonly
called “junk bonds,” are considered speculative. While generally providing greater income than investments in higher-quality
securities, these lower-quality securities will involve greater risk of principal and income that higher-quality securities.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Interest Rate Risk.</b> Interest rate risk is the risk that bond
prices overall, including the prices of securities held by the Fund, will decline over short or even long periods of time due to
rising interest rates. Bonds with longer maturities tend to be more sensitive to interest rates than bonds with shorter maturities.
Recently, interest rates have been historically low. Current conditions may result in a rise in interest rates. As a result, for
the present, interest rate risk may be heightened.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Management Risk.</b> The Advisor’s reliance on the model and
portfolio manager’s judgments about the attractiveness, value and potential appreciation of particular securities in which
the Fund invests may prove to be incorrect and there is no guarantee that the model’s forecasts and/or the portfolio manager’s
judgments will produce the desired results.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>MLP Risk.</b> Investments in MLPs involve risks different from those
of investing in common stock including risks related to limited control and limited rights to vote on matters affecting the MLP,
cash flow risks, dilution risks and risks related to the general partner’s limited call right. MLPs are generally considered
interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns.
Many MLPs are focused on energy-related business and are subject to energy sector risks, such as decline in the price of petroleum.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Preferred Stock Risk.</b> The value of preferred stocks will fluctuate
with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred
stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend
payments. Preferred stock prices tend to move more slowly upwards than common stock prices.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Real Estate Risk.</b> Because of its investment in REITs, the Fund
is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors
that negatively impact the real estate market and the direct ownership of real estate.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Security Risk.</b> The value of the Fund may decrease in response
to the activities and financial prospects of an individual security in the Fund’s portfolio.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Small and Medium (Mid) Capitalization Stock Risk.</b> The earnings
and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure
rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market
price fall more disproportionately than larger companies in response to selling pressures. In addition, stocks of small and mid-capitalization
companies generally are less liquid than those of larger companies. This means that the Fund could have greater difficulty selling
such securities at the time and price that the Fund would like.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Stock Market Risk.</b> Overall stock market risks may also affect
the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political events
affect the securities markets.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Turnover Risk.</b> Because the Fund will rebalance its holdings
on an at least quarterly basis, the Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio
turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce
increased taxable distributions.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As with any mutual fund, there is no guarantee that the Fund will
achieve its goal. The Fund’s net asset value and returns will vary and you could lose money on your investment in the Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Commodity Related Risk.</b> The Fund’s exposure to the commodities
markets may subject the Fund to greater volatility than investments in traditional securities due to changes in interest rates,
or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs
and international economic, political and regulatory developments.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Credit Risk.</b> There is a risk that issuers and counterparties
will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>ETF Risk.</b> When the Fund invests in another investment company,
including an ETF, it will indirectly bear its proportionate share of any fees and expenses payable directly by the other investment
company. Therefore, the Fund will incur higher expenses, many of which may be duplicative. In addition, the Fund may be affected
by losses of the underlying funds and the level of risk arising from the investment practices of the underlying funds (such as
the use of leverage by the funds). The Fund has no control over the investments and related risks taken by the underlying funds
in which it invests. Additionally, investments in ETFs are also subject to the following risks: (i) the market price of an ETF’s
shares may trade above or below their net asset value; (ii) an active trading market for an ETF’s shares may not develop
or be maintained; or (iii) trading of an ETF’s shares may be halted for a number of reasons.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Fixed Income Risk.</b> When the Fund invests in fixed income securities,
or Acquired Funds that own bonds, the value of your investment in the Fund will fluctuate with changes in interest rates. Other
risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing
the amount of interest payments).</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Foreign and Currency Exposure Risk.</b> Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments
and can perform differently from the U.S. market. The value of foreign securities is also affected by the value of the local currency
relative to the U.S. dollar.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>High-Yield Risk.</b> High-yield, high-risk securities, commonly
called “junk bonds,” are considered speculative. While generally providing greater income than investments in higher-quality
securities, these lower-quality securities will involve greater risk of principal and income that higher-quality securities.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Interest Rate Risk.</b> Interest rate risk is the risk that bond
prices overall, including the prices of securities held by the Fund, will decline over short or even long periods of time due to
rising interest rates. Bonds with longer maturities tend to be more sensitive to interest rates than bonds with shorter maturities.
Recently, interest rates have been historically low. Current conditions may result in a rise in interest rates. As a result, for
the present, interest rate risk may be heightened.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Inverse ETF Risk.</b> Inverse or “short” ETFs seek to
deliver returns that are opposite of the return of a benchmark (e.g., if the benchmark goes up by 1%, the ETF will go down by 1%),
typically using a combination of derivative strategies. Inverse ETFs contain all of the risks that regular ETFs present. Because
inverse ETFs typically seek to obtain their objective on a daily basis, holding inverse ETFs for longer than a day may produce
unexpected results particularly when the benchmark index experiences large ups and downs. Unexpected results include an Inverse
ETF failing to rise in price despite a drop in the reference index. Inverse ETFs may also be leveraged. Inverse ETFs contain all
of the risks that regular ETFs present.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Leveraged ETF Risk.</b> Investing in leveraged ETFs will amplify
the Fund’s gains and losses.  Most leveraged ETFs “reset” daily. Due to the effect of compounding, their
performance over longer periods of time can differ significantly from the performance of their underlying index or benchmark during
the same period of time.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Liquidity Risk.</b> Liquidity risk exists when particular investments
of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous
time or price, or possibly requiring a Fund to dispose of other investments at unfavorable times or prices in order to satisfy
its obligations.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Management Risk.</b> The portfolio manager’s judgments about
the attractiveness, value and potential appreciation of particular asset classes, sectors, Acquired Funds or other securities in
which the Fund invests may prove to be incorrect and there is no guarantee that the portfolio manager’s judgment will produce
the desired results.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>MLP Risk.</b> Investments in MLPs involve risks different from those
of investing in common stock including risks related to limited control and limited rights to vote on matters affecting the MLP,
cash flow risks, dilution risks and risks related to the general partner’s limited call right. MLPs are generally considered
interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns.
Many MLPs are focused on energy-related business and are subject to energy sector risks, such as decline in the price of petroleum.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Preferred Stock Risk.</b> The value of preferred stocks will fluctuate
with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred
stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend
payments.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Real Estate Risk.</b> Because of its investment in REITs, the Fund
is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors
that negatively impact the real estate market and the direct ownership of real estate.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Security Risk.</b> The value of the Fund may decrease in response
to the activities and financial prospects of an individual security in the Fund’s portfolio.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Small and Medium (Mid) Capitalization Stock Risk.</b> The earnings
and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure
rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market
price fall more disproportionately than larger companies in response to selling pressures.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Stock Market Risk.</b> Overall stock market risks may also affect
the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political events
affect the securities markets.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Stock Value Risk.</b> Stocks involve the risk that they may never
reach what the portfolio manager believes is their full market value, either because the market fails to recognize the stock’s
intrinsic worth or the manager misgauged that worth.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Tracking Risk.</b> Investment in the Fund should be made with the
understanding that the Acquired Funds in which the Fund invests will not be able to replicate exactly the performance of the indices
or sector they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting
the actual balance of the securities.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Turnover Risk.</b> Because the Fund will rebalance its holdings
on an at least quarterly basis, the Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio
turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce
increased taxable distributions.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As with any mutual fund, there is no guarantee that the Fund will
achieve its goal. The Fund’s net asset value and returns will vary and you could lose money on your investment in the Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Commodity Related Risks.</b> The Fund’s exposure to the commodities
markets may subject the Fund to greater volatility than investments in traditional securities due to changes in interest rates,
or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs
and international economic, political and regulatory developments.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Credit Risk.</b> There is a risk that issuers and counterparties
will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>ETF Risk.</b> When the Fund invests in another investment company,
including an ETF, it will indirectly bear its proportionate share of any fees and expenses payable directly by the other investment
company. Therefore, the Fund will incur higher expenses, many of which may be duplicative. In addition, the Fund may be affected
by losses of the underlying funds and the level of risk arising from the investment practices of the underlying funds (such as
the use of leverage by the funds). The Fund has no control over the investments and related risks taken by the underlying funds
in which it invests. Additionally, investments in ETFs are also subject to the following risks: (i) the market price of an ETF’s
shares may trade above or below their net asset value; (ii) an active trading market for an ETF’s shares may not develop
or be maintained; or (iii) trading of an ETF’s shares may be halted for a number of reasons.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Fixed Income Risk.</b> When the Fund invests in fixed income securities,
or Acquired Funds that own bonds, the value of your investment in the Fund will fluctuate with changes in interest rates. Other
risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing
the amount of interest payments).</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Foreign and Currency Exposure Risk.</b> Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments
and can perform differently from the U.S. market. The value of foreign securities is also affected by the value of the local currency
relative to the U.S. dollar.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>High-Yield Risk.</b> High-yield, high-risk securities, commonly
called “junk bonds,” are considered speculative. While generally providing greater income than investments in higher-quality
securities, these lower-quality securities will involve greater risk of principal and income that higher-quality securities.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Inverse ETF Risk.</b> Inverse or “short” ETFs seek to
deliver returns that are opposite of the return of a benchmark (e.g., if the benchmark goes up by 1%, the ETF will go down by 1%),
typically using a combination of derivative strategies. Inverse ETFs contain all of the risks that regular ETFs present. Because
inverse ETFs typically seek to obtain their objective on a daily basis, holding inverse ETFs for longer than a day may produce
unexpected results particularly when the benchmark index experiences large ups and downs. Unexpected results include an Inverse
ETF failing to rise in price despite a drop in the reference index. Inverse ETFs may also be leveraged. Inverse ETFs contain all
of the risks that regular ETFs present.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Liquidity Risk.</b> Liquidity risk exists when particular investments
of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous
time or price, or possibly requiring a Fund to dispose of other investments at unfavorable times or prices in order to satisfy
its obligations.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Management Risk.</b> The Advisor’s reliance on its optimization
process and the portfolio manager’s judgments about the attractiveness, value and potential appreciation of particular asset
classes, sectors, Acquired Funds or other securities in which the Fund invests may prove to be incorrect and there is no guarantee
that the optimization process and/or portfolio manager’s judgments will produce the desired results.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>MLP Risk.</b> Investments in MLPs involve risks different from those
of investing in common stock including risks related to limited control and limited rights to vote on matters affecting the MLP,
cash flow risks, dilution risks and risks related to the general partner’s limited call right. MLPs are generally considered
interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns.
Many MLPs are focused on energy-related business and are subject to energy sector risks, such as decline in the price of petroleum.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Preferred Stock Risk.</b> The value of preferred stocks will fluctuate
with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred
stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend
payments.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Real Estate Risk.</b> Because of its investment in REITs, the Fund
is subject to the risks of the real estate market as a whole, such as taxation, regulations and economic and political factors
that negatively impact the real estate market and the direct ownership of real estate.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Security Risk.</b> The value of the Fund may decrease in response
to the activities and financial prospects of an individual security in the Fund’s portfolio.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Small and Medium (Mid) Capitalization Stock Risk.</b> The earnings
and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure
rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market
price fall more disproportionately than larger companies in response to selling pressures.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Stock Market Risk.</b> Overall stock market risks may also affect
the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political events
affect the securities markets.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Stock Value Risk.</b> Stocks involve the risk that they may never
reach what the portfolio manager believes is their full market value, either because the market fails to recognize the stock’s
intrinsic worth or the manager misgauged that worth.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Tracking Risk.</b> Investment in the Fund should be made with the
understanding that the Acquired Funds in which the Fund invests will not be able to replicate exactly the performance of the indices
or sector they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting
the actual balance of the securities.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Turnover Risk.</b> Because the Fund will rebalance its holdings
on an at least quarterly basis, the Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio
turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce
increased taxable distributions.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As with any mutual fund, there is no guarantee that the Fund will
achieve its goal. The Fund’s net asset value and returns will vary and you could lose money on your investment in the Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Credit Risk.</b> There is a risk that issuers and counterparties
will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Fixed Income Risk.</b> When the Fund invests in fixed income securities
the value of your investment in the Fund will fluctuate with changes in interest rates. Other risk factors include credit risk
(the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>High-Yield Risk.</b> High-yield, high-risk securities, commonly
called “junk bonds,” are considered speculative. While generally providing greater income than investments in higher-quality
securities, these lower-quality securities will involve greater risk of principal and income that higher-quality securities.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Interest Rate Risk.</b> Interest rate risk is the risk that bond
prices overall, including the prices of securities held by the Fund, will decline over short or even long periods of time due to
rising interest rates. Bonds with longer maturities tend to be more sensitive to interest rates than bonds with shorter maturities.
Recently, interest rates have been historically low. Current conditions may result in a rise in interest rates. As a result, for
the present, interest rate risk may be heightened.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Liquidity Risk.</b> Liquidity risk exists when particular investments
of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous
time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy
its obligations.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Management Risk.</b> The portfolio manager’s judgments about
the Seasonal strategy as well as the attractiveness, value and potential appreciation of particular asset classes, sectors, or
other securities in which the Fund invests may prove to be incorrect and there is no guarantee that the portfolio manager’s
judgment will produce the desired results.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Preferred Stock Risk.</b> The value of preferred stocks will fluctuate
with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred
stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend
payments.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Security Risk.</b> The value of the Fund may decrease in response
to the activities and financial prospects of an individual security in the Fund’s portfolio.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Small and Medium (Mid) Capitalization Stock Risk.</b> The earnings
and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure
rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market
price fall more disproportionately than larger companies in response to selling pressures.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Stock Market Risk.</b> Overall stock market risks may also affect
the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political events
affect the securities markets.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Stock Value Risk.</b> Stocks involve the risk that they may never
reach what the portfolio manager believes is their full market value, either because the market fails to recognize the stock’s
intrinsic worth or the manager misgauged that worth.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Turnover Risk.</b> Because the Fund will rebalance its holdings,
the Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur
higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As with any mutual fund, there is no guarantee that the Fund will
achieve its goal. The Fund’s net asset value and returns will vary and you could lose money on your investment in the Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Buyback Strategy Risk.</b> The announcement of a share buyback and
other selection criteria used in selecting portfolio securities may not be accurate predictors of future share performance. The
Fund’s returns will be adversely affected if the Advisor selects stocks that subsequently decline in value.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Management Risk.</b> The portfolio manager’s judgments about
the attractiveness, value and potential appreciation of particular asset classes, sectors or other securities in which the Fund
invests may prove to be incorrect and there is no guarantee that the portfolio manager’s judgment will produce the desired
results.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Non-diversification Risk.</b> Because a relatively high percentage
of a non-diversified Fund’s assets may be invested in the securities of a limited number of companies that could be in the
same or related economic sectors, the Fund’s portfolio may be more susceptible to any single economic, technological or regulatory
occurrence than the portfolio of a diversified fund.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Security Risk.</b> The value of the Fund may decrease in response
to the activities and financial prospects of an individual security in the Fund’s portfolio.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Small and Medium (Mid) Capitalization Stock Risk.</b> The earnings
and prospects of small and mid-capitalization companies are more volatile than larger companies, they may experience higher failure
rates than larger companies and normally have a lower trading volume than larger companies, which may tend to make their market
price fall more disproportionately than larger companies in response to selling pressures.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Stock Market Risk.</b> Overall stock market risks may also affect
the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political events
affect the securities markets.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Stock Value Risk.</b> Stocks involve the risk that they may never
reach what the portfolio manager believes is their full market value, either because the market fails to recognize the stock’s
intrinsic worth or the manager misgauged that worth.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Turnover Risk.</b> Because the Fund will rebalance its holdings
at least every four months, the Fund may have high portfolio turnover rates (significantly in excess of 100%). Increased portfolio
turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce
increased taxable distributions.</font></td></tr></table>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Performance</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Performance</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Performance</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Performance</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Performance</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Performance</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The bar chart and performance table below show the variability of
the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the
Fund’s Class A shares for the full calendar years since the Fund’s inception. The sales charge is not reflected in
the bar chart, and if it were, returns would be less than those shown. The performance table compares the performance of the Fund’s
shares over time to the performance of a broad-based market index. You should be aware that the Fund’s past performance (before
and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information is available
at no cost by calling 1-877-217-8363.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund was reorganized on January 4, 2013 from the AmericaFirst
Defensive Growth Fund (“the Predecessor Fund”), a series of the Mutual Fund Series Trust, into a series of AmericaFirst
Quantitative Funds, a Delaware statutory trust. The Fund is a continuation of the Predecessor Fund and, therefore, the performance
information includes the performance of the Predecessor Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The bar chart and performance table below show the variability of
the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the
Fund’s Class A shares for each full calendar year since the Fund’s inception. The sales charge is not reflected in
the bar chart, and if it were, returns would be less than those shown. The performance table compares the performance of the Fund’s
shares over time to the performance of a broad-based market index. You should be aware that the Fund’s past performance (before
and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information is available
at no cost by calling 1-877-217-8363.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund was reorganized on January 4, 2013 from the AmericaFirst
Income Fund (“the Predecessor Fund”), a series of the Mutual Fund Series Trust, as a series of AmericaFirst Quantitative
Funds, a Delaware statutory trust. The Fund is a continuation of the Predecessor Fund and, therefore, the performance information
includes the performance of the Predecessor Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The bar chart and performance table below show the variability of
the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the
Fund’s Class A shares for each full calendar year since the Fund’s inception. The sales charge is not reflected in
the bar chart, and if it were, returns would be less than those shown. The performance table compares the performance of the Fund’s
shares over time to the performance of a broad-based market index. You should be aware that the Fund’s past performance (before
and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information is available
at no cost by calling 1-877-217-8363.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund was reorganized on January 4, 2013 from the AmericaFirst
Absolute Return Fund (“the Predecessor Fund”), a series of the Mutual Fund Series Trust, into a series of AmericaFirst
Quantitative Funds, a Delaware statutory trust. The Fund is a continuation of the Predecessor Fund and, therefore, the performance
information includes the performance of the Predecessor Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The bar chart and performance table below show the variability of
the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the
Fund’s Class A shares for each full calendar year since the Fund’s inception. The sales charge is not reflected in
the bar chart, and if it were, returns would be less than those shown. The performance table compares the performance of the Fund’s
shares over time to the performance of a broad-based market index. You should be aware that the Fund’s past performance (before
and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information is available
at no cost by calling 1-877-217-8363.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund was reorganized on January 4, 2013 from the AmericaFirst
Quantitative Strategies Fund (“the Predecessor Fund”), a series of the Mutual Fund Series Trust, into a series of AmericaFirst
Quantitative Funds, a Delaware statutory trust. The Fund is a continuation of the Predecessor Fund and, therefore, the performance
information includes the performance of the Predecessor Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The bar chart and performance table below show the variability of
the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the
Fund’s Class A shares for each full calendar year since the Fund’s inception. The sales charge is not reflected in
the bar chart, and if it were, returns would be less than those shown. The performance table compares the performance of the Fund’s
shares over time to the performance of a broad-based market index. You should be aware that the Fund’s past performance (before
and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information is available
at no cost by calling 1-877-217-8363.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Because the Fund has only recently commenced 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. Also, shareholder reports containing financial and performance information will be mailed to shareholders
semi-annually. Updated performance information will be available at no cost by visiting www.afcm-quant.com or by calling 1-877-217-8363.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Performance Bar Chart For Calendar Years Ended December 31</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Performance Bar Chart For Calendar Years Ended December 31</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Performance Bar Chart For Calendar Years Ended December 31</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Performance Bar Chart For Calendar Years Ended December 31</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Performance Bar Chart For Calendar Years Ended December 31</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Best Quarter: Mar-13 13.65%</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Worst Quarter: Dec-16 (6.85)%</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The year-to-date return as of the most recent calendar quarter which
ended September 30, 2017 was 4.88 %</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Best Quarter: Mar-13 7.49%</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Worst Quarter: Sept-11 (14.77)%1</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The year-to-date return as of the most recent calendar quarter which
ended September 30, 2017 was 5.33%</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Best Quarter: Dec-13 13.03%</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Worst Quarter: Sept-11 (13.89)%</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The year-to-date return as of the most recent calendar quarter which
ended September 30, 2017 was 1.64%</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Best Quarter: June-09 32.01%</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Worst Quarter: Sept-08 (35.91)%</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The year-to-date return as of the most recent calendar quarter which
ended September 30, 2017 was 7.43%</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Best Quarter: Mar-14 4.62%</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Worst Quarter: Dec-15 (7.41)%</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The year-to-date return as of the most recent calendar quarter which
ended September 30, 2017 was 10.22%</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Performance Table</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b> </b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Average Annual Total Returns</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(For periods ended December 31, 2016)</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Performance Table</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b> </b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Average Annual Total Returns</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(For periods ended December 31, 2016)</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Performance Table</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b> </b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Average Annual Total Returns</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(For periods ended December 31, 2016)</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Performance Table</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b> </b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Average Annual Total Returns</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(For periods ended December 31, 2016)</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Performance Table</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b> </b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Average Annual Total Returns</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(For periods ended December 31, 2016)</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">After-tax returns are estimated and were calculated using the historical
highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns
depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors
who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax
returns are shown for only one Class and after-tax returns for other Classes will vary.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">After-tax returns are estimated and were calculated using the historical
highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns
depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors
who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax
returns are shown for only one Class and after-tax returns for other Classes will vary.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">After-tax returns are estimated and were calculated using the historical
highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns
depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors
who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax
returns are shown for only one Class and after-tax returns for other Classes will vary.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">After-tax returns are estimated and were calculated using the historical
highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns
depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors
who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax
returns are shown for only one Class and after-tax returns for other Classes will vary.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">After-tax returns are estimated and were calculated using the historical
highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns
depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors
who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax
returns are shown for only one Class and after-tax returns for other Classes will vary.</p>
3.4127
1.2507
3.5488
3.4020
4.2681
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund’s net asset value and returns will vary and you could
lose money on your investment in the Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund’s net asset value and returns will vary and you could
lose money on your investment in the Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund’s net asset value and returns will vary and you could
lose money on your investment in the Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund’s net asset value and returns will vary and you could
lose money on your investment in the Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund’s net asset value and returns will vary and you could
lose money on your investment in the Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund’s net asset value and returns will vary and you could
lose money on your investment in the Fund.</p>
<p style="margin: 0">You should be aware that the Fund’s past performance (before and after taxes) may not be an indication
of how the Fund will perform in the future.</p>
<p style="margin: 0">You should be aware that the Fund’s past performance (before and after taxes) may not be an indication
of how the Fund will perform in the future.</p>
<p style="margin: 0">You should be aware that the Fund’s past performance (before and after taxes) may not be an indication
of how the Fund will perform in the future.</p>
<p style="margin: 0">You should be aware that the Fund’s past performance (before and after taxes) may not be an indication
of how the Fund will perform in the future.</p>
<p style="margin: 0">You should be aware that the Fund’s past performance (before and after taxes) may not be an indication
of how the Fund will perform in the future.</p>
<p style="margin: 0">877-217-8363</p>
<p style="margin: 0">877-217-8363</p>
<p style="margin: 0">877-217-8363</p>
<p style="margin: 0">877-217-8363</p>
<p style="margin: 0">877-217-8363</p>
<p style="margin: 0">877-217-8363</p>
<p style="margin: 0">www.afcm-quant.com</p>
<p style="margin: 0">Best Quarter</p>
<p style="margin: 0">Best Quarter</p>
<p style="margin: 0">Best Quarter</p>
<p style="margin: 0">Best Quarter</p>
<p style="margin: 0">Best Quarter</p>
<p style="margin: 0">Worst Quarter</p>
<p style="margin: 0">Worst Quarter</p>
<p style="margin: 0">Worst Quarter</p>
<p style="margin: 0">Worst Quarter</p>
<p style="margin: 0">Worst Quarter</p>
2013-03-31
2013-03-31
2013-12-31
2009-06-30
2014-03-31
2016-12-31
2011-09-30
2011-09-30
2008-09-30
2015-12-31
0.1365
0.0749
0.1303
0.3201
0.0462
-0.0685
-0.1477
-0.1389
-0.3591
-0.0741
<p style="margin: 0">After-tax returns are estimated and were calculated using the historical highest individual federal marginal
income tax rates</p>
<p style="margin: 0">After-tax returns are estimated and were calculated using the historical highest individual federal marginal
income tax rates</p>
<p style="margin: 0">After-tax returns are estimated and were calculated using the historical highest individual federal marginal
income tax rates</p>
<p style="margin: 0">After-tax returns are estimated and were calculated using the historical highest individual federal marginal
income tax rates</p>
<p style="margin: 0">After-tax returns are estimated and were calculated using the historical highest individual federal marginal
income tax rates</p>
<p style="margin: 0">after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts.</p>
<p style="margin: 0">after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts.</p>
<p style="margin: 0">after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts.</p>
<p style="margin: 0">after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts.</p>
<p style="margin: 0">after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts.</p>
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The Advisor and the Trust have entered into an expense limitation agreement whereby the Advisor has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses (exclusive of any front-end or contingent deferred loads, legal fees, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation) in order to limit annual fund operation expenses to 2.45%, 2.95% and 1.94% for Class A, Class U and Class I, respectively. These expense limitations will remain in effect until at least October 31, 2018. This agreement may be terminated by the Fund's Board of Trustees on 60 days' written notice to the Advisor. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the foregoing expense limits and any expense limits in place at the time of the recoupment.
The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.
The Advisor and the Trust have entered into an expense limitation agreement whereby the Advisor has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses (exclusive of any front-end or contingent deferred loads, legal fees, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation) in order to limit annual fund operation expenses to 2.20%, 2.70% and 1.40% for Class A, Class U and Class I, respectively. These expense limitations will remain in effect until at least October 31, 2018. This agreement may be terminated by the Fund's Board of Trustees on 60 days' written notice to the Advisor. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the foregoing expense limits and any expense limits in place at the time of the recoupment.
Restated to remove the expenses associated with short selling, which is no longer a principal strategy.
The Advisor and the Trust have entered into an expense limitation agreement whereby the Advisor has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses (exclusive of any front-end or contingent deferred loads, legal fees, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation) in order to limit annual fund operation expenses to 2.45%, 2.95% and 1.50% for Class A, Class U and Class I, respectively. These expense limitations will remain in effect until at least October 31, 2018. This agreement may be terminated by the Fund's Board of Trustees on 60 days' written notice to the Advisor. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the foregoing expense limits and any expense limits in place at the time of the recoupment.
Restated to reflect current expense caps.
The Advisor and the Trust have entered into an expense limitation agreement whereby the Advisor has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses (exclusive of any front-end or contingent deferred loads, legal fees, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation) in order to limit annual fund operation expenses to 1.95%, 2.25% and 1.50% for Class A, Class C and Class I, respectively. These expense limitations will remain in effect until at least October 31, 2018. This agreement may be terminated by the Fund's Board of Trustees on 60 days' written notice to the Advisor. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the foregoing expense limits and any expense limits in place at the time of the recoupment.
Estimated for the current fiscal year.
The Advisor and the Trust have entered into an expense limitation agreement whereby the Advisor has contractually agreed to waive a portion of its fees and/or reimburse certain Fund expenses (exclusive of any front-end or contingent deferred loads, legal fees, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses or extraordinary expenses such as litigation) in order to limit annual fund operation expenses to 2.45%, 2.95% and 1.50% for Class A, Class U and Class I, respectively. These expense limitations will remain in effect until at least October 31, 2018. This agreement may be terminated by the Fund's Board of Trustees on 60 days' written notice to the Advisor. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the foregoing expense limits and any expense limits in place at the time of the recoupment.
The inception date of the Fund's Class A, I and U shares May 23, 2011.
The Lipper Alternative Long/Short Equity Fund Index is an equal-dollar-weighted index of the largest mutual funds within Lipper's Long/Short Equity classification, which is defined as those funds that employ portfolio strategies combining long holdings of equities with short sales of equity, equity options or equity index options.
The S&P 500 is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends.
The inception date of the Fund's Class A, I and U shares is July 1, 2010.
The Lipper Flexible Income Funds Index is comprised of funds that emphasize income generation by investing at least 85% of their assets in debt issues and preferred and convertible securities. Common stocks and warrants cannot exceed 15%. Since inception returns are not available because the Lipper Flexible Income Funds Index was not constituted until May 23, 2011.
The Lipper Income Funds Index is an equal-dollar-weighted index of the largest mutual funds within Lipper's Income Funds classification, which is defined as those funds that employ portfolio strategies combining long holdings of equities with short sales of equity, equity options or equity index options.
The Barclays Aggregate Bond Index is an unmanaged index which represents the U.S. investment-grade fixed-rate bond market (including government and corporate securities, mortgage pass-through securities and asset-backed securities).
The inception date of the Fund's Class A and U shares is February 26, 2010. The inception date for the Fund's Class I shares is July 12, 2010.
The Lipper Absolute Return Funds Index is an equal-dollar-weighted index of the largest mutual funds within Lipper's Absolute Return Funds classification, which is defined as those funds that aim for positive returns in all market conditions. The funds are not benchmarked against a traditional long-only market index but rather have the aim of outperforming a cash or risk-free benchmark. Inception date used is February 26, 2010.
The S&P 500 is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Inception date used is February 26, 2010.
The inception date of the Fund's Class A and C Shares is September 28, 2007. The inception date of the Fund's Class I Shares is December 31, 2014.
The Lipper Flexible Portfolio Funds Index is an equal-dollar-weighted index of the largest mutual funds within Lipper's Flexible Portfolio Funds classification, which is defined as those funds that allocate investments across various asset classes, including domestic common stocks, bonds, and money market instruments with a focus on total return. Inception date used is September 28, 2007.
The S&P 500 is an unmanaged market capitalization-weighted index which is comprised of 500 of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Inception date used is September 28, 2007.
The inception date of the Fund's Class A, I and U shares is October 31, 2013.
Dow Jones US Moderately Conservative Portfolio Index. This index is a weighted average of other stock, bond, and cash indexes. It is reconstructed monthly and represents 40% of the risk of the U.S. equities market. The equities position (which is close to 40% of the portfolio) is constructed by equally weighting six Dow Jones U.S. Style Indexes (Large Growth, Large Value, Mid Growth, Mid Value, Small Growth and Small Value). The bond and cash position (which is close to 60% of the portfolio) is composed of various Barclays U.S. fixed income indexes.