Fund Prices & YTD Returns as of 3/21/2017Performance Through 3/21/2017Average Annual Returns Through 12/31/2016
NAVNAV Daily Change% Daily Change(1)% YTD Return(2)One MonthThree MonthsSix MonthsSince Inception(4)One YearThree YearsFive YearsTen YearsSince Inception(4)
BTS Tactical Fixed Income Fund Class A
10.33-0.07-0.67%0.10%-1.53%0.39%1.40%9.16%13.79%4.48%3.99%8.53%9.27%
With Sales Charge(3)-6.43%-4.62%-3.70%8.83%8.11%2.69%2.92%7.98%8.94%
BTS Tactical Fixed Income Fund Class I
10.33-0.07-0.67%0.19%-1.53%0.39%1.54%5.19%14.06%N/AN/AN/A5.80%
BTS Tactical Fixed Income Fund Class C
10.26-0.07-0.68%0.00%-1.54%0.29%1.08%2.71%12.94%3.71%N/AN/A2.87%
BTS Tactical Fixed Income Fund Class R
10.31-0.08-0.77%0.00%-1.62%0.29%1.22%4.65%13.55%N/AN/AN/A5.28%
Bloomberg Barclays US Agg Bond
N/A0N/A0.54%0.11%1.25%-2.08%5.17%2.65%3.03%2.23%4.34%5.21%

(1) Represents the percentage increase/decrease in the net asset value from the prior trading day.
(2) Performance for periods less than one year is not annualized.
(3) The maximum sales charge for Class A Shares is 5.00%. Class A Share investors may be eligible for a reduction in sales charges.  
(4) Inception date of the Class A & Class C shares is May 31, 2013. Inception date of the Class R shares is May 5, 2015 and Class I shares is May 28, 2015.  The Barclays Aggregate Bond Index is being compared to the A Shares for the inception to date performance data.

The total annual fund operating expense ratio is 2.18% for Class A and 2.93% for Class C, 1.93% for Class I and 2.43% for Class R. 

The BTS Tactical Fixed Income Fund does not have prior performance as a mutual fund prior to May 31, 2013. The prior performance shown above is for the Fund's predecessor limited liability company (BTS Tactical Fixed Income Fund LLC, formerly known as BTS Asset Allocation/High Yield Fund LLC). The prior performance is net of management fees and other expenses. The predecessor limited liability company has been managed in the same style and by the same portfolio manager since the predecessor limited liability company's inception on January 1, 2000. The Fund's investment goals, policies, guidelines and restrictions are, in all material respects, equivalent to the predecessor limited liability company's investment goals, policies, guidelines and restrictions. The following information shows the predecessor limited liability company's annual returns and long-term performance reflecting the actual fees and expenses that were charged when the Fund was a limited liability company. From its inception on January 1, 2000 through the date of this prospectus, the predecessor limited liability company was not subject to certain investment restrictions, diversification requirements and other restrictions of the 1940 Act, which if they had been applicable, might have adversely affected its performance. In addition, the predecessor limited liability company was not subject to sales loads that would have adversely affected performance. The predecessor limited liability company’s past performance is not necessarily an indication of how the BTS Tactical Fixed Income Fund will perform in the future.