Nile Fund: Fund Performance

Fund Name⁽⁴⁾	NAV	NAV Daily Change	% Daily Change⁽¹⁾	% YTD Return⁽²⁾	One Month	Three Months	Six Months	Since Inception	One Year Through 12/31/2018	Five Year Through 12/31/2018	Inception Through 12/31/2018⁽³⁾
Performance Through 3/28/2019									Average Annual Returns
Nile Africa Frontier & Emerging Fund Class A	$10.87	$0.00	0.00%	3.13%	-2.86%	3.43%	-1.54%	1.82%	-18.48%	-6.05%	1.50%
Nile Africa Frontier & Emerging Fund Class C	$10.34	$0.00	0.00%	2.99%	-2.91%	3.19%	-1.90%	1.04%	-19.16%	-6.78%	0.73%
Nile Africa Frontier & Emerging Fund Institutional Class	$11.03	$0.00	0.00%	3.18%	-2.82%	3.47%	-1.43%	0.21%	-18.33%	-5.83%	-0.17%

(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)	Inception date of the Nile Pan Africa Fund Class A and C is April 28, 2010
(4)	The maximum sales charge for Class A Shares is 5.75%. Class A Share investors may be eligible for a reduction in sales charges.
Nile Pan Africa Fund Class A – Expense Ratio: 3.75% Nile Pan Africa Fund Class C – Expense Ratio: 4.28% Nile Pan Africa Fund Institutional Class – Expense Ratio: 3.51% The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Past performance is no guarantee of future results. The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses of the fund, at least until July 31, 2013, to ensure that the Total Annual Fund Operating Expenses After Fee Waiver (exclusive of any acquired fund fees and expenses, borrowing costs, taxes and extraordinary expenses) will not exceed 2.50% for Class A, 3.25% for Class C and 2.25% for Institutional Class shares, subject to possible recoupment from the Fund in future years. Please review the Fund’s prospectus for more detail on the expense waiver. Results shown reflect the waiver, without which the results could have been lower. A Fund's performance, especially for very short periods of time, should not be the sole factor in making your investment decisions. For performance information current to the most recent month-end, please call toll-free 1-877-68-AFRICA.