Fund Prices & YTD Returns as of 5/16/2022Performance Through 5/16/2022Average Annual Returns Through 3/31/2022
NAVNAV Daily Change% Daily Change% YTD ReturnOne MonthThree MonthsSince Inception(4)YTDOne YearThree YearsFive YearsTen YearsSince Inception(4)
13D Activist Fund Class I
24.70.040.16%-9.02%-7.35%-7.56%13.09%-1.84%5.04%15.58%12.38%13.15%14.11%
13D Activist Fund Class A
23.950.040.17%-9.11%-7.35%-7.60%12.80%-1.90%4.80%15.29%12.10%12.87%13.81%
13D Activist Fund Class C
23.20.030.13%-9.38%-7.46%-7.83%11.18%-2.07%4.01%14.43%11.26%N/A12.27%
Russell 2500 Total Return
2965.79-16.87-0.57%-17.15%-9.77%-11.99%11.64%-5.82%0.34%13.79%11.57%12.09%13.20%
13D Activist Fund Class A
With Sales Charge(3)-12.69%-12.91%12.16%-7.55%-1.23%13.04%10.77%12.20%13.16%
13D Activist Fund Class C
With Sales Charge(3)-8.38%-8.75%11.18%-3.05%3.06%14.43%11.26%N/A12.27%

Past performance does not guarantee future results. The fund 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. There is no guarantee that any investment strategy will achieve its objectives, generate profits or avoid losses. For the most recent month end performance information, please call 1-877-413-3228.

(1) Returns are shown net of the Total Expense Ratio. Returns for periods longer than one year are calculated on an annualized basis using daily performance. All returns include dividend and capital gain distributions.

(2) The Total Expense Ratio is 1.51%, 1.76% and 2.51% for Class I, Class A and Class C shares, respectively. The Total Expense Ratio represents the expense ratio applicable to investors and is comprised of the Adviser’s management fee, indirect expenses such as the costs of investing in underlying funds and other expenses as noted in the Fund's Prospectus.

(3) Class A shares are subject to a maximum sales charge (load) of 5.75% (waivable). Class A and C shares are subject to a maximum deferred sales charge (load) of 1.00%on any shares sold within 12 months of purchasing them. Please see the Fund’s Prospectus.

(4) Class I & A shares launched on December 28, 2011, and Class C shares launched on December 11, 2012. Inception to date returns for the Russell 2500 TR are as of December 28, 2011.

(5) The Russell 2500 TR is provided for general comparison purposes only. Indices may include holdings that are substantially different than investments held by the Fund and do not reflect the strategy of the Fund. Comparisons to indices have limitations because indices have risk profiles, volatility, asset composition and other material characteristics that may differ from the Fund. Indices do not reflect the deduction of fees or expenses. Performance of equity indices reflects the reinvestment of dividends. The data is not guaranteed. The Russell 2500 TR is a market cap-weighted index that includes the smallest 2,500 companies covered in the Russell 3000 universe of US-based listed equities. Indices are unmanaged and an investor cannot invest in an index.