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 I shares for each full calendar year since the Fund’s inception. The performance table compares the performance of the share classes of the Fund 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. The performance information set forth below reflects the historical performance of the Fund shares. Updated performance information is available at no cost by visitingwww.btsfunds.com or by calling 1-877-BTS-9820.
| Best Quarter: | 3rd Quarter 2025 | 5.05% |
| Worst Quarter: | 2nd Quarter 2025 | (1.06)% |
| One Year |
Life of Fund(1) | |
| Class I shares | ||
| Return before taxes | 4.12% | 3.72% |
| Return after taxes on distributions | 3.33% | 2.93% |
| Return after taxes on distributions and sale of Fund shares | 2.43% | 2.56% |
| Class A shares | ||
| Return before taxes | (0.08)% | (4.95)% |
| Return before taxes without a sales load | 3.81% | (1.97)% |
| S&P 500® Total Return Index | 17.88% | 17.66% |
| (1) | The Inception date of the Class I Shares is June 28, 2024. The Inception date of the Class A Shares is October 4, 2024. |
The S&P 500® Total Return Index is an unmanaged market capitalization-weighted index of 500 of the largest capitalized U.S. domiciled companies. Index returns assume reinvestment of dividends. Unlike the Fund’s returns, however, index returns do not reflect any fees or expenses. An investor cannot invest directly in an index.
After-tax returns 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 (IRAs). After tax returns are not shown for Class A, C and R shares and would differ from those of Class I shares.