The bar chart and 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 for the previous ten years. The performance table compares the performance of the Fund’s Class A 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. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The performance information set forth below reflects the historical performance of the Fund shares. Updated performance information is available at no cost by visiting www.btsfunds.com or by calling 1-877-BTS-9820.
| Best Quarter | 1st Quarter 2016 | 8.12% |
| Worst Quarter | 2nd Quarter 2022 | (8.34)% |
The following table shows the average annual returns for the Fund over various periods ended December 31, 2025. The Predecessor Fund did not have a distribution policy. It was an unregistered limited liability company, did not qualify as a regulated investment company for federal income tax purposes and it did not pay dividends and distributions. As a result of the different tax treatment, we are unable to show the after-tax returns for the Fund for the periods prior to the Reorganization. The index information is intended to permit you to compare the Fund’s performance to a broad measure of market performance.
| One Year |
Five Years |
Ten Years | |
| Class A shares | |||
| Return before taxes | (0.90)% | (1.90)% | 0.38% |
| Return without a sales load | 2.96% | (1.14)% | 0.89% |
| Return after taxes on distributions | (2.63)% | (3.16)% | (0.87)% |
| Return after taxes on distributions and sale of Fund Shares | (0.54)% | (1.95)% | (0.23)% |
| Class C shares | |||
| Return before taxes | 2.21% | (1.88)% | 0.14% |
| Class I shares | |||
| Return before taxes | 3.11% | (0.91)% | 1.14% |
| Class R shares | |||
| Return before taxes | 2.58% | (1.40)% | 0.64% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36)% | 2.01% |
The Bloomberg U.S. Aggregate Bond Index is an unmanaged index comprised of U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate and mortgage-backed securities. Index return assumes reinvestment of interest. Investors may not invest in the index directly; unlike the Fund’s returns the index does not reflect any fees or expenses.
After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRA”). After tax returns for Class C Shares would differ from Class A returns.