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<p style="margin: 0px; font-size: 14pt"><b><u>FUND SUMMARY: COPELAND RISK MANAGED DIVIDEND GROWTH FUND</u></b></p>
<p style="margin: 0px; font-size: 14pt"><b><u>FUND SUMMARY: COPELAND INTERNATIONAL RISK MANAGED DIVIDEND GROWTH FUND</u></b></p>
<p style="margin: 0px"><b>Investment Objectives:</b></p>
<p style="margin: 0px"><b>Investment Objectives:</b></p>
<p style="margin: 0px">The Fund seeks long-term capital appreciation and income while preserving capital in declining markets.</p>
<p style="margin: 0px">The Fund seeks long-term capital appreciation and income while preserving capital in declining markets.</p>
<p style="margin: 0px"><b>Fees and Expenses of the Fund:</b></p>
<p style="margin: 0px"><b>Fees and Expenses of the Fund:</b></p>
<p style="margin: 0px">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You
may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the
future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional
or in <b>How to Purchase Shares</b> on page <b>17</b> of this Prospectus and in <b>Purchase, Redemption and Pricing of Shares
</b>on page <b>59</b> of the Fund’s Statement of Additional Information (“SAI”).</p>
<p style="margin: 0px">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You
may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the
future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional
or in <b>How to Purchase Shares</b> on page <b>17</b> of this Prospectus and in <b>Purchase, Redemption and Pricing of Shares
</b>on page <b>59</b> of the Fund’s Statement of Additional Information (“SAI”).</p>
<p style="margin: 0px"><b>Shareholder Fees (fees paid directly from your investment)</b></p>
<p style="margin: 0px"><b>Shareholder Fees (fees paid directly from your investment)</b></p>
<p style="margin: 0px"><b>Annual Fund Operating Expenses</b></p>
<p style="margin: 0px">(expenses that you pay each year as a percentage of the value of your investment)</p>
<p style="margin: 0px"><b>Annual Fund Operating Expenses</b></p>
<p style="margin: 0px">(expenses that you pay each year as a percentage of the value of your investment)</p>
<p style="margin: 0px"><b>Example:</b></p>
<p style="margin: 0px"><b>Example:</b></p>
<p style="margin: 0px">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</p>
<p style="margin: 0px">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</p>
<p style="margin: 0px"><b>Portfolio Turnover:</b></p>
<p style="margin: 0px"><b>Portfolio Turnover:</b></p>
<p style="margin: 0px">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the fiscal year ended November 30, 2017, the Fund’s portfolio turnover rate was 27% of the average value of its portfolio.</p>
<p style="margin: 0px">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the fiscal year ended November 30, 2017, the Fund’s portfolio turnover rate was 88% of the average value of its portfolio.</p>
<p style="margin: 0px"><b>Principal Investment Strategies:</b></p>
<p style="margin: 0px"><b>Principal Investment Strategies:</b></p>
<p style="margin: 0px">The Fund seeks to achieve its investment objectives of producing long-term capital appreciation and income while preserving capital in declining markets by purchasing equities of companies with a proven track record of dividend growth within sectors forecasted to appreciate by the adviser’s quantitative model. The Fund is primarily composed of common stocks, master limited partnership units (“MLPs”) and equity real estate investment trusts (“REITs”) of U.S. companies or entities that have raised their dividends for a minimum of five consecutive years and cash equivalents. The Fund will limit its investment in MLPs to no more than 25% of its net assets. An equity REIT invests the majority of its assets directly in real property and derives its income primarily from rents and from capital gains on real estate appreciation, which are realized through property sales.
</p><p style="margin: 0px"> </p><p style="margin: 0px">Under normal market conditions, the Fund invests at least 80% of its net assets (including borrowings for investment purposes) in securities that have increased their dividend for a minimum of five consecutive years. To manage risk, the adviser utilizes a quantitative model to determine when abnormal market conditions exist, which may lead to the investment of up to 100% of the portfolio in temporary defensive investments such as cash and cash equivalents, short term exchange traded funds (“ETFs”) and investment grade bonds, for temporary defensive purposes. Specifically, the adviser utilizes quantitative signals that forecast which sectors of the market are likely to appreciate or depreciate in value. By avoiding negative sectors and increasing the Fund's allocation to positive sectors and/or temporary defensive investments, the adviser attempts to limit losses. The Fund further manages risk through its diversification strategy of allocating generally no more than 5% to a single equity security, measured at time of purchase. The Fund in general invests in companies with a market capitalization of at least $250 million, upon purchase. All portfolio securities must be traded on a U.S. stock exchange.
</p><p style="margin: 0px"> </p><p style="margin: 0px">The adviser sells securities when they fail to raise their dividend or no longer meet its fundamental stock selection criteria or quantitative sector selection criteria. The adviser may engage in active and frequent trading to meet the Fund’s investment objectives.</p>
<p style="margin: 0px">The Fund seeks to achieve its investment objectives of producing long-term capital appreciation and income while preserving capital in declining markets by purchasing equities of companies with a proven track record of dividend growth within sectors forecasted to appreciate by the adviser’s quantitative model.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px">The Fund is primarily composed of common stocks, American Depositary Receipts (“ADRs”) and equity real estate investment trusts (“REITs”) of foreign companies or entities that have a track record of consistent dividend growth and cash equivalents. ADRs are investments issued by an American bank or trust company evidencing ownership of underlying securities issued by a foreign company. Foreign companies or entities are those that trade on non-U.S. exchanges or that derive the majority of their revenue from non-U.S. sources. The Fund may invest in developed and emerging markets. Emerging markets include all markets that are not considered to be developed markets by the MSCI World Ex USA Index. An equity REIT invests the majority of its assets directly in real property and derives its income primarily from rents and from capital gains on real estate appreciation, which are realized through property sales.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px">As an international fund, the Fund invests, under normal market conditions, in at least three different foreign countries, and at least 40% of its assets in foreign companies or entities as described above. The Fund may seek to reduce currency fluctuations by hedging its foreign currency exposure.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px">Under normal market conditions, the Fund invests at least 80% of its net assets (including borrowings for investment purposes) in securities that have increased their dividend for a minimum of three consecutive years. To manage risk, the adviser utilizes a quantitative model to determine when abnormal market conditions exist, which may lead to the investment of up to 100% of the portfolio in temporary defensive investments such as cash and cash equivalents, short term exchange traded funds (“ETFs”) and investment grade bonds, for temporary defensive purposes. Specifically, the adviser utilizes quantitative signals that forecast which sectors of the market are likely to appreciate or depreciate in value. By avoiding negative sectors and increasing the Fund's allocation to positive sectors and/or temporary defensive investments, the adviser attempts to limit losses. The Fund further manages risk through its diversification strategy of allocating generally no more than 5% to a single equity security, measured at time of purchase. The Fund, in general, invests in companies with a market capitalization of at least $1 billion upon purchase, but is not restricted to any market capitalization range.</p>
<p style="margin: 0px"> </p>
<p style="margin: 0px">The adviser sells securities when they fail to raise their dividend or no longer meet its fundamental stock selection criteria or quantitative sector selection criteria. The adviser may engage in active and frequent trading to meet the Fund’s investment objectives.</p>
<p style="margin: 0px"><b>Principal Investment Risks:</b></p>
<p style="margin: 0px"><b>Principal Investment Risks:</b></p>
<p style="margin: 0px"><b>As with all mutual funds, there is the risk that you could lose money through your investment in the
Fund. Many factors affect the Fund’s net asset value and performance.</b></p><p style="margin: 0px"> </p><p style="margin: 0px">• <i>Dividend-Paying Stock Risk:</i> The Fund’s emphasis on dividend-paying stocks could cause the Fund to underperform similar funds that invest without consideration of a company’s track record of paying dividends. Stocks of companies with a history of paying dividends may not participate in a broad market advance to the same degree as most other stocks, and a sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend. If the amount a company pays out as a dividend exceeds its earnings and profits, the excess will be treated as a return of capital and the Fund’s tax basis in the stock will be reduced. A reduction in the Fund’s tax basis in such stock will increase the amount of gain (or decrease the amount of loss) recognized by the Fund on a subsequent sale of the stock.
</p><p style="margin: 0px"> </p><p style="margin: 0px">• <i>ETF Risk:</i> Shares of ETFs have many of the same risks as direct investments in the underlying securities they invest in, although the lack of liquidity may make ETFs more volatile. ETFs have investment management fees and other expenses which will be indirectly paid by the Fund. In addition, ETFs do not necessarily trade at the net asset value of their underlying securities, which means that these funds could potentially trade above or below the value of their underlying Funds and may result in a loss and are subject to trading and commission costs.
</p><p style="margin: 0px"> </p><p style="margin: 0px">• <i>Issuer-Specific Risk:</i> The value of a specific security can be more volatile than the market as a whole and may perform worse than the market as a whole.
</p><p style="margin: 0px"> </p><p style="margin: 0px">• <i>Management Risk:</i> The adviser’s dependence on its dividend growth and sector rotation strategies and judgments about the attractiveness, value and potential appreciation of particular securities in which the Fund invests may prove incorrect and may not produce the desired results.
</p><p style="margin: 0px"> </p><p style="margin: 0px">• <i>Market Risk:</i> Overall securities market risks may affect the value of individual securities in which the Fund invests. Factors such as foreign and domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets.
</p><p style="margin: 0px"> </p><p style="margin: 0px">• <i>MLP Risk:</i> Holders of MLP units have limited control and voting rights on matters affecting the partnership. In addition, there are certain tax risks associated with an investment in MLP units and conflicts of interest exist between common unit holders and the general partner, including those arising from incentive distribution payments. Additional risks include the following. A decline in commodity prices may lead to a reduction in production or supply of those commodities. The trending excess worldwide oil and gas reserves and production has, and may further, depress the value of investments in energy related MLPs. This trend is causing producers to curtail production and/or reduce capital spending for exploration activities. A decrease in the production of natural gas, natural gas liquids, crude oil, coal or other energy commodities or a decrease in the volume of such commodities available for transportation, mining, processing, storage or distribution may adversely impact the financial performance of MLPs.
</p><p style="margin: 0px"> </p><p style="margin: 0px">• <i>REIT Risk:</i> An equity REIT’s performance depends on the types and locations of the rental properties it owns and on how well it manages those properties. Real estate values rise and fall in response to a variety of factors, including local, regional and national economic conditions, changes in interest rates and property taxes.
</p><p style="margin: 0px"> </p><p style="margin: 0px">• <i>Sector Risk:</i> To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events.
</p><p style="margin: 0px"> </p><p style="margin: 0px">• <i>Small and Medium Capitalization Risk:</i> The value of a small or medium capitalization company securities may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.
</p><p style="margin: 0px"> </p><p style="margin: 0px">• <i>Turnover Risk:</i> A higher portfolio turnover will result in higher transactional and brokerage costs. Active trading of securities may also increase the Fund’s realized capital gains or losses, which may increase the taxes you pay as a Fund shareholder and reduces after-tax returns if Fund shares are held in a taxable account.</p>
<p style="margin: 0px"><b>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s net asset value and performance.</b>
</p><p style="margin: 0px"> </p><p style="margin: 0px">• <i>Dividend-Paying Stock Risk:</i> The Fund’s emphasis on dividend-paying stocks could cause the Fund to underperform similar funds that invest without consideration of a company’s track record of paying dividends. Stocks of companies with a history of paying dividends may not participate in a broad market advance to the same degree as most other stocks, and a sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend. If the amount a company pays out as a dividend exceeds its earnings and profits, the excess will be treated as a return of capital and the Fund’s tax basis in the stock will be reduced. A reduction in the Fund’s tax basis in such stock will increase the amount of gain (or decrease the amount of loss) recognized by the Fund on a subsequent sale of the stock.
</p><p style="margin: 0px"> </p><p style="margin: 0px">• <i>Currency Hedging Risk:</i> Currency hedging transactions may not perfectly offset the Fund’s foreign currency exposure and entail additional trading commissions and fees.
</p><p style="margin: 0px"> </p><p style="margin: 0px">• <i>Emerging Markets Risk:</i> The risks associated with foreign investments are heightened when investing in developing or emerging markets. The governments and economies of emerging market countries feature greater instability than those of more developed countries. Such investments tend to fluctuate in price more widely and to be less liquid than other foreign investments.
</p><p style="margin: 0px"> </p><p style="margin: 0px">• <i>ETF Risk:</i> Shares of ETFs have many of the same risks as direct investments in the underlying securities they invest in, although the lack of liquidity may make ETFs more volatile. ETFs have investment management fees and other expenses which will be indirectly paid by the Fund. In addition, ETFs do not necessarily trade at the net asset value of their underlying securities, which means that these funds could potentially trade above or below the value of their underlying Funds and may result in a loss and are subject to trading and commission costs.
</p><p style="margin: 0px"> </p><p style="margin: 0px">• <i>Foreign Investing Risk:</i> Investments in foreign countries are subject to country-specific risks such as political, diplomatic, regional conflicts, terrorism, war, social and economic instability and policies that have the effect of decreasing the value of foreign securities. Foreign investments may experience greater volatility than U.S. investments.
</p><p style="margin: 0px"> </p><p style="margin: 0px">• <i>Issuer-Specific Risk:</i> The value of a specific security can be more volatile than the market as a whole and may perform worse than the market as a whole.
</p><p style="margin: 0px"> </p><p style="margin: 0px">• <i>Management Risk:</i> The adviser’s dependence on its dividend growth and sector rotation strategies and judgments about the attractiveness, value and potential appreciation of particular securities in which the Fund invests may prove incorrect and may not produce the desired results.
</p><p style="margin: 0px"> </p><p style="margin: 0px">• <i>Market Risk:</i> Overall securities market risks may affect the value of individual securities in which the Fund invests. Factors such as foreign and domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets.
</p><p style="margin: 0px"> </p><p style="margin: 0px">• <i>REIT Risk:</i> An equity REIT’s performance depends on the types and locations of the rental properties it owns and on how well it manages those properties. Real estate values rise and fall in response to a variety of factors, including local, regional and national economic conditions, changes in interest rates and property taxes.
</p><p style="margin: 0px"> </p><p style="margin: 0px">• <i>Sector Risk:</i> To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events.
</p><p style="margin: 0px"> </p><p style="margin: 0px">• <i>Small and Medium Capitalization Risk:</i> The value of a small or medium capitalization company securities may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.
</p><p style="margin: 0px"> </p><p style="margin: 0px">• <i>Turnover Risk:</i> A higher portfolio turnover will result in higher transactional and brokerage costs. Active trading of securities may also increase the Fund’s realized capital gains or losses, which may increase the taxes you pay as a Fund shareholder and reduces after-tax returns if Fund shares are held in a taxable account.</p>
<p style="margin: 0px"><b>Performance:</b></p>
<p style="margin: 0px"><b>Performance:</b></p>
<p style="margin: 0px">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 the performance of the Fund’s Class A shares for the last seven calendar years. Returns for Class C shares and Class I shares, which are not presented in the bar chart, will vary from the return for the Class A shares to the extent the expenses of such classes differ. The performance table compares the performance of the Fund’s Class A, Class C and Class I 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. Performance reflects expense reimbursements in effect. If expense reimbursements were not in place, the Fund’s performance would be reduced. Updated performance information is available at no cost by calling 1-888-9-COPELAND (1-888-926-7352).</p>
<p style="margin: 0px">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 the performance of the Fund’s Class I shares for the last five calendar years. Returns for Class A shares and Class C shares, which are not presented in the bar chart, will vary from the return for the Class I shares to the extent the expenses of such classes differ. The performance table compares the performance of the Fund’s Class A, Class C and Class I 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. Performance reflects expense reimbursements in effect. If expense reimbursements were not in place, the Fund’s performance would be reduced. Updated performance information is available at no cost by calling 1-888-9-COPELAND (1-888-926-7352).</p>
<p style="margin: 0px; text-align: center"><b>Class A Annual Total Return For Year Ended December 31</b></p>
<p style="margin: 0px; text-align: center">Returns do not reflect sales charges, and would be lower if they did.</p>
<p style="margin: 0px; text-align: center"><b>Class I Annual Total Return For Year Ended December 31</b></p>
<p style="margin: 0px; text-align: center">Returns do not reflect sales charges, and would be lower if they did.</p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"><tr><td style="width: 44%; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><b>Best
Quarter:</b></td>
<td style="width: 31%; padding-top: 1pt; padding-bottom: 1pt; text-align: center">3/31/2013</td>
<td style="width: 25%; padding-top: 1pt; padding-bottom: 1pt; text-align: center">11.58%</td></tr>
<tr>
<td style="padding-top: 1pt; padding-bottom: 1pt; text-align: center"><b>Worst Quarter:</b></td>
<td style="padding-top: 1pt; padding-bottom: 1pt; text-align: center">9/30/2011</td>
<td style="padding-top: 1pt; padding-bottom: 1pt; text-align: center">(6.93)%</td></tr></table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"><tr><td style="width: 44%; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><b>Best
Quarter:</b></td>
<td style="width: 31%; padding-top: 1pt; padding-bottom: 1pt; text-align: center">6/30/2017</td>
<td style="width: 25%; padding-top: 1pt; padding-bottom: 1pt; text-align: center">7.84%</td></tr>
<tr>
<td style="padding-top: 1pt; padding-bottom: 1pt; text-align: center"><b>Worst Quarter:</b></td>
<td style="padding-top: 1pt; padding-bottom: 1pt; text-align: center">12/31/2016</td>
<td style="padding-top: 1pt; padding-bottom: 1pt; text-align: center">(7.23)%</td></tr></table>
<p style="margin: 0px; text-align: center"><b>Performance Table</b></p>
<p style="margin: 0px; text-align: center"><b>Average Annual Total Returns</b></p>
<p style="margin: 0px; text-align: center"><b>(For The Period Ended December 31, 2017) </b></p>
<p style="margin: 0px; text-align: center"><b>Performance Table</b></p>
<p style="margin: 0px; text-align: center"><b>Average Annual Total Returns</b></p>
<p style="margin: 0px; text-align: center"><b>(For The Period Ended December 31, 2017) </b></p>
<p style="margin: 0px">After-tax returns above are shown for Class A shares of the Fund; after-tax returns for the Fund’s Class C and Class I shares will vary. 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”).</p>
<p style="margin: 0px">After-tax returns above are shown for Class A shares of the Fund; after-tax returns for the Fund’s Class C and Class I shares will vary. 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”).</p>
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<p style="margin: 0px">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="margin: 0px">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
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.2432
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Return before taxes
Return before taxes
Return before taxes
Return before taxes
0.1865
0.1978
0.2316
0.2432
0.2395
0.1406
0.0964
0.0370
0.0458
0.0446
0.0355
2012-01-05
2013-03-01
2012-12-17
2012-12-17
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50000
50000
You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.
You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.
2019-03-31
2019-03-31
0.27
.88
Under normal market conditions, the Fund invests at least 80% of its net assets (including borrowings for investment purposes) in securities that have increased their dividend for a minimum of five consecutive years.
Under normal market conditions, the Fund invests at least 80% of its net assets (including borrowings for investment purposes) in securities that have increased their dividend for a minimum of three consecutive years.
As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.
As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.
The bar chart and performance table below show the variability of the Funds returns, which is some indication of the risks of investing in the Fund.
The bar chart and performance table below show the variability of the Funds returns, which is some indication of the risks of investing in the Fund.
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.
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.
1-888-9-COPELAND (1-888-926-7352)
1-888-9-COPELAND (1-888-926-7352)
Returns do not reflect sales charges, and would be lower if they did.
Returns do not reflect sales charges, and would be lower if they did.
Best Quarter:
Best Quarter:
2013-03-31
2017-06-30
0.1158
0.0784
Worst Quarter:
Worst Quarter:
2011-09-30
2016-12-31
-0.0693
-0.0723
Index returns assume reinvestment of dividends. Unlike the Fund's returns, however, they do not reflect any fees or expenses.
Index returns assume reinvestment of dividends. Unlike the Fund's returns, however, they do not reflect any fees or expenses.
After-tax returns above are shown for Class A shares of the Fund; after-tax returns for the Funds Class C and Class I shares will vary.
After-tax returns above are shown for Class A shares of the Fund; after-tax returns for the Funds Class C and Class I shares will vary.
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.
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").
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").
Maximum Deferred Sales Charge (load) may be charged only on shares redeemed within the first 18 months after their purchase.
The Fund's adviser has contractually agreed to waive its fees and/or absorb expenses of the Fund, until at least March 31, 2019, to ensure that total annual fund operating expenses after fee waiver and/or expense reimbursement (exclusive of any taxes, leverage interest, borrowing interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, acquired fund fees and expenses or extraordinary expenses such as litigation) will not exceed 1.45% of the daily average net asset value of Class A shares, 2.20% of the daily average net asset value of Class C shares and 1.30% of the daily average net asset value of Class I shares; subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved without exceeding the lesser of the expense limitation in effect at the time of the deferral and at the time of the repayment. This agreement may be terminated by the Fund's Board of Trustees on 60 days' written notice to the adviser.
The inception date of the Fund's Class A shares is December 28, 2010. The inception date of the Fund's Class C shares is January 5, 2012. The inception date of the Fund's Class I shares is March 1, 2013.
The S&P 500 Index is an unmanaged market capitalization-weighted index of 500 of the largest capitalized U.S. domiciled companies. The Russell 3000 Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. Index returns assume reinvestment of dividends. Unlike the Fund's returns, however, they do not reflect any fees or expenses. An investor cannot invest directly in an index. The "Since Inception" performance shown for the S&P 500 Index and Russell 3000 Index utilizes the inception date of each share class, respectively, as shown in note (2) above.
Performance reflects the deduction of the maximum sales charge of 5.75%.
The Fund's adviser has contractually agreed to waive its fees and/or absorb expenses of the Fund, until at least March 31, 2019, to ensure that total annual fund operating expenses after fee waiver and/or expense reimbursement (exclusive of any taxes, leverage interest, borrowing interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, acquired fund fees and expenses or extraordinary expenses such as litigation) will not exceed 1.60%, 2.35%, or 1.45% of the daily average net asset value of Class A, Class C, and Class I shares, respectively, subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved without exceeding the lesser of the expense limitation in effect at the time of the deferral and at the time of the repayment. This agreement may be terminated by the Fund's Board of Trustees on 60 days' written notice to the adviser.
The Fund commenced operations on December 17, 2012 in all three share classes.
The MSCI World ex U.S. (net) Index is a free float adjusted market capitalization index designed to measure equity market performance in the global developed markets excluding holdings in the United States. Index returns are net of any withholding taxes and assume reinvestment of dividends. Unlike the Fund's returns, however, they do not reflect any fees or expenses. An investor cannot invest directly in an index. The performance shown for the MSCI World ex U.S. (net) Index Since Inception utilizes the inception date of each Class, which is December 17, 2012.