AXS Multi-Strategy Alternatives Fund

Class I: KCMIX     Class R1: KCMTX

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Objective                 Investor Benefits                 Fund Details                 Sub-Adviser                Fund Literature

Offers a core alternative investment in an actively managed mutual fund with the ability to invest globally in a wide variety of asset classes and strategies.

OBJECTIVE

Seeks long-term growth of capital and, as a secondary goal, the Fund seeks to manage volatility and market risk.

INVESTOR BENEFITS

Opportunity set includes equity, fixed income, commodities, REITs, currencies, alternatives, bonds, ETFs, options, futures and swaps.

Dynamic allocation allows for rotation into more attractive sectors and strategies as market conditions change.

Seeks to generate returns that are less correlated to the overall direction of markets in an effort to mitigate downside.

FUND DETAILS

Fund Details

Ticker: KCMIX
CUSIP: 46141T455
Inception Date: 3/20/2017
Distribution Frequency: Annual
Management Fees: 1.0%
Total Operating Expense: 1.23%
Net Expense*: 1.23%

 

 

Fund Details

Ticker: KCMTX
CUSIP: 46141T448
Inception Date: 8/4/2008
Distribution Frequency: Annual
Management Fees: 1.0%
Total Operating Expense: 1.48% 
Net Expense*: 1.48%

 

 

*The Institutional share class does not contain a 12b-1 fee, whereas R1 (for retail investors) does. The expense ratio will drop accordingly as AUM increases. Please see the prospectus for more information. The Fund’s investment advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that the Fund’s total annual operating expenses do not exceed on an annual basis: 1.51% Class I, and 1.68% Class R1 of the Fund’s average daily net assets through at least October 19, 2021.

SUB-ADVISER

Kerns Capital Management ("KCM") is an institutional asset manager that delivers innovative investment solutions for pensions, endowments, foundations, family offices and high net worth individuals and retirement plans.

KCM specializes in multi-strategy alternative investments and has received broad industry recognition for its long track record of strong, stable returns.

Martin Kerns II

Martin Kerns, II
President

Parker Binion.jpg

Parker Binion
Chief Investment Officer

FUND LITERATURE

Fact Sheet

Fund Commentary

Sub-Adviser Profile

Summary Prospectus

Prospectus

SAI

Distributions

There is no assurance that the Fund will achieve its investment objective.

The Fund may invest in small, less well-known companies, which may be subject to more erratic market movements than large cap stocks; foreign securities, which are subject to currency fluctuations and political uncertainty; and derivative securities, which may carry market, credit and liquidity risks. The Fund may also engage in short selling activities, which are more risky than long positions because the potential loss on a short sale is unlimited. The Fund may use leveraging and/or hedging techniques that could fail if changes in the value of the derivative do not correlate with the securities being hedged. These risks may result in greater share price volatility.

Risks of futures contracts may arise from an imperfect correlation between movements in the price of the instruments and the price of the underlying securities. The Fund’s use of futures contracts exposes the Fund to leverage risk because of small margin requirements relative to futures contract value. Swap transactions may alter the Fund’s exposure to long-term or short-term interest rates, foreign currency values, corporate borrowing rates, or other factors such as security prices or inflation rates and also may alter the Fund’s volatility. Selling covered calls limits the upside potential of the underlying security. Selling put options may require the Fund to purchase the underlying securities during periods of declining prices. Premiums paid to purchase options lose value over time and may be lost entirely, if the option expires before it is feasible to be exercised. The protection from selling puts is limited to the strike price minus the premium paid. Investing in REITs involves risks similar to those associated with investing in small capitalization companies. Generally, fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall. Exposure to the commodities markets (including financial futures markets) may subject the Fund to greater volatility.

Lipper, Inc: The Best Alternative Global Macro Fund award is granted to the fund in the Alternative Global Macro category with the highest Lipper Leader score for Consistent Return over the 5-year period as of 11/30 of the prior year. Lipper awards are granted annually to the funds in each Lipper classification that achieve the highest score for Consistent Return, a measure of funds’ historical risk-adjusted returns, relative to peers. Lipper Awards from Refinitiv, © 2020 Refinitiv. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited. Lipper, a wholly owned subsidiary of Refinitiv, is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries and media organizations.

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