AXS Merger Fund

Class I: GAKIX Investor: GAKAX

Fund Overview

A pure-play merger arbitration strategy that seeks to achieve positive risk-adjusted returns with less volatility than the equity markets by investing in securities of companies in publicly announced mergers and other corporate events.

Investor Benefits

Selects a high conviction portfolio of 25-50 publicly announced transactions seeking to maximize merger spread and minimize deal risk

A portfolio diversifier that seeks to offer equity exposure with low bond-like volatility and low correlation to major asset classes

Actively managed by Kellner Capital, a pioneer with a 40-year proven track record managing merger arbitrage strategies

Fund Details

Class I Shares

Ticker: GAKIX
CUSIP: 46141T190
Inception Date: 6/29/2012
Distribution Frequency: Quarterly
Management Fees: 1.25%
Total Operating Expense*: 2.39%
Net Expense*: 1.88%

Investor Class Shares

Ticker: GAKAX
CUSIP: 46141T216
Inception Date: 6/29/2012
Distribution Frequency: Quarterly
Management Fees: 1.25%
Total Operating Expense*: 2.64%
Net Expense*: 2.13%

* The Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-1A), expenses incurred in connection with any merger or reorganization and extraordinary expenses such as litigation expenses) do not exceed 1.50% and 1.75% of the average daily net assets of Class I and Investor Class shares of the Fund, respectively, through at least 1/31/2025.

Portfolio Manager

Kellner Capital is one of Wall Street's most seasoned hedge fund managers with a 40-year continuous operating history. Founded in 1981, the boutique firm has an extensive, consistent and highly successful track record with positive returns in 33 out of 38 years. Kellner Capital employs a pure-play fundamental approach to merger arbitrage by investing in publicly announced mergers. The Kellner investment team averages over 25 years of merger arbitrage investment experience and has successfully navigated various market environments to generate its strong long-term performance.

George Kellner bw

George Kellner

Chris Pultz 2016

Chris Pultz

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Mutual funds involve risk including possible loss of principal. There is no assurance that the Fund will achieve its investment objective.

Investments in companies that are the subject of a publicly announced transaction carry the risk that the proposed or expected transaction may not be completed or may be completed on less favorable terms than originally expected, which may lower the Fund’s performance. Investments in foreign securities involve greater volatility and political, economic and currency risks and difference in accounting methods. Investments in small and medium sized companies involve additional risks such as limited liquidity or greater volatility. Derivatives involve special risks including correlation, counterparty, liquidity, operational, accounting and tax risks. These risks, in certain cases, may be greater than the risks presented by more traditional investments. The Fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested. The Fund may use leverage, which may exaggerate the effect of any increase or decrease in the value of portfolio securities or the Net Asset Value of the Fund, and money borrowed will be subject to interest costs. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. The Fund’s investment in REITs and securities of MLPs will subject the Fund to risks associated with direct ownership of real estate and master limited partnerships.