|Q1 2013||Since Inception|
|RiverNorth/Manning & Napier Dividend Income Fund, Class I||9.98%||15.22%|
|RiverNorth/Manning & Napier Dividend Income Fund, Class R||9.92%||15.16%|
Performance data quoted represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling (888) 848-7569. Total return measures net investment income and capital gain or loss from portfolio investments. All performance shown assumes reinvestment of dividends and capital gains distributions.
The Total Annual Operating Expense for the Fund as disclosed in the prospectus dated February 1, 2013: 1.66% (RNDIX), 1.91% (RNMNX)1. The adviser has contractually agreed to defer the collection of fees and/or reimburse expenses, but only to the extent necessary to limit Total Annual Fund Operating Expenses (excluding brokerage fees and commissions; borrowing costs, such as (a) interest and (b) dividends on securities sold short; taxes; indirect expenses incurred by the underlying funds in which the Fund invests; and extraordinary expenses) to 1.35% (RNDIX) and 1.60% (RNMNX)2 of the average daily net assets of the Fund through January 31, 2014.
1 Fees estimated for the first full fiscal year.
2 Exclusive of brokerage fees and commissions; borrowing costs, such as (a) interest and (b) dividends on securities sold short; taxes; indirect expenses incurred by the underlying funds in which the Fund invests; and extraordinary expenses.
Fund Risks - Convertible Security Risk: the market value of convertible securities adjusts with interest rates and the value of the underlying stock. Currency Risk: foreign currencies will rise or decline relative to the U.S. dollar. Equity Risk: the value of equity securities changes frequently. Fixed Income Risk: the market value of fixed income securities adjusts with interest rates and the securities are subject to issuer default. Foreign/Emerging Market Risk: foreign securities may be subject to inefficient or volatile markets, different regulatory regimes or different tax policies. These risks may be enhanced in emerging markets. Investment Style Risk: investment strategies may come in and out of favor with investors and may underperform or outperform at times. Mid-Cap Risk: mid-cap companies may be more susceptible to adverse business or economic events than large-cap companies. Management Risk: there is no guarantee that the adviser’s or sub-adviser’s investment decisions will produce the desired results. Market Risk: economic conditions, interest rates and political events may affect the securities markets. New Fund Risk: The Fund is a new mutual fund with limited operating history. Portfolio Turnover Risk: increased portfolio turnover results in higher brokerage expenses and may impact the tax status of distributions. Preferred Stock Risk: preferred stocks generally pay dividends, but may be less liquid than common stocks, have less priority than debt instruments and may be subject to redemption by the issuer. Small-Cap Risk: small-cap companies are more susceptible to failure, are often thinly traded and have more volatile stock prices. Swap Risk: swap agreements are subject to counterparty default risk and may not perform as intended. Tax Risk: new federal or state governmental action could adversely affect the tax-exempt status of securities held by the Fund, resulting in higher tax liability for shareholders and potentially hurting Fund performance as well. Underlying Fund Risk: underlying funds have additional fees, may utilize leverage, may not correlate to an intended index and may trade at a discount to their net asset values.