Balter Discretionary Global Macro Fund

BGMIX

Investment Strategy

The Balter Discretionary Global Macro Fund seeks to generate positive absolute returns in most market environments. The Fund intends to meet this objective by investing long and short in international currencies, global interest rates, precious and base metals, grains, energy and stock indices. The Fund is sub-advised by Willowbridge Associates who will manage the Fund by utilizing their wPraxis 1x Strategy. wPraxis employs a research driven process, implementing trades that represent the best thinking of Portfolio Managers Phil Yang and Frank Marrapodi. Each position that enters the portfolio must be agreed upon by both PMs, while the elimination of the trade requires a sole vote. The ideas that populate the portfolio will typically fall between the intersection of value and momentum.

wPraxis Trade Implementation Process

Willowbridge Associates

The Balter Discretionary Global Macro Fund seeks to generate positive absolute returns in most market environments. The Fund intends to meet this objective by trading a portfolio consisting primarily of spot, forwards, options and futures contracts on currencies, financial instruments and commodities, and equities. The Fund is sub-advised by Willowbridge Associates who will manage the portfolio by utilizing their wPraxis Trading Approach at 1x leverage. wPraxis employs a research driven process, implementing trades that represent the different perspectives of Co-Portfolio Managers Philip L. Yang, Jr. and Frank Marrapodi. Each position that enters the portfolio must be agreed upon by both PMs, while any position may be exited unilaterally by either PM. The ideas that populate the portfolio will typically fall between the intersection of value and momentum.

References to other mutual funds or products should not be interpreted as an offer of these securities.

Performance through July 31, 2017
Monthly (7/31/17) MTD 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since Inception*
BGMIX -0.62% -1.12% -1.92% -1.12% -1.13%
MSCI ACWI 2.79% 5.54% 14.59% 17.06% 6.22% 10.85% 4.16% 6.22%
Morningstar Multi-Alt Cat. 0.71% 1.00% 2.99% 2.69% 0.54% 1.47% 0.46% -0.51%
Performance through June 30, 2017
Quarterly (6/30/17) MTD 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since Inception*
BGMIX -0.10% -0.61% -1.32% -0.51% -0.88%
Management Fee: 1.70%
Total operating fund expenses as of 03/01/17: (Gross) 2.15%.  After fee waiver (Net) 1.89%**
* Fund Inception: 05/28/15** Pursuant to an operating expense limitation agreement between Balter Liquid Alternatives, LLC (the “Adviser”) and the Fund, the Adviser has agreed to waive its fees and/or absorb expenses of the Fund to ensure that Total Annual Fund Operating Expenses (excluding any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary expenses such as litigation) for the Fund do not exceed 1.89% and 2.19% of the Fund’s average net assets, for Institutional Class and Investor Class shares, respectively, through February 28, 2018. This operating expense limitation agreement can be terminated only by, or with the consent of, the Board of Trustees. The Adviser is permitted to seek reimbursement from the Fund for fees it waived and Fund expenses it paid for the prior three fiscal years, as long as the reimbursement does not cause the Fund’s operating expenses to exceed the lower of the current expense cap or the expense cap in place at the time of the waiver or reimbursement.
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. The fund imposes a 1.00% redemption fee on shares sold within 60 days. For performance information current to the most recent month-end, please call toll free 855-854-7258.

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