May 2012 Funds in Registration

Bernzott U.S. Small Cap Value Fund

Bernzott U.S. Small Cap Value Fund will pursue long-term capital appreciation, primarily by investing in common stock of small cap US companies. They will target companies with a market capitalization of between $500 million and $5 billion. The Fund may also invest (a maximum of 20 % of assets) in real estate investment trusts (REITs) . The portfolio will be managed by Kevin Bernzott, CEO of Bernzott Capital Advisors, Scott T. Larson, CFA, CIO, and Thomas A. Derse, Senior Vice President. The team has no experience managing mutual funds but they have managed separate accounts using the same discipline since 1995.  The good news: over the past 3, 5 and 10 years, their separate accounts have beaten the Russell 2000 Value by 1-2% per year.  Bad news: the separate accounts beat their benchmark only about half the time, the number of separate accounts is down 80% from its peak, assets are down by 50%.  All of which might help explain the decision to launch this fund  The minimum investment for regular accounts is $25,000. IRA’s, Gift Accounts for minors and Automatic Investment Plans carry a minimum investment of $10,000.  The expense ratio is 0.95% after waivers.  There’s a 2% fee for redemptions before 30 days.

Contravisory Strategic Equity Fund (CSEFX)

Contravisory Strategic Equity Fund (CSEFX) seeks long-term capital appreciation. The Fund will invest at least 80% of its net assets in common stocks of companies of any market capitalization and other equity securities, including shares of exchange-traded funds (“ETFs”). Up to 20% of its net assets may also be invested in the stocks of foreign companies which are U.S. dollar denominated and traded on a domestic national securities exchange, including American Depositary Receipts (“ADRs”). The strategy is based on a proprietary quantitative/technical model, which uses internally generated research. A private database tracks over 2000 stocks, industry groups, and market sectors.  The goal is to create a portfolio which seeks capital appreciation primarily through the purchase of domestic equity securities.  The approach is designed to separate strong performing stocks from weak performing stocks within the equity markets. The Advisor will consider selling a security if it believes the security is no longer consistent with the Fund’s objective or no longer meets its valuation criteria. The fund’s management team will be headed by William M Noonan who is the president and CEO.  The minimum investment for regular and retirement accounts is $2500. There is a fee of 2.00% for redemptions within 60 days of purchase. The expense ratio is 1.51%.

The DF Dent Small Cap Growth Fund

The DF Dent Small Cap Growth Fund will seek long-term capital appreciation. To achieve this the fund will normally invest at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies with small market capitalizations. The Fund will target U.S.-listed equity securities, including common stocks, preferred stocks, securities convertible into U.S. common stocks, real estate investment trusts (“REITs”), American Depositary Receipts (“ADRs”) and exchange-traded funds (“ETFs”). While the fund will target companies that in the Adviser’s view possess superior long-term growth characteristics and have strong, sustainable earnings prospects and reasonably valued stock prices, it   may invest in companies that do not have particularly strong earnings histories but do have other attributes that in the Adviser’s view may contribute to accelerated growth in the foreseeable future.

The Fund’s portfolio will be managed by Matthew F. Dent and Bruce L. Kennedy, II, each a Vice President of D.F. Dent who are jointly responsible for the day-to-day management of the Fund.The minimum investment for both standard and retirement account is $2500.00. The redemption Fee ( within 60 days of purchase ) is 2.00%. There is an expense ratio of 1.10%

Jacobs Broel Value Fund

Jacobs  Broel Value Fund seeks long-term capital appreciation, and will invest in securities of companies of any market capitalization that the “Adviser” believes are undervalued. The Fund may invest in publicly traded equity securities, including common stocks, preferred stocks, convertible securities, and similar instruments of various issuers. The Adviser will focus on identifying companies that have good long-term fundamentals (e.g., financial condition, capabilities of management, earnings, new products and services) yet whose securities are currently out of favor with the majority of investors. The Fund will typically hold between 15-30 securities. The number of securities held by the Fund may occasionally exceed this range depending on market conditions. The Fund may, at times, hold up to 25% of its assets in cash. Up to a total of 25% of its assets may be invested in other investment companies, including exchange-traded funds and closed-end funds.  The fund is managed by Peter S. Jacobs and Jesse M. Broel. Mr. Jacobs is President and Chief Investment Officer of the Adviser and Mr. Broel is Portfolio Manager and Chief Operating Officer of the Adviser. The minimum investment is $5000.00 for regular accounts and $1000.00 for IRAs. There is a redemption fee of 2.99% ( funds held 90 days or less) and the expense ratio is 1.48%

Kellner Merger Fund

Kellner Merger Fund will seek positive risk-adjusted absolute returns with low volatility.  The Fund invests primarily  in equity securities of U.S. and foreign companies that are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations.  The types of equity securities in which the Fund may invest include common stocks, preferred stocks, limited partnerships, and master limited partnerships  of any size market capitalization. George A. Kellner (Founder & Chief Executive Officer) and Christopher Pultz (Managing Director) are the portfolio managers.  The minimum initial investment is $2000 for regular accounts, reduced to $100 for retirement accounts or those set up with automatic investment plans.  The expense ratio, after a fee waiver, will be 2.00%.

Logan Capital International Fund

Logan Capital International Fund will pursue long-term growth of capital and income.  They’ll invest primarily in dividend-paying, large-cap stocks (or ADRs) in developed foreign markets.  Among their other tools: up to 20% emerging markets, up to 15% in ETFs, up to 10% in options and up to 10% short.  Marvin I. Kline and Richard E. Buchwald of Logan Capital will manage the fund.  The team manages about a quarter billion in separately managed accounts, but there is no public report of their composite performance.  The minimum initial investment is $5000, reduced to $1000 for IRAs.  The expense ratio is 1.5%.  There’s a 1% redemption fee on shares held less than six months.

Logan Capital Large Cap Core Fund

Logan Capital Large Cap Core Fund will pursue long-term capital appreciation.  They’ll invest primarily in US stocks, with permissible capitalizations between $500 million and about $500 billion.  The anticipate 50-60% growth and 40-50% value, which they define as financially stable, high dividend yielding companies.  The managers combine macroeconomic projections with fundamental and technical analysis. Among their other tools: up to 20% international, up to 15% in ETFs, up to 10% in options and up to 10% short.  Al Besse, Stephen S. Lee and Dana H. Stewardson of Logan Capital will manage the fund.  The team manages almost two billion in separately managed accounts, but there is no public report of their composite performance. The minimum initial investment is $5000, reduced to $1000 for IRAs.  The expense ratio is 1.5%.  There’s a 1% redemption fee on shares held less than six months.

Logan Capital Large Cap Growth Fund

Logan Capital Large Cap Growth Fund will pursue long-term capital appreciation.  They’ll invest primarily in US stocks, with permissible capitalizations between $500 million and about $500 billion. The managers combine macroeconomic projections with fundamental and technical analysis. Among their other tools: up to 20% international, up to 15% in ETFs, up to 10% in options and up to 10% short.  Al Besse, Stephen S. Lee and Dana H. Stewardson of Logan Capital will manage the fund. The team manages almost two billion in separately managed accounts, but there is no public report of their composite performance.  The minimum initial investment is $5000, reduced to $1000 for IRAs.  The expense ratio is 1.5%.  There’s a 1% redemption fee on shares held less than six months.

Logan Capital Small Cap Growth Fund

Logan Capital Small Cap Growth Fund will pursue long-term capital appreciation.  They’ll invest primarily in US stocks, with permissible capitalizations between $20 million and about $4 billion. The managers combine macroeconomic projections with fundamental and technical analysis. Among their other tools: up to 20% international, up to 15% in ETFs, up to 10% in options and up to 10% short.  Al Besse, Stephen S. Lee and Dana H. Stewardson of Logan Capital will manage the fund. The team manages almost two billion in separately managed accounts, but there is no public report of their composite performance.  The minimum initial investment is $5000, reduced to $1000 for IRAs.  The expense ratio is 1.5%.  There’s a 1% redemption fee on shares held less than six months.

Longboard Managed Futures Strategy Fund

Longboard Managed Futures Strategy Fund, Class N shares, will seek positive absolute returns.  The Fund will hold a mix of fixed-income securities and futures and forward contracts.  Like other managed futures funds, it will invest globally in equities, energies, interest rates, grains, meats, soft commodities (such as sugar, coffee, and cocoa), currencies, and metals sector.  It may offer some emerging markets exposure. The fund will be managed by a team headed by Longboard’s CEO, Cole Wilcox.  Mr. Wilcox ran a managed futures hedge fund for Blackstar Funds, LLC, for eight years.  There’s no publicly-available record of that fund’s performance.  The minimum initial investment is $2500.  Expenses will start at 3.24% plus a 1% fee of shares held for fewer than 30 days.  The fund expects to launch in June, 2012.

Manning & Napier Strategic Income, Conservative

Manning & Napier Strategic Income, Conservative (“S” class shares) will be managed against capital risk and its secondary objective is to generate income and pursue capital growth. This will be a fund of Manning and Napier funds, with a flexible but conservative asset allocation.  It targets 15%-45% in equities (via Dividend Focus and Real Estate) and 55%-85% in bonds (through Core Bond and High Yield Bond).  The allocation will be adjusted based on the team’s reading of market conditions and valuations of the different asset classes.   It will be managed by the same large team that handles Manning’s other funds.  The expense ratio is set at 1.06% and the minimum initial investment is $2000.  The minimum is waived for accounts set up with an automatic investing plan.

Manning & Napier Strategic Income, Moderate

Manning & Napier Strategic Income, Moderate (“S” class shares) will pursue capital growth with the secondary objectives of generating income and managing capital risk. . This will be a fund of Manning and Napier funds, with a flexible asset allocation in the same range as most “moderate target” funds.  It targets 45%-75% in equities (via Dividend Focus and Real Estate) and 25%-55% in bonds (through Core Bond and High Yield Bond). The allocation will be adjusted based on the team’s reading of market conditions and valuations of the different asset classes.  It will be managed by the same large team that handles Manning’s other funds.  The expense ratio is set at 1.03% and the minimum initial investment is $2000.  The minimum is waived for accounts set up with an automatic investing plan.

Northern Multi-Manager Global Listed Infrastructure Fund

Northern Multi-Manager Global Listed Infrastructure Fund will seek total return through both income and capital appreciation. To achieve its objectives the Fund will invest, under normal circumstances, at least 80% of its net assets in securities of infrastructure companies listed on a domestic or foreign exchange. The Fund invests primarily in equity securities, including common stock and preferred stock, of infrastructure companies. The Fund will invest at least 40%, and may invest up to 100%, of its net assets in the securities of infrastructure companies economically tied to a foreign (non-U.S.) country, including emerging and frontier market countries. The Fund may invest in  infrastructure companies of all capitalizations. For a company to be considered it must derive at least 50% of its revenues or earnings from, or devotes at least 50% of its assets to, infrastructure-related activities. The Fund defines “infrastructure” as the systems and networks of energy.  The fund will be managed by Christopher E. Vella, CFA, who is a Senior Vice President and Chief Investment Officer. The management team also includes Senior Vice President Jessica K. Hart. The minimum initial investment is $2,500 in the Fund ($500 for an IRA; $250 under the Automatic Investment Plan; and $500 for employees of Northern Trust and its affiliates). There is a redemption fee of 2.00% (within 30 days of purchase), and the expense ratio is 1.10%

RiverNorth / Manning & Napier Equity Income Fund

RiverNorth / Manning & Napier Equity Income Fund (“R” class shares) will pursue overall total return consisting of long term capital appreciation and income. The advisor will allocate the fund’s assets between two distinct strategies, either one of which might hypothetically receive 100% of the fund’s assets.  One strategy is a Tactical Closed-End Fund Equity (managed by RiverNorth)  and the other is a Dividend Focus (managed by Manning & Napier). The amount allocated to each of the principal strategies may change depending on the adviser’s assessment of market risk, security valuations, market volatility, and the prospects for earning income and total return.   At base, you’re buying two very good funds,  RiverNorth Core Opportunity (RNCOX) and Manning & Napier Dividend Focus (MNDFX), in a single package and allowing the managers to decide how much go place in each strategy.  The RiverNorth sleeve and the fund’s asset allocation decisions are handled by Patrick Galley and Stephen O’Neill who also run RiverNorth Core Opportunity, and the M&N sleever is run by the team that runs all of the M&N funds. The expense ratio is not yet set.  The minimum initial investment is $5000 for regular accounts and $1000 for retirement accounts.

Swan Defined Risk Fund

Swan Defined Risk Fund seeks income and growth of capital. To achieve this the fund will invest primarily in: exchange-traded funds (“ETFs”) that invest in equity securities that are represented in the S&P 500 Index and/or individual sectors of the S&P 500 Index, exchange-traded long-term put options on the S&P 500 Index for hedging purposes, and buying and selling exchange-traded put and call options on various equity indices to generate additional returns. The fund will target equity securities of large capitalization (over $5 billion) US companies through ETFs, but it may also have small investments in equity securities of smaller and foreign companies through sector-based or S&P 500 Index ETFs. The adviser employs a proprietary “Defined Risk Strategy” (“DRS”) to select Fund investments.  Randy Swan, CPA, President of the adviser (and the creator of the DRS system back in 1997 ) serves as the portfolio manager. The minimum investment is $5000.00 and there is a redemption fee of 1.00% ( 30 days). The expense ratio is 1.80%.

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