Performance data quoted represents past performance; past performance does not guarantee future results. Net Fund Operating Expenses are contractually capped at 3.99% for ALPHX and APHAX, at 4.74% for APHCX, at 2.99% for ALPIX, at 2.99% for HLSAX, HFIAX, HMFAX, at 2.49% for HLSIX, HFINX, and HMFIX and at 2.25% for HHSIX, through April 30, 2014, excluding dividends on short positions and interest on borrowing, as well as other extraordinary expenses. Net Fund operating expenses are 2.99% for ALPVX excluding dividends on short positions and interest on borrowing, as well as extraordinary expenses. Total Annual Fund Operating Expenses are 4.92% for ALPHX and APHAX, 5.67% for APHCX, 3.92% for ALPIX, 4.06% for HLSAX, 3.56% for HLSIX, 3.59% for HFIAX, 3.09% for HFINX, 3.24% for HHSIX, 3.10% for HMFAX, and 2.60% for HMFIX. 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. To obtain current performance information please call 877.569.2382. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses. Class C returns do not reflect a 1.00% contingent deferred sales charge which would be applied to shares sold within the first year of purchase and if reflected, would reduce the performance quoted. The average annual returns for Class A Shares “with sales charge” give effect to the deduction of the maximum sales charge of 4.75%. Class A Shares of Alpha Hedged Strategies Fund were not in existence prior to May 2, 2011. Class I Shares of Alpha Hedged Strategies Fund were not in existence prior to September 30, 2011 and have a minimum investment of $1 million. Performance for any periods prior to the inception date of Classes A and I, are based on the historical performance of the No Load Shares adjusted to assume the expenses associated with Class A or I Shares, respectively.

Important Disclosures and Risk Factors
Certain hedging techniques and leverage employed in the management of the Funds may accelerate the velocity of possible losses. Short selling involves the risk of potentially unlimited increase in the market value of the security sold short, which could result in potentially unlimited loss for the Funds. Derivatives involve investment exposure that may exceed the original cost and a small investment in derivatives could have a large potential impact on the performance of the Funds. Options held in the Funds may be illiquid and the fund manager may have difficulty closing out a position. Fixed Income instruments are exposed to credit and interest rate risks. Investing in lower-rated (“high-yield”) debt securities involves special risks in addition to the risks associated with investments in higher-rated debt securities, including a high degree of credit risk and liquidity risk. The Funds may also invest in:

• smaller capitalized companies-subject to more abrupt or erratic market movements than larger, more established companies
• foreign securities, which involve currency risk, different accounting standards and are subject to political instability;
• securities limited to resale to qualified institutional investors, which can affect their degree of liquidity;
• shares of other investment companies that invest in securities and styles similar to the Funds, resulting in a generally higher investment cost than from investing directly in the underlying shares of these funds.

The Funds intend to utilize these individual securities and hedging techniques in matched combinations that are designed to neutralize or offset the individual risks of employing these techniques separately. Some of these matched strategies include merger arbitrage, long/short equity, convertible bond arbitrage and fixed-income arbitrage. There is no assurance that these strategies will protect against losses. The Funds are non-diversified and therefore may invest in the securities of fewer issuers than diversified funds at any one time; as a result, the gains and losses of a single security may have a greater impact on the Funds’ share price.

Because the Funds are fund-of-funds, your cost of investing in the Funds will generally be higher than the cost of investing directly in the shares of the mutual funds in which it invests. By investing in the Funds, you will indirectly bear your share of any fees and expenses charged by the underlying funds, in addition to indirectly bearing the principal risks of the funds. Please refer to the summary prospectus or prospectus for more information about the Funds, including risks, fees and expenses.

Mutual fund investing involves risk; loss of principal is possible. Please consult an investment professional for advice regarding your particular circumstances. An investment in the Funds may not be suitable for all investors.

The Funds are offered only to United States residents, and information on this site is intended only for such persons. Nothing on this site should be considered a solicitation to buy or an offer to sell shares of the Funds in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

The HFRI Fund of Funds Composite Index is an equal weighted index of over 650 constituent hedge fund of funds that invest over a broad range of strategies.

The HFRX Relative Value Fixed Income Corporate Index: Investment Managers who maintain positions in which the investment thesis is predicated on realization of a valuation discrepancy in the relationship between multiple securities. Managers employ a variety of fundamental and quantitative techniques to establish investment theses. Fixed income strategies are typically quantitatively driven to measure the existing relationship between instruments and, in some cases, identify attractive positions in which the risk adjusted spread between these instruments represents an attractive opportunity for the investment manager. The index is an uninvestable, unmanaged index.

The HFRX Equity Hedge Index is an uninvestable, unmanaged index that is compiled by Hedge Fund Research, Inc. It is comprised solely of hedge funds, and is designed to be representative of the overall composition of the hedge fund universe implementing a long/short equity strategy. Returns presented are net of underlying manager fees, but do not reflect the deduction of management fees, taxes and other expenses.

HFRX Macro: Systematic Diversified CTA Index is an unmanaged index comprised of strategies that have investment processes typically as function of mathematical, algorithmic and technical models, with little or no influence of individuals over the portfolio positioning. Strategies which employ an investment process designed to identify opportunities in markets exhibiting trending or momentum characteristics across individual instruments or asset classes.