ATACX

ATAC Rotation Fund Performance

Average Annual Total Returns as of Month Ending: 11/30/20

YEAR TO DATE 1 YEAR 5 YEAR

SINCE INCEPTION* ANNUALIZED

SINCE INCEPTION*

CUMULATIVE

ATAC ROTATION FUND (INVESTOR)

55.17%

56.45%

13.59%

10.22%

122.51%

ATAC ROTATION FUND (INSTITUTIONAL)**

55.50%

56.84%

13.88%

10.50%

127.22%

Average Annual Total Returns as of Quarter Ending: 09/30/20

YEAR TO DATE 1 YEAR 5 YEAR

SINCE INCEPTION* ANNUALIZED

SINCE INCEPTION*

CUMULATIVE

ATAC ROTATION FUND (INVESTOR) 48.75% 48.35% 12.24% 9.86% 113.31%
ATAC ROTATION FUND (INSTITUTIONAL)** 49.01% 48.72% 12.53% 10.14% 117.73%

Ordinary Income Rate

Fund

Record Date

Ex-Date

Distribution

Rate/Share

ATAC Rotation Fund - Investor Class Shares

12/29/2020

12/30/2020

       0.03324430 

ATAC Rotation Fund - Institutional Class Shares

12/29/2020

12/30/2020

       0.08657793 

Short-Term Capital Gains Rate

Fund

Record Date

Ex-Date

Distribution

Rate/Share

ATAC Rotation Fund - Investor Class Shares

12/29/2020

12/30/2020

              5.99166 

ATAC Rotation Fund - Institutional Class Shares

12/29/2020

12/30/2020

              5.99166 

Performance data quoted represents past performance and 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. Fund performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 1-855-ATACFUND.

*The ATAC Rotation Fund (Investor) inception date is 9-10-12. The ATAC Rotation Fund (Institutional) inception date it 3-26-18.

Investor Class:
Gross Expense Ratio (Investor): 2.14%
Net Expense Ratio^: 1.95%
Investor pays the 1.95% expense ratio.

Institutional Class:
Gross Expense Ratio: 1.89%
Net Expense Ratio^: 1.70%
Investor pays the 1.70% expense ratio.

Toroso Investments, LLC (the “Adviser”) has contractually agreed to waive a portion or all of its management fees and reimburse Fund expenses, in order to ensure that Total Annual Fund Operating Expenses (excluding certain expenses such as taxes, leverage interest, interest expense, dividends paid on short sales, brokerage commissions, AFFE, or extraordinary expenses) do not exceed 1.74% of the average daily net assets of the Fund’s Investor Class shares and do not exceed 1.49% of the average daily net assets of the Fund’s Institutional Class shares. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such fee waiver and expense payment was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and expense payment occurred and the expense limit in place at the time of recoupment. The Operating Expenses Limitation Agreement is indefinite, but cannot be terminated through at least May 1, 2022. Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Trust’s Board of Trustees (the “Board”) or the Adviser, with the consent of the Board. Investment performance reflects fee waivers in effect. In the absence of such waivers, total returns would be reduced.

**Performance shown for the periods prior to the inception of the Institutional Class is based on the performance for the Investor Class shares, adjusted for the lower expenses applicable to the Institutional Class.

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ATACX

ATAC ROTATION FUND

ATACX had an Overall Morningstar Rating of 5 Stars out of 224 Tactical Allocation Funds as of 9/30/2020 based on risk adjusted returns.

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating™ for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

In each Morningstar Category, the 10% of funds with the lowest measured risk are described as Low Risk, the next 22.5% Below Average, the middle 35% Average, the next 22.5% Above Average, and the top 10% High. Morningstar Risk is measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the fund. Funds with less than three years of performance history are not rated.

The ATAC Rotation Investor (ATACX) received 5 stars for the 3- and 5-year time periods among 224 and 185 Tactical Allocation funds for the period ending 9/30/20. Ratings for other share classes may differ.

©2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.