IMPORTANT DISCLOSURE INFORMATION
Please consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. To obtain a prospectus, please call 855-592-7336 or visit www.ardenfunds.com to download a prospectus online. The Fund is distributed by Arden Securities, LLC. Please read the Fund's prospectus carefully before investing.
Principal Risks: The Fund’s investments are subject to a variety of risks which cause the Fund’s net asset value to fluctuate. Therefore, the value of your investment in the Fund could decline and you could lose money. The actual risk exposure taken by the Fund in its investment program will vary over time, depending on various factors including, but not limited to, the Adviser’s allocation decisions. Many of the Fund’s strategies involve “speculative” investment programs. Thus, as an investor in the Fund, you could be subject to much greater risk of loss than an investor in other more traditional mutual funds. Also, there is no assurance that the Adviser or the Sub-Advisers will achieve the Fund’s objective.
As an investor in the Fund, your investment is subject to various risks, such as: Event-Driven Trading: Involves the risk that the special situation identified may not occur as anticipated and that this has a negative impact upon the market price of a stock. Risks of Foreign Investing: The Fund may invest in foreign securities, which are subject to risks in addition to the risks normally associated with domestic securities of the same type, such as: Country risk which refers to the potentially adverse political, economic, and other conditions of the country, and Currency risk which refers to the constantly changing exchange rate between a local currency and the U.S. dollar, and Custody risk which refers to the process of clearing and settling Fund trades. Emerging and Developing Markets Risk: The Fund may invest in securities of companies located or traded in developing or emerging markets. The foregoing risks of foreign investing are more pronounced with respect to these securities due to the dramatic pace of change (economic, social and political) in these countries. Liquidity Risk: The risk arising from a lack of marketability of certain securities, which may make it difficult or impossible to sell at desirable prices in order to minimize loss. Derivatives Risk: Derivatives are financial instruments that have a value which depends upon, or is derived from, the value of something else, such as one or more underlying securities, pools of securities, options, futures, indexes or currencies. Gains or losses involving derivative instruments may be substantial, because a relatively small price movement in the underlying security(ies), instrument, currency or index may result in a substantial gain or loss; thus, these instruments could increase, sometimes substantially, the Fund’s volatility. Derivatives will expose the Fund to counterparty credit risk (i.e. the risk that a counterparty to the derivative instrument becomes bankrupt, insolvent, enters administration, liquidates or otherwise fails to perform its obligations due to financial difficulties, and the Fund may obtain no recovery of its investment, and any recovery may be delayed), leverage risk, and liquidity risk, among others. Short Sales: Short sales are expected to comprise a significant component of the Fund’s investment strategy. It is considered a speculative investment practice and may subject the Fund to unlimited losses and/or may limit gains that would have otherwise been realized. Debt Securities: Debt securities held by the Fund are subject to credit risk and interest rate risk. Credit risk is that the issuer may not be able to meet its principal or its interest-payment obligations. Interest rate risk is the risk that fluctuations in market interest rates cause fluctuations in the values of the Fund’s debt securities. Convertible Securities: Convertible securities held by the Fund may carry risks associated with both common stock and fixed-income securities. Leverage Risk: Leverage occurs when the Fund increases its assets available for investment using borrowings, securities lending, short sales, derivatives, or similar instruments or techniques. The Fund may engage in direct borrowings from banks, and may enter into derivatives, short sales, and other transactions, all of which subject the Fund to leverage which is a speculative investment practice that can increase substantially the Fund’s volatility. Portfolio Turnover: The Fund may engage in short-term trading. This means that the Fund may buy a security and sell that security a short period of time after its purchase. Short-term trading causes the Fund to have a high portfolio turnover rate, which could, in turn, generate higher transaction costs (due to commissions or dealer mark-ups and other expenses), and reduce the Fund’s investment performance. In addition, a high level of short-term trading may increase the amount of taxable income recognized by shareholders of the Fund, may reduce the after-tax returns of the shareholders, and in particular, may generate short-term capital gains, which are taxed at ordinary income tax rates.
See prospectus for further details of risks to which the Fund is subject.
Shares of the Fund may fall in value and there is a risk that you could lose money by investing in the Fund. Alternative investments are speculative and involve a high degree of risk.