Fees & Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
  Advisor Class Institutional Class
Shareholder Fees:
(fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases None None
Maximum deferred sales charge (load) None None
Redemption fee if redeemed within 90 days of purchase (as a percentage of amount redeemed, if applicable) 2.00% 2.00%
Wire fee $20.00 $20.00
Overnight check delivery fee $25.00 $25.00
Retirement account fees (annual maintenance and redemption requests) $15.00 $15.00
Annual Fund Operating Expenses:
(expenses that you pay each year as a percentage of the value of your investment)
Management fees 0.90% 0.90%
Distribution (Rule 12b-1) fee 0.25% None
Other expenses (includes shareholder servicing fees of up to 0.15%) 0.30% 0.30%
Acquired fund fees and expenses 0.03% 0.03%
Total annual fund operating expenses 1.48% 1.23%
Fee waiver and/or expense reimbursements (0.05%) (0.05%)
Total annual fund operating expenses after fee waiver and/or expense reimbursements 1.53% 1.28%

 

The Fund’s advisor has contractually agreed to waive its fees and/or absorb expenses of the Fund to ensure that total annual fund operating expenses (excluding taxes, leverage interest, brokerage commissions, dividend expenses on short sales, acquired fund fees and expenses as determined in accordance with Form N-1A, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation) do not exceed 1.50% and 1.25% of average daily net assets for Advisor Class and Institutional Class Shares, respectively. This agreement is in effect until March 31, 2016, and it may be terminated before that date only by the Trust’s Board of Trustees. The Fund’s advisor is permitted to seek reimbursement from the Fund, subject to limitations, for fees it waived and Fund expenses it paid for three years from the date of any such waiver or payment.

The Gavekal KL Allocation Fund is distributed by IMST Distributors, LLC.

Please consider the Fund’s investment objectives, risks, charges and expenses before investing. The prospectus or summary prospectus that contains this and other information about the Fund, is available by calling 888.998.9890 and should be read carefully.

The value of the securities held by the Fund will change due to general market and economic conditions and industry perceptions. Investments in non-US issuers may involve unique risks. Currency fluctuation, adverse political, economic or social developments could undermine the value of the Fund’s investments. The securities of mid-cap companies may be subject to more abrupt or erratic market movements and may have lower trading volumes.
 
Many of the risks with respect to foreign investments are more pronounced for investments in issuers in developing or emerging market countries. An investment in a fund that is less diversified across countries or geographic regions is generally riskier than an investment in a more geographically diversified fund.
 
“Acquired fund fees and expenses” has been estimated for the current fiscal year. Actual expenses may differ from estimates.

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