The bar chart and performance table show the variability of the Fund’s returns over time, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Class A shares for each of the last ten calendar years. Although Class A1, Class I and Investor Class shares would have similar returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Class A1, Class I and Investor Class shares would be different from Class A shares because Class A1, Class I and Investor Class shares have different expenses than Class A shares. The performance table compares the performance of the Fund over time to the performance of a broad-based market index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.howardcmfunds.com or by calling 1-855-969-8464.
| Best Quarter: | 12/31/2020 | 18.24% |
| Worst Quarter: | 3/31/2020 | -16.87% |
The year-to-date return as of the most recent calendar quarter, which ended September 30, 2026, was 6.03%.
| One
Year |
Five Years |
Ten Years | |
| Class A shares | |||
| Return before taxes | 10.11% | 11.27% | 14.04% |
| Return after taxes on distributions | 9.97% | 9.46% | 12.18% |
| Return after taxes on distributions and sale of Fund shares | 6.09% | 8.24% | 10.86% |
| Class A1 shares | |||
| Return before taxes | 9.90% | 11.06% | 13.88% |
| Class I shares | |||
| Return before taxes | 17.10% | 12.89% | 14.92% |
| Investor Class shares | |||
| Return before taxes | 15.92% | 11.75% | 13.86% |
| S&P
500 TR Index(1) (reflects no deduction for fees, expenses or taxes) |
17.88% | 14.42% | 14.82% |
| (1) | The S&P 500 TR Index is a widely accepted, unmanaged index of U.S. stock market performance which does not take into account charges, fees and other expenses. Investors cannot invest directly in an index or benchmark. |
After-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns for the share classes which are not presented will vary from the after-tax returns of Class A shares.
The bar chart and performance table below show the variability of the Fund’s returns over time, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Class A shares for each of the last ten calendar years. Although Class I and Investor Class shares would have similar returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Class I and Investor Class shares would be different from Class A shares because Class I and Investor Class shares have different expenses than Class A shares. The performance table compares the performance of the Fund over time to the performance of a broad-based market index and a supplemental index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.howardcmfunds.com or by calling 1-855-969-8464.
| Best Quarter: | 6/30/2020 | 26.81% |
| Worst Quarter: | 12/31/2018 | -22.06% |
The year-to-date return as of the most recent calendar quarter, which ended September 30, 2026, was 10.74%.
| One Year |
Five Years |
10 Years | |
| Class A shares | |||
| Return before taxes | 10.67% | 11.09% | 15.89% |
| Return after taxes on distributions | 9.88% | 10.00% | 15.09% |
| Return after taxes on distributions and sale of Fund shares | 6.71% | 8.39% | 13.17% |
| Class I shares | |||
| Return before taxes | 17.74% | 12.71% | 16.73% |
| Investor Class shares | |||
| Return before taxes | 16.56% | 11.58% | 15.71% |
| S&P
500 TR Index(1) (reflects no deduction for fees, expenses or taxes) |
17.88% | 14.42% | 14.82% |
| HFRX
Equity Hedge Index(2) (reflects no deduction for fees, expenses or taxes) |
10.06% | 6.61% | 4.75% |
| (1) | The S&P 500 TR Index is a widely accepted, unmanaged index of U.S. stock market performance which does not take into account charges, fees and other expenses. Investors cannot invest directly in an index or benchmark. |
| (2) | The HFRX Equity Hedge Index is an unmanaged index designed to measure daily performance representative of long-short equity hedge funds. Indices are adjusted for the reinvestment of capital gains and income dividends. Investors cannot invest directly in an index or benchmark. |
After-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns for the share classes which are not presented will vary from the after-tax returns of Class A shares.
The bar chart and performance table below show the variability of the Fund’s returns over time, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Class A shares for each full calendar year since the Fund’s inception. Although Investor Class and Class I shares would have similar returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Investor Class and Class I shares would be different from Class A shares because Investor Class and Class I shares have different expenses than Class A shares. The performance table compares the performance of the Fund over time to the performance of a broad-based market index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.howardcmfunds.com or by calling 1-855-969-8464.
| Best Quarter: | 6/30/2020 | 19.42% |
| Worst Quarter: | 6/30/2022 | -12.10% |
The year-to-date return as of the most recent calendar quarter, which ended September 30, 2026, was 9.76%.
| One
Year |
Five Years |
Since Inception(1) |
Since Inception(2) | |
| Class A shares | ||||
| Return before taxes | 9.19% | 5.82% | 9.26% | N/A |
| Return after taxes on distributions | 7.66% | 4.99% | 8.35% | N/A |
| Return after taxes on distributions and sale of Fund shares | 5.51% | 4.35% | 7.17% | N/A |
| Investor Class shares | ||||
| Return before taxes | 15.06% | 6.28% | 9.17% | N/A |
| Class I shares | ||||
| Return before taxes | 16.33% | 7.38% | N/A | 12.85% |
| Bloomberg
US Aggregate Bond Index(3) (reflects no deduction for fees, expenses or taxes) |
7.30% | -0.36% | 1.78% | 0.97% |
| (1) | The Fund’s Class A and Investor Class shares commenced operations on November 9, 2016. |
| (2) | The Fund’s Class I shares commenced operations on September 11, 2019. |
| (3) | The Bloomberg US Aggregate Bond Index is a market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. The index includes treasury securities, government agency bonds, mortgage-backed bonds, corporate bonds, and a small amount of foreign bonds traded in the U.S. Investors cannot invest directly in an index or benchmark. |
After-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After tax returns for the share classes which are not presented will vary from the after-tax returns of Class A shares.
The bar chart and performance table below show the variability of the Fund’s returns over time, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s Class A shares for each full calendar year since the Fund’s inception. Although Investor Class and Class I shares would have similar returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Investor Class and Class I shares would be different from Class A shares because Investor Class and Class I shares have different expenses than Class A shares. The performance table compares the performance of the Fund over time to the performance of a broad-based market index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.howardcmfunds.com or by calling 1-855-969-8464.
| Best Quarter: | 12/31/2023 | 8.37% |
| Worst Quarter: | 9/30/2023 | -2.26% |
The year-to-date return as of the most recent calendar quarter, which ended September 30, 2026, was 1.24%.
| One
Year |
Since
Inception (6-30-2022) | |
| Class A shares | ||
| Return before taxes | 2.37% | 1.71% |
| Return after taxes on distributions | 1.50% | 0.87% |
| Return after taxes on distributions and sale of Fund shares | 1.42% | 0.95% |
| Investor Class shares | ||
| Return before taxes | 7.90% | 3.06% |
| Class I shares | ||
| Return before taxes | 8.90% | 3.65% |
| Bloomberg
US Aggregate Bond Index(1) (reflects no deduction for fees, expenses or taxes) |
7.30% | 3.09% |
| (1) | The Bloomberg US Aggregate Bond Index is a market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. The index includes treasury securities, government agency bonds, mortgage-backed bonds, corporate bonds, and a small amount of foreign bonds traded in the U.S. Investors cannot invest directly in an index or benchmark. |