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 I shares for each of the last ten full calendar years. Although Class A and Class C shares have similar annual returns to Class I shares because the classes are invested in the same portfolio of securities, the returns for Class A and Class C shares are different from Class I shares because Class A and Class C shares have different expenses than Class I shares. The table illustrates how the Fund’s average annual total returns over time compare with two domestic broad-based market indices. A blend of both broad-based indices is also provided as the Adviser believes it illustrates a closer representation of the Fund’s portfolio composition. 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 swandefinedriskfunds.com or by calling 1-877-896-2590.
On October 28, 2019, the Fund’s investment objective changed. The performance prior to that date reflects the previous investment objective of the Fund.
| Best Quarter: | 6/30/2020 | 10.27% |
| Worst Quarter: | 3/31/2020 | -12.99% |
The year-to-date return as of the most recent calendar quarter, which ended September 30, 2026, was 6.16%.
| One Year |
Five Years |
Ten Years | |
| Class I shares | |||
| Return before taxes | 10.73% | 7.25% | 6.13% |
| Return after taxes on distributions | 8.23% | 5.90% | 5.32% |
| Return after taxes on distributions and sale of Fund shares | 8.16% | 5.59% | 4.82% |
| Class A shares | |||
| Return before taxes | 4.34% | 5.79% | 5.28% |
| Class C shares | |||
| Return before taxes | 9.59% | 6.21% | 5.08% |
| S&P 500 Total Return Index(1) (reflects no deduction for fees, expenses or taxes) |
17.88% | 14.42% | 14.73% |
| Bloomberg U.S. Aggregate Bond Index(2) (reflects no deduction for fees, expenses or taxes) |
7.30% | (0.36)% | 2.01% |
| Swan Defined Risk Fund Blended Index(3) (reflects no deduction for fees, expenses or taxes) |
13.70% | 8.47% | 9.78% |
| (1) | The S&P 500 Total Return Index is an unmanaged free-float capitalization-weighted index which measures the performance of 500 large-cap common stocks actively traded in the United States. Index returns assume reinvestment of dividends. Investors may not invest in the index directly. Unlike the Fund’s returns, the index does not reflect any fees or expenses. |
| (2) | The Bloomberg U.S. Aggregate Bond Index is an unmanaged index comprised of U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate and mortgage-backed securities with maturities of at least one year. Index returns assume reinvestment of dividends. Investors may not invest in the index directly. Unlike the Fund’s returns, the Index does not reflect any fees or expenses. |
| (3) | The Swan Defined Risk Fund Blended Index is a composite of 60% S&P 500 Total Return Index and 40% Bloomberg U.S. Aggregate Bond Index. |
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 I 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 I shares for each full calendar year since the Fund’s inception. The table illustrates how the Fund’s average annual total returns over time compare with two domestic broad-based market indices. A blend of both broad-based indices is also provided as the Adviser believes it illustrates a closer representation of the Fund’s portfolio composition. 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. Although Class A and Class C shares would have similar annual returns to Class I shares because the classes are invested in the same portfolio of securities, the returns for Class A and Class C shares are different from Class I shares because Class A and Class C shares have different expenses than Class I shares. Updated performance information is available at no cost by visiting swandefinedriskfunds.com or by calling 1-877-896-2590.
| Best Quarter: | 6/30/2020 | 13.79% |
| Worst Quarter: | 6/30/2022 | -14.63% |
The year-to-date return as of the most recent calendar quarter, which ended September 30, 2026, was 7.11%
| One Year |
Five Years |
Since Inception (12-27-18) | |
| Class I shares | |||
| Return before taxes | 14.14% | 9.24% | 11.43% |
| Return after taxes on distributions | 14.14% | 7.95% | 10.38% |
| Return after taxes on distributions and sale of Fund shares | 8.37% | 7.07% | 9.06% |
| Class A shares | |||
| Return before taxes | 7.64% | 7.75% | 10.30% |
| Class C shares | |||
| Return before taxes | 13.03% | 8.15% | 10.51% |
| S&P 500 Total Return Index(1) (reflects no deduction for fees, expenses or taxes) |
17.88% | 14.42% | 17.39% |
| Bloomberg U.S. Aggregate Bond Index(2) (reflects no deduction for fees, expenses or taxes) |
7.30% | (0.36)% | 2.03% |
| Swan Defined Risk Growth Fund Blended Index(3) (reflects no deduction for fees, expenses or taxes) |
13.70% | 8.47% | 11.29% |
| (1) | The S&P 500 Total Return Index is an unmanaged free-float capitalization-weighted index which measures the performance of 500 large-cap common stocks actively traded in the United States. Index returns assume reinvestment of dividends. Investors may not invest in the index directly. Unlike the Fund’s returns, the index does not reflect any fees or expenses. |
| (2) | The Bloomberg U.S. Aggregate Bond Index is an unmanaged index comprised of U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate and mortgage-backed securities with maturities of at least one year. Index returns assume reinvestment of dividends. Investors may not invest in the index directly. Unlike the Fund’s returns, the index does not reflect any fees or expenses. |
| (3) | The Swan Defined Risk Growth Fund Blended Index is a composite of 60% S&P 500 Total Return Index and 40% Bloomberg U.S. Aggregate Bond Index. |
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 I shares.