Performance of Sherwood Forest Alternative Fund
Institutional Share-Class Fees (As of 03/31/2012)
Total Annual Fund Operating Expenses, as stated in Prospectus: 2.58%
Less Fee Waivers and Reimbursements: -0.45%
Net Total Annual Fund Operating Expenses: 2.13%
In the interest of limiting expenses of the Fund, the Adviser has contractually agreed to reduce fees and reimburse expenses in order to keep Net Operating Expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses) from exceeding 1.65% of the Fund’s Institutional Shares’ average daily net assets until November 30, 2012. If waivers had not been made, returns would have been lower than reported.
2) Fund inception date: 02/12/09, all figures reflect this start date.