The performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares upon redemption may be worth more or less than their original cost. The performance quoted does not reflect a 1% redemption fee imposed on shares redeemed or exchanged within 30 days of purchase. Returns would have been lower if certain expenses had not been reduced or reimbursed. Current performance may be lower or higher than the performance data quoted. For performance current to the most recent month-end, please call 877-974-6852.

The HFRX Equity Hedge Index is an index of quantitatively-selected hedge funds which maintain positions both long and short in primarily equity and equity derivative securities. Constituents of the HFRX Equity Hedge Index report returns net of all fees. The S&P 500 Total Return Index is a commonly followed equity index and is generally considered a barometer of the U.S. equity market. Returns for the S&P 500 Total Return Index include the reinvestment of income and do not include transaction fees, management fees or any other costs. The performance and volatility of the fund will be different than those of the indexes. It is not possible to invest directly in the indexes.

The Gotham Total Return Fund’s gross expense ratio is estimated to be 1.78%. The net expense ratio is 0.81%. The fund does not charge a management fee. The Gross Expense Ratio reflects the management fee and expenses of the underlying funds. The expense ratios have been updated to reflect a reduction in the reported expenses of certain underlying funds as set forth in the updated prospectus.

The Adviser has contractually agreed to reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses do not exceed 0.92% (on an annual basis) of average daily net assets of the Fund until January 31, 2027. The expense limitation is exclusive of certain expenses. See the Prospectus and Summary Prospectus for additional details.

Portfolio composition is subject to change at any time.

¹ The fund does not charge a management fee. The Gross Expense Ratio reflects the management fee and expenses of the underlying funds. The expense ratios have been updated to reflect a reduction in the reported expenses of certain underlying funds as set forth in the updated prospectus.

²The Adviser has contractually agreed to reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses do not exceed 0.00% (on an annual basis) of average daily net assets of the Fund until January 31, 2027. The expense limitation is exclusive of certain expenses. See the Prospectus and Summary Prospectus for additional details.