Fees and Expenses (NFRNX)

 

Fund

Nile Pan Africa Fund
Share Class Institutional Class
Ticket Symbol NFRNX
CUSIP 654123108

Shareholder Fees

(fees paid directly from your investment)

Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) None
Maximum Deferred Sales Charge (Load) (as a % of the original purchase price) None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions None
Redemption Fee (as a % of amount redeemed on shares held less than 90 days) 2.00%
Exchange Fee None

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Management Fees 1.50%
Distribution and/or Service (12b-1) Fees 0.00%
Other Expenses 10.63%
Acquired Fund Fees and Expenses
(1)
0.02%
Total Annual Fund Operating Expenses 12.15%
Fee Waiver
(2)
(9.88%)
Total Annual Fund Operating Expenses After Fee Waiver 2.27%

(1) Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.
(2) The adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until July 31, 2014, to ensure that Total Annual Fund Operating Expenses After Fee Waiver (exclusive of any acquired fund fees and expenses, borrowing costs, taxes and extraordinary expenses) will not exceed 2.25% of the Fund’s average daily net assets for its Class I shares, subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. This agreement may be terminated by the Fund’s Board of Trustees on 60 days written notice to the adviser.

Minimum Initial Purchase – $2,000 for Institutional Class

Minimum Subsequent Purchase – $100 for Institutional Class

0043-NLD-1/6/2014