Nile Pan Africa Fund ("the Fund") seeks to provide long term capital appreciation by investing in stocks of African-based companies. The Fund is advised by Nile Capital Management, LLC, and its Portfolio Manager is Larry Seruma, Chief Investment Officer.
In normal markets, the Fund expects to invest at least 80% of its assets in stocks of public companies that have the majority of their assets in Africa, and/or derive a majority of their revenues from Africa. The Fund diversifies broadly among the most attractive regions and countries in Africa, identified through top-down macroeconomic analysis. This analysis evaluates and ranks each of Africa's 53 nations on the basis of economic growth, inflation, interest rates, currency, regulatory framework and political ability.
The Portfolio Manager also employs bottom-up fundamental analysis to identify the most attractive companies in selected markets. This analysis draws upon proprietary research and "on-the-ground" contacts and resources in African markets. It will focus on such factors as:
For more information and to view the prospectus and other fund documents online, please visit: www.nilefunds.com/prospectuses
Chief Investment Officer and Managing Principal
Principal, Trading and Research
PerformanceThrough 12/10/2013 | Average Annual ReturnsThrough 09/30/2013 | ||||||||||
| Fund Name(4) | NAV | NAV Daily Change | % Daily Change(1) | % YTD Return(2) | One Month | Three Months | Six Months | Since Inception | One Year | Five Year | Inception |
| Nile Pan Africa Fund Class A | 14.81 | 0.00 | 0.00% | 12.20% | 2.21% | 8.66% | 4.81% | 12.16% | 9.03% | N/A | 11.15% |
| Nile Pan Africa Fund Class C | 14.55 | 0.00 | 0.00% | 11.41% | 2.10% | 8.50% | 4.45% | 11.29% | 8.22% | N/A | 10.27% |
| Nile Pan Africa Fund - Inst Class I | 14.87 | 0.00 | 0.00% | 12.48% | 2.27% | 8.78% | 4.94% | 8.74% | 9.30% | N/A | 7.34% |
The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Past performance is no guarantee of future results. The Fund's investment adviser has contractually agreed to reduce its fees and/or absorb expenses of the fund, at least until July 31, 2014, to ensure that the 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 2.50% for Class A, 3.25% for Class C and 2.25% for Institutional Class shares, subject to possible recoupment from the Fund in future years. Please review the Fund's prospectus for more detail on the expense waiver. Results shown reflect the waiver, without which the results could have been lower.
A Fund's performance, especially for very short periods of time, should not be the sole factor in making your investment decisions. For performance information current to the most recent month-end, please call toll-free 1-877-68-AFRICA.
The MSCI Frontier Markets Index is a market-capitalization weighted index of frontier market country indices.
Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.
| Security Description | Percentage |
| UAC of Nigeria Plc | 5.38 % |
| Ghana Government Bond | 4.63 % |
| Nigeria T-Bill | 4.39 % |
| Consolidated Infrastructure | 3.57 % |
| Curro Holdings LTD | 3.56 % |
| Famous Brands Ltd | 3.48 % |
| Nestle Foods Nigeria Plc. | 3.41 % |
| Pinnacle Technology Hlds Ltd | 3.36 % |
| Ellies Holdings Inc | 3.26 % |
| Flour Mills of Nigeria Plc | 3.22 % |
The security holdings are presented to illustrate examples of the securities that the fund has bought and the diversity of areas in which the funds may invest, and may not be representative of the fund's current or future investments. Portfolio holdings are subject to change and should not be considered to be investment advice.
|
Fund |
Nile Pan Africa Fund | ||
| Share Class | Class A | Class C | Institutional Class |
| Ticket Symbol | NAFAX | NAFCX | NAFIX |
| CUSIP | 654124106 | 654124205 | 654124304 |
|
Shareholder Fees (fees paid directly from your investment) |
|||
| Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) | 5.75% | None | None |
| Maximum Deferred Sales Charge (Load) (as a % of the original purchase price) | None | None | None |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions | None | None | None |
| Redemption Fee (as a % of amount redeemed on shares held less than 90 days) | 2.00% | 2.00% | 2.00% |
| Exchange Fee | None | None | None |
|
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
|||
| Management Fees | 1.50% | 1.50% | 1.50% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.00% |
| Other Expenses | 1.98% | 1.76% | 1.99% |
| Acquired Fund Fees and Expenses (1) | 0.02% | 0.02% | 0.02% |
| Total Annual Fund Operating Expenses | 3.75% | 4.28% | 3.51% |
| Fee Waiver (2) | (1.23%) | (1.01%) | (1.24%) |
| Total Annual Fund Operating Expenses After Fee Waiver | 2.52% | 3.27% | 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, 2013, 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 2.50%, 3.25% and 2.25% of the Fund’s average daily net assets for its Class A, Class C and Class I shares, respectively, 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 - $1,000 for Class A; $1,000 for Class C; $250,000 for Institutional Class
Minimum Subsequent Purchase - $100 for Class A; $100 for Class C; $25,000 for Institutional Class
1189-NLD-7/30/2012