Managed Income Fund (KAMIX)

¹ Investment minimums are waived to fee-based advisors and certain other investors.

² For Class A shares, other expenses may include shareholder service expenses that may include sub-transfer agent and sub-custodian fees.

³ Acquired Fund Fees and Expenses, are 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, when issued, because the financial statements include only the direct operating expenses incurred by the Fund and does not include the indirect costs of investing in other investment companies.

⁴ Pursuant to an operating expense limitation agreement between the Fund and Advisers Preferred, LLC (the “Adviser”) and Kensington Asset Management LLC (the “Sub-Adviser”), the Adviser and Sub-Adviser have agreed to waive fees and/or absorb expenses of the Fund to ensure that Total Annual Fund Operating Expenses (excluding any brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary expenses such as litigation) do not exceed 1.45% of the average net assets Institutional Class shares, through April 30, 2022. The Adviser and Sub-Adviser are permitted to receive reimbursement from the Fund for fees waived and Fund expenses it paid, subject to the limitation that: (1) the reimbursement for fees and expenses will be made only if payable within three years from the date the fees and expenses were initially waived or reimbursed; and (2) the reimbursement may not be made if it would cause the expense limitation in effect at the same time of the waiver of currently in effect, whichever is lower, to be exceeded.

Mutual fund investing involves risk. Principal loss is possible.

Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

An investor should consider the risks, charges and expenses of the Managed Income Fund prior to investing. This and other information can be found in the prospectus and summary prospectus and should be read carefully. To obtain a prospectus and summary prospectus, please download from the Fund Documents table (above) or by calling 855.650.7453.

High portfolio turnover may result in higher transaction costs and higher taxes when fund shares are held in a taxable (non-qualified) account. Such costs are not reflected in annual Fund operating expenses and may affect the Fund’s performance. An investment in the Fund involves risk. There is no guarantee that the Fund will meet its investment objectives. Please see Fund Documents table above for complete information relating to risks and expenses of the Fund.

Risks associated with the Managed Income Fund include Principal Investment Risk, Junk Bond Risk, Bond Risk, Emerging Market Risk, Foreign Investment Risk, Loans Risk, No History of Operations Risk, Management Risk, Market Risk, Mutual Fund Risk, Non-Diversification Risk and Turnover Risk.