• RMLPXQ219.PNG
  • 1. No-Load mutual funds are sold without a sales charge, however other fees and expenses do apply to an investment in the Fund.

  • 2. The Fund's advisor has contractually agreed to reduce its fees until March1, 2019. Without the waiver, total annual operating expenses would be 7.39% for RMLPX.
  • 3. © 2019 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
  • This presentation makes use of a variety of financial terms, defined below:
  • Enterprise Value: refers to the value of a company’s total capitalization, including market capitalization, the value of outstanding debt, the
  • value of noncontrolling interests, preferred stock, and other assorted claims on a company’s assets.
  • Invested Capital: is calculated as total assets, less non-interest bearing liabilities, as reported in GAAP financial statements.
  • Return on Invested Capital: is calculated as earnings before interest and tax less cash taxes, divided by invested capital.
  • EV/IC vs. ROIC: Enterprise Value / Invested Capital vs. Return on Invested Capital. EV/IC seeks to measure the value of the market’s perception
  • of a company’s value (EV) vs. the historical book value of a company’s capitalization (IC).
  • EBITDA: Earnings before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP metric, typically used as a measure of a
  • company’s operating cash flow, excluding changes in working capital.
  • EPS: Earnings per share, a GAAP metric.
  • Investors should carefully consider the investment objectives, risks, charges and expenses of the Recurrent Funds. This and other important information about the Funds is contained in the prospectus, which can be obtained by calling 833-RECURRENT. The prospectus should be read carefully before investing. The Recurrent Funds are distributed by Northern Lights Distributors, LLC, member FINRA/SIPC.
  • Recurrent Investment Advisors is not affiliated with Northern Lights Distributors, LLC.
  • Risk Disclosure (RMLPX)
  • Mutual Funds involve risk including the potential loss of principal. Higher turnover and frequent trading may result in higher costs. Cash available for distribution by MLPs may vary and could be affected by the entity’s operations, including capital expenditures, operating, acquisition, construction, exploration and borrowing costs, reducing the amount of cash and MLP has available for distribution. The Fund may focus on one or more industries, sectors or geographic regions of the economy and the value of an investment may fluctuate more widely than if it were diversified. Tax risks associated with the Fund include fund structure risk, MLP tax risk, and tax estimation/NAV risk. Cyber-attacks or failures affecting the Fund or service providers may adversely impact the Fund or its shareholders.
  • The Fund invests primarily in the energy sector and infrastructure industry and is susceptible to adverse economic, environmental, and regulatory concerns. Additional risks include acquisition, catastrophic event, commodity price, depletion, natural resource, supply/demand and weather risk. The purchase of IPO shares may involve high transaction cost, market and liquidity risks. The investment strategies employed by the Advisor may not result in an increase in value or performance. Overall equity market risk may affect the value of individual instruments in which the Fund invests. Holders of MLP’s have limited control and voting rights, additionally, there are certain tax risks and conflicts of interest between holders of MLP’s and the general partner. The Fund is newly-formed and may not grow to or maintain economically viable size, not be successful implementing its investment strategy, which could result in the Fund being liquidated. (8423-NLD-12/19/2017)