Liberty Street Trees

Performance

Information as of December 31, 2011 unless otherwise indicated

Share Class Information

Class A Shares Class C Shares Class I Shares
Symbol LSHAX LSHCX LSHUX
Minimum $2,500 $2,500 $1,000,000
Maximum Sales Charge 4.75% None None
12b-1 0.25% 0.75% 0.00%
Expense Ratio (Gross) 1.74% 2.24% 1.49%
Expense Ratio (Net*) 1.54% 2.04% 1.29%
*The Fund's advisor has contractually agreed to waive its fees and/or absorb expenses of the Fund to ensure that total annual fund operating expenses (excluding taxes, interest, portfolio transaction expenses, and extraordinary expenses) do not exceed 1.50%, 2.00% and 1.25% of average daily net assets of the A shares, C shares, and Institutional shares, respectively. This agreement is in effect until August 31, 2012, and may be terminated by the Trust's Board of Trustees at any time.

Sales Charge Schedule

Click here to see the Fund's Sales Charge Schedule.

Performance

As of 12/31/2011
  Q4 2011 1 Year ITD* (a) ITD* (c)
Class A Shares w/load 0.88% -17.56% -10.74% -41.11%
Class A Shares w/out load 4.04% -13.43% -9.80% -38.17%
Class C Shares w/out load 4.02% -13.78% -10.48% -39.94%
Class I Shares 4.29% -13.17% -11.55% -44.62%
*Inception LSHAX 5/4/2007; Inception LSHCX 5/24/2007; Inception LSHUX 7/11/2007. Inception to date (ITD) returns are stated separately as annualized (a) or cumulative (c).

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. For the most recent month end performance, please call (800) 207-7108. Returns showing less than one year are cumulative. Shares redeemed or exchanged within 90 days will be charged a 1.00% redemption fee. Class C shares contingent deferred sales charge of .75% on purchases redeemed within 12 months of purchase is not reflected in the performance figures. If it had, performance would be lower.

Portfolio

Fund Assets

12/31/2011
All Classes $66,786,422
Class A Shares $8,375,326
Class C Shares $9,390,487
Institutional Class $49,020,609

Top Ten Equity Holdings

As of 12/31/2011
% of Portfolio
Liberty Media Corp - Capital 7.00%
Howard Hughes Corp. 6.64%
Leucadia National Corp. 6.46%
Bank of Japan 5.69%
Mastercard 4.47%
AutoNation Inc 4.27%
Franco-Nevada Corp. 4.16%
Jarden Corp 4.06%
Link REIT Invest 3.86%
Sears Holdings Corp 3.51%
Total Holdings 75

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Industry Representation as a % of Total Investments

As of 12/31/2011
% of Fund
Real Estate Oper/Develop 12.05%
Diversified Operations 9.26%
Broadcast Serv/Program 8.10%
Central Bank 5.82%
Gold Mining 5.46%
Oil Comp-Integrated 4.69%
Commercial Serv-Finance 4.57%
Consumer Products-Misc 4.38%
Retail-Automobile 4.37%
Invest Mgmnt/Advis Serv 3.99%
REITS-Shopping Centers 3.95%
Casino Hotels 3.90%
Retail-Major Dept Store 3.64%
Auto/Trk Prts&Equip-Orig 3.26%
E-Commerce/Services 2.61%
Multimedia 2.51%
Oil-US Royalty Trusts 1.75%
Television 1.59%
REITS-Manufactured Homes 1.53%
Airport Develop/Maint 1.46%
Oil Comp-Explor&Prodtn 1.43%
REITS-Diversified 1.33%
Commer Banks-Central US 1.06%
Reinsurance 0.94%
Closed End Fund 0.85%
Motion Pictures&Services 0.76%
Cable/Satellite TV 0.72%
Satellite Telecom 0.66%
Commercial Services 0.51%
Retail-Apparel/Shoe 0.45%
Gaming & Entertainment 0.39%
REITS-Regional Malls 0.31%
Retail-Auto Parts 0.30%
Finance-Leasing Compan 0.28%
Chemicals-Specialty 0.22%
Private Equity 0.20%
Finance-Other Services 0.14%
Diversified Manufact Op 0.13%
Web Portals/ISP 0.10%
Bldg-Residential/Commer 0.10%
Commer Banks-Southern US 0.06%
Distribution/Wholesale 0.04%
Retail-Building Products 0.03%
Beverages-Wine/Spirits 0.02%
Tobacco 0.02%
Auction House/Art Dealer 0.02%
Professional Sports 0.01%
Growth & Income 0.01%

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Advisor:

Liberty Street Advisors
125 Maiden Lane, Floor 6
NY, NY 10038
Founded 2007

Sub Advisor:

Horizon Asset Management
470 Park Ave South
NY, NY 10016
Founded 1994

This Internet site is not an offer to sell or a solicitation of an offer to buy shares in any fund to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction. Furthermore, the Liberty Street Horizon Fund is not available for sale outside of the United States. The information in this website represents past performance and is not predictive of future results. There is no guarantee that the Fund will achieve its investment objective. Other fees and expenses do apply to a continued investment in the Fund and are described in the Fund's current Summary Prospectus and Prospectus.
Before you invest in the Fund, please carefully review the Summary Prospectus and Prospectus.

The Liberty Street Horizon Fund is distributed by Foreside Fund Services, LLC.