HCM Tactical Growth

Class A: HCMGX | Investor Class: HCMDX

Unconstrained, the Fund will invest in equity securities of any capitalization size, in any sector. When in the market, the Fund will be 40-60% invested in companies which have had growth in earnings. The remainder will be invested in mutual funds or ETFs. Through a quantitative approach, ETFs and mutual funds are carefully selected. The Fund will seek high momentum ETFs and mutual funds based on the Advisor's proprietary strength criteria.

Principal Investment Strategies: The Fund seeks to achieve its investment objective through investments in (i) domestic equity securities of any market capitalization, (ii) other investment companies (mutual funds (including mutual funds that use leverage), closed-end funds and exchange traded funds ("ETFs")) and (iii) cash and cash equivalents and Put Options, or an option contract in which the buyer has the right to sell a specified quantity of a security at a specified price within a certain time period.

The Fund's investment adviser uses the HCM-BuyLine®, its proprietary quantitative investment model, to determine when the Fund should be in or out of the market. The HCM-BuyLine® uses trend analysis to help identify the broad trend in the equity market. When the trend is down, the Adviser starts to reduce the Fund's exposure to equities, and, when the trend is up, the Adviser increases the Fund's exposure to equities. The Adviser uses its discretion to determine how much the Fund will be in or out of the market based on the strength of the trend identified by the HCM-BuyLine®. When the Fund is out of the market, it will invest in cash and cash equivalents and/or Put Options, or an option contract in which the buyer has the right to sell a specified quantity of a security at a specified price within a certain time period to potentially hedge the portfolio's equity securities and to reduce volatility. Put Options, or an option contract in which the buyer has the right to sell a specified quantity of a security at a specified price within a certain time period generally have an inverse relationship to the underlying security on which the option is held. When the Fund is in the market, it will invest in equity securities. The Fund may be invested from 0-100% in cash and cash equivalents and/or Put Options, or an option contract in which the buyer has the right to sell a specified quantity of a security at a specified price within a certain time period and 0-100% in equities depending on the strength of the trend identified by the HCM-BuyLine®.

When the Fund is in the market, the Fund's portfolio will be comprised of equities of companies whose earnings are growing, while the remaining portion of the Fund's portfolio will be invested in investment companies. These investment companies will invest in equity securities of companies in sectors selected by the Adviser's proprietary quantitative model, Spartacus, which indicates which sectors have outperformed other sectors at any given time based on the Adviser's proprietary strength criteria.

The Adviser's reliance on its strategy and judgments about the attractiveness, value and potential appreciation of particular securities and the tactical allocation among the Fund's investments may prove to be incorrect and may not produce the desired results. When the Fund is out of the market and in cash or cash equivalents, there is a risk that the market will begin to rise rapidly and may cause the Fund to miss capturing the initial returns of changing market conditions. Using leverage can magnify a mutual fund's potential for gain or loss and therefore, amplify the effects of market volatility on a mutual fund's share price.

The Fund may be subject to the risk that its assets are invested in a particular sector or group of sectors in the economy and as a result, the value of the Fund may be adversely impacted by events or developments in a sector or group of sectors. The price of small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than larger, more established companies or the market averages in general. A higher portfolio turnover will result in higher transactional and brokerage costs and may result in higher taxes when Fund shares are held in a taxable account. ETFs and mutual funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in other investment companies and may be higher than other mutual funds that invest directly in securities. The market value of ETF and mutual fund shares may differ from their net asset value. Each investment company and ETF is subject to specific risks, depending on the nature of the fund.

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