HCM Income Plus

Principal Investment Strategies

The Fund seeks total return.

Each Fund’s investment objective may be changed by the Board of Trustees upon 60 days’ written notice to shareholders.

The Fund seeks to achieve its investment objective through investments in unaffiliated exchange traded funds (“ETFs”) that invest in foreign (including emerging markets) and domestic: (i) equity securities of any market capitalization; and (ii) fixed income securities of any maturity, duration and credit quality (including “junk bonds”).

The Fund’s investment advisor uses its proprietary quantitative model to assist in determining when and which asset classes are bought and sold. This model mathematically attempts to keep the Fund in the strongest sector or sectors at any given time as measured by the model. If a sector weakens, the model suggests a stronger sector into which the Fund should allocate its assets. The model’s calculations are updated daily and evaluated weekly to determine whether the Fund’s holdings require a reallocation. If a reallocation is required, weaker holdings are replaced with the stronger assets as determined by the model.

The Advisor will maintain the ability to invest a large percentage of the Fund’s holdings in one asset class of the market. The overall asset allocation of the Fund will not be fixed. It can and will change significantly over time as the Advisor decides to buy and sell any holding of the portfolio in response to changes in the model’s quantitative measures as a means to take advantage of changes in U.S. and global market trends. The Advisor may engage in frequent buying and selling of the portfolio securities to achieve the Fund’s investment objectives.

Risk Disclosure

Mutual funds involve risks including the possible loss of principal.

The Fund focuses its investments in securities of a particular industry or sector which may cause the Fund’s NAV to fluctuate more than that of a fund that is not concentrated. Longer-term securities may be more sensitive to interest rate changes. Because the Fund’s investments may include foreign securities and emerging markets, the Fund is subject to risks beyond those associated with investing in domestic securities. Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. The Adviser’s investment model carries a risk that the mathematical model used might be based on one or more incorrect assumptions. Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default.

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. The price of small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than larger, more established companies. 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 and increase the cost of investing. When the Fund purchases a put option on a security or index it may lose the premium paid.