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2012-12-26
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CCA Investments Trust
0001557802
2012-12-26
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<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">INVESTMENT OBJECTIVE</font></b></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman">The Fund seeks to provide long-term total return.</font></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">FEES AND EXPENSES OF THE FUND</font></b></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Shareholder Fees (fees paid directly from your investment)</font></b></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</font></b></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Example</font></b></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.  Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</font></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Portfolio Turnover</font></b></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the Example, affect the Fund’s performance.</font></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">PRINCIPAL INVESTMENT STRATEGIES</font></b></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman">The Fund attempts to capture the performance of 90% of the domestic and international equity and fixed income markets by employing an investment approach designed to focus on all securities other than those that have the highest expected return sensitivity, as determined by the Fund’s sub-adviser, Checchi Capital Advisers, LLC (“CCA”).  For this purpose, expected return sensitivity of a security is CCA’s estimation of the volatility of the security relative to the volatility of the global equity and fixed income markets.  CCA uses a proprietary scoring algorithm to rank the world’s investable equity and fixed income securities by expected return sensitivity.  CCA considers an equity security to be investable if the security is publicly traded and has a market capitalization of $50 million or more.  CCA considers a fixed income security to be investable if the security is rated CCC or higher by S&P or Caa2 or higher by Moody’s.  The algorithm uses fundamental and technical variables to score each security.  The sub-adviser periodically scores and ranks the securities in its universe of the world’s investable equity and fixed income securities, and divides the universe into market value deciles by score.  CCA manages the Fund to closely approximate the key characteristics of the nine deciles other than the top decile (i.e., the 90% of the world’s securities by market value, excluding the 10% that provide the highest expected return sensitivity based on the score).  For this purpose, CCA invests in a sampling of securities that, in the aggregate, are selected to provide performance that corresponds generally to the performance of the nine deciles.  The securities in the nine deciles will change from time to time.  Every two months, CCA conducts its periodic scoring and ranking of the universe and modifies the Fund’s holdings accordingly.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman">The Fund anticipates that approximately 40-60% of its assets will be selected to track the MSCIACWI All Cap Index, a market capitalization weighted index designed to measure the performance of developed and emerging market equity securities. The Fund anticipates that approximately 40-60% of its assets will be selected to track the Barclays Global Aggregate Index, which provides a broad-based measure of the global fixed income market and has three major components, the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices.  The Fund will periodically rebalance its portfolio to approximate the world’s allocation of equity and fixed income securities, less those allocated to the top decile described above.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman">The Fund may invest in fixed income securities of any maturity or credit rating, although CCA expects that the Fund’s fixed income securities will consist primarily of securities rated investment grade or higher (BBB- or higher by S&P or Baa3 or higher by Moody’s).  The Fund may also invest in exchange traded funds (ETFs) to gain exposure to a geographic or other sector of the markets if CCA deems it is more efficient to do so than to invest in individual securities.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman">The Fund may borrow money from banks to help manage Fund inflows and outflows, such as to avoid having to sell portfolio investments in order to meet net redemptions.  The Fund also may borrow money from banks to make additional portfolio investments when the sub-adviser believes market conditions are appropriate.  The Fund may borrow an amount equal to as much as one-third of the value of its total assets (which includes the amount borrowed).</font></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">PRINCIPAL INVESTMENT RISKS</font></b></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  The Fund is not intended to be a complete investment program.  Many factors affect the Fund's net asset value and performance.  The Fund is subject to the risks associated with the global stock and bond markets, any of which could cause an investment to lose money.</font></b></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Management Risk.</font></b><font style="font-family:Times New Roman">  The sub-adviser's dependence on its proprietary algorithm methodology and judgments about the attractiveness, value and potential appreciation of particular sectors, asset classes and securities in which the Fund invests may prove to be incorrect and may not produce the desired results.  The Fund is also subject to sampling risk, which is the chance that the securities selected for the Fund will not provide investment performance matching that of the Fund’s target of 90% of the investable world securities.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Foreign Investment Risk.</font></b><font style="font-family:Times New Roman"> Foreign investments, including ADRs, may be riskier than U.S. investments for many reasons, such as changes in currency exchange rates and unstable political, social and economic conditions.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Emerging Market Risk.</font></b><font style="font-family:Times New Roman">  At times the Fund may have exposure to emerging markets.  Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop.  Investments in emerging markets may be considered speculative.  Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors.  In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Issuer Risk.</font></b><font style="font-family:Times New Roman">  The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Limited History of Operations Risk.</font></b><font style="font-family:Times New Roman">  The Fund is a new mutual fund and has a limited history of operations.  The adviser is also new with a limited history of operations and the adviser has not previously managed a mutual fund.  While the sub-adviser has been acting as an investment adviser for more than four years, it has not previously managed a mutual fund.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Smaller Company Risk.</font></b><font style="font-family:Times New Roman">  Investments in securities issued by smaller capitalization companies (including micro-cap, small-cap and mid-cap) involve greater risk than investments in large-capitalization companies.  The value of securities issued by smaller capitalization companies may go up or down, sometimes rapidly and unpredictably, due to narrower markets and more limited managerial and financial resources than large-cap companies.  The Fund’s investments in smaller capitalization companies may increase the volatility of the Fund’s portfolio.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Fixed Income Risk.</font></b><font style="font-family:Times New Roman">  The Fund is also subject to bond risks, including interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates; income risk, which is the chance that the Fund’s income will decline because of falling interest rates; credit risk, which is the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline; and call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates.  The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income.  For mortgage-backed securities, this risk is known as prepayment risk.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">High Yield (Junk) Bond Risk.</font></b><font style="font-family:Times New Roman">  Lower-quality fixed income securities, known as "high yield" or "junk" bonds, present greater risk than bonds of higher quality, including an increased risk of default.  An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund's ability to sell its bonds.  The lack of a liquid market for these bonds could decrease the Fund's share price. </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Defaulted Securities Risk.</font></b><font style="font-family:Times New Roman"> Repayment of defaulted securities and obligations of distressed issuers (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring or in bankruptcy or insolvency proceedings) is subject to significant uncertainties. Investments in defaulted securities and obligations of distressed issuers are considered speculative, as are junk bonds in general.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Market Risk.</font></b><font style="font-family:Times New Roman">  The market price of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably.  Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets.  The value of a security may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally.  The value of a security may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.  During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously.  Equity securities generally have greater price volatility than fixed income securities.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">ETF Risk.</font></b><font style="font-family:Times New Roman">  Investments in ETFs involve duplication of investment advisory fees and certain other expenses. Investments in ETFs are also subject to brokerage and other trading costs, which could result in greater expenses to the Fund.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Adverse Market Conditions Risk.</font></b><font style="font-family:Times New Roman">  The performance of the Fund is designed to correlate to the performance of a portion of the universe of investable securities throughout the world.  As a consequence, the Fund’s performance will suffer during conditions that are adverse to its investment goals.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Liquidity Risk.</font></b><font style="font-family:Times New Roman">  The markets for certain lightly traded equity securities are often not as liquid as markets for larger capitalization equity securities.  For example, relatively few market makers support the secondary markets for certain equity securities and the trading volume is generally lower.  Accordingly, these secondary markets (generally or for a particular security) could contract under real or perceived adverse market or economic conditions.  These factors may have an adverse effect on the Fund's ability to dispose of particular portfolio investments and may limit the ability of the Fund to obtain accurate market quotations for purposes of valuing securities and calculating net asset value.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Leverage Risk.</font></b><font style="font-family:Times New Roman">  Borrowing magnifies the potential for losses and exposes the Fund to interest expenses on money borrowed.</font></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">PERFORMANCE</font></b></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman">Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.  In the future, performance information will be presented in this section of the Prospectus.  Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Updated performance information will be available at no cost by calling 1-800-595-4866 and may also be available at www.ccafunds.com.</font></p>
<b><font style="font-size:11.0pt; line-height:115%; font-family:Times New Roman">As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  </font></b>
<font style="font-size:11.0pt; line-height:115%; font-family:Times New Roman">800-595-4866 </font>
<font style="font-size:11.0pt; line-height:115%; font-family:Times New Roman">www.ccafunds.com</font>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">INVESTMENT OBJECTIVE</font></b></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman">The Fund seeks to provide long-term total return.</font></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">FEES AND EXPENSES OF THE FUND</font></b></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Shareholder Fees (fees paid directly from your investment)</font></b></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</font></b></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Example</font></b></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.  Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</font></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Portfolio Turnover</font></b></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman">The Fund attempts to capture the performance of the riskier portion of the domestic and international equity and fixed income markets by employing an investment approach designed to focus on those described securities that have the highest expected return sensitivity, as determined by the Fund’s sub-adviser, Checchi Capital Advisers, LLC (“CCA”).  For this purpose, expected return sensitivity of a security is CCA’s estimation of the volatility of the security relative to the volatility of the global equity and fixed income markets.  CCA uses a proprietary scoring algorithm to rank the world’s investable equity and fixed income securities by expected return sensitivity.  CCA considers an equity security to be investable if the security is publicly traded and has a market capitalization of $50 million or more.  CCA considers a fixed income security to be investable if the security is rated CCC or higher by S&P or Caa2 or higher by Moody’s.  The algorithm uses fundamental and technical variables to score each security.  The sub-adviser periodically scores and ranks the securities in its universe of the world’s investable equity and fixed income securities, and divides the universe into market value deciles by score.  CCA manages the Fund to closely approximate the key characteristics of the top decile (i.e., the 10% of the world’s securities by market value that provide the highest expected return sensitivity based on the score).  For this purpose, CCA invests in a sampling of securities that, in the aggregate, are selected to provide performance that corresponds generally to the performance of the top decile.  The securities in the top decile will change from time to time.  Every two months, CCA conducts its periodic scoring and ranking of the universe and modifies the Fund’s holdings accordingly.  The mix between equity and fixed income securities is expected to vary significantly from time to time, and it is possible for the Fund to be 100% invested in either asset class at any time.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman">The Fund’s adviser, Checchi Capital Fund Advisers, LLC (“CCFA”), and sub-adviser, CCA, consider the Fund to be aggressive and subject to substantially more risk than the CCA Core Return Fund (see below).  The Fund is expected to be less diversified among asset classes and sectors of the domestic and international equity and fixed income markets, and to be subject to greater risk of loss and higher volatility than the CCA Core Return Fund.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman">It is likely that a substantial portion of the Fund’s equity investments will consist of securities of companies with smaller market capitalizations (including mid cap, small cap and micro cap securities) in developed and emerging countries and that a substantial portion of the Fund’s fixed income securities will consist of securities rated below investment grade (BB+ or lower by S&P and Ba1 or lower by Moody’s), or so called “junk bonds,” of companies in developed and emerging market countries.  The Fund may invest in fixed income securities of any maturity or credit rating.  The Fund may also invest in exchange traded funds (ETFs) to gain exposure to a geographic or other sector of the markets if CCA deems it is more efficient to do so than to invest in individual securities.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman">The Fund may borrow money from banks to help manage Fund inflows and outflows, such as to avoid having to sell portfolio investments in order to meet net redemptions.  The Fund also may borrow money from banks to make additional portfolio investments when the sub-adviser believes market conditions are appropriate.  The Fund may borrow an amount equal to as much as one-third of the value of its total assets (which includes the amount borrowed).</font></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">PRINCIPAL INVESTMENT RISKS</font></b></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  The Fund is not intended to be a complete investment program.  Many factors affect the Fund's net asset value and performance.  The Fund is subject to the risks associated with the global stock and bond markets, any of which could cause an investment to lose money.</font></b></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Management Risk.</font></b><font style="font-family:Times New Roman">  The sub-adviser's dependence on its proprietary algorithm methodology and judgments about the securities in which the Fund invests may prove to be incorrect and may not produce the desired results.  The Fund is also subject to sampling risk, which is the chance that the securities selected for the Fund will not provide investment performance matching that of the Fund’s target allocation of the top decile of investable world securities that provide the highest expected return sensitivity.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Foreign Investment Risk.</font></b><font style="font-family:Times New Roman"> Foreign investments, including ADRs, may be riskier than U.S. investments for many reasons, such as changes in currency exchange rates and unstable political, social and economic conditions.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Emerging Market Risk.</font></b><font style="font-family:Times New Roman">  The Fund intends to have exposure to emerging markets.  Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop.  Investments in emerging markets may be considered speculative.  Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors.  In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.  </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Sector Risk.</font></b><font style="font-family:Times New Roman">  Equity securities within the same sector (e.g. Technology) may decline in price due to sector-specific market or economic developments.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Issuer Risk.</font></b><font style="font-family:Times New Roman">  The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Limited History of Operations Risk.</font></b><font style="font-family:Times New Roman">  The Fund is a new mutual fund and has a limited history of operations.  The adviser is also new with a limited history of operations and has not previously managed a mutual fund.  While the sub-adviser has been acting as an investment adviser for more than four years, it has not previously managed a mutual fund.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Smaller Company Risk.</font></b><font style="font-family:Times New Roman">  Smaller cap equity securities (including micro-cap, small-cap and mid-cap) involve greater risk than investments in large-cap companies and may be very sensitive to changing economic conditions and market downturns because the issuers often have narrow markets, fewer product lines, and limited managerial and financial resources, resulting in volatile equity security prices and a limited ability to sell them at a desirable time or price.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Fixed Income Risk.</font></b><font style="font-family:Times New Roman">  The Fund is also subject to bond risks, including interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates; income risk, which is the chance that the Fund’s income will decline because of falling interest rates; credit risk, which is the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline; and call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates.  The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income.  For mortgage-backed securities, this risk is known as prepayment risk.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">High Yield (Junk) Bond Risk.</font></b><font style="font-family:Times New Roman">  Lower-quality fixed income securities, known as "high yield" or "junk" bonds, present greater risk than bonds of higher quality, including an increased risk of default.  An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund's ability to sell its bonds.  The lack of a liquid market for these bonds could decrease the Fund's share price.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Defaulted Securities Risk.</font></b><font style="font-family:Times New Roman"> Repayment of defaulted securities and obligations of distressed issuers (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring or in bankruptcy or insolvency proceedings) is subject to significant uncertainties. Investments in defaulted securities and obligations of distressed issuers are considered speculative, as are junk bonds in general.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Market Risk.</font></b><font style="font-family:Times New Roman">  The market price of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably.  Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets.  The value of a security may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally.  The value of a security may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.  During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously.  The Fund may, at times, become focused in stocks of a particular sector, category, or group of companies.  Equity securities generally have greater price volatility than fixed income securities.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">ETF Risk.</font></b><font style="font-family:Times New Roman">  Investments in ETFs involve duplication of investment advisory fees and certain other expenses. Investments in ETFs are also subject to brokerage and other trading costs, which could result in greater expenses to the Fund.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Adverse Market Conditions Risk.</font></b><font style="font-family:Times New Roman">  The performance of the Fund is designed to correlate to the performance of a portion of the universe of investable securities throughout the world.  As a consequence, the Fund’s performance will suffer during conditions that are adverse to its investment goals.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Liquidity Risk.</font></b><font style="font-family:Times New Roman">  The markets for certain lightly traded equity securities are often not as liquid as markets for larger capitalization equity securities.  For example, relatively few market makers support the secondary markets for certain equity securities and the trading volume is generally lower.  Accordingly, these secondary markets (generally or for a particular security) could contract under real or perceived adverse market or economic conditions.  These factors may have an adverse effect on the Fund's ability to dispose of particular portfolio investments and may limit the ability of the Fund to obtain accurate market quotations for purposes of valuing securities and calculating net asset value.</font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman"> </font></p> <p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">Leverage Risk.</font></b><font style="font-family:Times New Roman">  Borrowing magnifies the potential for losses and exposes the Fund to interest expenses on money borrowed.</font></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><b><font style="font-family:Times New Roman">PERFORMANCE</font></b></p>
<p style="margin-bottom:0in; margin-bottom:.0001pt; line-height:normal"><font style="font-family:Times New Roman">Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.  In the future, performance information will be presented in this section of the Prospectus.  Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Updated performance information will be available at no cost by calling 1-800-595-4866 and may also be available at www.ccafunds.com.</font></p>
<b><font style="font-size:11.0pt; line-height:115%; font-family:Times New Roman">As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  </font></b>
<font style="font-size:11.0pt; line-height:115%; font-family:Times New Roman">800-595-4866 </font>
<font style="font-size:11.0pt; line-height:115%; font-family:Times New Roman">www.ccafunds.com</font>
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Based on estimated amounts for the current fiscal year.
Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies.
The Fund's adviser has contractually agreed to reduce its fees and to reimburse expenses, at least through March 31, 2014, to ensure that total annual Fund operating expenses after fee waiver and reimbursement (exclusive of any 12b-1 fees, interest expenses, dividend expenses on short sales, taxes, brokerage commissions, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation) will not exceed 0.90% of the average daily net assets attributable to the Institutional Class or Investor Class shares, respectively. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund within three years after the end of the fiscal year in which the waiver or reimbursement occurs, if such recoupment can be achieved within the foregoing expense limits. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days written notice to the Fund's adviser.