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AUXIX
AUXFX
AUXAX
(reflects no deduction for fees, expenses or taxes)
Return Before Taxes
Return After Taxes on Distributions
Return After Taxes on Distributions and Sale of Fund Shares
Return Before Taxes
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="color: #000000">Investment Objective</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">The investment objective of
the Auxier Focus Fund (the “Fund”) is to provide long-term capital appreciation.</font></p>
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="color: #000000">Fees and Expenses</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">This table describes the
fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you
and your family invest, or agree to invest in the future, at least $50,000 in the Fund’s A Shares. More information
about these and other discounts is available from your financial professional and in “Reduced Sales Charges – A
Shares” on page 17 of the Fund’s prospectus.</font></p>
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<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="color: #000000">Principal Investment Strategies</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">The Fund invests primarily in
a diversified portfolio of equity securities that the Adviser believes offer growth opportunities at a reasonable price. The Adviser
will pursue an investment blend of equity securities of growth companies and value companies. The Fund is not limited by a fixed
allocation of assets to equity securities of either growth or value companies and, depending upon the economic environment and
judgment of the Adviser, may invest in either growth companies or value companies to the exclusion of the other.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">Although the Fund may invest
in companies of any size capitalization, the Fund intends to focus its investments in the equity securities of medium to large
U.S. companies (defined by the Adviser as companies with market capitalizations above $1 billion at the time of investment). Certain
sectors of the market are likely to be overweighted compared to others because the Adviser focuses on sectors that it believes
demonstrate the best fundamentals for growth at a reasonable price and value. The Fund may invest up to 20% of its net assets
in foreign securities, including American Depositary Receipts (“ADRs”).</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">The Fund intends to remain primarily
invested in equity securities. However, the Fund may invest in short- and long-term debt securities and convertible debt securities
of U.S. companies if the Adviser believes that a company’s debt securities offer more potential for long-term total return
with less risk than an investment in the company’s equity securities. The Fund may invest up to 25% of its net assets in
lower-rated securities or comparable unrated securities (“junk bonds”) rated at the time of purchase BB/Ba or lower
by Standard & Poor’s or Moody's or unrated but determined to be of comparable quality by the Adviser.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">The Fund also may invest up
to 25% of its net assets in fixed-income securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities,
or by the Canadian Government and its governmental agencies.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">The Fund may engage in short
sales “against-the-box.” In a short sale, the seller sells a borrowed security, provides the lender collateral which
is marked-to-market in an amount equal to the value of the security borrowed, and assumes an obligation to the lender to deliver
the identical security at a certain time in the future. A short sale is against-the-box to the extent that the seller contemporaneously
owns or has the right to obtain securities identical to those sold short. When the Fund engages in short sales against-the-box,
it simultaneously holds a short and a long position. If the price of the security sold short increases between the time of the
short sale and the time the Fund must deliver the borrowed security to the lender, the Fund will incur a loss; conversely, if
the price declines, the Fund will realize a capital gain. The Fund will not make short sales if, as a result, more than 20% of
the Fund’s net assets would be held as collateral for short sales.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">The Fund typically sells a security
when the Adviser’s research indicates that there has been a deterioration in the company’s fundamentals, such as changes
in the company’s competitive position or a lack of management focus.</font></p>
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="color: #000000">Principal Investment Risks</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">The Fund’s net asset value
(“NAV”) and investment return will fluctuate based upon changes in the value of its portfolio securities. You could
lose money on your investment in the Fund or the Fund could underperform other investments. An investment in the Fund is not a
deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000">It is important that investors
closely review and understand the risks of investing in the Fund.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>ADR Risk. </b>The Fund may
invest in ADRs. ADR risks include, but are not limited to fluctuations in foreign currencies, political and financial instability,
less liquidity and greater volatility, lack of uniform accounting, auditing and financial reporting standards and increased price
volatility. ADRs may not track the price of the underlying securities, and their value may change materially at times when the
U.S. markets are not open for trading.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Below-Investment Grade Securities
Risk. </b>Investments in below-investment grade fixed-income securities, “high yield securities” or “junk bonds,”
are generally more speculative than investment grade fixed-income securities and have a greater risk of default. If an issuer
defaults, a below-investment grade security could lose all of its value, be renegotiated at a lower interest rate or principal
amount, or become illiquid. Below-investment grade securities may be less liquid and more volatile than investment grade fixed-income
securities and may be more difficult to value.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Convertible Securities Risk.
</b>Investments in convertible securities entail some of the risks of both equity and debt securities. The value of convertible
securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with the fluctuations
in the market value of the underlying securities.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Equity Risk. </b>The Fund’s
equity holdings may decline in value because of changes in price of a particular holding or a broad stock market decline. The
value of a security may decline for a number of reasons which directly relate to the issuer of a security.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Fixed-Income Securities Risk.
</b>The Fund may invest in fixed-income (debt) securities, which are generally subject to the following risks:</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0 30pt"><font style="color: #000000"><b>Credit Risk. </b>The
financial condition of an issuer of a fixed-income security may cause the issuer to default. A decline in an issuer's credit rating
may cause an increase in investment risk and price volatility.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0 30pt"><font style="color: #000000"><b>Interest Rate Risk.
</b>An increase in interest rates typically causes a decrease in the value of fixed-income securities in which the Fund may invest.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Foreign Investments Risk.
</b>Foreign investments may be subject to the same risks as domestic investments and to additional risks which include international
trade, currency, political, regulatory and diplomatic risks, which may affect their value. Also, foreign securities are subject
to the risk that their market price may not reflect the issuer’s condition because there is not sufficient publicly available
information about the issuer.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Growth Company Risk. </b>The
Fund’s investments in growth securities may be more sensitive to company earnings and more volatile than the market in general.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Large Capitalization Company
Risk. </b>The Fund’s investments in large capitalization companies may underperform other segments of the market because
they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods
of economic expansion.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Management Risk. </b>The
Fund is actively managed, and its performance will reflect the Adviser’s ability to make investment decisions that are suited
to achieving the Fund’s investment objectives.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Market Events Risk. </b>Turbulence
in the financial markets and reduced liquidity in equity, credit and fixed-income markets may negatively affect issuers worldwide,
which could have an adverse effect on the Fund.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Mid Capitalization Company
Risk. </b>The Fund’s investments in mid capitalization companies may be less liquid and their securities’ prices may
fluctuate more than those of larger, more established companies.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Sector Risk. </b>The Fund’s
portfolio investments may be more heavily weighted in one or more sectors or industries. Negative developments affecting those
sectors or industries may result in greater market risk to the Fund than a fund that is not weighted in those sectors or industries.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Short Selling Risk. </b>The
Fund may engage in short sales of securities only against the box by borrowing a security and then selling it. If the Fund buys
back the security at a higher price, the Fund will incur a loss on the transaction. The Fund’s use of short sales also may
involve additional transactions costs and other expenses, and may increase volatility and decrease liquidity of the Fund. In addition,
a short sale may create leverage and as a result, may cause relatively smaller adverse market movement to have a disproportionate
impact on the Fund’s performance.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>U.S. Government Securities
Risk. </b>The Fund may invest in U.S. Government securities which may be backed by the U.S. Department of the Treasury or the
full faith and credit of the U.S., and may include U.S. Treasury bills, Treasury Inflation-Protected Securities, notes and bonds.
These securities are guaranteed only as to the timely payment of interest and principal when held to maturity. The market prices
for such securities are not guaranteed and will fluctuate. Certain U.S. Government agency securities are backed by the right of
the issuer to borrow from the U.S. Department of the Treasury, or are supported only by the credit of the issuing agency or instrumentality,
and in some cases there may be some risk of default by the issuer.</font></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><font style="color: #000000"><b>Value Investment Risk. </b>The
Fund may invest in securities the Adviser believes are undervalued. The value of the Fund’s shares may decline, even if
stock prices generally are rising because value stocks may fall out of favor with the market or react differently to market, political
and economic developments.</font></p>
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Performance Information</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">The following chart illustrates the variability of the Investor
Shares' returns as of December 31, 2011. The returns for the A Shares and the Institutional Shares will vary from the returns of
the Investor Shares as a result of the differences in expenses applicable to each class. Because the A Shares have higher expenses
than the Investor Shares, the performance of the A Shares would be lower than the performance that the Investor Shares realized
for the same period. Because the Investor Shares have higher expenses than the Institutional Shares, the performance of the Investor
Shares would be lower than the performance that the Institutional Shares realized for the same period. The chart and table provide
some indication of the risks of investing in the Fund by showing the changes in the performance from year to year and how the Fund’s
average annual returns for one, five, and ten years compare to the Standard & Poor's 500 Index (the “S&P 500 Index”).
Updated performance information is available at www.auxierasset.com or by calling (877) 3-AUXIER or (877) 328-9437 (toll free).</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">The Fund acquired the assets and liabilities of Auxier Focus
Fund, a series of Unified Series Trust (the “Predecessor Fund”) on December 10, 2004. The Predecessor Fund maintained
substantially similar investment objectives and investment policies to that of the Fund. Prior to January 3, 2003, the Predecessor
Fund was a series of Ameriprime Funds. The Fund is a continuation of the Predecessor Fund. The performance of the Fund’s
Investor Shares for the period prior to December 10, 2004 is that of the Predecessor Fund. The net expenses of the Fund’s
Investor Shares are the same as the net expenses of the Predecessor Fund.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><i>Performance information represents only past performance,
before and after taxes, and does not necessarily indicate future results. </i></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"></p>
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<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0"><b>Auxier Focus Fund – Institutional Shares, Investor
Shares and A Shares </b></p>
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Shareholder Fees (fees paid directly from your
investment)</p>
0
0
0.0575
0
0
0
0
0
-0.0200
-0.0200
-0.0200
<p style="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Annual Fund Operating Expenses<sup> </sup>(expenses
that you pay each year as a percentage of the value of your investment)</p>
0.0100
0.0100
0.0100
0
0
0.0025
0.0110
0.0125
0.0125
0.0176
0.0129
0.0165
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; color: 00000"><b>Example</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">This Example is intended to help you compare the cost of investing
in the Fund with the cost of investing in other mutual funds. 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 on these assumptions your costs would be:</p>
10-31-2015
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; color: 00000"><b>Portfolio Turnover</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">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 fund operating expenses or in the Example, affect the Fund’s
performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 8% of the average value of its portfolio.</p>
0.08
The Fund invests primarily in
a diversified portfolio of equity securities that the Adviser believes offer growth opportunities at a reasonable price. The Adviser
will pursue an investment blend of equity securities of growth companies and value companies. The Fund is not limited by a fixed
allocation of assets to equity securities of either growth or value companies and, depending upon the economic environment and
judgment of the Adviser, may invest in either growth companies or value companies to the exclusion of the other.</font>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">You could lose money on your investment in the Fund or the Fund could underperform other investments.</p>
877-328-9437
www.auxierasset.com
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: center"><b>Average Annual Total Returns<sup>[2]<br />
</sup>(For the periods ended December 31, 2011)</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">The calendar year-to-date total return as of September 30,
2012 was 8.52%.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">During the period shown, the highest return for a quarter
was 15.64% for the quarter ended June 30, 2003, and the lowest return was -14.65% for the quarter ended December 31, 2008.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: center"><b>Annual Returns as of December 31<br />
Investor Shares</b></p>
112
127
695
350
397
949
757
695
1308
1898
1545
2316
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">The following chart illustrates the variability of the Investor Shares' returns as of December 31, 2011.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">(reflects no deduction for fees, expenses or taxes.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">After-tax returns are calculated using the historical highest
individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend
on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who
hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</p>
2003-06-30
0.1564
2008-12-31
-0.1465
The calendar year-to-date total return as of
2012-09-30
0.0852
0.0211
0.0557
0.0517
0.0415
-0.0050
-0.0025
0.0296
0.0247
0.0246
0.0173
0.0292
0.0587
0.0531
0.0496
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
<td style="width: 0.25in"><font style="font-size: 8pt">[2]</font></td>
<td><font style="font-size: 8pt">As of the date of this Prospectus the Institutional Shares had not been operational for a
full calendar year.</font></td>
</tr></table>
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Applied to purchases not subject to an initial sales charge and redeemed less than one year after purchase.
Expense information has been restated to reflect current fees.
Auxier Asset Management LLC (the "Adviser") has contractually agreed to reduce a portion of its fee and/or reimburse Fund expenses to limit Total Annual Fund Operating Expenses (excluding all taxes, interest, portfolio transaction expenses, dividend expenses on short sales, and extraordinary expenses) of Institutional Shares to 1.10% and Investor Shares and A Shares to 1.25% through October 31, 2015 ("Expense Cap"). The Expense Cap may be changed or eliminated at any time, only with the consent of the Board of Trustees. Net Annual Fund Operating Expenses may increase if exclusions from the Expense Cap apply.
A Shares commenced operations on July 8, 2005. Performance for the 10-year period is a blended average annual return which includes the returns of Investor Shares (inception date July 9, 1999) prior to the commencement of operations of A Shares.