0001464413-12-000187.txt : 20121005 0001464413-12-000187.hdr.sgml : 20121005 20121005101849 ACCESSION NUMBER: 0001464413-12-000187 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121005 DATE AS OF CHANGE: 20121005 EFFECTIVENESS DATE: 20121005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Starboard Investment Trust CENTRAL INDEX KEY: 0001464413 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-159484 FILM NUMBER: 121131039 BUSINESS ADDRESS: STREET 1: 116 SOUTH FRANKLIN STREET STREET 2: POST OFFICE BOX 69 CITY: ROCKY MOUNT STATE: NC ZIP: 27802-0069 BUSINESS PHONE: 252-972-9922 EXT.249 MAIL ADDRESS: STREET 1: 116 SOUTH FRANKLIN STREET STREET 2: POST OFFICE BOX 69 CITY: ROCKY MOUNT STATE: NC ZIP: 27802-0069 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Starboard Investment Trust CENTRAL INDEX KEY: 0001464413 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22298 FILM NUMBER: 121131040 BUSINESS ADDRESS: STREET 1: 116 SOUTH FRANKLIN STREET STREET 2: POST OFFICE BOX 69 CITY: ROCKY MOUNT STATE: NC ZIP: 27802-0069 BUSINESS PHONE: 252-972-9922 EXT.249 MAIL ADDRESS: STREET 1: 116 SOUTH FRANKLIN STREET STREET 2: POST OFFICE BOX 69 CITY: ROCKY MOUNT STATE: NC ZIP: 27802-0069 0001464413 S000026513 ISM Dynamic Growth Fund C000079606 Institutional Class Shares FMGRX C000096728 Advisor Class Shares FMGCX 0001464413 S000026514 ISM Dynamic Total Return Fund C000079607 Institutional Class Shares FMTRX C000096729 Advisor Class Shares FMTCX 0001464413 S000038302 ISM Non Traditional Fund C000118203 Institutional Class Shares FMNRX C000118204 Advisor Class Shares FMNTX 0001464413 S000038303 ISM High Income Fund C000118205 Institutional Class Shares FMHRX C000118206 Advisor Class Shares FMHIX 0001464413 S000038304 ISM Strategic Equity Fund C000118207 Institutional Class Shares FMSQX C000118208 Advisor Class Shares FMTSX 0001464413 S000038305 ISM Strategic Fixed Income Fund C000118209 Institutional Class Shares FMFRX C000118210 Advisor Class Shares FMFSX 0001464413 S000038306 ISM Global Alpha Tactical Fund C000118211 Advisor Class Shares FMLAX C000118212 Institutional Class Shares FMARX 0001464413 S000038307 ISM Tax Free Fund C000118213 Institutional Class Shares FMRIX C000118214 Advisor Class Shares FMERX 0001464413 S000038308 ISM Dividend Income Fund C000118215 Institutional Class Shares FMDVX C000118216 Advisor Class Shares FMDNX 0001464413 S000038309 ISM Premier Asset Management Fund C000118217 Institutional Class Shares FMPMX C000118218 Advisor Class Shares FMAPX 485BPOS 1 n1a1012.htm STARBOARD INVESTMENT TRUST - FMX FUNDS n1a1012.htm
As filed with the Securities and Exchange Commission on October 5, 2012
File Nos. 333-159484 and 811-22298
 

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM N-1A
 

REGISTRATION STATEMENT UNDER SECURITIES ACT OF 1933
[X]
Pre-Effective Amendment No.       
[   ]
Post-Effective Amendment No.   76
[X]
 
and/or
 
REGISTRATION STATEMENT UNDER INVESTMENT COMPANY ACT OF 1940
[X]
Amendment No.   80  
[X]
(Check appropriate box or boxes)
 
Starboard Investment Trust
(Exact Name of Registrant as Specified in Charter)
 
116 South Franklin Street, P. O. Box 69, Rocky Mount, NC  27802
(Address of Principal Executive Offices)
 
252-972-9922
(Registrant’s Telephone Number, including Area Code)
 
A. Vason Hamrick
116 S. Franklin Street, P.O. Box 69, Rocky Mount, North Carolina 27802
 
(Name and Address of Agent for Service)
 
With copy to:
Terrence O. Davis
Thompson Hine, LLP
1920 N. Street, N.W.
Washington, D.C.  20036-1600

Approximate Date of Proposed Public Offering:                      As soon as practicable after the effective
date of this Registration Statement
 
It is proposed that this filing will become effective: (check appropriate box)

[X] immediately upon filing pursuant to paragraph (b)
[   ] on (date) pursuant to paragraph (b)
[   ] 60 days after filing pursuant to paragraph (a)(1)
[   ] on (date) pursuant to paragraph (a)(1)
[   ] 75 days after filing pursuant to paragraph (a)(2)
[   ] on (date) pursuant to paragraph (a)(2) of Rule 485
EXPLANATORY NOTE
 
 
 

 
 
This Post-Effective Amendment No. 76 to the Trust’s Registration Statement on Form N-1A is filed for the sole purpose of submitting the XBRL exhibits for the risk/return summary first provided in Post-Effective Amendment No. 72 filed September 18, 2012 and incorporates Parts A, B and C from said amendment.


 
 

 

 
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended (“Securities Act”), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this amendment to the registration statement under Rule 485(b) under the Securities Act and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Rocky Mount, and State of North Carolina on this  5th day of October, 2012.

 
STARBOARD INVESTMENT TRUST

By:           /s/ A. Vason Hamrick                                           
A. Vason Hamrick, Secretary

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following person in the capacities and on the date indicated.

 
Signature
Title
Date
     
           *                   
Trustee
October 5, 2012
Jack E. Brinson
   
     
           *                   
Trustee & Chairman
October 5, 2012
James H. Speed, Jr.
   
     
           *                   
Trustee
October 5, 2012
J. Buckley Strandberg
   
     
           *                   
Trustee
October 5, 2012
Michael G. Mosley
   
     
           *                   
Trustee
October 5, 2012
Theo H. Pitt, Jr.
   
     
           *                   
President, FMX Funds
October 5, 2012
D.J. Murphey
   
     
           *                   
Treasurer, FMX Funds
October 5, 2012
Julie M. Koethe
   
     
           *                   
President & Treasurer,
October 5, 2012
Robert G. Fontana
Caritas All-Cap Growth Fund
 
     
           *                   
President & Treasurer,
October 5, 2012
Matthew R. Lee
Presidio Multi-Strategy Fund
 
     
           *                   
President, Roumell Opportunistic Value Fund
October 5, 2012
James C. Roumell
   
     
 
 
 

 
           *                   
Treasurer, Roumell Opportunistic Value Fund
October 5, 2012
Craig L. Lukin
   
     
           *                   
President & Treasurer,
October 5, 2012
Mark A. Grimaldi
The Sector Rotation Fund
 
     
           *                   
President & Treasurer,
October 5, 2012
Cort F. Meinelschmidt
SCS Tactical Allocation
 
     
           *                   
President, Crescent Funds
October 5, 2012
J. Philip Bell
   
     
           *                   
Treasurer, Crescent Funds
October 5, 2012
Michael W. Nix
   
     
           *                   
President, Arin Funds
October 5, 2012
Joseph J. DeSipio
   
     
           *                   
Treasurer, Arin Funds
October 5, 2012
Lawrence H. Lempert
   
     
           *                   
President,
October 5, 2012
Bryn H. Torkelson
Matisse Discounted Closed-End Fund Strategy
 
     
           *                   
President and Treasurer,
October 5, 2012
Gabriel F. Thornhill IV
Thornhill Strategic Equity Fund
 
     
           *                   
President,
October 5, 2012
Jeffrey R. Spotts
Prophecy Alpha Trading Fund
 
     
           *                   
Treasurer,
October 5, 2012
Brenda A. Smith
Prophecy Alpha Trading Fund
 
     
/s/ T. Lee Hale, Jr. 
T. Lee Hale, Jr.
Treasurer of the Matisse Discounted Closed-End Fund Strategy,  
Chief Compliance Officer and Assistant Treasurer of the Trust
October 5, 2012
     
* By: /s/ A. Vason Hamrick
Dated: October 5, 2012
 
A. Vason Hamrick,
Secretary and Attorney-in-Fact
 
     
 
 
 
 

 
Exhibit Index

Exhibit Number
Description
EX-101.INS
XBRL Instance Document
EX-101.SCH
XBRL Taxonomy Extension Schema Document
EX-101.CAL
XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF
XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB
XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE
XBRL Taxonomy Extension Presentation Linkbase


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</div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleAnnualFundOperatingExpensesIsmPremierAssetManagementFund column period compact * column dei_LegalEntityAxis compact cik0001464413_S000038309Member column rr_ProspectusShareClassAxis compact * row primary compact * ~&lt;/div&gt; </div> 0.0957 0.0325 -0.0387 0.0075 2009-10-02 2009-10-02 0.0329 0.1179 0.0635 0.0164 0.0160 0.0116 0.0101 0.0097 -0.0387 0.0211 0.0784 0.0075 -0.0253 -0.0824 0.0049 0.0021 <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PERFORMANCE INFORMATION</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PERFORMANCE INFORMATION</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PERFORMANCE INFORMATION</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PERFORMANCE INFORMATION</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PERFORMANCE INFORMATION</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PERFORMANCE INFORMATION</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PERFORMANCE INFORMATION</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PERFORMANCE INFORMATION</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PERFORMANCE INFORMATION</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PERFORMANCE INFORMATION</font></div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">During the periods shown in the bar chart above the Fund's&nbsp;<font class="_mt">highest quarterly return</font> was <font class="_mt">8.93</font>% (quarter ended <font class="_mt">December 31, 2012</font>) and the&nbsp;<font class="_mt">Fund's lowest quarterly</font> return was <font class="_mt">-12.80</font>% (quarter ended <font class="_mt">September 30, 2011</font>).&nbsp;&nbsp;The <font class="_mt">Fund's year-to-date return </font>as of <font class="_mt">June 30, 2012</font>, the end of the most recent calendar quarter, was <font class="_mt">3.95</font>%.</font></div> </div> <div> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" class="MetaData"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">During the periods shown in the bar chart above the Fund's&nbsp;<font class="_mt">highest quarterly return</font> was <font class="_mt">1.61</font>% (quarter ended <font class="_mt">June 30, 2010</font>) and the Fund's&nbsp;<font class="_mt">lowest quarterly return</font> was <font class="_mt">-1.37</font>% (quarter ended <font class="_mt">September 30, 2011</font>).&nbsp;&nbsp;The Fund's&nbsp;<font class="_mt">year-to date return</font> as of <font class="_mt">June 30, 2012</font>, the end of the most recent calendar quarter, was <font class="_mt">2.62</font>%.</font></div> </div> <div class="MetaData"> <div style="line-height: 10.25pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Institutional Class</font></div> <div style="line-height: 10.25pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Calendar Year Returns</font></div></div> <div class="MetaData"> <div style="line-height: 10.25pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Institutional Class</font></div> <div style="line-height: 10.25pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Calendar Year Returns</font></div></div> 0.0893 0.0161 2012-12-31 2010-06-30 -0.1280 -0.0137 2011-09-30 2011-09-30 <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleAnnualTotalReturnsIsmDynamicGrowthFundBarChart column period compact * column primary compact * row dei_LegalEntityAxis compact cik0001464413_S000026513Member row rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleAnnualTotalReturnsIsmDynamicTotalReturnFundBarChart column period compact * column primary compact * row dei_LegalEntityAxis compact cik0001464413_S000026514Member row rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> 0.0395 0.0262 2012-06-30 2012-06-30 0 0.01 0 0.01 0 0.01 0 0.01 0 0.01 0 0.01 0.01 0 0 0.01 0 0.01 0 0.01 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Example:</font></font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Example:</font></font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Example: </font></font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Example: </font></font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Example: </font></font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Example: </font></font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Example: </font></font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Example: </font></font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Example: </font></font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Example: </font></font></div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&nbsp;&nbsp;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.&nbsp;&nbsp;The example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same.&nbsp;&nbsp;Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> </div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&nbsp;&nbsp;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.&nbsp;&nbsp;The example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same.&nbsp;&nbsp;Although your actual costs may be higher or lower, based on these assumptions your costs would be:&nbsp;&nbsp;</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&nbsp;&nbsp;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.&nbsp;&nbsp;The example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same.&nbsp;&nbsp;Although your actual costs may be higher or lower, based on these assumptions your costs would be:&nbsp;&nbsp;</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&nbsp;&nbsp;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.&nbsp;&nbsp;The example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same.&nbsp;&nbsp;Although your actual costs may be higher or lower, based on these assumptions your costs would be:&nbsp;&nbsp;</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&nbsp;&nbsp;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.&nbsp;&nbsp;The example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same.&nbsp;&nbsp;Although your actual costs may be higher or lower, based on these assumptions your costs would be:&nbsp;&nbsp;</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&nbsp;&nbsp;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.&nbsp;&nbsp;The example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same.&nbsp;&nbsp;Although your actual costs may be higher or lower, based on these assumptions your costs would be:&nbsp;&nbsp;</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&nbsp;&nbsp;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.&nbsp;&nbsp;The example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same.&nbsp;&nbsp;Although your actual costs may be higher or lower, based on these assumptions your costs would be:&nbsp;&nbsp;</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&nbsp;&nbsp;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.&nbsp;&nbsp;The example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same.&nbsp;&nbsp;Although your actual costs may be higher or lower, based on these assumptions your costs would be:&nbsp;&nbsp;</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&nbsp;&nbsp;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.&nbsp;&nbsp;The example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same.&nbsp;&nbsp;Although your actual costs may be higher or lower, based on these assumptions your costs would be:&nbsp;&nbsp;</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&nbsp;&nbsp;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.&nbsp;&nbsp;The example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same.&nbsp;&nbsp;Although your actual costs may be higher or lower, based on these assumptions your costs would be:&nbsp;&nbsp;</font></div> </div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">You would pay the following expenses if you did not redeem your shares:</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">You would pay the following expenses if you did not redeem your shares:</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">You would pay the following expenses if you did not redeem your shares:</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">You would pay the following expenses if you did not redeem your shares:</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">You would pay the following expenses if you did not redeem your shares:</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">You would pay the following expenses if you did not redeem your shares:</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">You would pay the following expenses if you did not redeem your shares:</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">You would pay the following expenses if you did not redeem your shares:</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">You would pay the following expenses if you did not redeem your shares:</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">You would pay the following expenses if you did not redeem your shares:</font></div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedIsmDynamicGrowthFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000026513Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedIsmDynamicTotalReturnFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000026514Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedIsmNonTraditionalFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000038302Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedIsmHighIncomeFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000038303Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedIsmStrategicEquityFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000038304Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedIsmStrategicFixedIncomeFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000038305Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedIsmGlobalAlphaTacticalFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000038306Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedIsmTaxFreeFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000038307Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedIsmDividendIncomeFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000038308Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedIsmPremierAssetManagementFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000038309Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> 215 315 178 278 290 389 154 254 95 196 99 200 216 115 138 239 177 277 178 278 757 1053 645 944 980 1269 572 873 393 700 405 712 760 455 526 829 642 941 645 944 1325 1812 1139 1635 2871 3808 2499 3473 <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleTransposedIsmDynamicGrowthFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000026513Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleTransposedIsmDynamicTotalReturnFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000026514Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleTransposedIsmNonTraditionalFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000038302Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleTransposedIsmHighIncomeFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000038303Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleTransposedIsmStrategicEquityFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000038304Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleTransposedIsmStrategicFixedIncomeFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000038305Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleTransposedIsmGlobalAlphaTacticalFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000038306Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleTransposedIsmTaxFreeFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000038307Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleTransposedIsmDividendIncomeFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000038308Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleExpenseExampleTransposedIsmPremierAssetManagementFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000038309Member column rr_ProspectusShareClassAxis compact * ~&lt;/div&gt; </div> 215 417 178 380 290 490 154 357 95 299 99 303 319 115 138 342 177 379 178 380 757 1053 645 944 980 1269 572 873 393 700 405 712 760 455 526 829 642 941 645 944 1325 1812 1139 1635 2871 3808 2499 3473 <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">FEES AND EXPENSES OF THE FUND</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">FEES AND EXPENSES OF THE FUND</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">FEES AND EXPENSES OF THE FUND</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">FEES AND EXPENSES OF THE FUND</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">FEES AND EXPENSES OF THE FUND</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">FEES AND EXPENSES OF THE FUND</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">FEES AND EXPENSES OF THE FUND</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">FEES AND EXPENSES OF THE FUND</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">FEES AND EXPENSES OF THE FUND</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">FEES AND EXPENSES OF THE FUND</font></div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund:</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund:</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund:</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund:</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund:</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund:</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund:</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund:</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund:</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund:</font></div> </div> <font style="font-style: italic; display: inline;" class="_mt">The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements</font><font style="display: inline; font-size: 10pt;" class="_mt">, </font><font style="font-style: italic; display: inline;" class="_mt">which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses</font> <font style="font-style: italic; display: inline;" class="_mt">The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements</font><font style="display: inline; font-size: 10pt;" class="_mt">, </font><font style="font-style: italic; display: inline;" class="_mt">which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses</font> <font style="font-style: italic; display: inline;" class="_mt">The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements</font><font style="display: inline; font-size: 10pt;" class="_mt">, </font><font style="font-style: italic; display: inline;" class="_mt">which will reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses</font> The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which will reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which will reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which will reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which will reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which will reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which will reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which will reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses 0.0257 0.0357 0.022 0.032 0.0332 0.0432 0.0196 0.0296 0.0138 0.0238 0.0142 0.0242 0.0258 0.0158 0.0181 0.0281 0.0219 0.0319 0.022 0.032 <font style="font-style: italic; display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The expense information in the table has been restated to reflect current fees rather than the fees in effect during the previous fiscal year</font> <font style="font-style: italic; display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The expense information in the table has been restated to reflect current fees rather than the fees in effect during the previous fiscal year</font> -0.0045 -0.0045 -0.0045 -0.0045 -0.0045 -0.0045 -0.0045 -0.0045 -0.0045 -0.0045 -0.0045 -0.0045 -0.0045 -0.0045 -0.0045 -0.0045 -0.0045 -0.0045 -0.0045 -0.0045 October 1, 2013 October 1, 2013 October 1, 2013 October 1, 2013 October 1, 2013 October 1, 2013 October 1, 2013 October 1, 2013 October 1, 2013 October 1, 2013 highest quarterly return highest quarterly return Fund's lowest quarterly lowest quarterly return 0.0045 0.0045 0.0045 0.0045 0.0045 0.0045 0.0045 0.0045 0.0045 0.0045 0.0045 0.0045 0.0045 0.0045 0.0045 0.0045 0.0045 0.0045 0.0045 0.0045 0 0.01 0 0.01 0 0.01 0 0.01 0 0.01 0 0.01 0.01 0 0 0.01 0 0.01 0 0.01 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0212 0.0312 0.0175 0.0275 0.0287 0.0387 0.0151 0.0251 0.0093 0.0193 0.0097 0.0197 0.0213 0.0113 0.0136 0.0236 0.0174 0.0274 0.0175 0.0275 <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr style="line-height: 11.4pt;" valign="top"><td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">INVESTMENT OBJECTIVES</font></div></td></tr></table></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr style="line-height: 11.4pt;" valign="top"><td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">INVESTMENT OBJECTIVES</font></div></td></tr></table></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr style="line-height: 11.4pt;" valign="top"><td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">INVESTMENT OBJECTIVES</font></div></td></tr></table></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr style="line-height: 11.4pt;" valign="top"><td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">INVESTMENT OBJECTIVES</font></div></td></tr></table></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr style="line-height: 11.4pt;" valign="top"><td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">INVESTMENT OBJECTIVES</font></div></td></tr></table></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr style="line-height: 11.4pt;" valign="top"><td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">INVESTMENT OBJECTIVES</font></div></td></tr></table></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr style="line-height: 11.4pt;" valign="top"><td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">INVESTMENT OBJECTIVES</font></div></td></tr></table></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr style="line-height: 11.4pt;" valign="top"><td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">INVESTMENT OBJECTIVES</font></div></td></tr></table></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr style="line-height: 11.4pt;" valign="top"><td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">INVESTMENT OBJECTIVES</font></div></td></tr></table></div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The ISM Dynamic Growth Fund (formerly known as the <font style="font-style: italic; display: inline;" class="_mt">FMX Growth Allocation Fund</font>) seeks capital appreciation without regard to current income.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The ISM Dynamic Total Return Fund (formerly known as the <font style="font-style: italic; display: inline;" class="_mt">FMX Total Return Fund</font>) seeks total return through a combination of capital appreciation and current income.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The ISM Non Traditional Fund seeks to achieve total return through a combination of capital appreciation and current income.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The ISM High Income Fund seeks to achieve current income and real return.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The ISM Strategic Equity Fund seeks capital appreciation.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The ISM Strategic Fixed Income Fund seeks total return with an emphasis on current income.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The ISM Global Alpha Tactical Fund<font style="display: inline; font-weight: bold;" class="_mt">&nbsp;</font>seeks capital appreciation.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The ISM Tax Free Fund seeks to provide current income that is exempt from federal income tax.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The ISM Dividend Income Fund<font style="display: inline; font-weight: bold;" class="_mt">&nbsp;</font>seeks equity income and capital appreciation.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The ISM Premier Asset Management Fund seeks total return through a combination of capital appreciation and current income.</font></div> </div> <div class="MetaData"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="39%" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Annual Fund Operating Expenses</font><font style="display: inline; font-family: times new roman; font-size: 70%; vertical-align: text-top;" class="_mt">1</font></font></div></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td></tr> <tr><td style="border-bottom: black 2px solid;" valign="bottom" width="60%" colspan="3" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(expenses that you pay each year as a percentage of the value of your investment)</font></div></td></tr></table></div> <div class="MetaData"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="39%" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Annual Fund Operating Expenses</font><font style="display: inline; font-family: times new roman; font-size: 70%; vertical-align: text-top;" class="_mt">1</font></font></div></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td></tr> <tr><td style="border-bottom: black 2px solid;" valign="bottom" width="60%" colspan="3" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(expenses that you pay each year as a percentage of the value of your investment)</font></div></td></tr></table></div> <div class="MetaData"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="39%" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Annual Fund Operating Expenses</font></div></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td></tr> <tr><td style="border-bottom: black 2px solid;" valign="bottom" width="60%" colspan="3" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(expenses that you pay each year as a percentage of the value of your investment)</font></div></td></tr></table></div> <div class="MetaData"> <table style="width: 100%; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td style="padding-bottom: 0in; padding-left: 0in; width: 39%; padding-right: 0in; padding-top: 0in;" valign="top" width="39%"> <p style="line-height: 11.4pt; margin: 0in 0in 0pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormal"><b><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">Annual Fund Operating Expenses</font></b><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt"> </font></p></td> <td style="border-bottom: medium none; border-left: medium none; padding-bottom: 0in; padding-left: 0in; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" width="443"> <p style="margin: 0in 0in 0pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormal">&nbsp;</p></td></tr> <tr><td style="border-bottom: black 1.5pt solid; border-left: medium none; padding-bottom: 0in; padding-left: 0in; width: 60%; padding-right: 0in; border-top: medium none; border-right: medium none; padding-top: 0in;" valign="bottom" width="60%" colspan="2"> <p style="line-height: 11.4pt; margin: 0in 0in 0pt; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormal"><i><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt">(expenses that you pay each year as a percentage of the value of your investment)</font></i><font style="font-family: 'Times New Roman','serif'; font-size: 10pt;" class="_mt"> </font></p></td></tr></table></div> <div class="MetaData"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="39%" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Annual Fund Operating Expenses</font></div></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td></tr> <tr><td style="border-bottom: black 2px solid;" valign="bottom" width="60%" colspan="3" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(expenses that you pay each year as a percentage of the value of your investment)</font></div></td></tr></table></div> <div class="MetaData"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="39%" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Annual Fund Operating Expenses</font></div></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td></tr> <tr><td style="border-bottom: black 2px solid;" valign="bottom" width="60%" colspan="3" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(expenses that you pay each year as a percentage of the value of your investment)</font></div></td></tr></table></div> <div class="MetaData"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="39%" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Annual Fund Operating Expenses</font></div></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td></tr> <tr><td style="border-bottom: black 2px solid;" valign="bottom" width="60%" colspan="3" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(expenses that you pay each year as a percentage of the value of your investment)</font></div></td></tr></table></div> <div class="MetaData"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="39%" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Annual Fund Operating Expenses</font></div></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td></tr> <tr><td style="border-bottom: black 2px solid;" valign="bottom" width="60%" colspan="3" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(expenses that you pay each year as a percentage of the value of your investment)</font></div></td></tr></table></div> <div class="MetaData"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="39%" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Annual Fund Operating Expenses</font></div></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td></tr> <tr><td style="border-bottom: black 2px solid;" valign="bottom" width="60%" colspan="3" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(expenses that you pay each year as a percentage of the value of your investment)</font></div></td></tr></table></div> <div class="MetaData"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="39%" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Annual Fund Operating Expenses</font></div></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td></tr> <tr><td style="border-bottom: black 2px solid;" valign="bottom" width="60%" colspan="3" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(expenses that you pay each year as a percentage of the value of your investment)</font></div></td></tr></table></div> <font style="font-style: italic; display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Since the Fund is newly organized, "Other Expenses" are based on estimated expenses for the current fiscal year</font> <font style="font-style: italic; display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Since the Fund is newly organized, "Other Expenses" are based on estimated expenses for the current fiscal year</font> <font style="font-style: italic; display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Since the Fund is newly organized, "Other Expenses" are based on estimated expenses for the current fiscal year</font> <font style="font-style: italic; display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Since the Fund is newly organized, "Other Expenses" are based on estimated expenses for the current fiscal year</font> <font style="font-style: italic; display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Since the Fund is newly organized, "Other Expenses" are based on estimated expenses for the current fiscal year</font> <font style="font-style: italic; display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Since the Fund is newly organized, "Other Expenses" are based on estimated expenses for the current fiscal year</font> <font style="font-style: italic; display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Since the Fund is newly organized, "Other Expenses" are based on estimated expenses for the current fiscal year</font> <font style="font-style: italic; display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Since the Fund is newly organized, "Other Expenses" are based on estimated expenses for the current fiscal year</font> 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 <a href="800.htm">http://secure.ncfunds.com/TNC/fundpages/800.htm</a> <a href="802.htm">http://secure.ncfunds.com/TNC/fundpages/802.htm</a> <a href="801.htm">http://secure.ncfunds.com/TNC/fundpages/801.htm</a> <a href="803.htm">http://secure.ncfunds.com/TNC/fundpages/803.htm</a> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The bar chart and table shown below provide an indication of the risks of investing in the Fund by showing changes in the Fund's Institutional Class Shares performance from year to year and by showing how the Fund's Institutional Class Shares average annual total returns compare to that of a broad-based securities market index</font> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The bar chart and table shown below provide an indication of the risks of investing in the Fund by showing changes in the Fund's Institutional Class Shares performance from year to year and by showing how the Fund's Institutional Class Shares average annual total returns compare to that of a broad-based securities market index</font></font>.&nbsp;&nbsp;The annual returns for the Advisor Class Shares are expected to be substantially similar to the annual returns of the Institutional Class Shares because they are invested in the same portfolio of securities and the annual returns would differ only to the extent that the Advisor Class Shares have a 12b-1 fee.&nbsp;&nbsp;<font class="_mt">The Fund's past performance is not necessarily an indication of how the Fund will perform in the future</font>.&nbsp;&nbsp;Updated information on the Fund's results can be obtained by visiting&nbsp;<font class="_mt"><a href="800.htm">http://secure.ncfunds.com/TNC/fundpages/800.htm</a></font> for the Institutional Class Shares and by visiting&nbsp;<font class="_mt"><a href="802.htm">http://secure.ncfunds.com/TNC/fundpages/802.htm</a></font> for the Advisor Class Shares.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The bar chart and table shown below provide an indication of the risks of investing in the Fund by showing changes in the Fund's Institutional Class Shares performance from year to year and by showing how the Fund's Institutional Class Shares average annual total returns compare to that of a broad-based securities market index.&nbsp;&nbsp;The annual returns for the Advisor Class Shares are expected to be substantially similar to the annual returns of the Institutional Class Shares because they are invested in the same portfolio of securities and the annual returns would differ only to the extent that the Advisor <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Class Shares have a 12b-1 fee.&nbsp;&nbsp;<font class="_mt">The Fund's past performance is not necessarily an indication of how the Fund will perform in the future</font>.&nbsp;&nbsp;Updated information on the Fund's results can be obtained by visiting&nbsp;<font class="_mt"><a href="801.htm">http://secure.ncfunds.com/TNC/fundpages/801.htm</a></font> for the Institutional Class Shares and by visiting&nbsp;<font class="_mt"><a href="803.htm">http://secure.ncfunds.com/TNC/fundpages/803.htm</a></font> for the Advisor Class Shares.</font></font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Because the Fund has not been in operation for an entire calendar year, there is no Fund performance information to be presented here</font></font>.&nbsp;&nbsp;You may request a copy of the Fund's annual and semi-annual reports, once available, at no charge by calling the Fund.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Because the Fund has not been in operation for an entire calendar year, there is no Fund performance information to be presented here</font></font>.&nbsp;&nbsp;You may request a copy of the Fund's annual and semi-annual reports, once available, at no charge by calling the Fund.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Because the Fund has not been in operation for an entire calendar year, there is no Fund performance information to be presented here</font></font>.&nbsp;&nbsp;You may request a copy of the Fund's annual and semi-annual reports, once available, at no charge by calling the Fund.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Because the Fund has not been in operation for an entire calendar year, there is no Fund performance information to be presented here</font></font>.&nbsp;&nbsp;You may request a copy of the Fund's annual and semi-annual reports, once available, at no charge by calling the Fund.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Because the Fund has not been in operation for an entire calendar year, there is no Fund performance information to be presented here</font></font>.&nbsp;&nbsp;You may request a copy of the Fund's annual and semi-annual reports, once available, at no charge by calling the Fund.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Because the Fund has not been in operation for an entire calendar year, there is no Fund performance information to be presented here</font></font>.&nbsp;&nbsp;You may request a copy of the Fund's annual and semi-annual reports, once available, at no charge by calling the Fund.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Because the Fund has not been in operation for an entire calendar year, there is no Fund performance information to be presented here</font></font>.&nbsp;&nbsp;You may request a copy of the Fund's annual and semi-annual reports, once available, at no charge by calling the Fund.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Because the Fund has not been in operation for an entire calendar year, there is no Fund performance information to be presented here</font></font>.&nbsp;&nbsp;You may request a copy of the Fund's annual and semi-annual reports, once available, at no charge by calling the Fund.</font></div> </div> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Because the Fund has not been in operation for an entire calendar year, there is no Fund performance information to be presented here</font> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Because the Fund has not been in operation for an entire calendar year, there is no Fund performance information to be presented here</font> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Because the Fund has not been in operation for an entire calendar year, there is no Fund performance information to be presented here</font> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Because the Fund has not been in operation for an entire calendar year, there is no Fund performance information to be presented here</font> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Because the Fund has not been in operation for an entire calendar year, there is no Fund performance information to be presented here</font> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Because the Fund has not been in operation for an entire calendar year, there is no Fund performance information to be presented here</font> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Because the Fund has not been in operation for an entire calendar year, there is no Fund performance information to be presented here</font> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Because the Fund has not been in operation for an entire calendar year, there is no Fund performance information to be presented here</font> The Fund's past performance is not necessarily an indication of how the Fund will perform in the future The Fund's past performance is not necessarily an indication of how the Fund will perform in the future Average Annual Total Returns Periods Ended December 31, 2011 Average Annual Total Returns Periods Ended December 31, 2011 <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">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</font></font>.&nbsp;&nbsp;<font class="_mt">Actual after-tax returns depend on an investor's tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA)</font>.&nbsp;&nbsp;<font class="_mt">After-tax returns are shown for only one class of shares and after-tax returns will vary for other classes</font>.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">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</font></font>.&nbsp;&nbsp;<font class="_mt">Actual after-tax returns depend on an investor's tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA)</font>.&nbsp;&nbsp;<font class="_mt">After-tax returns are shown for only one class of shares and after-tax returns will vary for other classes</font>.</font></div> </div> Actual after-tax returns depend on an investor's tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA) Actual after-tax returns depend on an investor's tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA) After-tax returns are shown for only one class of shares and after-tax returns will vary for other classes After-tax returns are shown for only one class of shares and after-tax returns will vary for other classes <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedIsmDynamicGrowthFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000026513Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~&lt;/div&gt; </div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedIsmDynamicTotalReturnFund row period compact * row primary compact * column dei_LegalEntityAxis compact cik0001464413_S000026514Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~&lt;/div&gt; </div> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">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</font> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">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</font> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Portfolio Turnover.</font></font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Portfolio Turnover.</font></font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Portfolio Turnover.</font>&nbsp;&nbsp;</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Portfolio Turnover.</font>&nbsp;&nbsp;</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Portfolio Turnover.</font>&nbsp;&nbsp;</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Portfolio Turnover.</font>&nbsp;&nbsp;</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Portfolio Turnover.</font>&nbsp;&nbsp;</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Portfolio Turnover.</font>&nbsp;&nbsp;</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Portfolio Turnover.</font>&nbsp;&nbsp;</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Portfolio Turnover.</font>&nbsp;&nbsp;</font></div> 6.5815 2.1816 <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).&nbsp;&nbsp;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.&nbsp;&nbsp;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.&nbsp;&nbsp;During the most recent fiscal year, the Fund's portfolio turnover rate was <font class="_mt">658.15</font>% of the average value of its portfolio.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).&nbsp;&nbsp;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.&nbsp;&nbsp;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.&nbsp;&nbsp;During the most recent fiscal year, the Fund's portfolio turnover rate was <font class="_mt">218.16</font>% of the average value of its portfolio.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).&nbsp;&nbsp;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.&nbsp;&nbsp;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).&nbsp;&nbsp;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.&nbsp;&nbsp;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).&nbsp;&nbsp;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.&nbsp;&nbsp;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).&nbsp;&nbsp;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.&nbsp;&nbsp;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).&nbsp;&nbsp;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.&nbsp;&nbsp;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).&nbsp;&nbsp;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.&nbsp;&nbsp;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).&nbsp;&nbsp;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.&nbsp;&nbsp;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.</font></div> </div> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).&nbsp;&nbsp;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.&nbsp;&nbsp;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.</font></div> </div> 2012-09-18 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PRINCIPAL RISKS OF INVESTING IN THE FUND</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PRINCIPAL RISKS OF INVESTING IN THE FUND</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PRINCIPAL RISKS OF INVESTING IN THE FUND</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PRINCIPAL RISKS OF INVESTING IN THE FUND</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PRINCIPAL RISKS OF INVESTING IN THE FUND</font></div> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" class="MetaData"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PRINCIPAL RISKS OF INVESTING IN THE FUND</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PRINCIPAL RISKS OF INVESTING IN THE FUND</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PRINCIPAL RISKS OF INVESTING IN THE FUND</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PRINCIPAL RISKS OF INVESTING IN THE FUND</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PRINCIPAL RISKS OF INVESTING IN THE FUND</font></div> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The loss of your money is a principal risk of investing in the Fund</font> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The loss of your money is a principal risk of investing in the Fund</font> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The loss of your money is a principal risk of investing in the Fund</font> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The loss of your money is a principal risk of investing in the Fund</font> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The loss of your money is a principal risk of investing in the Fund</font> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The loss of your money is a principal risk of investing in the Fund</font> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The loss of your money is a principal risk of investing in the Fund</font> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The loss of your money is a principal risk of investing in the Fund</font> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The loss of your money is a principal risk of investing in the Fund</font> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The loss of your money is a principal risk of investing in the Fund</font> <div> <div class="MetaData"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The loss of your money is a principal risk of investing in the Fund</font></font>.&nbsp;&nbsp;Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested.&nbsp;&nbsp;There can be no assurance that the Fund will be successful in meeting its investment objective.&nbsp;&nbsp;The Fund will be subject to the following principal risks:</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Fund of Funds Risk.&nbsp;&nbsp;</font>The Fund is a "fund of funds."&nbsp;&nbsp;The term "fund of funds" is typically used to describe investment companies, such as the Fund, whose principal investment strategy involves investing in other investment companies, including open-end mutual funds, closed-end funds, and exchange-traded funds.&nbsp;&nbsp;Investments in other investment companies subject the Fund to additional operating and management fees and expenses.&nbsp;&nbsp;For instance, investors in the Fund will indirectly bear fees and expenses charged by the funds in which the Fund invests, in addition to the Fund's direct fees and expenses.&nbsp;&nbsp;The Fund's performance depends in part upon the performance of the investment advisor to each Portfolio Fund, the strategies and instruments used by the Portfolio Funds, and the Advisor's ability to select Portfolio Funds and effectively allocate Fund assets among them.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Control of Portfolio Funds Risk.</font>&nbsp;&nbsp;Although the Fund and the Advisor will evaluate regularly each Portfolio Fund to determine whether its investment program is consistent with the Fund's investment objective, the Advisor will not have any control over the investments made by a Portfolio Fund.&nbsp;&nbsp;The investment advisor to each Portfolio Fund may change aspects of its investment strategies at any time.&nbsp;&nbsp;The Advisor will not have the ability to control or otherwise influence the composition of the investment portfolio of a Portfolio Fund.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Market Risk.&nbsp;&nbsp;</font>Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market.&nbsp;&nbsp;Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general.&nbsp;&nbsp;The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions.&nbsp;&nbsp;The Fund's performance per share will change daily in response to such factors.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Management Style Risk.&nbsp;&nbsp;</font>Different types of securities tend to shift into and out of favor with investors depending on market and economic conditions.&nbsp;&nbsp;The returns from the types of Portfolio Funds purchased by the Fund (growth, value, etc.) may at times be better or worse than the returns from other types of funds.&nbsp;&nbsp;Thus, the performance of the Fund may be better or worse than the performance of funds that focus on other types of investments, or that have a broader investment style.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Common Stock Risk.&nbsp;&nbsp;</font>Investments by the Portfolio Funds in shares of common stock may fluctuate in value response to many factors, including the activities of the individual issuers whose securities the Portfolio Fund owns, general market and economic conditions, interest rates, and specific industry changes.&nbsp;&nbsp;Such price fluctuations subject the Fund to potential losses.&nbsp;&nbsp;During temporary or extended bear markets, the value of common stocks will decline, which could also result in losses for the Fund.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Other Equity Securities Risk.&nbsp;&nbsp;</font>In addition to shares of common stock, the equity securities held by the Portfolio Funds may include preferred stocks, convertible preferred stocks, convertible bonds, and warrants.&nbsp;&nbsp;Like shares of common stock, the value of these equity securities may fluctuate in response to many factors, including the activities of the issuer, general market and economic conditions, interest rates, and specific industry changes.&nbsp;&nbsp;Also, regardless of any one company's particular prospects, a declining stock market may produce a decline in prices for all equity securities, which could also result in losses for the Fund.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Large-Cap Securities Risk.&nbsp;&nbsp;</font>Stocks of large companies as a group can fall out of favor with the market, causing the Fund to underperform investments that have a greater focus on mid-cap or small-cap stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Small-Cap and Mid-Cap Securities Risk.</font>&nbsp;&nbsp;The Portfolio Funds may invest in securities of small-cap and mid-cap companies, which involves greater volatility than investing in larger and more established companies.&nbsp;&nbsp;Small-cap and mid-cap companies can be subject to more abrupt or erratic share price changes than larger, more established companies.&nbsp;&nbsp;Securities of these types of companies have limited market liquidity, and their prices may be more volatile.&nbsp;&nbsp;You should expect that the value of the Fund's shares will be more volatile than a fund that invests exclusively in large-capitalization companies.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Sector Risk.&nbsp;&nbsp;</font>If the Portfolio Funds invest more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector.&nbsp;&nbsp;As a result, the Portfolio Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of industries.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Foreign Securities and Emerging Markets Risk.</font>&nbsp;&nbsp;The Portfolio Funds may have significant investments in foreign securities, which have investment risks different from those associated with domestic securities.&nbsp;&nbsp;The value of foreign investments may be affected by the value of the local currency relative to the U.S. dollar, changes in exchange control regulations, application of foreign tax laws, changes in governmental economic or monetary policy, or changed circumstances in dealings between nations.&nbsp;&nbsp;There may be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information about issuers of foreign securities.&nbsp;&nbsp;In addition, foreign brokerage commissions, custody fees, and other costs of investing in foreign securities are often higher than in the United States.&nbsp;&nbsp;Investments in foreign issues could be affected by other factors not present in the United States, including expropriation, armed conflict, confiscatory taxation, and potential difficulties in enforcing contractual obligations.&nbsp;&nbsp;In addition to the risks of foreign securities in general, countries in emerging markets are more volatile and can have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues which could reduce liquidity.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Derivatives Risk.&nbsp;&nbsp;</font>The Fund and the Portfolio Funds held by the Fund may use derivative instruments, which derive their value from the value of an underlying security, currency, or index.&nbsp;&nbsp;Derivative instruments involve risks different from direct investments in the underlying assets, including: imperfect correlation between the value of the derivative instrument and the underlying assets; risks of default by the other party to the derivative instrument; risks that the transactions may result in losses of all or in excess of any gain in the portfolio positions; and risks that the transactions may not be liquid.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Short Sales Risk.</font>&nbsp;&nbsp;While the Fund will not short individual securities, the Portfolio Funds held by the Fund may sell securities short.&nbsp;&nbsp;A short sale is a transaction in which the Portfolio Fund sells a security it does not own but has borrowed in anticipation that the market price of the security will decline.&nbsp;&nbsp;The Portfolio Fund must replace the borrowed security by purchasing it at the market price at the time of replacement, which may be more or less than the price at which the Portfolio Fund sold the security.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Leverage Risk.&nbsp;&nbsp;</font>While the Fund will not utilize leverage (i.e., borrowing) when making investments, the Portfolio Funds held by the Fund may utilize leverage to acquire their underlying portfolio investments.&nbsp;&nbsp;The use of leverage may exaggerate changes in a Portfolio Fund's share price and the return on its investments.&nbsp;&nbsp;Accordingly, the value of the Fund's investments in Portfolio Funds may be more volatile and all other risks, including the risk of loss of an investment, tend to be compounded or magnified.&nbsp;&nbsp;Borrowing also leads to additional interest expense and other fees that increase the Portfolio Fund's expenses.&nbsp;&nbsp;</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Portfolio Turnover Risk.</font>&nbsp;&nbsp;The Advisor will sell Portfolio Funds when it is in the interests of the Fund and its shareholders to do so without regard to the length of time they have been held.&nbsp;&nbsp;As portfolio turnover may involve paying brokerage commissions and other transaction costs, there could be additional expenses for the Fund.&nbsp;&nbsp;High rates of portfolio turnover may also result in the realization of short-term capital gains and losses.&nbsp;&nbsp;Any distributions resulting from such gains will be considered ordinary income for federal income tax purposes.&nbsp;&nbsp;Under normal circumstances, the anticipated portfolio turnover rate for the Fund is expected to be greater than 100%.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Futures Risk.</font> Use of futures contracts by the Fund or the Portfolio Funds may cause the value of the Fund's shares to be more volatile.&nbsp;&nbsp;Futures contracts expose the Fund to leverage and tracking risks because a small investment in futures contracts may produce large losses and futures contracts may not accurately track the underlying securities.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Risks from Purchasing Options.</font>&nbsp;&nbsp;If a call or put option purchased by the Fund or a Portfolio Fund is not sold when it has remaining value and if the market price of the underlying security, in the case of a call, remains less than or equal to the exercise price, or, in the case of a put, remains equal to or greater than the exercise price, the entire investment in the option will be lost.&nbsp;&nbsp;There is no assurance that a liquid market will exist when the Fund or a Portfolio Fund seeks to close out an option position.&nbsp;&nbsp;Where a position in a purchased option is used as a hedge against price movements in a related position, the price of the option may move more or less than the price of the related position.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Risks from Writing Options.&nbsp;&nbsp;</font>The Fund, as well as the Portfolio Funds in which it invests, may sell, or "write," option contracts.&nbsp;&nbsp;Writing option contracts can result in losses that exceed the initial investment and may lead to additional turnover and higher tax liability.&nbsp;&nbsp;The risk involved in writing a call option is that there could be an increase in the market value of the security.&nbsp;&nbsp;If this occurred, the option could be exercised and the underlying security would then be sold by the Fund or Portfolio Fund at a lower price than its current market value.&nbsp;&nbsp;Similarly, while writing call options can reduce the risk of owning stocks, such a strategy limits the opportunity of the Fund or Portfolio Fund to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option.&nbsp;&nbsp;The risk involved in writing a put option is that there could be a decrease in the market value of the <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">underlying security.&nbsp;&nbsp;If this occurred, the option could be exercised and the underlying security would then be sold to the Fund or Portfolio Fund at a higher price than its current market value.&nbsp;&nbsp;There is no assurance that a liquid market will exist when the Fund or Portfolio Fund seeks to close out an option position.&nbsp;&nbsp;Where a position in a written option is used as a hedge against price movements in a related position, the price of the option may move more or less than the price of the related position.</font> </font> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Investment Advisor Risk.&nbsp;&nbsp;</font>The Advisor's ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives.&nbsp;&nbsp;The portfolio managers' experience is discussed in the section of this prospectus entitled "Management of the Funds &#8211; Investment Advisor."</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Operating Risk.</font>&nbsp;&nbsp;The Fund's administrator and Advisor have entered into an Operating Plan that facilitates the administrator's assumption of the Fund's regular operating expenses under the Fund Accounting and Administration Agreement.&nbsp;&nbsp;The Operating Plan obligates the Advisor to pay certain expenses of the Fund in order to help limit its annual operating expenses.&nbsp;&nbsp;If the Advisor, however, does not have sufficient revenue to support those expenses, the Advisor may be compelled to either resign or become insolvent.&nbsp;&nbsp;In addition, if the Fund incurs expenses in excess of those that the administrator has agreed to pay and the Advisor is not able or willing to pay the excess costs, those excess costs will increase the Fund's expenses.</font></div></div></div></div></div></div></div></div></div></div> </div> <div> <div class="MetaData"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The loss of your money is a principal risk of investing in the Fund</font></font>.&nbsp;&nbsp;Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested.&nbsp;&nbsp;There can be no assurance that the Fund will be successful in meeting its investment objective.&nbsp;&nbsp;The Fund will be subject to the following principal risks:</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Fund of Funds Risk.&nbsp;&nbsp;</font>The Fund is a "fund of funds."&nbsp;&nbsp;The term "fund of funds" is typically used to describe investment companies, such as the Fund, whose principal investment strategy involves investing in other investment companies, including open-end mutual funds, closed-end funds, and exchange-traded funds.&nbsp;&nbsp;Investments in other investment companies subject the Fund to additional operating and management fees and expenses.&nbsp;&nbsp;For instance, investors in the Fund will indirectly bear fees and expenses charged by the funds in which the Fund invests, in addition to the Fund's direct fees and expenses.&nbsp;&nbsp;The Fund's performance depends in part upon the performance of the investment advisor to each Portfolio Fund, the strategies and instruments used by the Portfolio Funds, and the Advisor's ability to select Portfolio Funds and effectively allocate Fund assets among them.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Control of Portfolio Funds Risk.</font>&nbsp;&nbsp;Although the Fund and the Advisor will evaluate regularly each Portfolio Fund to determine whether its investment program is consistent with the Fund's investment objective, the Advisor will not have any control over the investments made by a Portfolio Fund.&nbsp;&nbsp;The investment advisor to each Portfolio Fund may change aspects of its investment strategies at any time.&nbsp;&nbsp;The Advisor will not have the ability to control or otherwise influence the composition of the investment portfolio of a Portfolio Fund.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Market Risk.&nbsp;&nbsp;</font>Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market.&nbsp;&nbsp;Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general.&nbsp;&nbsp;The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions.&nbsp;&nbsp;The Fund's performance per share will change daily in response to such factors.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Management Style Risk.&nbsp;&nbsp;</font>Different types of securities tend to shift into and out of favor with investors depending on market and economic conditions.&nbsp;&nbsp;The returns from the types of Portfolio Funds purchased by the Fund (growth, value, etc.) may at times be better or worse than the returns from other types of funds.&nbsp;&nbsp;Thus, the performance of the Fund may be better or worse than the performance of funds that focus on other types of investments, or that have a broader investment style.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Fixed Income Risk.</font>&nbsp;&nbsp;While the Fund will not invest directly in fixed income securities, the Fund the Fund will be subject to the risks associated with such investments since the Portfolio Funds may invest in fixed income securities.&nbsp;&nbsp;The prices of these securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers.&nbsp;&nbsp;Fixed income securities tend to decrease in value if interest rates rise and vice versa, and the volatility of lower-rated securities is even greater than that of higher-rated securities.&nbsp;&nbsp;Also, longer-term securities are more volatile, so the average maturity or duration of these securities affects risk.&nbsp;&nbsp;Credit risk is the possibility that an issuer will fail to make timely payments of interest or principal or go bankrupt.&nbsp;&nbsp;The lower the rating of a debt security, the greater its risks.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Interest Rate Risk.</font>&nbsp;&nbsp;Interest rates may rise resulting in a decrease in the value of the fixed income securities held by the Portfolio Funds or may fall resulting in an increase in the value of such securities.&nbsp;&nbsp;Fixed income securities with longer maturities involve greater risk than those with shorter maturities.&nbsp;&nbsp;</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Inflation Risk.</font>&nbsp;&nbsp;Fixed income securities held by Portfolio Funds are subject to inflation risk.&nbsp;&nbsp;Because inflation reduces the purchasing power of income produced by existing fixed income securities, the prices at which fixed income securities trade will be reduced to compensate for the fact that the income they produce is worth less.&nbsp;&nbsp;This potential decrease in market value of fixed income securities would result in a loss in the value of the Fund's portfolio.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt"> </font></font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">High-Yield Risk.</font>&nbsp;&nbsp;Portfolio Funds may invest in junk bonds and other fixed income securities that are rated below investment grade.&nbsp;&nbsp;Securities in this rating category are speculative and are usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength.&nbsp;&nbsp;Changes in economic conditions or other circumstances may have a greater effect on the ability of issuers of these securities to make principal and interest payments than they do on issuers of higher grade securities.&nbsp;&nbsp;The retail secondary market for junk bonds may be less liquid than that of higher-rated securities and adverse conditions could make it difficult at times to sell certain securities or could result in lower prices.&nbsp;&nbsp;Additionally, these instruments are unsecured and may be subordinated to other creditor's claims.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Corporate Debt Securities Risk.</font>&nbsp;&nbsp;Portfolio Funds may invest in corporate debt securities.&nbsp;&nbsp;Corporate debt securities are fixed income securities issued by businesses.&nbsp;&nbsp;Notes, bonds, debentures, and commercial paper are the most prevalent types of corporate debt securities.&nbsp;&nbsp;The credit risks of corporate debt securities vary widely among issuers.&nbsp;&nbsp;In addition, the credit risk of an issuer's debt security may vary based on its priority for repayment, meaning that issuers might not make payments on subordinated securities while continuing to make payments on senior securities or, in the event of bankruptcy, holders of senior securities may receive amounts otherwise payable to the holders of subordinated securities.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Convertible Securities Risk.</font>&nbsp;&nbsp;Convertible securities are fixed income securities that a Portfolio Fund has the option to exchange for equity securities at a specified conversion price.&nbsp;&nbsp;The option allows the Portfolio Fund to realize additional returns if the market price of the equity securities exceeds the conversion price.&nbsp;&nbsp;Convertible securities have lower yields than comparable fixed income securities and may provide lower returns than non-convertible fixed income securities or equity securities depending upon changes in the price of the underlying equity securities.&nbsp;&nbsp;</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Risks from Treasury Inflation-Protected Securities.</font>&nbsp;&nbsp;The Portfolio Funds held by the Fund may invest in Treasury Inflation-Protected Securities ("TIPS"), special types of treasury bonds that offer protection from inflation.&nbsp;&nbsp;The values of TIPS are automatically adjusted to the inflation rate as measured by the Consumer Price Index (CPI).&nbsp;&nbsp;With inflation (a rise in the CPI), the principal increases; with deflation (a drop in the CPI), the principal decreases.&nbsp;&nbsp;When TIPS mature, the Portfolio Fund is paid the adjusted principal or original principal, whichever is greater.&nbsp;&nbsp;TIPS decline in value when real interest rates rise.&nbsp;&nbsp;However, in certain interest rate environments, like when real interest rates are rising faster than nominal interest rates, TIPS may experience greater losses than other fixed income securities with similar duration.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Sector Risk.&nbsp;&nbsp;</font>If the Portfolio Funds invest more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector.&nbsp;&nbsp;As a result, the Portfolio Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of industries.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Foreign Securities and Emerging Markets Risk.</font>&nbsp;&nbsp;The Portfolio Funds may have significant investments in foreign securities, which have investment risks different from those associated with domestic securities.&nbsp;&nbsp;The value of foreign investments may be affected by the value of the local currency relative to the U.S. dollar, changes in exchange control regulations, application of foreign tax laws, changes in governmental economic or monetary policy, or changed circumstances in dealings between nations.&nbsp;&nbsp;There may be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information about issuers of foreign securities.&nbsp;&nbsp;In addition, foreign brokerage commissions, custody fees, and other costs of investing in foreign securities are often higher than in the United States.&nbsp;&nbsp;Investments in foreign issues could be affected by other factors not <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">present in the United States, including expropriation, armed conflict, confiscatory taxation, and potential difficulties in enforcing contractual obligations.&nbsp;&nbsp;In addition to the risks of foreign securities in general, countries in emerging markets are more volatile and can have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues which could reduce liquidity.</font> </font> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Derivatives Risk.&nbsp;&nbsp;</font>The Fund and the Portfolio Funds held by the Fund may use derivative instruments, which derive their value from the value of an underlying security, currency, or index.&nbsp;&nbsp;Derivative instruments involve risks different from direct investments in the underlying assets, including: imperfect correlation between the value of the derivative instrument and the underlying assets; risks of default by the other party to the derivative instrument; risks that the transactions may result in losses of all or in excess of any gain in the portfolio positions; and risks that the transactions may not be liquid.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Short Sales Risk.</font>&nbsp;&nbsp;While the Fund will not short individual securities, the Portfolio Funds held by the Fund may sell securities short.&nbsp;&nbsp;A short sale is a transaction in which the Portfolio Fund sells a security it does not own but has borrowed in anticipation that the market price of the security will decline.&nbsp;&nbsp;The Portfolio Fund must replace the borrowed security by purchasing it at the market price at the time of replacement, which may be more or less than the price at which the Portfolio Fund sold the security.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Leverage Risk.&nbsp;&nbsp;</font>While the Fund will not utilize leverage (i.e., borrowing) when making investments, the Portfolio Funds held by the Fund may utilize leverage to acquire their underlying portfolio investments.&nbsp;&nbsp;The use of leverage may exaggerate changes in a Portfolio Fund's share price and the return on its investments.&nbsp;&nbsp;Accordingly, the value of the Fund's investments in Portfolio Funds may be more volatile and all other risks, including the risk of loss of an investment, tend to be compounded or magnified.&nbsp;&nbsp;Borrowing also leads to additional interest expense and other fees that increase the Portfolio Fund's expenses.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Portfolio Turnover Risk.</font>&nbsp;&nbsp;The Advisor will sell Portfolio Funds when it is in the interests of the Fund and its shareholders to do so without regard to the length of time they have been held.&nbsp;&nbsp;As portfolio turnover may involve paying brokerage commissions and other transaction costs, there could be additional expenses for the Fund.&nbsp;&nbsp;High rates of portfolio turnover may also result in the realization of short-term capital gains and losses.&nbsp;&nbsp;Any distributions resulting from such gains will be considered ordinary income for federal income tax purposes.&nbsp;&nbsp;Under normal circumstances, the anticipated portfolio turnover rate for the Fund is expected to be greater than 100%.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Futures Risk.</font> Use of futures contracts by the Fund or the Portfolio Funds may cause the value of the Fund's shares to be more volatile.&nbsp;&nbsp;Futures contracts expose the Fund to leverage and tracking risks because a small investment in futures contracts may produce large losses and futures contracts may not accurately track the underlying securities.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Risks from Purchasing Options.</font>&nbsp;&nbsp;If a call or put option purchased by the Fund or a Portfolio Fund is not sold when it has remaining value and if the market price of the underlying security, in the case of a call, remains less than or equal to the exercise price, or, in the case of a put, remains equal to or greater than the exercise price, the entire investment in the option will be lost.&nbsp;&nbsp;There is no assurance that a liquid market will exist when the Fund or a Portfolio Fund seeks to close out an option position.&nbsp;&nbsp;Where a position in a purchased option is used as a hedge against price movements in a related position, the price of the option may move more or less than the price of the related position.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Risks from Writing Options.&nbsp;&nbsp;</font>The Fund, as well as the Portfolio Funds in which it invests, may sell, or "write," option contracts.&nbsp;&nbsp;Writing option contracts can result in losses that exceed the initial investment and may lead to additional turnover and higher tax liability.&nbsp;&nbsp;The risk involved in writing a call option is that there could be an increase in the market value of the security.&nbsp;&nbsp;If this occurred, the option could be exercised and the underlying security would then be sold by the Fund or Portfolio Fund at a lower price than its current market value.&nbsp;&nbsp;Similarly, while writing call options can reduce the risk of owning stocks, such a strategy limits the opportunity of the Fund or Portfolio Fund to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option.&nbsp;&nbsp;The risk involved in writing a put option is that there could be a decrease in the market value of the underlying security.&nbsp;&nbsp;If this occurred, the option could be exercised and the underlying security would then be sold to the Fund or Portfolio Fund at a higher price than its current market value.&nbsp;&nbsp;There is no assurance that a liquid market will exist when the Fund or Portfolio Fund seeks to close out an option position.&nbsp;&nbsp;Where a position in a written option is used as a hedge against price movements in a related position, the price of the option may move more or less than the price of the related position.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Investment Advisor Risk.&nbsp;&nbsp;</font>The Advisor's ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives.&nbsp;&nbsp;The portfolio managers' experience is discussed in the section of this prospectus entitled "Management of the Funds &#8211; Investment Advisor."</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Operating Risk.</font>&nbsp;&nbsp;The Fund's administrator and Advisor have entered into an Operating Plan that facilitates the administrator's assumption of the Fund's regular operating expenses under the Fund Accounting and Administration Agreement.&nbsp;&nbsp;The Operating Plan obligates the Advisor to pay certain expenses of the Fund in order to help limit its annual operating expenses.&nbsp;&nbsp;If the Advisor, however, does not have sufficient revenue to support those expenses, the Advisor may be compelled to either resign or become insolvent.&nbsp;&nbsp;In addition, if the Fund incurs expenses in excess of those that the administrator has agreed to pay and the Advisor is not able or willing to pay the excess costs, those excess costs will increase the Fund's expenses.</font></div></div></div></div></div></div></div></div></div></div> </div> <div> <div class="MetaData"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The loss of your money is a principal risk of investing in the Fund</font></font>.&nbsp;&nbsp;Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested.&nbsp;&nbsp;There can be no assurance that the Fund will be successful in meeting its investment objective.&nbsp;&nbsp;The Fund will be subject to the following principal risks:</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Fund of Funds Risk.&nbsp;&nbsp;</font>The Fund is a "fund of funds."&nbsp;&nbsp;The term "fund of funds" is typically used to describe investment companies, such as the Fund, whose principal investment strategy involves investing in other investment companies, including open-end mutual funds, closed-end funds, and exchange-traded funds.&nbsp;&nbsp;Investments in other investment companies subject the Fund to additional operating and management fees and expenses.&nbsp;&nbsp;For instance, investors in the Fund will indirectly bear fees and expenses charged by the funds in which the Fund invests, in addition to the Fund's direct fees and expenses.&nbsp;&nbsp;The Fund's performance depends in part upon the performance of the investment advisor to each Portfolio Fund, the strategies and instruments used by the Portfolio Funds, and the Advisor's ability to select Portfolio Funds and effectively allocate Fund assets among them.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Control of Portfolio Funds Risk.</font>&nbsp;&nbsp;Although the Fund and the Advisor will evaluate regularly each Portfolio Fund to determine whether its investment program is consistent with the Fund's investment objective, the Advisor will not have any control over the investments made by a Portfolio Fund.&nbsp;&nbsp;The investment advisor to each Portfolio Fund may change aspects of its investment strategies at any time.&nbsp;&nbsp;The Advisor will not have the ability to control or otherwise influence the composition of the investment portfolio of a Portfolio Fund.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Market Risk.&nbsp;&nbsp;</font>Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market.&nbsp;&nbsp;Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general.&nbsp;&nbsp;The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions.&nbsp;&nbsp;The Fund's performance per share will change daily in response to such factors.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Management Style Risk.&nbsp;&nbsp;</font>Different types of securities tend to shift into and out of favor with investors depending on market and economic conditions.&nbsp;&nbsp;The returns from the types of Portfolio Funds purchased by the Fund (growth, value, etc.) may at times be better or worse than the returns from other types of funds.&nbsp;&nbsp;Thus, the performance of the Fund may be better or worse than the performance of funds that focus on other types of investments, or that have a broader investment style.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Common Stock Risk.&nbsp;&nbsp;</font>Investments by the Portfolio Funds in shares of common stock may fluctuate in value response to many factors, including the activities of the individual issuers whose securities the Portfolio Fund owns, general market and economic conditions, interest rates, and specific industry changes.&nbsp;&nbsp;Such price fluctuations subject the Fund to potential losses.&nbsp;&nbsp;During temporary or extended bear markets, the value of common stocks will decline, which could also result in losses for the Fund.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; color: #333333; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; color: #333333; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Other Equity Securities Risk.&nbsp;&nbsp;</font>In addition to shares of common stock, the equity securities held by the Portfolio Funds may include preferred stocks, convertible preferred stocks, convertible bonds, and warrants.&nbsp;&nbsp;Like shares of common stock, the value of these equity securities may fluctuate in response to many factors, including the activities of the issuer, general market and economic conditions, interest rates, and specific industry changes.&nbsp;&nbsp;Also, regardless of any one company's particular prospects, a declining stock market may produce a decline in prices for all equity securities, which could also result in losses for the Fund.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Large-Cap Securities Risk.&nbsp;&nbsp;</font>Stocks of large companies as a group can fall out of favor with the market, causing the Fund to underperform investments that have a greater focus on mid-cap or small-cap stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Small-Cap and Mid-Cap Securities Risk.</font>&nbsp;&nbsp;The Portfolio Funds may invest in securities of small-cap and mid-cap companies, which involves greater volatility than investing in larger and more established companies.&nbsp;&nbsp;Small-cap and mid-cap companies can be subject to more abrupt or erratic share price changes than larger, more established companies.&nbsp;&nbsp;Securities of these types of companies have limited market liquidity, and their prices may be more volatile.&nbsp;&nbsp;You should expect that the value of the Fund's shares will be more volatile than a fund that invests exclusively in large-capitalization companies.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Fixed Income Risk.</font>&nbsp;&nbsp;While the Fund will not invest directly in fixed income securities, the Fund the Fund will be subject to the risks associated with such investments since the Portfolio Funds may invest in fixed income securities.&nbsp;&nbsp;The prices of these securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers.&nbsp;&nbsp;Fixed income securities tend to decrease in value if interest rates rise and vice versa, and the volatility of lower-rated securities is even greater than that of higher-rated securities.&nbsp;&nbsp;Also, longer-term securities are more volatile, so the average maturity or duration of these securities affects risk.&nbsp;&nbsp;Credit risk is the possibility that an issuer will fail to make timely payments of interest or principal or go bankrupt.&nbsp;&nbsp;The lower the rating of a debt security, the greater its risks.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Interest Rate Risk.</font>&nbsp;&nbsp;Interest rates may rise resulting in a decrease in the value of the fixed income securities held by the Portfolio Funds or may fall resulting in an increase in the value of such securities.&nbsp;&nbsp;Fixed income securities with longer maturities involve greater risk than those with shorter maturities.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Inflation Risk.</font>&nbsp;&nbsp;Fixed income securities held by Portfolio Funds are subject to inflation risk.&nbsp;&nbsp;Because inflation reduces the purchasing power of income produced by existing fixed income securities, the prices at which fixed income securities trade will be reduced to compensate for the fact that the income they produce is worth less.&nbsp;&nbsp;This potential decrease in market value of fixed income securities would result in a loss in the value of the Fund's portfolio.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">High-Yield Risk.</font>&nbsp;&nbsp;Portfolio Funds may invest in junk bonds and other fixed income securities that are rated below investment grade.&nbsp;&nbsp;Securities in this rating category are speculative and are usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength.&nbsp;&nbsp;Changes in economic conditions or other circumstances may have a greater effect on the ability of issuers of these securities to make principal and interest payments than they do on issuers of higher grade securities.&nbsp;&nbsp;The retail secondary market for junk bonds may be less liquid than that of higher-rated securities and adverse conditions could make it difficult at times to sell certain securities or could result in lower prices.&nbsp;&nbsp;Additionally, these instruments are unsecured and may be subordinated to other creditor's claims.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Commodities Risk.</font><font style="font-style: italic; display: inline; font-weight: bold;" class="_mt">&nbsp;</font>The Portfolio Funds held by the Fund may have exposure to the commodities markets.&nbsp;&nbsp;The value of commodities related investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity.&nbsp;&nbsp;The prices of industrial metals, precious metals, agriculture, and livestock commodities may fluctuate widely due to changes in value, supply and demand, and governmental regulatory policies.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: Times New Roman; font-weight: bold;" class="_mt">Real Estate Risk.&nbsp;&nbsp;</font>The Portfolio Funds held by the Fund may invest in securities of issuers engaged in or related to the real estate industry.&nbsp;&nbsp;Real estate related investments are subject to risks related to possible declines in the value of real estate; general and local economic conditions; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes, and operating expenses; changes in zoning laws; costs resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems; casualty or condemnation losses; uninsured damages from floods, earthquakes, or other natural disasters; limitations on and variations in rents; and changes in interest rates.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Sector Risk.&nbsp;&nbsp;</font>If the Portfolio Funds invest more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector.&nbsp;&nbsp;As a result, the Portfolio Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of industries.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Foreign Securities and Emerging Markets Risk.</font>&nbsp;&nbsp;The Portfolio Funds may have significant investments in foreign securities, which have investment risks different from those associated with domestic securities.&nbsp;&nbsp;The value of foreign investments may be affected by the value of the local currency relative to the U.S. dollar, changes in exchange control regulations, application of foreign tax laws, changes in governmental economic or monetary policy, or changed circumstances in dealings between nations.&nbsp;&nbsp;There may be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information about issuers of foreign securities.&nbsp;&nbsp;In addition, foreign brokerage commissions, custody fees, and other costs of investing in foreign securities are often higher than in the United States.&nbsp;&nbsp;Investments in foreign issues could be affected by other factors not </font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">present in the United States, including expropriation, armed conflict, confiscatory taxation, and potential difficulties in enforcing contractual obligations.&nbsp;&nbsp;In addition to the risks of foreign securities in general, countries in emerging markets are more volatile and can have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues which could reduce liquidity.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Derivatives Risk.&nbsp;&nbsp;</font>The Fund and the Portfolio Funds held by the Fund may use derivative instruments, which derive their value from the value of an underlying security, currency, or index.&nbsp;&nbsp;Derivative instruments involve risks different from direct investments in the underlying assets, including: imperfect correlation between the value of the derivative instrument and the underlying assets; risks of default by the other party to the derivative instrument; risks that the transactions may result in losses of all or in excess of any gain in the portfolio positions; and risks that the transactions may not be liquid.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Short Sales Risk.</font>&nbsp;&nbsp;While the Fund will not short individual securities, the Portfolio Funds held by the Fund may sell securities short.&nbsp;&nbsp;A short sale is a transaction in which the Portfolio Fund sells a security it does not own but has borrowed in anticipation that the market price of the security will decline.&nbsp;&nbsp;The Portfolio Fund must replace the borrowed security by purchasing it at the market price at the time of replacement, which may be more or less than the price at which the Portfolio Fund sold the security.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Leverage Risk.&nbsp;&nbsp;</font>While the Fund will not utilize leverage (i.e., borrowing) when making investments, the Portfolio Funds held by the Fund may utilize leverage to acquire their underlying portfolio investments.&nbsp;&nbsp;The use of leverage may exaggerate changes in a Portfolio Fund's share price and the return on its investments.&nbsp;&nbsp;Accordingly, the value of the Fund's investments in Portfolio Funds may be more volatile and all other risks, including the risk of loss of an investment, tend to be compounded or magnified.&nbsp;&nbsp;Borrowing also leads to additional interest expense and other fees that increase the Portfolio Fund's expenses.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Portfolio Turnover Risk.</font>&nbsp;&nbsp;The Advisor will sell Portfolio Funds when it is in the interests of the Fund and its shareholders to do so without regard to the length of time they have been held.&nbsp;&nbsp;As portfolio turnover may involve paying brokerage commissions and other transaction costs, there could be additional expenses for the Fund.&nbsp;&nbsp;High rates of portfolio turnover may also result in the realization of short-term capital gains and losses.&nbsp;&nbsp;Any distributions resulting from such gains will be considered ordinary income for federal income tax purposes.&nbsp;&nbsp;Under normal circumstances, the anticipated portfolio turnover rate for the Fund is expected to be greater than 100%.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Futures Risk.</font> Use of futures contracts by the Fund or the Portfolio Funds may cause the value of the Fund's shares to be more volatile.&nbsp;&nbsp;Futures contracts expose the Fund to leverage and tracking risks because a small investment in futures contracts may produce large losses and futures contracts may not accurately track the underlying securities.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Risks from Purchasing Options.</font>&nbsp;&nbsp;If a call or put option purchased by the Fund or a Portfolio Fund is not sold when it has remaining value and if the market price of the underlying security, in the case of a call, remains less than or equal to the exercise price, or, in the case of a put, remains equal to or greater than the exercise price, the entire investment in the option will be lost.&nbsp;&nbsp;There is no assurance that a liquid market will exist when the Fund or a Portfolio Fund seeks to close out an option position.&nbsp;&nbsp;Where a position in a purchased option is used as a hedge against price movements in a related position, the price of the option may move more or less than the price of the related position.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Risks from Writing Options.&nbsp;&nbsp;</font>The Fund, as well as the Portfolio Funds in which it invests, may sell, or "write," option contracts.&nbsp;&nbsp;Writing option contracts can result in losses that exceed the initial investment and may lead to additional turnover and higher tax liability.&nbsp;&nbsp;The risk involved in writing a call option is that there could be an increase in the market value of the security.&nbsp;&nbsp;If this occurred, the option could be exercised and the underlying security would then be sold by the Fund or Portfolio Fund at a lower price than its current market value.&nbsp;&nbsp;Similarly, while writing call options can reduce the risk of owning stocks, such a strategy limits the opportunity of the Fund or Portfolio Fund to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option.&nbsp;&nbsp;The risk involved in writing a put option is that there could be a decrease in the market value of the <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">underlying security.&nbsp;&nbsp;If this occurred, the option could be exercised and the underlying security would then be sold to the Fund or Portfolio Fund at a higher price than its current market value.&nbsp;&nbsp;There is no assurance that a liquid market will exist when the Fund or Portfolio Fund seeks to close out an option position.&nbsp;&nbsp;Where a position in a written option is used as a hedge against price movements in a related position, the price of the option may move more or less than the price of the related position.</font> </font> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Investment Advisor Risk.&nbsp;&nbsp;</font>The Advisor's ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives.&nbsp;&nbsp;The portfolio managers' experience is discussed in the section of this prospectus entitled "Management of the Funds &#8211; Investment Advisor."</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">New Fund Risk.&nbsp;&nbsp;</font>The Fund was formed in 2012.&nbsp;&nbsp;Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders.&nbsp;&nbsp;Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Operating Risk.</font>&nbsp;&nbsp;The Fund's administrator and Advisor have entered into an Operating Plan that facilitates the administrator's assumption of the Fund's regular operating expenses under the Fund Accounting and Administration Agreement.&nbsp;&nbsp;The Operating Plan obligates the Advisor to pay certain expenses of the Fund in order to help limit its annual operating expenses.&nbsp;&nbsp;If the Advisor, however, does not have sufficient revenue to support those expenses, the Advisor may be compelled to either resign or become insolvent.&nbsp;&nbsp;In addition, if the Fund incurs expenses in excess of those that the administrator has agreed to pay and the Advisor is not able or willing to pay the excess costs, those excess costs will increase the Fund's expenses.</font></div></div></div></div></div></div></div></div></div></div></div></div> </div> <div> <div class="MetaData"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The loss of your money is a principal risk of investing in the Fund</font></font>.&nbsp;&nbsp;Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested.&nbsp;&nbsp;There can be no assurance that the Fund will be successful in meeting its investment objective.&nbsp;&nbsp;The Fund will be subject to the following principal risks:</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Fund of Funds Risk.&nbsp;&nbsp;</font>The Fund is a "fund of funds."&nbsp;&nbsp;The term "fund of funds" is typically used to describe investment companies, such as the Fund, whose principal investment strategy involves investing in other investment companies, including open-end mutual funds, closed-end funds, and exchange-traded funds.&nbsp;&nbsp;Investments in other investment companies subject the Fund to additional operating and management fees and expenses.&nbsp;&nbsp;For instance, investors in the Fund will indirectly bear fees and expenses charged by the funds in which the Fund invests, in addition to the Fund's direct fees and expenses.&nbsp;&nbsp;The Fund's performance depends in part upon the performance of the investment advisor to each Portfolio Fund, the strategies and instruments used by the Portfolio Funds, and the Advisor's ability to select Portfolio Funds and effectively allocate Fund assets among them.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Control of Portfolio Funds Risk.</font>&nbsp;&nbsp;Although the Fund and the Advisor will evaluate regularly each Portfolio Fund to determine whether its investment program is consistent with the Fund's investment objective, the Advisor will not have any control over the investments made by a Portfolio Fund.&nbsp;&nbsp;The investment advisor to each Portfolio Fund may change aspects of its investment strategies at any time.&nbsp;&nbsp;The Advisor will not have the ability to control or otherwise influence the composition of the investment portfolio of a Portfolio Fund.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Market Risk.&nbsp;&nbsp;</font>Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market.&nbsp;&nbsp;Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general.&nbsp;&nbsp;The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions.&nbsp;&nbsp;The Fund's performance per share will change daily in response to such factors.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Management Style Risk.&nbsp;&nbsp;</font>Different types of securities tend to shift into and out of favor with investors depending on market and economic conditions.&nbsp;&nbsp;The returns from the types of Portfolio Funds purchased by the Fund (growth, value, etc.) may at times be better or worse than the returns from other types of funds.&nbsp;&nbsp;Thus, the performance of the Fund may be better or worse than the performance of funds that focus on other types of investments, or that have a broader investment style.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Fixed Income Risk.</font>&nbsp;&nbsp;While the Fund will not invest directly in fixed income securities, the Fund the Fund will be subject to the risks associated with such investments since the Portfolio Funds may invest in fixed income securities.&nbsp;&nbsp;The prices of these securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers.&nbsp;&nbsp;Fixed income securities tend to decrease in value if interest rates rise and vice versa, and the volatility of lower-rated securities is even greater than that of higher-rated securities.&nbsp;&nbsp;Also, longer-term securities are more volatile, so the average maturity or duration of these securities affects risk.&nbsp;&nbsp;Credit risk is the possibility that an issuer will fail to make timely payments of interest or principal or go bankrupt.&nbsp;&nbsp;The lower the rating of a debt security, the greater its risks.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Interest Rate Risk.</font>&nbsp;&nbsp;Interest rates may rise resulting in a decrease in the value of the fixed income securities held by the Portfolio Funds or may fall resulting in an increase in the value of such securities.&nbsp;&nbsp;Fixed income securities with longer maturities involve greater risk than those with shorter maturities.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Inflation Risk.</font>&nbsp;&nbsp;Fixed income securities held by Portfolio Funds are subject to inflation risk.&nbsp;&nbsp;Because inflation reduces the purchasing power of income produced by existing fixed income securities, the prices at which fixed income securities trade will be reduced to compensate for the fact that the income they produce is worth less.&nbsp;&nbsp;This potential decrease in market value of fixed income securities would result in a loss in the value of the Fund's portfolio.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">High-Yield Risk.</font>&nbsp;&nbsp;Portfolio Funds may invest in junk bonds and other fixed income securities that are rated below investment grade.&nbsp;&nbsp;Securities in this rating category are speculative and are usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength.&nbsp;&nbsp;Changes in economic conditions or other circumstances may have a greater effect on the ability of issuers of these securities to make principal and interest payments than they do on issuers of higher grade securities.&nbsp;&nbsp;The retail secondary market for junk bonds may be less liquid than that of higher-rated securities and adverse conditions could make it difficult at times to sell certain securities or could result in lower prices.&nbsp;&nbsp;Additionally, these instruments are unsecured and may be subordinated to other creditor's claims.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Corporate Debt Securities Risk.</font>&nbsp;&nbsp;Portfolio Funds may invest in corporate debt securities.&nbsp;&nbsp;Corporate debt securities are fixed income securities issued by businesses.&nbsp;&nbsp;Notes, bonds, debentures, and commercial paper are the most prevalent types of corporate debt securities.&nbsp;&nbsp;The credit risks of corporate debt securities vary widely among issuers.&nbsp;&nbsp;In addition, the credit risk of an issuer's debt security may vary based on its priority for repayment, meaning that issuers might not make payments on subordinated securities while continuing to make payments on senior securities or, in the event of bankruptcy, holders of senior securities may receive amounts otherwise payable to the holders of subordinated securities.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Mortgage- and Asset-Backed Securities Risk.&nbsp;&nbsp;</font>The Portfolio Funds may invest in mortgage- and asset-backed securities.&nbsp;&nbsp;As with other interest-bearing securities, the prices of such securities are affected by changes in interest rates.&nbsp;&nbsp;Prices are also affected by changes in the rate of prepayment of principal, which affects the average maturity of the securities and makes it difficult to accurately predict returns.&nbsp;&nbsp;The trading market for mortgage- and asset-backed securities, while ordinarily liquid, may become restricted in times of financial stress.<font style="display: inline; font-weight: bold;" class="_mt">&nbsp;</font></font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Sector Risk.&nbsp;&nbsp;</font>If the Portfolio Funds invest more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector.&nbsp;&nbsp;As a result, the Portfolio Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of industries.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Foreign Securities and Emerging Markets Risk.</font>&nbsp;&nbsp;The Portfolio Funds may have significant investments in foreign securities, which have investment risks different from those associated with domestic securities.&nbsp;&nbsp;The value of foreign investments may be affected by the value of the local currency relative to the U.S. dollar, changes in exchange control regulations, application of foreign tax laws, changes in governmental economic or monetary policy, or changed circumstances in dealings between nations.&nbsp;&nbsp;There may be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information about issuers of foreign securities.&nbsp;&nbsp;In addition, foreign brokerage commissions, custody fees, and other costs of investing in foreign securities are often higher than in the United States.&nbsp;&nbsp;Investments in foreign issues could be affected by other factors not <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">present in the United States, including expropriation, armed conflict, confiscatory taxation, and potential difficulties in enforcing contractual obligations.&nbsp;&nbsp;In addition to the risks of foreign securities in general, countries in emerging markets are more volatile and can have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues which could reduce liquidity.</font> </font> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Derivatives Risk.&nbsp;&nbsp;</font>The Fund and the Portfolio Funds held by the Fund may use derivative instruments, which derive their value from the value of an underlying security, currency, or index.&nbsp;&nbsp;Derivative instruments involve risks different from direct investments in the underlying assets, including: imperfect correlation between the value of the derivative instrument and the underlying assets; risks of default by the other party to the derivative instrument; risks that the transactions may result in losses of all or in excess of any gain in the portfolio positions; and risks that the transactions may not be liquid.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Short Sales Risk.</font>&nbsp;&nbsp;While the Fund will not short individual securities, the Portfolio Funds held by the Fund may sell securities short.&nbsp;&nbsp;A short sale is a transaction in which the Portfolio Fund sells a security it does not own but has borrowed in anticipation that the market price of the security will decline.&nbsp;&nbsp;The Portfolio Fund must replace the borrowed security by purchasing it at the market price at the time of replacement, which may be more or less than the price at which the Portfolio Fund sold the security.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Leverage Risk.&nbsp;&nbsp;</font>While the Fund will not utilize leverage (i.e., borrowing) when making investments, the Portfolio Funds held by the Fund may utilize leverage to acquire their underlying portfolio investments.&nbsp;&nbsp;The use of leverage may exaggerate changes in a Portfolio Fund's share price and the return on its investments.&nbsp;&nbsp;Accordingly, the value of the Fund's investments in Portfolio Funds may be more volatile and all other risks, including the risk of loss of an investment, tend to be compounded or magnified.&nbsp;&nbsp;Borrowing also leads to additional interest expense and other fees that increase the Portfolio Fund's expenses.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Portfolio Turnover Risk.</font>&nbsp;&nbsp;The Advisor will sell Portfolio Funds when it is in the interests of the Fund and its shareholders to do so without regard to the length of time they have been held.&nbsp;&nbsp;As portfolio turnover may involve paying brokerage commissions and other transaction costs, there could be additional expenses for the Fund.&nbsp;&nbsp;High rates of portfolio turnover may also result in the realization of short-term capital gains and losses.&nbsp;&nbsp;Any distributions resulting from such gains will be considered ordinary income for federal income tax purposes.&nbsp;&nbsp;Under normal circumstances, the anticipated portfolio turnover rate for the Fund is expected to be greater than 100%.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Futures Risk.</font> Use of futures contracts by the Fund or the Portfolio Funds may cause the value of the Fund's shares to be more volatile.&nbsp;&nbsp;Futures contracts expose the Fund to leverage and tracking risks because a small investment in futures contracts may produce large losses and futures contracts may not accurately track the underlying securities.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Risks from Purchasing Options.</font>&nbsp;&nbsp;If a call or put option purchased by the Fund or a Portfolio Fund is not sold when it has remaining value and if the market price of the underlying security, in the case of a call, remains less than or equal to the exercise price, or, in the case of a put, remains equal to or greater than the exercise price, the entire investment in the option will be lost.&nbsp;&nbsp;There is no assurance that a liquid market will exist when the Fund or a Portfolio Fund seeks to close out an option position.&nbsp;&nbsp;Where a position in a purchased option is used as a hedge against price movements in a related position, the price of the option may move more or less than the price of the related position.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Risks from Writing Options.&nbsp;&nbsp;</font>The Fund, as well as the Portfolio Funds in which it invests, may sell, or "write," option contracts.&nbsp;&nbsp;Writing option contracts can result in losses that exceed the initial investment and may lead to additional turnover and higher tax liability.&nbsp;&nbsp;The risk involved in writing a call option is that there could be an increase in the market value of the security.&nbsp;&nbsp;If this occurred, the option could be exercised and the underlying security would then be sold by the Fund or Portfolio Fund at a lower price than its current market value.&nbsp;&nbsp;Similarly, while writing call options can reduce the risk of owning stocks, such a strategy limits the opportunity of the Fund or Portfolio Fund to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option.&nbsp;&nbsp;The risk involved in writing a put option is that there could be a decrease in the market value of the underlying security.&nbsp;&nbsp;If this occurred, the option could be exercised and the underlying security would then be sold to the Fund or Portfolio Fund at a higher price than its current market value.&nbsp;&nbsp;There is no assurance that a liquid market will exist when the Fund or Portfolio Fund seeks to close out an option position.&nbsp;&nbsp;Where a position in a written option is used as a hedge against price movements in a related position, the price of the option may move more or less than the price of the related position.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Investment Advisor Risk.&nbsp;&nbsp;</font>The Advisor's ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives.&nbsp;&nbsp;The portfolio managers' experience is discussed in the section of this prospectus entitled "Management of the Funds &#8211; Investment Advisor."</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">New Fund Risk.&nbsp;&nbsp;</font>The Fund was formed in 2012.&nbsp;&nbsp;Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders.&nbsp;&nbsp;Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Operating Risk.</font>&nbsp;&nbsp;The Fund's administrator and Advisor have entered into an Operating Plan that facilitates the administrator's assumption of the Fund's regular operating expenses under the Fund Accounting and Administration Agreement.&nbsp;&nbsp;The Operating Plan obligates the Advisor to pay certain expenses of the Fund in order to help limit its annual operating expenses.&nbsp;&nbsp;If the Advisor, however, does not have sufficient revenue to support those expenses, the Advisor may be compelled to either resign or become insolvent.&nbsp;&nbsp;In addition, if the Fund incurs expenses in excess of those that the administrator has agreed to pay and the Advisor is not able or willing to pay the excess costs, those excess costs will increase the Fund's expenses.</font></div></div></div></div></div></div></div></div></div></div> </div> <div> <div class="MetaData"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The loss of your money is a principal risk of investing in the Fund</font></font>.&nbsp;&nbsp;Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested.&nbsp;&nbsp;There can be no assurance that the Fund will be successful in meeting its investment objective.&nbsp;&nbsp;The Fund will be subject to the following principal risks:</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Fund of Funds Risk.&nbsp;&nbsp;</font>The Fund is a "fund of funds."&nbsp;&nbsp;The term "fund of funds" is typically used to describe investment companies, such as the Fund, whose principal investment strategy involves investing in other investment companies, including open-end mutual funds, closed-end funds, and exchange-traded funds.&nbsp;&nbsp;Investments in other investment companies subject the Fund to additional operating and management fees and expenses.&nbsp;&nbsp;For instance, investors in the Fund will indirectly bear fees and expenses charged by the funds in which the Fund invests, in addition to the Fund's direct fees and expenses.&nbsp;&nbsp;The Fund's performance depends in part upon the performance of the investment advisor to each Portfolio Fund, the strategies and instruments used by the Portfolio Funds, and the Advisor's ability to select Portfolio Funds and effectively allocate Fund assets among them.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Control of Portfolio Funds Risk.</font>&nbsp;&nbsp;Although the Fund and the Advisor will evaluate regularly each Portfolio Fund to determine whether its investment program is consistent with the Fund's investment objective, the Advisor will not have any control over the investments made by a Portfolio Fund.&nbsp;&nbsp;The investment advisor to each Portfolio Fund may change aspects of its investment strategies at any time.&nbsp;&nbsp;The Advisor will not have the ability to control or otherwise influence the composition of the investment portfolio of a Portfolio Fund.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Market Risk.&nbsp;&nbsp;</font>Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market.&nbsp;&nbsp;Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general.&nbsp;&nbsp;The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions.&nbsp;&nbsp;The Fund's performance per share will change daily in response to such factors.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Management Style Risk.&nbsp;&nbsp;</font>Different types of securities tend to shift into and out of favor with investors depending on market and economic conditions.&nbsp;&nbsp;The returns from the types of Portfolio Funds purchased by the Fund (growth, value, etc.) may at times be better or worse than the returns from other types of funds.&nbsp;&nbsp;Thus, the performance of the Fund may be better or worse than the performance of funds that focus on other types of investments, or that have a broader investment style.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Common Stock Risk.&nbsp;&nbsp;</font>Investments by the Portfolio Funds in shares of common stock may fluctuate in value response to many factors, including the activities of the individual issuers whose securities the Portfolio Fund owns, general market and economic conditions, interest rates, and specific industry changes.&nbsp;&nbsp;Such price fluctuations subject the Fund to potential losses.&nbsp;&nbsp;During temporary or extended bear markets, the value of common stocks will decline, which could also result in losses for the Fund.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; color: #333333; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Other Equity Securities Risk.&nbsp;&nbsp;</font>In addition to shares of common stock, the equity securities held by the Portfolio Funds may include preferred stocks, convertible preferred stocks, convertible bonds, and warrants.&nbsp;&nbsp;Like shares of common stock, the value of these equity securities may fluctuate in response to many factors, including the activities of the issuer, general market and economic conditions, interest rates, and specific industry changes.&nbsp;&nbsp;Also, regardless of any one company's particular prospects, a declining stock market may produce a decline in prices for all equity securities, which could also result in losses for the Fund.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Large-Cap Securities Risk.&nbsp;&nbsp;</font>Stocks of large companies as a group can fall out of favor with the market, causing the Fund to underperform investments that have a greater focus on mid-cap or small-cap stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Small-Cap and Mid-Cap Securities Risk.</font>&nbsp;&nbsp;The Portfolio Funds may invest in securities of small-cap and mid-cap companies, which involves greater volatility than investing in larger and more established companies.&nbsp;&nbsp;Small-cap and mid-cap companies can be subject to more abrupt or erratic share price changes than larger, more established companies.&nbsp;&nbsp;Securities of these types of companies have limited market liquidity, and their prices may be more volatile.&nbsp;&nbsp;You should expect that the value of the Fund's shares will be more volatile than a fund that invests exclusively in large-capitalization companies.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Sector Risk.&nbsp;&nbsp;</font>If the Portfolio Funds invest more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector.&nbsp;&nbsp;As a result, the Portfolio Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of industries.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Foreign Securities and Emerging Markets Risk.</font>&nbsp;&nbsp;The Portfolio Funds may have significant investments in foreign securities, which have investment risks different from those associated with domestic securities.&nbsp;&nbsp;The value of foreign investments may be affected by the value of the local currency relative to the U.S. dollar, changes in exchange control regulations, application of foreign tax laws, changes in governmental economic or monetary policy, or changed circumstances in dealings between nations.&nbsp;&nbsp;There may be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information about issuers of foreign securities.&nbsp;&nbsp;In addition, foreign brokerage commissions, custody fees, and other costs of investing in foreign securities are often higher than in the United States.&nbsp;&nbsp;Investments in foreign issues could be affected by other factors not present in the United States, including expropriation, armed conflict, confiscatory taxation, and potential difficulties in enforcing contractual obligations.&nbsp;&nbsp;In addition to the risks of foreign securities in general, countries in emerging markets are more volatile and can have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues which could reduce liquidity.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Derivatives Risk.&nbsp;&nbsp;</font>The Fund and the Portfolio Funds held by the Fund may use derivative instruments, which derive their value from the value of an underlying security, currency, or index.&nbsp;&nbsp;Derivative instruments involve risks different from direct investments in the underlying assets, including: imperfect correlation between the value of the derivative instrument and the underlying assets; risks of default by the other party to the derivative instrument; risks that the transactions may result in losses of all or in excess of any gain in the portfolio positions; and risks that the transactions may not be liquid.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Short Sales Risk.</font>&nbsp;&nbsp;While the Fund will not short individual securities, the Portfolio Funds held by the Fund may sell securities short.&nbsp;&nbsp;A short sale is a transaction in which the Portfolio Fund sells a security it does not own but has borrowed in anticipation that the market price of the security will decline.&nbsp;&nbsp;The Portfolio Fund must replace the borrowed security by purchasing it at the market price at the time of replacement, which may be more or less than the price at which the Portfolio Fund sold the security.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Leverage Risk.&nbsp;&nbsp;</font>While the Fund will not utilize leverage (i.e., borrowing) when making investments, the Portfolio Funds held by the Fund may utilize leverage to acquire their underlying portfolio investments.&nbsp;&nbsp;The use of leverage may exaggerate changes in a Portfolio Fund's share price and the return on its investments.&nbsp;&nbsp;Accordingly, the value of the Fund's investments in Portfolio Funds may be more volatile and all other risks, including the risk of loss of an investment, tend to be compounded or magnified.&nbsp;&nbsp;Borrowing also leads to additional interest expense and other fees that increase the Portfolio Fund's expenses.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Futures Risk.</font> Use of futures contracts by the Fund or the Portfolio Funds may cause the value of the Fund's shares to be more volatile.&nbsp;&nbsp;Futures contracts expose the Fund to leverage and tracking risks because a small investment in futures contracts may produce large losses and futures contracts may not accurately track the underlying securities.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Risks from Purchasing Options.</font>&nbsp;&nbsp;If a call or put option purchased by the Fund or a Portfolio Fund is not sold when it has remaining value and if the market price of the underlying security, in the case of a call, remains less than or equal to the exercise price, or, in the case of a put, remains equal to or greater than the exercise price, the entire investment in the option will be lost.&nbsp;&nbsp;There is no assurance that a liquid market will exist when the Fund or a Portfolio Fund seeks to close out an option position.&nbsp;&nbsp;Where a position in a purchased option is used as a hedge against price movements in a related position, the price of the option may move more or less than the price of the related position.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Risks from Writing Options.&nbsp;&nbsp;</font>The Fund, as well as the Portfolio Funds in which it invests, may sell, or "write," option contracts.&nbsp;&nbsp;Writing option contracts can result in losses that exceed the initial investment and may lead to additional turnover and higher tax liability.&nbsp;&nbsp;The risk involved in writing a call option is that there could be an increase in the market value of the security.&nbsp;&nbsp;If this occurred, the option could be exercised and the underlying security would then be sold by the Fund or Portfolio Fund at a lower price than its current market value.&nbsp;&nbsp;Similarly, while writing call options can reduce the risk of owning stocks, such a strategy limits the opportunity of the Fund or Portfolio Fund to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option.&nbsp;&nbsp;The risk involved in writing a put option is that there could be a decrease in the market value of the </font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">underlying security.&nbsp;&nbsp;If this occurred, the option could be exercised and the underlying security would then be sold to the Fund or Portfolio Fund at a higher price than its current market value.&nbsp;&nbsp;There is no assurance that a liquid market will exist when the Fund or Portfolio Fund seeks to close out an option position.&nbsp;&nbsp;Where a position in a written option is used as a hedge against price movements in a related position, the price of the option may move more or less than the price of the related position.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Investment Advisor Risk.&nbsp;&nbsp;</font>The Advisor's ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives.&nbsp;&nbsp;The portfolio managers' experience is discussed in the section of this prospectus entitled "Management of the Funds &#8211; Investment Advisor."</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">New Fund Risk.&nbsp;&nbsp;</font>The Fund was formed in 2012.&nbsp;&nbsp;Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders.&nbsp;&nbsp;Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Operating Risk.</font>&nbsp;&nbsp;The Fund's administrator and Advisor have entered into an Operating Plan that facilitates the administrator's assumption of the Fund's regular operating expenses under the Fund Accounting and Administration Agreement.&nbsp;&nbsp;The Operating Plan obligates the Advisor to pay certain expenses of the Fund in order to help limit its annual operating expenses.&nbsp;&nbsp;If the Advisor, however, does not have sufficient revenue to support those expenses, the Advisor may be compelled to either resign or become insolvent.&nbsp;&nbsp;In addition, if the Fund incurs expenses in excess of those that the administrator has agreed to pay and the Advisor is not able or willing to pay the excess costs, those excess costs will increase the Fund's expenses.</font></div></div></div></div></div></div></div></div></div></div></div> </div> <div> <div class="MetaData"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The loss of your money is a principal risk of investing in the Fund</font></font>.&nbsp;&nbsp;Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested.&nbsp;&nbsp;There can be no assurance that the Fund will be successful in meeting its investment objective.&nbsp;&nbsp;The Fund will be subject to the following principal risks:</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Fund of Funds Risk.&nbsp;&nbsp;</font>The Fund is a "fund of funds."&nbsp;&nbsp;The term "fund of funds" is typically used to describe investment companies, such as the Fund, whose principal investment strategy involves investing in other investment companies, including open-end mutual funds, closed-end funds, and exchange-traded funds.&nbsp;&nbsp;Investments in other investment companies subject the Fund to additional operating and management fees and expenses.&nbsp;&nbsp;For instance, investors in the Fund will indirectly bear fees and expenses charged by the funds in which the Fund invests, in addition to the Fund's direct fees and expenses.&nbsp;&nbsp;The Fund's performance depends in part upon the performance of the investment advisor to each Portfolio Fund, the strategies and instruments used by the Portfolio Funds, and the Advisor's ability to select Portfolio Funds and effectively allocate Fund assets among them.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Control of Portfolio Funds Risk.</font>&nbsp;&nbsp;Although the Fund and the Advisor will evaluate regularly each Portfolio Fund to determine whether its investment program is consistent with the Fund's investment objective, the Advisor will not have any control over the investments made by a Portfolio Fund.&nbsp;&nbsp;The investment advisor to each Portfolio Fund may change aspects of its investment strategies at any time.&nbsp;&nbsp;The Advisor will not have the ability to control or otherwise influence the composition of the investment portfolio of a Portfolio Fund.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Market Risk.&nbsp;&nbsp;</font>Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market.&nbsp;&nbsp;Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general.&nbsp;&nbsp;The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions.&nbsp;&nbsp;The Fund's performance per share will change daily in response to such factors.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Management Style Risk.&nbsp;&nbsp;</font>Different types of securities tend to shift into and out of favor with investors depending on market and economic conditions.&nbsp;&nbsp;The returns from the types of Portfolio Funds purchased by the Fund (growth, value, etc.) may at times be better or worse than the returns from other types of funds.&nbsp;&nbsp;Thus, the performance of the Fund may be better or worse than the performance of funds that focus on other types of investments, or that have a broader investment style.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Fixed Income Risk.</font>&nbsp;&nbsp;While the Fund will not invest directly in fixed income securities, the Fund the Fund will be subject to the risks associated with such investments since the Portfolio Funds may invest in fixed income securities.&nbsp;&nbsp;The prices of these securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers.&nbsp;&nbsp;Fixed income securities tend to decrease in value if interest rates rise and vice versa, and the volatility of lower-rated securities is even greater than that of higher-rated securities.&nbsp;&nbsp;Also, longer-term securities are more volatile, so the average maturity or duration of these securities affects risk.&nbsp;&nbsp;Credit risk is the possibility that an issuer will fail to make timely payments of interest or principal or go bankrupt.&nbsp;&nbsp;The lower the rating of a debt security, the greater its risks.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Interest Rate Risk.</font>&nbsp;&nbsp;Interest rates may rise resulting in a decrease in the value of the fixed income securities held by the Portfolio Funds or may fall resulting in an increase in the value of such securities.&nbsp;&nbsp;Fixed income securities with longer maturities involve greater risk than those with shorter maturities.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Inflation Risk.</font>&nbsp;&nbsp;Fixed income securities held by Portfolio Funds are subject to inflation risk.&nbsp;&nbsp;Because inflation reduces the purchasing power of income produced by existing fixed income securities, the prices at which fixed income securities trade will be reduced to compensate for the fact that the income they produce is worth less.&nbsp;&nbsp;This potential decrease in market value of fixed income securities would result in a loss in the value of the Fund's portfolio.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">High-Yield Risk.</font>&nbsp;&nbsp;Portfolio Funds may invest in junk bonds and other fixed income securities that are rated below investment grade.&nbsp;&nbsp;Securities in this rating category are speculative and are usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength.&nbsp;&nbsp;Changes in economic conditions or other circumstances may have a greater effect on the ability of issuers of these securities to make principal and interest payments than they do on issuers of higher grade securities.&nbsp;&nbsp;The retail secondary market for junk bonds may be less liquid than that of higher-rated securities and adverse conditions could make it difficult at times to sell certain securities or could result in lower prices.&nbsp;&nbsp;Additionally, these instruments are unsecured and may be subordinated to other creditor's claims.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Corporate Debt Securities Risk.</font>&nbsp;&nbsp;Portfolio Funds may invest in corporate debt securities.&nbsp;&nbsp;Corporate debt securities are fixed income securities issued by businesses.&nbsp;&nbsp;Notes, bonds, debentures, and commercial paper are the most prevalent types of corporate debt securities.&nbsp;&nbsp;The credit risks of corporate debt securities vary widely among issuers.&nbsp;&nbsp;In addition, the credit risk of an issuer's debt security may vary based on its priority for repayment, meaning that issuers might not make payments on subordinated securities while continuing to make payments on senior securities or, in the event of bankruptcy, holders of senior securities may receive amounts otherwise payable to the holders of subordinated securities.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Convertible Securities Risk.</font>&nbsp;&nbsp;Convertible securities are fixed income securities that a Portfolio Fund has the option to exchange for equity securities at a specified conversion price.&nbsp;&nbsp;The option allows the Portfolio Fund to realize additional returns if the market price of the equity securities exceeds the conversion price.&nbsp;&nbsp;Convertible securities have lower yields than comparable fixed income securities and may provide lower returns than non-convertible fixed income securities or equity securities depending upon changes in the price of the underlying equity securities.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Risks from Treasury Inflation-Protected Securities.</font>&nbsp;&nbsp;The Portfolio Funds held by the Fund may invest in Treasury Inflation-Protected Securities ("TIPS"), special types of treasury bonds that offer protection from inflation.&nbsp;&nbsp;The values of TIPS are automatically adjusted to the inflation rate as measured by the Consumer Price Index (CPI).&nbsp;&nbsp;With inflation (a rise in the CPI), the principal increases; with deflation (a drop in the CPI), the principal decreases.&nbsp;&nbsp;When TIPS mature, the Portfolio Fund is paid the adjusted principal or original principal, whichever is greater.&nbsp;&nbsp;TIPS decline in value when real interest rates rise.&nbsp;&nbsp;However, in certain interest rate environments, like when real interest rates are rising faster than nominal interest rates, TIPS may experience greater losses than other fixed income securities with similar duration.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Sector Risk.&nbsp;&nbsp;</font>If the Portfolio Funds invest more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector.&nbsp;&nbsp;As a result, the Portfolio Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of industries.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Foreign Securities and Emerging Markets Risk.</font>&nbsp;&nbsp;The Portfolio Funds may have significant investments in foreign securities, which have investment risks different from those associated with domestic securities.&nbsp;&nbsp;The value of foreign investments may be affected by the value of the local currency relative to the U.S. dollar, changes in exchange control regulations, application of foreign tax laws, changes in governmental economic or monetary policy, or changed circumstances in dealings between nations.&nbsp;&nbsp;There may be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information about issuers of foreign securities.&nbsp;&nbsp;In addition, foreign brokerage commissions, custody fees, and other costs of investing in foreign securities are often higher than in the United States.&nbsp;&nbsp;Investments in foreign issues could be affected by other factors not present in the United States, including expropriation, armed conflict, confiscatory taxation, and potential difficulties in enforcing contractual obligations.&nbsp;&nbsp;In addition to the risks of foreign securities in general, countries in emerging markets are more volatile and can have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues which could reduce liquidity.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Derivatives Risk.&nbsp;&nbsp;</font>The Fund and the Portfolio Funds held by the Fund may use derivative instruments, which derive their value from the value of an underlying security, currency, or index.&nbsp;&nbsp;Derivative instruments involve risks different from direct investments in the underlying assets, including: imperfect correlation between the value of the derivative instrument and the underlying assets; risks of default by the other party to the derivative instrument; risks that the transactions may result in losses of all or in excess of any gain in the portfolio positions; and risks that the transactions may not be liquid.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Short Sales Risk.</font>&nbsp;&nbsp;While the Fund will not short individual securities, the Portfolio Funds held by the Fund may sell securities short.&nbsp;&nbsp;A short sale is a transaction in which the Portfolio Fund sells a security it does not own but has borrowed in anticipation that the market price of the security will decline.&nbsp;&nbsp;The Portfolio Fund must replace the borrowed security by purchasing it at the market price at the time of replacement, which may be more or less than the price at which the Portfolio Fund sold the security.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Leverage Risk.&nbsp;&nbsp;</font>While the Fund will not utilize leverage (i.e., borrowing) when making investments, the Portfolio Funds held by the Fund may utilize leverage to acquire their underlying portfolio investments.&nbsp;&nbsp;The use of leverage may exaggerate changes in a Portfolio Fund's share price and the return on its investments.&nbsp;&nbsp;Accordingly, the value of the Fund's investments in Portfolio Funds may be more volatile and all other risks, including the risk of loss of an investment, tend to be compounded or magnified.&nbsp;&nbsp;Borrowing also leads to additional interest expense and other fees that increase the Portfolio Fund's expenses.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Futures Risk.</font> Use of futures contracts by the Fund or the Portfolio Funds may cause the value of the Fund's shares to be more volatile.&nbsp;&nbsp;Futures contracts expose the Fund to leverage and tracking risks because a small investment in futures contracts may produce large losses and futures contracts may not accurately track the underlying securities.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Risks from Purchasing Options.</font>&nbsp;&nbsp;If a call or put option purchased by the Fund or a Portfolio Fund is not sold when it has remaining value and if the market price of the underlying security, in the case of a call, remains less than or equal to the exercise price, or, in the case of a put, remains equal to or greater than the exercise price, the entire investment in the option will be lost.&nbsp;&nbsp;There is no assurance that a liquid market will exist when the Fund or a Portfolio Fund seeks to close out an option position.&nbsp;&nbsp;Where a position in a purchased option is used as a hedge against price movements in a related position, the price of the option may move more or less than the price of the related position.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Risks from Writing Options.&nbsp;&nbsp;</font>The Fund, as well as the Portfolio Funds in which it invests, may sell, or "write," option contracts.&nbsp;&nbsp;Writing option contracts can result in losses that exceed the initial investment and may lead to additional turnover and higher tax liability.&nbsp;&nbsp;The risk involved in writing a call option is that there could be an increase in the market value of the security.&nbsp;&nbsp;If this occurred, the option could be exercised and the underlying security would then be sold by the Fund or Portfolio Fund at a lower price than its current market value.&nbsp;&nbsp;Similarly, while writing call options can reduce the risk of owning stocks, such a strategy limits the opportunity of the Fund or Portfolio Fund to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option.&nbsp;&nbsp;The risk involved in writing a put option is that there could be a decrease in the market value of the underlying security.&nbsp;&nbsp;If this occurred, the option could be exercised and the underlying security would then be sold to the Fund or Portfolio Fund at a higher price than its current market value.&nbsp;&nbsp;There is no assurance that a liquid market will exist when the Fund or Portfolio Fund seeks to close out an option position.&nbsp;&nbsp;Where a position in a written option is used as a hedge against price movements in a related position, the price of the option may move more or less than the price of the related position.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Investment Advisor Risk.&nbsp;&nbsp;</font>The Advisor's ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives.&nbsp;&nbsp;The portfolio managers' experience is discussed in the section of this prospectus entitled "Management of the Funds &#8211; Investment Advisor."</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">New Fund Risk.&nbsp;&nbsp;</font>The Fund was formed in 2012.&nbsp;&nbsp;Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders.&nbsp;&nbsp;Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Operating Risk.</font>&nbsp;&nbsp;The Fund's administrator and Advisor have entered into an Operating Plan that facilitates the administrator's assumption of the Fund's regular operating expenses under the Fund Accounting and Administration Agreement.&nbsp;&nbsp;The Operating Plan obligates the Advisor to pay certain expenses of the Fund in order to help limit its annual operating expenses.&nbsp;&nbsp;If the Advisor, however, does not have sufficient revenue to support those expenses, the Advisor may be compelled to either resign or become insolvent.&nbsp;&nbsp;In addition, if the Fund incurs expenses in excess of those that the administrator has agreed to pay and the Advisor is not able or willing to pay the excess costs, those excess costs will increase the Fund's expenses.</font></div></div></div></div></div></div></div></div></div></div> </div> <div> <div class="MetaData"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The loss of your money is a principal risk of investing in the Fund</font></font>.&nbsp;&nbsp;Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested.&nbsp;&nbsp;There can be no assurance that the Fund will be successful in meeting its investment objective.&nbsp;&nbsp;The Fund will be subject to the following principal risks:</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Fund of Funds Risk.&nbsp;&nbsp;</font>The Fund is a "fund of funds."&nbsp;&nbsp;The term "fund of funds" is typically used to describe investment companies, such as the Fund, whose principal investment strategy involves investing in other investment companies, including open-end mutual funds, closed-end funds, and exchange-traded funds.&nbsp;&nbsp;Investments in other investment companies subject the Fund to additional operating and management fees and expenses.&nbsp;&nbsp;For instance, investors in the Fund will indirectly bear fees and expenses charged by the funds in which the Fund invests, in addition to the Fund's direct fees and expenses.&nbsp;&nbsp;The Fund's performance depends in part upon the performance of the investment advisor to each Portfolio Fund, the strategies and instruments used by the Portfolio Funds, and the Advisor's ability to select Portfolio Funds and effectively allocate Fund assets among them.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Control of Portfolio Funds Risk.</font>&nbsp;&nbsp;Although the Fund and the Advisor will evaluate regularly each Portfolio Fund to determine whether its investment program is consistent with the Fund's investment objective, the Advisor will not have any control over the investments made by a Portfolio Fund.&nbsp;&nbsp;The investment advisor to each Portfolio Fund may change aspects of its investment strategies at any time.&nbsp;&nbsp;The Advisor will not have the ability to control or otherwise influence the composition of the investment portfolio of a Portfolio Fund.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Market Risk.&nbsp;&nbsp;</font>Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market.&nbsp;&nbsp;Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general.&nbsp;&nbsp;The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions.&nbsp;&nbsp;The Fund's performance per share will change daily in response to such factors.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Management Style Risk.&nbsp;&nbsp;</font>Different types of securities tend to shift into and out of favor with investors depending on market and economic conditions.&nbsp;&nbsp;The returns from the types of Portfolio Funds purchased by the Fund (growth, value, etc.) may at times be better or worse than the returns from other types of funds.&nbsp;&nbsp;Thus, the performance of the Fund may be better or worse than the performance of funds that focus on other types of investments, or that have a broader investment style.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Quantitative Model Risk.&nbsp;&nbsp;</font>Portfolio Funds or other investments selected using quantitative methods may perform differently from the market as a whole. There can be no assurance that these methodologies will enable the Fund to achieve its objective.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Common Stock Risk.&nbsp;&nbsp;</font>Investments by the Portfolio Funds in shares of common stock may fluctuate in value response to many factors, including the activities of the individual issuers whose securities the Portfolio Fund owns, general market and economic conditions, interest rates, and specific industry changes.&nbsp;&nbsp;Such price fluctuations subject the Fund to potential losses.&nbsp;&nbsp;During temporary or extended bear markets, the value of common stocks will decline, which could also result in losses for the Fund.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; color: #333333; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; color: #333333; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Other Equity Securities Risk.&nbsp;&nbsp;</font>In addition to shares of common stock, the equity securities held by the Portfolio Funds may include preferred stocks, convertible preferred stocks, convertible bonds, and warrants.&nbsp;&nbsp;Like shares of common stock, the value of these equity securities may fluctuate in response to many factors, including the activities of the issuer, general market and economic conditions, interest rates, and specific industry changes.&nbsp;&nbsp;Also, regardless of any one company's particular prospects, a declining stock market may produce a decline in prices for all equity securities, which could also result in losses for the Fund.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font color="#333333" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Large-Cap Securities Risk.&nbsp;&nbsp;</font>Stocks of large companies as a group can fall out of favor with the market, causing the Fund to underperform investments that have a greater focus on mid-cap or small-cap stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Small-Cap and Mid-Cap Securities Risk.</font>&nbsp;&nbsp;The Portfolio Funds may invest in securities of small-cap and mid-cap companies, which involves greater volatility than investing in larger and more established companies.&nbsp;&nbsp;Small-cap and mid-cap companies can be subject to more abrupt or erratic share price changes than larger, more established companies.&nbsp;&nbsp;Securities of these types of companies have limited market liquidity, and their prices may be more volatile.&nbsp;&nbsp;You should expect that the value of the Fund's shares will be more volatile than a fund that invests exclusively in large-capitalization companies.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Sector Risk.&nbsp;&nbsp;</font>If the Portfolio Funds invest more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector.&nbsp;&nbsp;As a result, the Portfolio Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of industries.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Foreign Securities and Emerging Markets Risk.</font>&nbsp;&nbsp;The Portfolio Funds may have significant investments in foreign securities, which have investment risks different from those associated with domestic securities.&nbsp;&nbsp;The value of foreign investments may be affected by the value of the local currency relative to the U.S. dollar, changes in exchange control regulations, application of foreign tax laws, changes in governmental economic or monetary policy, or changed circumstances in dealings between nations.&nbsp;&nbsp;There may be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information about issuers of foreign securities.&nbsp;&nbsp;In addition, foreign brokerage commissions, custody fees, and other costs of investing in foreign securities are often higher than in the United States.&nbsp;&nbsp;Investments in foreign issues could be affected by other factors not present in the United States, including expropriation, armed conflict, confiscatory taxation, and potential difficulties in enforcing contractual obligations.&nbsp;&nbsp;In addition to the risks of foreign securities in general, countries in emerging markets are more volatile and can have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues which could reduce liquidity.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Portfolio Turnover Risk.</font>&nbsp;&nbsp;The Advisor will sell Portfolio Funds when it is in the interests of the Fund and its shareholders to do so without regard to the length of time they have been held.&nbsp;&nbsp;As portfolio turnover may involve paying brokerage commissions and other transaction costs, there could be additional expenses for the Fund.&nbsp;&nbsp;High rates of portfolio turnover may also result in the realization of short-term capital gains and losses.&nbsp;&nbsp;Any distributions resulting from such gains will be considered ordinary income for federal income tax purposes.&nbsp;&nbsp;Under normal circumstances, the anticipated portfolio turnover rate for the Fund is expected to be greater than 100%.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Futures Risk.</font> Use of futures contracts by the Fund or the Portfolio Funds may cause the value of the Fund's shares to be more volatile.&nbsp;&nbsp;Futures contracts expose the Fund to leverage and tracking risks because a small investment in futures contracts may produce large losses and futures contracts may not accurately track the underlying securities.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Risks from Purchasing Options.</font>&nbsp;&nbsp;If a call or put option purchased by the Fund or a Portfolio Fund is not sold when it has remaining value and if the market price of the underlying security, in the case of a call, remains less than or equal to the exercise price, or, in the case of a put, remains equal to or greater than the exercise price, the entire investment in the option will be lost.&nbsp;&nbsp;There is no assurance that a liquid market will exist when the Fund or a Portfolio Fund seeks to close out an option position.&nbsp;&nbsp;Where a position in a purchased option is used as a hedge against price movements in a related position, the price of the option may move more or less than the price of the related position.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Risks from Writing Options.&nbsp;&nbsp;</font>The Fund, as well as the Portfolio Funds in which it invests, may sell, or "write," option contracts.&nbsp;&nbsp;Writing option contracts can result in losses that exceed the initial investment and may lead to additional turnover and higher tax liability.&nbsp;&nbsp;The risk involved in writing a call option is that there could be an increase in the market value of the security.&nbsp;&nbsp;If this occurred, the option could be exercised and the underlying security would then be sold by the Fund or Portfolio Fund at a lower price than its current market value.&nbsp;&nbsp;Similarly, while writing call options can reduce the risk of owning stocks, such a strategy limits the opportunity of the Fund or Portfolio Fund to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option.&nbsp;&nbsp;The risk involved in writing a put option is that there could be a decrease in the market value of the underlying security.&nbsp;&nbsp;If this occurred, the option could be exercised and the underlying security would then be sold to the Fund or Portfolio Fund at a higher price than its current market value.&nbsp;&nbsp;There is no assurance that a liquid market will exist when the Fund or Portfolio Fund seeks to close out an option position.&nbsp;&nbsp;Where a position in a written option is used as a hedge against price movements in a related position, the price of the option may move more or less than the price of the related position.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Investment Advisor Risk.&nbsp;&nbsp;</font>The Advisor's ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives.&nbsp;&nbsp;The portfolio managers' experience is discussed in the section of this prospectus entitled "Management of the Funds &#8211; Investment Advisor."</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">New Fund Risk.&nbsp;&nbsp;</font>The Fund was formed in 2012.&nbsp;&nbsp;Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders.&nbsp;&nbsp;Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Operating Risk.</font>&nbsp;&nbsp;The Fund's administrator and Advisor have entered into an Operating Plan that facilitates the administrator's assumption of the Fund's regular operating expenses under the Fund Accounting and Administration Agreement.&nbsp;&nbsp;The Operating Plan obligates the Advisor to pay certain expenses of the Fund in order to help limit its annual operating expenses.&nbsp;&nbsp;If the Advisor, however, does not have sufficient revenue to support those expenses, the Advisor may be compelled to either resign or become insolvent.&nbsp;&nbsp;In addition, if the Fund incurs expenses in excess of those that the administrator has agreed to pay and the Advisor is not able or willing to pay the excess costs, those excess costs will increase the Fund's expenses.</font></div></div></div></div></div></div></div></div> </div> <div> <div class="MetaData"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The loss of your money is a principal risk of investing in the Fund</font></font>.&nbsp;&nbsp;Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested.&nbsp;&nbsp;There can be no assurance that the Fund will be successful in meeting its investment objective.&nbsp;&nbsp;The Fund will be subject to the following principal risks:</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Fund of Funds Risk.&nbsp;&nbsp;</font>The Fund is a "fund of funds."&nbsp;&nbsp;The term "fund of funds" is typically used to describe investment companies, such as the Fund, whose principal investment strategy involves investing in other investment companies, including open-end mutual funds, closed-end funds, and exchange-traded funds.&nbsp;&nbsp;Investments in other investment companies subject the Fund to additional operating and management fees and expenses.&nbsp;&nbsp;For instance, investors in the Fund will indirectly bear fees and expenses charged by the funds in which the Fund invests, in addition to the Fund's direct fees and expenses.&nbsp;&nbsp;The Fund's performance depends in part upon the performance of the investment advisor to each Portfolio Fund, the strategies and instruments used by the Portfolio Funds, and the Advisor's ability to select Portfolio Funds and effectively allocate Fund assets among them.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Control of Portfolio Funds Risk.</font>&nbsp;&nbsp;Although the Fund and the Advisor will evaluate regularly each Portfolio Fund to determine whether its investment program is consistent with the Fund's investment objective, the Advisor will not have any control over the investments made by a Portfolio Fund.&nbsp;&nbsp;The investment advisor to each Portfolio Fund may change aspects of its investment strategies at any time.&nbsp;&nbsp;The Advisor will not have the ability to control or otherwise influence the composition of the investment portfolio of a Portfolio Fund.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Market Risk.&nbsp;&nbsp;</font>Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market.&nbsp;&nbsp;Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general.&nbsp;&nbsp;The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions.&nbsp;&nbsp;The Fund's performance per share will change daily in response to such factors.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Management Style Risk.&nbsp;&nbsp;</font>Different types of securities tend to shift into and out of favor with investors depending on market and economic conditions.&nbsp;&nbsp;The returns from the types of Portfolio Funds purchased by the Fund (growth, value, etc.) may at times be better or worse than the returns from other types of funds.&nbsp;&nbsp;Thus, the performance of the Fund may be better or worse than the performance of funds that focus on other types of investments, or that have a broader investment style.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Fixed Income Risk.</font>&nbsp;&nbsp;While the Fund will not invest directly in fixed income securities, the Fund the Fund will be subject to the risks associated with such investments since the Portfolio Funds may invest in fixed income securities.&nbsp;&nbsp;The prices of these securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers.&nbsp;&nbsp;Fixed income securities tend to decrease in value if interest rates rise and vice versa, and the volatility of lower-rated securities is even greater than that of higher-rated securities.&nbsp;&nbsp;Also, longer-term securities are more volatile, so the average maturity or duration of these securities affects risk.&nbsp;&nbsp;Credit risk is the possibility that an issuer will fail to make timely payments of interest or principal or go bankrupt.&nbsp;&nbsp;The lower the rating of a debt security, the greater its risks.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Municipal Securities Risk.</font>&nbsp;&nbsp;The yields of municipal securities may move differently and adversely compared to the yields of the overall debt securities markets. There could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Interest Rate Risk.</font>&nbsp;&nbsp;Interest rates may rise resulting in a decrease in the value of the fixed income securities held by the Portfolio Funds or may fall resulting in an increase in the value of such securities.&nbsp;&nbsp;Fixed income securities with longer maturities involve greater risk than those with shorter maturities.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Inflation Risk.</font>&nbsp;&nbsp;Fixed income securities held by Portfolio Funds are subject to inflation risk.&nbsp;&nbsp;Because inflation reduces the purchasing power of income produced by existing fixed income securities, the prices at which fixed income securities trade will be reduced to compensate for the fact that the income they produce is worth less.&nbsp;&nbsp;This potential decrease in market value of fixed income securities would result in a loss in the value of the Fund's portfolio.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">High-Yield Risk.</font>&nbsp;&nbsp;Portfolio Funds may invest in junk bonds and other fixed income securities that are rated below investment grade.&nbsp;&nbsp;Securities in this rating category are speculative and are usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength.&nbsp;&nbsp;Changes in economic conditions or other circumstances may have a greater effect on the ability of issuers of these securities to make principal and interest payments than they do on issuers of higher grade securities.&nbsp;&nbsp;The retail secondary market for junk bonds may be less liquid than that of higher-rated securities and adverse conditions could make it difficult at times to sell certain securities or could result in lower prices.&nbsp;&nbsp;Additionally, these instruments are unsecured and may be subordinated to other creditor's claims.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Sector Risk.&nbsp;&nbsp;</font>If the Portfolio Funds invest more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector.&nbsp;&nbsp;As a result, the Portfolio Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of industries.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Derivatives Risk.&nbsp;&nbsp;</font>The Fund and the Portfolio Funds held by the Fund may use derivative instruments, which derive their value from the value of an underlying security, currency, or index.&nbsp;&nbsp;Derivative instruments involve risks different from direct investments in the underlying assets, including: imperfect correlation between the value of the derivative instrument and the underlying assets; risks of default by the other party to the derivative instrument; risks that the transactions may result in losses of all or in excess of any gain in the portfolio positions; and risks that the transactions may not be liquid.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Short Sales Risk.</font>&nbsp;&nbsp;While the Fund will not short individual securities, the Portfolio Funds held by the Fund may sell securities short.&nbsp;&nbsp;A short sale is a transaction in which the Portfolio Fund sells a security it does not own but has borrowed in anticipation that the market price of the security will decline.&nbsp;&nbsp;The Portfolio Fund must replace the borrowed security by purchasing it at the market price at the time of replacement, which may be more or less than the price at which the Portfolio Fund sold the security.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Leverage Risk.&nbsp;&nbsp;</font>While the Fund will not utilize leverage (i.e., borrowing) when making investments, the Portfolio Funds held by the Fund may utilize leverage to acquire their underlying portfolio investments.&nbsp;&nbsp;The use of leverage may exaggerate changes in a Portfolio Fund's share price and the return on its investments.&nbsp;&nbsp;Accordingly, the value of the Fund's investments in Portfolio Funds may be more volatile and all other risks, including the risk of loss of an investment, tend to be compounded or magnified.&nbsp;&nbsp;Borrowing also leads to additional interest expense and other fees that increase the Portfolio Fund's expenses.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Futures Risk.</font> Use of futures contracts by the Fund or the Portfolio Funds may cause the value of the Fund's shares to be more volatile.&nbsp;&nbsp;Futures contracts expose the Fund to leverage and tracking risks because a small investment in futures contracts may produce large losses and futures contracts may not accurately track the underlying securities.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Risks from Purchasing Options.</font>&nbsp;&nbsp;If a call or put option purchased by the Fund or a Portfolio Fund is not sold when it has remaining value and if the market price of the underlying security, in the case of a call, remains less than or equal to the exercise price, or, in the case of a put, remains equal to or greater than the exercise price, the entire investment in the option will be lost.&nbsp;&nbsp;There is no assurance that a liquid market will exist when the Fund or a Portfolio Fund seeks to close out an option position.&nbsp;&nbsp;Where a position in a purchased option is used as a hedge against price movements in a related position, the price of the option may move more or less than the price of the related position.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Risks from Writing Options.&nbsp;&nbsp;</font>The Fund, as well as the Portfolio Funds in which it invests, may sell, or "write," option contracts.&nbsp;&nbsp;Writing option contracts can result in losses that exceed the initial investment and may lead to additional turnover and higher tax liability.&nbsp;&nbsp;The risk involved in writing a call option is that there could be an increase in the market value of the security.&nbsp;&nbsp;If this occurred, the option could be exercised and the underlying security would then be sold by the Fund or Portfolio Fund at a lower price than its current market value.&nbsp;&nbsp;Similarly, while writing call options can reduce the risk of owning stocks, such a strategy limits the opportunity of the Fund or Portfolio Fund to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option.&nbsp;&nbsp;The risk involved in writing a put option is that there could be a decrease in the market value of the underlying security.&nbsp;&nbsp;If this occurred, the option could be exercised and the underlying security would then be sold to the Fund or Portfolio Fund at a higher price than its current market value.&nbsp;&nbsp;There is no assurance that a liquid market will exist when the Fund or Portfolio Fund seeks to close out an option position.&nbsp;&nbsp;Where a position in a written option is used as a hedge against price movements in a related position, the price of the option may move more or less than the price of the related position.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Investment Advisor Risk.&nbsp;&nbsp;</font>The Advisor's ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives.&nbsp;&nbsp;The portfolio managers' experience is discussed in the section of this prospectus entitled "Management of the Funds &#8211; Investment Advisor."</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">New Fund Risk.&nbsp;&nbsp;</font>The Fund was formed in 2012.&nbsp;&nbsp;Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders.&nbsp;&nbsp;Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Operating Risk.</font>&nbsp;&nbsp;The Fund's administrator and Advisor have entered into an Operating Plan that facilitates the administrator's assumption of the Fund's regular operating expenses under the Fund Accounting and Administration Agreement.&nbsp;&nbsp;The Operating Plan obligates the Advisor to pay certain expenses of the Fund in order to help limit its annual operating expenses.&nbsp;&nbsp;If the Advisor, however, does not have sufficient revenue to support those expenses, the Advisor may be compelled to either resign or become insolvent.&nbsp;&nbsp;In addition, if the Fund incurs expenses in excess of those that the administrator has agreed to pay and the Advisor is not able or willing to pay the excess costs, those excess costs will increase the Fund's expenses.</font></div></div></div></div></div></div></div></div></div></div> </div> <div> <div class="MetaData"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The loss of your money is a principal risk of investing in the Fund</font></font>.&nbsp;&nbsp;Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested.&nbsp;&nbsp;There can be no assurance that the Fund will be successful in meeting its investment objective.&nbsp;&nbsp;The Fund will be subject to the following principal risks:</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Fund of Funds Risk.&nbsp;&nbsp;</font>The Fund is a "fund of funds."&nbsp;&nbsp;The term "fund of funds" is typically used to describe investment companies, such as the Fund, whose principal investment strategy involves investing in other investment companies, including open-end mutual funds, closed-end funds, and exchange-traded funds.&nbsp;&nbsp;Investments in other investment companies subject the Fund to additional operating and management fees and expenses.&nbsp;&nbsp;For instance, investors in the Fund will indirectly bear fees and expenses charged by the funds in which the Fund invests, in addition to the Fund's direct fees and expenses.&nbsp;&nbsp;The Fund's performance depends in part upon the performance of the investment advisor to each Portfolio Fund, the strategies and instruments used by the Portfolio Funds, and the Advisor's ability to select Portfolio Funds and effectively allocate Fund assets among them.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Control of Portfolio Funds Risk.</font>&nbsp;&nbsp;Although the Fund and the Advisor will evaluate regularly each Portfolio Fund to determine whether its investment program is consistent with the Fund's investment objective, the Advisor will not have any control over the investments made by a Portfolio Fund.&nbsp;&nbsp;The investment advisor to each Portfolio Fund may change aspects of its investment strategies at any time.&nbsp;&nbsp;The Advisor will not have the ability to control or otherwise influence the composition of the investment portfolio of a Portfolio Fund.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Market Risk.&nbsp;&nbsp;</font>Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market.&nbsp;&nbsp;Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general.&nbsp;&nbsp;The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions.&nbsp;&nbsp;The Fund's performance per share will change daily in response to such factors.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Management Style Risk.&nbsp;&nbsp;</font>Different types of securities tend to shift into and out of favor with investors depending on market and economic conditions.&nbsp;&nbsp;The returns from the types of Portfolio Funds purchased by the Fund (growth, value, etc.) may at times be better or worse than the returns from other types of funds.&nbsp;&nbsp;Thus, the performance of the Fund may be better or worse than the performance of funds that focus on other types of investments, or that have a broader investment style.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Common Stock Risk.&nbsp;&nbsp;</font>Investments by the Portfolio Funds in shares of common stock may fluctuate in value response to many factors, including the activities of the individual issuers whose securities the Portfolio Fund owns, general market and economic conditions, interest rates, and specific industry changes.&nbsp;&nbsp;Such price fluctuations subject the Fund to potential losses.&nbsp;&nbsp;During temporary or extended bear markets, the value of common stocks will decline, which could also result in losses for the Fund.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; color: #333333; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Other Equity Securities Risk.&nbsp;&nbsp;</font>In addition to shares of common stock, the equity securities held by the Portfolio Funds may include preferred stocks, convertible preferred stocks, convertible bonds, and warrants.&nbsp;&nbsp;Like shares of common stock, the value of these equity securities may fluctuate in response to many factors, including the activities of the issuer, general market and economic conditions, interest rates, and specific industry changes.&nbsp;&nbsp;Also, regardless of any one company's particular prospects, a declining stock market may produce a decline in prices for all equity securities, which could also result in losses for the Fund.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Large-Cap Securities Risk.&nbsp;&nbsp;</font>Stocks of large companies as a group can fall out of favor with the market, causing the Fund to underperform investments that have a greater focus on mid-cap or small-cap stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Small-Cap and Mid-Cap Securities Risk.</font>&nbsp;&nbsp;The Portfolio Funds may invest in securities of small-cap and mid-cap companies, which involves greater volatility than investing in larger and more established companies.&nbsp;&nbsp;Small-cap and mid-cap companies can be subject to more abrupt or erratic share price changes than larger, more established companies.&nbsp;&nbsp;Securities of these types of companies have limited market liquidity, and their prices may be more volatile.&nbsp;&nbsp;You should expect that the value of the Fund's shares will be more volatile than a fund that invests exclusively in large-capitalization companies.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Sector Risk.&nbsp;&nbsp;</font>If the Portfolio Funds invest more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector.&nbsp;&nbsp;As a result, the Portfolio Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of industries.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Foreign Securities and Emerging Markets Risk.</font>&nbsp;&nbsp;The Portfolio Funds may have significant investments in foreign securities, which have investment risks different from those associated with domestic securities.&nbsp;&nbsp;The value of foreign investments may be affected by the value of the local currency relative to the U.S. dollar, changes in exchange control regulations, application of foreign tax laws, changes in governmental economic or monetary policy, or changed circumstances in dealings between nations.&nbsp;&nbsp;There may be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information about issuers of foreign securities.&nbsp;&nbsp;In addition, foreign brokerage commissions, custody fees, and other costs of investing in foreign securities are higher than in the United States.&nbsp;&nbsp;Investments in foreign issues could be affected by other factors not present in the United States, including expropriation, armed conflict, confiscatory taxation, and potential difficulties in enforcing contractual obligations.&nbsp;&nbsp;In addition to the risks of foreign securities in general, countries in emerging markets are more volatile and can have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues which could reduce liquidity.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Derivatives Risk.&nbsp;&nbsp;</font>The Fund and the Portfolio Funds held by the Fund may use derivative instruments, which derive their value from the value of an underlying security, currency, or index.&nbsp;&nbsp;Derivative instruments involve risks different from direct investments in the underlying assets, including: imperfect correlation between the value of the derivative instrument and the underlying assets; risks of default by the other party to the derivative instrument; risks that the transactions may result in losses of all or in excess of any gain in the portfolio positions; and risks that the transactions may not be liquid.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Short Sales Risk.</font>&nbsp;&nbsp;While the Fund will not short individual securities, the Portfolio Funds held by the Fund may sell securities short.&nbsp;&nbsp;A short sale is a transaction in which the Portfolio Fund sells a security it does not own but has borrowed in anticipation that the market price of the security will decline.&nbsp;&nbsp;The Portfolio Fund must replace the borrowed security by purchasing it at the market price at the time of replacement, which may be more or less than the price at which the Portfolio Fund sold the security.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Leverage Risk.&nbsp;&nbsp;</font>While the Fund will not utilize leverage (i.e., borrowing) when making investments, the Portfolio Funds held by the Fund may utilize leverage to acquire their underlying portfolio investments.&nbsp;&nbsp;The use of leverage may exaggerate changes in a Portfolio Fund's share price and the return on its investments.&nbsp;&nbsp;Accordingly, the value of the Fund's investments in Portfolio Funds may be more volatile and all other risks, including the risk of loss of an investment, tend to be compounded or magnified.&nbsp;&nbsp;Borrowing also leads to additional interest expense and other fees that increase the Portfolio Fund's expenses.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Portfolio Turnover Risk.</font>&nbsp;&nbsp;The Advisor will sell Portfolio Funds when it is in the interests of the Fund and its shareholders to do so without regard to the length of time they have been held.&nbsp;&nbsp;As portfolio turnover may involve paying brokerage commissions and other transaction costs, there could be additional expenses for the Fund.&nbsp;&nbsp;High rates of portfolio turnover may also result in the realization of short-term capital gains and losses.&nbsp;&nbsp;Any distributions resulting from such gains will be considered ordinary income for federal income tax purposes.&nbsp;&nbsp;Under normal circumstances, the anticipated portfolio turnover rate for the Fund is expected to be greater than 100%.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Futures Risk.</font> Use of futures contracts by the Fund or the Portfolio Funds may cause the value of the Fund's shares to be more volatile.&nbsp;&nbsp;Futures contracts expose the Fund to leverage and tracking risks because a small investment in futures contracts may produce large losses and futures contracts may not accurately track the underlying securities.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Risks from Purchasing Options.</font>&nbsp;&nbsp;If a call or put option purchased by the Fund or a Portfolio Fund is not sold when it has remaining value and if the market price of the underlying security, in the case of a call, remains less than or equal to the exercise price, or, in the case of a put, remains equal to or greater than the exercise price, the entire investment in the option will be lost.&nbsp;&nbsp;There is no assurance that a liquid market will exist when the Fund or a Portfolio Fund seeks to close out an option position.&nbsp;&nbsp;Where a position in a purchased option is used as a hedge against price movements in a related position, the price of the option may move more or less than the price of the related position.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Risks from Writing Options.&nbsp;&nbsp;</font>The Fund, as well as the Portfolio Funds in which it invests, may sell, or "write," option contracts.&nbsp;&nbsp;Writing option contracts can result in losses that exceed the initial investment and may lead to additional turnover and higher tax liability.&nbsp;&nbsp;The risk involved in writing a call option is that there could be an increase in the market value of the security.&nbsp;&nbsp;If this occurred, the option could be exercised and the underlying security would then be sold by the Fund or Portfolio Fund at a lower price than its current market value.&nbsp;&nbsp;Similarly, while writing call options can reduce the risk of owning stocks, such a strategy limits the opportunity of the Fund or Portfolio Fund to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option.&nbsp;&nbsp;The risk involved in writing a put option is that there could be a decrease in the market value of the <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">underlying security.&nbsp;&nbsp;If this occurred, the option could be exercised and the underlying security would then be sold to the Fund or Portfolio Fund at a higher price than its current market value.&nbsp;&nbsp;There is no assurance that a liquid market will exist when the Fund or Portfolio Fund seeks to close out an option position.&nbsp;&nbsp;Where a position in a written option is used as a hedge against price movements in a related position, the price of the option may move more or less than the price of the related position.</font> </font> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Investment Advisor Risk.&nbsp;&nbsp;</font>The Advisor's ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives.&nbsp;&nbsp;The portfolio managers' experience is discussed in the section of this prospectus entitled "Management of the Funds &#8211; Investment Advisor."</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">New Fund Risk.&nbsp;&nbsp;</font>The Fund was formed in 2012.&nbsp;&nbsp;Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders.&nbsp;&nbsp;Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Operating Risk.</font>&nbsp;&nbsp;The Fund's administrator and Advisor have entered into an Operating Plan that facilitates the administrator's assumption of the Fund's regular operating expenses under the Fund Accounting and Administration Agreement.&nbsp;&nbsp;The Operating Plan obligates the Advisor to pay certain expenses of the Fund in order to help limit its annual operating expenses.&nbsp;&nbsp;If the Advisor, however, does not have sufficient revenue to support those expenses, the Advisor may be compelled to either resign or become insolvent.&nbsp;&nbsp;In addition, if the Fund incurs expenses in excess of those that the administrator has agreed to pay and the Advisor is not able or willing to pay the excess costs, those excess costs will increase the Fund's expenses.</font></div></div></div></div></div></div></div></div></div></div></div> </div> <div> <div class="MetaData"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The loss of your money is a principal risk of investing in the Fund</font></font>.&nbsp;&nbsp;Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested.&nbsp;&nbsp;There can be no assurance that the Fund will be successful in meeting its investment objective.&nbsp;&nbsp;The Fund will be subject to the following principal risks:</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Fund of Funds Risk.&nbsp;&nbsp;</font>The Fund is a "fund of funds."&nbsp;&nbsp;The term "fund of funds" is typically used to describe investment companies, such as the Fund, whose principal investment strategy involves investing in other investment companies, including open-end mutual funds, closed-end funds, and exchange-traded funds.&nbsp;&nbsp;Investments in other investment companies subject the Fund to additional operating and management fees and expenses.&nbsp;&nbsp;For instance, investors in the Fund will indirectly bear fees and expenses charged by the funds in which the Fund invests, in addition to the Fund's direct fees and expenses.&nbsp;&nbsp;The Fund's performance depends in part upon the performance of the investment advisor to each Portfolio Fund, the strategies and instruments used by the Portfolio Funds, and the Advisor's ability to select Portfolio Funds and effectively allocate Fund assets among them.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Control of Portfolio Funds Risk.</font>&nbsp;&nbsp;Although the Fund and the Advisor will evaluate regularly each Portfolio Fund to determine whether its investment program is consistent with the Fund's investment objective, the Advisor will not have any control over the investments made by a Portfolio Fund.&nbsp;&nbsp;The investment advisor to each Portfolio Fund may change aspects of its investment strategies at any time.&nbsp;&nbsp;The Advisor will not have the ability to control or otherwise influence the composition of the investment portfolio of a Portfolio Fund.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Market Risk.&nbsp;&nbsp;</font>Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market.&nbsp;&nbsp;Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general.&nbsp;&nbsp;The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions.&nbsp;&nbsp;The Fund's performance per share will change daily in response to such factors.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Management Style Risk.&nbsp;&nbsp;</font>Different types of securities tend to shift into and out of favor with investors depending on market and economic conditions.&nbsp;&nbsp;The returns from the types of Portfolio Funds purchased by the Fund (growth, value, etc.) may at times be better or worse than the returns from other types of funds.&nbsp;&nbsp;Thus, the performance of the Fund may be better or worse than the performance of funds that focus on other types of investments, or that have a broader investment style.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Common Stock Risk.&nbsp;&nbsp;</font>Investments by the Portfolio Funds in shares of common stock may fluctuate in value response to many factors, including the activities of the individual issuers whose securities the Portfolio Fund owns, general market and economic conditions, interest rates, and specific industry changes.&nbsp;&nbsp;Such price fluctuations subject the Fund to potential losses.&nbsp;&nbsp;During temporary or extended bear markets, the value of common stocks will decline, which could also result in losses for the Fund.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; color: #333333; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Other Equity Securities Risk.&nbsp;&nbsp;</font>In addition to shares of common stock, the equity securities held by the Portfolio Funds may include preferred stocks, convertible preferred stocks, convertible bonds, and warrants.&nbsp;&nbsp;Like shares of common stock, the value of these equity securities may fluctuate in response to many factors, including the activities of the issuer, general market and economic conditions, interest rates, and specific industry changes.&nbsp;&nbsp;Also, regardless of any one company's particular prospects, a declining stock market may produce a decline in prices for all equity securities, which could also result in losses for the Fund.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Large-Cap Securities Risk.&nbsp;&nbsp;</font>Stocks of large companies as a group can fall out of favor with the market, causing the Fund to underperform investments that have a greater focus on mid-cap or small-cap stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Small-Cap and Mid-Cap Securities Risk.</font>&nbsp;&nbsp;The Portfolio Funds may invest in securities of small-cap and mid-cap companies, which involves greater volatility than investing in larger and more established companies.&nbsp;&nbsp;Small-cap and mid-cap companies can be subject to more abrupt or erratic share price changes than larger, more established companies.&nbsp;&nbsp;Securities of these types of companies have limited market liquidity, and their prices may be more volatile.&nbsp;&nbsp;You should expect that the value of the Fund's shares will be more volatile than a fund that invests exclusively in large-capitalization companies.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Fixed Income Risk.</font>&nbsp;&nbsp;While the Fund will not invest directly in fixed income securities, the Fund the Fund will be subject to the risks associated with such investments since the Portfolio Funds may invest in fixed income securities.&nbsp;&nbsp;The prices of these securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers.&nbsp;&nbsp;Fixed income securities tend to decrease in value if interest rates rise and vice versa, and the volatility of lower-rated securities is even greater than that of higher-rated securities.&nbsp;&nbsp;Also, longer-term securities are more volatile, so the average maturity or duration of these securities affects risk.&nbsp;&nbsp;Credit risk is the possibility that an issuer will fail to make timely payments of interest or principal or go bankrupt.&nbsp;&nbsp;The lower the rating of a debt security, the greater its risks.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Interest Rate Risk.</font>&nbsp;&nbsp;Interest rates may rise resulting in a decrease in the value of the fixed income securities held by the Portfolio Funds or may fall resulting in an increase in the value of such securities.&nbsp;&nbsp;Fixed income securities with longer maturities involve greater risk than those with shorter maturities.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Inflation Risk.</font>&nbsp;&nbsp;Fixed income securities held by Portfolio Funds are subject to inflation risk.&nbsp;&nbsp;Because inflation reduces the purchasing power of income produced by existing fixed income securities, the prices at which fixed income securities trade will be reduced to compensate for the fact that the income they produce is worth less.&nbsp;&nbsp;This potential decrease in market value of fixed income securities would result in a loss in the value of the Fund's portfolio.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">High-Yield Risk.</font>&nbsp;&nbsp;Portfolio Funds may invest in junk bonds and other fixed income securities that are rated below investment grade.&nbsp;&nbsp;Securities in this rating category are speculative and are usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength.&nbsp;&nbsp;Changes in economic conditions or other circumstances may have a greater effect on the ability of issuers of these securities to make principal and interest payments than they do on issuers of higher grade securities.&nbsp;&nbsp;The retail secondary market for junk bonds may be less liquid than that of higher-rated securities and adverse conditions could make it difficult at times to sell certain securities or could result in lower prices.&nbsp;&nbsp;Additionally, these instruments are unsecured and may be subordinated to other creditor's claims.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Sector Risk.&nbsp;&nbsp;</font>If the Portfolio Funds invest more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector.&nbsp;&nbsp;As a result, the Portfolio Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of industries.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Foreign Securities and Emerging Markets Risk.</font>&nbsp;&nbsp;The Portfolio Funds may have significant investments in foreign securities, which have investment risks different from those associated with domestic securities.&nbsp;&nbsp;The value of foreign investments may be affected by the value of the local currency relative to the U.S. dollar, changes in exchange control regulations, application of foreign tax laws, changes in governmental economic or monetary policy, or changed circumstances in dealings between nations.&nbsp;&nbsp;There may be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information about issuers of foreign securities.&nbsp;&nbsp;In addition, foreign brokerage commissions, custody fees, and other costs of investing in foreign securities are often higher than in the United States.&nbsp;&nbsp;Investments in foreign issues could be affected by other factors not <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">present in the United States, including expropriation, armed conflict, confiscatory taxation, and potential difficulties in enforcing contractual obligations.&nbsp;&nbsp;In addition to the risks of foreign securities in general, countries in emerging markets are more volatile and can have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues which could reduce liquidity.</font> </font> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Derivatives Risk.&nbsp;&nbsp;</font>The Fund and the Portfolio Funds held by the Fund may use derivative instruments, which derive their value from the value of an underlying security, currency, or index.&nbsp;&nbsp;Derivative instruments involve risks different from direct investments in the underlying assets, including: imperfect correlation between the value of the derivative instrument and the underlying assets; risks of default by the other party to the derivative instrument; risks that the transactions may result in losses of all or in excess of any gain in the portfolio positions; and risks that the transactions may not be liquid.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Short Sales Risk.</font>&nbsp;&nbsp;While the Fund will not short individual securities, the Portfolio Funds held by the Fund may sell securities short.&nbsp;&nbsp;A short sale is a transaction in which the Portfolio Fund sells a security it does not own but has borrowed in anticipation that the market price of the security will decline.&nbsp;&nbsp;The Portfolio Fund must replace the borrowed security by purchasing it at the market price at the time of replacement, which may be more or less than the price at which the Portfolio Fund sold the security.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Leverage Risk.&nbsp;&nbsp;</font>While the Fund will not utilize leverage (i.e., borrowing) when making investments, the Portfolio Funds held by the Fund may utilize leverage to acquire their underlying portfolio investments.&nbsp;&nbsp;The use of leverage may exaggerate changes in a Portfolio Fund's share price and the return on its investments.&nbsp;&nbsp;Accordingly, the value of the Fund's investments in Portfolio Funds may be more volatile and all other risks, including the risk of loss of an investment, tend to be compounded or magnified.&nbsp;&nbsp;Borrowing also leads to additional interest expense and other fees that increase the Portfolio Fund's expenses.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Portfolio Turnover Risk.</font>&nbsp;&nbsp;The Advisor will sell Portfolio Funds when it is in the interests of the Fund and its shareholders to do so without regard to the length of time they have been held.&nbsp;&nbsp;As portfolio turnover may involve paying brokerage commissions and other transaction costs, there could be additional expenses for the Fund.&nbsp;&nbsp;High rates of portfolio turnover may also result in the realization of short-term capital gains and losses.&nbsp;&nbsp;Any distributions resulting from such gains will be considered ordinary income for federal income tax purposes.&nbsp;&nbsp;Under normal circumstances, the anticipated portfolio turnover rate for the Fund is expected to be greater than 100%.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Futures Risk.</font> Use of futures contracts by the Fund or the Portfolio Funds may cause the value of the Fund's shares to be more volatile.&nbsp;&nbsp;Futures contracts expose the Fund to leverage and tracking risks because a small investment in futures contracts may produce large losses and futures contracts may not accurately track the underlying securities.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Risks from Purchasing Options.</font>&nbsp;&nbsp;If a call or put option purchased by the Fund or a Portfolio Fund is not sold when it has remaining value and if the market price of the underlying security, in the case of a call, remains less than or equal to the exercise price, or, in the case of a put, remains equal to or greater than the exercise price, the entire investment in the option will be lost.&nbsp;&nbsp;There is no assurance that a liquid market will exist when the Fund or a Portfolio Fund seeks to close out an option position.&nbsp;&nbsp;Where a position in a purchased option is used as a hedge against price movements in a related position, the price of the option may move more or less than the price of the related position.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Risks from Writing Options.&nbsp;&nbsp;</font>The Fund, as well as the Portfolio Funds in which it invests, may sell, or "write," option contracts.&nbsp;&nbsp;Writing option contracts can result in losses that exceed the initial investment and may lead to additional turnover and higher tax liability.&nbsp;&nbsp;The risk involved in writing a call option is that there could be an increase in the market value of the security.&nbsp;&nbsp;If this occurred, the option could be exercised and the underlying security would then be sold by the Fund or Portfolio Fund at a lower price than its current market value.&nbsp;&nbsp;Similarly, while writing call options can reduce the risk of owning stocks, such a strategy limits the opportunity of the Fund or Portfolio Fund to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option.&nbsp;&nbsp;The risk involved in writing a put option is that there could be a decrease in the market value of the underlying security.&nbsp;&nbsp;If this occurred, the option could be exercised and the underlying security would then be sold to the Fund or Portfolio Fund at a higher price than its current market value.&nbsp;&nbsp;There is no assurance that a liquid market will exist when the Fund or Portfolio Fund seeks to close out an option position.&nbsp;&nbsp;Where a position in a written option is used as a hedge against price movements in a related position, the price of the option may move more or less than the price of the related position.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Investment Advisor Risk.&nbsp;&nbsp;</font>The Advisor's ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives.&nbsp;&nbsp;The portfolio managers' experience is discussed in the section of this prospectus entitled "Management of the Funds &#8211; Investment Advisor."</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">New Fund Risk.&nbsp;&nbsp;</font>The Fund was formed in 2012.&nbsp;&nbsp;Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders.&nbsp;&nbsp;Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">Operating Risk.</font>&nbsp;&nbsp;The Fund's administrator and Advisor have entered into an Operating Plan that facilitates the administrator's assumption of the Fund's regular operating expenses under the Fund Accounting and Administration Agreement.&nbsp;&nbsp;The Operating Plan obligates the Advisor to pay certain expenses of the Fund in order to help limit its annual operating expenses.&nbsp;&nbsp;If the Advisor, however, does not have sufficient revenue to support those expenses, the Advisor may be compelled to either resign or become insolvent.&nbsp;&nbsp;In addition, if the Fund incurs expenses in excess of those that the administrator has agreed to pay and the Advisor is not able or willing to pay the excess costs, those excess costs will increase the Fund's expenses.</font></div></div></div></div></div></div></div></div></div></div> </div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="center"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline; text-decoration: underline;" class="_mt">ISM DYNAMIC </font><font style="display: inline; text-decoration: underline;" class="_mt">GROWTH </font><font style="display: inline; text-decoration: underline;" class="_mt">FUND</font></font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="center"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline; text-decoration: underline;" class="_mt">ISM DYNAMIC </font><font style="display: inline; text-decoration: underline;" class="_mt">TOTAL RETURN</font><font style="display: inline; text-decoration: underline;" class="_mt"> FUND</font></font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="center"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline; text-decoration: underline;" class="_mt">ISM NON TRADITIONAL FUND</font></font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="center"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline; text-decoration: underline;" class="_mt">ISM HIGH INCOME FUND</font></font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="center"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline; text-decoration: underline;" class="_mt">ISM STRATEGIC EQUITY FUND</font></font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="center"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline; text-decoration: underline;" class="_mt">ISM STRATEGIC FIXED INCOME FUND</font></font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="center"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline; text-decoration: underline;" class="_mt">ISM GLOBAL ALPHA TACTICAL FUND</font></font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="center"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline; text-decoration: underline;" class="_mt">ISM TAX FREE FUND</font></font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="center"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline; text-decoration: underline;" class="_mt">ISM DIVIDEND INCOME FUND</font></font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="center"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline; text-decoration: underline;" class="_mt">ISM PREMIER ASSET MANAGEMENT FUND</font></font></div> <div class="MetaData"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="39%" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Shareholder Fees</font></div></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td></tr> <tr><td style="border-bottom: black 2px solid;" valign="bottom" width="39%"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(fees paid directly from your investment)</font></div></td></tr></table></div> <div class="MetaData"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="39%" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Shareholder Fees</font></div></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td></tr> <tr><td style="border-bottom: black 2px solid;" valign="bottom" width="39%"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(fees paid directly from your investment)</font></div></td></tr></table></div> <div class="MetaData"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="39%" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Shareholder Fees</font></div></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td></tr> <tr><td style="border-bottom: black 2px solid;" valign="bottom" width="39%"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(fees paid directly from your investment)</font></div></td></tr></table></div> <div class="MetaData"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="39%" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Shareholder Fees</font></div></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td></tr> <tr><td style="border-bottom: black 2px solid;" valign="bottom" width="39%"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(fees paid directly from your investment)</font></div></td></tr></table></div> <div class="MetaData"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="39%" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Shareholder Fees</font></div></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td></tr> <tr><td style="border-bottom: black 2px solid;" valign="bottom" width="39%"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(fees paid directly from your investment)</font></div></td></tr></table></div> <div class="MetaData"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="39%" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Shareholder Fees</font></div></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td></tr> <tr><td style="border-bottom: black 2px solid;" valign="bottom" width="39%"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(fees paid directly from your investment)</font></div></td></tr></table></div> <div class="MetaData"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="39%" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Shareholder Fees</font></div></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td></tr> <tr><td style="border-bottom: black 2px solid;" valign="bottom" width="39%"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(fees paid directly from your investment)</font></div></td></tr></table></div> <div class="MetaData"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="39%" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Shareholder Fees</font></div></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td></tr> <tr><td style="border-bottom: black 2px solid;" valign="bottom" width="39%"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(fees paid directly from your investment)</font></div></td></tr></table></div> <div class="MetaData"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="39%" align="left"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Shareholder Fees</font></div></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="top" width="11%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td></tr> <tr><td style="border-bottom: black 2px solid;" valign="bottom" width="39%"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(fees paid directly from your investment)</font></div></td></tr></table></div> <div class="MetaData"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="39%" align="left"> <div style="line-height: 11.4pt; 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</div> <div> &lt;div style="display:none;" &gt;~ http://www.ncfunds.com/role/ScheduleShareholderFeesIsmPremierAssetManagementFund column period compact * column dei_LegalEntityAxis compact cik0001464413_S000038309Member column rr_ProspectusShareClassAxis compact * row primary compact * ~&lt;/div&gt; </div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PRINCIPAL INVESTMENT STRATEGIES</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PRINCIPAL INVESTMENT STRATEGIES</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PRINCIPAL INVESTMENT STRATEGIES</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PRINCIPAL INVESTMENT STRATEGIES</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PRINCIPAL INVESTMENT STRATEGIES</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PRINCIPAL INVESTMENT STRATEGIES</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PRINCIPAL INVESTMENT STRATEGIES</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PRINCIPAL INVESTMENT STRATEGIES</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PRINCIPAL INVESTMENT STRATEGIES</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" class="MetaData" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">PRINCIPAL INVESTMENT STRATEGIES</font></div> <div> <div class="MetaData"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund is a "fund of funds" that principally invests in other mutual funds.&nbsp;&nbsp;The Fund's investment advisor, FolioMetrix, LLC (the "Advisor"), seeks to achieve the Fund's investment objective of capital appreciation by investing in no-load, institutional, and exchange-traded funds registered under the Investment Company Act of 1940&nbsp;("Portfolio Funds").&nbsp;&nbsp;Although the Fund principally invests in Portfolio Funds with no sales related expenses or very low sales related expenses, the Fund is not precluded from investing in Portfolio Funds with sales-related expenses, redemption fees, and/or service fees in excess of 0.25%.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund will principally invest in Portfolio Funds that have an investment objective similar to the Fund's or that are otherwise permitted investments under the Fund's investment policies.&nbsp;&nbsp;The Portfolio Funds' investments will consist of equity securities, including common stock, preferred stock, convertible preferred stock, convertible bonds, and warrants.&nbsp;&nbsp;The Fund will not be limited in its investments by market capitalization or sector criteria, and while the Fund will not directly invest in foreign securities, the Portfolio Funds may invest in foreign securities, including foreign securities in emerging markets.&nbsp;&nbsp;In addition, the Portfolio Funds may invest in derivative instruments (including options, futures contracts, swaps, and short sales) and utilize leverage to acquire their underlying investments.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Advisor uses a proprietary screening process to select Portfolio Funds for investment.&nbsp;&nbsp;The screening process includes analysis of sector and asset allocations, total returns, and risk data.&nbsp;&nbsp;The Advisor will seek to construct portfolios that achieve the Fund's investment objective while assuming risk that is no more than 20% greater than the S&amp;P 500 Index.&nbsp;&nbsp;The Advisor will sell a Portfolio Fund when a more attractive investment opportunity is identified or the Fund's portfolio needs to be rebalanced.&nbsp;&nbsp;As a result of this strategy, the Fund may have a relatively high level of portfolio turnover compared to other mutual funds.&nbsp;&nbsp;Portfolio turnover will not be a limiting factor in making investment decisions.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund may invest in options and futures contracts for both speculative and hedging purposes.&nbsp;&nbsp;These investments can be made as a substitute for taking a direct position in the underlying asset or as part of a strategy that is intended to reduce the exposure of the Fund to various risks.&nbsp;&nbsp;To the extent that a Fund invests in options or futures contracts, it will segregate assets or otherwise "cover" its positions in a manner that limits the Fund's risk of loss.</font></div></div> </div> <div> <div class="MetaData"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund is a "fund of funds" that principally invests in other mutual funds.&nbsp;&nbsp;The Fund's investment advisor, FolioMetrix, LLC (the "Advisor"), seeks to achieve the Fund's investment objective of total return by investing in no-load, institutional, and exchange-traded funds registered under the Investment Company Act of 1940&nbsp;("Portfolio Funds").&nbsp;&nbsp;Although the Fund principally invests in Portfolio Funds with no sales related expenses or very low sales related expenses, the Fund is not precluded from investing in Portfolio Funds with sales-related expenses, redemption fees, and/or service fees in excess of 0.25%.&nbsp;&nbsp;</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund will principally invest in Portfolio Funds that have an investment objective similar to the Fund's or that are otherwise permitted investments under the Fund's investment policies.&nbsp;&nbsp;The Portfolio Funds' investments will consist of fixed income securities, including bonds, corporate debt securities, convertible securities, Treasury Inflation-Protected Securities (TIPS), and other treasuries.&nbsp;&nbsp;The Portfolio Funds may invest in fixed income securities of any maturity and any credit rating, including junk bonds and unrated bonds.&nbsp;&nbsp;The average portfolio duration of the Portfolio Funds will vary.&nbsp;&nbsp;The Fund will not be limited in its investments by sector criteria.&nbsp;&nbsp;While the Fund will not directly invest in foreign securities, the Portfolio Funds may invest in foreign securities, including foreign securities in emerging markets.&nbsp;&nbsp;In addition, the Portfolio Funds may invest in derivative instruments (including options, futures contracts, swaps, and short sales) and utilize leverage to acquire their underlying investments.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Advisor uses a proprietary screening process to select Portfolio Funds for investment.&nbsp;&nbsp;The screening process includes analysis of sector and asset allocations, total returns, and risk data.&nbsp;&nbsp;The Advisor will seek to construct portfolios that achieve the Fund's investment objective while assuming risk that is no greater than the Barclays Capital U.S. Aggregate Bond Index.&nbsp;&nbsp;The Advisor will sell a Portfolio Fund when a more attractive investment opportunity is identified or the Fund's portfolio needs to be rebalanced.&nbsp;&nbsp;As a result of this strategy, the Fund may have a relatively high level of portfolio turnover compared to other mutual funds.&nbsp;&nbsp;Portfolio turnover will not be a limiting factor in making investment decisions.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund may invest in options and futures contracts for both speculative and hedging purposes.&nbsp;&nbsp;These investments can be made as a substitute for taking a direct position in the underlying asset or as part of a strategy that is intended to reduce the exposure of the Fund to various risks.&nbsp;&nbsp;To the extent that a Fund invests in options or futures contracts, it will segregate assets or otherwise "cover" its positions in a manner that limits the Fund's risk of loss.</font></div></div></div></div> </div> <div> <div class="MetaData"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund is a "fund of funds" that principally invests in other mutual funds.&nbsp;&nbsp;The Fund's investment advisor, FolioMetrix, LLC (the "Advisor"), seeks to achieve the Fund's investment objective of total return by investing in no-load, institutional, and exchange-traded funds registered under the Investment Company Act of 1940&nbsp;("Portfolio Funds").&nbsp;&nbsp;Although the Fund principally invests in Portfolio Funds with no sales related expenses or very low sales related expenses, the Fund is not precluded from investing in Portfolio Funds with sales-related expenses, redemption fees, and/or service fees in excess of 0.25%.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund will principally invest in Portfolio Funds that have an investment objective similar to the Fund's or that are otherwise permitted investments under the Fund's investment policies.&nbsp;&nbsp;The Portfolio Funds will utilize alternative, or non-traditional, investment strategies and asset classes.&nbsp;&nbsp;Long/short and market neutral strategies are examples of alternative investment strategies.&nbsp;&nbsp;The Portfolio Funds' investments may consist of equity securities (common stock, preferred stock, convertible preferred stock, convertible bonds, and warrants) and fixed income securities (bonds, corporate debt securities, convertible securities, and government securities).&nbsp;&nbsp;The Portfolio Funds may also make investments that derive their value from commodities and real estate.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund will not be limited in its investments by market capitalization or sector criteria, and while the Fund will not directly invest in foreign securities, the Portfolio Funds may invest in foreign securities, including foreign securities in emerging markets.&nbsp;&nbsp;The Portfolio Funds may invest in fixed income securities of any maturity and any credit rating, including junk bonds and unrated bonds.&nbsp;&nbsp;In addition, the Portfolio Funds may invest in derivative instruments (including options, futures contracts, swaps, and short sales) and utilize leverage to acquire their underlying investments.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Advisor uses a proprietary screening process to select Portfolio Funds for investment.&nbsp;&nbsp;The screening process includes analysis of the management team, historical statistics, and risk data.&nbsp;&nbsp;The Advisor will seek to construct portfolios that achieve the Fund's investment objective while providing a low correlation with global equity markets as measured by the S&amp;P Global Broad Market Index.&nbsp;&nbsp;The Advisor will sell a Portfolio Fund when a more attractive investment opportunity is identified or the Fund's portfolio needs to be rebalanced.&nbsp;&nbsp;The Advisor also may sell a Portfolio Fund if there has been a change in management or unexplained deviation in strategy.&nbsp;&nbsp;As a result of this strategy, the Fund may have a relatively high level of portfolio turnover compared to other mutual funds.&nbsp;&nbsp;Portfolio turnover will not be a limiting factor in making investment decisions.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund may invest in options and futures contracts for both speculative and hedging purposes.&nbsp;&nbsp;These investments can be made as a substitute for taking a direct position in the underlying asset or as part of a strategy that is intended to reduce the exposure of the Fund to various risks.&nbsp;&nbsp;To the extent that a Fund invests in options or futures contracts, it will segregate assets or otherwise "cover" its positions in a manner that limits the Fund's risk of loss.</font></div></div></div></div> </div> <div> <div class="MetaData"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund is a "fund of funds" that principally invests in other mutual funds.&nbsp;&nbsp;The Fund's investment advisor, FolioMetrix, LLC (the "Advisor"), seeks to achieve the Fund's investment objective of current income and real return by investing in no-load, institutional, and exchange-traded funds registered under the Investment Company Act of 1940&nbsp;("Portfolio Funds").&nbsp;&nbsp;Although the Fund principally invests in Portfolio Funds with no sales related expenses or very low sales related expenses, the Fund is not precluded from investing in Portfolio Funds with sales-related expenses, redemption fees, and/or service fees in excess of 0.25%.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund will principally invest in Portfolio Funds that have an investment objective similar to the Fund's or that are otherwise permitted investments under the Fund's investment policies.&nbsp;&nbsp;The Portfolio Funds' investments will consist of fixed income securities, including bonds, corporate debt securities, and government securities.&nbsp;&nbsp;Such investments will frequently include junk bonds, emerging market debt, and mortgage- and asset-backed securities.&nbsp;&nbsp;The Portfolio Funds may invest in fixed income securities of any maturity and any credit rating.&nbsp;&nbsp;The average portfolio duration of the Portfolio Funds will vary.&nbsp;&nbsp;The Fund will not be limited in its investments by sector criteria.&nbsp;&nbsp;While the Fund will not directly invest in foreign securities, the Portfolio Funds may invest in foreign securities, including foreign securities in emerging markets.&nbsp;&nbsp;In addition, the Portfolio Funds may invest in derivative instruments (including options, futures contracts, swaps, and short sales) and utilize leverage to acquire their underlying investments.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Advisor uses a proprietary screening process to select Portfolio Funds for investment.&nbsp;&nbsp;The screening process includes analysis of current income and risk data.&nbsp;&nbsp;The Advisor will seek to construct portfolios that achieve the Fund's investment objective with a goal of exceeding the return of the Barclays Global High Yield Index.&nbsp;&nbsp;The Advisor will sell a Portfolio Fund when a more attractive investment opportunity is identified or the Fund's portfolio needs to be rebalanced.&nbsp;&nbsp;As a result of this strategy, the Fund may have a relatively high level of portfolio turnover compared to other mutual funds.&nbsp;&nbsp;Portfolio turnover will not be a limiting factor in making investment decisions.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund may invest in options and futures contracts for both speculative and hedging purposes.&nbsp;&nbsp;These investments can be made as a substitute for taking a direct position in the underlying asset or as part of a strategy that is intended to reduce the exposure of the Fund to various risks.&nbsp;&nbsp;To the extent that a Fund invests in options or futures contracts, it will segregate assets or otherwise "cover" its positions in a manner that limits the Fund's risk of loss.</font></div></div></div></div> </div> <div> <div class="MetaData"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund is a "fund of funds" that principally invests in other mutual funds.&nbsp;&nbsp;The Fund's investment advisor, FolioMetrix, LLC (the "Advisor"), seeks to achieve the Fund's investment objective of capital appreciation by investing in no-load, institutional, and exchange-traded funds registered under the Investment Company Act of 1940&nbsp;("Portfolio Funds").&nbsp;&nbsp;Although the Fund principally invests in Portfolio Funds with no sales related expenses or very low sales related expenses, the Fund is not precluded from investing in Portfolio Funds with sales-related expenses, redemption fees, and/or service fees in excess of 0.25%.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund will principally invest in Portfolio Funds that have an investment objective similar to the Fund's or that are otherwise permitted investments under the Fund's investment policies.&nbsp;&nbsp;The Portfolio Funds' investments will consist of equity securities, including common stock, preferred stocks, convertible preferred stocks, convertible bonds, and warrants.&nbsp;&nbsp;Under normal circumstances, at least 80% of the Fund's net assets will be invested in Portfolio Funds that invest in equity securities.&nbsp;&nbsp;Shareholders will be provided with at least 60 days' prior notice of any change in this policy.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund will not be limited in its investments by market capitalization or sector criteria.&nbsp;&nbsp;While the Fund will not directly invest in foreign securities, the Portfolio Funds in which it invests may invest in foreign securities, including foreign securities in emerging markets.&nbsp;&nbsp;In addition, the Portfolio Funds may invest in derivative instruments (including options, futures contracts, swaps, and short sales) and utilize leverage to acquire their underlying investments.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Advisor uses a proprietary screening process to select Portfolio Funds for investment based upon their ability to provide exposure to the global equity market as measured by the S&amp;P Global Broad Market Index.&nbsp;&nbsp;The Advisor will seek to construct portfolios that achieve the Fund's investment objective with volatility equal to or less than the S&amp;P Global Broad Market Index.&nbsp;&nbsp;In addition, the Advisor will seek to avoid high portfolio turnover in the Fund.&nbsp;&nbsp;The Advisor will sell a Portfolio Fund when a more attractive investment opportunity is identified or the Fund's portfolio needs to be rebalanced.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund may invest in options and futures contracts for both speculative and hedging purposes.&nbsp;&nbsp;These investments can be made as a substitute for taking a direct position in the underlying asset or as part of a strategy that is intended to reduce the exposure of the Fund to various risks.&nbsp;&nbsp;To the extent that a Fund invests in options or futures contracts, it will segregate assets or otherwise "cover" its positions in a manner that limits the Fund's risk of loss.</font></div></div></div></div> </div> <div> <div class="MetaData"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund is a "fund of funds" that principally invests in other mutual funds.&nbsp;&nbsp;The Fund's investment advisor, FolioMetrix, LLC (the "Advisor"), seeks to achieve the Fund's investment objective of total return by investing in no-load, institutional, and exchange-traded funds registered under the Investment Company Act of 1940&nbsp;("Portfolio Funds").&nbsp;&nbsp;Although the Fund principally invests in Portfolio Funds with no sales related expenses or very low sales related expenses, the Fund is not precluded from investing in Portfolio Funds with sales-related expenses, redemption fees, and/or service fees in excess of 0.25%.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund will principally invest in Portfolio Funds that have an investment objective similar to the Fund's or that are otherwise permitted investments under the Fund's investment policies.&nbsp;&nbsp;The Portfolio Funds' investments will consist of fixed income securities, including bonds, corporate debt securities, convertible securities, Treasury Inflation-Protected Securities (TIPS), and other treasuries and government securities.&nbsp;&nbsp;Under normal circumstances, at least 80% of the Fund's net assets will be invested in Portfolio Funds that invest in fixed income securities.&nbsp;&nbsp;Shareholders will be provided with at least 60 days' prior notice of any change in this policy.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Portfolio Funds may invest in fixed income securities of any maturity and any credit rating, including junk bonds and unrated bonds.&nbsp;&nbsp;The average portfolio duration of the Portfolio Funds will vary.&nbsp;&nbsp;The Fund will not be limited in its investments by sector criteria.&nbsp;&nbsp;While the Fund will not directly invest in foreign securities, the Portfolio Funds may invest in foreign securities, including foreign securities in emerging markets.&nbsp;&nbsp;In addition, the Portfolio Funds may invest in derivative instruments (including options, futures contracts, swaps, and short sales) and utilize leverage to acquire their underlying investments.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Advisor uses a proprietary screening process to select Portfolio Funds for investment based upon their ability to provide exposure to the global fixed income market as characterized by the Barclays Capital Global Aggregate Index.&nbsp;&nbsp;The Advisor will seek to construct portfolios that achieve the Fund's investment objective with volatility equal to or less than the Barclays Capital Global Aggregate Index.&nbsp;&nbsp;In addition, the Advisor will seek to avoid high portfolio turnover in the Fund.&nbsp;&nbsp;The Advisor will sell a Portfolio Fund when a more attractive investment opportunity is identified or the Fund's portfolio needs to be rebalanced.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund may invest in options and futures contracts for both speculative and hedging purposes.&nbsp;&nbsp;These investments can be made as a substitute for taking a direct position in the underlying asset or as part of a strategy that is intended to reduce the exposure of the Fund to various risks.&nbsp;&nbsp;To the extent that a Fund invests in options or futures contracts, it will segregate assets or otherwise "cover" its positions in a manner that limits the Fund's risk of loss.</font></div></div></div></div> </div> <div> <div class="MetaData"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund is a "fund of funds" that principally invests in other mutual funds.&nbsp;&nbsp;The Fund's investment advisor, FolioMetrix, LLC (the "Advisor"), seeks to achieve the Fund's investment objective of capital appreciation by investing in no-load, institutional, and exchange-traded funds registered under the Investment Company Act of 1940&nbsp;("Portfolio Funds").&nbsp;&nbsp;Although the Fund principally invests in Portfolio Funds with no sales related expenses or very low sales related expenses, the Fund is not precluded from investing in Portfolio Funds with sales-related expenses, redemption fees, and/or service fees in excess of 0.25%.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund will principally invest in (i) Portfolio Funds that are designed to track particular market sectors, including both domestic and foreign equities markets, and (ii) cash or cash equivalents. The Portfolio Funds' investments will consist of equity securities, including common stock, preferred stock, convertible preferred stock, convertible bonds, and warrants.&nbsp;&nbsp;The Fund will not be limited in its investments by market capitalization, and while the Fund will not directly invest in foreign securities, the Portfolio Funds may invest in foreign securities, including foreign securities in emerging markets.&nbsp;&nbsp;In addition, the Portfolio Funds may invest in derivative instruments (including options, futures contracts, swaps, and short sales) and utilize leverage to acquire their underlying investments.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Advisor selects Portfolio Funds for investment based on a proprietary, quantitatively driven asset allocation model.&nbsp;&nbsp;The model allocates the Fund's assets among domestic and foreign market sectors by analyzing price movements, historical prices, volatility, and other data.&nbsp;&nbsp;If a sector is forecast to have negative returns, then exposure to that sector is eliminated from the portfolio and Fund assets are allocated to cash and cash equivalents instead.&nbsp;&nbsp;The Advisor will seek to construct portfolios that outperform the S&amp;P Global Broad Market Index.&nbsp;&nbsp;Unless forecasted to have a negative return, at least 15% of Fund assets will be allocated to foreign markets.&nbsp;&nbsp;The Advisor will make decisions to sell a Portfolio Fund based on the Fund's asset allocation model or if the Fund's portfolio needs to be rebalanced.&nbsp;&nbsp;As a result of the Fund's tactical strategy, it may engage in active and frequent trading and have a relatively high level of portfolio turnover compared to other mutual funds.&nbsp;&nbsp;Portfolio turnover will not be a limiting factor in making investment decisions.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund may invest in options and futures contracts for both speculative and hedging purposes.&nbsp;&nbsp;These investments can be made as a substitute for taking a direct position in the underlying asset or as part of a strategy that is intended to reduce the exposure of the Fund to various risks.&nbsp;&nbsp;To the extent that a Fund invests in options or futures contracts, it will segregate assets or otherwise "cover" its positions in a manner that limits the Fund's risk of loss.</font></div></div></div></div> </div> <div> <div class="MetaData"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund is a "fund of funds" that principally invests in other mutual funds.&nbsp;&nbsp;The Fund's investment advisor, FolioMetrix, LLC (the "Advisor"), seeks to achieve the Fund's investment objective of providing current income exempt from federal income tax by investing in no-load, institutional, and exchange-traded funds registered under the Investment Company Act of 1940&nbsp;("Portfolio Funds").&nbsp;&nbsp;Although the Fund principally invests in Portfolio Funds with no sales related expenses or very low sales related expenses, the Fund is not precluded from investing in Portfolio Funds with sales-related expenses, redemption fees, and/or service fees in excess of 0.25%.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund will principally invest in Portfolio Funds that have an investment objective similar to the Fund's or that are otherwise permitted investments under the Fund's investment policies.&nbsp;&nbsp;The Portfolio Funds' investments will consist of municipal bonds.&nbsp;&nbsp;Under normal circumstances, at least 80% of the Fund's net assets will be invested in Portfolio Funds that invest in municipal bonds.&nbsp;&nbsp;This policy is fundamental and can only be changed by shareholder vote.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Portfolio Funds may invest in municipal bonds of any maturity and any credit rating, including junk bonds and unrated bonds.&nbsp;&nbsp;The average portfolio duration of the Portfolio Funds will vary.&nbsp;&nbsp;The Fund will not be limited in its investments by sector criteria.&nbsp;&nbsp;In addition, the Portfolio Funds may invest in derivative instruments (including options, futures contracts, swaps, and short sales) and utilize leverage to acquire their underlying investments.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Advisor uses a proprietary screening process to select Portfolio Funds for investment.&nbsp;&nbsp;The screening process includes analysis of credit quality, maturity, yield, and volatility.&nbsp;&nbsp;The Advisor will seek to construct portfolios that achieve the Fund's investment objective while assuming risk that is no greater than the S&amp;P Municipal Bond Index.&nbsp;&nbsp;In addition, the Advisor will seek to avoid high portfolio turnover in the Fund.&nbsp;&nbsp;The Advisor will sell a Portfolio Fund when a more attractive investment opportunity is identified or the Fund's portfolio needs to be rebalanced.&nbsp;&nbsp;</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund may invest in options and futures contracts for both speculative and hedging purposes.&nbsp;&nbsp;These investments can be made as a substitute for taking a direct position in the underlying asset or as part of a strategy that is intended to reduce the exposure of the Fund to various risks.&nbsp;&nbsp;To the extent that a Fund invests in options or futures contracts, it will segregate assets or otherwise "cover" its positions in a manner that limits the Fund's risk of loss.</font></div></div></div></div> </div> <div> <div class="MetaData"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund is a "fund of funds" that principally invests in other mutual funds.&nbsp;&nbsp;The Fund's investment advisor, FolioMetrix, LLC (the "Advisor"), seeks to achieve the Fund's investment objective of equity income and capital appreciation by investing in no-load, institutional, and exchange-traded funds registered under the Investment Company Act of 1940&nbsp;("Portfolio Funds").&nbsp;&nbsp;Although the Fund principally invests in Portfolio Funds with no sales related expenses or very low sales related expenses, the Fund is not precluded from investing in Portfolio Funds with sales-related expenses, redemption fees, and/or service fees in excess of 0.25%.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund will principally invest in Portfolio Funds that have an investment objective similar to the Fund's or that are otherwise permitted investments under the Fund's investment policies.&nbsp;&nbsp;The Portfolio Funds' investments will consist of equity securities in both domestic and foreign markets that offer relatively high dividend yields, including common stock, preferred stocks, convertible preferred stocks, convertible bonds, and warrants.&nbsp;&nbsp;The Fund will not be limited in its investments by market capitalization or sector criteria, and while the Fund will not directly invest in foreign securities, the Portfolio Funds may invest in foreign securities, including foreign securities in emerging markets.&nbsp;&nbsp;In addition, the Portfolio Funds may invest in derivative instruments (including options, futures contracts, swaps, and short sales) and utilize leverage to acquire their underlying investments.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Advisor uses a proprietary screening process to select Portfolio Funds for investment.&nbsp;&nbsp;The screening process includes analysis of yield and risk data.&nbsp;&nbsp;The Advisor will seek to construct portfolios that achieve the Fund's investment objective while maintaining lower volatility than the S&amp;P 500 Index in the portion of the portfolio invested in domestic securities and the MSCI EAFE Index in the portion of the portfolio invested in foreign securities.&nbsp;&nbsp;The Advisor will sell a Portfolio Fund when a more attractive investment opportunity is identified or the Fund's portfolio needs to be rebalanced.&nbsp;&nbsp;As a result of this strategy, the Fund may have a relatively high level of portfolio turnover compared to other mutual funds.&nbsp;&nbsp;Portfolio turnover will not be a limiting factor in making investment decisions.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund may invest in options and futures contracts for both speculative and hedging purposes.&nbsp;&nbsp;These investments can be made as a substitute for taking a direct position in the underlying asset or as part of a strategy that is intended to reduce the exposure of the Fund to various risks.&nbsp;&nbsp;To the extent that a Fund invests in options or futures contracts, it will segregate assets or otherwise "cover" its positions in a manner that limits the Fund's risk of loss.</font></div></div></div></div> </div> <div> <div class="MetaData"> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund is a "fund of funds" that principally invests in other mutual funds.&nbsp;&nbsp;The Fund's investment advisor, FolioMetrix, LLC (the "Advisor"), seeks to achieve the Fund's investment objective of total return by investing in open-end mutual funds registered under the Investment Company Act of 1940&nbsp;("Portfolio Funds").&nbsp;&nbsp;Although the Fund principally invests in Portfolio Funds with no sales related expenses or very low sales related expenses, the Fund is not precluded from investing in Portfolio Funds with sales-related expenses, redemption fees, and/or service fees in excess of 0.25%.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font size="2" class="_mt"> </font>&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund will principally invest in Portfolio Funds with a performance record of at least 5 years that have an investment objective similar to the Fund's or that are otherwise permitted investments under the Fund's investment policies.&nbsp;&nbsp;The Fund will be invested in a small number of Portfolio Funds, often as few as three to five Portfolio Funds.&nbsp;&nbsp;The Fund will not be limited in its investments by market capitalization or sector criteria, and while the Fund will not directly invest in foreign securities, the Portfolio Funds may invest in foreign securities, including foreign securities in emerging markets.&nbsp;&nbsp;In addition, the Portfolio Funds may invest in derivative instruments (including options, futures contracts, swaps, and short sales) and utilize leverage to acquire their underlying investments.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Advisor uses a proprietary screening process to select Portfolio Funds for investment.&nbsp;&nbsp;The screening process seeks to identify managers who, over time, have proven successful at allocating portfolios for long-term growth without the constraints of a specific asset class, style, or sector.&nbsp;&nbsp;The Advisor will seek to construct portfolios that achieve the Fund's investment objective with less volatility than the S&amp;P Global Broad Market Index.&nbsp;&nbsp;The Advisor will sell a Portfolio Fund when a more attractive investment opportunity is identified or the Fund's portfolio needs to be rebalanced.&nbsp;&nbsp;As a result of this strategy, the Fund may have a relatively high level of portfolio turnover compared to other mutual funds.&nbsp;&nbsp;Portfolio turnover will not be a limiting factor in making investment decisions.</font></div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Fund may invest in options and futures contracts for both speculative and hedging purposes.&nbsp;&nbsp;These investments can be made as a substitute for taking a direct position in the underlying asset or as part of a strategy that is intended to reduce the exposure of the Fund to various risks.&nbsp;&nbsp;To the extent that a Fund invests in options or futures contracts, it will segregate assets or otherwise "cover" its positions in a manner that limits the Fund's risk of loss.</font></div></div></div></div> </div> Fund's year-to-date return year-to date return The expense information in the table has been restated to reflect current fees rather than the fees in effect during the previous fiscal year. "Acquired Fund" means any investment company in which the Fund invests or has invested during the previous fiscal year. The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. The expense information in the table has been restated to reflect current fees rather than the fees in effect during the previous fiscal year. "Acquired Fund" means any investment company in which the Fund invests or has invested during the previous fiscal year. The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. "Acquired Fund" means any investment company in which the Fund invests or has invested during the period. Since the Fund is newly organized, "Acquired Fund Fees and Expenses" are based on estimated expenses for the current fiscal year. The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which will reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. "Acquired Fund" means any investment company in which the Fund invests or has invested during the period. Since the Fund is newly organized, "Acquired Fund Fees and Expenses" are based on estimated expenses for the current fiscal year. The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which will reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. "Acquired Fund" means any investment company in which the Fund invests or has invested during the period. Since the Fund is newly organized, "Acquired Fund Fees and Expenses" are based on estimated expenses for the current fiscal year. The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which will reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. Acquired Fund" means any investment company in which the Fund invests or has invested during the period. Since the Fund is newly organized, "Acquired Fund Fees and Expenses" are based on estimated expenses for the current fiscal year. The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which will reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. "Acquired Fund" means any investment company in which the Fund invests or has invested during the period. Since the Fund is newly organized, "Acquired Fund Fees and Expenses" are based on estimated expenses for the current fiscal year. The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which will reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. "Acquired Fund" means any investment company in which the Fund invests or has invested during the period. Since the Fund is newly organized, "Acquired Fund Fees and Expenses" are based on estimated expenses for the current fiscal year. The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which will reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. "Acquired Fund" means any investment company in which the Fund invests or has invested during the period. Since the Fund is newly organized, "Acquired Fund Fees and Expenses" are based on estimated expenses for the current fiscal year. The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which will reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. "Acquired Fund" means any investment company in which the Fund invests or has invested during the period. Since the Fund is newly organized, "Acquired Fund Fees and Expenses" are based on estimated expenses for the current fiscal year. The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which will reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. The Fund's administrator has entered into a Fund Accounting and Administration Agreement with the Fund that runs through October 1, 2013. The agreement can only be terminated prior to that date at the discretion of the Fund's Board of Trustees. The Fund's administrator receives payments under the agreement at a maximum annual rate of 0.70%. In conjunction with the Fund Accounting and Administration Agreement, the Advisor has entered into an Operating Plan with the Fund's administrator, also through October 1, 2013, under which it has agreed to (i) make payments to the administrator based upon the Fund's net assets according to a schedule included in the Operating Plan and (ii) assume certain expenses of the Fund outlined in the Operating Plan. These measures are intended to limit the Fund's operating expenses to 0.70% of the average daily net assets, exclusive of interest, taxes, brokerage fees and commissions, distribution and/or service (12b-1) fees, acquired fund fees and expenses, and extraordinary expenses. The Operating Plan can only be terminated prior to the conclusion of the current term with the approval of the Fund's Board of Trustees. The Advisor cannot recoup from the Fund any amounts paid under the Operating Plan. The advisory fee payable to the Advisor increases with the Fund's asset size: the minimum annual rate is 0.00% on average daily net assets under $11 million and gradually increases to a maximum annual rate of 0.45% on average daily net assets of $16 million or more. The Fund's administrator has entered into a Fund Accounting and Administration Agreement with the Fund that runs through October 1, 2013. The agreement can only be terminated prior to that date at the discretion of the Fund's Board of Trustees. The Fund's administrator receives payments under the agreement at a maximum annual rate of 0.70%. In conjunction with the Fund Accounting and Administration Agreement, the Advisor has entered into an Operating Plan with the Fund's administrator, also through October 1, 2013, under which it has agreed to (i) make payments to the administrator based upon the Fund's net assets according to a schedule included in the Operating Plan and (ii) assume certain expenses of the Fund outlined in the Operating Plan. These measures are intended to limit the Fund's operating expenses to 0.70% of the average daily net assets, exclusive of interest, taxes, brokerage fees and commissions, distribution and/or service (12b-1) fees, acquired fund fees and expenses, and extraordinary expenses. The Operating Plan can only be terminated prior to the conclusion of the current term with the approval of the Fund's Board of Trustees. The Advisor cannot recoup from the Fund any amounts paid under the Operating Plan. The advisory fee payable to the Advisor increases with the Fund's asset size: the minimum annual rate is 0.00% on average daily net assets under $13 million and gradually increases to a maximum annual rate of 0.45% on average daily net assets of $23 million or more. The Fund's administrator has entered into a Fund Accounting and Administration Agreement with the Fund that covers the regular operating expenses of the Fund for an inclusive fee of 0.25% (with the exception of management fees, distribution and/or service (12b-1) fees, acquired fund fees and expenses, and extraordinary expenses), even if such operating expenses exceed the inclusive fee. The agreement runs through October 1, 2013 and can only be terminated prior to that date at the discretion of the Fund's Board of Trustees. The Fund's administrator cannot recoup from the Fund any regular operating expenses in excess of the inclusive fee. In conjunction with the Fund Accounting and Administration Agreement, the Advisor has entered into an Operating Plan with the Fund's administrator, also through October 1, 2013 under which it has agreed to (i) make payments to the administrator based upon the Fund's net assets according to a schedule included in the Operating Plan and (ii) assume certain expenses of the Fund outlined in the Operating Plan. These measures are intended to limit the Fund's operating expenses to 0.70% of the average daily net assets, exclusive of interest, taxes, brokerage fees and commissions, distribution and/or service (12b-1) fees, acquired fund fees and expenses, and extraordinary expenses. The Operating Plan can only be terminated prior to the conclusion of the current term with the approval of the Fund's Board of Trustees. The Advisor cannot recoup from the Fund any amounts paid under the Operating Plan. The Fund's administrator has entered into a Fund Accounting and Administration Agreement with the Fund that covers the regular operating expenses of the Fund for an inclusive fee of 0.25% (with the exception of management fees, distribution and/or service (12b-1) fees, acquired fund fees and expenses, and extraordinary expenses), even if such operating expenses exceed the inclusive fee. The agreement runs through October 1, 2013 and can only be terminated prior to that date at the discretion of the Fund's Board of Trustees. The Fund's administrator cannot recoup from the Fund any regular operating expenses in excess of the inclusive fee. In conjunction with the Fund Accounting and Administration Agreement, the Advisor has entered into an Operating Plan with the Fund's administrator, also through October 1, 2013 under which it has agreed to make payments to (i) make payments to the administrator based upon the Fund's net assets according to a schedule included in the Operating Plan and (ii) assume certain expenses of the Fund outlined in the Operating Plan. These measures are intended to limit the Fund's operating expenses to 0.70% of the average daily net assets, exclusive of interest, taxes, brokerage fees and commissions, distribution and/or service (12b-1) fees, acquired fund fees and expenses, and extraordinary expenses. The Operating Plan can only be terminated prior to the conclusion of the current term with the approval of the Fund's Board of Trustees. The Advisor cannot recoup from the Fund any amounts paid under the Operating Plan. The Fund's administrator has entered into a Fund Accounting and Administration Agreement with the Fund that covers the regular operating expenses of the Fund for an inclusive fee of 0.25% (with the exception of management fees, distribution and/or service (12b-1) fees, acquired fund fees and expenses, and extraordinary expenses), even if such operating expenses exceed the inclusive fee. The agreement runs through October 1, 2013 and can only be terminated prior to that date at the discretion of the Fund's Board of Trustees. The Fund's administrator cannot recoup from the Fund any regular operating expenses in excess of the inclusive fee. In conjunction with the Fund Accounting and Administration Agreement, the Advisor has entered into an Operating Plan with the Fund's administrator, also through October 1, 2013 under which it has agreed to (i) make payments to the administrator based upon the Fund's net assets according to a schedule included in the Operating Plan and (ii) assume certain expenses of the Fund outlined in the Operating Plan. These measures are intended to limit the Fund's operating expenses to 0.70% of the average daily net assets, exclusive of interest, taxes, brokerage fees and commissions, distribution and/or service (12b-1) fees, acquired fund fees and expenses, and extraordinary expenses. The Operating Plan can only be terminated prior to the conclusion of the current term with the approval of the Fund's Board of Trustees. The Advisor cannot recoup from the Fund any amounts paid under the Operating Plan. The Fund's administrator has entered into a Fund Accounting and Administration Agreement with the Fund that covers the regular operating expenses of the Fund for an inclusive fee of 0.25% (with the exception of management fees, distribution and/or service (12b-1) fees, acquired fund fees and expenses, and extraordinary expenses), even if such operating expenses exceed the inclusive fee. The agreement runs through October 1, 2013 and can only be terminated prior to that date at the discretion of the Fund's Board of Trustees. The Fund's administrator cannot recoup from the Fund any regular operating expenses in excess of the inclusive fee. In conjunction with the Fund Accounting and Administration Agreement, the Advisor has entered into an Operating Plan with the Fund's administrator, also through October 1, 2013 under which it has agreed to (i) make payments to the administrator based upon the Fund's net assets according to a schedule included in the Operating Plan and (ii) assume certain expenses of the Fund outlined in the Operating Plan. These measures are intended to limit the Fund's operating expenses to 0.70% of the average daily net assets, exclusive of interest, taxes, brokerage fees and commissions, distribution and/or service (12b-1) fees, acquired fund fees and expenses, and extraordinary expenses. The Operating Plan can only be terminated prior to the conclusion of the current term with the approval of the Fund's Board of Trustees. The Advisor cannot recoup from the Fund any amounts paid under the Operating Plan. The Fund's administrator has entered into a Fund Accounting and Administration Agreement with the Fund that covers the regular operating expenses of the Fund for an inclusive fee of 0.25% (with the exception of management fees, distribution and/or service (12b-1) fees, acquired fund fees and expenses, and extraordinary expenses), even if such operating expenses exceed the inclusive fee. The agreement runs through October 1, 2013 and can only be terminated prior to that date at the discretion of the Fund's Board of Trustees. The Fund's administrator cannot recoup from the Fund any regular operating expenses in excess of the inclusive fee. In conjunction with the Fund Accounting and Administration Agreement, the Advisor has entered into an Operating Plan with the Fund's administrator, also through October 1, 2013 under which it has agreed to (i) make payments to the administrator based upon the Fund's net assets according to a schedule included in the Operating Plan and (ii) assume certain expenses of the Fund outlined in the Operating Plan. These measures are intended to limit the Fund's operating expenses to 0.70% of the average daily net assets, exclusive of interest, taxes, brokerage fees and commissions, distribution and/or service (12b-1) fees, acquired fund fees and expenses, and extraordinary expenses. The Operating Plan can only be terminated prior to the conclusion of the current term with the approval of the Fund's Board of Trustees. The Advisor cannot recoup from the Fund any amounts paid under the Operating Plan. The Fund's administrator has entered into a Fund Accounting and Administration Agreement with the Fund that covers the regular operating expenses of the Fund for an inclusive fee of 0.25% (with the exception of management fees, distribution and/or service (12b-1) fees, acquired fund fees and expenses, and extraordinary expenses), even if such operating expenses exceed the inclusive fee. The agreement runs through October 1, 2013 and can only be terminated prior to that date at the discretion of the Fund's Board of Trustees. The Fund's administrator cannot recoup from the Fund any regular operating expenses in excess of the inclusive fee. In conjunction with the Fund Accounting and Administration Agreement, the Advisor has entered into an Operating Plan with the Fund's administrator, also through October 1, 2013 under which it has agreed to (i) make payments to the administrator based upon the Fund's net assets according to a schedule included in the Operating Plan and (ii) assume certain expenses of the Fund outlined in the Operating Plan. These measures are intended to limit the Fund's operating expenses to 0.70% of the average daily net assets, exclusive of interest, taxes, brokerage fees and commissions, distribution and/or service (12b-1) fees, acquired fund fees and expenses, and extraordinary expenses. The Operating Plan can only be terminated prior to the conclusion of the current term with the approval of the Fund's Board of Trustees. The Advisor cannot recoup from the Fund any amounts paid under the Operating Plan. The Fund's administrator has entered into a Fund Accounting and Administration Agreement with the Fund that covers the regular operating expenses of the Fund for an inclusive fee of 0.25% (with the exception of management fees, distribution and/or service (12b-1) fees, acquired fund fees and expenses, and extraordinary expenses), even if such operating expenses exceed the inclusive fee. The agreement runs through October 1, 2013 and can only be terminated prior to that date at the discretion of the Fund's Board of Trustees. The Fund's administrator cannot recoup from the Fund any regular operating expenses in excess of the inclusive fee. In conjunction with the Fund Accounting and Administration Agreement, the Advisor has entered into an Operating Plan with the Fund's administrator, also through October 1, 2013 under which it has agreed to (i) make payments to the administrator based upon the Fund's net assets according to a schedule included in the Operating Plan and (ii) assume certain expenses of the Fund outlined in the Operating Plan. These measures are intended to limit the Fund's operating expenses to 0.70% of the average daily net assets, exclusive of interest, taxes, brokerage fees and commissions, distribution and/or service (12b-1) fees, acquired fund fees and expenses, and extraordinary expenses. The Operating Plan can only be terminated prior to the conclusion of the current term with the approval of the Fund's Board of Trustees. The Advisor cannot recoup from the Fund any amounts paid under the Operating Plan. The Fund's administrator has entered into a Fund Accounting and Administration Agreement with the Fund that covers the regular operating expenses of the Fund for an inclusive fee of 0.25% (with the exception of management fees, distribution and/or service (12b-1) fees, acquired fund fees and expenses, and extraordinary expenses), even if such operating expenses exceed the inclusive fee. The agreement runs through October 1, 2013 and can only be terminated prior to that date at the discretion of the Fund's Board of Trustees. The Fund's administrator cannot recoup from the Fund any regular operating expenses in excess of the inclusive fee. In conjunction with the Fund Accounting and Administration Agreement, the Advisor has entered into an Operating Plan with the Fund's administrator, also through October 1, 2013 under which it has agreed to (i) make payments to the administrator based upon the Fund's net assets according to a schedule included in the Operating Plan and (ii) assume certain expenses of the Fund outlined in the Operating Plan. These measures are intended to limit the Fund's operating expenses to 0.70% of the average daily net assets, exclusive of interest, taxes, brokerage fees and commissions, distribution and/or service (12b-1) fees, acquired fund fees and expenses, and extraordinary expenses. The Operating Plan can only be terminated prior to the conclusion of the current term with the approval of the Fund's Board of Trustees. The Advisor cannot recoup from the Fund any amounts paid under the Operating Plan. Since the Fund is newly organized, "Other Expenses" are based on estimated expenses for the current fiscal year. Since the Fund is newly organized, "Other Expenses" are based on estimated expenses for the current fiscal year. Since the Fund is newly organized, "Other Expenses" are based on estimated expenses for the current fiscal year. Since the Fund is newly organized, "Other Expenses" are based on estimated expenses for the current fiscal year. Since the Fund is newly organized, "Other Expenses" are based on estimated expenses for the current fiscal year. Since the Fund is newly organized, "Other Expenses" are based on estimated expenses for the current fiscal year. Since the Fund is newly organized, "Other Expenses" are based on estimated expenses for the current fiscal year. Since the Fund is newly organized, "Other Expenses" are based on estimated expenses for the current fiscal year. 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Schedule - Average Annual Total Returns {Transposed} - {ISM Dynamic Total Return Fund} link:presentationLink link:calculationLink link:definitionLink 002308 - Disclosure - Risk/Return Detail Data {Elements} - (ISM Dynamic Total Return Fund) link:presentationLink link:calculationLink link:definitionLink 002401 - Document - Risk/Return Summary {Unlabeled} - (ISM Non Traditional Fund) link:presentationLink link:calculationLink link:definitionLink 002402 - Schedule - Shareholder Fees - {ISM Non Traditional Fund} link:presentationLink link:calculationLink link:definitionLink 002403 - Schedule - Annual Fund Operating Expenses - {ISM Non Traditional Fund} link:presentationLink link:calculationLink link:definitionLink 002404 - Schedule - Expense Example {Transposed} - {ISM Non Traditional Fund} link:presentationLink link:calculationLink link:definitionLink 002405 - Schedule - Expense Example, No Redemption {Transposed} - {ISM Non Traditional Fund} link:presentationLink link:calculationLink link:definitionLink 002408 - Disclosure - Risk/Return Detail Data {Elements} - (ISM Non Traditional Fund) link:presentationLink link:calculationLink link:definitionLink 002501 - Document - Risk/Return Summary {Unlabeled} - (ISM High Income Fund) link:presentationLink link:calculationLink link:definitionLink 002502 - Schedule - Shareholder Fees - {ISM High Income Fund} link:presentationLink link:calculationLink link:definitionLink 002503 - Schedule - Annual Fund Operating Expenses - {ISM High Income Fund} link:presentationLink link:calculationLink link:definitionLink 002504 - Schedule - Expense Example {Transposed} - {ISM High Income Fund} link:presentationLink link:calculationLink link:definitionLink 002505 - Schedule - Expense Example, No Redemption {Transposed} - {ISM High Income Fund} link:presentationLink link:calculationLink link:definitionLink 002508 - Disclosure - Risk/Return Detail Data {Elements} - (ISM High Income Fund) link:presentationLink link:calculationLink link:definitionLink 002601 - Document - Risk/Return Summary {Unlabeled} - 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{ISM Dividend Income Fund} link:presentationLink link:calculationLink link:definitionLink 003008 - Disclosure - Risk/Return Detail Data {Elements} - (ISM Dividend Income Fund) link:presentationLink link:calculationLink link:definitionLink 003101 - Document - Risk/Return Summary {Unlabeled} - (ISM Premier Asset Management Fund) link:presentationLink link:calculationLink link:definitionLink 003102 - Schedule - Shareholder Fees - {ISM Premier Asset Management Fund} link:presentationLink link:calculationLink link:definitionLink 003103 - Schedule - Annual Fund Operating Expenses - {ISM Premier Asset Management Fund} link:presentationLink link:calculationLink link:definitionLink 003104 - Schedule - Expense Example {Transposed} - {ISM Premier Asset Management Fund} link:presentationLink link:calculationLink link:definitionLink 003105 - Schedule - Expense Example, No Redemption {Transposed} - {ISM Premier Asset Management Fund} link:presentationLink link:calculationLink link:definitionLink 003108 - 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