Total

Arin Large Cap Theta Fund

Arin Large Cap Theta Fund

INVESTMENT OBJECTIVES

The Arin Large Cap Theta Fund (the “Fund”) seeks maximum relative total return versus the S&P 500 Stock Index through a combination of capital appreciation and current income.

FEES AND EXPENSES OF THE FUND

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees - Arin Large Cap Theta Fund - USD ($)	Institutional Class Shares	Advisor Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)	none	none
Redemption Fee	none	none
Exchange Fee	none	none

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - Arin Large Cap Theta Fund	Institutional Class Shares	Advisor Class Shares
Management Fees	0.40%	0.40%
Distribution and/or Service (12b‑1) Fees	none	0.40%
Other Expenses	0.28%	0.28%
Interest Expense on Margin	0.03%	0.03%
Annual Fund Operating Expenses	0.71%	1.11%

Example.

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem (or you hold) all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Arin Large Cap Theta Fund - USD ($)	1 Year	3 Years	5 Years	10 Years
Institutional Class Shares	73	227	395	883
Advisor Class Shares	113	353	612	1,352

Expense Example No Redemption - Arin Large Cap Theta Fund - USD ($)	1 Year	3 Years	5 Years	10 Years
Institutional Class Shares	73	227	395	883
Advisor Class Shares	113	353	612	1,352

Portfolio Turnover.

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the E xample, affect the Fund’s performance. For the most recent fiscal year end ed February 2 9 , 20 20 , the Fund’s portfolio turnover rate was 456.80 % of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

The Fund’s investment advisor, Arin Risk Advisors, LLC (the “Advisor”), seeks to achieve the Fund’s investment objective by investing in a portfolio of common stocks, options, and futures contracts. The Advisor may use options to hedge the Fund’s portfolio or for investment purposes depending on expected market trends and to generate income.

As a matter of investment policy, the Fund will invest, under normal circumstances, at least 80% of net assets, plus borrowings for investment purposes, in a portfolio of securities whose value is based on companies with market capitalizations that qualify them as “large-cap” companies. The Advisor considers a company to be a “large cap” company if its market capitalization is at least $10 billion. While the Fund typically invests in common stocks, options, and futures contracts, it has the ability to invest in other types of equity securities, such as preferred stocks and warrants, that satisfy the Fund’s investment criteria.

The Fund will be primarily invested in securities that are linked to the performance of broad-based market indexes, such as the S&P 500 Index, that represent the U.S. large-cap equity market (an “Index”). A primary means of gaining exposure to an Index is through the purchase and sale of options. The Fund’s assets may serve as collateral for options that are bought and sold in an attempt to track the return of an Index, limit risk relative to an Index, and generate a series of cash flow. There is no assurance these objectives will be met. In addition to options, the Fund may include securities such as baskets of individual equities, futures, and options on futures contracts based on an Index.  These securities may also include a group of common stocks that the Advisor believes will track the performance of the large-cap equity market. At times, a relatively high percentage of this portion of the portfolio may be invested in a limited number of selected stocks that attempt to track an Index. The percentage of the Fund invested in these securities will change from time to time as the Advisor deems appropriate based on its analysis and its discretion.  The Fund may be fully invested in options.

The exchange-traded options in the Fund’s portfolio each have a trading volume sufficient to preclude the Fund’s trades from influencing prices. The Fund may also use short calls (a short call generates immediate cash inflows in exchange for taking on the obligation of delivering cash or an asset at a future date) or long puts ( a long put requires an initial cash payment in exchange for the right to receive a future cash payment or the ability to sell an asset at a future date) and/or call or put spreads to limit the downside risk of the Fund. A spread is when a fund sells one option and simultaneously buys an offsetting position in another option. The maximum upside is the net premium collected and the maximum downside is equal to the difference in the respective strike prices, less the premium collected or plus the premium paid as applicable .

The Advisor may allocate a portion of the Fund’s assets to cash or cash equivalents, including United States Treasury Securities, money-market instruments , money-market mutual funds or option “box spreads.” A box spread is a combination of option trades referred to as vertical offsets that results in a synthetic bond exposure .   The Fund’s strategy may result in high portfolio turnover.

PRINCIPAL RISKS OF INVESTING IN THE FUND

The loss of your money is a principal risk of investing in the Fund. Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value per shares (“NAV”), trading price, yield, total return, and ability to meet its investment objectives. Generally, the Fund will be subject to the following principal risks:

Risks from Writing Options.  Writing option contracts can result in losses that exceed the Fund’s initial investment and may lead to additional turnover and higher tax liability.  The risk involved in writing a call option is that there could be an increase in the market value of the security.  If this occurred, the option could be exercised and the underlying security would then be sold by the Fund at a lower price than its current market value or in the case of cash settled options, the Fund would be required to purchase the option at a price that is higher than the original sales price for such option. Similarly, while writing call options can reduce the risk of owning stocks, such a strategy limits the opportunity of the 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. The risk involved in writing a put option is that there could be a decrease in the market value of the underlying security. If this occurred, the option could be exercised and the underlying security would then be sold to the Fund at a higher price than its current market value or in the case of cash settled options, the Fund would be required to purchase the option at a price that is higher than the original sales price for such option.

Risks from Purchasing Options .  If a call or put option purchased by the 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 Fund will lose its entire investment in the option.  Since many factors influence the value of an option, including the price of the underlying security, the exercise price, the time to expiration, the interest rate, and the dividend rate of the underlying security, the Advisor’s success in implementing the Fund’s strategy may depend on an ability to predict movements in the prices of individual securities, fluctuations in markets, and movements in interest rates.  There is no assurance that a liquid market will exist when the Fund seeks to close out an option position.  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.

Leverage Risk.  The use of leverage may exaggerate changes in the   Fund’s share price and the return on its investments.  Accordingly, the Fund may be more volatile and all other risks, including the risk of loss of an investment, tend to be compounded or magnified.  Borrowing also leads to additional interest expense and other fees that increase the Fund’s expenses.

Futures Risk. The Fund’s use of stock index futures contracts may cause the value of the Fund's shares to be more volatile. 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. Changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends unlike the stocks upon which they are based.

General Market Risk. The Fund’s net asset value and investment return will fluctuate based upon changes in the value of its portfolio securities. Certain securities held by the Fund may be worth less than the price originally paid for them, or less than they were worth at an earlier time.

Common Stocks.  The Fund’s investments in common stocks, both directly and indirectly through the Fund’s investment in shares of other investment companies, may fluctuate in value response to many factors, including, but not limited to, the activities of the individual companies whose securities the Fund owns, general market and economic conditions, interest rates, and specific industry changes. Such price fluctuations subject the Fund to potential losses. During temporary or extended bear markets, the value of common stocks will decline, which could also result in losses for the Fund.

Large-Cap Securities Risk.  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.

Investment Advisor Risk.  The Advisor’s ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives. The portfolio manager’s experience is discussed in the section of this prospectus entitled “Management of the Fund – Investment Advisor.”

Cybersecurity Risk. As part of its business, the Advisor processes, stores, and transmits large amounts of electronic information, including information relating to the transactions of the Fund. The Advisor and the Fund are therefore susceptible to cybersecurity risk. Cybersecurity failures or breaches of the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties and/or reputational damage. The Fund and its shareholders could be negatively impacted as a result.

Portfolio Turnover Risk.   The Fund may have a high turnover of the securities held in its portfolio. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.

COVID-19 Risk . An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. COVID-19 has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many countries or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. As such, issuers of debt securities with operations, productions, offices, and/or personnel in (or other exposure to) areas affected with the virus may experience significant disruptions to their business and/or holdings.  The potential impact on the credit markets may include market illiquidity, defaults and bankruptcies, among other consequences, particularly on issuers in the airline, travel and leisure and retail sectors.  The extent to which COVID-19 will affect the Fund, the Fund’s service providers’ and/or issuer’s operations and results will depend on future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of COVID-19 and the actions taken to contain COVID-19. Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively affected by such events. If there is a significant decline in the value of the Fund’s portfolio, this may impact the Fund’s asset coverage levels for certain kinds of derivatives and other portfolio transactions. The duration of the COVID-19 outbreak and its impact on the global economy cannot be determined with certainty.

PERFORMANCE INFORMATION

The following bar chart and tables provide an indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Class Shares from year to year and by showing how the average annual total returns of each class compare to that of a broad-based securities market index. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at  www.ncfunds.com/fundpages/332.htm for the Institutional Class Shares and www.ncfunds.com/fundpages/333.htm for the Advisor Class Shares.

Institutional Class Shares Calendar Year Returns

During the periods shown in the bar chart above, the Fund’s highest quarterly return was 4.51 % (quarter ended December 31, 201 5 ) and the Fund’s lowest quarterly return was
-5.34% (quarter ended December 31, 2018). The Fund’s year-to-date return as of March 31, 20 20 was 28.99 %.

Average Annual Total Returns Periods Ended December 31, 2019

Average Annual Returns - Arin Large Cap Theta Fund	Label	1 Year	5 Years	Since Inception	[1]	Inception Date
Institutional Class Shares	Before Taxes	3.20%	1.11%	2.27%		Aug. 14, 2013
Advisor Class Shares	Before Taxes	2.75%	0.72%	2.06%		Sep. 03, 2013
After Taxes on Distributions | Institutional Class Shares	After taxes on Distributions	2.26%	0.19%	1.42%
After Taxes on Distributions and Sale of Fund Shares | Institutional Class Shares	After taxes on Distributions and sale of shares	1.80%	0.57%	1.55%
S&P 500 Total Return Index (reflects no deductions for fees , expenses , or taxes )	S&P 500 Total Return Index (reflects no deductions for fees, expenses , or taxes )	31.49%	11.70%	13.02%

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown 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.

[1] The Institutional Class Shares commenced operations on August 14, 2013 and the Advisor Class Shares commenced operations on September 3, 2013.